Latest News
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Sources say that Chinalco has joined the bidding for Brazil's CBA.
Two people with knowledge of the situation say that negotiations?with 'Emirates Global Aluminium' have slowed down. One source said that the process is still competitive. One of the people involved in the negotiations said that China's Aluminum Corporation of China and a third bidder were actively pursuing this deal. One of the sources stated that an announcement could be made within days or even weeks. Negotiations?could, however, still fail. CBA and Grupo Votorantim (which controls CBA) declined to comment. EGA and Chinalco didn't immediately respond to requests for comments. CBA is a Brazilian aluminium producer in seven Brazilian states. Votorantim SA, a Brazilian conglomerate, owns 69% of the company. In October, it was reported that the Brazilian company, EGA, which is owned jointly by Abu Dhabi sovereign fund?Mubadala, and Dubai sovereign fund Investment Corporation of Dubai (Mubadala) had been in talks to buy the Brazilian company. CBA's shares have risen by 84% in the past year, according to LSEG. Luciana Magnalhaes in Sao Paulo and Paula Laier, editing by Louise Heavens.
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Documents show that Newmont must approve RPT-Barrick North America's spin-off.
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 two global mining companies. The influence of Denver-based Newmont over Barrick's strategies is a major change from just a few short years ago, when the Canadian miner hoped to purchase Newmont's minor stake in 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 also Nevada's underdeveloped Fourmile Mine. The joint venture agreement between Barrick and Newmont, as filed with the U.S. Securities and Exchange Commission specifies that each party must "offer their Nevada joint venture interest" to the other party before considering selling to a third-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 'also need Newmont fund the capital of Fourmile. Newmont's Natasha Viljoen, the incoming CEO of Newmont in October 2025 told analysts that they were waiting to hear more information from Barrick. Barrick's attempt to restructure by potentially splitting into two entities is one of the most anticipated mining stories of 2026. This is due to strong investor interest and gold prices reaching successive 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 whether or not it would fund the Fourmile project. Barrick's shares may have risen 130% by 2025, but the company has not performed as well in recent years. Its stock returned 52% in that time, while its rival Agnico Eagle gained 142%. Barrick shares are still undervalued. Three executives familiar with the restructuring effort say that Newmont's ability to influence the sale of Nevada mines, despite only having a minor stake in them, is unusual. After years of back-and-forth between the two companies, Barrick was keen to purchase Newmont in 2019. 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 is doing a great job in being able to make the decisions. It wasn't long ago that Barrick had wanted 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 get back the mine and release its employees that the company managed to negotiate a deal. 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 1.90% on Friday, while the New York Stock Exchange traded shares up 1.52%. (Divyarajagopal, Toronto; Editing done by Caroline Stauffer Veronica Brown David Gregorio).
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UN Migration Agency: Hundreds of migrants are missing or presumed dead after crossing the Mediterranean.
The U.N. Migration?agency? said on Monday that hundreds of people were missing or believed to be dead after trying to cross the 'Mediterranean Sea. There have been reports of several shipwrecks over the past ten days due in part to bad weather. The IOM said that "the final toll could be much higher. This is a stark reminder of the fact that this remains the deadliest migration route in the world." The?International Organization for Migration released a statement confirming the deaths of three people, including twins aged about one year, in a search and rescue operation for a boat which left Sfax in Tunisia. According to their Guinean mother who survived, they died from hypothermia. IOM also reported that a man died of the same cause. IOM reported that survivors?from the same vessel said another boat left simultaneously but never arrived and its fate remains unknown. According to the IOM, several boats have been reported missing over the last 10 days, amid a violent Mediterranean Storm triggered by Cyclone Harry. Hundreds of people are still unaccounted for. Poor weather has hampered search efforts. The?agency has verified a survivor report from another vessel, rescued near Malta by a commercial ship, about a shipwreck in which?atleast 50 people are missing or dead. IOM reported that 51 people were 'feared dead' after a shipwreck off Tobruk in Libya. IOM: "Smuggling migrants in unseaworthy, overcrowded boats is a crime." It added that "arranging departures while a severe storm hit the region makes this behavior even more reprehensible as people were sent out to sea in conditions posing a near-certain death risk." According to figures from the agency, in 2025 at least 1,340 deaths will occur in the Central Mediterranean. (Reporting and editing by Aurora Ellis; Olivia Le Poidevin)
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Tepco aims to save $20 billion over 10 years
