Canada

Anglo American, the state-run Chilean copper giant Codelco and their Chilean neighbours have finalised a joint operation agreement for their Chilean copper mines. The aim is to extract at least $5 billion from their key assets. The mining plan is based on the memorandum signed in February by both Codelco and Anglo American. It relates to the Andina Mine of Codelco, as well as the Los Bronces Mine of Anglo American in central Chile near the capital Santiago. Codelco Chairman Maximo Pacheco said, "We are now able to maximise the potential of Andina-Los Bronces without major investment and with much...

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...

Bloomberg News reported that Cenovus Energy was in discussions with Indigenous groups to buy MEG Energy together. The report cited people who were familiar with the talks. The report stated that a group of First Nations communities, including Chipewyan Prairie First Nation (Chipewyan Prairie First Nation) and Heart Lake First Nation (Heart Lake First Nation), are in discussions with Cenovus to take a C$2 Billion ($1,45 Billion) stake in MEG. Bloomberg reported that the Indigenous stake would receive financial support from both the federal government and the provincial government, with Cenovus bidding for the remainder. MEG Energy shares were up...

Seven & i Holdings, a Japanese convenience store operator, said that the planned listing of their North American operations will allow them to borrow additional money for accelerated growth. Stephen Dacus, the CEO of the company, said that the listing is scheduled for the second half 2026. This will allow faster store openings in the U.S. as well as additional bolt-on M&As. After successfully repelling a hostile takeover attempt from Canadian competitor Alimentation Couche-Tard, the fate of the struggling operator of 7-Eleven rests on the ability to grow independently. Couche-Tard retracted its $46 billion bid last month citing a failure...

Suncor Energy, a Canadian oil company, exceeded analyst expectations for the second quarter profit on Tuesday as increased output offset the impact from weak commodity prices. Canada's oil-sands industry remains resilient, despite the fact that oil price volatility has pushed the energy sector into a slump. The expansion of the Trans Mountain Pipeline has provided Canadian producers with access to international markets and reduced their reliance on U.S. pipe networks. It now accounts for about 9% of Canada’s total crude oil exports. Canada exports almost 4 million barrels per day (bpd). Suncor's quarterly upstream production increased to 808100 bpd, from...

Enbridge, the Canadian pipeline operator, beat analyst's expectations for its second-quarter profits on Friday. This was boosted by earnings from newly acquired U.S. utilities and from its gas distribution business. The company announced that it had sanctioned the expansion of Aitken Creek, a gas storage facility located in British Columbia to accommodate the growing demand for LNG on the west coast of Canada. It also said that Line 31 would be expanded by 160 million cubic feet a day in the U.S. Southeast. Pipeline operators benefit from a rise in natural gas demand, driven primarily by LNG exports and rising...

Cenovus Energy, a Canadian oil and natural gas producer, reduced its forecast for its upstream production in the full year on Thursday. It cited the temporary shutdown of its Rush Lake facility. The company responded to an early-May steam leak from a casing rupture in an injection well, resulting in the temporary shutdown of Rush Lake's facilities in central-west Saskatchewan. Cenovus expects upstream production in 2025 to range between 805,000 and 825,000 barrels of oil-equivalent per day, as opposed to the 805,000 to 845,000 previously projected. The total upstream production for the second quarter was 765.900 boepd. This is down...

Alimentation Couche-Tard, a Canadian company, announced on Monday that it would resume its share repurchase programme. This comes just days after Circle K's parent company scrapped its $46 billion attempt to purchase Japan's Seven & I. The company announced that it would buy up to 77.1 millions shares, worth approximately $4.2 billion. This is part of its efforts to boost shareholder value following the failure of the long-term effort to purchase the Japan-based convenience-store chain. Couche-Tard with a market cap of $53 billion announced last week it would not pursue its bid to acquire Seven & I because the Japanese...

