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REFILE-Barrick says Newmont deal clears path for North American IPO - Aug. 10
Barrick Mining announced a rise in its?second quarter?profit, boosted by higher bullion price, and reached a $1.95billion deal with Newmont for the settlement of disputes regarding Nevada Gold Mines. Newmont has consented to Barrick’s planned initial public offer of its North American Gold assets, according to the companies. This will pave the way for an IPO Barrick hopes to complete before the end of the year. Barrick is searching for a new chief executive officer to run its business outside North America. CEO Mark 'Hill, set to lead the company's North American unit, has said that he prefers an internal candidate. According to LSEG data, the Canadian gold miner exceeded analysts'?profit estimates of 82 cents. It earned $1.22billion, or 73c per share for the three-month period ended June 30? compared to $811m, or 47c per share a year ago. At 1:00 pm, Barrick shares had fallen 8% at the Toronto Stock Exchange. ET (1800 GMT). Gold miners are under pressure from higher fuel prices as the U.S./Israeli conflict against Iran disrupts oil supplies and keeps energy costs high. Barrick says fuel costs, lower grades and higher royalties have contributed to a 11% increase in gold total-in-sustaining costs. The realized price of gold in the second quarter rose by 34% compared to a year ago, reaching $4,417 an ounce. Gold output, however, remained flat at 796,000 pounds. Barrick said that the higher gold prices were due to lower grade gold processed at its Carlin, Cortez and North Mara gold mines, both in Nevada, and in Tanzania. Fuel costs and royalties increased as a result of the stronger gold price realized, and also a decrease in the quality of the gold. The cost of gold sales for the company rose by?20% to $1.993 per ounce in the second quarter. Gold's total sustaining cost (a key industry indicator of the cost of gold production, including capital expenditures to sustain the gold mine) rose by 11% to reach $1,866 an ounce. NEWMONT -DEAL CLEARS IPO PATH Barrick holds 61.5% of the Nevada Gold Mines joint enterprise and Newmont has 38.5%. Barrick needs Newmont's permission to proceed with its North American spin-off because Newmont holds the right of first refusal in the event Barrick attempts to sell its stake. Barrick and Newmont also had disagreements over Nevada Gold Mines. Barrick's Fourmile project will be transferred to Nevada Gold Mines Joint Venture, and Newmont's Mike and Fiberline projects will be transferred, and Newmont will pay Barrick $1.95bn in cash within 30days. Barrick stated that the agreement would?create an almost 100-million ounce gold complex in Nevada. Barrick's IPO in North America will include Barrick's interests and operatorship in Nevada Gold Mines, Pueblo Viejo and other North American exploration projects, as well as Newmont assets.
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Markets expect key US inflation data
Gold edged up on Tuesday, after reaching a?peak? of more than two months earlier. Market participants are awaiting important U.S. Inflation figures that may influence expectations about the Federal Reserve’s policy. Gold spot was up 0.2% to $4,396.87 an ounce by 11:05 am EDT (1505 GMT) after reaching its highest level in the session since June 5, at $4434.84. U.S. Gold Futures rose 0.8% to $4456.10. The market will be looking at this week's data to confirm that inflation is under control, said Peter Grant, senior metals analyst and vice president of Zaner Metals. He added that a moderated annualized CPI would continue to support gold. After Friday's?weak U.S. July jobs data, markets lowered their bets on the Fed raising rates next month. This led to a 2.4% gain in gold. Grant stated that "gold is still reasonably well bid as of this point, in light of the disappointing jobs data last week which has eroded expectations regarding a rate hike in September." According to the CME FedWatch Tool, traders still price in about a 50 percent chance of a hike in September, and 79% in December. Beth Hammack, the president of the Cleveland Federal Reserve Bank, said that she believed it was the right time to start raising rates slowly to avoid needing to make sharper increases in the future. Gold that does not yield tends to be less attractive in an environment with higher interest rates. Donald Trump, the U.S. president, responded to Tehran's demands for a?peace?deal with his own. He demanded that Iran?pay compensation to those who died in wars, attacks and protests. Oil prices remained near their one-week high. Other metals include spot silver, which fell 1%, to $65.1 an ounce. Platinum eased by 0.1%, to $1.750.50. Palladium dropped 0.7%, to $1.372.75. (Reporting by Sukanya Mitra in Bengaluru. Mark Potter (Editing)
