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BHP suspends operations and cuts jobs at Australian Coking coal mine
BHP announced on Wednesday that it would suspend operations and eliminate 750 jobs in a Queensland coal mine, which it shares with an affiliate of Mitsubishi. It blamed low prices and high royalties from the state government for its poor returns. BHP Mitsubishi Alliance (BMA), Saraji South, a part of the Saraji Mine Complex will be put into care and maintainance from November 2025. The Saraji Complex produced 8,2 million metric tonnes of coking coal during the year ending June 2025. BHP is one of the top exporters in the world of coking coal, which is used to make steel. It also owns, under the BMA name, four other mines in Queensland with Mitsubishi Development. This unit of Mitsubishi Corp. BHP, Mitsubishi Development and BMA Asset President Adam Lancey made a statement saying that they did not want operations to be halted or jobs to be lost. However, these decisions were necessary due to the combined impact on the Queensland Government’s unsustainable coal royalty rates and the market conditions. BHP stated that while the medium-term demand for hard coking coal is strong, it was not feasible to continue operations in areas with lower margins of the mine footprint under the current conditions. Queensland increased royalties to 20% in July 2022 for coal prices above A$175 ($117), with a 40% top tier for prices exceeding A$300. BHP CEO Mike Henry criticized the move as being made without consultation of industry. Prior to this, the top tier of royalty rates was 15% for coal prices above A$150 per ton. The price of coking coal has since normalised. It was last traded at around $190. Prices were above $600 per ton after Russia invaded Ukraine in 2022. The decision came days after the Mining and Energy Union was successful in a Federal Court ruling that rejected BHP's request to delay pay increases under Australia's Same-Job, Same-Pay regulations which were introduced under the Labor Government. This legislation ensures that workers hired by companies to perform the same tasks as employees of the company are paid the exact same amount. The union announced last week that as a result, around 1,800 employees from mining service firms who are contracted to BMA will see their pay increase by A$20,000-A$30,000. This would be in addition to an average coal salary that is A$120,000 per year, according the salary comparison website Payscale. Mitch Hughes, President of MEU Queensland, said that BHP should not use coal workers or communities as pawns to fight the Queensland Government about royalties.
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Syrah Resource, a company in Australia, gets Tesla a reprieve on a graphite deal
The Australian miner Syrah said that on Wednesday it had agreed with Tesla to extend a deadline for addressing an alleged breach in their crucial graphite agreement. This will give the miner valuable time to salvage the deal, which is vital to its U.S. growth. Tesla, led by Elon Musk, issued a default notification in July when Syrah failed to deliver active anode samples that were conformant from its Louisiana facility processing Tesla's EV Batteries. The original deadline of September 16 has been moved to November 15 The company said that while Syrah did not admit it was in breach of the offtake contract, the parties had extended the cure date until 15 November 2025. Both sides were working together to resolve the dispute. The 2021 Tesla contract is worth 8,000 tonnes per year for a period of four years. It supports Syrah Louisiana Vidalia's Louisiana Vidalia plant and its strategy to become America’s first non-Chinese major graphite provider. The facility is the only large-scale, vertically integrated anode material manufacturer outside of China. This will help reduce U.S. dependency on Chinese supplies, which currently dominate the industry. The extension provides temporary relief for Syrah as it battles to establish its position in the strategic batteries materials sector amid intensifying U.S. - China trade tensions. Tesla could terminate the agreement if Syrah fails to qualify its anode materials at Vidalia by February 9, 2026.
