Australia / New Zealand

Equities in Australia, New Zealand and Canada closed at record highs on Wednesday. In Sydney, miners and tech stocks led the way following a rally of U.S. technology shares and hopes for easing Middle East tensions. The benchmark S&P/ASX 200 index in Australia rose 0.9%, closing at an all-time high of 9,227.80. In New Zealand, the equivalent index finished 0.7% higher with a record 13,997.18. The relative strength index of the benchmark ASX200 index, which has been rising for four consecutive sessions, is now in overbought territory and at its highest level since mid-June, 2025. The risk appetite was strong...

An official of the Korea Petroleum Association stated that South Korea's refiners were considering importing Venezuelan crude to diversify their supply sources, as the conflict in the Middle East is disrupting shipments through the Strait of Hormuz. GS Caltex is one of the country's largest refiners. In June, it imported 110,000 barrels from Venezuela to?test its quality. The association official confirmed a?local report. Officials said that the refiner would assess whether or not the crude is suitable for their facilities, and evaluate product yields. Officials said that the other 'three refiners - HD Hyundai Oilbank SK Innovation, and 'S-Oil -...

Ampol, an Australian company, said that its Lytton refinery's margins more than tripled in the 2nd quarter. This was boosted by the surging oil prices linked to the Middle East war, which pushed the shares of the company to their highest levels in over two years. Ampol reported that the prolonged closure of Strait of Hormuz has tightened crude supply to Asian refiners. This has reduced refinery activity, and driven up refined fuel margins because of product shortages. Ampol stated that it was in a good position to handle any conflict as they had secured supplies for the majority of...

Ampol, Australia's refinery, reported on Thursday a 255% increase in its second-quarter margins. This was attributed to a rise in oil prices due to the Middle East conflict as well as disruptions in shipping through the Strait of Hormuz. The top fuel retailer in the country said that its Lytton refinery margin?rose from $8.71 to $30.93 a barrel, compared with a year ago. Ampol shares rose by 3.4% to their highest level since April 2024. The higher refining margin highlights how geopolitical tensions - in the Middle East - boosted profitability during this period as concerns over fuel supply disruptions...

Prime Minister Anthony Albanese announced on Tuesday that Australia will be considering building its first?oil? refinery in over 60 years. The war in the Middle East has squeezed supplies from abroad and highlighted the urgency of improving energy security. Albanese stated that the project would help to build Australia's sovereignty and resilience in the fuel sector, which could shield the country against future supply shocks. Albanese stated that if the project is deemed?feasible', Perdaman, a chemical industrial producer in Western Australia will build a new large-scale refinery. Albanese, a reporter in Western Australia's Pilbara Region, told reporters that "the war?in?the...

Whitehaven Coal, Australia's largest coal producer, said Tuesday that its annual sales and output were near the top end of their guidance range due to the recovery of its Queensland mines. However, the company expects its costs for the full year to be near the lower end of the forecast. As the Sydney-based coal mining company tries to absorb higher diesel costs linked to Middle?East conflict, it is important to consider cost forecast. Whitehaven has said that unit costs are expected to be around A$132 ($92.29), towards the low end of their forecast range. This is after they achieved savings...

Seven oil and gas companies are racing to secure offshore exploration rights before a New Zealand national election, which could result in a ban on new permits. The country's main parties?battle about the need for natural gas. New Zealand has attracted?interest? after the conservative government overturned last year a ban on offshore drilling, imposed in 2018. The goal was to avoid gas shortages for industry users and boost power generation during dry years when hydropower production falls. In May, the country produced 7,6 petajoules (PJ) of gas. This was largely due to fields that have declined or are about to...

The global equity markets fell on Friday as investors continued to take profits from?highly-flying tech and chip stocks. Meanwhile, crude oil prices plummeted as more tankers left Strait of Hormuz. Wall Street saw all three indexes trading lower, with choppy trading, as losses in energy, industrials and technology offset gains in healthcare stocks and real estate. The Dow Jones was on course for a gain, while the S&P 500 and Nasdaq are headed for weekly losses. The chip stocks fell 5% for a loss of 7.7% per week, the biggest weekly drop since March. The Dow Jones Industrial Average dropped...

