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Grossi: Ukraine's Zaporizhzhia Nuclear Plant now without offsite electricity for six days
Rafael Grossi, chief of the U.N. Atomic Watchdog, said that Zaporizhzhia Nuclear Power Plant has been without power offsite for six days. Since the beginning of the conflict, the plant in southeast Ukraine was under Russian control. Both sides have accused each other of shelling the facility and compromising nuclear safety. Grossi, the director general of International Atomic Energy Agency (IAEA), wrote on X about his meeting with Ukrainian Foreign Minister Andrii Sbiha and their exchange of views regarding the plant. He also said that the IAEA is working to restore power. UKRAINE WANT TEMPORARY IAEA STEP-IN FOR PLANT Oleh Korikov is the head of Ukraine’s State Nuclear Regulatory Inspectorate. He said that the absence of external power posed “major threats to nuclear safety and radiation safety” and called on efforts to restore this quickly. IAEA reported that the external power lines to the plant fell last week, for the 10th consecutive time during the conflict. Emergency diesel generators have been put into operation. These lines provide electricity that is vital for cooling the fuel in its reactors and preventing a nuclear meltdown. Sybiha wrote about his meeting on X with Grossi, saying that Russia "stole the Ukrainian nuclear plant and is now trying to forcefully integrate it into their grid despite growing risks of a nuclear accident." We all agreed that this is something the world can't allow. He stated that the "only real option" would be to give the IAEA temporary control over the plant. (Reporting by Shubham Kalia in Bengaluru. (Editing by Ron Popeski, Mark Potter and Mark Potter).
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Fears of Indonesian supply have pushed tin prices to a 6-month high.
On Monday, tin prices reached their highest level in nearly six months as fears of a shortage of supplies were sparked by reports of an Indonesian crackdown on mining. The Indonesian president Prabowo Subianto has ordered the closing of 1,000 illegal tin mining operations in Bangkia Belitung, a key region for tin production off the east coast Sumatra. Tin was being smuggled on small boats and ferryboats. "There are 1,000 illegal mines in this region." "I ordered the related parties to launch a large-scale operations in Bangka Belitung starting September 1 and shut down almost 80% of smuggled Tin," Prabowo was quoted as saying by Antara. According to two tin-trading sources, the number of mines Prabowo mentioned was either incorrect or exaggerated. The benchmark three-month tin at the London Metal Exchange, however, rose by as much as 2,9% to $35.510 per metric ton. This is the highest price since April 4. As of 1537 GMT, the metal was valued at $35,485. It is used to solder circuit boards for mobile phones, electric cars and other products. In the evening, in the top metals consumer China the most active tin futures contract on the Shanghai Futures Exchange rose as much as 3.9%, to 283,000 Yuan ($39.750) per ton, its highest level since April 3. The International Tin Association reported in May that the production of refined tin in Indonesia will fall to less than 50,000 tonnes in 2024. This is the lowest level in over 20 years. Indonesian production was around 13.5% the total global of 371,200 tonnes last year.
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The US opens up millions of acres of federal land for coal leasing
The U.S. Department of the Interior announced Monday that it will open up 13.1 million acres (53,013.8 square kilometers), of federal land to the public. The Trump administration is trying to reverse the decline in coal use. In April, President Donald Trump issued executive orders to increase coal production. This was one of many actions he took that ran counter to the global effort 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. About 40,000 coal workers are left from the 70,000 that existed a decade earlier. The announcement will be made by Secretary of Interior Doug Burgum at a coal event at the Interior Department, along with Environmental Protection Agency Administrator Lee Zeldin (and an Energy Department official) on Monday. Burgum stated in a press release that the initiative will strengthen the U.S. economic system and create jobs. 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, despite the fact that its operator was planning 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, Marguerita Choy and Timothy Gardner)
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Vedanta Resources unit will tap dollar bonds again in the future, say bankers
Two merchant bankers announced on Monday that Vedanta's wholly-owned subsidiary plans to raise money through the sale of bonds denominated in U.S. dollars and with a seven-year maturity. Vedanta Resource Finance II may raise $750 million in the coming days through these bonds, which have a call-option at the end two years. One of the bankers stated that any additional proceeds would be used for other debts or general corporate purposes. We have initiated a possible bond transaction to increase the average maturity of our debt and reduce interest costs. Vedanta's spokesperson stated that the transaction would be dependent on investor feedback and market conditions. 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 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 America.
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Canada announces C$400 million financial aid to Algoma Steel
Patty Hajdu, Canada's Jobs Minister, announced on Monday that the government will provide Algoma Steel with C$400,000,000 ($287.13,000,000) as financial support under its large-enterprise tariff relief scheme. The Canadian steel industry was one of the largest steel producers that were hardest hit by the 25% tariffs imposed on Canadian steel imports by U.S. president Donald Trump, which he then increased to 50%. The government released a statement saying that the loan would help Algoma Steel in Ontario, which employs about 2,500 people, to continue operations and transition to a model of business less dependent on the U.S. It will also limit disruptions to the workforce. It said that the government of Ontario would also support this initiative with 100 million C$. Hajdu stated, "As tariffs and uncertainties around the globe increase, we ensure that workers and businesses prosper today and can lead the economy of tomorrow." Francois-Philippe champagne, Canada's Finance Minister, who will provide the financial assistance through federal agencies, stated that the support would assist Algoma in managing the impact of U.S. Tariffs. He said that the investment was to help them stay competitive, adapt their operations and...protect (jobs). This loan is part of the $10 billion financing facility that was announced in March to assist large companies with tariffs and countermeasures. The loan is part of a $10 billion financing facility announced in March for large companies to help them fight the tariffs and countermeasures.
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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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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.
Document: Mali's gold industrial output is down 32% after Barrick's suspension
According to a document from the Mines Ministry, Mali's industrial production of gold fell by 32% on an annual basis to 26.2 tonnes by the end August. This was due to the long-term suspension of Barrick Mining operations.
A mines ministry official reported that the industrial output in Mali was 22.5% lower than the government's prediction of 33.8 tonnes for the same time period.
The source did not say if the country's target for this year would be revised. The source, who spoke under condition of anonymity, was not authorized to brief the media. Mali's industrial output of gold fell by 23% in 2024. A mining ministry source said at the time that the drop could have been due to government disputes with international miner. Barrick's Loulo-Gounkoto gold mine produced 578,000-ounces-of-gold in 2024, before being shut down from January until July due to a dispute between the West African country's military-run governments over taxes and new mining codes. Loulo Gounkoto operations resumed under the government appointed administrator in July, with production levels currently around 25%.
A Barrick source said on Monday that it will take at least 4 months to get production back to normal at Loulo-Gounkoto. The source, who asked to remain anonymous and was not authorized to speak on the matter, stated that operations have been severely curtailed due to a lack of spare parts. Mali estimates that Loulo Gounkoto will contribute 17,5 tons of gold to the country's 2025 production, despite Barrick removing the mine from its forecasts.
B2Gold Resolute Mining Allied Gold Endeavour Mining and B2Gold are other gold miners operating in Mali.
The regulatory uncertainty in Mali is a factor that has affected investment and production. Like other governments in the region it has emphasized resource nationalism and shifted its focus from Western investors towards Russian interests. (Reporting and writing by Tiemoko Diallo; editing by Robbie Corey Boulet and Richard Chang).
(source: Reuters)