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Zimbabwean labs overwhelmed by gold rally, says miner
A mine executive revealed on Wednesday that Zimbabwean laboratories were struggling to keep up with the influx of mineral samples being submitted by mines who are ramping up their exploration activities in response to record-high gold prices. Gold prices reached a record of $3,500 per ounce in April, driven by geopolitical tensions and central bank purchases. Economic uncertainty, fueled recently by U.S. President Donald Trump's new tariffs, also contributed to the price increase. Even Zimbabwe, where the gold production was in decline after years of political and economical turmoil, has seen a rise in production as new investors and companies increase production. In the first seven month of 2025, the gold production in southern Africa rose by 40% compared to last year's same period. The output for the year will likely exceed 40 metric tonnes, which is a record. In 2008, only 3 tons of gold were produced. Craig Harvey, Vice President of Technical Services at Caledonia Mining Corp., said that the company has been experiencing delays in receiving samples from its exploration activity back from accredited labs in Zimbabwe. Harvey said, "It's frustrating for us but it is actually very encouraging in the Zimbabwe context." "There are other companies in the area and it is clear that the higher gold prices have prompted them to start exploring." "This bodes well for Zimbabwe which is totally under-explored," said he. Caledonia's profits soared to $34.8million in the six-month period ending June 30 compared to $12.25million previously. This was due to increased production and a 40% rise in the average price of gold. Mark Learmonth, CEO of the company, told analysts the company was looking at options to minimise equity dilution and impact the dividend policy for raising capital in order to turn the Bilboes Project into Zimbabwe's largest gold mine.
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Groups sue Trump agencies over a'secret report' used to reverse US climate rules
On Tuesday, two major environmental groups filed a lawsuit against the Trump administration. They claim that the Trump administration secretly convened a group made up of climate skeptics who prepared a document which was used to reverse the U.S. regulations on greenhouse gas emission without prior public notification. The Environmental Defense Fund, along with the Union of Concerned Scientists, filed the lawsuit at a federal district in Massachusetts. They argued that the so-called Climate Working Group, which Energy Secretary Chris Wright assembled, avoided public view, produced erroneous findings, and was illegally used by the Environmental Protection Agency to inform its decision to reverse federal climate regulations based on the scientific finding. Wright and Environmental Protection Agency administrator Lee Zeldin are named as defendants in the lawsuit. Both parties were unavailable for immediate comment. Why is this important? Preparation and use of this report have raised concerns that the United States rejects the mainstream consensus on the causes and effects of climate change, at a moment when more severe storms are causing trillions of dollars of damage across the country. The United States' refusal to acknowledge the impact of climate change, and the elimination of U.S. climate reports and data collection also reduces the urgency in which the U.S. must shift from fossil fuels to cleaner energy. Key Context The Federal Advisory Committee Act requires that all federal advisory committees be established and operated in a manner that is open to the public. KEY QUOTE Scientists have concluded that burning fossil fuels has a direct impact on the severity of heat waves and other weather conditions. This includes increased rainfall and wildfires. "We should ask ourselves who will benefit from attempts to undermine this peer-reviewed, unassailable scientific truth," said Gretchen Goldman. Reporting by Valerie Volcovici, Editing by Tomaszjanowski
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Elliott affiliate bids for Citgo parent company as competition heats-up
A filing updating the court-organized auction shows that an affiliate of hedge fund Elliott Investment Management raised its bid on the Venezuelan-owned parent of U.S. refiner Citgo Petroleum, bringing the total to $8.82 billion. The auction of PDV Holding was relaunched by the government in January, after a yearlong process that ended in chaos amid disputes over Citgo’s value and parallel legal proceedings. Last month, an officer of the Delaware Court supervising this auction recommended that a group headed by Gold Reserve bid $7.4 billion. The court received an $8.45 billion offer from a Vitol subsidiary last week, while the bid of Elliott affiliate Amber Energy came later. Next week, the court will hold an hearing to decide on the winner. Amber Energy's higher offer includes a payment provision for holders of a Venezuelan bond that has defaulted, according to an auction letter sent on Tuesday by Red Tree Investments, one of the creditors. The company stated in its filing that "Red Tree is of the opinion that Amber Energy, under Delaware law, is the highest bidder and should be selected to win the bid." Amber Energy didn't immediately respond to a comment request. Citgo and PDV Holding, both subsidiaries of Venezuelan state oil company PDVSA, are listed on the NYSE. In the Delaware case, the court found PDV Holding responsible for Venezuela's obligations, allowing creditors to sue the refiner for payment. Reporting by Marianna Pararaga Editing Bernadettebaum, Kirsty Donovan
