Latest News
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The US opens up millions of acres of federal land for coal leasing
The U.S. Department of the Interior announced Monday that it will open up 13.1 million acres (53,013.8 square kilometers), of federal land to the public. The Trump administration is trying to reverse the decline in coal use. In April, President Donald Trump issued executive orders to increase coal production. This was one of many actions he took that ran counter to the global effort to reduce carbon emissions. According to the Energy Information Administration (EIA), coal-burning power plants will generate about 15% of U.S. electricty in 2024. This is down from 50% in 2000. Fracking and other drilling techniques have increased natural gas production. The growth of solar and wind power has also reduced coal consumption. About 40,000 coal workers are left from the 70,000 that existed a decade earlier. The announcement will be made by Secretary of Interior Doug Burgum at a coal event at the Interior Department, along with Environmental Protection Agency Administrator Lee Zeldin (and an Energy Department official) on Monday. Burgum stated in a press release that the initiative will strengthen the U.S. economic system and create jobs. Chris Wright, U.S. Energy Secretary, said last week that he expected most coal-fired plants in the country to delay retirement so they can provide electricity to fuel artificial intelligent. Wright extended an emergency order last month to keep Michigan's coal plant operating, despite the fact that its operator was planning to close permanently due to economic reasons. Tom Pyle of the American Energy Alliance predicted that, on Trump's orders or out of their own volition, 38 coal plants set to close by 2028 will remain open. Analysts are sceptical about the long-term use of coal in the United States, as economics has shifted to a less carbon-intensive fuel. Frank Holmes, CEO of U.S. Global Investors and Chief Investment Officer, said that coal could see a temporary increase in demand from the regulatory relief. Some investors might profit on a short-term basis. Global Investors wrote after Trump’s orders. "But I think that in the end, the writing will be on the wall." (Reporting and editing by Barbara Lewis, Marguerita Choy and Timothy Gardner)
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Vedanta Resources unit will tap dollar bonds again in the future, say bankers
Two merchant bankers announced on Monday that Vedanta's wholly-owned subsidiary plans to raise money through the sale of bonds denominated in U.S. dollars and with a seven-year maturity. Vedanta Resource Finance II may raise $750 million in the coming days through these bonds, which have a call-option at the end two years. One of the bankers stated that any additional proceeds would be used for other debts or general corporate purposes. We have initiated a possible bond transaction to increase the average maturity of our debt and reduce interest costs. Vedanta's spokesperson stated that the transaction would be dependent on investor feedback and market conditions. Investors have been more interested in dollar bonds issued by Indian companies over the past few weeks, following S&P Global’s upgrade of the country’s credit rating mid-August. State Bank of India raised 500 million dollars through dollar bonds. The favorable pricing has led to expectations that more companies will tap the overseas market. The company has issued a second dollar bond in 2025. In January, it had raised $1.10 billion through five-year-and-six-months bonds at 9.4750% and eight-year-and-three-months bonds at 9.85%. A banker who has direct knowledge of this matter stated that "the company has the rating and if investor response is positive, they could raise all the money at once." Moody's has rated the offering B2 and Fitch Ratings B+. The bankers asked for anonymity because they were not authorized to speak with media. Vedanta will guarantee the issue. The issue will be unconditionally guaranteed by other subsidiaries including Twin Star Holdings and Vedanta Holdings Maritius II. Six foreign banks have been appointed as arrangers by the company. They will be hosting investor calls throughout the day in Asia, Europe and America.
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Canada announces C$400 million financial aid to Algoma Steel
Patty Hajdu, Canada's Jobs Minister, announced on Monday that the government will provide Algoma Steel with C$400,000,000 ($287.13,000,000) as financial support under its large-enterprise tariff relief scheme. The Canadian steel industry was one of the largest steel producers that were hardest hit by the 25% tariffs imposed on Canadian steel imports by U.S. president Donald Trump, which he then increased to 50%. The government released a statement saying that the loan would help Algoma Steel in Ontario, which employs about 2,500 people, to continue operations and transition to a model of business less dependent on the U.S. It will also limit disruptions to the workforce. It said that the government of Ontario would also support this initiative with 100 million C$. Hajdu stated, "As tariffs and uncertainties around the globe increase, we ensure that workers and businesses prosper today and can lead the economy of tomorrow." Francois-Philippe champagne, Canada's Finance Minister, who will provide the financial assistance through federal agencies, stated that the support would assist Algoma in managing the impact of U.S. Tariffs. He said that the investment was to help them stay competitive, adapt their operations and...protect (jobs). This loan is part of the $10 billion financing facility that was announced in March to assist large companies with tariffs and countermeasures. The loan is part of a $10 billion financing facility announced in March for large companies to help them fight the tariffs and countermeasures.