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BHP suspends operations and cuts jobs at Australian Coking coal mine
BHP announced on Wednesday that it would suspend operations and eliminate 750 jobs in a Queensland coal mine, which it shares with an affiliate of Mitsubishi. It blamed low prices and high royalties from the state government for its poor returns. BHP Mitsubishi Alliance (BMA), Saraji South, a part of the Saraji Mine Complex will enter a care and maintenance period from November 2025. BHP and Mitsubishi Development, an arm of Mitsubishi Corp., jointly own the mine. The Saraji Complex produced 8,2 million metric tonnes of coking coal during the year ending June 2025. BHP, Mitsubishi Development and BMA Asset President Adam Lancey made a statement saying that they did not want operations to be halted or jobs to be lost. However, these decisions were necessary due to the combined impact on the Queensland Government’s unsustainable coal royalty rates and the market conditions. BHP stated that while the medium-term demand for hard coking coal is strong, it was not feasible to continue operations in areas with lower margins of the mine footprint under the current conditions. Queensland will increase royalties to 20% in July 2022 for coal prices above A$175 ($117). 30% for prices above A$225. And 40% for prices exceeding A$300. Prior to July 2022, the top tier of royalty rates was 15% on coal prices above A$150 per ton. The price of coking coal has normalized, trading last at $188.80. Prices for the commodity, which had soared to over $600 per ton after Russia invaded Ukraine in 2022, have now returned back down. BMA, the largest private employer in central Queensland, paid out more than A$6.4billion to its suppliers in fiscal year 2025.
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Dundee's Ecuador Mine Project protested by tens of thousands near a key water reserve
Residents and local leaders from Ecuador's central Azuay Province took to the streets Tuesday to call for the suspension of an mining project by Canada’s Dundee Precious Metals. They claim that the project will have a negative impact on a crucial water reserve. Dundee had been granted an environmental permit by the government of President Daniel Noboa to begin construction of the Loma Larga Gold Mine there. However, as the community's pressure grew, the country’s energy minister suspended construction in August until Dundee provided an environmental management plan. Provincial authorities rejected the project because it would affect the 3,200-hectare Quimsacocha Reserve and the surrounding paramos, which act as giant sponges to supply drinking water for major cities. The authorities estimated that more than 90,000 people marched through the provincial capital Cuenca, chanting, "Hands Off Quimsacocha!" Water is more valuable than anything! Cuenca mayor Cristian Zamora stated, "We want to the national government revoke the environment license." "The streets are roaring in Cuenca... they will need to listen to us." Dundee refused to comment on protestors' demands. Ecuador has significant gold and cobalt reserves. However, only two mines operate in the country. These are owned by Lundin Gold, a Canadian mining company, and EcuaCorriente by a Chinese mining group. Noboa has withdrawn from the project and said that the responsibility for the next steps lies with local authorities. In a Friday radio interview, he stated that "the municipality and prefecture have to take responsibility" if Dundee took them to arbitration court. There is a high probability that the project won't go forward, but there is also an increased probability of future problems. In Ecuador, the relative lack of mining project is due to strong community opposition and environmental concerns. Residents of Azuay have rejected mining plans at the polls and the courts have ruled to stop mining in the area. (Reporting and writing by Alexandra Valencia, Editing by Richard Chang).
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IAEA says shelling reported near Ukraine's Zaporizhzhia nuclear plant
The International Atomic Energy Agency reported on Tuesday that its team, based at the Russian-controlled Zaporizhzhia Nuclear Power Plant in the southeast Ukraine, heard shelling near the plant and saw black smoke rising out of three locations nearby. IAEA released a statement saying that the team of the U.N. nuclear watchdog had been informed that several artillery shells were fired in an area 400 meters (437 yards), away from its offsite diesel fuel storage facility. The incident, which did not result in any injuries or damage to equipment, once again highlighted the dangers that nuclear security and safety face. IAEA Director-General Rafael Grossi stated. Officials from Russia and Ukraine have not made any statements about the incident. In the first few weeks following the Russian invasion of Ukraine in February 2022, Russian forces captured the Zaporizhzhia Nuclear Plant, Europe's biggest with six reactors. Both sides accuse each other routinely of taking actions that threaten nuclear safety at the facility. Shelling incidents are frequent. Although the reactors of the plant are off, they still need to cool down their nuclear fuel. A governor appointed by Moscow in Ukraine's Zaporizhzhia Region said last week that a Ukrainian drone was detonated into the air. The staff had reported earlier two attacks on a nearby training centre in the previous week. IAEA monitors are permanently stationed at Ukraine's Zaporizhzhia nuclear plant as well as at Ukraine's other three nuclear plants. (Reporting and editing by Surbhi Misra, Bengaluru.
