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South African mining stocks rise as gold prices reach new records
The miners listed at South Africa's major stock exchange rose sharply on Wednesday. This was boosted by the surge in global gold prices above $4,000 per ounce. Gold Fields, AngloGold Ashanti and Harmony Gold all closed higher than 3% at the Johannesburg Stock Exchange. Due to economic uncertainty and expectations of U.S. rate cuts, gold, which is traditionally viewed as a store for value in times of instability has reached record highs. Annabel Bishop is the chief economist of Investec. She said that the safe-haven status gold enjoys has caused its recent rally. This was due to concerns about the impact of tariffs and the U.S. government shutdown on U.S. economic growth, as well as increased geopolitical tensions. Gold spot was up 1.5% to $4,045 an ounce by 1510 GMT. This brings the gains for this year to 54%. The U.S. Dollar and crude oil have both declined for the year, making it one of the best-performing assets in 2025. The gold's momentum spreads to other precious materials, such as platinum and palladium. This boosts the shares of Johannesburg listed companies that produce these metals, including Sibanye Stillwater which gained 5% Wednesday. Johannesburg Stock Exchange Top-40 Index closed at 1.5%. The rand, which is the South African currency, also gained 0.4% in value against the dollar. Its yield on the benchmark 2035 bond fell by 9 basis points, to 9.09%. (Reporting and editing by Alexander Winning, Jane Merriman and Sfundo parakozov)
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Mali fuel stations are flooded with long queues as militants prevent imports
After several days of fuel station closures, and amid fears of a fuel shortage following an al-Qaeda-linked blockade of fuel imports in Mali’s capital Bamako last month, motorists waited in long lines outside the stations on Wednesday. Since last week, many stations have been forced to shut down or only supply diesel. Analysts say this is a tactic used by militant groups to put pressure on the military-led Mali government. They want to cut of its economic oxygen. In a video announcing a blockade, a militant from Jama'at Nusrat al-Islam wal-Muslimin announced that "we are telling all traders" who import gasoline and diesel into Mali to stop until further notice. Fuel Tankers Arrive from Ivory Coast Residents and witnesses reported that Shell, Total, and Star stations were not in service for the past few days. Only a handful of local stations could serve motorcyclists. The Malian authorities announced on Tuesday night that fuel tankers from the neighbouring Ivory Coast had arrived. By Wednesday, many stations had been reopened. Social media videos showed long queues in Segou, Mopti, and San. One motorcyclist from Bamako said, "I had to push my bike this morning due to a lack of fuel... I searched everywhere in the neighbourhoods of Faladji and Kalaban but found nothing." If the state could find a way to solve this problem, it would be great. State television reported that Prime Minister Abdoulaye Maiga had convened a committee for disaster management to ensure the supply of convoys. Since 2012, Mali has been in a state of instability after islamist militants hijacked the Tuareg revolt in the north. After coups in 2021 and 2020, the current military government came to power promising to improve security. Mid-September, the insurgents destroyed at least 40 fuel tanks after attacking a convoy consisting of more than 100 vehicles. To prevent any further attacks, the armed forces are blocking fuel tanks from reaching their destinations. This includes about 70 trucks destined to Allied Gold's Sadiola Mine in western Mali. Reporting by Mali Newsroom and Portia in Dakar, Editing by Robby Corey-Boulet & Timothy Heritage
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Attorney General says that Guyanese mining entrepreneurs could be extradited.