Alimentation Couche-Tard, which owns Circle-K, pulled out of its $46 billion offer for Seven & i after a year-long pursuit. The Japanese consumers have emotional ties with the rice ball seller. After a year-long pursuit the Canadian company that owns Circle-K withdrew their bid after a "calculated campaign of obfuscation" and "delay" by Seven-Eleven and lack of engagement from its founding Ito Family. Couche-Tard announced the proposal for Seven & i in August of last year. Shareholders were pressing Seven & i to increase returns by selling assets and focusing its core convenience store business. Michael Causton, consultant at JapanConsuming,...

Alimentation Couche-Tard, a Canadian retailer, withdrew a $46 billion takeover bid for Japan's Seven & i Holdings. It blamed the lack of constructive engagement on the part of Japanese retailer. The 7-Eleven operator's "konbini stores" would have been the largest foreign acquisition of a Japanese firm. This is the timeline for the bid: AUGUST 19, 2020 Couche-Tard says that it has contacted Seven & i regarding a possible takeover. Both companies do not disclose the value of their offer. Seven & i shares surged almost 23%, to 2161 yen, valuing it at approximately 5.6 trillion yen (about 38 billion dollars)....

These are the most popular stories from the New York Times' business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. After an extended year of negotiations, marked by dramatic turns and twists, Alimentation Couche-Tard announced that it would abandon its multi-billion-dollar bid to purchase the owner of 7-Eleven convenient stores. Indonesian President Prabowo Subianto confirmed Wednesday that the general outline of a new trade agreement between the United States and Indonesia was agreed. Under the agreement, U.S. goods exported to Indonesia will not be subjected to tariffs while Indonesian products in...

Alimentation Couche-Tard, a Canadian retailer, withdrew a $47 billion takeover bid for Japan's Seven & i Holdings. It blamed the Japanese retailer for ignoring its offer. The 7-Eleven operator's "konbini stores" would have been the largest foreign acquisition of a Japanese firm. Here is the timeline for a bid: AUGUST 19, 2020 Couche-Tard says that it has contacted Seven & i regarding a possible takeover. Both companies do not disclose the value of their offer. Seven & i shares surged almost 23%, to 2161 yen, valuing it at approximately 5.6 trillion yen (about 38 billion dollars). SEPTEMBER 6, 2020 Seven...

Futures linked to the S&P 500 index and the Nasdaq Index advanced early on Thursday. A day earlier, weaker than expected private payroll data had boosted hopes for rate cuts. Traders were bracing for a session with little data due to the U.S. Government shutdown. Investors are still sensitive to any sign of policy easing. Rate-cutting optimism has been a major factor in the recent rally, which has pushed equities up to high valuations. Investors are now relying on alternative data sources to fill the data vacuum left by the shutdown. This includes Wednesday's ADP National Employment Report which was...

A source familiar with the negotiations has confirmed that the U.S. Department of Energy is taking a 5% share in Lithium Americas as well as a separate 5% in its joint venture Thacker Pass Lithium Mine with General Motors. After-hours trading in New York on Wednesday saw shares of Vancouver-based Lithium Americas rise 34% after stake negotiations were completed. The Trump administration will make this investment, which follows recent investments in Intel and MP Materials. It is a bid to boost industries deemed vital to U.S. security. Last week, it was reported that officials from the administration were in talks...

Vale Base Metals began operating a new Nickel furnace at its Onca Puma Complex in northern Brazil. The company claimed that this would increase the nominal production capacity of the asset by 60%, and allow them to produce more for lower costs. Shaun Usmar, Vale Base Metals' CEO, said on Tuesday that the new furnace would help the company deal with the current low nickel prices. The firm attributes the low nickel price to an oversupply of nickel from Indonesia. It will also put Vale Base Metals in a very strong position for when the market recovers. Usmar stated that...

Local media reported that Namibia is considering whether to buy a stake in De Beers due to the continued decline of diamond prices, according the deputy prime minister. Anglo American has put the diamond giant up for sale as it restructures to focus its portfolio on iron ore and copper. Anglo announced on September 9th that it is pursuing a merger to create a heavyweight in copper. De Beers attracted at least six investors by June, and Angola’s state diamond company Endiama revealed on September 24 that it had bid to acquire a minority share in the company. Angola wants...

