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BHP suspends operations and cuts jobs at Australian Coking coal mine
BHP announced on Wednesday that it would suspend operations and eliminate 750 jobs in a Queensland coal mine, which it shares with an affiliate of Mitsubishi. It blamed low prices and high royalties from the state government for its poor returns. BHP Mitsubishi Alliance (BMA), Saraji South, a part of the Saraji Mine Complex will enter a care and maintenance period from November 2025. BHP and Mitsubishi Development, an arm of Mitsubishi Corp., jointly own the mine. The Saraji Complex produced 8,2 million metric tonnes of coking coal during the year ending June 2025. BHP, Mitsubishi Development and BMA Asset President Adam Lancey made a statement saying that they did not want operations to be halted or jobs to be lost. However, these decisions were necessary due to the combined impact on the Queensland Government’s unsustainable coal royalty rates and the market conditions. BHP stated that while the medium-term demand for hard coking coal is strong, it was not feasible to continue operations in areas with lower margins of the mine footprint under the current conditions. Queensland will increase royalties to 20% in July 2022 for coal prices above A$175 ($117). 30% for prices above A$225. And 40% for prices exceeding A$300. Prior to July 2022, the top tier of royalty rates was 15% on coal prices above A$150 per ton. The price of coking coal has normalized, trading last at $188.80. Prices for the commodity, which had soared to over $600 per ton after Russia invaded Ukraine in 2022, have now returned back down. BMA, the largest private employer in central Queensland, paid out more than A$6.4billion to its suppliers in fiscal year 2025.
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Dundee's Ecuador Mine Project protested by tens of thousands near a key water reserve
Residents and local leaders from Ecuador's central Azuay Province took to the streets Tuesday to call for the suspension of an mining project by Canada’s Dundee Precious Metals. They claim that the project will have a negative impact on a crucial water reserve. Dundee had been granted an environmental permit by the government of President Daniel Noboa to begin construction of the Loma Larga Gold Mine there. However, as the community's pressure grew, the country’s energy minister suspended construction in August until Dundee provided an environmental management plan. Provincial authorities rejected the project because it would affect the 3,200-hectare Quimsacocha Reserve and the surrounding paramos, which act as giant sponges to supply drinking water for major cities. The authorities estimated that more than 90,000 people marched through the provincial capital Cuenca, chanting, "Hands Off Quimsacocha!" Water is more valuable than anything! Cuenca mayor Cristian Zamora stated, "We want to the national government revoke the environment license." "The streets are roaring in Cuenca... they will need to listen to us." Dundee refused to comment on protestors' demands. Ecuador has significant gold and cobalt reserves. However, only two mines operate in the country. These are owned by Lundin Gold, a Canadian mining company, and EcuaCorriente by a Chinese mining group. Noboa has withdrawn from the project and said that the responsibility for the next steps lies with local authorities. In a Friday radio interview, he stated that "the municipality and prefecture have to take responsibility" if Dundee took them to arbitration court. There is a high probability that the project won't go forward, but there is also an increased probability of future problems. In Ecuador, the relative lack of mining project is due to strong community opposition and environmental concerns. Residents of Azuay have rejected mining plans at the polls and the courts have ruled to stop mining in the area. (Reporting and writing by Alexandra Valencia, Editing by Richard Chang).
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IAEA says shelling reported near Ukraine's Zaporizhzhia nuclear plant
The International Atomic Energy Agency reported on Tuesday that its team, based at the Russian-controlled Zaporizhzhia Nuclear Power Plant in the southeast Ukraine, heard shelling near the plant and saw black smoke rising out of three locations nearby. IAEA released a statement saying that the team of the U.N. nuclear watchdog had been informed that several artillery shells were fired in an area 400 meters (437 yards), away from its offsite diesel fuel storage facility. The incident, which did not result in any injuries or damage to equipment, once again highlighted the dangers that nuclear security and safety face. IAEA Director-General Rafael Grossi stated. Officials from Russia and Ukraine have not made any statements about the incident. In the first few weeks following the Russian invasion of Ukraine in February 2022, Russian forces captured the Zaporizhzhia Nuclear Plant, Europe's biggest with six reactors. Both sides accuse each other routinely of taking actions that threaten nuclear safety at the facility. Shelling incidents are frequent. Although the reactors of the plant are off, they still need to cool down their nuclear fuel. A governor appointed by Moscow in Ukraine's Zaporizhzhia Region said last week that a Ukrainian drone was detonated into the air. The staff had reported earlier two attacks on a nearby training centre in the previous week. IAEA monitors are permanently stationed at Ukraine's Zaporizhzhia nuclear plant as well as at Ukraine's other three nuclear plants. (Reporting and editing by Surbhi Misra, Bengaluru.
