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Prices for EUROPE GAS rise and reverse earlier losses
Dutch wholesale gas prices increased on Wednesday. They reversed earlier losses due to concerns about liquefied gas (LNG) supply if tensions escalate in Iran. LSEG data shows that the benchmark Dutch front-month 'contract' at TTF hub is up?1.42 Euros?at 32.55 Euros per megawatt hour by 1213 GMT. This is the highest level recorded since October 7, last year. The Dutch March rate was 31.66 Euros/MWh, an increase of 1.28 euros. The British day-ahead contract was down 0.40 pennies at 82.80 pence/therm. Iran warned its neighbours that it could strike U.S. military bases if Washington interferes with protests, despite the fact that weather forecast revisions showed?milder temperature than before and a strong supply. Gas?traders said that the market was nervous about the situation in Iran and possible risks to LNG supply. The oil price also rose for the fifth consecutive session due to fears that Iranian supplies could be disrupted by a possible U.S. strike on Iran, and possible retaliation on U.S. interests in the region. Analysts at LSEG said that the gas storage levels in North-West are likely to fall below 100 terawatt hours on March 1. This would be a positive factor. Prices fell this morning due to increased LNG exports and Norwegian?exports as well as lower demand forecasts for the coming days. LSEG data shows that the local distribution zone gas demand for north-west Europe is expected to decrease by 296 gigawatt-hours/day (GWh/d), to 3,600 GWh/d, in the next day. Wind speeds that are stronger than normal will also reduce the gas consumption of gas-fired plants. The benchmark contract on the European carbon markets was up by 0.13 euros at 90.87 euro per metric ton. (Reporting and editing by Nina Chestney, Susanna Twidala)
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Caledonia will spend $132m on Zimbabwe's largest gold mine in this year
Caledonia Mining Corporation announced on Wednesday that it will spend $132m this year to launch the development of Zimbabwe's biggest gold mine once it is operational. The record gold prices are helping miners expand production. Gold spot prices reached a new record of $4,639.48 per ounce on early Wednesday. This was fueled by the escalating tensions in Iran, concerns over the Federal Reserve’s autonomy, and softer inflation data that boosted bets for rate cuts. Caledonia stated in a production report that the planned expenditure, which is part of an overall capital expenditure programme of $162.5 millions for 2026, was subject to approval by the board and funding availability. Caledonia, which already operates ?the 80,000-ounce-per-year Blanket mine in Zimbabwe, plans to develop the Bilboes mine at a projected total capital cost of $584 million. The new mine will begin production in late 2028. A steady-state annual output of 200,000 ounces is anticipated starting from 2029, for an initial 10 year period. The company has said that it will fund the Bilboes Project through a combination of senior non-recourse debt, contributions made by existing operations, and specialised financing methods, such as streaming. In this method, investors provide cash in exchange for future metal supplies. Caledonia’s expansion plans got a boost last month after Zimbabwe’s government reversed its plans to double gold royalty rates and change the taxation of capital expenditure. (Reporting and editing by Nelson Banya, Joe Bavier and Chris Takudzwa Muronzi)
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Copper falls from record highs due to physical demand
The copper price hit a new record on Wednesday, thanks to persistent demand by speculative funds. However, some investors were concerned that the high price would discourage industrial buyers from buying. The benchmark three-month copper price on the London Metal Exchange fell 0.1% to $13,176.50 per metric tonne by 1030 GMT after reaching a record high of $13,407. LME copper prices have risen by 44% in the last 12 months. This is due to disruptions at the mines and concerns about deficits for this year. Also, a large flow of metal has been sent to the U.S. before potential tariffs which could tighten supply elsewhere. "With all the?concerns? about debasement and financial risks, as well as Fed independence, these hard assets are just sensational," Ole Hansen, head commodity strategy at Saxo Bank, in Copenhagen, said. There's a limit to industrial metals, where we?hit a wall when it comes to potential demand destruction. I don't even know where this level is or if it's already reached. He said that if you look at the?technical signal, a closing below $13,000 will cause a downward reaction. Hansen stated that the copper demand in China appeared to be stable and there was a potential for stocking before the Lunar New Year holiday. After hitting a record high of 105.650 yuan, the most-traded contract for copper on the Shanghai Futures Exchange ended daytime trading 0.9% higher, at 104.120 yuan per ton ($14.931.88). Investors bet that demand for tin, which is used in semiconductors, will grow rapidly as a result of the artificial intelligence boom. SHFE tin rose 8%, reaching the upper limit of 413,170 Yuan. LME tin increased 4.1%, to $51,550. The fundamentals of tin have not changed dramatically. Jing Xiao said that the price rally was fueled by speculative trading. Tom Langston?at The International Tin Association?agreed that supply-demand metrics had not changed, noting the record interest rates on the LME. Other metals saw a 0.1% increase in LME aluminium to $3.200 per ton. Zinc rose 1% at $3.232. Lead added 0.4% at $2.069, and nickel climbed 1.7% to 17.995.
