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Mali announces new mining deals in revised code
Mali approved seven agreements that will give the state more revenue through international and local mining firms. This is the latest effort by the military-led government to increase income from this sector. According to a late Friday statement, the Council of Ministers had approved the exploitation agreements and exploration agreements during its Friday meeting. This gave Mali a non-reducible, guaranteed stake in mining projects, with priority dividend access. The agreements cover gold mines such as the Sadiola project, operated by Allied Gold, B2Gold Fekola Mine, Resolute Mining Syama and Ganfeng Bougouni Project. Mali's ruling military class introduced a new code of mining in 2023. The new code increased royalties from 6.5% to 10%, while increasing state and local ownership to 35%. These latest agreements follow on from preliminary agreements that were signed between September 2024 and November 2024 with the same companies. Resolute Mining refused to comment. Allied Gold B2Gold Ganfeng and Ganfeng didn't respond to comments immediately. Endeavour Mining, along with other gold producers, has signed agreements that reflect the revised Mali mining code. Barrick Mining of Canada, however, is still locked in a longstanding standoff with the Government. This month, it was reported that a Barrick executive had changed sides and become an advisor to the president of Mali. The situation for Barrick has been further complicated by this change. Mali is Africa's largest gold producer, but the regulatory uncertainty has affected investment and output. (Reporting by Tiemoko Diallo Writing by Maxwell Akalaare Adombila Editing by Robbie Corey-Boulet and David Goode) The government has, like other governments in the region, emphasized resource nationalism, while shifting from Western investors towards courting Russian interest. (Reporting and writing by TiemokoDiallo Maxwell Akalaare Adombila, Editing by Robbie CoreyBoulet & David Goodman).
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Timah's chief executive is optimistic that the company will meet its 2025 production target.
Restu Widiyantoro, the chief executive of Indonesia's state-run tin mining company PT Timah, told a parliamentary committee on Monday that despite a weak first half production, he is confident it will reach its target output of 21,500 metric tonnes this year. He said that a taskforce, which will crack down on illegal mining of tin in Timah’s mining zone, is expected to assist the company achieve its goal. Data from the company showed that in the first half of this year, Timah’s tin ore production dropped 32% on an annual basis to 6,997 tonnes, and its refined tin output fell 29% to 6 870 tons. Restu claimed earlier this year that illegal miners were to blame for the lower output than expected. Nur Adi Kuncoro, the company's director, said that heavy rains and delays with opening new mines had also an impact. Restu announced on Monday the creation of a taskforce to combat illegal mining in Indonesia's main tin-mining hub, Bangka and Belitung Island. The task force will also be targeting middlemen that buy ore illegally from illegal operators. Indonesia is the second-largest tin producer in the world after China. However, it has struggled to control illegal mining. The government has taken steps to combat illegal production and now requires that buyers and sellers trade refined tin via exchanges in order to improve the traceability.
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The Gries Glacier in Switzerland is melting at an alarming rate
The Swiss glacier monitoring agency said that the 5.4-km-long Gries Glacier in Switzerland, which is a research focal point, is retreating alarmingly as climate change accelerates a nationwide ice melting unprecedented to date. Matthias Huss (Director of Glacier Monitoring Switzerland, GLAMOS) said: "This is a dying ice sheet." He noted that the depth of ice had decreased by six meters in just the twelve months leading up to September 2025. The glacier in southern Valais will shrink by 800 meters between 2000 and 2023. It is now 3.2 km shorter today than it was in 1880. The average thickness of the ice has increased to 57 metres. In May 2025, the grim reality of rapid melting glaciers was revealed when a devastating glacier collapse devastated the village of Blatten in the canton Valais. Huss blamed Gries Glacier melting on consecutive years of dryness in 2022 and 2023 and a hot summer of 2025, despite a momentary respite from heavy snowfall mid-April of 2025. "We would require much more snow in order to offset the effects of very warm summers." "This summer 2025 was also much too hot," Huss said. He said that at its lowest points, the glacier would melt in five years. However, at altitudes around 3,000 meters, it could take 40-50 years to disappear. According to GLAMOS, between 2016 and 2022, about 100 glaciers in Switzerland have disappeared. According to a recent report from the World Meteorological Organisation, the ice loss in almost all regions of the world has increased since the 1990s. This is mainly because summer melting has been stronger. For the third consecutive year, it found that every glaciated area on Earth had reported ice losses. (Written by Olivia Le Poidevin, Geneva; Edited by Alexandra Hudson).
