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Evolution Mining, Australia's gold mining company, posts record-high gold production and shares.
Evolution Mining, a gold producer in Australia, reported an increase in second-quarter production on Wednesday. This was due to strong performances?across virtually all assets. Its shares reached a record high. The shares of the company, which is majority owned by?AustralianSuper, the largest pension fund in the country, rose up to 9.18%, reaching a new record A$14.750. This was their biggest intraday gain percentage since August 14, 2024. Gold miner produced 191,000-ounces of the precious metal in the last quarter of the year. This compares to 174,000-ounces the quarter before. Evolution attributes the increase in output to a strong performance at its Cowal Project in New South Wales. The open-pit mine produced 80.000 ounces of gold during the quarter ending December, up from 71,000 ounces in the previous quarter. The mine produced higher-quality gold, which made underground operations at Cowal smooth. Evolution is the only owner of this mine which has a life expectancy until 2042. Jefferies analysts said Cowal's performance was in line with Visible Alpha estimates. Mungari, a mining hub in Western Australia's underground mines, has logged a record quarterly output of 50,000-ounces. This is the fourth consecutive quarter that production has grown. A historic rise in the global gold price led to a higher quarterly gold 'price' of A$6,206 an ounce for the group. In a note, Jefferies said that, "While 2Q gold production was in line with expectations, it exceeded ours," adding that record gold prices had boosted Evolution's financials. Evolution, based in Sydney, has confirmed its group production forecast for fiscal 2026 of between?710,000 and 780,000 ounces of gold and 70,000-80,000 metric tonnes for copper. The company produced the same amount of copper as it did in the previous quarter. (Reporting by Rajasik Mukherjee; Editing by Subhranshu Sahu)
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Chile's Kast names Quiroz finance minister, taps Pinochet defenders for cabinet
The Chilean President elect Jose Antonio Kast named Jorge Quiroz, an economist, as his finance minister on Tuesday. He is part of a?cabinet that also includes two lawyers who supported dictator Augusto Pinochet. This move has re-ignited tensions about human rights in advance of Kast's inauguration. Kast also named Daniel Mas as the new head of the Mining Ministry. Chile is the second largest lithium and copper producer in the world. Quiroz was already on the list of businessmen that the incoming president had informed. Quiroz was Kast's principal economic advisor. He holds a doctorate in Economics from Duke University, the U.S. Quiroz said Chile's economy is in a "decline" and that it can be improved by addressing security, deregulations, cutting corporate tax, and making?fiscal adjustment. This was an issue that was raised during the presidential election. Mas is a businessman and vice-president of Confederation of Production and Commerce. He has a long and successful career in the private sector. His work includes real estate, construction and financial services. He will also be the minister for economic development. Kast who will be taking office on 11th March, also appointed two attorneys that defended Pinochet a brutal dictator who ruled Chile between 1973 and 1990. Fernando Rabat will now lead the Ministry of Justice and Human Rights. This ministry is still responsible for cases relating to the dictatorship. When rumors of his nomination leaked, human rights groups and families of those killed under Pinochet's rule criticized Rabat. Pinochet died in 2006. Pinochet died in 2006. After Pinochet was arrested in London, England in 1998, the Defense Minister Fernando Barros defended him and fought to free him. Pinochet, who was initially arrested and extradited from Chile to Spain on charges of torture, murder?and crimes against humanity before returning in 2000 for medical reasons. Kast?also named Francisco Perez Mackenna minister of foreign affairs. Perez Mackenna was the manager of?the Luksic billionaire family's business interests for nearly 30 years. Trinidad Steinert will head the Ministry of Public Security. This is a key role in fulfilling Kast’s campaign promise of cracking down on crime. (Reporting and editing by Cassandra Garrison, Thomas Derpinghaus and Cassandra Garrison)
