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Mali closes Barrick Gold Bamako's office due to alleged non-payment taxes
Two sources familiar with the situation have confirmed that the Malian authorities closed the Canadian miner Barrick Gold’s office in Bamako due to alleged non-payments of taxes. This is the latest in a long-running dispute over mining revenue. Barrick Gold didn't immediately respond to an inquiry for comment. It had previously denied all wrongdoing. Since 2023, the Toronto-based miner has been involved in a dispute with Mali over the new mining code of the West African nation that grants Mali's Government a larger share in the mine. One source said that staff in Bamako could not access the office. The closure, however, did not affect Barrick’s Loulo-Gounkoto mine complex in western Mali where operations had been suspended since the middle of January. Both sides are in negotiations to settle the dispute. On February 19, Barrick reported that it had signed a settlement agreement that is awaiting approval by the Malian government. Two other sources and one source who talked about the closure of the headquarters said that a resolution of the dispute could be expected by next week. All sources asked to remain anonymous due to the sensitive nature of the subject. The government seized three tons of gold from the Loulo Gounkoto complex in January, accusing it of failing to meet its tax obligations. One source said that the tax dispute was separate from the reason for the office closing this week. Since early November, the Mali government, which came to power following coups in 2020 & 2021, has been blocking gold exports by the company. A fifth source confirmed that Barrick's Kibali Mine in Democratic Republic of Congo is temporarily transferring nearly 40 Malian employees from the Loulo-Gounkoto Complex. The person who spoke to us said that the transfers were part of a "first wave", but 100 Malian employees in total had been identified as being relocated, which is a sign that operations will not be restarted soon. (Reporting and editing by Silvia aloisi and Barbara Lewis.
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Russell: China's Q1 imports of key commodities were weak, but outlook is mixed.
China's imports were low in the first quarter. The challenge is to determine whether this was due to temporary factors, or a deeper economic malaise. In the first quarter of 2025, the four biggest commodity imports - crude oil, iron ore coal and copper - all fell compared to 2024. The soft imports can be explained by the fact that the second largest economy in the world is still trying to gain momentum for economic growth. This task is made more difficult by the trade war escalating by U.S. president Donald Trump. This ignores some factors that are unique to each commodity. Consider crude oil as an example. Customs data released Monday showed that imports in the first quarter were 135,25 million metric tonnes, or 10.97 million barrels a day. This is a 1.5% decrease from the same time last year. On the surface, this seems like a poor result. Crude imports certainly struggled in January and Febraury. Arrivals roared to life in March with a rise of 4.8% and reached 12.1 million bpd. This is the highest level since August 2023. It is unclear whether the increase in imports in March was due to an improvement in fuel demand or if it was driven by temporary factors. It is more likely that Chinese refiners purchased as many cargoes as possible of Iranian and Russian oil before the new U.S. sanction on these two countries' oil exports took effect. Kpler, a commodity analyst firm, estimated that China's imports of Iranian oil in March were 1.37 million barrels per day (bpd), up from 746 000 bpd and the highest since October. Kpler estimated that seaborne imports to Russia reached 1.25 million bpd. This is up from 760,000 in February, and the highest since November of last year. China imports pipelines from Russia at a rate of just under 1,000,000 bpd. The crude oil market is generally weak, and the strength seen in March was likely due to the United States' actual and anticipated measures. WEATHER HITS Imports of iron ore fell to 93.97 millions tons in March from 94.21 in February and 6.7% lower than March last year. Arrivals of key steel raw materials for the first quarter were 285.31 millions tons, a 7.8% decline from the same period last year. The weather disruptions in Australia, the country that supplies two-thirds China's total iron ore imports, were a major factor in the decline in iron ore prices. Exports of Australian iron ore to China fell to 50.5 millions tons in February, their lowest level in five years. The Chinese imports for April could be higher because many of the February-loading shipments arrived in March. Imports of coal of all grades were 114.85 millions tons in the first three months, down by 0.9% compared to the same period last year. Weather-related delays also affected shipments of iron ore from Australia. Australia is China's second largest supplier, after Indonesia. Australia's exports of goods to China fell to a two-year record low in February, at 3.74 million tonnes. Although they rose to 6.17 millions in March, they were still well below the average monthly volume of 6.7 million tones in 2024. Weaker Chinese prices encouraged utilities to switch from imports to local supplies. This trend is likely to continue and will put downward pressure on the volume of imports. Imports of copper unwrought also fell by 5.2% in the first three months, to 1.3 millions tons. Copper is another temporary factor. Shipments to the United States increased as traders rushed to capitalize on higher U.S. metal prices before the impending tariffs. Chinese buyers chose to reduce their imports as the United States was a major source of cargoes. They will wait for cheaper prices when the situation regarding Trump's possible tariffs is clarified. China's first-quarter commodity imports show a soft trend, with temporary factors causing the signs of strength. For example, crude oil arrivals for March were boosted by temporary factors. The outlook is also cloudy due to Trump's new tariff of 145% on U.S. imported goods from China. If this continues, it will be harder for Beijing achieve its economic growth target of 5% by 2025. These are the views of the columnist, an author for.