Guyana's Attorney-General said that Azruddin Mohammed and Nazar Ahmed, two Guyanese entrepreneurs, would be extradited back to the United States, to face charges for fraud and money laundering in relation to gold exports. Last week, the businessmen who own the gold exporting firm Mohamed's Enterprise were indicted by a Florida court on charges of conspiracy and money laundering in order to enrich themselves as well as defrauding the government of Guyana. Azruddin Mohammed, a politician who founded his party three months before Guyana’s general elections in September, said to local media that he is assembling a team of lawyers to fight the U.S. accusations. The court for the Southern District of Florida stated that he and his father were accused of entering agreements on behalf of Mohamed’s Enterprise in order to sell and ship thousands of kilograms of Guyanese Gold to buyers in Miami or Dubai, by using fraudulently Guyana customs seals and declarations. In one of the 11 charges, they are also accused of paying bribes in order to get Guyanese officials to accept gold shipments that had duplicate paperwork. Azruddin Mohammed accused Guyana's People's Progressive Party, which is in power, of persecuting his political career. Azruddin Mohamed said that the ruling People's Progressive Party was doing all they could to stop him. They were afraid of the momentum from the last election, and the call for change by the Guyanese. Last year, the U.S. Treasury imposed sanctions on the businessmen based on the same fraud accusations. Anil Nandlall, Attorney General of Guyana, said in an evening show that he broadcasts regularly on social media late Tuesday night: "The next steps are for the United States of America government to request the Government of Guyana extradite the two individuals." He said: "This legal process will be undertaken and it is part of an extradition agreement between the governments of the U.S.A. and Guyana." Azruddin Mohammed's party won 16 seats in the Guyana general elections last month. This puts him in a position to be sworn-in as the opposition leader in November.
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Teck Resources reduces copper production guidance for flagship Chilean mine QB
Teck Resources Limited, a Canadian mining company, cut its copper production forecast for its flagship Quebrada blanca (QB), in Chile until 2028. This was after a review of the entire operations and merger with Anglo American. Teck's shares rose by 2% on the Toronto Stock Exchange Wednesday morning. The copper production guidance for 2026 is now between 200,000 and 235,000 metric tonnes, down from the previous range of 280,000 to 3110,000 tons. Teck has also reduced its molybdenum guidance from 6,400 to 7600 tons to 2,800-3,400 tons. Teck has revised its copper production guidance for 2025 to 170,000 to 195,000 tons, down from 210,000-230,000 tons. The copper production forecast for 2027 is 240,000-275,000 tons, and 2020,000-255,000 tons for 2028. This is down from the previous estimates of 280,000-310,000 tons and 270,000-300,000 tons, respectively. The company's share price suffered after missing its production targets due to an issue with tailings. Teck announced in September that it had reached an agreement to merge with London listed Anglo American for $53 billion. Anglo stated on Wednesday that, while the result of Teck's investigation was not known when it was conducted, the findings were in line with the independent due diligence and analyses performed by Anglo. Jefferies stated in an analyst note that the updated production and cost guidance would make the Anglo-Teck merger more attractive to Teck shareholders, and increase the likelihood that this merger will be completed without Anglo bumping. (Reporting and editing by Clara Denina, Divyarajagopal and Joe Bavier).
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ICSG: Copper market will be in deficit by 2026 due to slower production growth.
International Copper Study Group (ICSG), a group of researchers, said that the global refined copper market will be in deficit by 2026. This is due to a slower growth of production. The copper price briefly reached a 16-month high on Wednesday, due to fears about possible shortages caused by a recent series of mine disruptions in Indonesia. Chile and Congo. In a statement released on Wednesday, the ICSG said that these incidents prompted it to lower its forecast of the global mine production growth in 2025 to just 1.4% instead of the 2.3% expected in April. These incidents will reduce the surplus on the market for refined copper to 178,000 tonnes by 2025 from the previous expectation of 289,000 tons. The industry expects that in 2026 the output of mines will increase by 2.3%, due to increased production from Chile, Peru, and Zambia, as well as the recovery of mining activities in Indonesia. As a result of the limited availability of copper concentrates, this growth is expected to be reduced to 0.9% by 2026. This will partly offset the higher production from scrap. The ICSG expects global refined copper consumption to increase by 2.1%, to 28,7 million tons, in 2026. This is compared to 3% growth in 2025. China is responsible for 58% global consumption of refined copper. The ICSG stated that "Asia is expected to continue as the primary driver of growth in the global economy, while demand in other important copper-using areas, such as the European Union and Japan, will remain subdued." (Reporting from Polina Devt, Anmol Chaubey and Anushree Mukerjee in Bengaluru. Editing by Vijay Kishore.