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Asian shares continue to fall, bond market turmoil stokes new anxiety
Asian stocks continued to fall for a third day on Wednesday, dragged down by increased tensions surrounding U.S. threats of acquiring Greenland in advance of President Donald Trump’s Davos address. However, a global bond sell-off appeared to have slowed for the moment. The fear of the "Sell America" trade - which emerged in the wake of last year's "Liberation Day tariff announcements" in April – gripped the markets overnight as Wall Street fell over 2% and the U.S. Dollar suffered its largest fall in more than a month. Investors fled to gold and silver which had both reached record highs. Mantas vanagas, senior economist at Westpac, said that the'sell America trade' was driving the major market movements overnight. Investors were looking to reduce their exposure to the U.S. as they viewed it as an unreliable and self-defeating partner. Trump has however redoubled his rhetoric on Greenland. He said that there is "no turning back" from his goal of controlling the island and refused to rule out taking control by force. Trump's threat to impose tariffs on Europe also reignited fears of a trade war. On Thursday, the European Union will convene a summit to discuss this issue. The long-standing U.S./EU alliance is clearly in danger. The World Economic Forum is in Davos, where Trump will deliver a speech Wednesday. MSCI's broadest Asia-Pacific index outside Japan dropped 0.3% in early trading. Japan's Nikkei fell 1.2% for the fifth consecutive day. Nasdaq and S&P futures both rose 0.2% overnight after Wall Street experienced its biggest drop in three months. The S&P500 fell by 2.06%, while the Nasdaq Composite dropped by 2.4%. The Euro STOXX50 futures and the DAX futures both fell by 0.4%. JAPAN'S BOND RULE PAUSES FOR NOW The global bond markets were still recovering from a brutal selling off, caught in a perfect hurricane of concerns over U.S. exposure and an increase in Japanese government bonds yields. Bond yields in Japan soared to new records due to fears of increased government spending by Prime Minister Sanae Takayichi. Investors tried to catch their breathe in the early trading. The 40-year Japanese Government Bond yields fell 6 basis points to 4.145% on Wednesday, after surging 26 basis points a day earlier and reaching a record high 4.215%. Other tenors remain thinly liquid. Treasury yields in the United States were also stable on Wednesday. The benchmark 10-year rate fell 1 bp, to 4.285%. It had jumped overnight by 7 bp to reach a five-month peak of 4.313% on the back of "Sell America". Danish pension fund AkademikerPension announced on Tuesday that it will sell its holdings of U.S. Treasuries worth about $100 million by the end this month. It blamed weak U.S. Government finances. The U.S. Dollar remained at 98.56 per dollar against major peers after dropping 0.5% over night - the largest daily drop since early December. The yen was stable at 158.19 dollars, but it lost out in a few crosses. The Swiss franc hit a record-high of 200.19 yen. Bank of Japan will meet on Friday. Though a rate increase is not expected, policymakers may tighten up the monetary system as early as April. The oil prices dropped as geopolitical tensions, and the expected increase in U.S. crude stocks outweighed a temporary stoppage of production at two large Kazakh fields. West Texas Intermediate crude prices fell by 1.31% in March to $59.57 per barrel. Silver prices also rose, but only by 0.4%, to $95.01, falling short of the record of $95.87 set on Tuesday.
