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Energy Markets

Teck Resources, a Canadian company, beats second-quarter profit expectations

Teck Resources, a Canadian mining company, beat its second-quarter profit expectations on Thursday thanks to improved profitability at the Trail operation. According to Teck's website, the Trail operations in British Columbia are one of the largest fully integrated zinc-lead smelting, refining and reprocessing complexes in the world. According to LSEG, the company reported a profit adjusted of 38 Canadian Cents per Share for the quarter ending June 30. This compares with an average analyst estimate of 27 Canadian Cents per Share. Teck reported that London Metal Exchange (LME), copper prices fell by 2% during the second quarter of 2012 compared...

Mineral Resources

Teck Resources, a Canadian company, has approved the extension of the life of Highland Valley Copper mine until 2046.

Teck Resources, a Canadian mining company, announced on Thursday that it had approved a project to extend the life of its Highland Valley Copper Mine in British Columbia. This will allow Canada's biggest copper mine to continue operating until 2046. Highland Valley Copper Mine Life Extension Project is expected to support an average copper production rate of 132,000 metric tons per year for the lifetime of the mine. The company stated this in a press release. Jonathan Price, CEO of the company, said: "This extension is fundamental to our strategy of doubling copper production in the next decade." The project...

Energy Markets

Morrison, the former Australian PM, will testify in front of a US House committee on China

The committee announced on Friday that former Australian PM Scott Morrison would testify on Wednesday at an U.S. House hearing about China's "economic pressure against democracies". Rahm Emanuel, the former U.S. Ambassador to Japan, will also appear before the House Select Committee on China. The already rocky relations with China, which were exacerbated after Australia banned Huawei's 5G network in 2018. Canberra demanded an independent investigation of the origins COVID-19. China responded to the United States by imposing tariffs and limiting imports of Australian products, such as wine, barley, and beef. The United States called this "economic coercion." Morrison lost...

Climate Change

Trump boosts coal to feed data centers that are energy hungry

Executive Orders to Boost the Coal Industry Trump Administration pulls back plants from retirement The United States has ceased its efforts to reduce coal consumption By Carey L. Biron Then, the Trump administration issued an order to keep the plant operating, citing a regional energy crisis caused, in part by the retirements of coal and natural gas power plants. Trump issued executive orders to boost the coal industry. These were in response to the rapidly increasing electricity demand for new data centres that run artificial intelligence tools. The rebound is a resupply of coal for the JH Campbell plant, located...

Environment

US expedites permit for proposed Tennessee coal mining

The Trump administration announced on Tuesday that it had approved a coal mine proposal in Claiborne County Tennessee under a process expedited to speed up federal environmental reviews for energy projects. The Department of the Interior announced in a press release that it had granted Hurricane Creek Mining LLC approval to mine coal at Bryson mountain, located in Claiborne County Tennessee. The agency stated that the mine would produce up to 1 million tons of coal in the next decade. The site has been mined in various periods between 1950 and 2010. The rush permit aligns with the goal of...

Fossil Fuels

AGL Energy purchases South Australia's Virtual Power Plant (VPP) from Tesla

AGL Energy announced on Friday that it has acquired South Australia's Virtual Power Plant from Tesla. The Australian power retailer is looking to increase its battery storage to help drive the green energy transition. AGL is aiming to achieve zero net carbon emissions in 2035 by implementing grid-scale storage projects of 1.4 gigawatts. AGL will be able to access residential solar and battery system networks consisting of approximately 7,000 Powerwall batteries. More are expected to be installed in this year. SAVPP is an extensive network of Powerwall and solar home battery systems installed in South Australian community and social housing....

Mining

Trump's tax bill gives a break to coal used in steel production

The latest version of Donald Trump's proposed tax bill includes a reduction in the price of coal used to produce steel. This subsidy could amount to hundreds of millions over a period of 10 years, for a fuel which is mainly exported to China. In April, Trump issued executive orders directing Chris Wright, former CEO of fracking and energy secretary, to determine if metallurgical coal, or met coal, is a critical mineral. Wright did so in May. The latest version of Trump’s One Big Beautiful Bill, released by the Senate over the weekend, allows met coal to claim a tax...