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Wildfires, fanned and fueled by heatwaves and strong winds, rage throughout Europe, destroying houses and factories
On Wednesday, wildfires caused either by arsonists, thunderstorms, or a combination of both, fanned along by heatwaves and strong winds, continued to rage in southern Europe, destroying homes, factories, and farms, and forcing thousands of tourists and residents to evacuate. A wildfire that spread through forests, olive groves, and the suburbs of Patras in northern Peloponnese (west of Athens) set fire to a cement plant. The smoke and flames were thick. What does it look? It looks like a doomsday. "May God help us, and help these people," said Giorgos Karavanis. He was a volunteer from Athens who came to Patras for help. On Tuesday, authorities ordered the evacuation of residents in a town near Patras of approximately 7,700 residents. They issued new alerts Wednesday advising residents to leave two nearby villages. Authorities warned people on the popular tourist islands of Chios in the east and Cephalonia in the west to get to safety because fires were spreading. A volunteer firefighter in Spain died of severe burns, and several others were hospitalised after the state weather agency AEMET issued a warning that fire was a very high or extreme risk throughout Spain. Officials in the region said that the 35-year old man was trying to build firebreaks in the area of Nogarejas in central Castile-Leon when he became trapped by the fire. This is the sixth wildfire-related death in Spain this year. According to emergency services, two other victims are firefighters from Tarragona & Avila. Alexander Held, senior expert in fire-management at the European Forest Institute, warned that firefighters' lives are at risk when they work in landscapes not prepared. He said that authorities should do more to prevent and anticipate wildfires, by clearing combustible plants and creating buffer zones. Held stated that firefighters in an industrial building would refuse to enter if there were no fire alarms, sprinkler systems, fire protection doors, or escape routes. Alfonso Rueda is the leader of Galicia in the northwest. He called the situation "complicated", and said that the weather conditions were not helpful. Six fires are burning in the province of Ourense, Galicia. The combined area is 10,000 hectares. ARSON SUSPECTED Sara Aagesen, Spanish Environment Minister, told SER Radio that arsonists were suspected of causing many fires in the country due to their "virulence". A male firefighter arrested on Tuesday was responsible for the fires that started in Avila, north of Madrid, two weeks ago. Meanwhile police announced late on Tuesday that they were investigating a woman aged 63 for allegedly setting a number of fires in Galicia’s Muxia region in August. Europa Press reported that the police have identified a suspect believed to have burns on his hands from starting a small blaze in a development along the southern coast of Cadiz. Thunderstorms caused fires in other places. Residents in Andalucia flooded the fire department with calls on Tuesday shortly after 5 pm, alerting them to a fire that was caused by lightning striking a chestnut-oak forest north of Huelva. Around 250 people were evacuated, but the fire was mostly under control by Wednesday morning. The civil protection service reported that a fire in Trancoso, Portugal that had been burning since the weekend took a turn in the worst direction during the night when a lightning re-ignited a zone that was previously considered safe. Albania's Defence Minister Pirro Vegu described it as a "critical" week, with major fires burning all over the country. The defence ministry reported that on Wednesday, more than 10,000 firefighters, soldiers, and police emergency units battled 24 wildfires in total across the country. Two villages in the middle of the country were forced to flee when flames broke out in their homes. The villagers took their livestock along with them. Hajri dragoti from Narte said, "We're going to the middle of the two rivers, because the fire is here." He fled with his wife, taking a donkey, a cow and a pet dog. "We can do nothing, it's like gun powder." Spain is in the 10th day of a record-breaking heatwave. The temperatures peaked at 45 degrees Celsius on Tuesday, and AEMET expects it to continue until Monday. Pope Leo moved the weekly audience he holds in St. Peter's Square into an indoor venue at the Vatican "to avoid the extreme heat and sun" after the Italian health ministry issued heat alerts on Wednesday for 16 cities, with Florence's temperatures expected to reach 39C.
