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Kazakh miner Solidcore expects a gold rally to offset production decline
Solidcore Resources, a Kazakh gold miner, expects that high gold prices will offset a large part of the production decline due to sanctions related disruptions in concentrate shipments into Russia. The gold price has risen by about 40% in the past year. It reached a record-high of $3,673.95 per ounce, last week, on expectations that the U.S. will soon cut interest rates. Solidcore, previously Polymetal International sold its Russian assets after the U.S. imposed sanctions on its business in Russia. However, it continues to send gold concentrator to Russia to be processed with U.S. approval. The company's profit nearly doubled in 2024 due to high gold prices, but sanctions against concentrate deliveries to Russia caused a 58% decline in the first six months of the year. Vitaly Nesis, CEO of the company, said that the situation had improved significantly in July and August. The company also plans to reduce its inventory in the first quarter 2026. The gold price in 2025 will offset the downward revision of 11% to the production forecast. He said that the gold price rise this year is not sustainable. He said, "I believe there will be a decline." "I wouldn’t be surprised (if the price of gold drops to $3.200 by the year's end). Solidcore, the second largest gold miner of Kazakhstan, has postponed previously discussed acquisitions in Central Asia. These were not likely to be completed this year. "Both deals are not in good shape, if they're not totally off." The gold price has risen, as have sellers' expectations. We are not ready to raise our offer significantly yet. Solidcore will continue to process gold concentrate in Russia under an agreement toll at the Amursk Pressure Oxidation Plant until Solidcore launches its own Ertis plant scheduled for 2028. Nesis stated that the company expected to reach an agreement in the first quarter 2026 with international institutions to secure $500-$600m in project funding for the Ertis facility. The deal could be finalized by the second quarter. (Editing by Gleb Brnski and Jan Harvey).
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Gold reaches record highs as yields and dollar ease. Focus on Fed meeting
The price of gold rose to a record high on Monday. This was largely due to a weaker dollar and lower Treasury yields. Investors were positioning themselves ahead of an important Federal Reserve meeting that will take place this week, which could set the tone of the rest of the calendar year. As of 1151 am EDT (1551 GMT), spot gold was up by 0.9%, at $3,674.09 an ounce, after reaching a session high of $3674.63 in the earlier part of the session. Bullion rose about 1.6% in the past week. U.S. Gold Futures for December Delivery were up 0.7% to $3,712.70. The dollar index dropped to its lowest level in a week, which made gold more appealing for holders of other currencies, while the yield on the benchmark 10-year Treasury note edged down. According to CME's FedWatch, markets are almost certain that the Fed will announce a 25 basis-point rate reduction on Wednesday. This is the first cut since December. However, some investors still hope for a 50-basis point move. Peter Grant, senior metals analyst at Zaner Metals and vice president, said that the expectation of a rate cut of 25 basis points is largely baked in at this stage. He added that one or two rate cuts could occur before the end year. In a low-interest rate environment, non-yielding gold bullion is often considered to be a safe haven asset in times of uncertainty. Grant said that the $3,700 level is the next important target. Other levels to watch in the near term include $3,730, $3,743, and $3,730. The Fed is under unusual pressure as a result of a leadership dispute, and Donald Trump's push for more influence over policy. The Senate also opened the door for Trump's economist Stephen Miran, to join the committee that sets rates in time to vote Wednesday. The Fed is on track to reduce rates, as recent data shows that the U.S. consumer price index rose in August at its fastest rate in seven months. Other than that, silver spot was up by 1% to $42.59 an ounce. Platinum gained 0.5%, to $1.397.80, and palladium fell 1.4%, to $1.181.09. (Reporting from Anushree mukherjee in Bengaluru and Sherin Elizabeth varghese). Emelia Sithole Matarise and Mark Potter edited the story.
