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Ghana Joint Venture talks halted by AngloGold Ashanti and Gold Fields
AngloGold Ashanti, Gold Fields and the Ghanaian government have agreed to suspend talks on merging their two mines, Iduapriem and Tarkwa, which are adjacent. The companies announced this Tuesday, nearly two years after they first announced the plan. Ghana's government has yet to decide whether or not to approve the regulatory approval for the plan to combine two mines that would have created Africa’s largest gold mine. The companies decided to stop discussing the joint venture in order to concentrate on improving their current performance, as a standalone entity, at each of their sites. Gold Fields stated in a separate press release that, while the combination of both mines was "compelling", each miner would continue to focus on its respective operations "on an individual basis". According to the joint venture agreement, Gold Fields would own 60% of the combined operation and AngloGold 30%, respectively. The government would hold 10%. It was estimated that the joint operation would produce 900,000 to 600,000 pounds of gold annually in the first five-year period and over an estimated 18 years.
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Vestas, a manufacturer of wind turbines, has a swing in operating profit
Vestas, a manufacturer of wind turbines, reported an unexpected operating loss for the first three months, contrary to analyst predictions. Its outlook for the entire year remained unchanged, despite the geopolitical uncertainties. The Danish company posted an operating profit of 15 million euros, compared to a loss of 68 millions the previous year. Vestas surveyed analysts and the average forecast was a loss of 29 million euros. Henrik Andersen, CEO of Vestas, said that "Vestas continued to improve its performance despite new events contributing to geopolitical insecurity and regionalisation". The industry still faces many challenges. Onshore installations in Europe's key market fell short of expectations last year due to grid bottlenecks and slow permit processing. Also, more stringent financial conditions are stifling the growth. The U.S. offshore industry, which is viewed as a growth market in the country, also suffers from inflation and supply chain problems. The opposition From President Donald Trump's Administration Vestas maintains its forecast for the full-year revenues of 18-20 billion euros with a profit margin of 4-7 percent. In its earnings report, it stated that "despite ongoing geopolitical volatility and trade uncertainty is expected cause uncertainty, our execution of record-high backlog will drive increased revenue by 2025." Vestas announced a 36% increase in its first quarter order intake, which came in at 3,135 Megawatts (MW), broadly in line analysts' estimates of 3,157MW. (Reporting and editing by Terje Solsvik, Stine Jacobsen)
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Uniper details 2026, 2027 power hedging for hydro, nuclear
In a presentation to analysts on Tuesday, German utility Uniper said that it had sold a portion of its future output of hydropower as part a hedge strategy. Uniper said that it had sold 35% (of its German hydropower production) for 2026, at an average price per megawatt-hour of 92 euros ($104.12), and 5% (2027), at an average rate of 86 euros/MWh. LSEG data revealed that the wholesale benchmark price of German power round-the clock from all sources in 2025 was 83.46 euro on Monday and 77.39 euro for 2027. These discrepancies are partly due to lower fuel prices in the wholesale market, which also reflects conditions on the hydropower and gas-generated electricity markets that are subject to support schemes as well as unpredictable weather patterns. Hedging is used by producers to protect themselves against price fluctuations and lock-in forward production prices that are deemed favorable at a particular point in time. Wholesale market rates are used to monitor price trends and evaluate a utility’s physical assets. Uniper sold 85% its German production for 2025 at 126 Euros so far. In 2024, sales averaged 58 Euros. Other plants in Europe include coal-fired and gas-fired power stations, as well as solar and wind energy generation units. These were not included in the slide show. Uniper reported that it sold 50% of its nuclear and hydropower output in 2026, and 30% for 2027, at an average price of 38 euros, after achieving 38 euros on 75% of the 2025 output and 43 euros in 2020. $1 = 0.8836 euros (reporting and editing by Clarence Fernandez; Vera Eckert)
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Geberit expects European construction stabilisation in 2025, after posting higher sales
Geberit, a building materials supplier, reported on Tuesday a nearly 5-percent increase in sales for its first quarter. It also said that it expected the European construction industry to "stabilise" in 2025 despite an uncertain economic environment. According to a poll conducted by AWP, Geberit is a manufacturer of toilets, bathroom tiles and piping. The company reported sales of 878.5 millions Swiss francs for the third quarter. This was up 4.9% compared to a year ago and higher than analysts' expectations, which were 869 million francs. Geberit first-quarter sales, measured in local currency, rose 5.3% on an annual basis. The company reported a core income (EBITDA), of 276.9 millions Swiss francs, for the third quarter. This is a 0.7% rise from a year ago, but still slightly below the 280million francs that was expected by the AWP analysts poll. Geberit’s core profit increased 1.5% after currency effects were adjusted, when compared to the same period in last year. Geberit results are indicative of the health of the construction industry as its products are widely used for both new constructions and renovations. Geberit said that it would continue to refrain from providing a detailed outlook for the full year but did not expect any changes in its forecast, which was shared with its results for the full year in March. The company stated that the announcement of additional U.S. Tariffs could negatively impact the economic development of the USA as well as the global economy. The company had predicted that the demand for building construction would'stabilise' by 2025. It also received a boost in sentiment from the German Infrastructure Fund.