The Iran War has impacted crude oil and natural gas markets. However, the impact on coal prices has been muted. Prices for thermal grades are quietly rising to multi-year highs. The conflict between the United States of America and Iran has led to the loss of about 10% of crude oil and a fifth of LNG. However, the thermal coal supply has been largely unaffected by the conflict, despite the fact that the cost of shipping and producing has increased due to higher fuel prices. Coal prices are likely to be driven by a number of factors, including the Iran...

The Offshore Alliance said that the union grouping has served a 'notice of strike' at Inpex’s Ichthys facility in northern Australia, effective May 27. This could further tighten global energy supply. In May, 326 out of 346 unionized workers at the 9,3 million-metric-ton-a year facility near Darwin voted to strike over pay and conditions. Lawyers 'for the Offshore Alliance', a grouping of Maritime Union of Australia & the Australian Workers Union served the Japanese company with an intent to strike from May 27 through June 10. They said that months of talks had not made any progress. In a statement,...

Santos, Australia’s No.2 oil &?gas producer said on Monday that it had?reached first oil in its Pikka project, located in Alaska, U.S.A. Shares of the Adelaide-headquartered company rose as much as 3.1% to A$8.12, their highest ?since April 13, while the broader S&P/ASX 200 benchmark index ?was down 1.4% by 0450 GMT. Stocks of the Adelaide-based company rose as much as 3.1% to A$8.12, their highest level?since April 13, while the broader S&P/ASX 200 benchmark index?was down 1.4% by 0450 GMT. Craig Sidney is a senior investment advisor at Shaw and Partners. He said, "This announcement is positive in light...

Eneos Holdings announced on Thursday that it would purchase U.S. giant Chevron's 50 percent stake in Singapore?Refining Company and other assets throughout Southeast Asia, Australia and Australia. This will be its first venture into refining outside of Japan. Eneos stated that the deal, which includes Chevron’s assets in Vietnam, Australia Philippines and Malaysia, is expected to be closed by 2027. Chevron is looking to sell its refining assets and storage facilities in Asia, to reduce costs and streamline operations. This investment is a major step towards strengthening the business platforms that connect Japan to Southeast Asia and Oceania. It also...

James Hardie increased its annual earnings forecast on Friday. It cited synergies from its acquisition of AZEK and manufacturing efficiencies, as well as strong execution across its businesses. The company also reported a 54% increase in its first-quarter profits. As affordability restrictions in the?U.S. grew, pressure was put on the company's Siding & Trim division. New construction activity slowed and distributor inventories were high. The company's previous forecast was $5.25 to $5.41 Billion. It now expects a net sales of $5.56 to $5.72 Billion in 2027. It also raised its forecasted adjusted earnings before taxes, depreciation, and?amortization for the year...

Kerim Sener, Managing Director of Ariana Resources (a London-listed company), said that the company expects to begin producing gold in Zimbabwe from its "greenfield" project by 2028. Ariana Resources' Dokwe Project, located about 110 kilometres north-west from Bulawayo (Zimbabwe’s second largest city), is a 'large-scale greenfield' project. South Africa has a rich history of gold mining, but it has been unable to attract substantial investment after international mining companies such as Rio Tinto, Delta Gold, and Kinross left the country more than 20 years ago due to a political crisis and economic crisis. A few mid-tier miners and many small-scale...

Rio Tinto's executive stated on Wednesday that the supply pressure resulting from the depletion?of?iron ore mining operations built earlier in this century, such as those found in Australia, will?underpin iron ore prices and the market over the next decade. Rio expects that it will invest over $13 billion in new mines, plants and equipment in the Pilbara Region from 2025-2027. It estimates that 800 million tons of additional production is needed globally within the next decade. Just 300 millions tonnes have been committed. Matthew Holcz said at a luncheon event held by the Melbourne Mining Club that "it feels like...

Rio Tinto's executive said on Wednesday that the supply pressure from depleting iron ore mining operations?built in the early part of this century, like those in Australia, will drive iron ore prices and the market over the next decade. Rio expects that it will invest over $13 billion in new mines, plants and equipment in the Pilbara Region between 2025 and 2027. It is estimated that 800 million tonnes of additional production must be added worldwide within the next decade just to maintain supply. Only 300 millions tonnes have been committed. Matthew Holcz said at a luncheon event held by...

