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New Zealand authorities are working to identify victims of landslide
Human?remains? were found in the morning by New Zealand authorities. Heavy rains on Thursday caused a landslide on Mount Maunganui, on the east coast of the island. The landslide brought down soil and rubble in Tauranga city, which was crowded with families enjoying summer holidays. Police said that rescue efforts had ceased, and a recovery effort was underway. They added that it is unlikely anyone of the missing people were still alive. Police say that no signs of life have been found in the rubble after first responders heard voices on Thursday. Anna Tutton, chief?Coroner of the?City of?Kingston, said that her office is now working on identifying?victims. Tutton stated in a press release that he could not say exactly how long the identification process would take, but he assured everyone that they will be very careful. Christopher Luxon, Prime Minister of Canada, said that it was "devastating" to hear the news everyone had been waiting for. Luxon wrote on X: "To the families that have lost loved ones - Every New Zealander grieves with you." On Friday, the Prime Minister visited the scene and met with the families of victims. Fire and Emergency New Zealand reported that 35 crew members, aided by heavy machinery were removing debris from the area of search on Saturday after a partial slide in one section on Friday night. Megan Stiffler, a Fire and Emergency official, said that heavy rain predicted for Saturday in the area could pose additional challenges. The work crew may have to leave the search area?for their own safety. Two people were killed by a landslide caused by heavy rains in the nearby suburb of Papamoa this week. (Reporting and editing by Aurora Ellis, William Mallard, Tom Hogue; Sam McKeith is in Sydney)
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Officials say that one person has been killed in the attack on two of Ukraine's largest cities, according to officials.
Officials?said that Russia attacked Ukraine's largest cities, Kyiv and Kharkiv, early Saturday morning. One person was killed and at least 15 others?injured. Vitali Klitschko, the mayor of Kyiv, said that one person died and four others were injured in the capital. Three of them are currently being treated at hospital. Klitschko claimed that the strikes caused fires to break out in the districts either side of the Dnipro River which divides the capital. He said that heating and water supply had been interrupted in areas of the capital east of the Dnipro River. Ukraine's air force claimed that both drones as well as missiles were used in the attack on the capital. Tymur 'Tkachenko reported that strikes had occurred in at least four districts. A medical facility was one of the damaged buildings. Since the New Year, Kyiv has been hit by two massive overnight attacks that knocked out heating and power to hundreds of homes. Residents were still waiting for services, despite temperatures dropping to minus 9 degrees Fahrenheit (9 degrees Celsius) overnight. Ihor Terekhov, the mayor of Kharkiv - a target that is often used 30 km (18 miles) away from Russia - said that 25 drones had?hit several districts in two and a half hours with at least eleven people being injured. Terekhov wrote on Telegram that the drones struck a dormitory?for displaced people, as well as a hospital and an maternity hospital. After two days of talks between negotiators of Ukraine, Russia and the United States in the United Arab Emirates to find a solution to the war that has lasted for nearly four years, the latest attacks took place. (Reporting and editing by Chris Reese, Tom Hogue, and Ron Popeski)
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The Australian Open is forced to close its roof due to the scorching heat
The Australian Open halted play on the outside courts on Saturday, and closed the roofs on the main showcourts. This was after the tournament invoked their extreme heat policy. On Rod Laver Arena, Jannik Sinner, the defending champion, was cramping and unable to move when he fell behind Eliot Spizzirri (unseeded) 6-4 3-6 3-1. When Sinner lost 3-1 to the opponent in the third game, the Heat Stress Scale of this tournament?hit?5.0. This gave him eight minutes before play resumed. The fifth set was being played at John Cain Arena, and Lorenzo Musetti had a 2-0 lead over Tomas Machac. Play was stopped while Ben Shelton and Valentin Vacherot began their match on Margaret Court Arena. The referee of the tournament said that matches on outdoor courts would not begin until 5:30 pm (0630 GMT). Early Start The play had begun an hour earlier in order to take advantage of the relative cooler morning temperatures, but the conditions were already oppressive as Madison Keys, the defending champion entered the centre court at 10:30 am for her third round match. Keys, a Florida native who is used to hot weather conditions, needed just 75 minutes to defeat Karolina Pliskova. Jessica Pegula, Amanda Anisimova and other Florida-based compatriots seemed to enjoy the heat, as they advanced to the next round. Pegula said after she won 6-3, 6-2 in a flash