According to a document from the Mines Ministry, Mali's industrial production of gold fell by 32% on an annual basis to 26.2 tonnes by the end August. This was due to the long-term suspension of Barrick Mining operations. A mines ministry official reported that the industrial output in Mali was 22.5% lower than the government's prediction of 33.8 tonnes for the same time period. The source did not say if the country's target for this year would be revised. The source, who spoke under condition of anonymity, was not authorized to brief the media. Mali's industrial output of gold fell...

Patty Hajdu, Canada's Jobs Minister, announced on Monday that the government will provide Algoma Steel with C$400,000,000 ($287.13,000,000) as financial support under its large-enterprise tariff relief scheme. The Canadian steel industry was one of the largest steel producers that were hardest hit by the 25% tariffs imposed on Canadian steel imports by U.S. president Donald Trump, which he then increased to 50%. The government released a statement saying that the loan would help Algoma Steel in Ontario, which employs about 2,500 people, to continue operations and transition to a model of business less dependent on the U.S. It will also...

Newmont announced on Monday that Tom Palmer would retire at the end of this year. This was an unexpected decision after more than 10 years with the largest gold mining company in the world. Barrick Mining, a rival company, announced Mark Bristow's sudden resignation as CEO the same day. Bristow led the Canadian mining company for almost seven years following its merger with Randgold Resources. Newmont and Barrick are both facing a significant period of industry transformation in the wake of these leadership changes. Palmer will retire on March 31, 2019. He will continue to serve as a strategist until...

Lithium Argentina’s Cauchari-Olaroz Project in northern Argentina aims to produce 85,000 tons of battery metal per year by 2029. This is more than triple the output last year, according to Executive Vice President Ignacio Celorrio. This is one of six projects in Argentina that produce lithium, which is used to make batteries for electric cars. Lithium Argentina (listed in Canada and the U.S.) and Ganfeng Lithium, a Chinese company, are developing Cauchari-Olaroz in the Lithium Triangle, which spans Argentina and Chile, as well as Bolivia. Celorrio, speaking on the sidelines a lithium-related conference in Buenos Aires on Tuesday, said that...

The Argentine government has approved McEwen Copper’s $2.7 billion Los Azules Copper Project in the country under a tax incentive program called the Large Investment Incentive Regime. McEwen Copper, a subsidiary company of McEwen Mining, is a McEwen Copper subsidiary. Economy Minister Luis Caputo stated in a blog post on X that the project will contribute to $1.1 billion worth of exports each year. Argentina hasn't produced copper since the Alumbrera Mine closed in 2018. But developers and analysts are hopeful that projects like Los Azules will make Argentina a major supplier to the world. Caputo stated that the approval...

Canada's benchmark index climbed on Wednesday, helped by energy stocks, after it crossed the 30,000 point threshold for the second consecutive day. Toronto's S&P/TSX Composite Index, which is heavily influenced by commodities, rose 0.3% to 29.912,19 points at 10:20 a.m. ET (1420 GMT). The S&P/TSX Smallcap Index rose by 1.1% following reports that the Trump Administration is looking to acquire an equity stake as high as 10% in Lithium Americas. This boosted the Canadian company’s shares by 88%. Its U.S.-listed shares jumped 85%. J.P. Morgan analysts wrote in a report that it was unclear whether or how the DOE loan...

The U.S. listed shares of Lithium Americas soared by more than 70% on Wednesday in premarket trading after a report that the Trump administration wanted an equity stake up to 10% in this miner. This is the latest indication of the government's involvement in industries it considers critical to the national security. Two people familiar with the talks said late on Tuesday that the administration is considering taking a stake in the company, as part of discussions to renegotiate the $2.26 billion loan from the government for the Thacker Pass lithium mining. Analysts at Jefferies said that "Markets may view...

Valterra Platinum CEO Craig Miller stated on Thursday that global primary platinum group metals production could drop by up to 20% by the decade's end, causing a growing supply deficit. Miller stated that the demand for platinum, palladium, and rhodium from automakers who use them in catalytic convertors has remained strong, due to higher sales both of conventional and hybrid cars, and because energy transition is taking longer than expected. He also said that the demand for jewellery was strong. South African mining firms, which supply more than 70% the world's total platinum, have reduced unprofitable production in the last...