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Can you price a global regime shift? McGeever
The latest trade war and foreign policy salvos from Donald Trump are upsetting the global markets. But the question is if these ructions escalate or fade, as they did in the past 12 months. It is more likely that the latter, but it is clear that investors struggle to price the fundamental shifts in geopolitical plates. The changes that have already occurred in 2026 will be truly astounding. The Trump?administration appears to have?removed Venezuela's leader and is now the Latin American nation's defacto ruler. The threat of an American response is still present after a violent crackdown in Iran on protests has resulted in the deaths of thousands. Trump is also trying to buy Greenland by any means from Denmark, another NATO ally. The U.S. - Europe alliance and the rules-based world order that has been built up since World War Two are in danger. It is also a minefield on the economic and financial front. Trump has made a number of interventionist decisions on everything from mortgage-backed securities to credit card rates, and he's also pressed U.S. oil executives into investing billions in Venezuela. We should not forget that his Justice Department continues to threaten to indict Federal Reserve Chairman Jerome Powell. This "Trumpian attack" on the U.S.-based rules-based order, to borrow Matt King's phrase, the founder of?Satori Insights, seemed at odds with relative calm in the markets. This calm is breaking apart. Stocks, bonds, and the dollar have been impacted by a sell-off triggered by Trump's escalating spat with many of America’s closest European allies. Gold, the safe-haven, has risen to $4,700 an ounce. It looks like the 'Sell America" trade is back. If last year's performance is any indication, the market jitters could turn out to be speedbump on the road to new highs instead of roadblocks. The fundamentals matter, right? Wall Street will not stay down long if we ignore the geopolitical drama. The consensus expectation for U.S. corporate profits and economic growth is high. The International Monetary Fund on Monday raised its 2026 U.S. growth estimate ?to 2.4% from 2.1% in October, due in part to ?the huge sums being plowed into artificial-intelligence data centers, chips and power generation. Early indications of the fourth quarter earnings are also encouraging. So far, 84.8% of the 33 S&P 500 companies that have announced earnings have surpassed expectations. If the LSEG consensus estimates for year-onyear earnings growth of 9,0% materializes, this should put upward pressure to equities. Remember that high levels of uncertainty aren't always bad for profits or growth. In some cases it can even be positive. Imagine the amount of money needed to fund the global rearmament or the race for energy independence and AI independence. No room for LIMBO The relative calm of the markets over the last year could be attributed to a virtuous circle - or, put another way, a false illusion. The steady flow of money from passive investment funds into the credit and equity market helps to keep volatility down and prices high. Investors will continue to dance as long as there is music playing. The confusing trends in the past year, including simultaneous rallies of both risk-on and risk-off assets, also show that it's very hard to accurately price a risk of this magnitude. What is the value that an investor places on the demise of NATO, the U.S. Europe alliance or the rise of a multi-polar world divided into three "spheres" of influence headed by the U.S. China and Russia? For investors, regime changes are difficult to navigate. You are either at war, or you're not at war. Matt King, Satori 'Insights, says that there is no limbo. The risk rally is consistent, but not necessarily driven. It's very strange. It's not hard to explain, but it has a certain vulnerability. It also applies to corporate profits. It's assumed that earnings in tech and other areas will stay at their current levels. Analysts' forecasts don't seem to capture threats to the cycle, such as excessive AI capacity due competition from China or regulation pressure from the EU. These risks are still present. Maybe Trump's move for Greenland is the straw that breaks the backs of investors, and current market anxiety will become a real correction. It's possible that you don't want to bet. The opinions expressed in this article are those of the columnist, who is also the author. Check out Open Interest, your new essential source for global commentary on finance. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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WTI oil price falls as Kazakh production risks subside
West Texas Intermediate crude prices fell on Tuesday as geopolitical tensions, and an expected increase in U.S. oil inventories overshadowed a temporary stoppage of production at two "large fields" in Kazakhstan. WTI for the month of March dropped 79 cents or 1.31% to $59.57 per barrel at 0008 GMT. The contract increased by 90 cents or 1.51% in the previous session. Brent crude for the month of March hasn't started trading yet on Wednesday, but the previous session saw the contract gain 98 cents or 1.53% to $64.92. Contracts rose after Kazakhstan, a?OPEC+ member, temporarily halted production at the Tengiz oilfield and Korolev oilfield, and on'strong China economic data. Three industry sources said that oil production could be stopped for 7-10 more days at the two Kazakh fields after they shut down on Sunday. Tony Sycamore, IG's market analyst, said that the oil production halts at Tengiz and Korolev - two of the largest oil fields in the world - are temporary. The broader market pressures due to geopolitics? and an expected increase in U.S. oil inventories?will instead continue, he added. Donald Trump, the U.S. president, said that he would "never go back" in his desire to control Greenland. Trump's earlier threat to impose new tariffs on certain European nations in the event of a failure to reach a deal with Greenland could lead to lowered economic growth. A preliminary poll on Tuesday showed that U.S. crude and gasoline stocks?were likely to have increased last week while distillate inventory levels probably fell. This was ahead of Thursday's Energy Information Administration report. (Reporting from Katya Golubkova, Tokyo; Editing done by Christian Schmollinger).
