Latest News
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Newmont CEO Tom Palmer steps down
Newmont announced on Monday that Tom Palmer would retire at the end of this year. This was an unexpected decision after more than 10 years with the largest gold mining company in the world. Barrick Mining, a rival company, announced Mark Bristow's sudden resignation as CEO the same day. Bristow led the Canadian mining company for almost seven years following its merger with Randgold Resources. Newmont and Barrick are both facing a significant period of industry transformation in the wake of these leadership changes. Palmer will retire on March 31, 2019. He will continue to serve as a strategist until then. He joined Newmont in 2014. He became chief operating officer in 2016, and then CEO in 2019. Newmont has completed a number of transformative deals during his tenure. These include the Goldcorp acquisition and joint venture with Nevada Gold Mines, as well as the $17 billion purchase of Australian mining company Newcrest, to create a global portfolio that is top-tier. Karyn Ouvelmen announced earlier this year that she would be stepping down from her position as chief financial officer at Newmont after only a little over two years. Peter Wexler, an insider, was appointed interim CFO. Palmer will be replaced by Natascha Vijoen, an insider, on January 1, 2026. Viljoen has more than 30 years' experience in global mining, including senior positions at Anglo American and BHP as well as as CEO of Anglo American Platinum. She has been focusing on Newmont's operations, portfolio integration and talent development. Safety, operational excellence, and sustainability are her top priorities. Reporting by Vallari Shrivastava, Bengaluru. Editing by Shilpi Magumdar
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Mark Hill is named interim CEO of Barrick after Bristow's resignation
Barrick Mining has appointed Mark Hill, a veteran executive, as interim President and CEO following the resignation of Mark Bristow who led the Canadian mining company for almost seven years after its merger into Randgold Resources. Bristow, the CEO who took over when Barrick acquired Randgold in 2019, managed the integration of the two firms and guided the miner during a period where it underwent a significant reshaping of its portfolio and debt reduction. Peter Letko of the Letko Brosseau Investment Fund, one of Barrick’s shareholders, said: "I am disappointed to see him go. He has been a great leader." Bristow stated in May that the company indicated he will stay in his role until 2028. However, a succession plan was in place, overseen by the Board. Barrick shares, which have risen by 37% in the last year, have lagged behind their rivals. Agnico Eagle, a fellow Canadian miner, has seen its shares rise 110% since 2020, while gold prices are also at record highs. Hill, who is also the group's chief operating officer will take charge of the company immediately, as the board, with the assistance of an outside firm, begins the global search for a chief executive permanent. Bristow, known for his volatile leadership style, spent most of his tenure at Barrick integrating the assets Barrick held in some of world's most volatile regions. His biggest test came in this year, when the military government took over Barrick's Mali gold mine over an alleged nonpayment of taxes. Barrick was forced to write $1 billion off its books due to Mali. Barrick's U.S. listed shares were marginally down at $34.36 on Monday in premarket trading. Reporting by Vallari Shrivastava, Divyarajagopal, in Toronto, and Clara Denina, in London. Editing by Veronica Brown and Chandra Eluri.