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As focus shifts to Asian currencies, stocks drift and the dollar stabilizes
The dollar recovered some of its recent losses versus Asian counterparts on Tuesday as investor concerns about U.S. Tariffs and their impact upon economic growth returned. These fears, combined with the pledges of key oil producers to increase supply, kept crude prices near their four-year lows. Since April, the erratic policies of U.S. president Donald Trump has fueled significant waves of dollar sales as investors have shifted away from U.S.-based assets, driving up the euro, yen, and Swiss franc. The record rise of the Taiwan dollar in recent sessions has confirmed that dollar selling is now spreading to Asia. This has led to speculations about a possible revaluation to gain U.S. concessions on trade. The rally was a sign that a major unwinding is underway. It also shed light on a single economy amongst many where large dollar long positions have been built up by exporters and insurance companies over the years due to big trade surpluses. These positions are now being questioned and put on edge. On Tuesday, the focus shifted to Hong Kong where the de-facto central bank purchased $7.8 billion in order to prevent the local currency strengthening and breaking the peg with the greenback. Charu Chanana is the chief investment strategist of Saxo Singapore. She said that Asian FX was where it's at today. If these currencies continue to strengthen sharply, this could cause fears of a "reverse Asian currency crises", with possible ripple effects on the bond market, amid fears that Asian Institutions reassess unhedged Treasury holdings. China's Yuan has strengthened on the mainland to its highest rate since March 20, at 7.23 dollars. On Tuesday, the Taiwan dollar traded at 30.185 dollars for every dollar in the U.S., not far off from its near three-year peak of 29.59 dollars on Monday. The broadest MSCI index of Asia-Pacific stocks outside Japan rose 0.2% despite Japan being closed for the holiday. Taiwan stocks were not much changed. The blue-chip index in China returned to the market after a long holiday. It was up by nearly 1%. Hong Kong's Hang Seng index rose by 0.69%. The European stock futures point to a calm opening in the region, ahead of a scattering of manufacturing data which will likely provide an indication as to the impact of tariffs. U.S. futures also fell. Investors have been focused on the possibility that trade tensions could be eased between the U.S. Investors are left to try and make sense of headlines from the White House, but with little information. Donald Trump, the U.S. president, said on Sunday Washington was meeting with many nations, including China. His main priority in dealing with China is to get a fair deal. Trump imposed a 100% tax on movies made outside of the United States on Monday, but provided little information on the implementation. Saxo's Chanana stated that tariff headlines are driving the market more than anything else. The tactical risk-reward ratio could still tilt to the upside if hard data continues to hold up and sentiment is buoyed by trade deal hopes. Data released on Monday revealed that the U.S. service sector grew in April. Meanwhile, a measure of materials and services paid for by businesses soared to its highest level in over two years. This indicates an increase in inflation pressures caused by tariffs. The Federal Reserve will announce its policy on Wednesday. It is expected that the central bank will keep interest rates unchanged, but the focus of attention will be how policymakers navigate a path characterized by tariffs. Christian Scherrmann is the chief U.S. economics at DWS. "We believe they will adopt a slightly hawkish tone but in a direction more towards an extended pause rather than a possible hike." LSEG data revealed that traders are pricing 75 basis points in easing for this year, with the first possible move in July. Oil prices, which had hit four-year lows the previous session due to OPEC+'s decision to increase output, were stable on Tuesday. The gold price reached a new high of one week on the back of safe-haven demand. (Editing by Sam Holmes & Kate Mayberry).
