Canada

A report released by OPEC on Wednesday showed that the world oil supply will match demand in 2020, reflecting the production increase of OPEC+. This is a shift from earlier predictions of a 2026 supply deficit. OPEC+ - which includes the Organization of the Petroleum Exporting Countries (OPEC), Russia, and other allies - has increased its production targets by approximately 2.9 million barrels a day - or about 2.7% of the global supply – since April. The company plans to stop production increases in the first quarter 2026, amid predictions that there will be an oversupply. In a report released...

Gold Reserve, a Toronto-listed company, filed a lawsuit in Delaware against Rusoro Mining on Monday for alleged breach in contractual obligations. The consortium agreement required Rusoro to bid in an auction for Citgo Petroleum's parent company in the United States. In August, Elliott Investment Management's affiliate was recommended to be the winner of the auction. This bid beat Gold Reserve's bid of $7.9billion. The auction of Venezuela's PDV Holding is intended to compensate up 15 creditors for debt defaults and expropriations in Venezuela. As part of both bids, Rusoro agreed to allow the use of its $1.5 billion claim relating...

Canada's benchmark stock index rose on Wednesday. It recovered from the previous days' sell-off, thanks to the strength of commodity-linked stocks, and investors also digested an unexpectedly positive U.S. payrolls report. At 10:07 am. The S&P/TSX Composite Index in Toronto was up 0.84% at 30,027.94. Gold sub-index was the sector's leader with a 2.6% increase, following gold prices as investors shifted away from risky investments to metals that are considered safe havens. Gold has played a major role in the TSX's movements. When gold moves higher, the market tends to move up with it, said Allan Small. Senior investment advisor...

Wall Street's major indexes closed at record highs on Monday for the second consecutive day as investors were optimistic about the prospects of a U.S. China trade deal. They also looked forward to an exciting week that will include high-profile earnings from the technology sector and the widely anticipated U.S. rate cut. U.S. president Donald Trump and his Chinese equivalent Xi Jinping will meet on Thursday in order to decide on a plan that could pause the tougher U.S. duties and China's export restrictions on rare earths. This would ease market jitters about a possible trade war, and send Wall...

Mark Carney, Canada's prime minister, will make his first official trip to Asia this Friday. He is hoping to strengthen trade and security links at a moment when North America struggles to reduce its dependence on the U.S. Canadian officials have said that Carney's trip could include a meeting between him and Chinese President Xi Jinping in an effort to restore a relationship previously strained by a trade war. Donald Trump, President of the United States Termination of trade talks Canada responded to a political ad in Ontario that featured Ronald Reagan, the Republican icon who said tariffs caused economic...

Rhino Resources, a South African oil and gas firm, plans to drill a well for appraisal on a Namibian prospect in 2019 and conduct a flow-test on another to beat TotalEnergies as the first oil producer in this southern African nation. The appraisal well is scheduled for Capricornus, where a flow rate up to 11,000 barrels per day was tested. Meanwhile, the drill stem is scheduled for Volans, which is its latest find of high-yield liquid gas condensate. The new data can help the company to accelerate its discoveries off Namibia where TotalEnergies is expected to make a final investment...

After several days of fuel station closures, and amid fears of a fuel shortage following an al-Qaeda-linked blockade of fuel imports in Mali’s capital Bamako last month, motorists waited in long lines outside the stations on Wednesday. Since last week, many stations have been forced to shut down or only supply diesel. Analysts say this is a tactic used by militant groups to put pressure on the military-led Mali government. They want to cut of its economic oxygen. In a video announcing a blockade, a militant from Jama'at Nusrat al-Islam wal-Muslimin announced that "we are telling all traders" who import...

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...

Barrick is considering splitting into Africa and North America focused entities Discussion on the sale of African assets, including Reko Diq Mine Barrick's performance in the record gold rally is undervalued by investors. By Divya Rajagopal Four sources familiar with Barrick Mining's thinking said that the board has discussed the possibility of splitting Barrick Mining into two separate companies, one focusing on North America, and the other focusing on Africa and Asia. Sources say that a split could include the sale of Barrick Africa's assets, as well as the Reko diq mine in Pakistan once financing is secured. Sources said...

Barrick Mining raised its dividend on Monday and expanded its buyback program after exceeding quarterly adjusted profit expectations as higher gold prices helped to offset a decrease in production. U.S. listed shares of the Canadian firm rose almost 4% in premarket trade following the results. In the third quarter of 2018, gold prices were on average $3,574.95 an ounce, more than 16 percent higher than in the previous quarter and 43% higher than a year ago. The price of gold was boosted by demand for safe havens as inflation fears were stoked by uncertainty about President Donald Trump's proposed tariffs...

According to a memo sent to Newmont's staff, the company has reduced its workforce by 16% as part of restructuring after acquiring Australian miner Newcrest. In the memo, it was stated that the reductions included job eliminations, vacancies unfilled, and changes in role levels. This reflected efforts to streamline operations, and integrate both companies. Newmont purchased Newcrest for $17 billion in 2023. Following the acquisition, Canada's largest gold producer, sold over $2 billion worth of Canadian assets. It also cut jobs, and reduced debt to reduce non-core operations. Newmont, as part of its integration process, launched a revamp project known...