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Newmont CEO Tom Palmer steps down
Newmont announced on Monday that Tom Palmer would retire at the end of this year. This was an unexpected decision after more than 10 years with the largest gold mining company in the world. Barrick Mining, a rival company, announced Mark Bristow's sudden resignation as CEO the same day. Bristow led the Canadian mining company for almost seven years following its merger with Randgold Resources. Newmont and Barrick are both facing a significant period of industry transformation in the wake of these leadership changes. Palmer will retire on March 31, 2019. He will continue to serve as a strategist until then. He joined Newmont in 2014. He became chief operating officer in 2016, and then CEO in 2019. Newmont has completed a number of transformative deals during his tenure. These include the Goldcorp acquisition and joint venture with Nevada Gold Mines, as well as the $17 billion purchase of Australian mining company Newcrest, to create a global portfolio that is top-tier. Karyn Ouvelmen announced earlier this year that she would be stepping down from her position as chief financial officer at Newmont after only a little over two years. Peter Wexler, an insider, was appointed interim CFO. Palmer will be replaced by Natascha Vijoen, an insider, on January 1, 2026. Viljoen has more than 30 years' experience in global mining, including senior positions at Anglo American and BHP as well as as CEO of Anglo American Platinum. She has been focusing on Newmont's operations, portfolio integration and talent development. Safety, operational excellence, and sustainability are her top priorities. Reporting by Vallari Shrivastava, Bengaluru. Editing by Shilpi Magumdar
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Mark Hill is named interim CEO of Barrick after Bristow's resignation
Barrick Mining has appointed Mark Hill, a veteran executive, as interim President and CEO following the resignation of Mark Bristow who led the Canadian mining company for almost seven years after its merger into Randgold Resources. Bristow, the CEO who took over when Barrick acquired Randgold in 2019, managed the integration of the two firms and guided the miner during a period where it underwent a significant reshaping of its portfolio and debt reduction. Peter Letko of the Letko Brosseau Investment Fund, one of Barrick’s shareholders, said: "I am disappointed to see him go. He has been a great leader." Bristow stated in May that the company indicated he will stay in his role until 2028. However, a succession plan was in place, overseen by the Board. Barrick shares, which have risen by 37% in the last year, have lagged behind their rivals. Agnico Eagle, a fellow Canadian miner, has seen its shares rise 110% since 2020, while gold prices are also at record highs. Hill, who is also the group's chief operating officer will take charge of the company immediately, as the board, with the assistance of an outside firm, begins the global search for a chief executive permanent. Bristow, known for his volatile leadership style, spent most of his tenure at Barrick integrating the assets Barrick held in some of world's most volatile regions. His biggest test came in this year, when the military government took over Barrick's Mali gold mine over an alleged nonpayment of taxes. Barrick was forced to write $1 billion off its books due to Mali. Barrick's U.S. listed shares were marginally down at $34.36 on Monday in premarket trading. Reporting by Vallari Shrivastava, Divyarajagopal, in Toronto, and Clara Denina, in London. Editing by Veronica Brown and Chandra Eluri.
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QatarEnergy signs helium supply contract with Germany's Messer
QatarEnergy signed a long-term contract with German industrial gas company Messer for the supply of high-purity helium. This helium is used by a variety of technologies, from MRI scanners and quantum computing to a range other technologies. QatarEnergy has signed its first direct sale and purchase agreement for Messer, which is the largest private industrial gas company in the world. According to a report by IDTechEx, the global demand for helium may exceed 322 millions cubic metres in 2035. Helium is widely used in manufacturing due to its cooling and inert qualities. QatarEnergy believes that the helium in its North Field reservoir will be enough to satisfy global demand for at least the next 30 year. The state-owned energy company expects its two helium production plants to be fully operational at the time, and will supply 25% of global helium output. This agreement underscores QatarEnergy’s commitment to deliver reliable resources from one the world's biggest helium producers in support of fast-growing industries around the globe, said Saad Sharida Al-Kaabi. Qatar’s Minister of state for Energy Affairs and CEO at QatarEnergy. Helium has many uses, including MRI scanners, quantum computing and fibre optics.
