Australia / New Zealand

The oil prices rose by about 5% after Washington imposed new sanctions against major Russian companies for the war in Ukraine. Major stock indexes also edged up as gains from U.S. energy stocks and European energy shares offset some disappointing earnings reports. The sanctions were announced late on Wednesday and targeted major Russian suppliers Rosneft, Lukoil. The U.S. announced it was ready to take additional action, as it urged Moscow to immediately agree to a ceasefire. Energy was the leading sector to gain on Wall Street, according to the S&P 500 index. Energy was the last sector to gain 1.2%....

The global stock market got a boost Thursday thanks to a series of positive earnings reports that helped offset some of the gloom in Wall Street due to a lacklustre performance by tech megacaps. Oil prices also rose following U.S. sanction against Russia. After the U.S. placed sanctions on Rosneft, and Lukoil, two major Russian oil companies over the Ukraine conflict. The STOXX 600 index rose 0.3% for the day, as positive earnings helped to boost the domestic indexes. The MSCI All-World Index, however, has slipped into the negative zone, and is on its way to its third consecutive day...

Asian stocks dropped for a second consecutive day on Thursday, as Wall Street was hit by a sell-off due to lackluster earnings from the tech giants. Meanwhile, U.S. sanctions on Russia and possible export controls against China rekindled geopolitical concerns. After the U.S. placed sanctions on Rosneft, and Lukoil - two major Russian oil companies - over the Ukraine conflict, the price of oil jumped 3%. The broadest MSCI index of Asia-Pacific stocks outside Japan fell 0.4% last week, while Japan's Nikkei225 dropped 1.5%. Chinese stocks dropped as much as 1,1% after sources claimed that the White House was considering...

BHP Group's CEO stated at the annual general meeting that it will be forced to make "difficult" decisions for its metallurgical business in Australia, if no regulatory changes are made to help it. BHP announced last month that it would cut 750 positions and suspend operations at a Queensland coal mine, which it shares with an affiliate of Mitsubishi. It blamed low prices and high royalties from the state government for its poor returns. Mike Henry, CEO of the miner’s annual general meeting, said: "Without change there will be without a doubt more difficult decisions." The incoming chair Ross McEwan,...

Anglo American offered to purchase ferronickel for resale to Europe from MMG, for a period of up to 10 year to alleviate EU antitrust concerns over the sale of their nickel business to an unit of Hong Kong listed company. This was revealed by a source with direct knowledge on Wednesday. Anglo American, a London-listed company, announced in February the $500 million sale of its nickel business to a unit of MMG. The European Commission has now begun to examine the sale. Source: The remedy offered would alleviate any regulatory concerns about the deal cutting off some metal supply to...

Customs data released on Monday showed that China's imports of coal rose to their highest level in nine months, as domestic coal prices increased, making imported coal more affordable. However, shipments were still below the levels seen a year ago. China's General Administration of Customs reported that the country imported 46 million metric tonnes of coal last month. The decline in prices on the international market was responsible for the lower total of last month compared to September, when it was a record high. This record was broken in November. September 2024 is now the second highest month ever. The...

The two companies announced on Tuesday that Australian natural gas producer Tamboran Resources had signed an agreement with Irish oil and gas company Falcon Oil & Gas to purchase it in a deal worth C$239,000,000 ($171.81,000,000) in cash plus stock. The agreement aims to strengthen Tamboran’s position in the Beetaloo Basin in Australia’s Northern Territory. This area is known for its immense natural gas potential. It also reflects the growing interest in untapped resources in this region, and exploration activities are expected to increase in the next few years. Through the deal, the firm would consolidate their presence in the...

In Australia, the biggest buyouts in 15 years have failed this year. Misaligned valuations and regulatory risks are adding to the challenges of navigating a regulatory environment that is becoming increasingly strict. The ADNOC-led group's decision to withdraw from its bid of $18,7 billion for Santos (Australia's second-largest gas producer) is the latest high-profile deal to fail in Australia in this year. Sources reported that the ADNOC bid, via its investment vehicle XRG was shelved because of disagreements between the parties on potential capital gains taxes relating to a Santos property. Analysts said that the deal would also have had...