Australian shares opened Wednesday at a new record high, boosted by miners as optimism grew about an imminent end to the five-month long Iran war. S&P/ASX 200 index grew?as much?as 0.7%?to a new record high of 9,213.0.?At 1216 GMT it was up 0.6%, adding to Tuesday's gains of 1.4%. The local benchmark has joined the global equity rally following comments from Qatari and U.S. officials that raised hopes of a diplomatic solution to the Iran War. This led to a decline in oil prices for a third consecutive day and pushed global bond yields down. Josh Gilbert, eToro's lead analyst...

Lockheed Martin is in discussions to purchase two vital minerals from U.S. mining companies, according to two sources who are familiar with the talks. This comes as President Donald Trump "pressures" defense contractors to reduce their reliance on China. Sources said that the world's largest defense contractor, Lockheed Martin, is in talks with NioCorp Developments to supply scandium and?Teck Resources for germanium. Both minerals are used by military equipment, from aircraft components to sensors for infrared, according to these sources. The deals are a major step forward in the U.S. effort to build up domestic mineral supply chains. However, there...

Chief Executive Albert Hu, of the Hong Kong listed Chinese mining equipment manufacturer CiDi, said that it expects overseas deployments to grow this year, as it expands "beyond China". Hu stated that CiDi had equipped semi-automated autonomous excavators with the company in Australia. The company is now preparing to roll out a more extensive program in Australia this year. It will also be working on securing contracts in South America, Europe and the Middle East. CiDi, along with rivals such as Fujian's EACON, are competing to supply self-driving mining equipment and trucks. This will reduce labour costs and fuel consumption...

Lynas Rare Earths, a company based in Australia, warned on Wednesday of an overrun cost at its expansion project for heavy rare earths in Malaysia. The warning came after the company reported fourth-quarter revenues below analyst expectations. Its shares fell to a five-month-low. The cost of the Malaysia project has increased from A$180 to A$294 millions, highlighting the difficulties Western producers face in producing these niche metals. Lynas stated that the next step in the project will be the production of gadolinium early in fiscal year 2028, followed by yttrium early in calendar year 2028, and finally lutetium. The company's...

Administrators announced on Thursday that Australia's sole manganese smelter in Tasmania, the Liberty Bell Bay Smelter will close immediately after a failed sale. The former British billionaire Sanjeev Gupta owned the smelter. It was placed under voluntary administration by March, after it had ceased operations in mid-last. In a'statement, EY stated that "in the absence of a commercially viable?transaction and the required funding to continue operations, the Administrators made the difficult decision to begin the orderly closure?of the?business with immediate effect." GFG did NOT immediately respond to a comment request. The smelter had been experiencing a period in which it...

BHP Group reported record iron ore production and higher realised prices on Friday, despite the purchasing restrictions imposed by China Mineral Resources Group during tense contract talks earlier this summer. BHP's Western Australia iron ore operations produced 291.2 Mt of iron ore on a 100 percent basis, which is higher than the 290 Mt. In fiscal 2026, the average realized price for iron increased by 3% to $84.56 a wet ton. BHP didn't mention any price impacts from its annual negotiation with China's State Buyer, after reporting in April that?its biggest client had lifted its prohibition on certain products. China's...

Codelco's chairman Bernardo Fontaine stated on Wednesday that the lithium project at?the Maricunga flat salt will become a reality in eight years. The state-owned copper company Codelco, along with its partner Rio Tinto, manages the Maricunga Lithium project. Fontaine stated that the agreement had not been signed because certain conditions were still to be met. Some of these conditions have already been met, while others are pending on an international level. The executive said that the joint venture agreement "awaits regulatory approval" from Chile and China, after receiving?antitrust approvals with no conditions from Brazil and South Korea, and Poland. The...

Rio Tinto announced better-than expected second-quarter iron-ore sales on Wednesday, supported by strong system performance, putting it on track to achieve its annual forecast. Visible Alpha's consensus estimate of 83.6 Mt was surpassed by the world's largest producer of iron ore, which sold 85.3 Mt of the steel-making material from its Pilbara operations during the three months ending June 30. This compares to 79.9 Mt sold in the same quarter of last year. The average price in the first half of its Pilbara operations increased to $85.2 per wmt on a free-on-board basis, up from $83.2 last year. Rio's copper...