Latest News
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Rhino Resources to test flow and drill new appraisal wells in Namibia
Rhino Resources, a South African oil and gas firm, plans to drill a well for appraisal on a Namibian prospect in 2019 and conduct a flow-test on another to beat TotalEnergies as the first oil producer in this southern African nation. The appraisal well is scheduled for Capricornus, where a flow rate up to 11,000 barrels per day was tested. Meanwhile, the drill stem is scheduled for Volans, which is its latest find of high-yield liquid gas condensate. The new data can help the company to accelerate its discoveries off Namibia where TotalEnergies is expected to make a final investment decisions (FIDs) for its Venus field in Namibia next year. Travis Smithard, CEO, said that there was a lot of uncertainty in the current stage. This is not due to the quality of the discoveries but because we are so flexible and want to be sure we take the right decision. He spoke at Rhino Resource's headquarters in Cape Town. He said that the company is also looking at purchasing new seismic data north of the block, which could unlock the Sagittarius Trend. He said that Rhino Resources is in a joint-venture partnership with BP Eni-backed Azule Energy and aims to have its own FID for its fast-tracked development by the end 2026 or first quarter 2027. We're told that there is a strong chance of getting an FPSO up and running for the first oil by 2030. Smithard stated that future developments of Rhino’s discoveries may be simpler. The Capricornus find was made in shallower water, requiring possibly less subsea equipment, and has a lower ratio of gas to oil than Total’s Venus. Rhino, in addition to Namibia, also owns onshore acreage across five blocks of South Africa. It is always looking for new opportunities throughout the continent. The geology is important, but we also consider the above-ground risks when making investment decisions. Reporting by Wendell Roelf, Editing by Sfundo parakozov and Clarence Fernandez
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Greece selects Chevron and Helleniq Energy as preferred bidders for offshore gas exploration
The Greek energy ministry announced on Friday that a consortium consisting of U.S. major oil company Chevron, and Helleniq Energy - the largest oil refiner in the country - was the preferred bidder to explore gas offshore in the southern blocks. The move follows a joint bid Chevron/Helleniq made in an Greek tender last year for the exploration of gas in four deep sea blocks near the Peloponnese Peninsula and Crete. Greece, which has very little oil production and relies heavily on gas imports to power its domestic consumption and generate electricity, is keen to explore and enhance its role as a transit route for gas, as the European Union seeks to phase out Russian gas after Moscow invaded Ukraine. The energy ministry stated that Greece would now invite the two companies together to work on finalising the contract drafts. The country said that contracts would need to be approved by a Greek court auditors and the parliament before the consortium could start seismic research in the year 2026. The consortium has five years to find potential recoverable deposits, and test drilling will not take place before 2030-2032. (Reporting and editing by Louise Heavens, Angeliki Koutantou)
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Holcim profits rise despite currency drag
Holcim reported on Friday a slight increase in its third-quarter profits, thanks to the company's shift towards more profitable products. This helped offset currency headwinds. Holcim is trying to increase its profitability by selling low-carbon concrete and cement, focusing on more complex products such as roofing and flooring and recycling demolition waste into new raw materials. Holcim increased its profit margin from 19.7% to 20.7% over the three-month period ending September 30, reducing the impact of an appreciation in the Swiss Franc, Holcim’s reporting currency. MARGIN EXPANSION DRIVEN DIRECTLY BY A FOCUS OF HIGHER-VALUE MARKETABLE PRODUCTS The CEO of the company, Milan Gutovic, said that "margin expansion" was driven by a high-value strategy. This included scaling up our sustainable offerings to meet customer demands, as well as accelerating decarbonization for profitable growth. In the premarket in Zurich, shares of the company were up by 2%. Holcim reported an 8.1% increase in its recurring operating profits in local currency during the third quarter. However, this figure was only 0.1% when expressed in Swiss Francs. Analysts had predicted 816 million Swiss Francs. The actual figure was 836 million Swiss Francs. REPORTED FIGURES HIT by APPRECIATION of the SWISS FRANC The local currency sales increased by 4.9%, to 4,04 billion francs in the third quarter. However, this was translated into a 2.5% decrease when converted into Francs. Holcim has confirmed its full-year forecast, saying that it expects to grow its local currency sales between 3-5% and increase its recurring operating profits by 6-10%.
