Australia

Macquarie Group, Australia's largest bank, announced on Tuesday that it was leaving the Net Zero Banking Alliance. The NZBA is a global group of banks working to achieve net-zero emissions of greenhouse gases by 2050. Six major U.S. Banks - Goldman Sachs Wells Fargo Citigroup Bank of America Morgan Stanley JPMorgan and Bank of America - have left the alliance in the past few months. Macquarie didn't give a reason why it left the initiative. According to its website, the NZBA was formed in 2021 by the United Nations as a finance initiative. It consists of 134 financial institutions from...

Cook Islands Prime Minster Mark Brown will travel to China next week. This is the first time in 10 years that a leader from the small South Pacific nation has visited China. The visit aims to improve relations between the two countries, including trade, investment, tourism, and infrastructure. The visit is part of Beijing's efforts to expand its influence in the Pacific and comes after Pacific Island Nations raised concerns about U.S. President Donald Trump’s decision to freeze foreign aid and crackdown on illegal immigration, as well as withdraw from The Paris Agreement regarding climate change. In a Thursday statement,...

Authorities in Australia said that one person died in the heavy flooding in north Queensland on Sunday. They urged thousands of people to seek higher ground because of torrential rainfall. Queensland authorities reported that major flooding had begun in Hinchinbrook Shire. This coastal locality, which has around 11,000 residents and is located 500 km north of the state capital Brisbane, was experiencing significant flooding. Authorities said that several suburbs of the nearby town of Townsville were also affected. North Queensland is home to large deposits of zinc, as well as silver, lead and copper. Townsville is a major centre for...

New Zealand announced late Thursday night that the country will commit to reducing emissions from 2005 levels by 51-55% by 2035. This commitment is part and parcel of the country's Paris Agreement commitment. The initial commitment was to reduce emissions 50% by 2030, and it is part of its pledge to reach net zero emissions by 2050. Climate Change Minister Simon Watts stated in a press release that "we have worked hard to establish a target which is both achievable and ambitious, reinforcing the commitment we feel to the Paris Agreement as well as global climate action." "Meeting the target...

The New Zealand Government announced on Friday its intention to double the country's exports of minerals to NZ$3 Billion ($1,69 Billion) by 2035. In a speech, Shane Jones, the Minister of Resources said that the Government had raised the target from NZ$2billion to NZ$3billion after the industry said the previous target was not ambitious. Statista New Zealand reports that New Zealand minerals exports totaled NZ$1.46 Billion in the twelve months ending June 30. Jones, in Waihi, a mining town on the North Island, said that the government sees the development of minerals as an important pillar for a strong economy....

Western Australia's iron ore center of Port Hedland was shut due to an establishing tropical cyclone off the state's huge Pilbara area, Bloomberg News reported on Saturday. Operator Pilbara Ports Authority stated all bulk carriers were to leave the port by 6 p.m. local time due to projections that tropical lows offshore would combine into a cyclone, Bloomberg reported. Just vital workers would remain at the website, located about 1,301 km (808 miles) north of state capital Perth, it added. Pilbara Ports Authority did not instantly respond to a. Reuters demand to confirm the report. Australia's weather condition forecaster released...

10s of countless people in Australia's New South Wales state were without power on Saturday after a low pressure system brought harmful winds and heavy rains, triggering flood cautions. Around 28,000 people lacked power in Sydney, the state capital and Australia's biggest city, and 15,000 had no power in nearby Newcastle city and Hunter area, power business Ausgrid stated on its site on Saturday morning. The state's emergency situation services company fielded 2,825 callouts for help given that Friday, mostly for fallen trees and properties with wind damage, it stated on its site. It is still a dynamic circumstance, and...

China imported a record amount of coal in 2024, driving world imports of the fuel to an alltime high. So why are coal exporters beginning 2025 in a deep blue funk? For coal exporters, China is both their saviour and tormentor, as the record import volumes are only possible due to the fact that seaborne prices have dropped to multi-year lows. Rates for export coal have declined in order to stay competitive with China's domestic prices, with the world's. biggest producer and importer of coal driving what takes place in. international coal markets. China's coal imports increased to an all-time...

