Australia / New Zealand

Origin Energy, Australia, downgraded its annual forecast on Monday due to the unseasonably warm temperatures in Britain during March and April, as well as one-off effects. This sent its shares to an almost one-month-low. The shares of the Sydney-based firm fell by around 4.4% at 0508 GMT after reaching their lowest level since the first of May earlier in the day. The benchmark ASX200 index was flat. Origin now expects to lose up to A$100m ($65.19m) on its annual earnings before taxes, interest and depreciation. Origin estimated that it could contribute up to A$100m, while the EBITDA was only A$55m...

Origin Energy, Australia's largest energy company, raised its underlying profit forecast for fiscal 2025 to the lower end due to operational improvements as well as wholesale portfolio benefits. Energy retailer expects its full-year earnings before interest taxes, depreciation, and amortization to be between A$1.3billion ($844.35m) and A$1.4billion, up from the previous range of A$1.1billion to A$1.4billion. Origin said that it also projects a loss up to A$100m in its share in annual EBITDA underlying from Octopus Energy due to the unseasonably warm weather in March and April across United Kingdom, and other one-off effects. Origin estimated that it could contribute...

A study released Friday, days before a decision is made on the extension of Woodside's large gas project in Western Australia, found that emissions from industrial sites are not damaging ancient rock art. Why it's important The findings of the ongoing Murujuga rock art monitoring program by the Western Australian Government could pave the way for Woodside to extend its North West Shelf liquefied gas (LNG), as well as adding the Murujuga Cultural Landscape on the UNESCO World Heritage list. CONTEXT Murujuga is a rock art that is believed to be as old as 50,000 years. It is culturally and...

Australian shares closed slightly higher on the Friday as investors remained cautious due to concerns about domestic growth and global uncertainty. The S&P/ASX 200 closed 0.2% higher at 8,360.9. The benchmark was mostly unchanged for the week. Caution prevailed after Republican-controlled U.S. House voted by a slim margin to pass U.S. President Donald Trump's proposed tax cut bill that could add $3.8 trillion to America's debt. The domestic economy's outlook was also clouded Thursday by a Purchasing Manager's Index reading that was the lowest in three months. The rate-sensitive financials increased by 0.5%, with the "Big Four" banks of the...

New Hope Corporation, an Australian coal miner, saw its shares fall 7% Monday after it lowered its production and sales estimates for the year, citing problems with rail capacity at New Acland in Queensland. By 0058 GMT, shares had fallen as much as 7,1% to the lowest level since 30 April. The S&P/ASX 200 benchmark, which fell 0.4%, was also down. New Hope expects the saleable coal production to range between 10,58 million metric tones and 11,57 million tones for the year ending July, as opposed to the previous forecast which was between 10,83 million to 11,87 million tones. The...

On Thursday, climate change protesters shouted and blew whistles as they disrupted Australian Woodside Energy's Annual General Meeting. They also heckled Chief Executive Meg O'Neill. Similar to last year's protests, investors were also involved in the reaction to Woodside’s gas projects and sustainable measures. The Australian pension funds HESTA, and Aware, lodged protest votes against Woodside’s director who was charged with overseeing climate risk. O'Neill said to protesters who interrupted the opening of her speech: "I'd like to ask that you be respectful to the other shareholders who are in the room. They have a keen desire to understand what...

S&P Global Ratings changed the outlook of Australia's Woodside from "stable" to "negative" after the company made a final decision on investment for $17.5 billion in its Louisiana liquefied gas project. The rating agency stated that Woodside's decision to move forward with the project, without a substantial sell-down of the offtake exposure, has reduced the headroom for ratings. The agency has affirmed Woodside's 'BBB+ long-term issuer rating' and 'BBB+ long-term issuer ratings'. The Australian oil and Gas Company approved an LNG project worth billions of dollars in Louisiana earlier this week. They were confident that the U.S. government would be...

Amitava Mukherjee, chairman of the Indian miner NMDC, said that it is looking for coking coal assets in Indonesia and Australia. Coking coal is a key ingredient used to make iron ore and styrene. India, which is the second largest producer of crude iron and steel in the world, imports 85% of coking coal. More than half of Australia's coking-coal imports are accounted for by the country. Mukherjee stated that the company views this as an opportunity for business. The negotiations (for explorations) are at different stages. Due to confidentiality, he did not reveal the specifics of these discussions. NMDC,...