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Ukraine strikes power station amid reports that Kyiv is attacking Kursk in Russia
The regional governor of Kursk said that Kyiv forces had attacked a substation in the western region of Russia, Kursk, on Tuesday. This came after Russian war bloggers claimed that a new Ukrainian invasion into the area was backed up by armoured vehicles, drones, and other land-based weapons. Alexander Khinshtein, the governor of Kursk, said that power had not yet been restored to Rylsk. The town has a population of 15,000 and is located about 50 kilometers (30 miles) away from the Ukrainian border. Ukrainian forces damaged two transformers at the substation late Monday night, injuring two teens. Khinshtein, on Telegram, said: "Dear Residents, the enemy continues to strike our territory in its pain." The administration of the Kursk Region said early Tuesday that authorities were evacuating local residents as drone attacks from Ukraine became "more common" in the last day. Russian war bloggers claimed that Ukrainian forces had attacked the Kursk area on Monday. They fired missiles and used special vehicles to cross minefields and smash through the border. On Monday, Russian war blogger RVvoenkor said that the enemy had blown up bridges using rockets in the night and then launched an assault with armoured units in morning. "The mine clearing vehicles started to make their way through the minefields. They were followed by armored vehicles and troops. "There is a heavy fight going on at border." The popular Russian military blog Rybar reported on Tuesday that the Ukrainian advance near the settlement of Tyotkino, in the Kursk region across the border failed. In August 2024, Ukraine launched a surprise attack on Kursk to change the momentum after the Kremlin gained control of the situation following the full-scale Russian invasion in 2022. Kyiv hoped that its position in Kursk could draw Russian troops from other parts Ukraine, giving it a bargaining tool with Moscow. Last month, Russia's top military official said that Ukrainian troops were ejected out of Kursk. This marked the end of the largest incursion on Russian territory since World War Two. Russia also announced that it was creating a buffer zone around the Ukrainian region Sumy. Kyiv denies that its troops have been forced to leave. Volodymyr Zelenskiy, the President of Ukraine, said that Kyiv continues to maintain forces in Kursk as well as in the nearby Russian region Belgorod. Pavel Zolotaryov wrote on Telegram, the head of Glushkovo District in Kursk, near the border of Ukraine, that residents were being evacuated from several localities to safer areas. Zolotaryov wrote: "Over the last 24 hours there has been a rise in drone attacks from enemy forces." There have been cases of people being injured or killed, and of homes and civil infrastructure sites being destroyed. Zolotaryov failed to provide any evidence or additional details about the casualties. Could not independently verify report. Ukrainian officials did comment on any progress made on Monday, but prosecutors reported that Russian shelling and guided-bomb attacks on border villages in Sumy Region killed and injured at least three people during the day. In its daily update, the General Staff of Ukraine’s Armed Forces only said that on Tuesday, fighting continued along the Kursk segment of the frontline with Kyiv troops repelling 18 enemy assaults there. Last week, Russian President Vladimir Putin declared a ceasefire lasting three days between May 8-10 in honor of the 80th anniversary since the Soviet Union's victory over Nazi Germany during World War II. Zelenskiy has said that such a move is ineffective and instead called for a ceasefire unconditionally lasting at least 30 consecutive days, in line with the U.S. proposal made in March. Reporting by Guy Faulconbridge; editing by William Maclean. Toby Chopra. Cynthia Osterman. Lincoln Feast.
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Copper rises on US-China dialogue hopes
Prices of copper edged up on Tuesday, as positive signs about U.S. China trade talks boosted the mood. However, lingering worries about the broader impact of trade conflicts limited gains. As of 0332 GMT, the benchmark copper price on London Metal Exchange (LME), was up by 1.2% at $9,479 per metric ton. U.S. Treasury secretary Scott Bessent defended President Donald Trump’s tariffs on Monday, highlighting that his larger agenda, which included tax cuts, will eventually lead to economic growth over the long term. China's Commerce Ministry announced on Friday that Beijing was "evaluating" Washington’s offer to have talks about Trump’s 145% tariffs. The U.S. approached China for talks, and Beijing was ready to hold discussions. This could signal a possible de-escalation of the trade war. A trader stated that "it doesn't appear to be a smooth road for trade talks, and investors are becoming increasingly concerned about the potential negative effects of trade on global economic expansion and metal demand." The U.S. Economy shrank in the first quarter for the first three years amid a flood in imports to avoid Trump's tariffs. And the International Monetary Fund forecasts that the U.S. Gross Domestic Product will only grow by 1.8% in 2025. Other London metals saw aluminium rise 0.8% to $2450 per ton, while zinc rose 1.8% to 2,654, lead increased by 0.5% to 1,943, and tin rose 3.8% to 31,850. Nickel gained 1.4% to 15,700 per ton. The Shanghai Futures Exchange's (SHFE) most traded copper contract rose by 0.4%, to 77 870 yuan per ton ($10 776.36). SHFE aluminium fell by 0.6%, to 19,875 Chinese yuan per ton. Zinc dropped 0.2%, to 22,465 Yuan. Lead declined by 0.9%, to 16,705 Yuan. Nickel rose 0.7%, to 124900 Yuan. Tin was up 0.1%, to 261,960 Yuan. $1 = 7.2260 Chinese Yuan Renminbi (Reporting and editing by Mrigank Dahniwala and Savio d'Souza).