Nine beaches in Sydney, consisting of wellknown Manly beach, were closed to bathers on Tuesday after little white and grey balls of debris washed up on the shores at the height of the summer holiday. Northern Beaches Council said it was working on safely eliminating the matter. Most of the samples of the ball-shaped debris were the size of marbles, with some bigger, it stated in a. declaration. Sydney's ocean beaches, famed for golden sand and tidy. water, draw tourists from around the world. Beachgoers were recommended to prevent Manly, Dee Why, Long Reef,. Queenscliff, Freshwater, North and South Curl...

Hurricanes, storms, floods and other natural catastrophes caused an estimated $140 billion in insured losses in 2024, up from 2023 and among the costliest years on record, Munich Re said on Thursday. The year's tally of losses from natural catastrophes covered by insurance coverage compares with $106 billion recorded in 2023 and is well above long-lasting averages. It is likewise greater than a similar anticipated by Swiss Re published in December. Munich Re, the world's largest insurance company, stated the development shows that environment modification is revealing its claws as worldwide temperature levels continue to rise, adding to more regular...

European equity capital company 360 Capital said on Monday it had actually raised 140 million euros ($ 145.5. million) for a fund concentrated on technologies aimed at safeguarding. the environment. The business's 360 Life II fund will focus on investments in. locations such as renewable resource, hydrogen and decreasing contamination. and waste. WHY IT is necessary: The fund-raising comes as nations around the world face up. to the effect of environment change and worldwide warming. Information from European Union scientists this month revealed that. 2024 will be the hottest year since records began, while an. arrangement at November's COP29 summit...

Australian miner South32 said on Friday that it had actually received approval from Western Australia's minister of environment to extend the life of its Worsley Alumina operations. The miner stated it anticipates to protect the federal government's. approval for the project in early 2025. South32 owns 86% of. Worsley Alumina, which began operations around 40 years earlier and. is one of the world's greatest alumina refineries. South32 started the ecological approval process. with the Western Australian Environmental Management Authority. ( WA EPA) in 2019, intending to get the green light to mine more. bauxite in the native forest south of...

China's iron ore imports and seaborne coal arrivals are expected to be soft in the first quarter, with January arrivals falling to multi-month lows. The price trend for two of the most important bulk commodities is divergent. Iron ore has held steady, while thermal coal has fallen to its lowest level in almost four years. According to Kpler, commodity analysts, China is the largest iron ore purchaser in the world. It will import 99.5 millions metric tons of this key raw material for steel in January. This would be a drop from the official December customs figure, which was 112.5...

Whitehaven Coal, Australia's largest coal producer, posted a 92.7% increase in production for the second quarter on Wednesday. This was largely due to strong contributions from its New South Wales mines as well as its newly acquired Queensland mines. The New South Wales operations of the miner, which includes Maules Creek and Narrabri, saw a 1.3% increase in their managed run-of mine (ROM) production. Whitehaven, who purchased the Blackwater and Daunia coal mines from BHP Group in December for $4.1 billion, produced a total of 4.6 millions metric tons of ROM coal for the three-month period ended December. This was...

China, the world's leading coal importer, bought less Russian coal in 2024 while increasing purchases from other key providers, led by Australia, throughout a. record year for coal imports, customs data revealed on Monday. Purchases by China in 2015 reached an all-time high of. 547.2 million tons, or a record 41% of internationally traded coal,. according to LSEG research, providing China increased rates power. in international markets. Chinese need is helping assistance rates at levels that,. according to the International Energy Firm (IEA), are 50%. higher than the average during the 2017-19 period. In 2015, imports from leading supplier Indonesia...

China's coal imports from Australia rose to their greatest in more than 4 years in November, custom-mades information revealed on Friday, as deliveries continue to recuperate from an unofficial ban on Australian coal that was lifted in January 2023. Australian coal imports were 9.3 million metric heaps in November, according to the General Administration of Customs, the highest because April 2020 and up 47% from the exact same month of 2023. Year to date, at 74.15 million tons, 2024 coal imports from Australia have actually currently exceeded last year's 52.47 million lots and are on track to top the 77.51...