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Trump Officials Announce Plan to Boost Coal Output
Interior Department officials said that the Trump administration is preparing to announce policies on Monday to increase coal production, in an effort to reverse the decline in the use of this fuel. In April, President Donald Trump signed executive orders that increased coal production. This was one of many actions he took to counter global efforts to reduce carbon emissions. According to the Energy Information Administration (EIA), coal-burning power plants will generate about 15% of U.S. electricty in 2024. This is down from 50% in 2000. Fracking and other drilling techniques have increased natural gas production. The growth of solar and wind power has also reduced coal consumption. In the last 10 years, coal workers have declined from 70,000 to 40,000. A coal event is scheduled for Monday evening at the Interior Department. Secretary of the Interior Doug Burgum will be joined by the Environmental Protection Agency Administrator Lee Zeldin and a representative from the Energy Department. Chris Wright, U.S. Energy Secretary, said last week that he expected most coal-fired plants in the country to delay retirement so they can provide electricity to fuel artificial intelligent. Wright extended an emergency order last month to keep Michigan's coal plant operating, even though its operator planned to close permanently due to economic reasons. Tom Pyle of the American Energy Alliance predicted that, on Trump's orders or out of their own volition, 38 coal plants set to close by 2028 will remain open. Analysts are sceptical about the long-term use of coal in the United States, as economics has shifted to a less carbon-intensive fuel. Frank Holmes, CEO of U.S. Global Investors and Chief Investment Officer, said that coal could see a temporary increase in demand from the regulatory relief. Some investors might profit on a short-term basis. Global Investors wrote after Trump’s orders. "But I think that in the end, the writing will be on the wall." (Reporting and editing by Barbara Lewis; Timothy Gardner)
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Chevron Noble Energy and Equatorial Guinea agree terms on Aseng gas project
Chevron announced on Monday that the subsidiary of its Noble Energy had reached an agreement with Equatorial Guinea regarding the development and construction of the Aseng Gas Project. This will allow it to make a final investment choice. The project is located in Block I of Douala Basin and will contribute to the continued supply of liquefied gas to the global market from Central Africa. The initial investment will be around $690 million, and it will help the country achieve its ambitions of becoming a regional hub for gas processing. EQUATORIAL GUINEA SET TO LAUNCH LICENSING ROUND Equatorial Guinea and Nigeria agreed last year to construct the Gulf of Guinea Gas Pipeline jointly as part of their plans. Afreximbank is raising capital to help develop the $4.5 billion EG27 LNG project. Afreximbank claims that the EG27 project, which focuses on Ebano's field, could produce 2.4 millions metric tons per year of LNG over a period of 20 years. Equatorial Guinea, a member of the Organization of Petroleum Exporting Countries (OPEC), is expected to announce its latest round of oil and gas licenses later Monday. Reporting by Wendell Roelf. (Editing by Alexander Winning, Mark Potter and Mark Potter.)
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Sources: Chinese refiner Yulong has brought a second steam cracker into operation
Three sources familiar with this matter told reporters on Monday that Shandong Yulong Petrochemical, China's new refiner, has put into operation its second steam cracker in the last two weeks. Two sources confirmed that the 1.5 million ton unit was producing ethylene on specification after mid-September. One source added that the unit had ramped-up production to "high rates". The company didn't immediately respond to an inquiry for comment. The $20 billion complex, built on an artificial island in Longkou County of Yantai City, now has two crude oil units that produce 200,000 barrels per day. Its first steam cracker produced 1.5 million tons per year late last. Ethylene can be used in the production of plastics, to ripen fruits in agriculture, and in other chemicals. Two sources confirmed that the refiner is a joint venture of private aluminium smelter Nanshan Group with Shandong Energy Group, which is backed by the provincial government, and two local firms. The refiner has not yet begun production of paraxylene at the site. According to an earlier announcement on the Longkou Government website, it launched a consultation for the construction of paraxylene. (Reporting and editing by Louise Heavens, Jan Harvey, and Mohi Aizhu. Additional reporting by Mohi Arayan).
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Vedanta Resources unit will tap dollar bonds again in the future, say bankers
Two merchant bankers announced on Monday that a wholly owned subsidiary of Vedanta plans to raise money through the sale of bonds denominated in U.S. dollars and with a seven-year maturity. Vedanta Finance II may raise $750 million in the coming days through these bonds, which have a call-option at the end of the two-year period, according to the company. One of the bankers stated that any proceeds over and above this amount will be used for other debts or general corporate purposes. Investors have been more interested in dollar bonds issued by Indian companies over the past few weeks, following S&P Global’s upgrade of the country’s credit rating mid-August. State Bank of India raised 500 million dollars through dollar bonds. The favorable pricing has led to expectations that more companies will tap the overseas market. The company has issued a second dollar bond in 2025. In January, it had raised $1.10 billion through five-year-and-six-months bonds at 9.4750% and eight-year-and-three-months bonds at 9.85%. A banker who has direct knowledge of this matter stated that "the company has the rating and if investor response is positive, they could raise all the money at once." Moody's has rated the offering B2, and Fitch Ratings B+. The company didn't reply to an email asking for a request. The bankers asked for anonymity because they were not authorized to speak with media. Vedanta will guarantee the issue. The issue will be unconditionally guaranteed by other subsidiaries including Twin Star Holdings and Vedanta Holdings Maritius II. Six foreign banks have been appointed as arrangers by the company. They will be hosting investor calls throughout the day in Asia, Europe, and the U.S.
