Channel Islands

Oil & Gas

Fossil Fuels

Fossil Fuels

UAE giant eyes majority stake in Vedanta's Zambian mines in expansion drive

The mining financial investment arm of Abu Dhabi's most valuable company has provided to purchase a. majority stake in Vedanta Resources' Zambian copper possessions, 2. sources familiar with the matter informed , in its drive to. construct an African copper mining empire. The unit of International Holding Business just recently. made a deal of more than $1 billion to purchase a 51% stake in. Konkola Copper Mines (KCM) from Indian billionaire Anil. Agarwal-owned Vedanta, the sources said. The unit - International Resources Holding (IRH) - is racing. to expand its blossoming copper mining service in Zambia after. buying a 51%...

Fossil Fuels

UK's Petrofac states still facing difficult contracts, shares tumble

Oilfield companies Petrofac said on Friday it was still facing challenges in protecting efficiency warranties for new agreements and that it stays in talks with loan providers to reorganize its financial obligation in exchange for equity. Efficiency warranties describe a commitment to honour the terms of the deal. WHY IT'S IMPORTANT After a boom in orders due to high oil prices in 2022, Petrofac has been struggling with payment delays and cost overruns at its engineering and construction system. Its shares have actually suffered-- first due to a UK Serious Fraud Workplace examination and after that due to a string...

Oil & Gas Exploration

Electric Utilities

Deals of the day-Mergers and acquisitions

The following bids, mergers, acquisitions and disposals were reported by 1330 GMT on Thursday: ** SilverBow Resources investor Riposte Capital backed Kimmeridge Energy Management's most current buyout offer that valued the U.S. oil and gas manufacturer at near $2.1. billion, including debt. ** U.S. fund Elliott has actually signed a non-binding contract. to combine its Italian bad loan company with Softbank-backed. doValue, the latter stated. ** Singapore's sovereign fund GIC has actually offered a 2.5% stake. in Italian payments business Nexi at 5.83 euros each,. the ANSA news firm reported. ** Germany's Commerzbank said that it has. obtained a minority...

Oil & Gas Equipment

Deals of the day-Mergers and acquisitions

The following bids, mergers, disposals and acquisitions were reported by 0930 GMT on Thursday: ** SoftBank CEO Junichi Miyakawa stated that the Japanese telecommunications company is in talks with South Korea's. Naver over control of LY Corp, which. operates the popular messaging app Line. ** Spanish bank BBVA provided a 12.23 billion. euro ($ 13.11 billion) takeover deal for rival Sabadell. straight to shareholders, turning to a hostile quote. after Sabadell's board declined the very same proposal this week. ** Japan's top steelmaker, Nippon Steel, is. sticking to its strategy to close a deal by year-end to buy U.S. Steel,...

Mining

Mineral Resources

Mineral Resources

Zimplats to cap job cuts at 1% of labor force, CEO states

Zimplats will reduce its headcount by 1% as it carries out broad cost cuts to make it through a. sharp fall in platinum group metal (PGM) costs, CEO Alex. Mhembere said on Wednesday. Zimbabwe's greatest platinum manufacturer revealed in March it. was using voluntary task cuts in an effort to consist of costs. in the middle of declining incomes. Southern African PGM miners, consisting of Zimplats' parent. company Impala Platinum, Sibanye Stillwater and Anglo. American Platinum have scrambled to cut expenses, and thousands of. jobs, after earnings slumped as metal costs plunged over the. past year due to weak auto...

Mineral Resources

African advancement banks expected to fund Caledonia's new Zimbabwe mine, CEO says

African development banks are viewed as the most likely funders of Caledonia Mining Corporation's prepared $250 million cash cow in Zimbabwe, the mining business's CEO Mark Learmonth said on Wednesday. Caledonia, which already owns the Blanket cash cow in Zimbabwe, is upgrading a feasibility study ahead of the planned construction of a brand-new mine at Bilboes to produce at least 170,000 ounces every year, making it potentially the country's. greatest cash cow. The southern African nation has substantial mineral. resources, consisting of platinum group metals, gold and lithium,. but has actually had a hard time to draw in investment due...

Mineral Resources

Madagascar president's previous aide imprisoned for providing mining licence for kickbacks

Malagasy President Andry Rajoelina's previous chief of staff was imprisoned for 3 and a. half years by a London court on Friday for providing to help. gemstone miner Gemfields win financially rewarding mining. rights in exchange for considerable kickbacks. Romy Andrianarisoa, 47, was accused of utilizing her position. and distance to Rajoelina to seek considerable payments from. Gemfields between 2021 and 2023. You abused your position of considerable trust or. duty as chief of personnel, Judge Christopher Butcher. said while passing sentence. Andrianarisoa entered contact with Gemfields CEO Sean. Gilbertson in 2021 and offered to help the business expand its....

Mineral Resources

Goldman, hedge funds step up activity in physical uranium as rates spike

Financial investment banks Goldman Sachs and Macquarie as well as some hedge funds are positioning themselves to reap the benefits of a recently resilient uranium sector as costs of the nuclear fuel ingredient spike. While many other financial investment banks are still avoiding uranium, Goldman and Macquarie are improving trading in physical uranium and in Goldman's case trading its options as well, five market and hedge fund sources with knowledge of the deals stated. The heightened activity comes as utilities seek brand-new supplies in the middle of deficiencies that have lifted rates to 16-year highs. A couple of hedge funds...