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Hudbay Minerals sells 30% stake in Arizona copper mine project for $600 Million
Hudbay Minerals announced on Wednesday that Mitsubishi Corp would buy a 30% share in its Copper World Project in Arizona for $600,000,000, providing a boost to the financing and strategic support for the U.S. Copper Mine. The transaction is expected to be completed later this year or early next. Why it's important Last month, U.S. president Donald Trump imposed tariffs of 50% on copper pipes and wiring, and other semi-finished goods. However, he exempted raw materials like ores and refined copper cathodes. Hudbay's "Made in America copper" production will strengthen the domestic chain, according to Hudbay. CONTEXT Copper World is a project being built in Pima County in Arizona. It consists of four open-pit mines for copper in the initial phase. Over the first 20 years, it is anticipated that the mine will produce 85,000 tonnes per year of copper. MARKET REACTION Hudbay, a U.S. listed company, rose by nearly 17% on the premarket. The analyst Shane Nagle at National Bank Financial says the $600m Mitsubishi joint venture deal is "significantly accretive". It highlights the rarity of shovel-ready projects in the world and the importance to invest in the U.S. essential minerals supply chain. By Number Mitsubishi will pay an initial $420 million upon closing, and the remaining $180 will be paid in 18 months. Copper World said it will help facilitate an investment of $1.5 billion in the U.S. critical mineral supply chain. (Reporting and editing by Sahal Muhammad in Bengaluru, Sumit Saha from Bengaluru)
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Geneva temporarily makes public transport free in order to combat pollution spike
In a first in Switzerland, the public transport in Geneva will be free for a limited time. This is part of a number of measures to combat the pollution spike in the city. According to the World Health Organization, Geneva in western French-speaking Switzerland is experiencing a severe peak in ozone pollution. This harmful gas can cause breathing problems, headaches, and even asthma attacks. According to a Geneva Canton statement, the city's antismog system revealed that ozone levels had exceeded the threshold for environmental safety of 180 micrograms/cubic meter in 24 hours. The government issued heat warnings in the western and southern parts for Switzerland on Tuesday as temperatures reached 37 degrees Celsius. The Environment Office of the Canton of Geneva said that high temperatures and low clouds cover cause ozone pollution to accumulate and take longer for it to disperse. To reduce traffic emissions, the public transport system in the canton was freed for the first ever on Wednesday, encouraging residents and visitors alike to use buses, trams and trains instead of their own cars. The Environment Office said that "the measures taken under this protocol of emergency aim to reduce nitrogen oxide emissions, particularly by promoting the use of public transport and restricting the circulation of most polluting cars." In a press release, the authorities announced that passengers will no longer need a ticket and that ticket checks would be suspended until pollution levels improve. Only low-emission cars can circulate in the center of the city between 6 a.m. (0400 GMT), and 10 p.m. Reporting by Olivia Le Poidevin. Editing by Miranda Murray, Rachna uppal and Rachna Murray.
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India and US nuclear regulators to meet for cooperation
India's Atomic Energy Regulatory Board said that it held a technical meeting bilaterally with the U.S. Nuclear Regulatory Commission in order to enhance cooperation on nuclear safety, regulation and legislation as India seeks to expand its nuclear energy capacity. AERB stated in a press release dated August 12 that an Indian delegation attended the meeting from August 6-8 at the NRC Headquarters in Rockville, Maryland. India is seeking to increase its nuclear power production capacity from 8 gigawatts today to 100 gigawatts in 2047. AERB reported that the countries discussed regulations for new and advanced reactors as well as codes and standards applicable to advanced reactor technologies. The AERB said that both sides identified areas of future collaboration. It was reported in April that India relaxed rules to allow foreign entities minority stakes to nuclear power projects. India's nuclear energy generation, which is just over 8 gigawatts in size, represents about 3% its total installed capacity. The statement stated that India and the United States discussed the long-term operations strategies for nuclear power stations, safety assessments and emergency preparation for small and advanced modular reactors. The state-run Nuclear Power Corporation of India has asked industries for proposals to build small electric nuclear reactors of up to 220 megawatts. This is part of the country's efforts to reduce carbon emissions and achieve its net-zero emission targets. Sethuraman N.R., Emelia Sithole Matarise (Editing)
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Wildfires, fueled by a heatwave, rage in Europe, destroying houses and factories
