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Greenland has rich mineral resources that are largely untapped
On Wednesday, the foreign ministers from Denmark and Greenland met with U.S. Secretary of State Marco Rubio and Vice President JD Rubio after Donald Trump recently increased his threats to seize?the autonomous territories of Denmark. Greenland's strategic location and mineral resources could be of great value to the United States. In a survey conducted in 2023, 25 minerals that the European Commission deemed to be "critical raw materials" were found in Greenland. Greenland has banned the extraction of oil and gas for environmental reasons. Meanwhile, mining is stifled by red tape and indigenous opposition. Here are the main Greenland mineral deposits based on information from the Mineral Resources Authority. RARE EARTHS Gardar, in the south of Greenland, is home to three of Greenland’s largest deposits of rare earth element. This element is used as a permanent magnet in electric vehicles (EVs) and windmills. Energy Transition Minerals' Kuannersuit mine project has been stalled due to legal disputes. Neo Performance Materials is also interested in developing rare-earth mining. GRAPHITE Graphite schist and graphite, which is used in steelmaking and EV batteries, are found at various locations on the island. GreenRoc has requested an exploitation licence to develop the Amitsoq project. COPPER Mineral Resources Authority reports that most copper deposits have only been the subject of limited exploration. It said that the areas to the north and east of Greenland are particularly interesting, as they have not been explored. The London-listed company 80 Mile wants to develop the Disko Nuussuaq deposit which contains copper, nickel and platinum. NICKEL Mineral Resources Authority reports that nickel deposits are widespread. Anglo American has received an exploration license in Western Greenland, and is looking for nickel deposits among other things. Zinc is mainly found in the northern part of the country in a formation geological that extends over 2,500 km (1.550 miles). The Citronen Fjord project was touted as one of the largest undeveloped zinc reserves in the world. Around the Sermiligaarsuk Fjord, in the south of Greenland, are the most promising areas for gold. Amaroq Minerals opened a gold mine in Mt Nalunaq, in the Kujalleq Municipality. DIAMONDS Although the majority of the small diamonds and largest stones are located in the western part of the island, they may also be found in other areas. IRON ORE The deposits are located in Isua, in the southern part of West Greenland; Itilliarsuk, in central West Greenland; and north-west Greenland on the Lauge?Koch Kyst. TITANIUM-VANADIUM The southwest, east and south are known to have deposits of vanadium and titanium. Titanium is used for industrial, commercial and medical purposes. Vanadium is mostly used to make specialty steel alloys. Vanadium pentoxide is the most important vanadium industrial compound. It's used as a catalyst in the production of sulfuric acids. TUNGSTEN The tungsten deposits are located mainly in the northeast and central part of the country. URANIUM In 2021, the then ruling Inuit Ataqatigiit left-wing party, which produces uranium byproduct, banned uranium-mining. This effectively stopped development of Kuannersuit's rare-earths projects, including uranium.
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eBay announces its first climate plan that targets net zero by 2045
eBay, the e-commerce giant, unveiled on Wednesday its first climate change plan and said it would increase efforts to decarbonize?its operations?and supply chain?as part of a plan?to reach?net-zero emission levels by 2045. The plan was validated by Science Based Targets Initiative (SBTi), a standard-setting organization. It builds on achieving an earlier goal to power all of its facilities with 100% renewable electricity by 2020, which had been achieved in 2024. Renee Morin, Chief Sustainability Officer at eBay, said the company aims to align with the goal of limiting global temperature rise to 1.5 degrees Celsius over the pre-industrial level. This is a target that has been adopted by the majority of countries as part the Paris Agreement. eBay has reduced its operational emissions by 92% compared to 2019 levels, and its transportation emissions have been cut by 21% towards a goal of 27,5% by 2030. eBay will continue to adopt renewable energy, increase its low-carbon shipping innovations, and encourage users to resell and reuse items to reduce emissions and waste. Morin stated that shipping accounts for 84% (or the entire value chain) of eBay's Scope 3 emission, which is its toughest challenge. We are working with carriers that offer local pickups or switching from planes to truck with some of our vendors. "We have to be innovative to achieve our goals,"?she?added. Amazon.com Inc., a peer company, pledged in 2019 to be carbon neutral by 2040. Alibaba Group of China committed to achieve carbon neutrality at the end the decade by 2021. (Editing by Elaine Hardcastle).