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Trump Officials Announce Plan to Boost Coal Output
Interior Department officials said that the Trump administration is preparing to announce policies on Monday to increase coal production, in an effort to reverse the decline in the use of this fuel. In April, President Donald Trump signed executive orders that increased coal production. This was one of many actions he took to counter global efforts to reduce carbon emissions. According to the Energy Information Administration (EIA), coal-burning power plants will generate about 15% of U.S. electricty in 2024. This is down from 50% in 2000. Fracking and other drilling techniques have increased natural gas production. The growth of solar and wind power has also reduced coal consumption. In the last 10 years, coal workers have declined from 70,000 to 40,000. A coal event is scheduled for Monday evening at the Interior Department. Secretary of the Interior Doug Burgum will be joined by the Environmental Protection Agency Administrator Lee Zeldin and a representative from the Energy Department. Chris Wright, U.S. Energy Secretary, said last week that he expected most coal-fired plants in the country to delay retirement so they can provide electricity to fuel artificial intelligent. Wright extended an emergency order last month to keep Michigan's coal plant operating, even though its operator planned to close permanently due to economic reasons. Tom Pyle of the American Energy Alliance predicted that, on Trump's orders or out of their own volition, 38 coal plants set to close by 2028 will remain open. Analysts are sceptical about the long-term use of coal in the United States, as economics has shifted to a less carbon-intensive fuel. Frank Holmes, CEO of U.S. Global Investors and Chief Investment Officer, said that coal could see a temporary increase in demand from the regulatory relief. Some investors might profit on a short-term basis. Global Investors wrote after Trump’s orders. "But I think that in the end, the writing will be on the wall." (Reporting and editing by Barbara Lewis; Timothy Gardner)
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Chevron Noble Energy and Equatorial Guinea agree terms on Aseng gas project
Chevron announced on Monday that the subsidiary of its Noble Energy had reached an agreement with Equatorial Guinea regarding the development and construction of the Aseng Gas Project. This will allow it to make a final investment choice. The project is located in Block I of Douala Basin and will contribute to the continued supply of liquefied gas to the global market from Central Africa. The initial investment will be around $690 million, and it will help the country achieve its ambitions of becoming a regional hub for gas processing. EQUATORIAL GUINEA SET TO LAUNCH LICENSING ROUND Equatorial Guinea and Nigeria agreed last year to construct the Gulf of Guinea Gas Pipeline jointly as part of their plans. Afreximbank is raising capital to help develop the $4.5 billion EG27 LNG project. Afreximbank claims that the EG27 project, which focuses on Ebano's field, could produce 2.4 millions metric tons per year of LNG over a period of 20 years. Equatorial Guinea, a member of the Organization of Petroleum Exporting Countries (OPEC), is expected to announce its latest round of oil and gas licenses later Monday. Reporting by Wendell Roelf. (Editing by Alexander Winning, Mark Potter and Mark Potter.)
Prime Minister says Iraq signs an agreement with Chevron for oil exploration projects
Iraq has signed a principle agreement with U.S. oil company Chevron to develop the Nassiriya Project, which includes four exploration blocks and other oil fields. The Iraqi prime minister announced this on Tuesday.
In the last two years, Iraq has signed agreements and has re-established relations with oil majors that had previously withdrawn from the country. The improved contract terms have attracted both
TotalEnergies, France
UK oil giant BP signs new deals
, with an investment totaling more than $50 billion.
In a recent statement, Frank Mount, Chevron’s vice president for corporate business development said: "We're confident that Chevron has the experience and resources to help Iraq develop its new energy resources."
Iraq has authorized the National Oil Company to begin negotiations with Chevron in 2021 regarding the development of oilfields at Nassiriya in the southern province of Dhi Qar.
At the time, the ministry said that its plan for the province included a number of giant projects, including those in the oil, gas, and water sectors. The initial capacity was 600,000 barrels per day of crude oil, and the goal was to complete the project within seven years.
His office reported that Prime Minister Mohammed Shia al-Sudani stated the government had adopted a new strategy in dealing with international oil companies in Iraq and their investments, particularly U.S. firms. Reporting by Jaidaa Taka, Muhammad Al Gebaly, and Sheila Dang. Editing by Tomasz Janowski and Leslie Adler.
(source: Reuters)