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Von der Leyen: EU proposes faster phase-out for Russian energy
The European Commission will make a proposal Accelerating the phase-out Ursula von der Leyen, head of the European Union's executive branch, said Tuesday that she was concerned about Russian fossil imports after speaking with U.S. president Barack Obama. Donald Trump Von der Leyen stated that she spoke with Trump about a joint effort to increase economic pressure against Russia by taking additional measures. The U.S., and the European Union, import Russian energy and commodities worth billions of Euros, from liquefied gas to enriched Uranium. Von der Leyen posted a message on the social media platform X saying that "the Commission will present soon its 19th package sanctions, targeting cryptos, banks, and energies." She added, "The Commission will propose accelerating the phase-out Russian fossil imports." The bloc originally intended to stop purchasing Russian oil and gas on January 1, 2028. The U.S. increased pressure on Europe to take a stronger role in ending Russia's conflict in Ukraine. Trump told the EU that it should impose tough tariffs on India, China and other major buyers of Russian oil and cease importing Russian energy. U.S. Treasury Sec. Scott Bessent Has said The Trump administration will not impose any additional duties on Chinese products to stop China from buying Russian oil until the EU countries have imposed their own punitive duties against China and India. Reporting by Ananya Palyekar in Bengaluru; Lili Bayer, Julia Payne and Leslie Adler in Brussels. Editing by Leslie Adler, Marguerita Chy and Marguerita Adler.
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Climate-conscious investors are unlikely to support Trump's decision to stop quarterly reporting
Donald Trump's call to abandon quarterly corporate reporting received cautious support from an unexpected source: international investors who are pushing businesses to focus more on sustainability issues over the long term, and many of whom have been lambasted by Trump. Trump called on companies to switch to six-monthly reports, joining the ranks of other business leaders such as Warren Buffett, Berkshire Hathaway chair, and Jamie Dimon, CEO of JPMorgan, who have previously argued that short-termism is bad for the economy. Abandoning quarter-by-quarter reporting would allow the largest economy in the world and its deepest capital markets to join the global movement away from this practice. It could also help investors who are pushing boards to take action on climate change, which is set to have a greater impact on corporate value. "Responsible investors have never advocated quarterly reporting because it encourages a greater focus of trading and less good ownership," David Pitt-Watson said, corporate governance expert at Cambridge University Judge Business School. Trump has been attacking sustainability issues since the beginning of his second term in office earlier this year. This includes a decision to scrap a rule which would have forced companies to disclose data related to climate change. Many investors in Europe, and other parts of the world, want to see these data. "We want companies to consider the material impact of their strategies on a long-term view and plan accordingly to mitigate any sustainability-related risks, so if moving away from quarterly reporting can help achieve this without impacting transparency and disclosure then it could be positive," said Nick Duncan, Sustainable Investment director at investor Aberdeen, which manages more than 500 billion pounds ($682 billion). "Especially if the reduced quarterly reporting burden encouraged companies to maintain or enhance the current level of sustainability-related reporting." He added that the move was a win for investors, as it reduced the time spent by companies in the 'closed' period before results, which is usually a month. Changes to the securities laws that date back decades could be a game changer for the largest capital market in the world, where over 4,000 companies trade publicly with a market capitalisation totaling more than $60 trillion. Investors in the EU, Britain, Australia and New Zealand, as well as Hong Kong, have been dealing with companies' six-monthly reports for many years. China, the largest equity market outside the U.S. still requires it by law, although local stock exchanges in countries like Japan and Germany continue to require it as a requirement for listing or listing on the Premium Market. Andrew Ninian, Director of Stewardship Risk and Tax, The Investment Association (the UK trade body for investment industry), said that the UK had made the switch to interims over a decade earlier. The companies have more flexibility now that they are not required to report quarterly. They can focus on their long-term investments, strategies and reporting instead of managing short-term targets. Investors cautioned that action was needed to strengthen investor protections. Hayley Grafton is a Senior Sustainable Investment Analyst at UK investor Edentree Investment Management. She said: "While semi-annual reporting may work in certain countries such as the UK or Australia, the U.S. context presents a more difficult challenge due to structural differences." Profit warnings are one example of a potential gap. She said that in Britain they are considered regulatory disclosures, while in the U.S. they are not required and can be withheld. The U.S. does not have a similar system to Australia's, which requires companies to provide constant disclosure of material information, and to publish trading updates when performance diverges from the guidance. Pitt-Watson said that despite the need for safeguards – Grafton added that this included monitoring the impact of transparency and capital costs – the move could benefit sustainability investors. As Trump said, the first has knock-on effect distracting management. A move to a half-yearly report might help support long-term management that adds value. "I think most of us agree that this is a positive thing." $1 = 0.7324 pounds (Reporting and Editing by Margueritachoy)