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Stocks rise as oil prices continue to rise in anticipation of a possible US-Iran agreement
The oil prices rose and global stocks were up on Tuesday as traders focused on the negotiations between the United States and Iran on a peace agreement and the reopening of Strait of Hormuz. Gains were tempered by uncertainty over the?global inflation forecast. In an interview with Bloomberg News, Pakistan's defence minister stated that the U.S. is close to a "sort of arrangement" between Iran and Pakistan. The MSCI index of world stocks rose 0.10% to 1,154.40. The escalating tensions between the two countries have been a focus of attention. Oil prices jumped 5% Monday as a result. Donald Trump, the U.S. president, responded to Iranian demands for a deal by imposing his own. He demanded that Iran pay compensation to those who died in wars, protests and attacks, which could complicate efforts to reopen this vital waterway. Brent crude futures are up 5% over the past two days, and the benchmark global price is currently at $87.92. U.S. crude oil gained?0.16% at $82.26. Tony Sycamore is a market analyst for IG. "You can probably see the (oil market) sitting in the $75-$95 range while we wait to see who blinks the first." Wall Street saw the Dow Jones Industrial Average rise 0.03%, to 53,990.87, and the S&P 500 gain 0.09%, to 7,760.26. The Nasdaq Composite fell 0.03%, to 26,597.85. INFLATION DATA The U.S. consumer price report for July will not include the latest rise in energy prices, but it can still be used to set expectations?for September's Federal Reserve Meeting, where money markets indicate a 50% chance of an increase. Jonas Goltermann is the chief market economist at Capital Economics. He said: "We believe that risks are skewed in favor of a hot print. This would likely drive a recovery in rate expectations, and potentially, new worries about stagflation." The yield on the benchmark 10-year U.S. notes dropped 1.38 basis points from 4.698% to 4.684%. The 30-year bond yields fell by 1.02 basis points, to 5.2328%. However, they remained close to the 19-year highs reached in July. The yield on benchmark German Bunds of 10 years fell by 2.52 basis points, to 3.152%. Focus on TECH STOCKS Overnight, 'Nvidia' announced that it had teamed with six major financial institutions, including BlackRock and Apollo, to create a series of funding measures totaling more than $500 billion, for AI infrastructure. The plan did not provide much detail in terms of financial terms, commitments to invest or how $500 billion could fit into existing financing deals. "A small piece of me wondered if this was how it felt when sub-prime loans first became mainstream products - the innovation which ultimately helped trigger the GFC," Sycamore said. Intel, meanwhile, raised $20 billion in a share offering, its first since 1971, when the chipmaker listed. Intel shares fell 0.5% in the last trading session. The yen has been in the spotlight again. The yen was last up 0.4% against the US dollar but it remained below the highs of last week of 155.20. This is after several suspected rounds, including a move by Japan and United States. The holiday season in Japan led to a thinner trading volume than usual. This is often seen as an opportunity for intervention as small trades have a greater impact on price than normal. The dollar index (which measures the greenback versus a basket including the yen, the euro and others) rose by 0.04%, to 99.81. Meanwhile, the euro fell 0.01%, to $1.1541. Gold, which is up 8% this month so far, rose 0.12% on the day to $4,393.69 per ounce. (Rae Wee contributed additional reporting from Singapore; Clarence Fernandez edited the story with Toby Chopra, Kate Mayberry and Nick Zieminski.)