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Dong Fang Offshore Orders Another CSOV from Vard
Vard has secured a new contract with Taiwanese-based Dong Fang Offshore (DFO) for the design and construction of one Commissioning Service Operation Vessel (CSOV), a sister vessel to the two CSOVs ordered in May 2024.After sealing the contract for two CSOVs in May 2024, Taiwanese DFO is adding a third vessel of the same design, the VARD 4 39.The design is the result of collaboration between DFO and Vard.The design gives a highly versatile all-round platform for sustainable wind farm support operations both as a service vessel for the wind farms and for the building and installation phase.Upon delivery, the CSOV will start a minimum 15-year service contract for an undisclosed wind farm customer in Taiwan.The CSOV has been developed with large design flexibility to accommodate future operational demands.The design has focus on low environmental footprint with efficient machinery and propulsion set-up for high station keeping capabilities, improved workability, and operational reliability, and a hull shape that supports the fuel efficient CSOV operation.The 102.7-meter-long vessel, with a beam of 19.5 meters, is further prepared with a large external deck for future integration of a modular power and fiber optic cable lay and repair spread.The design includes a full electrical equipment package as part of a forward-leaning strategy in environmentally friendly design, allowing for the delivery of enhanced reliable operations onboard the ship.This includes a battery package, crane and W2W gangway system. The CSOV is also prepared for future fuels. The vessel has an aggregated hotel capacity of 120 people, whereof 90 is allocated in large single cabins. Operational centers such as offices, briefing rooms, conference room and dayrooms have been designed to meet a high standard in the market.“We are delighted to return to Vard for the construction of the third CSOV is in our series of high performing CSOVs for the Taiwanese market, continuing the strong teamwork and momentum together with the team in Vard Vung Tau.“The vessel design has been developed to specifically address the many unique challenges operating offshore Taiwan, and it is humbling to see another customer place their trust in DFO to deliver long term O&M services, on a solution that we have developed together with Vard.“This order marks the third O&M service contract for an CSOV that DFO has been awarded in Taiwan, continuing the DFO strategy of building ships against high quality contracts with long-term, forward-thinking customers, and cementing DFO’s place as the O&M service provider of choice within Taiwan”, said Polin Chen, CEO of DFO.
Copper rises on US-China dialogue hopes
Prices of copper edged up on Tuesday, as positive signs about U.S.-China talks boosted sentiment. However, lingering worries about the broader impact of trade disputes on the economy limited gains.
As of 1300 GMT, the benchmark copper price on London Metal Exchange (LME), was up 0.7%, to $9,431 per metric ton.
U.S. Treasury secretary Scott Bessent defended Trump's trade tariffs on Monday, pointing out that his larger agenda, including tax cuts, would lead to long-term growth.
China's Commerce Ministry announced on Friday that Beijing was "evaluating" Washington's offer to hold discussions over President Donald Trump's tariffs of 145%.
The Commerce Ministry stated that the United States had approached China for talks about Trump's tariffs, and Beijing was ready to talk. This could signal a possible de-escalation of the trade war.
A trader stated that "it doesn't appear to be a smooth road for trade talks, and investors are becoming increasingly concerned about the potential negative effects of trade on global economic expansion and metal demand."
The U.S. economy shrank for the first time since three years in the first quarter amid an import flood to avoid Trump's tariffs. And the International Monetary Fund forecasts that the U.S. Gross Domestic Product will only grow by 1.8% by 2025.
Other London metals saw aluminium rise 0.6%, to $2.445 per ton. Zinc rose 1.4%, to $2.645, while lead rose 0.6%, to $1.948. Tin was up 3.6%, to $31,795; and nickel rose by 1.2%, to $15.665 per ton.
The Shanghai Futures Exchange's (SHFE) most traded copper contract was unchanged at 77.570 yuan per ton.
SHFE aluminium fell by 0.7%, to 19,850 Chinese yuan per ton. Zinc lost 0.5%, to 22,385 Yuan. Lead dropped 0.5%, to 16,765 Yuan. Nickel rose 0.4%, to 124 500 Yuan. Tin was up 0.7%, to 260,000 Yan. ($1 = 7.2706 Chinese Yuan) (Reporting and editing by Mrigank Dahniwala; Violet Li, Lewis Jackson)
(source: Reuters)