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Norsk Hydro, a Norwegian aluminium producer, has reported a Q3 core loss that is below expectations
Norsk Hydro, a Norwegian aluminium manufacturer, reported a 18.6% drop in its third-quarter core profits on Friday. The fall was attributed to lower alumina and Norwegian crown prices, partially offset by increased production volume. The adjusted earnings before taxes, depreciation, and amortization fell from 7.4 billion crowns to 6.0 billion crowns between July-September of last year. According to a consensus compiled by the company, analysts had on average expected it to report an operating profit of 6,36 billion crowns. Return of U.S. Tariffs Aluminium prices have risen to record levels, causing American consumers to pay more and changing global supply chains. Canada, which is the largest supplier of goods to the U.S. diverted The higher U.S. Midwest Premium has increased costs for American Buyers but supported prices elsewhere. Barriers in the West, which have lifted regional premiums to curb low-cost competition and helped companies like Hydro to temporarily benefit from Chinese smelters producing near-record quantities of aluminium while also looking to export surpluses abroad, have provided a short-term respite to these companies. Hydro stated that "European demand for extrusion is estimated to be flat in the third-quarter of 2025, compared with the same quarter the previous year. However, it decreased by 20 percent when compared with the second-quarter due to seasonality." (Reporting and editing by Matt Scuffham; Reporting by Jesus Calero)
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Task force: Indonesians move residents away from site contaminated by Caesium-137
A spokesman said that the Indonesian government had begun relocating residents in areas around the Modern Cikande Industrial Estate. The site was found to be contaminated with radioactive Caesium 137. Indonesia launched the effort after it detected high levels Caesium 137, an artificial radionuclide in the sprawling industrial area near Jakarta. At this stage, we will allocate 19 families totaling 63 people. Why now? Why now? He added that the task force will move eight more families, totaling 28 people, in the next phase. The task force said that it has also completed the decontamination of 20 of the 22 industrial estate facilities which contained traces Caesium 137. A local company shipped a batch to the United States by an Indonesian company in August. The United States has introduced new certification requirements on imports of spices and shrimp from Indonesia. Caesium 137 is released into the environment by past nuclear accidents and tests, such as Chernobyl. It's also used for industrial purposes like oil well logging. Indonesia does not have nuclear weapons or power plants. (Reporting and editing by David Stanway; Dewi Kurniawati)
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German Economy Minister arrives in Kyiv to provide energy support
Katherina Reiche, the German Economy Minister, arrived in Kyiv Friday to highlight Berlin's efforts for Ukraine to repair its energy grid after recent Russian attacks caused severe damage. "Ukraine faces its fourth winter of war and Russia is intensifying its attacks on Ukraine’s energy supply. This puts electricity and heating provision in the winter in grave danger," Reiche told a delegation of businessmen in Kyiv. Reiche's trip comes at a time when Ukraine is facing increasing energy challenges including extended outages of key facilities like the Zaporizhzhia Nuclear Plant. Reiche stated that urgent assistance was needed to rebuild and safeguard the energy supply. She also pledged to investigate on her trip ways in which Germany could provide a more concrete and improved support. GERMANY SEEKS EXPANDING DEFENCE COOPERATION With UKRAINE The trip's focus will be expanding German-Ukrainian defense cooperation, in addition to preserving and rebuilding Ukraine’s energy infrastructure. Reiche stated that "security policy is also economic policy" and added that her goal was to bring German defence companies and Ukrainian defense companies closer together. Reiche's visit coincides with the London summit, where Ukraine's "Coalition of the Willing", or allies of Ukraine will discuss the future of military assistance. The Ukrainian President Volodymyr Zelenskiy has confirmed his attendance at the meeting. He also urged European allies, after failing to obtain a firm commitment by U.S. president Donald Trump, to provide long-range arms. The EU leaders met in Brussels on Thursday and agreed to fund Ukraine in principle for the next two-year period. They also discussed using frozen Russian assets as a source of financing a loan worth 163 billion euros (140 billion euro). Zelenskiy called for a quick decision and said that the funds could help Ukraine strengthen its defence, saving lives. (Reporting and editing by Kirsti Knolle, Maria Martinez)
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MORNING BID - Spotlight on CPI ahead of APEC whirlwind