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HSBC lowers Brent forecasts due to trade tensions and sluggish demand for oil
HSBC reduced its Brent crude forecast on Tuesday. It cited rising trade tensions as well as an expected decrease in global oil consumption. The Bank cut its Brent Price Forecast to $68.5 per barrel in 2025, and $65 for 2026. The company also reduced its forecast for global demand growth in 2025 to 0.7 million barrels per day (mbd), and to 0.8 mbd in 2026, compared to the previous 0.9 mbd. This was due to an expected one-percentage point drop in global GDP. The ambiguous U.S. policy on trade has created uncertainty in the global oil market and prompted the Organization of the Petroleum Exporting Countries to reduce its demand forecast by 150,000 barrels a day. HSBC stated in a report that if prices remain between the low and mid $60s per barrel next winter, then the group may decide to pause its unwinding. Brent crude futures fell 20 cents or 0.3% to $64.66 a barrel at 1049 GMT. The bank stated that the U.S. pressure on Iran has not yet shown results. Other banks, including JPMorgan and Goldman Sachs, have also revised down their oil forecasts. Federal Register filings revealed that the Trump administration, on the geopolitical side, has begun investigations into imports of pharmaceuticals and semiconductors. The investigation was prompted by national security concerns arising from a heavy reliance on imported products, according to the Federal Register. (Reporting from Daksh Grocer and Anjana Anil, both in Bengaluru. Editing by David Evans.)
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India's sugar industry and government clash over jute bags
India, which is the largest sugar consumer in the world, has seen the federal government and jute bag producers go to court over an issue that has been a source of contention: Jute bags. The government of Prime Minister Narendra Modi has tightened the enforcement of a law from 1987, which requires sugar mills pack 20% of their supply in jute bag or pay fines if they do not comply. This is in an effort to support traditional fibres. Indian sugar mills have filed a lawsuit challenging the law, claiming that using jute bags costs them $76 million more per year than recyclable plastic bags. The Indian sugar mills also claim that the fibre bags increase the risk of contamination with sugar, according to previously unreported documents. In a court filing, the Indian government argues that concerns about contamination are unfounded because jute bags have a higher level of durability and pest resistance than recyclable plastic packaging. The Indian government also informed the High Court in Karnataka of the importance of the law to protect the traditional industry that supports 4,000,000 agricultural families. These lawsuits are the latest in a series of legal battles between Modi's Government and big companies. Daikin, Samsung and other global and Indian electronics companies are suing Modi separately over his plans to regulate the amount they have to pay for recycling e-waste. The documents related to the lawsuit that began in August were not made public, but they have been reviewed this week. The Karnataka High Court will begin hearing the final arguments on Wednesday. A ruling is expected to be issued in the coming weeks. One letter from December shows that the government warned sugar factories to "take non-compliance of jute packaging regulations seriously" and take "severe action". Both the sugar industry group in India and the Indian government have not responded to our queries. In court documents, sugar producers claimed that the jute bag regulations were also damaging to business. Many buyers refused to accept such bags. South Indian Sugar Mills Association stated that their bulk consumers, "like Pepsi Coke, Britannia ITC, Nestle, Nestle, Britannia... do accept sugar in bags made of jute due to contamination, food safety, and hygiene risks." India, with an estimated 28 millions tons of sugar consumption, is the largest consumer of sugar in the world. Modi has long been a supporter of rural and traditional sectors. He has also spoken out in favor of protecting the jute sector. He said that in 2023 such "reservation standards" for jute packing contributed to "revitalising the sector" and helped farmers.