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Argentina's YPF increases investment forecast to $6.2 billion by 2026
YPF, the Argentinean oil company, is planning to invest up to $6.2-billion in 2026. This is higher than its previous estimate of $5.8-billion, said CEO Horacio Martin on Tuesday during a presentation for investors. The executive said that YPF now projects EBITDA (earnings before interest, tax, depreciation, and amortization) of $8 billion for this year. This is a significant jump from the 'previous estimate' of $6 billion. He said that the increase in EBITDA was due to a rise in oil prices. YPF is the leader in the Vaca Muerta Formation, which has the second largest unconventional shale-gas reserve and the fourth-largest shale-oil reserve. YPF reported a net 'profit' of $1.21billion in the second quarter 2026, compared to $58m a year ago. The company cited higher shale shale production, record shale processing levels, and a rise in international prices. The country depends on the formation's growth to 'boost' the country's foreign currency reserves, which are needed to'stabilize its economy, reduce inflation and pay back heavy debts to IMF.
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Markets expect key US inflation data
The price of gold edged up a little bit?on Monday after reaching a'more than two-month high earlier.?Market participants are awaiting important U.S. Inflation figures which could influence expectations about the Federal Reserve policy path. Gold spot was up 0.1% at $4,393.69 an ounce, at 09:37 am EDT (1337 GMT), having hit its highest level in June at $4,434.84. U.S. Gold Futures increased 0.8% to $4453.40. The market is waiting for this week's data on inflation to confirm that the inflation rate is under control, said Peter Grant, vice president and senior metals analyst at Zaner Metals. He added that a moderated annualized CPI would?continue support gold. After the weak U.S. July jobs data, which was released on Friday, led to a reduction in bets on the Fed raising rates next month and a 2.4% gain on gold each day, it is likely that Wednesday's consumer price report as well as Thursday's producer price data will influence monetary policy expectations. Grant stated that "gold is still reasonably well bid as of this point, in light of the disappointing jobs data last week which has eroded expectations regarding a rate increase in September." According to the CME FedWatch Tool, traders still price in a probability of 48% for a hike in September and 78% in December. Beth Hammack, President of the Cleveland Federal Reserve Bank, said that she believed the time was right for a gradual increase in rates to avoid a need for a sharper increase later. Gold that does not yield tends to be less attractive in an environment with higher interest rates. In the geopolitical arena, U.S. president Donald?Trump has responded to Tehran's demands for a peace deal by requesting that Iran pay compensation to those who have died in wars, terrorist attacks, and protests. Oil prices retreated despite signs of progress made in Oman and Iran talks?over shipping via the Strait of?Hormuz, as they were weighed against the ongoing disruption of Middle East energy supplies. Silver spot fell 1.4%, to $64.81 an ounce. Platinum dropped 0.2%, to $1749.51, while palladium declined 1.3%, to $1364.75. (Reporting by Sukanya Mitra in Bengaluru. Mark Potter (Editing)
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Sources say that Russia's Sibur Petrochemical Plant in Western Siberia was shut down after a drone attack.
Three industry sources have confirmed that the Sibur Zapsibneftekhim Petrochemical Complex in Tobolsk (in western Siberia's Tyumen region) was damaged by a drone attack on Monday. Sources said that the plant, Russia's largest liquefied gas plant, was closed indefinitely while the damage and its effects were assessed. Regional Governor Alexander 'Moor' said on Monday that an industrial site had caught fire in the Tyumen area following a drone attack, but he did not name the facility. Sibur declined to comment on an inquiry. The St. Petersburg International Mercantile Exchange has not offered any LPG deliveries from the Tobolsk loading station on Tuesday. In the first half of this year, 4,000 metric tonnes per day were regularly sold from Tobolsk. Zapsibneftekhim, according to industry sources, produces approximately 6 million metric tonnes of?LPG per year, which is about 40% of Russia's total LPG production. About half of the LPG produced at the site is used as feedstock in the petrochemical plant at Sibur Tobolsk.