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US HHS reverses cuts to safety research agency
According to a spokesperson for the National Institute for Occupational Safety and Health (NIOSH), the administration of U.S. president Donald Trump has reversing the staffing cuts at the agency, which provides services and research to coal miners, firemen and other workers. Since mass job cuts in 2013, the status of NIOSH employees has been in flux. Some workers were brought out of administrative leave this month, only to find out a few days later that their employment was permanently terminated. Andrew Nixon, spokesperson for the Department of Health and Human Services, confirmed that staffing reductions were reversed as of?Tuesday evening. Nixon stated that the Trump administration was committed to protecting vital services, whether it's through NIOSH supporting coal miners and fire fighters, preventing lead poisoning, or tracking and researching the most common communicable diseases. Bloomberg was the first to report on this reversal. Around 875 NIOSH employees were terminated in April across the nation as part of sweeping HHS job cuts that also affected the FDA, CDC, and National Institutes of Health. Reports had stated that these potential job cuts as well as?cuts to the Mine Safety and Health Administration were putting the miners in danger, even though Trump was calling for a revival of coal. These cuts also threaten worker safety training in the most dangerous jobs in the country, including those in the farming industry, the fishing industry and other occupations. NIOSH, the U.S. Federal Agency responsible for research and recommendations on preventing work-related illnesses, injuries and deaths. Reporting by Christy Santhosh and Leah Douglas, both in Washington. Editing by Shreya biswas and Bill Berkrot.
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As uncertainty persists, gold and silver continue to rally at record levels.
Silver rose in the wake of gold's record-breaking performance on Wednesday as geopolitical, economic and political uncertainties pushed investors to safe haven assets. Expectations for Federal Reserve rate reductions also added momentum. By 11:08 am, spot gold had risen 0.7% to $4,619.73 an ounce. After hitting a high of $4641.40 earlier, ET (1608 GMT) has seen gold prices rise 0.7%. U.S. Gold Futures for?February Delivery rose by 0.6% to $4626.40. "All roads lead to gold and Silver," said?Alex Ebkarian COO of Allegiance Gold. He cited demand from diverse customers and noted that the market was?in structural bull phase. In periods of low interest rates and increased uncertainty, gold, which doesn't yield any interest, usually performs well. Iran warned its neighbours that it would "strike American bases" if Washington intervened in protests taking place in the country. Danish and Greenlandic Ministers will also meet with U.S. vice president JD Vance, after President Donald Trump renewed his demands for U.S. sovereignty over Greenland. In the meantime, U.S. retails sales surpassed expectations in November. PPI also met monthly forecasts, but exceeded annual estimates. This follows Tuesday's release of lower-than-expected core CPI data for December. The traders continue to expect two interest rate reductions this year. Concerns about the independence of the Fed remained as central bankers from around the globe lined up to support?Fed chairman Jerome Powell after the Trump Administration threatened him with criminal indictment. Silver spot was up 5.6% at $91.797 an ounce after reaching a record high of $92.23. "We expect some volatility but I don't see any difference between silver at $100 and $90," Ebkarian said. "Our short-term prediction is between $100 and $144," Ebkarian stated, adding that metals will likely continue their upward trend throughout the first quarter. Palladium increased 0.4%, to $1,832.25 per ounce. Spot platinum rose 2.9%, to $2,391.43 per ounce. (Reporting and editing by Alexander Smith, Krishna Chandra Eluri and Anmol Choubey from Bengaluru)
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Al Obeikan and Northern Graphite form a joint venture to build a battery anode factory in Saudi Arabia
Northern Graphite announced on Wednesday that it had signed a preliminary deal with Saudi Arabian investment group Al Obeikan 'Group, to develop and operate a large battery 'anode materials facility in Saudi Arabia. The Canadian'miner' said the approximately $200 million facility will have an initial capacity of 25,000 tons per year, with debt funding sourced from Saudi Government Finance Agencies and global commercial banks. Northern Graphite's shares soared by about 30% in the morning trading to C$0.32. Why is it important? As companies rush to secure battery materials for electric vehicles, the demand for graphite has increased. Northern Graphite stated that the facility will be scalable in the future to meet the 'rapidly increasing global demand for graphite materials sourced outside of China. CONTEXT The United States is one of the countries that has