Ampol, Australia's largest fuel retailer, reported on Wednesday a drop of 49% in its first-quarter refinery margins at its Lytton Refinery in Queensland. The company cited a decline in Singapore refining profits -- a key indicator for Asia. The company reported that its Lytton Refinery margin dropped to $6.07 a barrel in the first three months, from $11.80 a barrel last year. The Lytton Refinery's quarterly production dropped by 5.7%, to 1.30 billion, due to the ten-day delay in production to prepare for Cyclone Alfred. The oil refineries have seen their profitability fall due to the slowing of economic growth...

The Australian share market posted marginal gains Tuesday, supported mainly by energy stocks and mining companies. However, the gains were limited, as consumer discretionary firms suffered due to U.S. China trade tensions, and domestic political uncertainties. The S&P/ASX 200 Index held steady, with a 0.2% gain at 7,766.80 by 1232 GMT. The iron ore price and metals prices have been strong, helping to extend gains for a fourth straight session. Shares in industry giants Rio Tinto BHP and Fortescue increased between 0.5% to 1.5%. Energy stocks gained more than 1% on the back of higher oil prices due to tariff...

New Zealand and Australia announced on Thursday that they were each working with other countries on a potential joint response to bolster free trade in the face of a barrage U.S. Tariffs. Christopher Luxon, the New Zealand Prime Minister, said that he spoke with leaders from Singapore, Vietnam, and Malaysia as well as with the head of the executive of the European Union about international trade. Luxon, in a speech he gave on Thursday, floated the idea that members of the European Union and Comprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP) could work together. The global trade system has been...

Peabody Energy announced on Tuesday that it is reviewing all options in relation to its $3.78 Billion acquisition agreement with Anglo American, for some of the Australian steelmaking coal assets. This was after an ignition incident at a mine. The deal was signed in the last year, and it was expected to be completed by mid-2025. Media reports claim that production at Anglo American Moranbah North Mine, located in Queensland's Bowen Basin, Australia, was suspended last week after an underground fire broke-out at the mine. Peabody stated that it is in constant communication with Anglo American, to better understand its...

Jorge Montero, Peru's Energy and Mines minister, said that he expects the mining investment to reach $4.8 Billion this year and the production of red metal to be at 2.8 Mt. In 2024, Peru produced about 2.7 millions tons of copper. This is a slight decrease from the previous year. Montero, speaking at a media conference, also mentioned the alarming increase in informal and illegal mining, specifically in the Apurimac region and Arequipa region of southern Peru. Top copper mine Las Bambas is controlled by a miner The mine is located in Apruimac. Teck, a Canadian mining company, is developing...

Banks helped to boost Australian shares on Tuesday as investors' expectations of further rate reductions were boosted after minutes of the May central bank meeting revealed that it considered a large cut. S&P/ASX 200 rose 0.6% at the close of trading to 8,466.70. The benchmark index is still a few points short of the 8,500-point psychologically significant level last seen in mid February. The minutes of the Reserve Bank of Australia (RBA), May meeting revealed that policymakers considered a 50-basis-point cut as "insurance" against trade risks. The RBA Watch tool says that this marks a change in tone for the...

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch for the accuracy of these stories. Six people were injured in Boulder, Colorado on Sunday afternoon. The FBI is investigating the incident as an act against a group that advocates the release of Gaza hostages. Australian investment manager Washington H. Soul Pattinson, and building products maker Brickworks have agreed to merge their companies into one worth $9 billion. This will cement a formal partnership that dates back almost 60 years. Palestinian health officials said that more than 20 Gazans...

Analysts and traders agree that the prospects for iron ore price are improving due to a smaller than expected global surplus in this year. However, new supply coming from the massive Simandou project, located in Guinea, remains a downside risk on a longer-term basis. More than a dozen analysts and traders interviewed at this week's Singapore International Ferrous Week said that their forecasts of oversupply for this year have been reduced from 50,000,000 tons to between 20,000,000 and 30,000,000 metric tons. The reason is that demand has been resilient this year, thanks to strong steel exports. Buyers stocked up on...