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South Africa mine dump collapse kills 14 illegal miners, police say
Police said that at least 14 suspected illegal miners were killed and eight injured when a mine-dumping site collapsed on Monday in South Africa's North West Province. Arthur Peter Adams, the provincial police commissioner, said that search and rescue operations are underway for an unknown number of people trapped near Rustenburg. Adams stated that the collapse happened as miners were digging for platinum group metals in a 'disused dump' on a private company site. Lesotho is a country in Southern Africa. The nationality of the deceased has not yet been confirmed. South Africa has been plagued by illegal mining for many decades. It can range from small-scale thefts to operations run by organized criminal networks. Undocumented'miners' often enter abandoned commercial mines in order to extract the remaining deposits. Illegal mining costs the government and mining industries hundreds of millions?of dollars each year as a result of lost sales, taxes and royalties. (Reporting by Siyabonga Sishi. Nilutpal Timsina is reporting from Johannesburg. Alexander Winning, Mark Potter and Mark Potter (Editing)
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Ukrainian prisoners describe torture and sexual abuse they suffered while detained in Russian custody
Former Ukrainian detainees as well as Ukrainian officials have accused Russia of torturing civilian and military?detainees. They also said that they held them incommunicado, subjected them to electric shocks, and sexually abused thousands of people. Russia has rejected the allegations that were made during an informal U.N. Security Council Meeting. Its Deputy U.N. representative Maria Zabolotskaya called it "a campaign of disinformation" and claimed that Russian prisoners held in Ukraine had been subjected "to torture and degradation, and moral and physically abuse." Khuan Levya-Garsiya is still an active member in the Ukrainian military. He claims that his Russian captors tortured him for 1,183 days. "Yes ... "I was tortured," said he to reporters after the U.N. conference. "Anything that you can imagine, which is hurtful or humiliating, could be done to a male, without his consent. You can imagine anything, including verbal abuse, physical abuse and electrocution. All the things that could be done to someone in order to break them mentally. All of it was applied to me, and many of my "comrades." Garsiya told the U.N. meeting that he had been lucky to have survived, but two of his close friends died in Donetsk detention centers. He told the U.N. that prisoners were kept in "overcrowded bars without adequate conditions" where "almost everyone was ill with dysentery," and many of them were starving. He said that guards were targeting him because of his Latino surname, accusing him?of being "a mercenary, and an American spy." Leniie Umerova is a Crimean Tatar activist who was released as part of a prisoner swap in 2024. She said that she had been detained when trying to visit her seriously-ill father in Crimea. She said she was moved through "seven prisons" in a "carousel" of repression and accused Russia for torturing Ukrainians held in captivity. Oleg Gushin, the Coordination Headquarters for the Treatment of Prisoners of War of the Ukrainian Government, said that Ukrainian prisoners are "tortured and killed" while in custody. He claimed that Kyiv identified "more 300 places of detention in Russia and on occupied Ukrainian territory" and while "thousands", if not "thousands", Ukrainians were still in Russian captivity. Volodymyr Pavlichenko, Ukraine's Charged d'Affaires, called for increased international pressure on Russia to hold it accountable for the treatment of its prisoners. "WIDEPREAD AND SYMPATHETIC" U.N. Assistant Secretary-General for Human Rights Claudia Fuentes Julio stated that U.N. monitoring showed "widespread, systematic torture and ill treatment of Ukrainian prisoners-of-war and civilian detainees continues by the Russian Federation Authorities," including sexual violence. Since February 2022 the?U.N. The Office of the United Nations' High Commissioner for Human Rights documented the executions of 129 Ukrainian POWs at the start of their captivity, and the deaths in custody of 48, which resulted?from torture or denial of medical treatment, or from other inhumane detention conditions, she said. She stated that more than 95% Ukrainian prisoners of war interviewed had reported torture or mistreatment. She said that more than half of respondents also reported sexual abuse, such as "rapes, gang-rapes, beatings while nude and beatings on the genitals." She stated that the?U.N. She said the?U.N. Fuentes Julio stated that the OHCHR also documented torture and ill treatment of Russian and foreign nationals held as prisoners of war by Ukraine but on a "fundamentally different scale." She stated that about half of Russians and other third-country detainees interviewed had reported abuse in the initial stages of their captivity. (Reporting and editing by Stephen Coates; David Brunnstrom, Andrea Shalal)
El Mencho's cartel still has power in the US after his death
El Mencho, a Mexican drug kingpin who was killed by the Mexican government is hailed as a major victory against?drug trafficking. It did not do much to stop the cartel's operations in the United States, however, and they will continue to be a major factor in its dominance until Washington takes action on its own soil, according U.S.
