Canada

Imperial Oil Canada announced on Monday that it will increase its capital expenditure and upstream production by?2026. The company is doubling down on high-return oil sands projects in order to reduce costs?and create a stronger cash flow. Oil companies are focusing more on efficiency and high-return projects, and less on large new developments. In September, the oil producer said it would 'cut about 20% of its staff by end-2027. This is part of a restructuring which will reduce its Calgary presence amid lower 'crude prices due to higher OPEC+ production and trade policy uncertainties. "Our 2026 Plan builds on Imperial's...

Cenovus Energy, a Canadian company, forecast a higher crude oil production in 2026 due to the completion of major oil sands project. The company anticipates an upstream production of between 945,000 and 985,00 barrels of oil-equivalent per day (boepd), exceeding its forecast of 805,000 to 845,00 boepd for 2025. The producer said that it would spend C$850,000,000 on the newly acquired Christina Lake North assets acquired from MEG Energy. The Calgary-based company had previously?stated that its capital expenditure will fall to C$4 billion in the next year as major expansion projects are completed, excluding assets of its high-profile C$6 billion...

Ecopetrol, the state-run energy company in Colombia, announced on Friday that it had signed a new contract with Parex Resources to explore and produce hydrocarbons in the Piedemonte Llanero area. Ecopetrol said in a press release that operations will be conducted in areas covered by existing contracts within the departments of Boyaca e Casanare. DEAL DETAILS * This new agreement is in addition to the five other agreements Ecopetrol and Parex signed in December of 2024 for hydrocarbon exploration in two major Colombian basins. * The agreement includes drilling of the Florena-Huron well which is expected increase the domestic gas...

The companies and government of Andhra Pradesh announced on Wednesday that a joint venture between Reliance Industries and the state will invest $11 billion in five years for the development of 1 gigawatt AI data capacity. Digital Connexion is a joint venture between the Canadian multinational Brookfield Corporation, and the U.S. real estate investment trust Digital Realty. The project will establish a campus of AI-native data centres on 400 acres in Visakhapatnam, Andhra Pradesh. Google announced in October that it would build AI data centres in Visakhapatnam, India, over a five-year period. This will be the largest AI hub the...

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...

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...

Bloomberg News reported Monday that Anglo American was close to a deal for the acquisition of Canadian miner Teck Resources. The report cited people who were familiar with the matter. Separately, The Financial Times reported Monday that the potential acquisition could be valued at around $20 billion. Reports said that the London-listed global mining company is considering paying a majority in stock and an announcement could be made as soon as this week. The report said that the terms and timing of the agreement are still uncertain and the talks could collapse without an accord. According to LSEG, Teck Resources...

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...

In a court filing, an officer in charge of the auction process for shares in Citgo Petroleum's parent company in the United States (owned by Venezuela) has revealed that a bidder had submitted a rival offer. The court was holding the auction to pay creditors who were owed money due from expropriations or defaults. Last month, a $7.4 billion offer by a group headed by a subsidiary owned by Canadian miner Gold Reserve, was recommended as the winner of the bidding process. However, the judge still has to decide whether or not to accept it after some creditors and competitors...

Canada's main index of stocks closed lower on Monday, as the precious metals rally?paused. This weighed heavily on the mining stocks and started the final?week?of the year with a somber tone. The S&P/TSX 'index?closed 0.32% down at 31,896.59 point. The benchmark was expected to gain about 2% this December, which would be its eighth consecutive month of gains, a streak that has not been seen since 2014. Materials shares fell by 2.88%, while gold shares dropped 4.02%. Silver prices fell 8.3% and gold prices dropped 4.3%. Both were down on the back of investors booking profits due to perceptions that...

Wall Street closed a low-volume session after Christmas on Friday with little to no change. The three major U.S. indexes ended essentially flat but posted weekly gains. Ryan Detrick is the chief market strategist for Carson Group, based in Omaha. He said, "We're simply catching up today after a five-day rally." This is just day two of Santa Claus rally, so there's still time. We think that the market will be more optimistic going forward. Market participants were looking for signs of a seasonal phenomenon known as the "Santa Claus Rally," where the S&P 500 makes gains in the last...

According to a?memo from the company,?Barrick Mining of Canada has retaken operational control over its?Mali mine. Sebastiaan Bok, Director of Operations in Africa and the Middle East, sent a memo stating that Barrick would resume production gradually, and focus on mandatory training to employees and contractors. After two years of negotiation, the two sides reached an agreement to settle their dispute regarding Barrick's operations in West Africa. Barrick's disagreement with the military-led government over a new mining code led to a suspension of operations at its gold mine complex in January. A provisional administrator appointed by a Mali court took...

