Latest News
-
Botswana’s ODC announces first contract diamond sales in November
Mmetla Msire, the managing director of Botswana’s Okavango Diamond Company, said that it will begin selling diamonds next month to contract buyers, diversifying its sales channels as part of the new government deal with De Beers. ODC's share in Debswana, the 50/50 joint venture between the government and De Beers, was increased from 25% to 30% in the new 10-year agreement signed in February. Its share will reach 40% by the end of the deal. The clause that prevented ODC from competing directly with De Beers in contract sales has been removed. Masire said at a mining conference that "we are targeting our initial sales through this channel by November. Our first two sales will be pilot sales, before we move to full-scale on our third", STRUGGLING DIAMOND MARKET A PROBLEM FOR BOTSWANA Masire said in May that ODC planned to sell around 40% of its supplies through contract sales. The balance would be sold via auctions, strategic partnerships and Botswana based companies. The global diamond industry is experiencing a prolonged downturn. Demand is declining due to a glut of supply, and the popularity of lab-grown stones has weighed on rough diamond prices. ODC temporarily stopped its rough stone sales in 2023 as part of a industry-wide effort to reduce the glut. The company held a gem auction on 25 September but decided to keep its gems citing "conditions which could have had a significant impact on the marketplace". According to Masire's estimates, ODC's revenue in 2024 will be about 60% less than the previous year because of the recession, but it is seeing some stabilization in the market. The company's last three auctions have seen small margins that are up from double-digit losses last year. Diamonds account for 30% of Botswana's revenues, and 75% of the country's foreign exchange earnings. The current market slump has seen the economy contract by 3 % in 2024. IMF predicts a further 1 % contraction this year. (Reporting by Brian Benza. (Editing by Nelson Banya, Mark Potter and Mark Potter).
-
Anglo American offers remedies to EU for MMG deal approval, source claims
Anglo American offered to purchase ferronickel for resale to Europe from MMG, for a period of up to 10 year to alleviate EU antitrust concerns over the sale of their nickel business to an unit of Hong Kong listed company. This was revealed by a source with direct knowledge on Wednesday. Anglo American, a London-listed company, announced in February the $500 million sale of its nickel business to a unit of MMG. The European Commission has now begun to examine the sale. Source: The remedy offered would alleviate any regulatory concerns about the deal cutting off some metal supply to customers in Europe while still allowing the Hong Kong firm to sell their products in Europe. Person said that the deal was for an agreed amount ferronickel, which would be equivalent to the current sales of the mines in Europe. The deal would last for five years, with an option to extend it for another five. The Commission, acting as the EU's competition enforcer, has confirmed that Anglo American has received its remedies and extended their deadline decision until November 4. The company is expected to solicit feedback from customers and rivals before deciding whether or not to accept concessions. Anglo American has a broader restructuring plan that includes a refocussing on iron ore and copper mining. Around two thirds of the refined nickel produced goes to the stainless steel industry. (Reporting and editing by Kirsty Donovan, Tomaszjanowski and Foo Yunchee)
-
Kuwaiti Minister: OPEC will hire consultant to evaluate member's capacity
Kuwait's Oil Minister Tareq al-Roumi announced on Wednesday that the Organization of Petroleum Exporting Countries is planning to appoint one of the "top consultants" in the near future to assess the production capacities of member countries. OPEC+ Ministers requested OPEC headquarters to develop a method to determine the maximum sustainable production capability for each member. This will be used to establish their production baselines for 2027. The determination of the maximum production capability for each OPEC member or OPEC+ is controversial because some members, like the United Arab Emirates have increased their capacity and pushed the case for higher quotas. Other members, like those in Africa, have experienced declines. Angola left the group in 2024 due to a disagreement over its production target. OPEC didn't immediately respond to a comment request. Al-Roumi didn't say if Kuwait would try to increase its production quota once it expanded its own capacity. Let's wait and see what the study shows before we make a decision. He told reporters in Kuwait that it was difficult to answer the question at this time. Al-Roumi, a Kuwaiti journalist in September, told a Kuwaiti paper that Kuwait's crude-oil production capacity is 3.2 million barrels / day. The level was the highest in over a decade. It peaked at 3.3 millions bpd, then fell below 3,000,000 in 2010. (Reporting and editing by Alexander Smith; Ahmed Hagagy)
-
Horse Powertrain executive: We are working with Leapmotor Chery JAC and JAC to expand our global market.