In a raid backed by the United States, Mexican special forces killed the elusive drug-lord Nemesio seguera on February 22. This was the largest cartel leader taken down in at least 10 years.
El Mencho’s Jalisco New Generation Cartel retaliated by destroying buildings and blocking roads in Mexico, a frightening display of its territorial reach which grabbed headlines around the world. The cartel has extensive networks on the U.S.-Mexico border that are not as well known but which are vital to its power and profits. These networks allow it to "source military-grade weaponry, smuggle billions in fuel and launder billions in cartel money."
Alamdar Hamdani said that the United States is increasingly important for cartels to flourish, including the Jalisco New Generation Cartel.
Anna Kelly, a White House spokesperson, said that the Trump Administration "has worked closely" with the Mexican Government to "stop the scourge" of drugs and criminals coming into the United States. This cooperation has led to "the elimination of the infamous narcoterrorist "El Mencho." She added that "the president will do everything he can to keep America safe against these vicious criminals, and the drugs which they use to poison America."
MEXICANS CALLS FOR U.S. TAKE MORE ACTION IN THEIR HOMELAND Washington put pressure on Mexico to intensify the fight against cartels ahead of the raid that will take place against the drug lord who was once untouchable. These actions can be risky for Mexico's government, as they could spark a violent wave in a nation where the drug conflict has already claimed tens thousands of lives.
Claudia Sheinbaum, the Mexican president, has escalated her crackdown and renewed calls have been made for the U.S. government to do more at its border.
Sheinbaum's close ally, Alfonso Ramirez Cuellar of the Mexican Congress said: "The United States cannot turn a deaf ear to Mexico's requests any longer."
He said that the U.S. must improve its efforts to combat money laundering, fuel theft, and above all weapons smuggled into Mexico from the U.S.
He said: "We cannot stop drug traffickers as long as the United States allows them to continue strengthening their military capabilities."
In recent years, the U.S. has built and prosecuted hundreds cases related to cartel activity in the U.S. The Trump administration diverted thousands agents last year, including those who specialize in money laundering, guns, and drugs, from these cases to focus on mass deportations. In September, it was reported that the number people charged with money laundering and drug conspiracies had dropped significantly. Vanda Felbab Brown, a security specialist, said that the Trump administration had focused primarily on militarized action?against drug trafficking abroad and hadn't paid as much attention to actions here at home. According to a spokesperson for the U.S. Department of Justice, the administration is "acutely focused" on securing border, prosecuting violent drug traffickers, and deporting all members of cartel network.
The department also cited a number of recent cases, which included high-ranking Jalisco cartel members. The office of Mexico’s president did not respond to comments.
Roberto Velasco is the Undersecretary of the Foreign Ministry for North America. He said that the Mexican government had repeatedly stressed in bilateral meetings and work groups, that the Mexican government's top priority was to stop the arms trade.
He said that while there had been significant progress in controlling this flow, more could be done. "We believe that much more can still be done, to control it and to target networks?in the United States, which facilitate it. This empowers transnational criminal groups," he added.
After El Mencho was killed, we spoke with a dozen current and former U.S. officials and Mexican officials. We also reviewed court documents in 10 recent U.S. cases relating to the cartel. This gave us a better understanding of its U.S. operation.