China's. seaborne imports of thermal coal are on track to surge to an. alltime high in November as the world's greatest purchaser of the. power station fuel increases electrical power generation. But the strong cravings for imports isn't driving up the. prices of seaborne grades, which are being kept low by falling. rates for China's domestic supplies. Imports of thermal coal are estimated at 37.5 million metric. loads for November, up from 32.12 million in October and the. highest in data compiled by commodity analysts Kpler going back. to 2017. The spike in seaborne thermal coal imports comes ahead of....

BHP Group is likely to expand strategies next week to invest at least $7 billion over the coming years to recuperate more metal from the world's. most significant copper mine, Escondida in Chile, financiers and analysts. stated on Thursday. The world's greatest noted miner will be hosting analysts. and financiers on a roadshow of its Escondida and Spence copper. operations from Nov. 17-20. BHP did not react to an ask for. remark about the discussion. Copper is key to BHP's development plans as a necessary metal. for the global shift to cleaner energy, but its yearly. production is set to...

China's iron ore imports in October climbed up by 4.48% from the prior year, main information showed on Thursday, as steelmakers' margins improved thanks to Beijing's huge financial stimulus bundle spurring more buying. China, the world's largest iron ore customer, generated 103.84 million metric lots of the steelmaking ingredient last month, according to data from the General Administration of Customs. The figure takes the number of months so far this year when volumes exceeded 100 million tons to 8. It compares to 104.13 million loads in September and 99.39 million tons in October 2023. China announced stimulus procedures in late...

UK-based Anglo American stated on Monday that it will sell its minority stake in a joint venture that owns a 70%. interest in the Jellinbah East and Lake Vermont steelmaking coal. mines in Australia, for A$ 1.6 billion (about $1.1 billion). The business, which owns 33.3% of Jellinbah Group - the. operator of the Queensland-based mines - will offer the stake to. Zashvin Pty Ltd, an Australian electric power generation. center operator that already owns a one-third interest in the. mines. Japanese conglomerate Marubeni owns the remaining. stake. Our process to offer the rest of our steelmaking coal. organization -...

Botswana's new president Duma Boko stated on Friday he wanted to conclude talks for a new sales pact with worldwide diamonds mining giant De Beers as quickly as possible. The relationship with De Beers might have been harmed by the way the settlements were dealt with, President Boko stated in a. telecasted declaration from Gaborone, Botswana's capital. The. initially thing that needs to be done is to engage the other party. De Beers, a system of Anglo American, in 2015 concurred. a new diamond sales pact, which will see the government's share. of diamonds from the Debswana joint venture gradually...

China's coal imports from Russia sank 86% in September from the same month a year previously, custom-mades data revealed on Sunday, as sanctions on Moscow continued to weigh. Russia's coal shipments to China last month were 1.3 million metric loads, according to the General Administration of Customs. That was likewise below 8.7 million loads in August. Russian Prime Minister Mikhail Mishustin told Chinese Premier Li Qiang on Wednesday that the bilateral energy collaboration was detailed and had actually acquired a tactical character, discussing coal in addition to oil, gas and nuclear. But Russian companies have faced even greater obstacles to...

China's iron ore imports in September rose 2.7% from August and climbed 2.9% from the year before, customs data revealed on Monday, as reservations were motivated by lower prices and wish for improved demand throughout the peak building season. China, the world's largest iron ore consumer, brought in 104.13 million metric tons of the key steelmaking component last month, according to data from the General Administration of Customs. That beat experts' forecasts of in between 98 million and 103 million loads ahead of the information's release. The volume last month compared with 101.39 million lots in August and 101.18 million...

Anglo American Plc will not be an unavoidable takeover target after its unbundles its diamond, platinum, nickel and coal properties, CEO Duncan Wanblad said on Thursday. The mining giant is restructuring its business to primarily focus on energy transition metal copper after fending off a $49. billion takeover offer from bigger rival BHP Group in. May. Some analysts have stated Anglo's simplified portfolio could. make it a much more compelling acquisition target for suitors. drawn to its copper assets. Wanblad attended to concerns about another potential quote in a. virtual address to a mining conference in Johannesburg. I don't think...