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Malaysia's state utility signs a deal to send energy from Laos and Singapore, revitalizing a cross-border project
Malaysia's state-run utilities firm signed a 2-year energy - agreement to transmit electricity from Laos into Singapore. This deal revives a Southeast Asian multilateral power trade - agreement that has been stalled since the year 2024. Tenaga Nasional Berhad, in a filing to the bourse on Wednesday, said that Energy Wheeling Agreement Phase 2 is part of a project to integrate power from Laos with Thailand, Malaysia, and Singapore. This will allow up to 100 megawatts in Laos to supply power via Thailand and Malaysia to Singapore using existing transmission links. The first phase was signed in 2022 with a validity of two years that ended June 22, 2024. Malaysia's Energy Minister in October last said that the delay was due to?local political changes in Thailand. According to an agreement signed Wednesday, the state utility Electricite?Du Laos pays TNB for wheeling?services in order to transmit energy produced in Laos from Singapore. The deal is part ?of the second phase of ?the Lao PDR-Thailand-Malaysia-Singapore Power Integration Project, which is a precursor to a ?broader ASEAN Power Grid initiative aiming to connect all ten member states and tackle the region's growing reliance on fossil fuels. (Reporting and editing by David Stanway; Ashley Tang)
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Gold and silver reach historic highs amid geopolitical tensions and Fed uncertainty
Silver broke through $90 for the first time and gold reached a new record on Wednesday. The escalating tensions in Iran, along with concerns about the Federal Reserve’s autonomy, fueled demand for safe havens, while lower inflation numbers boosted bets to cut rates. Gold spot rose 0.9%, to $4,627.72 an ounce, by 1001 GMT. This was after the gold price had reached a session high of $4.639.48. U.S. gold futures for delivery in February rose by 0.8% to $4 636. Jamie Dutta is the chief analyst at Nemo.money. He said that prices are rising because of "well-known haven characteristics" amid increased geopolitical risk, fiscal uncertainty and concerns over Fed independence. The Federal Reserve Chair Jerome 'Powell was backed by central bankers from around the globe on Tuesday. They issued an unprecedented statement of support after the Trump administration threatened to indict him, which could have a negative impact on the trust that people place in U.S. assets like the dollar. Dutta said that "protests in Iran maintain geopolitical tensions, resulting in a strong demand for bullion." HRANA, a rights group based in the United States, said that the death toll has reached 2,571, sparking threats from?U.S. intervention. The Bureau of Labor Statistics reported on Tuesday that the core Consumer Price Index in the United States rose by 0.2% from one month to the next and 2.6% over the course of a year. Powell, the Fed's chairman, has been urged by President Donald Trump to reduce interest rates "meaningfully". The traders expect?two rate cuts in this year. Low interest rates are usually in favour of non-yielding gold. Spot silver rose 4%, to $90.46 an ounce. This is down from a record high of $91.53. It has risen by nearly 27% within just 14 days of this year. Dutta stated that "long-term targets" are big numbers like $5,000 and $100 respectively for gold and Silver. After touching a session high of $2,406.75 per ounce earlier, spot platinum rose 3.5%. It hit a record $2,478.50/oz on December 29. Palladium increased 0.1%, to $1840.19 per ounce. (Reporting and editing by Clarence Fernandez in Bengaluru, with Pablo Sinha reporting from Bengaluru)
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TotalEnergies and Bahrain's Bapco Energies form Middle East Trading Venture