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Oil prices drop after IEA reduces demand outlook
The oil prices fell on Tuesday, after the International Energy Agency (IEA) followed OPEC and lowered its oil demand projection. However, price drops were limited by President Donald Trump’s suggestion for some new tariff exemptions. Brent crude futures fell 50 cents or 0.8% to $64.38 a barrel at 1005 GMT. U.S. West Texas Intermediate Crude also fell 50 cents or 0.8% to $61.03 per barrel. OPEC lowered its demand forecast on Monday due to the uncertainty created by a vacillating U.S. Trade Policy. The IEA cut its estimates for the global oil demand to 730,000 barrels a day (bpd), down from 1.03million bpd, and to 690,000. bpd, next year. It cited escalating tensions in trade. UBS, a Swiss bank, cut its Brent price forecast by $12 per barrel to $68 per barrel on Tuesday. The UBS analyst Giovanni Staunovo said that if the trade war escalates, the downside risk scenario -- i.e. a worsening U.S. economy and a hard landing on the Chinese mainland -- would see Brent trading between $40-60/bbl in the next few months. BNP Paribas has lowered its average price expectations for this year and the next to $58 per barrel from $65. Chris Wright, the U.S. Energy Secretary, said in comments that helped support Friday's prices that the United States can stop Iranian oil exports to Tehran as part of Trump’s plan to pressurize Tehran over its nuclear program. China's crude imports were up nearly 5 percent in March compared to a year ago, as Iranian oil shipments surged. Trump's announcement that he would consider modifying the 25% tariffs on auto imports from Mexico, among other countries, also helped risk assets like equities and crude oil. (Additional reporting from Colleen Chow in Beijing and Emily Chow, Singapore; editing by Sonali, Kim Coghill, and Jason Neely.)
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India will receive monsoon rainfall above average in 2025
The government of India said that India will likely receive above-average rains during the monsoon season in 2025. This raises expectations for higher economic and farm growth in Asia’s third largest economy. Nearly 70% of all rain required to irrigate crops, recharge reservoirs, and replenish aquifers is delivered by the monsoon. It depends on rains from June to September for a variety of crops, as nearly half its farmland is without irrigation. Good rains can help bring down food costs, keep inflation within the comfort zone of the central bank, and allow the world's largest rice exporter, India, to ship more. M. Ravichandran from the Ministry of Earth Sciences told a press conference that the monsoon is expected to be 105% of its long-term average. India Meteorological Department defines normal or average rainfall as falling between 96% and 100% of the 50-year average of 35 inches (87 cm) over a four-month period. Ravichandran stated that rainfall above average is expected in most areas of India except for certain areas such as the northwest, northeast, and southern peninsular India where rainfall below average is probable. Ravichandran said that the El Nino phenomenon is unlikely to happen during the monsoon period, which lasts four months. (Reporting and editing by Andrew Heavens, Sharon Singleton and Mayank Jadhav)
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Copper prices fall on confusion about tariffs and growth
After three sessions of gains, copper prices fell on Tuesday due to uncertainty over tariffs imposed by U.S. president Donald Trump and their impact on the global economy. By 1000 GMT, the London Metal Exchange's (LME) three-month contract for copper was down by 0.3% to $9,163 per metric tonne. The contract reached its highest level in the previous session since April 4. Ole Hansen is the head of commodity strategy for Saxo Bank, Copenhagen. Trump suggested on Monday that he may grant exemptions to auto-related tariffs in place. The market may be starting to see through Trump's bluff. He won't really carry out all his plans because he's starting to realize the negative impact of the U.S. economic in the short-term. Traders have been trying hard to estimate the impact of Trump's