against Oksana Selekhmeteva. Anisimova said that she was ready for the oppressive conditions. She beat fellow American Peyton Stearns 6-1?6-4 in just 71 mins. "I hated summer training because it was so hot and there were so many outdoor courts," she said. But you know what?" It paid off in a small way. It's great to play out here, even though it's so warm. It's good to have a little challenge." SEVERE HEAT POLICY The Australian Open has an extreme heat policy which takes into account air temperature, heat radiation, wind speed, and humidity when assessing playing conditions. This allows officials to suspend or delay matches if thresholds are reached. Early afternoon, the tournament's five point scale was at 3.4 when?Sinner & Spizzirri appeared on court. When the scale reaches four points, players are allowed to take longer breaks between sets. Five points mean the suspension of all matches outside the showcourts and the closing of the roofs. Organisers reminded fans to wear hats and drink lots of water, as well as use the misting fans located around Melbourne Park. Sarah Gellatly, a Sydney resident, applied sunscreen to her face and body from a dispenser outside Melbourne Park's gates. She said that players will be worried about fighting each other in the heat of the day. She said, "It is really hot. But if you are a professional player who tours around the world every day then they will be used to it." Melbourne residents Mat Vonarx, and his partner had the "ground pass" cheap tickets that gave them access to the outdoor courts. They said they were prepared for whatever the weather brought. Vonarx, on his first Grand Slam visit, said: "We knew that it would be hot today but the tennis is what matters." We're prepared, we have plenty of water with us and are ready to go. Vonarx stated that the players will have to be tough. He said, "It will be difficult for any sport to compete in these conditions but the professionals are going to do whatever they have to do to finish the game."
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Marathon Petroleum starts national contract negotiations with union
United Steelworkers and Marathon Petroleum started negotiating on Friday for a multi-year contract with U.S. refinery and chemical plant employees?with just a week left before their current contract expires. If the union and Marathon fail to reach an agreement, the contract will expire shortly after midnight on February 1st. This could lead to thousands of workers walking off the job. The last nationwide strike, which took place 11 years ago, lasted six weeks. However strikes at individual plants continued through the summer. A total of 7,000 workers went on strike. As the leading company in the national pattern negotiations, Marathon has committed to engaging with the USW in productive negotiations and working towards a mutually-beneficial agreement. A USW representative failed to respond to a?comment request. In August, 300 representatives from USW local unions of?oil workers set goals for negotiations, including "significant" wage hikes,?limitations on health care costs, and rules governing the use artificial intelligence in plant operation. Inside refinery operators make around $50 per hour. The USW represents approximately 30,000 workers in plants that produce motor fuels and other plastics using crude oil. (Reporting and editing by Nathan Crooks, Edward Tobin, and Erwin Seba)
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Chilean regulator fines Antofagasta Centinela Copper Mine for non-compliance
Chile's Environmental regulator announced?on Friday that Antofagasta Minerals was fined?about $775,000. This is because the company failed to comply with water management regulations in its Centinela Copper Mine. Centinela's Esperanza project and El Tesoro, Antofagasta, will produce 223,800 tons of copper by 2024. SMA, the regulator, said that the company did not follow the monitoring rules in the "El Tesoro project's" environmental impact study or the additional monitoring plan. This was evident because the regulator did not have records of a well called 'LE-1. They also failed to measure water flow at "La Cascada", spring, as often as they were required. Antofagasta stated that it was reviewing its resolution to determine the next steps. The company stated that the resolution from the SMA marked the end of a collaborative process where Minera Centinela had?actively, and transparently? worked with authorities in accordance with its?ongoing commitment to environmental compliance? and sustainable development?. The investigation was based on inspections that were conducted between 2019-2020. The violation was classified as minor and must be paid in 10 working days after notification. Reporting by Fabian Cambero, Santiago; Editing and proofreading by Brendan O'Boyle Cassandra Garrison Alistair Bell
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Striking workers block access to Chilean Escondida and Zaldivar Copper Mines