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Energy Fuels will buy Australian Strategic Materials for $300 million
Energy Fuels, a producer of uranium and critical minerals, will purchase rare earth producer Australian Strategic Materials. The two parties announced the deal in separate statements released on Wednesday. The deal would see shareholders of Australian Strategic Materials receive 0.053 shares of Energy Fuel for every ASM held. They also get a special dividend up to A$0.13 for each ASM, which represents a total implied value A$1.60. This is a 121% premium on ASM's closing price from January 20. If the transaction is completed, it would create an international mid-tier producer of rare earth elements outside China, with a presence also in South Korea, Australia, and the United States. Rare earth elements play a vital role in wind turbines. They are also used for smartphones, missiles, and electric vehicles. Western countries are scrambling to reduce their dependence on China, which has led to an increase in the price of rare 'earths. Australia is considering a 'price floor' and new international partnerships in order to build alternative supplies, support rare earth projects, and reduce dependence on China. Lynas Rare Earths, based in Australia, is currently the world's leading rare earths manufacturer outside of China. Reporting by Himanshi Ahand in Bengaluru. Melanie Burton contributed additional reporting from Melbourne. Alan Barona, Chris Reese and Chris Reese edited the story.
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UK announces $20 billion plan to reduce energy bills and heat homes
Britain announced a 20 billion pound plan on Tuesday to reduce energy bills by implementing home upgrades and other efficiency measures. Below are some details. The government has announced that solar panels will be standard in all new homes by early 2026. Solar panels, heat pumps, and batteries can be purchased with low or zero interest loans. According to the government, the move will 'triple the number of homes with solar panels on their roofs by 2030. The government will spend £5 billion to upgrade the technology of low-income homes. * Some families may receive full funding for the installation of solar 'panels' and batteries, which would cover an average cost of 9,000 and 12,000 pounds. * Financial breakdown: 2.1?billion?pounds?for consumer loans; 2.7?billion?pounds?for a boiler upgrading scheme; 1.1?billion?for heat networks. 2.7? Warm Homes Fund and 1.5?billion to other programmes and the devolved administrations
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Australia's Lynas Rare Earths reports a quarterly revenue increase on higher prices
Lynas Rare Earths, an Australian company, reported a 43% increase in revenue for the second quarter on Wednesday. Higher selling prices helped to offset a production shortfall due to power interruptions at their Western Australia processing plant. Western countries are scrambling to reduce their?dependence upon China, which has led to a rise in the price of rare earths. Australia is mulling over a new price floor, and new partnerships in order to support rare earth projects and create alternative supplies. The average price per kilogram of Lynas products was A$85.6 during the quarter. This is higher than A$49.2 a year earlier. The total output of rare earth oxides was 2,382 tons, a decrease from last year's 2,617 tonnes. Production of mixed rare-earth carbonates also decreased compared to the previous quarter due to power supply interruptions at the company's Kalgoorlie plant in Western Australia. The largest rare earths producer outside China reported a sales revenue of A$201.9 (US$135.98) million for the quarter that ended December 31, up from A$141.2 in 2012. ($1 = 1.4848 Australian dollars) (Reporting by Rajasik Mukherjee and Jasmeen Ara Shaikh in Bengaluru; Editing by Sahal Muhammed)
Baltimore port: What impact will bridge collapse have on shipping?
A major bridge collapsed in the U.S. port of Baltimore in the early hours of Tuesday after being struck by a container ship, plunging automobiles into the river listed below.