Valterra Platinum, the largest miner by value of this metal in the world, completed a spinoff from its parent company Anglo American on Wednesday. The shares of the company opened lower on the Johannesburg Stock Exchange, before changing direction during a volatile session. Anglo has demerged the Johannesburg-based Platinum Group Metals (PGM) manufacturer, formerly called Anglo American Platinum. It is shifting its focus to iron ore and copper. Craig Miller, CEO of Valterra, said that the company would continue to focus on maximizing value within its portfolio and maintaining standards set during its time in the Anglo group. Miller stated...

Australian shares finished slightly lower on Tuesday, after easing from their five-month-high. Inflation data was a little hotter than anticipated but still kept the rate-cutting hopes alive. The S&P/ASX 200 Index closed at 8,396.9, a slight decrease from its previous close. It was up 0.5% Tuesday. After the CPI data at 1230 local was released, the benchmark began to pull back. The heavy banking and mining sector led the losses. The data showed that the monthly consumer price index (CPI), which is a measure of prices, rose by 2.4% in April when compared to a year ago. This was unchanged...

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Elon Musk launched SpaceX's starship rocket in space on Tuesday. The vehicle failed to meet several goals after SpaceX lost control, causing flights to be temporarily halted in some Caribbean areas. Mark Carney, Canadian Prime Minister, said that officials in Ottawa are in intense negotiations with Washington on a bilateral economic and security agreement. It is neither in the interest of Donald Trump nor his government to continue talks through the fall. General Motors announced that it...

Harmony Gold is South Africa's largest gold producer in terms of volume. It has now agreed to purchase Mac Copper Ltd, an Australian copper miner, for $1.03 billion, as part of its diversification strategy into copper. Harmony, based in Johannesburg, said that it would pay $12.25 for each Mac Copper share as part of the cash deal. This is a premium of 20.7% over the closing price on the New York Stock Exchange last Friday. Mac Copper's board has unanimously backed the offer, according to a Mac Copper statement. Harmony, an Australian company, said that the CSA Copper Mine, located...

Rio Tinto, the global miner, has been chosen by Chilean authorities for a second time in this week to be a partner on a new lithium project. The state-run mining company ENAMI announced its partnership with Altoandinos Lithium Project Thursday. ENAMI reported that Rio Tinto would initially invest $425 million in the project. This will total an investment of $3 Billion. ENAMI holds an initial stake of 49 % and two board positions, while Rio will have three board members. ENAMI stated that Rio's investment in Altoandinos will cover a feasibility study, the use of a pilot plant on its...

Rio Tinto CEO Jakob Stausholm is stepping down in the second half of this year, once a new CEO is named, the company announced on Thursday. A selection process is currently underway. Stausholm was named as the company's top boss for 2020, despite legal, investor and public concerns over the destruction of 46,000-year old Juukan Gorge cave rock shelters. Stausholm replaced Jean-Sebastien Jacques, who had been ousted by Rio Tinto for its handling of the scandal. He will remain at the top of the company until a new leader is appointed. Glyn Lawcock, an analyst at Barrenjoey Sydney, said that...

Rio Tinto, a global miner, will take on one of the most challenging technological challenges in lithium's industry by leading Chile's largest project in recent years involving this battery metal. It will be working with state-run copper manufacturer Codelco. Maricunga is a pivotal moment for Rio and a turning-point for Chile. The country will now add a third lithium project to its portfolio, after years of stagnation. Codelco announced Monday that Rio will own less than half the project but will be responsible for design, construction, operations and sales. Industry experts claim that a major challenge in the separation of...

The Argentine government approved on Tuesday a $2.5billion lithium mining project of Anglo-Australian Rio Tinto. This is the first mining project to be approved under a newly introduced investment incentive program. Daniel Gonzalez, the secretary for mining and energy coordination in Argentina, announced the approval of Rio Tinto’s Rincon project in northern Salta Province under the RIGI scheme at a press conference in Buenos Aires. The mining industry in Argentina has expressed concern over the delays in the approval of seven projects that have been submitted to the government after the RIGI programme was launched nine-months ago. Roberto Cacciola of...