TotalEnergies, the French oil giant, announced on Wednesday that it had?formed BxT Trading a joint venture with Bahrain's Bapco Energies. The Middle East-focused venture is expected to trade products from Bapco’s Sitra refinery, which produces 267,000 barrels per day. The partnership builds upon a 2024 agreement?underwhich Total agreed to expand and modernise the?Sitra refinery to reach a throughput capacity 380,000 barrels per d?ay and to share its trading expertise. It also explored options to partner with Bahrain in projects involving renewable energy and liquefied gas. Bapco announced in December a new increase of capacity to 405,000 bpd. In a recent statement, Bapco Energies chairman Shaikh Nasser bin Hamad Al Khalifa said, "Through our partnership with TotalEnergies, we are strengthening our downstream value chain, and reinforcing Bahrain’s position as a trusted and competitive player on the international energy market." Patrick Pouyanne, CEO of TotalEnergies, said that the joint venture would strengthen Total's Middle East position Two executives signed a contract in Abu Dhabi on Tuesday. (Reporting by America Hernandez in Paris. Mark Potter (Editing)
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TotalEnergies sells its SPDC assets in Nigeria to a new buyer
By America Hernandez PARIS, January '14 - French giant TotalEnergies signed an agreement to sell its 10% non-operated stake in the Nigerian oil asset SPDC (renamed Renaissance JV) to Vaaris. This follows a failed sale to Mauritius based Chappal Energies last year. Total retains a 'full economic interest in the?deal, which includes stakes of three other licenses that produce mainly?gases for Nigeria LNG. The company did not provide any further information on the buyer. The inability of the buyer to pay the $860 million price tag was the reason why Nigerian regulators rejected Total's first deal with Chappal Energies for the SPDC stakes. This dealt a serious blow to Total's attempts to liquidate its mature and polluting assets, as well as to reduce debt. The SPDC was plagued by hundreds of oil spills due to theft, sabotage, and operational problems that resulted in costly repairs?and high profile lawsuits. Shell sold its 30% share in SPDC to a consortium made up of mostly local?companies last year for up $2.4 billion. Nigerian National Petroleum Corporation, or NNPC, holds a?55% stake in the joint venture while Eni of Italy has 5%. The Nigerian regulators must approve the deal. Reporting by America Hernandez, Editing by Jan Harvey & Tomasz Janowski
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Copper prices rise as concerns over supply outweigh dollar strength
The price of copper peaked on Wednesday as global supply concerns, mounting geopolitical risk and a stronger dollar outweighed the pressure. The Shanghai Futures Exchange's most-traded contract for copper closed the daytime trading session 0.85% higher, at 104120 yuan per metric ton, after reaching an all-time record of 105650 yuan. The benchmark three-month copper contract on the London Metal Exchange rose 0.58% at $13,240 per metric ton as of 0743 GMT after hitting a record high earlier. The price of copper has been supported by "disruptions" at mines, concerns about deficits in this year and an influx of red metal into the United States. Supply elsewhere is being squeezed by potential tariffs. Donald Trump, the U.S. president, said on Tuesday that help was on its way for Iranians. Analysts say that this fueled concerns about geopolitical risk, which led some investors to rush into commodities with "healthy fundamentals" such as copper or tin. A stronger dollar has capped the price increases. The tin price in Shanghai and London has also reached record levels, with gains so far this month of 23,6% and 30,4% respectively. Analysts say that more funds have been invested in the tin industry, as investors bet on the rapid growth of demand for this metal which is used to manufacture semiconductors and will?benefit the artificial intelligence boom'. SHFE tin increased 8%, reaching the upper limit of 413,170 Yuan. LME tin rose?more than 5 % to $52,495. Jing Xiao is an analyst with broker SDIC Futures. She said that she does not believe there has been a dramatic shift in tin fundamentals. The round of 'price rally' was driven by speculative trade. Xiao stated that the demand for tin in 'the AI sector was overestimated, while the consumption of traditional 'users were underestimated. The high prices of the products have dampened consumer demand, while this year's supply growth will probably exceed expectations. This points to potential downside risks." SHFE aluminium slipped 0.06%. Nickel slipped 0.11%. Lead dipped by 0.17%. Zinc grew by 0.51%. Aluminium, nickel, and lead are among the other metals traded on the LME.
UN report: Major Rwandan coltan supplier bought smuggled Congolese mineral minerals
A forthcoming UN report claims that Rwandan-based Boss Mining purchased coltan from Congo.