An executive revealed on Wednesday that engine developer Horse Powertrain has been working with Chinese automakers Leapmotor and Chery to develop vehicle projects in order to access global markets outside of China. Horse is a joint-venture between Renault and Geely, who each own 45%. Saudi Aramco, the oil producer, owns the other 10%. "We are working with a number of different automakers around the world," Wang Ruiping told reporters in the office of Horse's Ningbo subsidiary. He named three Chinese automakers as partners, but didn't elaborate. Leapmotor makes electric vehicles, but Zhu Jiangming, the CEO of the company, said last month that it plans to launch a plug-in hybrid as part of its expansion to 15 models in 2027. Horse is made up of former Geely, Renault, and Volvo engine development units and has 17 engines and transmission factories in the world, including eight China. By 2035, the company wants to become the largest engine manufacturer in the world. The company has created hybrid engines for Renault, Geely and Zeekr in models like the Grand Koleos for the South Korean Market and Zeekr’s flagship SUV the Zeekr 9X. (Reporting and editing by Ros Russell.)
-
Japan, Spain and South Korea warn against unsustainable copper processing charges
Japan, Spain, and South Korea released a rare statement together on Wednesday to express deep concern over the tumbling copper refining and treatment charges (TC/RCs). They warned that both smelters as well as miners could not develop sustainably in current conditions. Copper smelters are struggling with shrinking margins and falling processing fees due to a tight supply of concentrates and the expansion of smelting capacities in China. Some Chinese smelters processed copper at no cost for Chilean miner Antofagasta in June. After an online meeting, the industry ministers of three countries expressed their concern that the deterioration of TC/RCs has prompted a global reevaluation of copper smelting activities. Several companies have already indicated intentions to reduce or stop copper concentrate smelting. The TC/RCs are fees that miners pay to smelters when they sell concentrate or semi-processed ores. In some spot deals, TC/RCs turned negative this year. This forced smelters and miners to exchange money for smelting. The ministers said that the current market conditions prevent copper smelting to develop sustainably along with mining in resource producing countries. They also warned against a growing dependency on certain countries for both resource producing and smelting nations. They said that they hoped TC/RCs would return to sustainable levels in the trading of copper concentrates. They added that they will engage with countries and stakeholders relevant to establish a resilient, sustainable and copper supply chain. Naoki Kobayashi is the deputy director of Japan's Industry Ministry's mineral resources department. He said that the three countries - all of which import copper concentrate and have domestic smelting facilities - wanted to bring up the issue at the LME Week metals gathering in London. JX Advanced Metals, Mitsubishi Materials and other major Japanese copper smelters have announced plans to reduce copper concentrate processing due to declining fees. (Reporting and editing by Sharon Singleton; Yuka Obayashi)
-
WMO warns of extreme weather as CO2 levels reach highest level ever recorded
A new report from the World Meteorological Organization shows that carbon dioxide levels have risen to their highest level ever. This could lead to a further increase in global warming and more extreme weather events. The report found that between 2023 and 2024 the average global CO2 concentration rose by 3.5 parts-per-million, which is the biggest increase since modern measurements began in 1957. It said that the increase in CO2 over the past year was due to the burning of fossil fuels as well as an increase in wildfires in South America. The report also stressed the need to do more to reduce emissions. Ko Barrett, WMO's Deputy Secretary General, said that the heat trapped by CO2 or other greenhouse gases was causing our climate to be more extreme and accelerating it. The concentrations of methane, nitrous oxide and other important greenhouse gasses, such as nitrous dioxide, have also reached record highs, with increases of 16% and 24% respectively compared to pre-industrial levels. CO2 has increased by 52%. This gas (CO2) accumulates. It is very long-lasting... each molecule that is released into the atmosphere has an impact on the world," Oksana TARASOVA, WMO senior scientist officer, said at a Geneva briefing. Tarasova stated that forests, land and oceans absorb about 50% of the carbon dioxide emissions. However, their ability to do so is decreasing. Tarasova stated that "we rely on the natural systems to offset our impacts and they are so stressed, they begin to reduce their help." Tarasova said that trees in the Amazon became stressed by the rising temperatures and low rain during the periodic warming of the Eastern Pacific Ocean, known as El Nino, in 2023. The drought continued until 2024. She said, "If a tree is stressed out or has no water and a high temperature...it will not photosynthesize." (Reporting and editing by Sharon Singleton; Olivia Le Poidevin)
-
The price of aluminium in the US has risen, and this is driving Canadian deliveries.