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European stocks fall after Trump's visa crackdown and rate outlook is in focus
The euro markets fell on Monday as automakers warned of their profit. Meanwhile, the dollar remained steady, as the markets waited to determine if geopolitical worries would offset the optimism about the Federal Reserve's loosening monetary policy. The STOXX 600 index for Europe was little changed. Spanish and German stocks were down by 0.6% and 0.50%, respectively. Both Porsche and its parent Volkswagen cut their profit estimates after announcing a delay in the launch of EVs due to low demand. The MSCI world stock index was little changed, while India's benchmark fell 0.2%, after the Trump Administration announced that it would charge companies $100,000 to obtain new H-1B visas. This is a blow for the tech sector, which relies heavily on skilled workers in India and China. Stocks in China were choppy, even though U.S. president Donald Trump claimed that he and Chinese president Xi Jinping made progress on a TikTok deal. The Shanghai Composite index.SSEC rose by 0.2%, while the blue-chip CSI300 index rose by 0.5%. India's $283-billion information technology sector will feel the pain soon. More than half of its revenue comes from the U.S. Trump doubled tariffs last month on Indian imports to 50%, in part due to New Delhi's purchase of Russian oil. It's a threat to operating costs and margins. Kyle Rodda is a senior financial analyst with Capital.com. He said that it was possible to increase wages and labour costs. If they are unable to find enough workers within the U.S., tech companies could also face punitive measures. FED POLICY A OUTLOOK Investors are still keen to assess the U.S. policy direction after the Fed announced a future phase of gradual easing. The traders have priced in 44 basis point easing for the last two policy meetings. The week will see a number of policymakers speak, including John Williams and Thomas Barkin on Monday and Raphael Bostic, Michelle Bowman and Fed Chair Jerome Powell on Tuesday. James Rossiter is the head of global macro-strategy at TD Securities. He hopes that these remarks over the next couple days will help shape market expectations. The Fed will release data on its preferred inflation gauge on Friday, which will help to set the tone of the rate outlook for the near term. Tony Sycamore is a market analyst for IG. He believes that the PCE core price index will rise 0.2% monthly, keeping the annual rate at 2.9%. This is the same as it was in July and higher than the 2.6% low reached in April. Sycamore stated that the U.S. Dollar short trade is crowded, even though a more modest rate-cutting would theoretically weigh on the U.S. Dollar. The dollar index, he added, has been losing its downward momentum after a tumultuous start. The dollar index (which measures the U.S. money against six other currencies) was down by 0.2% to 97.54. The S&P 500 and Nasdaq 100 futures are both down by 0.2%. The Japanese yen has remained steady at 147.87 U.S. dollars after strengthening on Friday, following the Bank of Japan hawkish stance where two members of its board voted against maintaining interest rates. Brent crude futures were 34 cents higher, at $67.02 per barrel. U.S. West Texas Intermediate Futures rose 36 cents, to $63.04. The gold price rose, reaching a record high at $3,719.65 an ounce at one time. (Reporting and editing by Nell Mackenzie, Ankur Banerjee and Shri Navaratnam. Editing and proofreading by Jacqueline Wong, Bernadette Baum and Jacqueline Wong)
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Markets brace themselves for more rate cuts as gold reaches new record highs
Gold surged on Monday to set a new record high, buoyed investors' increased expectations of a rate-cutting path. This was ahead of comments by Federal Reserve officials, and important inflation data that will be released later this week. As of 0820 GMT the spot gold price rose by 0.9%, to $3,716.27 an ounce. It had earlier reached a record high of $3.719.65. U.S. Gold Futures for December Delivery climbed 1.2%, to $3.751.20. The UBS analyst Giovanni Staunovo said: "I expect gold to hit new record highs in the coming week, with Fed officials likely to announce further rate reductions. However, data will also depend on how fast and how much they cut. Investors are closely monitoring the comments of several Federal Reserve officials this week. Chair Jerome Powell is scheduled to make remarks on Tuesday. Market participants are also looking for clues about the pace of future rate cuts in the U.S. when the core Personal Consumption Expenditure data (PCE) is released on Friday. The Fed announced its first rate reduction since December on Wednesday, lowering rates 25 basis points and signaling an openness to further ease. According to CME FedWatch, investors now expect two additional 25-bp rates cuts this year. One each in December and October, with 93% and 81% chances respectively. "There has been a change in the factors that support gold. "We are now seeing Western investors adding gold to their portfolios. This is evident in the gold ETFs. They do so because they expect U.S. interest rates to fall," Staunovo said. Bullion is up more than 40% in this year due to a combination of geopolitical, economic, and central bank uncertainty. Gold spot may test resistance around $3,705 an ounce. A break above this level could lead to gains in the range between $3,719 and $3,739. Staunovo said, "We expect gold to reach $3.900 by the middle of 2026." Silver spot rose by 1.3%, to $43.64 an ounce. This is a record high for more than 14 years. Palladium rose by 1.1%, to $1161.85, while platinum gained 1.1%, to $1419.65. (Reporting by Ishaan Arora in Bengaluru; Editing by Sharon Singleton)
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India is planning to sell minority stakes in a half dozen state-owned firms, an official has said.