Tokyo Electric Power, Japan's largest utility, plans to reduce costs by about 3.1 trillion Japanese yen ($20billion) over the next 10 years. It will also seek alliances in order to accelerate reforms and capture data centre demand. The revised business plan of the utility has been approved by the government. It includes selling assets to raise about 200 billion yen in the next three year. Tepco is the operator of Fukushima Daiichi, which suffered one of the worst nuclear disasters of all time in 2011. The costs of decommissioning the plant, cleaning up the site and compensating victims are increasing. The company continues to depend on government funding for disaster-related expenses. Tomoaki Kobayakawa, President of Tepco, said at a press conference that the company would soon be seeking alliances for bold reforms to achieve both its responsibility to Fukushima as well as economic growth. RISING DATA CENTER DEMAND DRIVES QUEST TO COLLABORATE Tepco is yet to establish any major collaborations after it established?JERA in 2015, its joint venture for fuel and thermal energy with Chubu Electric Power. To meet the rising demand for electricity from data centres in Tokyo, the utility is working with companies that are focused on finding suitable sites and manufacturers to capture digital demand. The 3.1 trillion-yen target for cost reduction includes 1.4 trillion yen of personnel costs, 1.3 trillion in equipment, and 0.4 trillion on power supply. Equity stakes and property are among the assets that can be sold. According to the Nikkei, Tepco may sell its shares in electrical equipment manufacturer Kandenko in which it has a 46% stake. Kobayakawa refused to comment on specific assets. Tepco forecasted a net loss for the year ending March of 641 billion Japanese yen compared to a profit of 161.2 billion in the previous year. The company cited a one-off financial loss due to the Fukushima catastrophe. Tepco's shares fell 3.8% on Friday, falling below the Nikkei Index, which dropped 1.8%. After a malfunction, the Reactor is halted. Utility targets a recurring profit in fiscal year 2034 of 342 billion Japanese yen, up from fiscal 2024's 135 billion. The utility targets a recurring profit of 342 billion yen in fiscal 2034, up from 135 billion yen in fiscal 2024. This assumes that the reactor No.6 at?the Kashiwazaki - Kariwa nuclear power plant restarts during fiscal year 2025 and unit No.7 during fiscal year?2029. The No. 7 unit will be restarted in fiscal 2029. It stopped the No. It halted the No. This was Tepco’s first nuclear restart after the Fukushima catastrophe. Tepco reviews its business plan at least every two years. This process requires approval from the government. This is the first revision in over four years. The utility reduced costs by 8 trillion Japanese yen between fiscal 2012 and 2024 and raised 1.1 trillion through asset sales.
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Hyundai Steel, a South Korean steel company, plans to invest $2.9 billion in a US steel plant.
Hyundai Steel, a South Korean steel company, said it plans to invest $2.9 billion in facilities at a US Steel Plant. This move comes after announcing last year that?Hyundai Motor Group and its 'parent company Hyundai Steel would invest in a steel plant with a?capacity of 2.7 million tonnes per annum?in Louisiana, United States. Hyundai Motor Group had also signed a Memorandum of Understanding with South Korean steelmaker Posco Holdings to cooperate on the planned US Steel Plant. Hyundai Steel USA is the sole owner of Hyundai Steel Louisiana LLC, a U.S.-based Hyundai Steel subsidiary. Hyundai Steel?said that it plans to finance its total?investment?of $5.8 billion by $2.9 billion of equity and $2.9 million in external borrowing.?This means that the equity ownership? will consist of Hyundai Steel USA Corporation with a %50 stake, POS Louisiana Inc with a %20 stake, and Hyundai Motor America, Kia America, with a %15 each.
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UN report: Islamic State-linked militants killed 22 in eastern Congo
According to a U.N. internal report and civil society leaders in the area, Islamic State-linked militants have killed at least 22 civilians in a village early Sunday morning in eastern Congo's Ituri province. This is the latest of a series deadly attacks in this region. According to the U.N. report, assailants attacked Apakolu in Ituri Province's Irumu Territory, around 4 am GMT Sunday, approximately 25 km (15 miles), northwest of Eringeti, and kidnapped an unknown number?of people. Christophe Munyanderu is the head of CRDH (the local rights group), based in Irumu. He said 25 civilians were killed. 15 men's bodies were discovered inside a home and 7 others 'along a highway. The attackers have been identified as being members of the Allied Democratic Forces (ADF), an armed Ugandan group active in eastern Congo, which is?recognised as an affiliate by Islamic State. According to the U.N. report, the attack on Apakolu took place two days after ADF soldiers attacked the village of Kazaraho where they clashed against the army and local militias. Islamic State claimed responsibility and abducted and murdered three Christians in Kazaraho. TWO SOLDIERS KILLED BY SEPARATE ATTEMPT Local officials reported that in a separate incident on Saturday night, ADF fighters burned houses, shops, and a Catholic Church, in the village of Musengo, located within Lubero territory. Colonel Alain Kiwewa is the administrator of Lubero Territory. He told reporters that two Congolese soldiers died during the response by the army. He said 14 houses, the local health center and a part of the Church were destroyed. In a series of statements released by SITE Intelligence Group on Monday, Islamic State claimed responsibility in a number of attacks that took place between 23-26 January in the Ituri and Lubero regions. The group claimed to have killed 35 people including two Congolese troops and set fire to twenty houses and two barracks. The ADF's attacks continue in the entire region, despite the efforts of the Congolese army and Ugandan troops. According to a U.N. report published last week, the ADF was responsible for 138 deaths in eastern Congo during November. This makes them one of the most deadly armed groups in the region. Reporting by Ange Aihe Kasongo, Congo Newsroom and Clement Bonnerot. Editing by Robbie Corey Boulet and Ros Russell.