tariffs on aluminum and steel, and his investigation into possible duties on copper. U.S. Comex Copper Futures fell 0.4% to $4.61 a lb. This brings the premium of Comex to LME up to $1,000 a tonne, from $572 on Thursday. The Shanghai Futures Exchange's (SHFE) most-traded contract for copper increased by 0.2%, to 75,970 Yuan ($10,394.03 per ton). The decline in copper inventories at SHFE has helped to support the market. Since February 24,, have fallen 32%. Expectations that China, the world's largest consumer of metals, would launch additional stimulus measures in order to boost consumption and reduce the impact on the economy from an escalating trade war between China and America also boosted sentiment. Nickel advanced 2.3% at $15,665 and tin fell 0.5% at $31,120. (1 Chinese yuan = 7.3090 US dollars)
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Official: India will pursue trade liberalisation with US
India's Trade Secretary said that the country has decided to follow a path towards trade liberalisation, and the two countries have signed the terms of reference of the first part bilateral trade agreement. In February, India and the U.S. decided to begin work on the initial phase of a new trade agreement that will be finalized by the end of this year. The goal is to reach a bilateral trade value worth $500 billion dollars by 2030. Sunil Barthwal, the trade secretary of India, told reporters that India had decided to pursue a path towards liberalizing trade with the United States. Rajesh Agrawal is an additional secretary at the Trade Ministry. He said that the two countries would begin virtual negotiations on the deal in this month. The next round of talks in person will be held in mid-May. Reports last month indicated that India was open to reducing tariffs on over half of U.S. exports valued at $23 billion as part of the first phase in a trade agreement the two countries are currently negotiating. This would be the largest cut in many years. The U.S. president Donald Trump announced on Wednesday a 90-day suspension of most tariff increases for major trading partners, including India. However, he raised levies against China, providing relief to Indian exporters. The U.S. President has called India a "tariff abuser", "tariff king" and "tariff abuser". This is despite the fact that Indian Prime Minister Narendra Modi, who was one of the first leaders in Washington to meet with Trump when he returned to White House. Modi visited the U.S. in February and both countries agreed to begin talks on a trade agreement that would be signed soon. They also agreed to resolve their tariff dispute. The United States trades with India at a deficit of $45.6 Billion. India has taken several steps to impress Trump, including pledging to purchase more energy and defence products. (Reporting and writing by Shivangi Asharya, Manoj Kumru; editing by YPrajesh).
US Energy Secretary to Discuss Security During UAE Visit
The UAE's state news agency reported that United States Energy Sec. Chris Wright will discuss the topic of global energy security during his visit to the United Arab Emirates.
Wright will also discuss previous investment plans announced by the Gulf Country into the United States.
Reports on Monday stated that Wright will be completing a tour of Qatar, Saudi Arabia, and the UAE for nearly two weeks to prepare the groundwork for a future visit by U.S. president Donald Trump.
The energy issue is a crucial one following a plunge in oil prices, which has reached their lowest level in over four years. This was triggered by Trump’s tariffs announcement last week. It was further exacerbated by a sudden decision made by OPEC+ producers to increase output.
Wright will meet with the UAE Energy Minister Suhail Al-Mazrouei, and Abu Dhabi National Oil Company Group CEO Sultan Al Jaber who is also the minister of Industry and Advanced Technology.
The energy secretary will also meet with executives of Emirati companies, including the artificial intelligence investor MGX and nuclear energy firm ENEC, as well as sovereign wealth funds Mubadala, ADQ, and Mubadala. Reporting by Yousef SABA and Jana Choukeir Editing and Barbara Lewis by David Good and Barbara Lewis
(source: Reuters)