Arunish Chwla, the Indian government's divestment minister, told CNBC-TV18 that it plans to sell minority shares in about a half-dozen state-run firms. Chawla has not disclosed which companies are being considered for stake sales, but had previously reported that India plans to sell shares of five public sector banks such as UCO Bank and Bank of Maharashtra. India must also reduce its stake in Life Insurance Corporation of India to meet the minimum public shareholding standards set by the market regulator. Chawla stated that the government would make a public offering of a natural resource-related state-run company in the current fiscal year. He said the IPO may be a state-owned company or one of their subsidiaries. Chawla didn't name the company but ONGC Green Energy (ONGC) and NHPC Renewable Energy (NHPC) have both been exploring the listing of their respective green arms. The government will benefit from a higher divestment amount through minor stake sales and initial public offerings. India plans to raise approximately 470 billion rupees in the current fiscal year, through asset monetisation and stake sales. Chawla stated that India's dividends received from the public sector would surpass its projected target. India is expected to receive 690 billion rupees (7.83 billion dollars) in dividends this year from public sector companies.
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What drives the gold market and how investors buy it?
The gold price reached a new record on Monday, following the Federal Reserve's announcement of further easing and last week's reduction in interest rates. Bullion has increased by nearly 42% in the past year. This is due to a combination of geopolitical, economic, and central bank uncertainty. Here are some ways you can invest in gold. SPOT MARKET Big banks are usually the gold buyers for large investors and large buyers. The spot market is determined by the real-time dynamics of supply and demand. London has the largest influence on the spot gold markets, thanks to the London Bullion Market Association. The association establishes standards for gold trading, provides a framework for over-the counter trades, and facilitates transactions between banks, dealers and institutions. China, India, Middle East, and the United States, are also major gold trading centers. Futures Market Futures exchanges are another way for investors to get exposed to gold. They allow them buy or sell commodities at a set price, on a specific date in the future. COMEX, part of the New York Mercantile Exchange (NYMEX), is the world's largest gold futures exchange in terms of volume of trading. Shanghai Futures Exchange (China's largest commodities exchange) also offers gold contracts. TOCOM (the Tokyo Commodity Exchange) is another major player on the Asian gold market. Exchange Traded Products Exchange-traded product or exchange-traded fund issue securities backed with physical metal, allowing people to gain exposure without having to take delivery of the metal themselves. Exchange-traded fund demand has become the largest category for precious metal investment. The World Gold Council reported that physical gold exchange traded funds saw a modest inflow of $3.4billion in 2024. This was their first net inflow in four years despite their holdings falling by 6.8 tons. BARS AND COINS Metals traders can sell bars and coins to retail consumers in shops or online. Both gold bars and coins can be used to invest in physical gold. DRIVERS: Investor Interest and Market Sentiment The price of bullion has moved up due to the increased interest in investment funds over recent years. Sentiment fueled by news, global events, and market trends can drive speculative gold buying or selling. FOREIGN RATES OF EXCHANGE Gold is an excellent hedge against the volatility of currency markets. Gold has historically moved in the opposite direction of the U.S. Dollar, as a weaker dollar makes gold priced in dollars cheaper for holders other currencies. MONETARY POLICY & POLITICAL TENSIONS In times of uncertainty, precious metals are widely regarded as a "safe-haven". Trump's trade tariff threats and the imposition of additional duties against Chinese goods have sparked fears of an international trade war. They also rattled currency markets, causing fears of an increase in U.S. prices. The global trade conflict that has caused financial market turmoil and recession fears is intensifying. Trump raised tariffs on Chinese goods to an effective rate 145% while China increased tariffs on U.S. products from 84% up to 125%. Gold's direction is also affected by the policy decisions made by global central