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Shares of USA Rare Earths surge after Trump Administration investment report
USA Rare Earth shares jumped up to 62% on Monday in premarket trading after reports that the Trump administration would take a 10% stake as part of a $1.6billion debt-and equity investment package. Sources who were briefed about the plans over the weekend said that the deal and a separate $1 billion private investment would be announced on Monday. The company will also host a conference call in the morning with investors to discuss terms. According to LSEG data, a 10% stake would?make administration the largest shareholder in the company. USA Rare Earth is developing a mine with Texas Mineral Resources in Sierra Blanca (Texas) that will open by 2028. The company has a magnet production facility in Stillwater Oklahoma that is slated to open later this year. The Trump?administration has been working to increase its presence in critical minerals, and this deal is the latest step in that effort. Last year, it acquired equity stakes in MP Materials Lithium Americas, and Trilogy Metals. Last month, a senior Trump official stated that the administration is planning to make more "historic deals" in the U.S. Mining sector. Rare earths are a grouping of 17 'elements'. They are also used to make magnets that are found in many products, including iPhones, washing machines, F-35 fighter jets, electric vehicles, medical devices, and military systems. The shares of rare earths miners soared in 2025 due to tight global supplies, and the race to secure domestic critical minerals to reduce reliance on China. Trump's recent gambit to buy resources-rich Greenland fueled gains in this year. Shares of USA Rare Earth rose 38.5% last before the bell to position the stock for a further increase in its rise of more than 100% so far this January. Shares of Trilogy Metals (U.S. listed), Lithium Americas (U.S. listed) and MP Materials (U.S. listed) also increased between 5% to 12.4%. (Reporting by Shashwat Chauhan in Bengaluru; Editing by Shilpi Majumdar)
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Gold miners' shares soar as bullion price reaches record high of $5,100/oz
Gold miners' shares jumped on Monday in premarket trade as bullion prices surged to record highs of $5,100 per ounce. This extended a historic rally driven by safe-haven demand amid market volatility and geopolitical uncertainty. Gold's annual rise of 64% is the highest since 1979. This was a result of U.S. monetary policy ease, central?bank purchases and investors flowing into ETFs to hedge against macro-uncertainty and global policy risks. Gold is a non-yielding asset that benefits from a low interest rate and an uncertain economic environment. Bullion prices have risen by more than 18% in the past year. Gold prices are typically higher, which boosts revenues, margins and cash flow. It also strengthens balance sheets and cash flows, giving companies more money to fund dividends, expansion or debt reduction. Newmont, the top miner, rose by 4.4%. Shares of Barrick Mining listed in the U.S. climbed by 3.8%. U.S. listed shares of South African miner?Gold Fields, AngloGold Ashanti Harmony Gold, and Sibanye Stillwater rose between?nearly 2 and 4.3%. Gold prices have been on the rise due to expectations that the U.S. could cut interest rates in 2026. The U.S. listed shares of Canadian mining companies Agnico Eagle and Kinross Gold each rose 4%. (Reporting and editing by Maju Samuel in Bengaluru, with Pooja menon from Bengaluru)
China opens up its commodity futures market to foreigners
China's securities regulator announced that foreign investors can now trade an additional 14 options and futures products, giving them access to two major Chinese commodity exchanges.
The Shanghai Futures Exchange opened its doors to foreign investors. Prior to this, both exchanges were closed to foreign investors.
The regulator announced in a statement on Friday that other contracts included petrochemicals listed on the Zhengzhou Commodity Exchange?and three energy options and metals listed on the Shanghai international Energy Exchange?.
China is the largest consumer of commodities in the world. It has been eager to use the yuan more and increase the financial power of its country. Many of the world's largest exchanges, however, are located overseas where benchmark prices are set.
Shanghai Futures Exchange, in particular, has been wanting to offer more international contracts to boost their global presence and to?challenge foreign benchmarks' dominance.
Sources also claim that China will offer yuan denominated LNG futures contracts on its domestically listed exchanges as early as next month.
John Browning of the Hong -Kong based broker BANDS Financial wrote in a client note that "metals traders can rest assured" that further RMB internationalisation will lead to a greater opening.
Browning predicted a gradual opening of access to copper, aluminium?zinc, tin and lead contracts on the Shanghai Futures Exchange. (Reporting from Lewis Jackson and Dylan Duan, in Shanghai; Additional reporting from Shi Bu, Ethan Wang, and Ryan Woo in Beijing. Editing by Edwinn Gibbs).
(source: Reuters)