Fossil Fuels

Peabody extends lockout of Helensburgh coalmine in Australia

The U.S. coal company Peabody Energy has extended a lockout in one of its New South Wales mining operations, the Mining and Energy Union said Thursday. This follows a protest by its workers who demanded better wages and job security. According to the union, Peabody informed MEU members that the lockout of the Helensburgh underground mine would continue until July 6. The union stated that the workers had been locked out and without pay since 18 June. It also urged the Federal Government for a change in workplace laws which allow employers to take excessively "disproportionate" or "punitive actions" against...

Power Markets

WEC Energy delays coal power plant retirement due to surge in power demand

We Energies is a subsidiary of WEC Energy and plans to extend the operation of units 7 & 8 at the Oak Creek Coal-fired Power Plant in Wisconsin until the end of 2026. Now, the plant that was to be retired at the end 2025 will have units to meet the high energy demand. We Energies President Mike Hooper stated that "just this month, National Grid experts raised the alarm about elevated risks of electricity shortages and prices spikes due plant closures and increased energy demand in Upper Midwest." In April, U.S. president Donald Trump signed executive orders to boost...

Carbon Emissions

Fuel producers can challenge California emission standards in US Supreme Court

The U.S. Supreme Court agreed on Friday that the legal challenge against California's vehicle emission standards and electric cars, under a federal law on air pollution, should not have been dismissed. In a 7-2 decision, the justices overturned a lower-court's dismissal of a lawsuit filed by a Valero Energy affiliate and groups from the fuel industry. The lower court concluded that plaintiffs did not have the legal standing required to challenge the 2022 U.S. Environmental Protection Agency's decision to allow California to set its own regulation. The dispute revolved around an exception given to California under former Democratic President Joe...

Environment

Trump Administration moves to rollback power plant regulations

Lee Zeldin, the administrator of the U.S. Environmental Protection Agency, said that it has proposed to repeal Biden administration rules intended to curb carbon dioxide and mercury emissions as well as other air pollutants from power plants. This is in line with a March promise made by the agency. The announcement is part of President Donald Trump's larger efforts to undo environmental regulations that he sees as unnecessary obstacles to industrial development and increased energy production. Zeldin, at EPA's headquarters, said that "EPA has taken an important step in reclaiming sanity, demonstrating we can protect the environment while growing the...

Coal

Sources say that Trump Administration is set to announce rollbacks of power plant regulations

According to three sources, the U.S. Environmental Protection Agency (EPA) will announce Wednesday that it is rolling back the Biden administration's rules to reduce carbon dioxide, mercury, and other air pollutants from power plants. This follows through on the promise made by the agency in March. The announcement is a major step in President Donald Trump’s efforts to undo environmental regulations that he believes are unnecessary barriers to industrial growth and increased energy production. In March, EPA Administrator Lee Zeldin announced his intention to undo three dozen air and water regulations. Sources say Zeldin is expected to roll back carbon...

Europe

Mining

Why is Russia so determined to seize the strategically important Ukrainian city of Pokrovsk

Over 100,000 Russian soldiers are advancing in the area to try and encircle Pokrovsk, a strategically important city located in eastern Ukraine. Here are some key facts about Pokrovsk - which Russians refer to by its Soviet era name, Krasnoarmeysk - and the long struggle for its control that began last summer. What is POKROVSK? Pokrovsk, a hub for road and rail in Ukraine's eastern Donetsk Region, had an estimated 60,000 residents before the war. The majority of people have fled. All children have been evacuated. According to Serhii dobriak, head of the military administration in the city, there are...

Mining

Due to repairs, Nornickel has cut its nickel and palladium production forecast for 2025.