Mineral trade is used to finance M23 rebels in eastern Congo
Boss, Rwanda and other countries deny any involvement in the smuggling of goods from Congo
Reade Levinson and David Lewis, Sonia Rolley
According to a report reviewed by the United Nations, a Rwandan company called Boss Mining Solution purchased minerals that were smuggled out of rebel-held areas in neighboring Congo. This helped fund an insurgency there. This is the first time that the U.N. has publicly named a company accused of being complicit in the trafficking of minerals looted in Congo after M23 insurgents took over a major mining area in the country last year. Boss Mining is named in a U.N. document that documents how recent territorial gains by M23 in Congo have further destabilized an area beset by decades-long conflict. U.N. accuses the heavily armed rebels of plundering Congo’s natural resources, and of committing atrocities on civilians. They are backed by Rwanda's government. The report stated that illegal mining and smuggling minerals into Rwanda from M23-controlled zones had "reached unprecedented heights". Diplomats said that the report, which was presented to the U.N. Security Council's sanctions committee for Congo at the beginning of May, will be published shortly. M23 has not responded to our requests for comment. Corporate records show that Eddy Habimana is a Rwandan entrepreneur who runs Boss Mining. U.N. investigators had identified Habimana as a minerals trafficker a decade earlier, with ties to rebels fighting in the eastern Congo. Habimana refused to comment on allegations made in an unpublished U.N. Report. According to Rwandan corporate records, two Russian-born mining executives also own Boss Mining. Yolande Makolo said on Wednesday that the U.N. Report "misrepresents Rwanda’s longstanding concerns about security" regarding Hutu groups who have attacked ethnic Tutsis both in Rwanda and Congo. This threat "requires a defense posture in our borders." The Congolese government spokesperson did not respond immediately to our questions, but officials in the Democratic Republic of Congo have accused Rwanda of fomenting conflict to plunder Congo’s mineral wealth. Mineral sales have been crucial to M23's funding. Insurgents swept through large areas of eastern DRC this year, including mines that produce gold, copper and tin, as well as the largest coltan mining operation in the world. An analysis of 2024 customs records revealed that Boss Mining was one of several Rwandan companies exporting significant volumes of coltan, despite the fact Rwanda produces very little of this metallic ore. Rubaya is the Congolese mine area, now controlled by the M23 group, which produces 15% of all the coltan in the world. The ore can be processed into tantalum, a heat resistant metal that is in demand by manufacturers of mobile phones, computer systems, and other electronics, aerospace, and medical applications. M23 insurgents took control of the two main crossings to Rwanda when they seized Bukavu, a border city located on the Congolese side, and Congo. According to a forthcoming U.N. Report, smuggled Congolese mineral are transported to Rwanda through these cities. They do so at night to "avoid detection." According to the report, 195 tons were discovered in just the last week of march. The report stated that Boss Mining purchased some of the minerals. Habimana responded to previous questions in June about Boss Mining operations by saying that his company had "never purchased coltan" from Rubaya. "All materials we purchase are in compliance with international guidelines designed to ensure mining doesn't fund armed group or contribute to abuses of human rights," he added. M23's rapid advance in eastern Congo has reignited a conflict that dates back to the Rwandan genocide of 1994 and has caused millions of people to be displaced. The rebels are determined to topple the Congolese Government. The Rwandan government has denied for years that it is involved in the trade of coltan looted by its neighbor, or that it supports M23. Rwanda's ruling Tutsi majority party shares the same concern as M23 about the alleged threat of rival Hutu groups in eastern Congo. According to a confidential U.N. document, Rwanda had 1,000 troops in Congo as of April. Rwanda and Congo signed on Friday a peace agreement mediated by the United States that will see Rwandan troops withdrawn from Congo. The agreement does not include the M23. The rebel group is a part of an independent, parallel mediation that Qatar leads to try and end hostilities. Success in these talks is crucial to any lasting peace.