Traffic was suspended at the port until further notification, Maryland transportation authorities said.
PORT INCLUDES
It is the deepest harbor in Maryland's Chesapeake Bay, closer to the Midwest than other East Coast ports, with five public and 12 personal terminals, according to Maryland federal government website.
It is one of the tiniest container ports on the Northeastern coast, managing 265,000 containers in the fourth quarter of in 2015, according to container shipping expert Lars Jensen.
The Port of New York and New Jersey managed around 2 million containers in that same period, and Norfolk Port in Virginia managed 850,000, so the flow of containers to Baltimore can likely be redistributed to larger ports, Jensen stated.
EXISTING STATUS OF FREIGHT SHIPS INSIDE PORT
More than 40 ships stayed within Baltimore port, including small cargo ships, pull boats and enjoyment craft, information from ship tracking and maritime analytics company MarineTraffic programs.
At least 30 other ships had signified their destination was Baltimore, the data showed.
IMPORTS
It is the busiest U.S. port for car deliveries, handling more than 750,000 lorries in 2023, according to data from the Maryland Port Administration.
The port handles imports and exports for significant car manufacturers including Nissan, Toyota, General Motors , Volvo Vehicle, Jaguar Land Rover and Volkswagen, consisting of luxury designs for Audi, Lamborghini and Bentley.
It is also the biggest U.S. port by volume for handling farm and building and construction equipment, as well as agricultural products.
Imports of agricultural products totaled 3 million tonnes last year, including 1.2 countless sugar and salt, along with gypsum, fertilisers and forest products, according to Ishan Bhanu, lead agricultural commodities expert at Kpler.
U.S. sugar company ASR Group, which operates a refinery near the center of Baltimore, stated it does not expect short-term effects to its operations.
Other leading imports were paper/paperboard and plywood/veneer/particle board, the Maryland authority website shows.
EXPORTS
The Curtis Bay Piers coal terminal is around 3 miles from the highway which ran over the bridge.
During the first 9 months of 2023, Baltimore was the second-biggest port for U.S. coal exports, behind Norfolk, Virginia, according to the latest information from the U.S. Energy Details Administration (EIA).
Baltimore exported about 20.3 million short lots of coal, up from 14.3 million short tons during the exact same duration in 2022.
About 13.3 million brief lots of exports from Baltimore throughout the first 9 months of 2023 were steam coal and 7.0 million brief heaps were metallurgical coal
The Baltimore port also exports smaller sized amounts of other metals and minerals.
Other leading export products by weight in 2022 were melted natural gas (LNG), waste-paper, ferrous scrap, and automobiles/light trucks, according to Maryland government information.
Cove Point melted natural gas (LNG) terminal, which is upstream from the bridge, is the nearby LNG terminal.
The terminal's operator, U.S. energy firm Berkshire Hathaway Energy, stated operations were not impacted by the collapse of the bridge, adding it continues to work carefully with the U.S. Coast Guard to ensure that the facility is running safely.
ICIS ship tracking information reveals Cove Point normally exports about 500,000 tonnes of LNG per month.
CRUISE LINER
It is likewise a cruise terminal, with Norwegian, Carnival and Royal Caribbean, all utilizing the port for Caribbean, Canadian, and other Atlantic destinations.
In 2023, cruises carrying more than 444,000 passengers departed from the port, the Maryland federal government website states.
LONDON METAL EXCHANGE WAREHOUSES
In Baltimore warehouses signed up with the London Metal Exchange, there are 756 metric lots of nickel, 150 lots of tin and 50 tons of copper, LME data programs.
BUNKER FUEL
Bunker fuel traders stated deliveries to the port of Baltimore and Annapolis Anchorage are most likely to be impacted from the suspension of traffic and ports in Pennsylvania and Virginia could serve as prospective bunkering options.
This might affect vessel schedules and might cause an boost in bunker fuel costs at the alternative ports, depending upon for how long the port of Baltimore stays unattainable.
(source: Reuters)