Russia's Nornickel, one of world's biggest nickel producers, and the largest palladium producer, lowered Monday its 2025 nickel forecast to 196,000-204,000 tons. The previous guidance was 204,000-211,000 tonnes. The company has also revised down its palladium production forecast, expecting now between 2.677-2.729 million pounds compared to the previous 2.704-2.756,000 pounds. In a press release, Nornickel Senior Vice President Alexander Popov stated that "a series of major repairs are scheduled for the second part of the year in order to improve the reliability and operation of new mining equipment substituted by imports." The forecasts for nickel, copper and platinum group metals...

Mining

Valterra Platinum Flags' first-half profits fall for South Africa

Valterra Platinum, a South African company, expects to see its first-half profit fall by up to 88% as a result of lower sales and output as well as special costs relating to the demerger with Anglo American Plc Group. Valterra, previously Anglo American Platinum said it expected headline earnings of between 800 million rand to 1.6 billion rand (44.97-$89.94) for the six months ending June 30. This is down from 6.5 billion in the same period the previous year. The company reported that the sales of platinum group metals (PGMs) fell by 25% following heavy rain and flooding at Valterra’s...

Western Europe

East Asia

Mining

Russell: China's mixed commodities data shows soft steel and strong iron ore

China's June industrial output data and commodity imports have produced contrasting figures that make it difficult to get an accurate read on the second largest economy in the world. Iron ore imports and steel production appear to be telling contrasting stories. While imports of this key raw material surged to their highest level in the year, the decline in steel production was evident. The first six months of this year saw a 5% increase in coal production compared to 2024. However, thermal power generation - which is mostly coal-fired – dropped by 2.4%. The output of aluminium rose by 3.4%...

Energy Markets

Russell: China's mixed commodities data shows soft steel and strong iron ore

China's June industrial output data and commodity imports have produced contrasting figures that make it difficult to get an accurate read on the second largest economy in the world. Iron ore imports and steel production appear to be telling contrasting stories. While imports of this key raw material surged to their highest level in the year, the decline in steel production was evident. The first six months of this year saw a 5% increase in coal production compared to 2024. However, thermal power generation - which is mostly coal-fired – dropped by 2.4%. The output of aluminium rose by 3.4%...

Mineral Resources

China's crude steel production in June falls as demand wanes

China's crude output of steel in June was down 3.9% from last month and 9.2% from a year ago, as steelmakers maintained equipment amid seasonal demand declines. Data from the National Bureau of Statistics revealed that the world's biggest steel producer produced 83.18 millions metric tons of raw steel in the last month. This is the lowest monthly level so far this season. Calculations based on data show that the average daily production in June was 2,77 million tonnes, down by 0.7% from May's 2.79 million tonnes. Heavy rains and high temperatures in the east and south regions of the...

Crude Oil

Japan re-signs long-term LNG contracts on AI boom and national energy plan

The emergence of artificial intelligence and the rising cost of cleaner energy, combined with a new energy plan and the rise in costs for cleaner energy, has brought Japan back into the limelight for LNG producers. Japan, which is the second largest LNG importer in the world, has secured long-term deals with Qatar, and other buyers are also securing such agreements. Japan's LNG exports have been falling for over a decade, as the nuclear power plants that were idled following the Fukushima catastrophe began to operate again and renewable energy sources grew. The AI boom will require enormous power consumption...

Mineral Resources

China's imports of iron ore are rising even as steel is struggling: Russell

China's imports of iron ore are expected to be their highest month in this year in June, a sign of resilience not mirrored by the steel industry's sluggishness. According to analysts LSEG & Kpler, China is expected to import nearly 110 million metric tonnes of this key raw material for steel. Kpler estimates that 109.56 millions tons of cargo will arrive in June, while LSEG predicts 109.1million. It would be an increase of about 11% over May's official imported 98.13 millions tons, and the best month since December's 112,49 million tons which was the second highest on record. Why are...

Mining

Sources say that China has sold coking coal to Indonesia, a rare trade.