Rocky Swift gives us a look at what the future holds for European and global markets. The calm before the storm is Friday. Next week, there will be a slew of events including central bank meetings, summits and earnings. Before the weekend, the focus will be on the U.S. consumer prices for September. This is the only economic light that shines through the darkness caused by the second longest U.S. shutdown. So far. Bureau of Labor officials returning from furlough are expected to report that the U.S. consumer price index core remained at 3.1%. This reading is unlikely to have an impact on the Federal Reserve's widely anticipated rate reduction next week. There will be a whirlwind series of meetings between leaders centered around the Asia-Pacific Economic Cooperation CEO Summit. This includes a face-to-face meeting between U.S. president Donald Trump and Chinese president Xi Jinping, which is planned for South Korea. The announcement by the White House of the meeting calmed the markets amid the escalating tensions among the superpowers, and the deadline set for an additional U.S. 100% tariff on Chinese imports. Trump, proving that every good thing has its dark side, took to Twitter to start a new fight with Canada. He declared the trade talks with America's northern neighbor were "TERMINATED." European equity futures indicate a steady market start. After a volatile weekend, oil and gold have settled down. Asian stocks rose following a strong Wall Street closing and an impressive earnings report by Intel. Apple and Microsoft are among the Magnificent Seven companies that will be reporting earnings next week. Sanae Takaichi, the newly elected Japanese prime minister, is scheduled to speak in the later part of this session. Her government is reportedly considering a large stimulus package. She will also be meeting Trump for her first time just a few days from now. Data released on Friday showed that Japan's core consumer price index remained above its 2% target. This has kept alive the expectation of an interest rate increase in the near future ahead of next week's Bank of Japan policy meetings. The following are key developments that may influence the markets on Friday. - U.S. earnings: Procter & Gamble, HCA Healthcare, General Dynamics - Europe Earnings: Saab AB and Sanofi - U.S. Data: Core CPI for September; S&P Global Flash PMIs for Oct.; University of Michigan final print of consumer sentiment for October - Europe data: Retail sales in Britain for September and France consumer confidence for Octember - Flash PMIs Euro Zone, France Germany and Britain
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Amman Mineral, a copper miner in Indonesia, may be allowed to export copper concentrate
After banning copper concentrate exports in 2011, the energy ministry of Indonesia has now said that it may permit Amman Mineral International, a copper miner, to export copper concentrat after all. Indonesia banned the export of copper concentrates and other raw materials from mid-2023 in order to boost its domestic metal processing industry. However, Amman continued to export until December, last year when it was due to commission a brand new smelter. Tri Winarno, an official in the energy ministry, stated that after a fire broke at its smelter located in West Nusa Tengggara in Indonesia this year. He said that the Energy Ministry regulations allow for exemptions from the export ban in force majeure situations. Amman had submitted the necessary police report and the insurance claim to prove force majeure. Winarno stated that "we are currently in the process of granting it (the export license)." Amman announced earlier this year that it had 220,000 metric tonnes of copper cathode ready for export. The smelter was facing a number technical problems. Amman didn't immediately respond to our request for comment. (Reporting and editing by Bernadette Cristina, Ananda Terresia)
Australia's Pilbara Minerals exceeds expectations, extends study on lithium plant
Australia's Pilbara Minerals outperformed analysts' expectations on Friday. Cost reductions and the extension of studies for a new chemical plant helped.
Following the report, shares of the Australian lithium mining company rose as high as 10%.
Pilbara has reported a 2.1% increase in spodumene concentration in the first quarter and a 11% decrease in costs. This was supported by a stable output at its Pilgangoora operation in Western Australia and better recovery rates.
RBC stated that "Overall (it was a) strong, clean, first quarter of FY26. It exceeded RBC in terms of realised prices, costs, recoveries, and recovery rates."
The company also expanded a study of the location for a lithium chemicals joint venture with Ganfeng Lithium. This customer has evaluated over 1,000 sites.
According to Pilbara CEO Dale Henderson, the study that was to be finished in December has been delayed until December 2027. This is to allow time to assess what opportunities may arise before making a final decision on investment.
This landscape is constantly changing. "A variety of government-sponsored programs are being developed, and this could change the preferences over time," he said.
Australia and the United States have signed a crucial minerals agreement to counter China. Henderson described the deal as "very positive" in an industry that is experiencing a long-term downtrend and will not recover for many years because of slower than expected electric vehicle sales.
"This is exactly what the industry of lithium needs. This is a young, growing industry. In the end, the world needs to develop more supply chains in order to serve the entire globe." He added.
Pilbara is not pursuing any specific funding opportunities in the United States, but it will engage more broadly as there are still future products to be sold, he said.
In the three months ended September 30, the pure-play miner of lithium produced 224.800 metric tonnes of spodumene, which is used to produce lithium. This was higher than the previous period when it produced 220.100 tons.
The company said that unit operating costs have fallen 10.9%, to A$540 a ton. This is due to ongoing operational efficiencies.
The wet season challenges will continue to put pressure on costs for the remainder of the year.
Pilbara Minerals has reported a quarterly revenue of A$251 ($163.10 millions), an increase from A$210million a year ago.
(source: Reuters)