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Trump receives unlikely support from climate-conscious Investors
Donald Trump's call to abandon quarterly corporate reporting received cautious support from an unexpected source: international investors who are pushing businesses to focus more on sustainability issues over the long term, and many of whom have been lambasted by Trump. Trump called on companies to switch to six-monthly reports, joining the ranks of other business leaders such as Warren Buffett, Berkshire Hathaway chair, and Jamie Dimon, CEO of JPMorgan, who have previously argued that short-termism is bad for the economy. Abandoning quarter-by-quarter reporting would allow the largest economy in the world and its deepest capital markets to join the global movement away from this practice. It could also help investors who are pushing boards to take action on climate change, which is set to have a greater impact on corporate value. "Responsible investors have never advocated quarterly reporting because it encourages a greater focus of trading and less good ownership," David Pitt-Watson said, corporate governance expert at Cambridge University Judge Business School. Trump has been attacking sustainability issues since the beginning of his second term in office earlier this year. This includes a decision to scrap a rule which would have forced companies to disclose data related to climate change. Many investors in Europe, and other parts of the world, want to see these data. "We want companies to consider the material impact of their strategies on a long-term view and plan accordingly to mitigate any sustainability-related risks, so if moving away from quarterly reporting can help achieve this without impacting transparency and disclosure then it could be positive," said Nick Duncan, Sustainable Investment director at investor Aberdeen, which manages more than 500 billion pounds ($682 billion). "Especially if the reduced quarterly reporting burden encouraged companies to maintain or enhance the current level of sustainability-related reporting." He added that the move was a win for investors, as it reduced the time spent by companies in the 'closed' period before results, which is usually a month. Changes to the securities laws that date back decades could be a game changer for the largest capital market in the world, where over 4,000 companies trade publicly with a market capitalisation totaling more than $60 trillion. Investors in the EU, Britain, Australia and New Zealand, as well as Hong Kong, have been dealing with companies' six-monthly reports for many years. China, the largest equity market outside the U.S. still requires it by law, although local stock exchanges in countries like Japan and Germany continue to require it as a requirement for listing or listing on the Premium Market. Andrew Ninian, Director of Stewardship Risk and Tax, The Investment Association (the UK trade body for investment industry), said that the UK had made the switch to interims over a decade earlier. The companies have more flexibility now that they are not required to report quarterly. They can focus on their long-term investments, strategies and reporting instead of managing short-term targets. Investors cautioned that action was needed to strengthen investor protections. Hayley Grafton is a Senior Sustainable Investment Analyst at UK investor Edentree Investment Management. She said: "Although reporting semi-annually works in certain countries such as the UK or Australia, the U.S. context presents more challenges due to structural differences." Profit warnings are one example of a potential gap. She said that in Britain they are considered regulatory disclosures, while in the U.S. they are not required and can be withheld. The U.S. does not have a similar system to Australia's, which requires companies to provide continuous disclosures of material information, and to publish trading updates when performance diverges from the guidance. Pitt-Watson stated that despite the need for safeguards which Grafton added included monitoring the impact on the transparency and cost of capital. As Trump said, the first has knock-on effect distracting management. A move to a half-yearly report might help support long-term management that adds value. "I think most of us agree that this is a positive thing. $1 = 0.7324 pounds (Reporting and Editing by Margueritachoy)
India's farm insurance is costly for the most vulnerable
India's crop-insurance leaves farmers vulnerable
Farmers in high-risk zones pay more for their produce
Crop insurance can help farmers to be more resilient
Bhasker Tripathi
The gamble was a failure and he lost almost half of his crop. The insurance money didn't arrive.