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Von der Leyen: EU proposes faster phase-out for Russian energy
The European Commission will make a proposal Accelerating the phase-out Ursula von der Leyen, head of the European Union's executive branch, said Tuesday that she was concerned about Russian fossil imports after speaking with U.S. president Barack Obama. Donald Trump Von der Leyen stated that she spoke with Trump about a joint effort to increase economic pressure against Russia by taking additional measures. The U.S., and the European Union, import Russian energy and commodities worth billions of Euros, from liquefied gas to enriched Uranium. Von der Leyen posted a message on the social media platform X saying that "the Commission will present soon its 19th package sanctions, targeting cryptos, banks, and energies." She added, "The Commission will propose accelerating the phase-out Russian fossil imports." The bloc originally intended to stop purchasing Russian oil and gas on January 1, 2028. The U.S. increased pressure on Europe to take a stronger role in ending Russia's conflict in Ukraine. Trump told the EU that it should impose tough tariffs on India, China and other major buyers of Russian oil and cease importing Russian energy. U.S. Treasury Sec. Scott Bessent Has said The Trump administration will not impose any additional duties on Chinese products to stop China from buying Russian oil until the EU countries have imposed their own punitive duties against China and India. Reporting by Ananya Palyekar in Bengaluru; Lili Bayer, Julia Payne and Leslie Adler in Brussels. Editing by Leslie Adler, Marguerita Chy and Marguerita Adler.
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Climate-conscious investors are unlikely to support Trump's decision to stop quarterly reporting
Donald Trump's call to abandon quarterly corporate reporting received cautious support from an unexpected source: international investors who are pushing businesses to focus more on sustainability issues over the long term, and many of whom have been lambasted by Trump. Trump called on companies to switch to six-monthly reports, joining the ranks of other business leaders such as Warren Buffett, Berkshire Hathaway chair, and Jamie Dimon, CEO of JPMorgan, who have previously argued that short-termism is bad for the economy. Abandoning quarter-by-quarter reporting would allow the largest economy in the world and its deepest capital markets to join the global movement away from this practice. It could also help investors who are pushing boards to take action on climate change, which is set to have a greater impact on corporate value. "Responsible investors have never advocated quarterly reporting because it encourages a greater focus of trading and less good ownership," David Pitt-Watson said, corporate governance expert at Cambridge University Judge Business School. Trump has been attacking sustainability issues since the beginning of his second term in office earlier this year. This includes a decision to scrap a rule which would have forced companies to disclose data related to climate change. Many investors in Europe, and other parts of the world, want to see these data. "We want companies to consider the material impact of their strategies on a long-term view and plan accordingly to mitigate any sustainability-related risks, so if moving away from quarterly reporting can help achieve this without impacting transparency and disclosure then it could be positive," said Nick Duncan, Sustainable Investment director at investor Aberdeen, which manages more than 500 billion pounds ($682 billion). "Especially if the reduced quarterly reporting burden encouraged companies to maintain or enhance the current level of sustainability-related reporting." He added that the move was a win for investors, as it reduced the time spent by companies in the 'closed' period before results, which is usually a month. Changes to the securities laws that date back decades could be a game changer for the largest capital market in the world, where over 4,000 companies trade publicly with a market capitalisation totaling more than $60 trillion. Investors in the EU, Britain, Australia and New Zealand, as well as Hong Kong, have been dealing with companies' six-monthly reports for many years. China, the largest equity market outside the U.S. still requires it by law, although local stock exchanges in countries like Japan and Germany continue to require it as a requirement for listing or listing on the Premium Market. Andrew Ninian, Director of Stewardship Risk and Tax, The Investment Association (the UK trade body for investment industry), said that the UK had made the switch to interims over a decade earlier. The companies have more flexibility now that they are not required to report quarterly. They can focus on their long-term investments, strategies and reporting instead of managing short-term targets. Investors cautioned that action was needed to strengthen investor protections. Hayley Grafton is a Senior Sustainable Investment Analyst at UK investor Edentree Investment Management. She said: "While semi-annual reporting may work in certain countries such as the UK or Australia, the U.S. context presents a more difficult challenge due to structural differences." Profit warnings are one example of a potential gap. She said that in Britain they are considered regulatory disclosures, while in the U.S. they are not required and can be withheld. The U.S. does not have a similar system to Australia's, which requires companies to provide constant disclosure of material information, and to publish trading updates when performance diverges from the guidance. Pitt-Watson said that despite the need for safeguards – Grafton added that this included monitoring the impact of transparency and capital costs – the move could benefit sustainability investors. As Trump said, the first has knock-on effect distracting management. A move to a half-yearly report might help support long-term management that adds value. "I think most of us agree that this is a positive thing." $1 = 0.7324 pounds (Reporting and Editing by Margueritachoy)