The report revealed that the activities of the cartel in the United States are crucial to its firepower and profits, and will not be affected by the death of the leader. Reporting also revealed that U.S. professionals and companies - including fuel traders, cell phone retailers and stockbrokers -- are complicit with cartel activity.
Former Mexican diplomat Alexia Bautista said, "There is a lot of integration in the economy - legal and illegal."
CARTELS FIGHT THE MEXICAN MILITARY WITH U.S. CARTELS FIGHT THE MEXICAN MILITARY WITH U.S.
He added that 80% of the 2,300 weapons the Mexican Government has seized in the last two years since Sheinbaum assumed office at the end of 2024 were from the U.S.
According to U.S. authorities and Mexican officials, the Jalisco cartel has become an expert at sourcing heavy military artillery in U.S. gun stores across the nation. According to an investigation, through one of its gun-running network, the cartel acquired guns from more than a 12 states in the U.S., including.50 calibre rifles that can down helicopters and FN SCAR?rifles for U.S. Special Forces.
Although such weapons can be bought legally in the U.S. they become illegal when they enter Mexico due to its strict gun laws.
Why do we dismiss the argument of the Mexicans that we can do better in tackling the gun traffic southbound? Derek Maltz is a former acting administrator of the U.S. Drug Enforcement Administration.
He said that the U.S. must step up its efforts in many areas, including public health programs and mental illness programs.
The Jalisco cartel has the power to smuggle fuel.
The cartels have long been fueled by the insatiable American demand for drugs. While drugs have been the main source of income for the cartels, they've quietly built up a cross-border oil empire worth billions in just a few years. As reported in October, the Jalisco cartel dominates this business. It would not have been possible to expand it without a network that included refiners and fuel traders as well as transport companies, storage facilities and companies involved with transportation. Guadalupe Correa is a professor from George Mason University, who has studied the ways cartels can diversify their sources of income. It's a massive, global business.
According to U.S. authorities and Mexican authorities, the cartel orchestrates a two-version scheme.
Members of cartels in Mexico steal crude oil from Pemex, which is then smuggled over the border and sold to U.S. firms. Shell companies are used by cartel members to purchase diesel and gasoline mainly from U.S. firms. Fuel is disguised in Mexico as other products, and this amounts to a lucrative tax fraud. Sheinbaum confirmed in the past that U.S. businesses were involved with fuel smuggling. Sheinbaum said that it was impossible to explain how fuel from the U.S. enters Mexico illegally.
HUNDREDS OF MILLIONS IN CARTEL-RELATED ASSETS IN U.S.
El Mencho’s son-in law Cristian Gutierrez was arrested late in 2024 in a $1.2 Million house in Riverside, California.
According to court records, Gutierrez who pled to a conspiracy to launder money internationally in June 2025 said that he purchased the five-bedroom house using drug proceeds channeled through an espionage shell company set up to look like it was a tequila manufacturer.
The Jalisco cartel uses real estate as one of many ways to clean its cash in the U.S.
Carlos Olivo is a former DEA Agent who specialized on tracing cartels'?U.S. financial networks. financial networks. He said that the money of the cartel flows through the textile industry, music, agriculture, restaurants, and the U.S. Stock Market.
He said that the United States had cartel money worth hundreds of millions.
A DEA spokesperson responded to questions regarding this story by saying that the cartels used a variety of money-laundering schemes. They "also use trade based money-laundering schemes, cryptocurrency and bulk cash to fund their operation."
Former Mexican diplomat Alejandro Celorio said that he hoped Sheinbaum's choice to pursue the cartel leader who was the most powerful in the country, would inspire the U.S. - to redouble their efforts within its borders.
Celorio stated that the U.S., as the world's largest commercial and military power could investigate more deeply the movement of money and drugs within U.S. soil. Reporting by Laura Gottesdiener, in Monterrey; Stefanie Eschenbacher, in Mexico City; and Sarah Kinosian, in Miami; Additional reporting by Emily Green, in Mexico City. Editing by Claudia Parsons.
(source: Reuters)