BHP announced on Wednesday that it would suspend operations and eliminate 750 jobs in a Queensland coal mine, which it shares with an affiliate of Mitsubishi. It blamed low prices and high royalties from the state government for its poor returns. BHP Mitsubishi Alliance (BMA), Saraji South, a part of the Saraji Mine Complex will be put into care and maintainance from November 2025. The Saraji Complex produced 8,2 million metric tonnes of coking coal during the year ending June 2025. BHP is one of the top exporters in the world of coking coal, which is used to make steel....

Investors and bankers on Wednesday said that BHP, the world's largest copper miner, is focusing on growing its own assets as it transitions to a new leadership. This means it will not be able to gatecrash a planned $53 billion merger between Anglo American Resources and Teck Resources. Anglo American, a London-listed company, and Teck Resources, a Canadian firm, announced their merger on Tuesday. This is the second-largest tie-up in this sector. The goal of the merger is to create a global heavyweight focused on copper. The deal was announced just over a month after BHP canceled a $49-billion bid...

The gold price was on course for a rise of more than a month on Friday, after reaching a peak of over a month in the previous session. This was supported by a softer dollar in general and expectations that the Federal Reserve will cut interest rates in September. As of 0223 GMT, spot gold was unchanged at $3,412.56 an ounce. Bullion is up 3.9% this month, and on Thursday it reached its highest level of $3.423.16 in the last 23 days. U.S. Gold Futures for December Delivery were flat at $3.473.70. Dollars fell 0.4% overnight and were set to...

Brijendra Singh, chairman and managing director of India's National Aluminium Company said that the company will invest $3.43 billion in a new coal power plant and a smelter over the next five-year period. Singh, a New Delhi-based reporter, said that the state-owned aluminium company will spend around 180 billion rupees on the construction of the smelter proposed in Odisha in eastern India. He added that the project would be funded by a combination of internal accruals and debt. Singh stated that the remaining 120 billion rupees would be used for a coal-fired power plant. Coal India and NTPC are in...

Australian shares fell on Wednesday as healthcare stocks lost ground to miners. Local traders were cautious in advance of the third-quarter consumer prices data due later that day. By 2330 GMT, the S&P/ASX 200 index had fallen 0.1% to 9,002.10 point. The benchmark index ended Tuesday 0.48% lower. Michele Bullock, Reserve Bank of Australia Governor, said after the bell Tuesday that an increase of more than 0.9% in core inflation for the third quarter would be a strong argument against a rate reduction at the Reserve Bank of Australia’s next meeting. Investors are now pricing in a 45.4% probability of...

The Australian share market fell on Tuesday. Biotech giant CSL was the main culprit, as it weighed down the healthcare sub-index. CSL hit a low of nearly seven years after delaying the spin-off of its vaccine division. By 2353 GMT, the S&P/ASX 200 index had fallen 0.3% to 9,032.40. The benchmark closed Monday 0.4% higher. The shares of the biotech giant CSL fell as much as 16.6%, to A$176.23. This is their lowest level since December 24, 2018. After the firm announced that it does not expect to complete the spinoff CSL Seqirus by fiscal 2026 due to increased volatility...

An explosion early Tuesday morning in Australia's New South Wales State killed two workers and injured another. The state's premier referred to the incident as a "sobering" reminder of the dangers in the mining industry. Police said that emergency services were dispatched to Cobar, a remote mining town located 700 km (435 mi) northwest of Sydney. They were informed of a serious workplace accident in which people had been injured. The Australian media reported that the incident took place at the Endeavor Silver, Zinc and Lead Mine, owned by Polymetals Resources Ltd. Polymetals didn't immediately respond to an inquiry for...

Trilogy Metals, a Canadian miner, announced on Friday that the federal government had reissued key permits for a road planned in northwest Alaska to support future mining operations. Trilogy Metals' shares listed in the United States rose by over 8% during premarket trading. These permits were granted by U.S. agencies, including Alaska Industrial Development and Export Authority (AIDEA), the Army Corps of Engineers and Bureau of Land Management. This follows a recent order from the president to restore the approvals that were originally given in 2020. The Ambler mining district, Alaska is home to a trove of minerals and copper....