banks. Gold is less expensive to hold when interest rates are lower, since it does not pay interest. CENTRAL BANK GLOBAL GOLD RESERVES Gold is held by central banks as reserves. The demand for central bank gold has been high in recent years due to macroeconomic and political uncertainties. In its annual survey, conducted by the World Gold Council in June, it was revealed that more central banks intend to increase their gold reserves in the next year despite the high price of the metal. The World Gold Council reported that global gold demand, including the over-the counter trading, increased by 1% in 2024 to reach a new record high. Central banks also increased their purchases in the fourth quarter. (Compiled by Bangalore Commodities and Energy Team Editing By Joe Bavier and David Goodman)
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Steel production increases as demand for building materials rises
Iron ore futures prices rose on Monday as demand for building material increased ahead of China's National Day holiday, and blast furnace steel production increased. The January contract for iron ore most traded on China's Dalian Commodity Exchange rose by 0.37%, to 808.5 Yuan ($113.65), per metric ton. As of 0709 GMT, the benchmark September iron ore price on Singapore Exchange was unchanged at $105.7 per ton. According to Mysteel, the production of Chinese blast furnace steel continued to rise in the week ending September 18. It increased by 0.2 percentage points, to 90.4%. This was largely because operations were resumed in North China. The combined hot metal production, which is an indicator of the iron ore market, grew 0.2% in comparison to the previous week, reaching 2.41 million tonnes per day. Broker Hexun Futures said that the demand for building materials has been increasing, with inventory reductions continuing and downstream restocking increased ahead of Chinese National Day holidays. Steelhome data shows that the total iron ore stocks in China's ports fell by 0.42% on a week-on-week basis to 132 million tonnes as of September 19. In September, China's benchmark lending rates remained unchanged for the 4th consecutive month, despite signs that domestic growth was slowing. According to the World Steel Association, global crude steel production in July was 150.1 million tonnes, down 1.3% on an annual basis. Chinese output, at 79.7 millions tons, was 4% less. Coking coal and coke were both up or down by 0.43% on the DCE. In August, China's imports of coal reached a record high for eight months. This was largely due to higher domestic prices. Volumes remained 7% below a year ago due to weak demand and increased domestic supply. The benchmarks for steel on the Shanghai Futures Exchange have also gained. Rebar increased by 0.85%, while hot-rolled coils gained 0.54%. Wire rod also improved 0.06%, and stainless steel grew 0.31%. $1 = 7.1141 Chinese yuan (Reporting and editing by Eileen Soreng; Lucas Liew)
Kuwait's oil capacity reaches 3,2 million barrels per day
In an interview with Kuwaiti newspaper Al Qabas, Oil Minister Tariq Al Roumi stated that Kuwait's crude production capacity is 3.2 million barrels a day.
Multiple reports indicate that this is the highest capacity in over a decade. In 2010, it peaked at 3.33 million bpd before falling to less than 3 million bpd.
Al-Roumi, a spokesperson for Al Qabas, said that Kuwait will increase its oil production under the OPEC+ deal to 2.559 millions bpd by October.
On September 7, eight OPEC+ member countries agreed to increase output by 137,000 bpd for October. This is in line with the group's policy of increasing production gradually after years of cutting it.
Al-Roumi noted that OPEC+ based their decision on the market's development, and that "accordingly, a decision to increase production could be paused, or reversed."
He said that this ensured flexibility in the decision-making process, especially since meetings were held every month. This allows for faster responses to market conditions.
The Minister said he is optimistic about achieving an equilibrium on the oil market. He added that the OPEC+'s decision to increase output has had a positive impact on the supply-demand dynamic since April.
The International Energy Agency anticipates that consumption will grow by 740,000 BPD in 2025, and an additional 700,000. BPD in 2026.
OPEC sees a demand increase of 1.3 million bpd this year and an additional 1.4 millions bpd in the following year. This is the largest gap between the two forecasts ever.
Al-Roumi stated that the global oil demand has recovered, and crude inventories are now below their five-year average.
(source: Reuters)