Dealmakers said that Canada's approval of the merger between British miner Anglo American, and Canada's Teck Resources for $53 billion signals an effort to 'attract investment' to offset the impact on U.S. Tariffs. Melanie Joly, Canada’s Innovation, Science, and Economic Development minister, announced late Monday night that Canada had approved the buyout of Teck Resources, in its entirety, by Anglo American, under the Investment Canada Act. This cleared a regulatory obstacle to create a global heavyweight for copper. Joly stated in a press release that the deal is beneficial to Canada. Her office has not responded to any further comments....

Fortuna Mining's West Africa Operations Chief said that the company is looking for mid-tier gold assets and accelerating new projects as it works to achieve its 500,000 ounces annual production target, after selling mines located in Burkina Faso, Mexico, and?Burkina?Faso. Canadian miner sells Yaramoko mines in Burkina Faso, and San Jose operations in Mexico, cutting short-term, high-cost assets but also reducing production. It has made new deals including a joint-venture with DeSoto to explore in Guinea, and a larger stake in Awale Resources a West Africa focused?gold-explorer with operations on the Ivory Coast. This is in line with a global...

Two sources with knowledge of the matter said that Zhuzhou Smelter Group - one of China's biggest zinc smelters - broke a contract to supply Teck Resources’?Red Dog Mine in Alaska due to high tariffs caused by Washington and Beijing's trade war. Teck, a Vancouver-based company, supplies zinc concentrates from Red Dog, the world's biggest zinc mine, to clients around the globe, including Asia. At the height of their trade war, two of the world's largest economies have imposed tariffs in triple digits on each other's imported goods. After multiple rounds of talks, and a'meeting' between U.S. president Donald Trump...

Ghana has banned mining within forest reserves, as part of an environmental protection program aimed at protecting water bodies and halting the deforestation. Africa's leading gold producer, which is also the world's largest, is fighting a "surge" in?poorly-regulated small-scale mining, which is destroying cacao farms, degrading rivers and forests, and increasing sustainability risks for its mining industry, sparking protests. Industrial miners have reported frequent incursions of illegal operators on concessions. This has forced key operators such as Gold Fields AngloGold Ashanti Newmont and Asante Gold, to increase their investments in surveillance drones, security systems, and community engagement programmes. According to...

Anglo American shareholders and Teck Resources shareholders approved a merger announced earlier on Tuesday, according to the companies. This paved the way for the creation of a new copper giant, with regulatory approvals remaining the last hurdle. Anglo released a statement saying that more than 99.17% votes were cast in favor by Anglo's London-listed shareholders. For the motion to be passed, a simple majority was needed. Teck shareholders have also passed their approval threshold of two thirds. The new company 'Anglo-Teck' will have its headquarters in Vancouver and its primary listing in London. Teck and Anglo-American announced in September their...

Smackover Lithium, the joint venture between Standard Lithium and Equinor announced on Tuesday that it had attracted more than $1 billion of financing interest for its southwest Arkansas Lithium project. Three export credit agencies including EXIM, Export Finance Norway and Export Finance Sweden have expressed interest in providing debt financing to the project. Standard Lithium's U.S. listed shares rose 5% during premarket trading. The joint venture seeks up to $1.1billion in senior secured debt for the majority of the $1.45billion cost of constructing the first phase of the project. Export credit agencies would provide loans and guarantees, while commercial banks...

Toronto's main stock index rose to a fresh peak on Friday, and was on track for weekly gains, after stronger-than-expected domestic jobs data fueled optimism about the economy. The S&P/TSX composite index increased by 0.2%, reaching a new high of 31533.40 points. The index was last seen at 31,531.84 point. Data showed that Canada's unemployment rate defied expectations in November and dropped to a 16 month low as part-time employment grew for the third consecutive time. Analysts polled predicted a loss of 5,000 positions. Angelo Kourkafas is an investment strategist with Edward Jones Investments. He said, "The jobs data confirms...

Ivanhoe Mines said that its recovery plan is progressing and it expects the copper production at its Kamoa/Kakula complex to reach between 380,000-420,000 tons of copper in 2026, and 500,000-540,000 tonnes in 2027. It will update its life-of-mine plans towards the end the first quarter next year. In its report on production guidance, Ivanhoe said that copper sales are expected to exceed output in 2026 as it clears 20,000 tons concentrate stock once its new smelter, Africa's biggest, starts up in December and shifts production to copper anodes. Robert Friedland, Ivanhoe's co-chairman, said that the company was "on the brink...

Barrick Mining announced on Monday that it is exploring the possibility of an initial public offering for a subsidiary which would hold its North American assets in gold amid a record rise in gold prices. The U.S. listed shares of the Canadian mining company rose by nearly 4% during premarket trading. Barrick would be reversing its 2019 merger with Randgold Resources. Investors are also pressing the miner to take advantage of the historic rise in gold prices in order to boost profits, while selling off riskier assets such as those in Africa, Papa New Guinea, and Pakistan's Reko Diq. The...