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Trump receives unlikely support from climate-conscious Investors
Donald Trump's call to abandon quarterly corporate reporting received cautious support from an unexpected source: international investors who are pushing businesses to focus more on sustainability issues over the long term, and many of whom have been lambasted by Trump. Trump called on companies to switch to six-monthly reports, joining the ranks of other business leaders such as Warren Buffett, Berkshire Hathaway chair, and Jamie Dimon, CEO of JPMorgan, who have previously argued that short-termism is bad for the economy. Abandoning quarter-by-quarter reporting would allow the largest economy in the world and its deepest capital markets to join the global movement away from this practice. It could also help investors who are pushing boards to take action on climate change, which is set to have a greater impact on corporate value. "Responsible investors have never advocated quarterly reporting because it encourages a greater focus of trading and less good ownership," David Pitt-Watson said, corporate governance expert at Cambridge University Judge Business School. Trump has been attacking sustainability issues since the beginning of his second term in office earlier this year. This includes a decision to scrap a rule which would have forced companies to disclose data related to climate change. Many investors in Europe, and other parts of the world, want to see these data. "We want companies to consider the material impact of their strategies on a long-term view and plan accordingly to mitigate any sustainability-related risks, so if moving away from quarterly reporting can help achieve this without impacting transparency and disclosure then it could be positive," said Nick Duncan, Sustainable Investment director at investor Aberdeen, which manages more than 500 billion pounds ($682 billion). "Especially if the reduced quarterly reporting burden encouraged companies to maintain or enhance the current level of sustainability-related reporting." He added that the move was a win for investors, as it reduced the time spent by companies in the 'closed' period before results, which is usually a month. Changes to the securities laws that date back decades could be a game changer for the largest capital market in the world, where over 4,000 companies trade publicly with a market capitalisation totaling more than $60 trillion. Investors in the EU, Britain, Australia and New Zealand, as well as Hong Kong, have been dealing with companies' six-monthly reports for many years. China, the largest equity market outside the U.S. still requires it by law, although local stock exchanges in countries like Japan and Germany continue to require it as a requirement for listing or listing on the Premium Market. Andrew Ninian, Director of Stewardship Risk and Tax, The Investment Association (the UK trade body for investment industry), said that the UK had made the switch to interims over a decade earlier. The companies have more flexibility now that they are not required to report quarterly. They can focus on their long-term investments, strategies and reporting instead of managing short-term targets. Investors cautioned that action was needed to strengthen investor protections. Hayley Grafton is a Senior Sustainable Investment Analyst at UK investor Edentree Investment Management. She said: "Although reporting semi-annually works in certain countries such as the UK or Australia, the U.S. context presents more challenges due to structural differences." Profit warnings are one example of a potential gap. She said that in Britain they are considered regulatory disclosures, while in the U.S. they are not required and can be withheld. The U.S. does not have a similar system to Australia's, which requires companies to provide continuous disclosures of material information, and to publish trading updates when performance diverges from the guidance. Pitt-Watson stated that despite the need for safeguards which Grafton added included monitoring the impact on the transparency and cost of capital. As Trump said, the first has knock-on effect distracting management. A move to a half-yearly report might help support long-term management that adds value. "I think most of us agree that this is a positive thing. $1 = 0.7324 pounds (Reporting and Editing by Margueritachoy)
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Argentina's Milei will partially privatize the nuclear power plant operator