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Copper prices rise on the back of a weaker dollar
The copper price rose on Monday due to a weaker US dollar and concern over the global supply following an accident at the second largest mine in the world. The benchmark three-month copper price on the London Metal Exchange rose 0.8% by 0951 GMT to $10,259.50 per metric ton. The metal has risen 3.6% in the last month, after reaching a 15-month peak of $10 485 on Thursday. Analysts have lowered their supply forecasts for 2020 and 2026 due to disruptions at the Grasberg Mine in Indonesia. Standard Chartered analyst Sudakshina Unnikrishnan said, "We are still optimistic about copper prices prospects after the tightening in the copper concentrate markets due to the disruption at Grasberg and the force majeure." The Grasberg Minerals District suspended operations on 9 September after a fatal mud slide occurred at its largest underground mine. Dollar was pushed up by fears of a possible U.S. shutdown if Congress fails to pass a funding measure before Tuesday's fiscal year end. This made dollar-priced materials more attractive to buyers who use other currencies. China, the world's largest metal consumer, said it aimed to increase non-ferrous metal production by 1.5% on average in this year and next. The average growth in production for 2023 and 2024 was set at 5%. A survey of economists revealed that China's industrial profit returned to growth in august, but factory activity likely shrank for the sixth consecutive month in September. The official purchasing managers' index is due Tuesday. Other LME metals include aluminium, which rose by 0.5%, to $2669 per ton. Zinc gained 1.1%, to $2918.50; lead fell 0.3%, to $1997; tin increased 0.4%, to $34,615; and nickel, up 0.4%, to $15,230. (Reporting and editing by David Goodman Additional reporting by Dylan Duan)
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EU warns that climate change and pollution are a threat to Europe's resources
The EU's environment agency warned on Monday that climate change and environmental degradation are a direct threat against the natural resources Europe relies upon for its economic security. According to the European Environment Agency, biodiversity in Europe is decreasing due to unsustainable production and consumerism in particular in the food system. It said that due to pollution, invasive alien species and overexploitation of natural resources more than 80% protected habitats were in poor or bad condition. Water resources are also severely under pressure. The fastest-warming continent in Europe In its report, "Europe's Environment 2025", the EPA said that "the degradation of our natural environment jeopardizes the European way-of-life". Climate change and environmental degradation are a direct threat to the economic security of Europe. Europe is experiencing a worsening of droughts, extreme weather and other events. The government is also focusing on other issues, such as industrial competitiveness. And negotiations over EU climate targets are causing rifts between the richer and less-rich countries. Last week, EU countries confirmed that they will miss the global deadline for setting new emission-cutting goals due to disagreements among EU governments over plans. AGENCY: TIME IS RUNNING OUT Executive director Leena Mononen stated that the window for meaningful actions is closing and that delays are having more visible consequences. "We are nearing tipping points, not only for ecosystems but also the economic and social systems that support our societies." (Reporting by Bart Meijer. Mark Potter edited the article.
QatarEnergy signs helium supply contract with Germany's Messer
QatarEnergy signed a long-term contract with German industrial gas company Messer for the supply of high-purity helium. This helium is used by a variety of technologies, from MRI scanners and quantum computing to a range other technologies.
QatarEnergy has signed its first direct sale and purchase agreement for Messer, which is the largest private industrial gas company in the world.
According to a report by IDTechEx, the global demand for helium may exceed 322 millions cubic metres in 2035. Helium is widely used in manufacturing due to its cooling and inert qualities.
QatarEnergy believes that the helium in its North Field reservoir will be enough to satisfy global demand for at least the next 30 year. The state-owned energy company expects its two helium production plants to be fully operational at the time, and will supply 25% of global helium output.
This agreement underscores QatarEnergy’s commitment to deliver reliable resources from one the world's biggest helium producers in support of fast-growing industries around the globe, said Saad Sharida Al-Kaabi. Qatar’s Minister of state for Energy Affairs and CEO at QatarEnergy.
Helium has many uses, including MRI scanners, quantum computing and fibre optics.
(source: Reuters)