On Wednesday, wildfires, fanned primarily by heat and strong winds, continued to rage in southern Europe, destroying homes, farms, and factories, and forcing thousands of tourists and residents to evacuate. A wildfire that spread through forests, olive groves, and the suburbs of Patras in northern Peloponnese (west of Athens) set fire to a cement plant. The smoke and flames were thick. What does it look like?" It looks like a doomsday. "May God help us, and help these people," said Giorgos Karavanis. He was a volunteer from Athens who came to Patras for help. On Tuesday, authorities ordered the evacuation of residents in a town near Patras of approximately 7,700 residents. They issued new alerts Wednesday advising residents to leave two nearby villages. Authorities warned people on the popular tourist islands of Chios in the east and Cephalonia in the west to get to safety because fires were spreading. A volunteer firefighter in Spain died of severe burns, and several others were hospitalised after the state weather agency AEMET issued a warning that fires could occur anywhere across the country. Officials said that the 35-year old man was trying to build firebreaks in central Castile-Leon region near Nogarejas when he became trapped by the blaze. In villages in Castile-Leon, more than 5,000 residents were evacuated after firefighter hosed down burning houses and warehouses. Alfonso Rueda is the leader of Galicia in the north-west. He called the situation "complicated", and said that the weather conditions were not helpful. Six fires are burning in the province of Ourense, Galicia. The combined area is 10,000 hectares. ARSON SUSPECTED Sara Aagesen, Spanish Environment Minister, told SER Radio Station that arsonists are suspected of causing many fires in the country due to their "virulence", although it is too early to know how many. Albania's Defence Minister Pirro Vegu described it as a "critical" week, with major fires burning all over the country. Delvina is a southern city where evacuees have returned home, but authorities remain vigilant. The heatwave that has affected large areas of the continent has made it difficult to put out the fires. Spain is in the 10th day of a record-breaking heatwave. The temperatures peaked at 45 degrees Celsius on Tuesday, and AEMET expects it to continue until Monday. Pope Leo moved the weekly audience he holds in St. Peter's Square into an indoor venue at the Vatican "to avoid the extreme heat and sun" after the Italian health ministry issued heat alerts on Wednesday for 16 cities, with Florence's temperatures expected to reach 39C (102F). Reporting by LouizaVradi, David Latona, and Gavin Jones. Writing by Charlie Devereux. Editing by Alex Richardson.
Oil drops as IEA increases supply forecast and investors wait for US-Russian meeting
The oil prices dropped on Wednesday, after the IEA stated that supply has surpassed demand in this year. Investors were awaiting Friday's meeting of U.S. president Donald Trump with Russian President Vladimir Putin.
Brent crude futures dropped 45 cents or 0.7% to $65.67 per barrel at 0831 GMT. U.S. West Texas Intermediate Crude futures were down 53 cents or 0.8%, at $62.64.
On Tuesday, both contracts were settled at lower prices.
Trump and Putin will meet in Alaska this Friday to discuss ending Russia’s war in Ukraine that has shaken the oil markets since 2022.
In a recent note, PVM Oil analyst Tamas Variga said that oil prices fell on the expectation that the Friday summit would not lead to additional sanctions against Russia. This ensures the country's crude will continue to flow primarily to the east and south.
The International Energy Agency announced on Wednesday
raised
OPEC+ has lowered their forecast for oil demand growth in the coming year, but they have not lowered their forecast for oil supply.
Varga said that the updated monthly report of OPEC on global supply-demand was the most important source of long-term support. It raised the global oil demand forecasts for next year, while reducing the estimate for the growth in the supply from the United States, and other producers outside OPEC+, indicating a tighter marketplace.
Investors were also waiting for further clues, after a report from the industry showed that U.S. crude stocks rose last week.
Market sources cited American Petroleum Institute data on Tuesday to report that crude inventories in the United States - the world's largest oil consumer - rose by 1,52 million barrels during the past week. Gasoline stocks fell while distillate stockpiles rose slightly, according to market sources.
According to the polled analysts, today's Energy Information Administration report will show that crude inventories dropped by approximately 300,000 barrels in the last week.
In its Short Term Energy Outlook, the EIA forecast that Brent prices would average less than $60 a barrel in the fourth-quarter, the lowest average price since 2020. The EIA stated that the growth of global oil supplies would exceed the growth in demand for petroleum. (Reporting from Seher Dareen and Jeslyn in Singapore, with editing by Christian Schmollinger & Stephen Coates).
(source: Reuters)