His spokesperson announced on Tuesday that the Argentine president Javier Milei would sign a decree aimed to partially privatize the company responsible for three nuclear power plants in operation. The libertarian leader is continuing his pledges to reduce the size of state. Manuel Adorni, a spokesperson for the Milei administration, told a news conference that the administration plans to sell 44 percent of Nucleoelectrica Argentina, which operates Atucha I and Atucha II power plants as well as Embalse, in an international public auction. He added that the state would keep a 51% share in the company, and also set up a program of joint ownership for up to 5%. Adorni reiterated that the South American nation's state-run businesses are all subject to privatization. Milei was elected in December 2023, promising to reduce spending to bring the public finances into balance and to tame an annual inflation rate that reached triple digits. In a separate announcement, the government stated that private investments were crucial to increasing access to capital and diversifying risks as well as ensuring the continuation of NA-SA operations in an efficient and competitive manner. A group of workers from Argentina's National Commission for Atomic Energy and Nuclear Activity has criticized the decision. They claim that the government should be in a position to oversee the development and safety nuclear energy and that partial privatization will result in higher electricity prices. In a press release, it stated that privatizing NA-SA would not improve the lives of people, but instead encourage citizens to pay the difference in order to boost the profits of a private firm.
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In court, creditors scrutinize Elliott affiliate’s bid for Citgo parent
The creditors lining up to receive proceeds from an auction of Citgo Petroleum parent PDV Holding in a U.S. Court began the examination process in front of experts, advisors, and an executive of Elliott Investment Management whose subsidiary Amber Energy emerged as the winner of the bidding round. Amber Energy's bid of $5.9 billion for Citgo parent PDV Holding, recommended by a court official last month as the winner of the auction to compensate 15 creditors due to debt defaults and expropriations from Venezuela. The bid is defined by a $2.1billion payment agreement with holders a defaulted PDVSA bond that was collateralized using Citgo equity. Gold Reserve, junior creditors, and Venezuela objected to the choice, arguing that bondholders must first win an independent New York court case regarding the validity of notes before they can claim compensation. The Delaware court, as part of an 8-year case, has been trying to complete the auction for shares of PDV Holding since last year in order to satisfy claims of up to $19 Billion from debt defaults or expropriations made against Venezuela, its ultimate owner. Delaware Judge Leonard Stark said on Monday that he would decide the winner of the auction after the hearing which will continue through Thursday or next month, if the court set a new date to hear more arguments. Amber's bid last year was not accepted by the creditors. The court changed the structure of the auction this year and organized two new rounds. In the final stages of the auction, the resolution of parallel legal cases involving the same assets prompted improved bids. Michael Turkel, Elliott's lawyer, told the court that "we probably learned our lesson in respect to the Amber bid." We didn't realize the necessity and importance of interacting with the writholders and understanding how our bid could not only be a purchase for us but also a solution for them. Lawyers asked whether Amber's bid and the pact it had with bondholders would still stand even if the New York case was lost. William Hiltz said that, if the bondholders won their case, Amber’s bid will move forward. He added that if they lose, the court can still move forward with Amber's offer or begin a rapid re-bidding procedure. Amber declined to make a comment. The parties also discussed the challenges of obtaining antitrust clearance, and inquired about Elliott's involvement in rival energy companies including Phillips 66. This year, a conflict of interest alleged by Elliott was raised following its acquisition of a stake at the U.S. refining company. (Reporting and editing by Nathan Crooks, Matthew Lewis and Marianna Pararaga)
What Trump 2.0 could indicate for trade, migrants, climate change and electric automobiles
Donald Trump's second presidential term might have big implications for U.S. trade policy, climate change, the war in Ukraine, electrical automobiles, Americans' taxes and prohibited immigration.
Trump on Monday vowed to enforce tariffs on the United States' leading 3 trading partners including a 25% tariff on all products from Mexico and Canada and an extra 10% tariff on goods from China.
While a few of his campaign propositions would require congressional approval, here is a summary of the policies he has said he will pursue when he takes office on Jan. 20:
MORE TARIFFS
In his very first significant tariff pledge given that the election, Trump vowed an extra 10% tariff on Chinese items, and said he would provide executive orders on his first day in workplace to charge Mexico and Canada a 25% tariff on all imports from the two U.S. next-door neighbors. Critics state tariffs could cause greater prices for American consumers and international economic instability.