ICL Group, a fertiliser manufacturer, has waived its right of first refusal in order to bid for the concession it holds at the Dead Sea. The Israeli government announced the plan on Thursday. However, if the permit expires and it is not renewed by ICL Group it will still receive $3 billion. ICL has had exclusive rights for minerals at the Dead Sea site since 1950. The permit expires in 2030. Finance Ministry, however, stated that it was preparing a "competitive international and fair tender" to ensure that the public and state receive their rightful share of this unique natural...

Canada's main index of stocks remained mostly unchanged on Thursday as higher commodity prices countered broader market caution, and disappointing earnings following the benchmark's best session in three week. At 9:57 am. After closing Wednesday's trading day 1.1% higher, the S&P/TSX Composite index in Toronto was down by 0.1% to 30,075.80. This is its largest single-day increase since October 14. The rally was backed by positive economic data from the United States, where services sector activity rose to an eight-month peak in October and private pay exceeded expectations. The data eased investor concerns following top Wall Street banks' warnings of...

Canada's main index of stocks fell on Monday, as investors analyzed local economic data. However, an increase in gold and technology shares kept losses under control. 10:08 am The S&P/TSX Composite Index in Toronto was down 0.17% to 30,273.68 at 10:08 a.m. ET. The manufacturing sector's downturn in Canada eased slightly in October, as new orders and output, which had been hampered by trade uncertainty declined at a lower pace, according to Manufacturing PMI data. Later this week, we will receive new data on the employment situation. In the U.S. manufacturing shrank for an eighth consecutive month in October, as...

A letter seen by the Board shows that the activist fund Palliser capital has increased pressure on Rio Tinto, asking it to launch a "now-or-never" counterbid to acquire Teck Resources. The letter urges Rio Tinto's dual listed structure to be unified and to spin off the base metals division to create a powerhouse in copper. In a letter dated October 17, Rio shareholders Palliser and Palliser encouraged the company to contest Teck's merger agreement with Anglo American in order to gain control over a copper portfolio of tier one that could produce combined 1.3 million tons of copper a year....

Tim Hodgson, Minister of Energy and Natural Resources, announced on Friday that Canada would accelerate mining projects totaling C$6.4 billion ($4.6billion) as part the Critical Minerals Production Alliance. The announcement was made at the conclusion of a two-day meeting of energy ministers and environmental ministers of the Group of Seven in Toronto. Hodgson stated that Canada, along with its G7 partners, will mobilize both public and private capital in order to accelerate the production of graphite and rare earth elements. Canada has announced that as part of its alliance with Australia's Rio Tinto and Quebec-based Nouveau Monde Graphite, it signed...

The companies announced on Friday that Mexican precious metals mining firm Fresnillo had agreed to purchase Canada's Probe Gold, for C$780,000,000 ($556,000,000) in cash. This marks the expansion of the London-listed company into North American markets. The deal follows a dramatic rise in gold prices in this year as investors seek safe haven assets like bullion due to geopolitical tensions. The deal will see Fresnillo pay C$3.65 for each share, a 39% premium over Probe Gold's closing price. It also gives Fresnillo access to Probe Gold’s 10 million ounces gold reserves, including its Novador project, located in Quebec. David Palmer,...

Hastings Technology Metals, an Australian company, announced on Friday that its Yangibana joint-venture project in Western Australia had agreed to negotiate a possible offtake agreement with Ucore Rare Metals Inc. of North America. The Yangibana project for rare-earths, niobium, and other metals is a joint-venture with Wyloo Metals of Andrew Forrest, who holds 60%, and Hastings Rare-Earths, which has the remaining 40% via its subsidiary Yangibana Jubilee. Hastings CEO Vince Catania said, "The joint assessment of a downstream Hydromet facility in the U.S. shows the efforts made by Wyloo Ucore and Hastings for accessing the financing and commercial opportunity arising...

The shares of U.S. listed rare earth mining companies fell before the bell Monday, after Washington and Beijing agreed on a framework of a trade agreement that could pause the planned U.S. duties and Chinese export controls for critical minerals. This would ease fears of supply disruptions which had boosted this sector in the past year. The rare earths ceasefire marks a pause on one of the most important fronts in U.S.-China tensions over trade. Investors have unwound bets on the U.S. mining industry benefiting from a prolonged trade dispute. Ramaco Resources, NioCorp Developments, and Critical Metals all saw their...

Shares of U.S. listed rare earth miners dropped as much as 8% on Monday before the bell, after Washington and Beijing agreed on a framework of a trade agreement that could pause U.S. planned tariffs and Chinese controls on exports of critical minerals. This would ease fears of supply disruptions which had boosted this sector in the past year. The rare earths ceasefire marks a pause on one of the most important fronts in U.S.-China tensions over trade. China processes over 90% of rare earths in the world. It has recently increased export restrictions, adding new elements to their control...