"I received my last insurance payout in 2019 and have lost crops almost every year due to low rainfall since then," said Patidar, 49, who farms 5 hectares of land in the Mandsaur District in Madhya Pradesh.
Subsidizing insurance premiums to farmers, the Indian government operates the largest crop insurance program in terms of coverage.
According to an Indian think-tank, the Centre for Science and Environment, farmers in climate-vulnerable areas like Mandsaur face higher insurance premiums and receive lower payouts than farmers in districts with lower risk.
The analysis stated that this undermines the goal of a program which could be a vital tool for building the resilience of farmers.
According to the India's Atlas of Disasters maintained by CSE, climate change has a growing impact on India's crops. In 2024, more than 4,000,000 hectares will be affected by extreme weather conditions, almost double what they were in 2018.
According to Indian government statistics, just under half of India's population - 46%- is employed in agriculture. This sector supports 70% of rural families and generates 16% the GDP of the country.
Patidar was insured for his monsoon crop, but is still waiting to receive a payout. He claims that farmers from neighbouring villages have already received compensation.
"I checked my passbook at the bank and noticed that about 10,000 rupees ($115), was deducted as insurance premium. But to what end?" He asked.
In 2016, the farm insurance program was launched to protect the income of farmers. The goal is to cover 50% of the agricultural land in 2020. However, the most recent official data shows that by 2021, only 30% had been insured.
Amit Khurana, Director of the CSE Programme, said that India's scheme for crop insurance could provide a crucial safety net to farmers who are vulnerable due to climate change.
He said that "farmers need to see the benefit of adopting this system, which will mean those who are vulnerable pay less or nothing for better support".
This is not the case at present. CSE analyzed 2023 monsoon insurance data for 21,5 million farmers in agricultural district classified by the Government as vulnerable to high and very high climate change risks.
The analysis revealed that farmers in districts with very high risk pay premiums 70% higher than those who live in districts of lower risk and 60% more than those living in districts of high-risk.
Farmers in the most vulnerable areas paid more but received less in insurance payouts.
Donthi Narasimha Reddy is a policy expert from the southern state Telangana. He said that the main problem with the insurance scheme was the lack of transparency.
Reddy says that farmers often complain about receiving no compensation after their crops are lost, or that the amount is too small to help.
TECH SOLUTIONS
Khurana, from CSE, suggested that state governments could use technology to improve the efficiency of insurance for farmers.
He gave the example of Andhra Pradesh in the south, which was the first state in India in 2018 to implement a digital survey using satellites and other technology to track crop yields. This complements the physical crop surveys that have been criticized.
D. Venugopal said that the high-quality data combined with the robust weather data provided by our extensive system of weather stations improved transparency and trust.
Venugopal, citing state government data said that greater transparency helped Andhra Pradesh to reduce the amount of farmers' insurance premiums paid by Andhra Pradesh from an average national of around 10%. Federal and state governments cover the remainder.
The Indian government is planning to introduce digital crop surveys across all districts in March 2026.
The government is looking to improve the accuracy of crop yield estimations by using technology, including mobile apps and artificial intelligence.
It hopes that this will improve the efficiency and transparency in crop insurance, and ease the process of settling claims.
For farmers like Patidar from Mandsaur, change is needed now.
(source: Reuters)