New tariffs would appear to violate the regards to the U.S.-Mexico-Canada Agreement on trade, which Trump signed into law throughout his first term in workplace and took effect in 2020.
He has likewise stated he needs to have the authority to set greater tariffs on countries that have actually put tariffs on U.S. imports. He has threatened to impose a 200% tariff on some imported cars and trucks, saying he is identified in specific to keep cars and trucks from Mexico from entering the country.
However he has actually also recommended that allies such as the European Union could see higher responsibilities on their goods. Trump has targeted China in particular. He proposes phasing out Chinese imports of products such as electronic devices, steel and pharmaceuticals over four years. He seeks to forbid Chinese companies from owning U.S. real estate and facilities in the energy and tech sectors.
Trump has stated tariff is his preferred word and views them as income generators that would help fill government coffers.
MASS DEPORTATIONS
Trump has actually pledged to reinstate his first-term policies targeting prohibited border crossings and to advance with sweeping new constraints.
He has vowed to restrict access to asylum at the U.S.-Mexico border and to embark on the most significant deportation effort in American history, which would likely trigger legal obstacles and opposition from Democrats in Congress.
He has said he will use the National Guard, and, if required, federal soldiers, to accomplish his objective, and he has not ruled out establishing internment camps to process people for deportation.
Trump has stated he would look for to end automatic citizenship for kids born to immigrants, a relocation that would run versus the long-running interpretation of the U.S. Constitution's 14th Amendment.
He has likewise recommended he would withdraw protected legal status for some populations such as Haitians or Venezuelans.
Trump says he will reinstitute the so-called travel ban that restricts entry into the United States of individuals from a. list of mostly Muslim-dominant countries, which stimulated. several legal battles throughout his very first term. A few of Trump's earliest appointments showed an urgency to. follow through on his migration agenda. Trump has named a. border czar, Tom Homan, and will make Stephen Miller, the. architect of his immigration plans, a White Home deputy chief. of staff.
DRILLING AWAY
Trump has actually pledged to increase U.S. production of nonrenewable fuel sources. by alleviating the allowing procedure for drilling on federal land. and would motivate brand-new natural gas pipelines. He has actually stated he. would reauthorize oil drilling in the Arctic National Wildlife. Refuge in Alaska. Trump has pledged to create a National Energy Council to. coordinate policies to enhance U.S. energy production that will be. led by his choice for interior secretary, North Dakota Governor. Doug Burgum.
Whether the oil market follows through and raises. production at a time when oil and gas rates are reasonably low. remains to be seen.
Trump has actually stated he will again pull the United States out of. the Paris Climate Accords, a framework for minimizing worldwide. greenhouse gas emissions, and would support increased nuclear. energy production. He would likewise roll back Democratic President Joe Biden's. electric-vehicle mandates and other policies targeted at minimizing. auto emissions.
He has actually argued that the U.S. requires to be able to boost energy. production to be competitive in establishing synthetic. intelligence systems, which take in large amounts of power.
TAX RELIEF. Along with his trade and energy agendas, Trump has actually assured to. slash federal guidelines that he states limitation job development. He. has actually pledged to keep in place a broad 2017 tax cut that he signed. while in workplace, and his economic team has actually gone over a further. round of specific and corporate tax cuts beyond those enacted. in his very first term.
Trump has actually promised to reduce the business tax rate to 15%. from 21% for companies that make their products in the U.S.
. He has actually said he would seek legislation to end the tax of. tips and overtime incomes to help waiters and other service. employees. He has vowed not to tax or cut Social Security. advantages.
Trump has also said that as president he would pressure the. Federal Reserve to lower rates of interest - however would stop short. of demanding it.
Most, if not all, of his tax proposals would need. congressional action. Budget analysts have actually alerted that the bevy. of tax cuts would swell the federal financial obligation.
GETTING RID OF DIVERSITY PROGRAMS
Trump has vowed to need U.S. colleges and universities. to defend American custom and Western civilization and to. purge them of diversity programs. He said he would direct the. Justice Department to pursue civil rights cases against schools. that take part in racial discrimination.
At K-12 schools, Trump would support programs permitting. parents to use public funds for private or spiritual. instruction.