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Analyst says Ford could lose up to $1bn due to fire at aluminum plant
According to Evercore ISI analyst's note published on Wednesday, a fire at an aluminum plant in New York that will affect Ford Motors' F-150 truck production for several months could cost the automaker up to $1 billion. The company said that the fire at Novelis on September 16 will shut down a large part of its aluminum plant until the first quarter 2026. This will affect the supply of metal for Ford's most popular F-150 trucks up to the end of this year. After the news of fire, Dearborn's automaker stock dropped about 6%. Novelis is among the many aluminum suppliers that Ford has. Ford and Novelis have been working together closely since the fire three weeks ago. A team of Ford employees is dedicated to the problem and to exploring every possible alternative to minimize disruptions. The company refused to comment on Evercore's note. The automaker is facing a number of challenges, including high steel and aluminum costs, a rapidly changing trade environment and a battered supply base as a result of the COVID-19 pandemic strike and the 2023 union strike. Analysts say that while other automakers may be affected, Ford will likely see the biggest fallout. Evercore's Chris McNally stated in the note that "we believe this is a Ford issue at this time, although we continue to check knock-on effect for Toyota as well." The note outlined an EBIT hit of $500 million to one billion dollars. Ford started using an aluminum-based body for its F-150 truck over a decade before in order to reduce vehicle weight. The automaker will report its third-quarter earnings in the coming weeks. (Reporting and editing by Sharon Singleton: Nora Eckert)
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Sources say that the Indian government is seeking a resolution to the dispute with Tata Charity arm.
Sources told Wednesday that two senior Indian ministers, in a rare intervention, have urged Tata Group’s charity arm to solve internal boardroom conflicts to ensure stability at its sprawling $180 billion business empire. A year after Ratan Tata's death, the discord in Tata Trusts has raised concerns that the bitter public spat of 2016 between Tata Sons and the charity could repeat itself, damaging the reputation of India’s most famous group. Tata Trusts holds a 66% stake of Tata Sons and has the power to make major strategic decisions. Tata Sons is responsible for 30 companies, ranging from autos to consumer goods. Two industry sources said that the disagreements within Tata Trusts over the past few weeks have been about which trustees would sit on the Tata Sons Board, the overall business direction of the group, and how to handle the planned exit by minority shareholder Shapoorji Palalonji. TATAS IS ASKED TO RESOLVE ISSUES BY THE INDIAN GOVERNMENT Two Indian ministers met on Tuesday with N. Chandrasekaran, the chair of Tata Sons and Noel Tata, the head of Tata Trusts in New Delhi to discuss and resolve the dispute. This was according to a government official and a source from the industry. Sources said that Finance Minister Nirmala Sitharaman attended the rare direct intervention of the government. Indian media reported that the other senior official was Minister of Home Affairs Amit A Shah. The official who was present at the Tuesday discussions said, "The government wants to restore stability and resolve issues." Sources declined to name themselves as the matter was confidential. Tata Trusts & Tata Sons has not publicly commented on this matter which was widely reported in Indian Media. Both companies did not respond to requests for comment. India's Finance Ministry and Home Affairs Ministry did not respond to comments. Tata Trusts disagreed with Cyrus Mistry, the Tata Sons chairman, and it led to a legal dispute. Mistry died 2022, but his family firm, Shapoorji Pallonji still holds an 18% stake. According to industry sources, the current main disagreement among Tata Trusts trustees is how Shapoorji will implement his long-delayed plans to split with the Tatas and the impact on the conglomerate. Shapoorji pallonji has not responded to our request for comment. Aditya K. Kalra, Aftab A. Ahmed, Ira Duggal Aditi S. Shah, Khushi M. Malhotra and Joe Bavier contributed to the reporting.