Five sources involved directly in the price negotiations said that the premium for aluminium shipments for Japanese buyers from October to December has been set at $86 per ton. This is down 20% on the previous quarter due to weak demand. This is a lower figure than the $108 paid per ton in the quarter July-September and marks the third consecutive decline. Japan is the largest Asian importer for premiums and light metals For primary metal shipments, it agrees to each quarter pay over the London Metal Exchange cash price that is the benchmark for the area. Early in September,...

Australia's Pilbara Minerals outperformed analysts' expectations on Friday. Cost reductions and the extension of studies for a new chemical plant helped. Following the report, shares of the Australian lithium mining company rose as high as 10%. Pilbara has reported a 2.1% increase in spodumene concentration in the first quarter and a 11% decrease in costs. This was supported by a stable output at its Pilgangoora operation in Western Australia and better recovery rates. RBC stated that "Overall (it was a) strong, clean, first quarter of FY26. It exceeded RBC in terms of realised prices, costs, recoveries, and recovery rates." The...

Pilbara Minerals, based in Australia, reported a 2.1% increase in spodumene concentration for the first three months of this year on Friday. This was due to stable production from its Pilgangoora operation in Western Australia. In the three-month period ended September 30, the pure-play miner of lithium produced 224.8 thousand tons (kt) spodumene, which is used to produce lithium. This was higher than the 220.1 kg it recorded during the same time last year. According to the firm's statement, unit operating costs for free-onboard have decreased by 10.9% and are now A$540 per ton. This reflects "continued operational efficiencies" and...

The global mining industry is most concerned about three things: critical minerals and rare earths in particular, the need to continue decarbonising, and the role of governments. These are the main takeaways of this week's IMARC conference in Sydney. This event brings together over 10,000 industry participants at one of the largest mining conferences in the world. IMARC events are a great way for companies to meet and network, and to generate business. But they also give participants the opportunity to voice their concerns, and to share where they think the industry is headed. Participants range from buyers, governments, and...

Fortescue, an Australian company, reported a 4.2% increase in iron-ore shipment for the first quarter on Thursday. The firm also set a new record for the first quarter production due to higher hematite shipping. The firm's hematite operation shipped 47.6 millions metric tons (Mt) in the first quarter. This was 3.3% more than the previous year. Fortescue has announced that it has drawn the loan in yuan denominated worth 14,2 billion Chinese Yuan ($1,99 billion) it secured in August for its decarbonisation plan. The five-year term loan facility, with an interest rate of 3.8% per year, was supported by major...

Gold is gaining in popularity at London's Hatton Garden. Diamonds were once the main attraction, but gold has now taken over. Customers are flocking to the famous jewellery district in search of bullion coins and bars, expanding the pool of investors for tangible assets. "There is a mix between buying and selling, but the buying is stronger." Despite high prices, people continue to buy. "Many believe that prices will rise even further," said Mashhood a member of staff at a local store. On Monday, spot gold reached a new record of $4381 an ounce. Retail interest in gold remains high,...

Malaysia welcomes foreign companies to form joint ventures to develop rare Earths in the nation, according to state media on Wednesday. The report was based on the Trade Minister. According to estimates by the government, Malaysia has 16.1 million tons of rare earths, but does not have the technology to mine or process them. Malaysia wants to build midstream processing capability in a market dominated by China. China tightened export restrictions earlier this month. Exclusively, earlier this month, it was reported that the government is in talks with China about rare earths processing. The Malaysian sovereign fund Khazanah Nasional will...

As part of an extensive critical minerals agreement, signed on Monday to counter China's control over the industry, the United States and Australia extended financial assistance to several Australian firms. The agreement between U.S. president Donald Trump and Australian prime minister Anthony Albanese commits the two countries to investing at least $1 billion in each of the next six month's mining and processing projects, and to setting a floor price for essential minerals. This is a move that Western miners have long fought for. The governments will also support a plan announced by U.S. Aluminum producer Alcoa, to build a...