Trump also wishes to eliminate the federal Department of. Education, and leave states in control of schooling.
NO FEDERAL ABORTION BAN
Trump selected three justices to the U.S. Supreme Court who. became part of the majority that got rid of Roe v. Wade's. constitutional defense for abortion. He likely would continue. to select federal judges who would uphold abortion limitations.
At the exact same time, he has said a federal abortion ban is. unneeded and that the problem ought to be fixed at the state. level. He has actually argued that a six-week restriction favored by some. Republicans is overly harsh and that any legislation should. include exceptions for rape, incest and the health of the. mom.
Trump has actually suggested he would not seek to restrict access to the. abortion drug mifepristone after the U.S. Supreme Court rejected. a challenge to the federal government's approach to controling it.
He supports policies that advance in vitro. fertilization (IVF), birth control and prenatal care.
A PUSH TO END WARS. Trump has been vital of U.S. support for Ukraine in its war. with Russia, and has stated he might end the war in 24 hours if. elected - although he has not said how he would achieve this.
He has actually recommended Ukraine might need to yield a few of its. area if a peace offer is to be struck, a concept Ukraine has. regularly declined. Trump's choice for his nationwide security consultant, U.S. Agent Michael Waltz, was important of the Biden. administration's decision in November to enable Ukraine to utilize. U.S.-provided rockets to strike within Russian territory.
Trump has likewise stated that under his presidency the U.S. would. fundamentally reassess NATO's function and NATO's mission.
Trump named U.S. Senator Marco Rubio, a China hawk, as his. secretary of state, charged with carrying out his foreign policy. goals. Trump has actually backed Israel in its fight versus Hamas in Gaza but. has prompted it to wrap up its offensive. He can be anticipated to. continue the Biden administration's policy of equipping Israel. At. the exact same time, Trump is likely to promote historic. normalization of relations between Israel and Saudi Arabia, an. effort he made during his 2017-2021 presidency and which Biden. has likewise pursued.
Trump has actually stated if he becomes president, he will stop the. suffering and destruction in Lebanon, however has actually not stated how he. will attain that.
He has recommended building an iron dome - a huge. missile-defense guard comparable to Israel's - over the whole. continental United States.
Trump has likewise floated sending armed forces into Mexico to. fight drug cartels and using the U.S. Navy to form a blockade. of that nation to stop the smuggling of fentanyl and its. precursors. His shift group has been drawing up lists of potential. high-ranking U.S. military officers to fire as part of a purge. of the Pentagon of those thought to be disloyal to Trump.
EXAMINING OPPONENTS, AIDING ALLIES. Trump has vowed at times to use federal law enforcement. companies to examine his political foes, consisting of election. authorities, attorneys and party donors.
Trump tapped previous Florida Chief law officer Pam Bondi as. his U.S. attorney general. Bondi has said those who brought. criminal charges against Trump should have trials of their own,. telling Fox News in 2023 that the district attorneys will be. prosecuted, the bad ones.
Along that line, Trump has stated he will consider appointing. a special prosecutor to probe Biden, though he has actually not defined. the grounds for such an investigation.
And he has actually said he would think about firing a U.S. attorney who. did not follow his instructions - which would constitute a break. with the longstanding U.S. policy of an independent federal law. enforcement device.
Trump has actually stated he will consider pardoning all of those who. have actually been convicted of crimes in connection with the Jan. 6,. 2021, attack on the U.S. Capitol.
In addition to criminal examinations, he has recommended. utilizing the federal government's regulative powers to penalize those he. deem critics, such as tv networks.
PURGING THE FEDERAL BUREAUCRACY
Trump would look for to decimate what he terms the deep state. -- profession federal workers he says are clandestinely pursuing. their own programs-- through an executive order that would. reclassify thousands of workers to enable them to be fired. That. would likely be challenged in court. He has actually said he will establish an independent federal government effectiveness. panel headed by billionaire supporter Elon Musk and previous. governmental prospect Vivek Ramaswamy to root out waste in the. federal government. The federal government already has watchdogs such as. the Office of Management and Budget, and private investigators basic. at federal firms.
Trump would punish federal whistleblowers, who are. usually shielded by law, and would institute an independent. body to keep an eye on U.S. intelligence companies.
(source: Reuters)