increased its efforts to reduce dependency on China as the world's largest graphite producer. Saudi Arabia also wants to diversify their economy and move away from its oil-dependent status by expanding into other industries and positioning themselves as a global hub for investment and tourism. By the Numbers Al Obeikan will own 51%, while Northern will hold the rest. The Canadian miner stated that it plans to start construction on the facility in this year, with production starting in 2028. Northern said it had advanced discussions with global manufacturers of batteries for a "long-term agreement" for the first 25,000 tonnes. The company said that the JV project would purchase up to 50,000 tons of graphite per year from Northern's Namibian project, and that it would also accelerate the restart and expansion at the Okanjande Mine in Africa. (Reporting and editing by Vijay Kishore in Bengaluru)
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Brazil billionaire Batista shuttles from DC to Caracas in search of oil deals
A person with knowledge of the matter said that Brazilian billionaire Joesley Batista had met with Venezuela's interim president Delcy Rodriguez before and after he met with U.S. government officials. He reassured them, according to a source familiar with the situation, that she seemed ready to allow investment in her country's oil and natural gas industry. Source: The Batista's family energy firm Fluxus is evaluating Venezuelan business opportunities. They have consolidated South American assets ever since they acquired it in 2023. Fluxus, Batista and the holding company J&F have declined to comment. The billionaire's?shuttle diplomatics, whose meatpacker JBS is a major U.S. player and has done business in Venezuela, highlights his access to Washington, D.C., as well as capitals in the Americas. The meeting between President Donald Trump and Mr.?Says that his meeting with him in September was a great help to The U.S. and Brasilia are thawing their relations Reports at the time stated that Trump was praising his "excellent chemistry" with Brazilian President Luiz Inacio Lula da Silva and within months he dropped steep?U.S. Trump began to tout his "excellent chemistry with Brazilian President Luiz inacio Lula da So" within weeks and dropped the steep U.S. tariffs within months. Tariffs were imposed on Brazilian products, including Beef and coffee According to two people familiar with the situation, Batista's visit to Caracas, reported first by CNN Brazil on Friday, "followed" a November meeting with Nicolas Maduro. Maduro, the then-President of Venezuela, was arrested in a U.S. Military operation this month. Stand?trial for drug trafficking charges Source: This time, Batista took a private jet from Washington to Caracas in order to meet Rodriguez. He found Maduro’s former vice president, who was willing to open up the energy sector as well as honor commitments made to the United States. Batista returned to Washington to relay the information to officials. Reporting by Luciana Magnhaes, Editing by Brad Haynes & Chizu Nomiyama
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Manara Mining Company to be spun off by Saudi Public Investment Fund
Saudi Arabia's Public Investment Fund is planning to spin-off its mining investment company Manara Minerals. The kingdom's Mining Minister said that it was a move to revitalize?its efforts to invest abroad. Saudi Arabia, along with other Middle Eastern economies is trying to reduce its dependence on oil by securing critical minerals like copper and lithium. These are essential for electric cars and renewable energy. Manara is a joint-venture between the Saudi Arabian Mining Company (also known as Maaden) and the $925 billion PIF. It was created in 2023 for the purpose of investing in critical minerals overseas. It has, however, only completed one deal, a $2.5billion 10% stake in Vale Base Metals (which was spun-off from Brazilian iron ore giant Vale) in 2024. Bandar Al-Khorayef, Minister of Industry and Mineral Resources, said that separating Manara from PIF will sharpen the focus. Al-Khorayef said in an interview on the sidelines of Future Investment Forum that the company's culture would change from being a mere investment vehicle to one with more technical capabilities. "PIF has a lot of money, but it doesn't have any mining experience." He didn't give a timeframe for a spin-off but he said that discussions were underway about new shareholders in Manara, and they could be Saudi investors or foreign ones. Saudi Arabia's Crown Prince Mohammed Bin Salman has a broader plan that includes the pursuit of international investment and the development mining. This is part of his broader effort to diversify its economy away from oil. Riyadh's untapped mineral reserves, which include phosphate, gold and rare earth elements like bauxite, are estimated at $2.5 trillion. Maaden also explores for rare earths, and develops technology to extract lithium in seawater. Clara Denina is the reporter, Veronica Brown and Barbara Lewis are responsible for editing.