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India's highest court-appointed panel clears Ambani's son's Wildlife Centre of wrongdoing
The Supreme Court of India announced on Monday that a wildlife rescue center run by a philanthropic branch of Mukesh Ambani’s group was cleared of accusations of animal mistreatment and illegal acquisition. It cited findings of a committee appointed by the court. In August, India’s top court appointed an investigation team to investigate complaints by non-profits and wildlife groups alleging mistreatment of animals at Vantara. Questions were raised about how the animals had been brought to the centre. The court ruled that the evidence does not support the claims of abuse or illegal acquisition. Vantara, a project led by Anant Ambani - the son of the billionaire - is located in the western Gujarat state. It's a major undertaking for the Reliance Foundation as well as the Ambani Family. The facility, which claims to house more than 150,000 animals of more than 2,000 different species, says its 998-acre 404-hectare elephant welfare trust is world's largest facility for rescued eagles. The Supreme Court stated on Monday that the SIT's investigation had covered allegations related animal acquisition, smuggling and welfare, conservation, breeding climate suitability, financial misconduct but found no violations of wildlife rules. The SIT report and the order of the Supreme Court have shown that doubts and accusations raised against Vantara’s animal welfare mission are without basis. Vantara released a statement. Nishit Navin, Bengaluru (Reporting; Pooja Deai, editing)
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Goldman T. Rowe will sell co-branded alternatives investments to wealthy clients by the end of the year
Goldman Sachs, T. Rowe Price and other asset managers, who announced their partnership this month, will offer new alternative investments to wealthy clients before the end of the calendar year. This plan follows an executive order issued by Donald Trump that broadened the access to 401(k), retirement accounts for alternative investments, such as private equity, private credit and others. This move could allow private asset managers to access about $9 trillion in 401(k), or retirement, accounts. Goldman and T. Rowe have recently signed a deal where Goldman becomes a shareholder of the asset manager. The stake could be up to $1 billion. Both companies will offer retail investors products in partnership. T. Rowe is responsible for managing $1.6 trillion of which approximately $1 trillion is related to retirement. T. Rowe CEO Rob Sharps said in an interview that the alternatives would be tailored for different types of customers at the end the year and through the first quarter. Investors like funds that have a specific retirement date. Portfolios will have a small amount invested in alternative assets, and the remainder in liquid and public investments. As the investor approaches retirement, the proportion of alternative assets may decrease. Alternative portfolios combining private credit and equity or equity funds combining private equity with stocks will be available to wealthy clients. These products will initially be available to Goldman T. Rowe and Goldman Sachs clients, but they may be made more widely available. Marc Nachmann is Goldman's director of wealth management and asset management. Analysts warned of risks like lack of transparency and liquidity after the approval of alternative investment in retirement funds. Sharps stated that "new structures can provide an element of liquidity and pricing on a daily basis to give individual investors more comfort." Managers will allocate a limited proportion of funds to alternative investments, with the goal of maximizing returns. Nachmann stated that "it's still early days. Today, investors in alternative investments are mostly large institutions such as endowments and high-net worth individuals." Sharps stated that alternative investments could reach 10% to 20% in retirement accounts over the long-term. Sharps and Goldman's President John Waldron began the initial talks for the deal a year before, talking about convergence in markets and the growth of private assets. Sharps stated that the companies have had a long-standing relationship and that substantive talks about the deal began early this summer. (Reporting and editing by Lananh Nguyen, Sharon Singleton and Lananh Nguyen)
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India's highest court-appointed panel clears Ambani's son's Wildlife Centre of wrongdoing
The Supreme Court of India announced on Monday that a wildlife rescue center run by the philanthropic branch of Mukesh Ambani’s group was cleared of accusations of animal mistreatment and illegal acquisition. This conclusion was based on findings of a committee appointed by the court. In August, India’s top court appointed an investigation team to investigate complaints by non-profit groups and wildlife organizations alleging animal abuse at Vantara. Questions were raised about how the animals had been brought to the centre. The court has ruled that the evidence does not support the claims of abuse or illegal acquisition. Vantara, a project led by Anant Ambani - the son of the billionaire - is located in the western Gujarat state. It's a major undertaking for the Reliance Foundation as well as the Ambani Family. The facility, which claims to house more than 150,000 animals of more than 2,000 different species, says its 998-acre (408 hectares), elephant welfare trust is world's largest facility for rescued eagles. The Supreme Court stated on Monday that the SIT's investigation had covered allegations relating to animal acquisition, smuggling and welfare, conservation, breeding climate suitability, financial misconduct but found no violations of wildlife rules. The SIT report and the order of the Supreme Court have shown that doubts and accusations raised against Vantara’s animal welfare mission are without basis. Vantara released a statement. Nishit Navin, Bengaluru (Reporting; Pooja Deai, editing)
