HSBC plans to increase its Hong Kong gold storage to about 200 tonnes within months to support Hong Kong’s 2,000-tonne storage capacity target, the bank said. HSBC holds roughly 600 tonnes in London and more than $100bn of gold globally. Hong Kong has launched a gold central clearing and settlement system, and the Hong Kong Treasury and Shanghai Gold Exchange have begun the first phase of a physical connect to boost liquidity and link Asian, mainland and global markets. On the pilot day HSBC arr

BHP said Chile’s Antofagasta Environmental Assessment Commission approved the first major environmental permit for the Escondida expansion, enabling the roughly $14.7bn project to move forward. The permit covers early-stage sulfide leaching and power upgrades costing about $1.3bn; further major upgrades to the mine and processing facilities remain subject to later approvals. Escondida is the world’s largest copper mine; BHP holds 57.5%, Rio Tinto 30% and the remainder is held by a Japanese consortium. BHP aims to double annual copper production to over 2.0mt by the mid-2030s, a target heavily dependent on its Chile operations. The company expects to invest $10.7–14.7bn in Chile over coming years and has applied for permits for a $1.5bn restart of Cerro Colorado and a $5.9bn new concentrator.

French presidency says Macron and Syrian President Shala will sign multiple bilateral agreements tomorrow.