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ROI-Resurgent London Metal Exchange rides speculative tsunami: Andy Home
London Metal Exchange (LME), a venerable institution of 149 years, posted record trading volume last year. This is a remarkable turnaround from the dark days four years ago when the nickel crisis was at its height. Hong Kong Exchanges and Clearing, which owns the London market, has reappeared the benefits of the "physical market turmoil" that has marked Donald Trump's tenure in office. The funds finally arrived. The LME base metals market complex was flooded with speculative purchases in the fourth quarter. The average daily volume of 777.016 contracts was a quarterly record, surpassing 735.604 contracts from the second quarter 2014. LME Futures Open Interest ended the year at a 15% increase compared to 2024, and its highest level since early-2021. Retail investors in the U.S. flooded into CME's smaller contracts of copper. TARIFF BOOST Import tariffs in the United States, which are in effect in the case aluminium, and could be in place in the event of copper, has had a major impact on the physical flow of metals around the globe. The market is betting (again?) on a Trump tariff for imported refined metals. A decision is expected in June. LME copper trading accelerated in February when Trump launched his investigation into U.S. imports of copper. It remained there. The average daily volume rose by?12% between 2024 and 2025. CME's flagship contract for copper, on the other hand, saw a 33% drop in activity, as investors were scared by the unprecedented volatility of arbitrage prices with London. The U.S. exchange benefited from the disruption in the?aluminium markets following the increase in U.S. tariffs on imports to 50% in July. CME contracts for physical aluminum premiums in the Midwest U.S.A. and Europe recorded record volumes last Year with an annual growth of 47% & 72% respectively. Return of the Funds Since September, institutional investors have flooded the LME. Copper's record-breaking performance and the strong rally in all LME metals except lead have also attracted money. LME trading experienced a dramatic change during the fourth-quarter due to the renewed enthusiasm for metals. The copper and tin volume were at their highest levels since 2013 and 2014. Nickel posted its second best quarterly volume ever, while lead activity reached new highs. LME nickel trading was at its highest level since 2019 last year, indicating a return to confidence in the London Market after the crisis of 2022. It seems that most funds have forgiven LME for canceling nickel trades. This controversial decision was upheld in the British High Court. SHANGHAI GETS GRAPPED BY METAL FEVER In December, the metals mania spread to China. Shanghai's market had been slow up to that point, with the volume of base metal futures down all over. In the last month 2025, Chinese investors joined in on the bull market. The Shanghai copper contract saw the most activity since November 2015, while the aluminium volumes were at their highest level in three years. Nickel turnover was also the highest it has been in four years. The China Nonferrous Metals Industry Association, a state-backed organization, warned against blindly following a "unreasonable price rally" as tin prices reached'record levels' in December. No one has really paid attention. Shanghai's tin market recorded a turnover of 739,900 tons on Tuesday. This is equivalent to the global consumption of two years. Going Small in the US Shanghai is a city that has seen a lot of speculative exuberance in the past, and this was largely due to retail investors who were trying to catch up with the latest market trend. London has no comparable product, as very few people are wealthy enough to meet the credit requirements for direct LME trading. There are signs that some speculators have started to participate in the CME's trading, but not for the main copper contract, but rather on smaller retail-oriented products. Volumes of the CME micro-copper contract, which is only 2,500 lb in size, grew 20% annually to reach almost four million tons by 2025. CME copper 'event options', which offer a simple binary bet on the price underlying, recorded turnover of 31,000 tons in December. This is more than the total volume traded for the entire year of 2024. Both contracts were launched in 2022 and seem to serve as a bridge to allow retail investors to move from precious metals to industrial metals. China's CNMIA is right to be concerned about excessive speculation in commodity markets that were once fringe, such as tin. However, the bull story around industrial metals has attracted more and more people to the cause. Andy Home is an author and columnist. The opinions expressed in this column are Andy Home's. Open Interest (ROI), a data-driven, thought-provoking commentary on the markets and finance. Follow ROI on LinkedIn, X and X.
OPEC projects continued oil demand growth in 2027.
OPEC said on Wednesday that world oil demand will rise at a comparable pace in 2027 to this year. They also published data showing a close balance between supply and consumption in 2026. This is in contrast with other forecasts which predicted a glut. The Organization of the Petroleum Exporting Countries (OPEC) believes that the oil demand in 2027 will increase at a robust rate and that the transition to cleaner fuels is likely to be slower than other predictions. OPEC said that it expects the oil demand to increase by 1,34 million barrels a day in '2027. This is close to the growth of 1.38 million bpd expected this year. This is OPEC’s first 2027 forecast in its monthly report. OPEC's report stated that "global economic activity is expected maintain its strong performance both in 2026?and in 2027".
OPEC+, a group of OPEC countries plus Russia and allies, increased oil production last year, after years of cuts. The group plans to halt the increase in production during the first quarter 2026 due to widespread predictions of an oversupply.
OPEC+ pumped a total of 42.83 millions bpd during December 2025. This is a decrease of 238,000 bpd compared to November. The reductions were due to?reductions' in Kazakhstan, Russia, and Venezuela despite an agreement for boosting output in December.
The report predicts that demand for OPEC+ oil will average 43 million bpd by 2026. This is the same as last month, and very close to what OPEC+ was producing in December.
According to a calculation based on OPEC's report, if OPEC+ kept pumping at the rate of December in 2026, and all other things remained equal, production would have been 170,000 bpd less than demand. The IEA's latest figures suggest that global oil supply is expected to exceed demand this year by 3.84 million bpd, which is almost 4%.
OPEC's forecast for 2026 oil demand is higher than IEA's 860,000 bpd. The IEA updated its figures on January 21 but has not yet published a forecast for 2027 in its monthly report. Reporting by Alex Lawler and Olesya Astakhova, Editing by Mark Potter and Elaine Hardcastle
(source: Reuters)