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UN restricts staff at COP30 Climate Summit over Accommodation Concerns
The United Nations has asked its staff to limit their attendance at the COP30 Climate Summit in Brazil, which will take place in November. Meanwhile, government delegations continue to scramble to find hotels within their budgets. As delegations become increasingly concerned over the rising cost of accommodation, the city of Belem on the coast of the Amazon is hosting the COP30. Brazil is working on nearly doubling the number of hotel beds available, but rising prices have led some governments to call for a relocation of the COP30 conference. Brazilian officials, however, have refused. In a UNFCCC document, Simon Stiell, executive secretary of the U.N. Climate Secretariat (UNFCCC), said: "In light of the capacity limitations in Belem I would like to request that heads United Nations system, special agencies and other organizations review the number of their delegations and reduce it where possible." A Brazilian spokesperson who is in charge of the COP30 presidency has not responded to a comment request immediately. The UNFCCC didn't issue such a demand ahead of the U.N. Climate Summit in Baku, Azerbaijan last year. The annual U.N. Summit will bring together nearly every government to discuss efforts to combat climate change. The prices of accommodation in Belem have increased dramatically due to a lack of rooms. Developing countries are unable to afford them. According to the official summary of the meeting that was seen by, at a meeting between representatives of countries and U.N. officials held last month, UNFCCC requested Brazil to subvention hotel rates so that rooms would be available for $100 per night for delegates of the poorest countries in the world and for $400-$500 for all other countries. Miriam Belchior told journalists that Brazil had already incurred significant costs in hosting COP30, and couldn't provide any more subsidies. Brazil offered rooms to poorer countries at a maximum of $200 per night. This week, representatives of the U.N. and countries will meet to discuss the accommodations for COP30. Reporting by Kate Abnett. Additional reporting by Lisandra Paraguassu. Mark Potter (Editing)
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Exxon offers auto-voting as a counter to shareholder activism
Exxon Mobil has introduced a shareholder voting mechanism unique to the company. This will allow retail investors vote automatically in accordance with board recommendations at annual meetings. This could help Exxon Mobil, which is the largest oil producer in America, avoid activist campaigns. In a letter sent on Monday, the U.S. Securities and Exchange Commission stated that it wouldn't object to Exxon's plan as long as they met certain conditions. These included reminding investors who have opted in to the mechanism of their participation every year. The SEC response may encourage other companies to follow. Exxon has been fighting back against activists aggressively in recent years. It could gain more support by its large retail shareholder base, who vote for the board overwhelmingly despite their lower participation rates. Individual investors "lack the access to many services that allow institutional investors to vote quickly and easily." Exxon stated that activist groups exploited this gap in order to promote political goals and undermine shareholder value. Exxon announced in a press release that retail investors would be informed by their brokers in the coming weeks about a program where they could vote their shares according to management recommendations. Investors can manually vote according to the instructions provided in the proxy material if they change their mind. Exxon claims to be the first U.S. firm to offer this option. The company stated that it was time to "level the playing field" as a matter fairness. Exxon reported that individuals hold nearly 40% of company shares, but only a quarter vote during the proxy season. They support the board in the majority, however. Most large U.S. corporations are owned by retail investors, who hold around 30%. When companies are facing close board elections, or when campaigns for shareholder resolutions with ideological overtones are underway, they become a highly sought after pool. Apple and Tesla are the only other U.S. iconic brands that come close to Exxon in terms of retail ownership. FIGHTING BACK AGAINST THE ACTIVISTS Exxon faced several high profile activist shareholder campaigns in recent years tied to climate issues, most notably in the year 2021 when it elected three dissident board members. It continued to sue activist investors Arjuna and Follow This even after they retracted their proposal asking Exxon for a reduction in greenhouse gas emissions. Mark van Baal, founder of Follow This, said in a May 2013 statement that Exxon had attacked the rights of shareholders to make proposals regarding emissions as the cause of climate changes. Exxon’s latest annual meeting, held in May, featured no shareholder resolutions qualifying for voting. This was the first time that Exxon had not allowed resolutions since 1958. Exxon's statement noted that a number top fund managers had created similar options to allow their investors to vote alongside corporate boards. However, the fund firms have also allowed users to choose other policies, such as choices that support climate and social measures. Darren Woods, Exxon's CEO, said that the company was trying to prevent activists from submitting similar proposals year after year. Woods stated, "My opinion is that if you are going to play this game, then we can too." Sheila Dang reported from Houston, and Ross Kerber from Boston. Nathan Crooks edited the story.