Analysts said that Canadian aluminium producers increased their deliveries to the United States as the U.S. physical market prices have risen in response to the 50% tariffs on imports imposed earlier this year by President Donald Trump. Analysts said that the tariffs imposed in June were intended to increase domestic aluminium production, and to encourage investment for the metal which is used in power, construction and packaging. In the beginning, Canadian producers diverted aluminium to Europe. This flow has reversed as inventories of aluminium, which were a buffer to U.S. consumer, have decreased. Not a 'full pace' yet Jean Simard is the CEO of the Aluminum Association of Canada. He said that although there has been a revival of aluminium exports to the U.S., we are still not at full speed. Simard was referring the trade flows that occurred in September and in October but have not yet been included in public data. According to Trade Data Monitor, the total amount of aluminum shipped to the United States last year was 2.7 million tons. This is 70% of all shipments. Aluminum consumers who buy on the physical market will pay the London Metal Exchange, which is around $2,750 per ton. They also have to add the Midwest Premium to cover taxes, shipping and handling. On October 6, the premium reached a record of $0.77 per lb, or $1,697 for a ton. This is a 250% increase since January. David Wilson, analyst at BNP Paribas, said: "The U.S. Midwest Premium is effectively fully pricing that 50% tariff." The reduced pressure from Canadian aluminum has led to an increase in the European aluminium duty-paid premium. At $266 per ton, it has increased by 46% since June. According to Trade Data Monitor, Canada's unwrought aluminum exports to the U.S. dropped by 22% or 410,600 tonnes, from January to August. Data showed that in August, the U.S. received 123,474 tonnes of Canadian goods, a 51% decrease from March. Canada's deliveries of aluminium to Europe increased by 94% in the first eight month of 2025, to 189.320 tons. Aluminium stocks in Comex storage facilities are increasing in the U.S. At 7,661 tonnes, the total is down 73% from January. Edgardo Gellimino, Wood Mackenzie's head of aluminum research, said that without new trade agreements there is room to increase the Midwest premium.
-
UK targets shadow fleet, sanctions Russia's Lukoil, Rosneft
The UK targeted Russia's largest oil companies Lukoil, Rosneft and 51 tankers of the shadow fleet on Wednesday in a new attempt to tighten sanctions against energy and cut off Kremlin revenue. While on a visit to the United States, Finance Minister Rachel Reeves informed reporters that "we are introducing targeted sanction against the two largest oil companies in Russia - Lukoil & Rosneft". "At the time, we increase pressure on companies located in a number of third-country countries, such as India and China, who continue to facilitate the flow of Russian oil onto international markets." She said that "there is no place for Russia on the global markets", and that Britain will take all steps necessary to stop Moscow funding its war against Ukraine. The new sanctions are aimed at 51 ships in the shadow fleet as well as individuals, companies and organizations across sectors such as energy and defence. Since the Russian invasion of Ukraine, in February 2022, the shadow fleet has become increasingly the target of sanctions by Britain and the United States as well as the European Union. Officials say that the network is made up of old tankers, which are used in order to avoid sanctions against Russian oil. The Russian embassy in London has not responded to an immediate request for comment. (Reporting and writing by Muvija, Sam Tabahriti; editing by Sarah Young, William James, and William James.)
States in conflict with each other will receive more assistance on settling disputes and negotiating deals
The deputy general secretary of a group of 20 developing nations affected by conflict approved a plan that will provide emergency assistance to its members who are facing international disputes, or high stakes negotiations with companies about natural resources and infrastructure.
Habib Ur Rahman Mayar, a member of the g7+, said that the Rapid Response Advisory Centre was created to offer practical assistance to its members who are facing urgent national issues.
The advisory centre will facilitate the access of member states in Africa, Asia, and the Middle East to immediate, free assistance before transferring to more long-term, external support.
Mayar stated that "we can help them understand the economic implications of such negotiations" when they are entering into them.
The g7+ was founded in 2010 and is based out of Timor-Leste. It also includes Afghanistan and Burundi. The group holds U.N. Observer Status.
The timing of the decision is coincidental with a reduction in aid to developing countries by many wealthy nations. It also follows a June letter sent from Timor-Leste’s Prime Minister to leaders of the G7+, urging them to assert themselves more.
It said that the need for this had grown more urgent as the world looked to tap into the natural resources of its member states to fuel the global shift to a low carbon economy.
Recent g7+ reports showed that members held around 16% global copper reserves. This is the second-largest reserve in the world. They also hold the largest cobalt reserves and the most lithium.
Mayar stated that despite their natural wealth, some G7+ countries have signed resource extraction deals with multinational companies and countries who treated them unfairly during highly technical processes they didn't always understand.
By the time they realized it was unfair, "it was too late."
He said that the advisory center may be interested in getting involved in conflict resolution, and in helping countries to obtain climate financing - a crucial part of the agenda at the COP30 Climate talks in Brazil in the next month. But states have had difficulty accessing this funding.
(source: Reuters)