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Three scientists win Nobel chemistry Prize for their work on 'Hermione handbag' materials
The Nobel chemistry prize was awarded to Omar Yaghi, Richard Robson, and Susumu Ktagawa for their work on a new molecular structure that could help combat climate change, and the lack of freshwater. The three laureates created molecular structures, called metal-organic frames or MOFs. These have large spaces that allow gases and other chemicals to flow. They can be used to capture carbon dioxide, store toxic gasses, or harvest water from the desert air. The award committee described the "unheard-of properties" of some of these materials. A porous material about the size of a sugar cube can have as much surface as a football pitch. A small amount of this material is almost as big as Hermione’s handbag from Harry Potter. Olof Ramstrom said that it can store huge quantities of gas within a small volume. USES COULD INCLUDE DEALING WITH 'FOREVER CHEMICALS' The Royal Swedish Academy of Sciences awards the prize, which has been around for more than 100 years. Winners receive 11 million Swedish crowns (about $1.2 million) and enjoy the prestige of being the recipients of arguably the most prestigious award in the field of science. Kitagawa said at the Nobel Press Conference that he felt deeply honored by the award. He said, "My dream is capture air and separate it into CO2, oxygen or water and then convert these materials to useful ones using renewable energy." The Academy stated that chemists had created tens and thousands of MOFs. Some of these "may help solve some of the greatest challenges facing humanity", adding that other uses include separating toxic "forever chemicals" from water, as well as breaking down traces in the environment of pharmaceuticals. Kitagawa, a Japanese professor, is at Kyoto University. Robson, an Australian professor, is at the University of Melbourne. Yaghi, a US professor, is at the University of California Berkeley. Robson is British-born, but moved to Australia when he was in his 20s. Yaghi is Jordanian and American. Science is the greatest equalizing force in the world Yaghi was raised by Palestinian refugees as a child in Jordan. His family lived with their cattle and a single room. In an interview on the Nobel website he stated that his parents were unable to read or write. He said that science is the most equalizing force in the entire world. Yaghi was 10 when he discovered a book about molecules in the school library. It was the start of his lifelong love for chemistry. He told the Nobel website that "the deeper you dig the more beautiful you will find the things." Robson claimed that he received the call from Stockholm about 30 minutes before the official announcement. He then celebrated in silence at his home near Melbourne. He said, "I cooked fish with my wife and did the dishes afterwards." He added that he recently gave up alcohol due to health concerns. He said, "I broke this rule by drinking a very cheap glass of wine." Next on Thursday, THIRD NOBEL 2025 PRIZE LITERATURE. In keeping with tradition the Chemistry Nobel Prize was announced as the third award in this year's awards. It followed those for Medicine and Physics announced earlier in this week. The Nobel Prizes for Literature, Science and Peace were established in 1901 by Alfred Nobel, a Swedish businessman and inventor. They have been awarded ever since, but with some interruptions, mostly because of the World Wars. Nobel himself was a chemist, and his discoveries in this field contributed to the wealth that he accumulated from his inventions of dynamite during the 19th century. The economics award was added later by the Swedish central banks. The chemistry awards, although sometimes overshadowed in favour of more famous laureates from the fields such as physics, literature, and peace, have still recognized many influential discoveries, including nuclear fission and DNA sequencing techniques. The chemistry prize was given to U.S. scientists David Baker, John Jumper, and Briton Demis Hassabis last year for their work in decoding protein structures and creating new ones. This has led to advances such as drug research. ($1 = 9,3436 Swedish crowns).
Indonesia claims 22 industrial zones near Jakarta are contaminated with caesium-137
Officials from Indonesia's Special Task Force on Radioactive Contamination said that they found Caesium-137 in 22 production facilities near Jakarta.
A local company, PT Bahari Makmur Sejahtera(BMS), first detected the contamination in a batch shipped to the United States by a local firm in August.
Indonesia then carried out sweeping radiation scanning of the Modern Cikande Industrial Estate where BMS was located.
Bara Hasibuan, the task force's spokesperson, told journalists that "the shrimp production facility (BMS) has undergone independent decontamination. It has been declared safe" by the Nuclear Agency.
The task force didn't give out the names of 21 other production sites, but they said that Indonesia's nuclear agency will conduct decontamination procedures immediately.
According to its website, the Modern Cikande Estate, located 68 km away from Jakarta, is 3,175 acres and has more than 270 companies, both local and foreign, in industries ranging from automotive components to food processing.
According to the Food and Drug Administration website, Caesium-137 is a dangerous radioactive isotope. It is usually released into the environment after nuclear tests or accidents such as Chernobyl and Fukushima.
Caesium-137 is not produced in Indonesia, nor are there nuclear weapons or power plants.
Hasibuan stated that "the government has tightened restrictions on scrap imports." This means the Ministry of Environment won't be issuing recommendations for scrap imports.
The task force also designated PT PMT, a scrap metal plant in Indonesia that produces Caesium 137-contaminated goods as an isolation facility. (Reporting and editing by David Stanway; Dewi Kurniawati)
(source: Reuters)