BHP, the global mining company, said that striking contract workers were disrupting an important route which?provides access? to Chile's Escondida copper mines and Zaldivar?copper?mines. This is causing problems with shift changes and a?intermittent vehicle traffic?. Workers employed by Finning, who have been on strike for the past month, have set up intermittent blocks on the roads leading to BHP’s Escondida mine and Antofagasta Minerals’ Zaldivar mining. BHP confirmed the roadblocks affected vehicle traffic at Escondida and shift changes. "Our company was affected by a conflict with a third party for four days. The blockades on the mining route have caused intermittent vehicle traffic into and out of our operations. This has led to delays with shift changes. He added, "We urge the authorities and all parties involved to solve this problem so we can continue our work in a safe environment." Sources from the Union had earlier warned of the disruption of the "mining road," the access route that connects Antofagasta, a northern city in Chile, with mining sites. After their contract negotiations broke down, members of Union 2 at?the machinery contractor Finning that provides services to a variety of mining companies began their work stoppage. In the last four day, temporary blocks have increased. Antofagasta did not respond when asked for a comment. (Reporting and editing by Cassandra Garrison; Fabian Cambero)
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Speculative frenzy catapults silver above $100/oz
Silver prices soared to $100 per ounce in the first week of January, continuing a 2025 surge. Retail investor and momentum-driven purchases added to an extended period of tightness on physical markets. Technical analysts, who use charts to determine past price movements in order to predict future movement, said that silver's rapid gains were preparing it for a significant correction. Silver is currently in a frenzy, and the geopolitical risks are a big part of what is driving it. Its lower price is helping silver to benefit, even right now. She added, "It seems that everyone wants to get involved, but there are also warnings about wealth in amber." When cracks appear, they can easily turn into chasms. "Stabilize yourself." Silver, which is used for jewellery, electronics, and solar panels as well as investment, was last up 5.1% to $101 per troy-ounce on Friday. Price has risen by 40% since 2026, after a 147% increase in 2025. Gold reached a record-high of $4,988 an ounce on Saturday. BofA's Michael Widmer believes that the fundamentally justified price of silver is $60, with solar panel demand likely to have peaked by 2025. As of Friday, silver will cost 50 ounces to purchase one ounce gold, down from the April figure of 105 ounces. This is a ratio. Silver's performance over gold is no longer as strong, according to traders and analysts. INVESTMENT DEMAND The LSEG data from?1983, which includes silver's growth, shows that the gain of 2025 will be the?largest yearly increase. Market performance in 2025 will be influenced by a robust investment demand in all precious metals, and a prolonged period of low liquidity on the London benchmark silver market. This is due to fears about U.S. Tariffs which have led to massive inflows into U.S. stocks. Analysts report that since October, there have been several waves of retail purchases through the purchase of small coins and bars as well as influxes into exchange traded funds with physical silver backing. Recycling accounts for almost 20% of the total silver supply, which is 1.0 billion ounces. The activity has been boosted by record prices. Metals Focus, a leading precious metals consultancy, said that inventories are not rebuilding as quickly due to a lack of high-grade refinery capacity. After five years of structural deficits, which are expected to continue into 2026, the availability of stocks on the market and the secondary supply has become increasingly important. Metals Focus estimates that these deficits, as well as the outflows of money to the U.S., and the inflows of money to ETFs, saw the amount of gold which could be readily mobilised during periods of high demand, in London's commercial vaults, drop to a new record low of just 136 million ounces at the end of September. By the end of 2025, the stocks would have recovered to 200 million ounces, helping to lower lease rates in London. However, they were still far below the 360 million ounces that were available in London at the peak Reddit-driven rally early in 2021. WHAT NOW? Analysts anticipate a rapid increase in outflows from U.S. stocks, which will boost liquidity on the traditional markets. This is because Washington did not impose any tariffs after announcing its results in mid-January. COMEX stocks peaked at 532 millions ounces on October 3, The inventories of metals worth approximately $11 billion have dropped by 114 millions ounces. COMEX silver stocks need to continue to be sold at a rate of approximately 113 million ounces per year to reach the levels pre-Trump's election. David Wilson, senior commodities strategist at BNP Paribas, said that profit taking is more likely to occur sooner than later due to the investor-driven rally which has been in place since late November.
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Documents show that Newmont must approve Barrick's North America spinoff.