MURKY SUPPLY CHAINS An analysis of customs data revealed that Boss Mining exported 150 metric tonnes of coltan in 2024, worth at least $6.6 million. This figure represented 6.5% of all Rwandan coltan exports in 2024. Boss Mining was the sixth largest exporter of ore for the year. According to a Boss Mining worker who requested anonymity because he wasn't authorized to speak with the media, Boss Mining doesn't mine its own coltan, but instead buys it from Speck Minerals and other sellers. According to an employee of Boss Mining and a database online from the Rwanda Mining Board, the company has a mining license in Rwanda's Burera District where they mine wolframite. According to maps and the mining industry press, there are no major coltan mines in that area. According to reports from the Rwanda Mining Association, and the Rwandan mining press, Habimana also represents Speck Minerals. According to a publication from the 2024 Rwanda Mining Association, Habimana also uses this number for Boss Mining. Boss Mining's employee said that Speck operated two mines, in the Gakenke district and Muhanga district of Rwanda. These mines produce a total of 18 tons of colltan per month. In a 2018 audit conducted by a Thai smelter of the Muhanga Mine, the site owner was listed as Eddy Habimana and the mine name was listed as Speck. According to the audit, the production was 2.3 tons per month at that time. Habimana, in response to questions last month about Boss Mining in text messages, described the two mines in Muhanga & Gakenke as being part of Boss Mining operations. Was unable to verify current production at either mine. Habimana refused to answer any questions regarding Speck, or the employee's claims about production. U.N. investigators as well as non-governmental organisations and sources from the mining industry have accused M23 and their Rwandan supporters of smuggling minerals from Congo illegally for more than a decade. According to a U.N. Report published in December 2024, the scale of the trade increased after M23 took Rubaya. The rebels established a parallel government that controlled mining, trade, transportation, and taxation on minerals produced in the area. U.N. 2024 report stated that the rebels had taken Rubaya and established a parallel administration to control mining activities, trade, transport, and taxation of the minerals produced there. U.N. experts said that the resulting mixing of Congolese coltan with Rwandan production is "the most significant contamination of supply chain" to date. According to the report 2024, M23 received $800,000 per month in taxes from the coltan mines in eastern Congo. Mining experts claim that official statistics on Rwanda's production of coltan are not reliable. In May 2024, the central bank of Rwanda suspended publishing export statistics shortly after M23 had seized Rubaya. An analysis of the customs records revealed that Rwanda exported 2,300 tons ore coltan last year. Eleven geologists and mining experts who are based in the area said that Rwanda exports much more coltan than it produces. They have all visited mines and found that the Congo has a much larger mine site and more miners. Bill Millman, a mineral consultant based in the UK, said that Rwanda's coltan exports for 2024 are "totally implausible". Rwanda's government has not commented on its coltan output. In January, the DRC cut diplomatic ties with Rwanda after M23 took over the Congolese capital of Goma. Congo's army has repeatedly struggled to quell Rwanda-backed revolts. Kigali, however, has benefited for years from the corruption in the Congolese minerals trade and the lack of regulation.
RUSSIAN CONNECTION Rwandan records of company show that Boss Mining, which was established in 2013, is owned by Habimana. The managing director denied buying Congolese colltan. These records reveal that Boss Mining also has two other owners, Yuriy tolmatchev (the managing director who denied purchasing Congolese coltan) and Alexander Konovalchik. According to UK and Russian company records, and Russian mining press reports, both men are dual citizens of the UK and Russia and have worked in the mining sector for decades. Now they live and work in Britain. According to corporate records, the two men own other companies which buy the coltan from Boss Mining. They are also directors of Metarex Ltd., according to Cyprus corporate records. According to corporate records from the United Arab Emirates provided by corporate intelligence firm Diligencia, Metarex is 100% owner of Novacore FZE. Tolmatchev manages Novacore, which according to corporate records and an analysis of customs data, purchases all the coltan produced by Boss Mining. Tolmatchev declined to comment on Novacore’s purchases. He stated that Boss Mining was the smallest exporter of coltan in Rwanda but refused to give more details. He said he had no idea what local traders were doing in North Kivu, the Congo province where the Rubaya mine is located. Tomaltchev responded that the company does not buy material from Congo. Konovalchik was not able to comment on the U.N. Report. He said that all minerals purchased by Boss Mining are "from Rwandan Sources". He then referred any further questions to Habimana. He said, "I don't control day-to-day operations." Reade Levinson reported from London, David Lewis from Nairobi, and Sonia Rolley from Paris. Filipp Lebedev contributed additional reporting from London. Marla Dickerson, Silvia Aloisi and Marla Dickerson edited the article.
(source: Reuters)