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Blackstone buys Pennsylvania power plant for around $1 billion
Blackstone announced on Monday that it had agreed to purchase a natural-gas plant in Western Pennsylvania, for a price of nearly $1 billion. The investment firm is betting on the rising demand for electricity in the United States to power artificial intelligence technology. The U.S. is expected to have a record-high power consumption in 2025. This will be driven by the data centers that use AI and cryptocurrency, as well as increased residential and commercial consumption. Private investment company Ardian will sell the Hill Top Energy Center to Blackstone Energy Transition Partners. The 620 megawatt natural gas power plant started operations in 2021. The Hill Top plant, according to Blackstone executives Bilal Zhu and Mark Khan, is well positioned to support this boom. It said that the deal was a follow-up to Blackstone's July announcement that it would invest more than $25 billion in Pennsylvania's digital infrastructure and energy infrastructure, to power AI. Blackstone announced earlier this year that it would purchase TXNM Energy. an $11.5 billion deal . The asset manager made a similar investment in Virginia's Potomac Energy Center in January. This is a 774 megawatt natural gas-fired power plant. (Reporting from Bengaluru by Sumit Saha; editing by Sahal Muhammad)
How climate modification fuels extreme heat worldwide
Environment change is driving unsafe heat waves throughout the Northern Hemisphere this week and will continue to provide hazardous weather condition for decades to come, research study shows.
It is a worldwide heat wave that we are now suffering. That puts the heat under our choices, said Christiana Figueres, a. previous U.N. climate agency chief.
Here's how climate modification is pushing heat to new extremes.
HOW IS ENVIRONMENT CHANGE DRIVING HEAT?
As the continued burning of fossil fuels launches more. carbon emissions to the atmosphere, the air can trap more heat. from the sun-- causing the typical global temperature to rise. in time.
Already, the global average temperature has risen nearly 1.3. degrees Celsius (2.3 degrees Fahrenheit) given that the start of the. Industrial Revolution, when Western nations began burning coal. and other fossil fuels.
That greater standard suggests climate modification is already making. all heat waves hotter than they would have been without. climatic warming. They are also becoming more frequent. overall-- and more hazardous.
Any substantial heat wave has been made considerably more. most likely and warmer than it otherwise would have been as an outcome. of human-caused environment modification, UCLA climate scientist Daniel. Swain informed reporters earlier this month.
At this moment, that is an almost unimportant declaration to make. because there's so much proof supporting it.
JUST HOW MUCH OF An ELEMENT IS CLIMATE CHANGE?
Beyond international warming, there are other aspects and. conditions that can affect heat waves. Climate systems such as. El Nino or La Nina can have a huge effect, together with regional. circulation patterns.
Land cover can also play a role, with dark surfaces and. built environments tending to get hotter than reflective white. surface areas or than natural systems like forests or wetlands.
To learn exactly just how much climate modification influenced a. particular heat wave, scientists carry out attribution studies.
They have performed hundreds of these research studies over the last. decade by running computer system simulations to compare today's. weather condition systems with how they might have behaved if people had. not altered the environment's chemistry over the last century.
For example, scientists with World Weather condition Attribution have. determined that the hazardous heat throughout South Asia in April. was 45 times more likely to have happened thanks to environment. modification. Throughout that heat wave, thermometers in the northeast. Indian city of Kolkata struck 46 C (115 F)-- a complete 10 degrees. greater than the seasonal average.
WHAT CAN WE ANTICIPATE IN THE NEAR FUTURE?
Even if all carbon emissions were halted today, the world. has actually currently discharged enough to ensure that climate modification will. continue to push temperature levels upward for years.
The world must cut emissions in half from 1995 levels by. 2030-- and to net-zero by 2050-- to have a possibility of keeping the. typical global temperature level increase to around 1.5 C (2.7 F) above. the preindustrial average, according to researchers with the. Intergovernmental Panel on Climate Change.
Rather, worldwide emissions have actually only increased since 1995. The. world is presently on track to reach 2.7 C (4.9 F) by 2100,. blowing past the 1.5 C (2.7 C) limit beyond which scientists. predict devastating and irreparable climate effects.
The reality that millions of people in the United States being. subjected to unprecedented heat waves is a sign of the reality. that we have yet to resolve the worst of climate modification,. Figueres told on Thursday.
(source: Reuters)