Documents seen by former Barrick executives and Canadian mining company Barrick show that the joint venture partner Newmont will be key to Barrick's plans to spin off North American assets. This is a dramatic change in fortunes for both global mining companies. The Denver-based Newmont has a lot of influence over Barrick's strategies. This is a big change from just a few short years ago, when the Canadian company had hoped to purchase Newmont's?minority?stake?in the Nevada mines. Barrick had tried to buy Newmont a decade before. Documents show that Newmont would have the right to first refusal if Barrick tried to sell its stakes in Nevada Gold Mines, NGM, which is the company's principal North American asset. Barrick holds 61.5% of the mine and Newmont has 38.5%. Barrick announced last year a restructuring to separate the North America operations from the riskier operations elsewhere in the world following the departure of former CEO Mark Bristow. Barrick's proposed initial IPO of North American assets include NGM, the Pueblo Viejo Mine in the Dominican Republic, and the underdeveloped Fourmile mine also in Nevada. The joint venture agreement between Barrick and Newmont, as filed with the U.S. Securities and Exchange Commission specifies that before selling its Nevada joint-venture interest to a third-party, either party has to offer it?to the member of the other party. The documents we have seen show that any transfer of shares must be approved by the other party. According to a source familiar with the project, Barrick will need Newmont to provide the capital to Fourmile. The miner has touted the development as its future flagship and it will be included in the IPO. Newmont's Natasha Viljoen, the incoming CEO of Newmont in October 2025 said that they were waiting to hear more information from Barrick prior to committing any additional capital. Barrick's attempt to restructure - potentially by splitting into 2 entities - is one of the most anticipated mining stories for 2026. This is due to the?strong interest from investors in gold bullion prices, which have been hitting record highs. The company will likely announce its plans during Q4 earnings in February. Barrick responded by email that it respected the joint venture agreement with Newmont, and adhered to all of its terms. Newmont spokesperson stated that the Nevada Gold Mines joint-venture agreement of the company has not been changed since it was made public. Newmont's spokesperson stated that "Newmont has no additional information beyond what is already in the public domain" regarding Barrick's possible IPO of North American gold assets. The company declined to comment on the Fourmile expansion. Barrick's shares rose 130% in 2025 but the company has had lower returns than its peers over the last five-year period, with a gain of 52%, while Agnico Eagle gained 142%. Barrick shares are still undervalued. According to three executives who are aware of the restructuring, Newmont's ability to influence the sale of Nevada mines even though it only has a minor stake is "unusual". Barrick was interested in buying Newmont, but the contract was negotiated after many years of back-and-forth between the two companies. Both companies formed a joint venture in Nevada after the merger failed. Former Barrick executive who was aware of the details of the joint venture said, "Newmont did a great job in being able call the shots. It wasn't long ago that Barrick tried to buy Newmont." Barrick experienced a turbulent year in 2025. The Mali military government took over the?mine and imprisoned its employees. It was only after the company negotiated an agreement to regain the mine and release its employees that the deal was reached. Barrick's former CEO has left the company, and it is now looking to restore investor trust under chairman John Thornton. Mark Hill, the interim CEO of Barrick, is in charge while Barrick searches for a new CEO who will have to deal with institutional investors like BlackRock and activist firm Elliott. Helen Cai was appointed as Barrick's new chief financial officer this month. Analysts expect that the combined entity could perform better than its current state. The North America business has a value of around $42 billion. The Toronto Stock Exchange traded shares of Barrick up by 1.90% on Friday, while the New York Stock Exchange traded shares up by 1.52%. (Divyarajagopal, Toronto; Editing done by Caroline Stauffer Veronica Brown David Gregorio).
US electric grid is under stress during cold snap
U.S. Electric Grid Operators on Saturday increased precautions to prevent power shortages and rotating blackouts, as the?cold weather that affected nearly half of the country's residents increased stress?on their operations.
The PJM interconnection, the largest regional?grid in the United States that?serves 67,000,000 people in the East & Mid-Atlantic, reported a temporary spike in spot wholesale prices on Saturday morning to almost $3,000 per megawatt-hour from levels as low as $200 per MWh.
Stormy weather and temperatures around 0 degrees Fahrenheit (-18 C), pushed up demand for electricity and caused some operators to close down natural gas production in key basins. Grid companies also faced restrictions on gas pipeline supplies.
Grid operations reports reveal that regional grid operators are calling on coal-fired power stations to increase their output due to a shortage of?gas.
Midcontinent Independent System Operator called on power plants to increase output and curtail electricity exports across a territory that spans 15 states from the Midwest, South and Manitoba in Canada.
MISO's emergency all-hands on-deck action is designed for utilities to be ready to "produce as much energy as possible" if some power plants have to shut down or reduce output due to freezing temperatures.
MISO wholesale spot electricity prices in Minnesota soared up to $500 per MWh as transmission bottlenecks on high-voltage lines plagued the upper Midwest. Spot electricity prices in MISO’s southern territory were lower than $50 per megawatt hour.
Fuel oil production in New England has been stepped up to conserve natural gas - the region's top fuel source - and to reduce its electric grid.
ISO New England's operation display showed that oil-fired generation was responsible for 26% (or more) of New England grid output early Saturday morning, compared to a normal?level of 1% or less. Natural gas generated 28% of grid output.
New England spot power prices were over $300 per MWh or almost doubled the price of Friday. (Reporting and editing by Jan Harvey; Tim McLaughlin)
(source: Reuters)