Sources familiar with the situation said that China shipped at least three cargoes worth of coking coal in May to processors on Indonesia's Sulawesi, invading a market dominated by Australia and Indonesia. China, the world's largest importer of coal for steelmaking, isn't a major exporter. It has only exported the fuel to Indonesia three times since 2024 began, according to monthly Chinese customs statistics. Three sources claim that the state-run Shanxi Coking Coal Group exported coking coal from China to Indonesia in last month. Risun operates one of Indonesia's largest coke-processing facilities in the Sulawesi area. Sources said that the...

Coal

Industry group claims that China's coal imports may drop up to 100,000,000 tons by 2025.

An official from a major industry association said that China's coal exports could fall by as much as 100 million metric tonnes in 2025. This could put global benchmark prices, which are already at multi-year-lows, under even more pressure. The world's biggest consumer, producer and importer of fossil fuels increased imports to a new record of 542.7 millions metric tons by 2024 as lower international prices prompted buyers to substitute imported coal for domestic supply. Xuegang Li (Vice President of China Coal Transportation and Distribution Association) told Coaltrans China on Wednesday that imports could drop by between 50 and 100...

Fossil Fuels

China's coal imports in May fell 18% due to cheap domestic coal and renewable energy

China, the largest coal importer in the world, reduced its imports by 18% on an annual basis, according to customs data released Friday. Low-cost domestic coal eroded overseas purchases, while renewables slowed down coal-fired electricity generation. According to the General Administration of Customs, imports were 36.04 millions metric tons for the month, down from 43.82million tons in May 2024. This was the third consecutive month that China's imports of coal fell year-over-year. They had increased previously every month from November 2022. January and February were excluded because they are affected by Lunar New Year holidays. The data shows that coal...

Mineral Resources

Iron ore pessimism subsides despite looming Simandou supply

Analysts and traders agree that the prospects for iron ore price are improving due to a smaller than expected global surplus in this year. However, new supply coming from the massive Simandou project, located in Guinea, remains a downside risk on a longer-term basis. More than a dozen analysts and traders interviewed at this week's Singapore International Ferrous Week said that their forecasts of oversupply for this year have been reduced from 50,000,000 tons to between 20,000,000 and 30,000,000 metric tons. The reason is that demand has been resilient this year, thanks to strong steel exports. Buyers stocked up on...

Coal

Japan's crude imports for FY2024 down 7.1%; second consecutive year of decline

The Ministry of Finance (MOF), on Thursday, reported that Japan's crude oil imports cleared by customs in 2024 fell 7.1% from the previous year, and the value of the imported crude oil dropped 5.7%, to 10.65 trillion Japanese yen ($74.7billion), due to the lower oil price. The preliminary data show that Japan, which is the fourth largest crude buyer in the world, imported 2,32 million barrels of crude oil per day (134,67 million kilolitres), for the period ending March 31. The MOF reported that this was the second consecutive decline in value and volume year-over-year. The volume of Japan's LNG...

Oil Refineries

Russell: China's Q1 imports of key commodities were weak, but outlook is mixed.

China's imports were low in the first quarter. The challenge is to determine whether this was due to temporary factors, or a deeper economic malaise. In the first quarter of 2025, the four biggest commodity imports - crude oil, iron ore coal and copper - all fell compared to 2024. The soft imports can be explained by the fact that the second largest economy in the world is still trying to gain momentum for economic growth. This task is made more difficult by the trade war escalating by U.S. president Donald Trump. This ignores some factors that are unique to...

Mineral Resources

South African rand reaches 18-month low and stocks recover after plunge

South Africa's currency, the rand, fell to its lowest level in 18 months Monday. Local stocks also plunged and then recovered as financial markets were shaken by fears of a global recession due to President Donald Trump’s tariffs. The rand was trading at 19.31 per dollar, down 1% since Friday's closing, and its lowest level since October 2023. Trump did not show any signs of rescinding his tariff plans Sunday and on Monday, investors flocked to safe-haven currencies such as the Swiss franc and yen. The emerging market index is heading for the biggest one-day drop since 2008's global financial...