Latest News
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Agnico Eagle has said it will not participate in Barrick's North American IPO
Ammar Al-Joundi, CEO of Agnico Eagle in Canada, said that the company is not interested in Barrick Mining's proposed North American initial public offering. Al-Joundi stated that it would be a waste of money for Agnico Eagle to invest in Barrick Mining's proposed North American IPO ...,". He said that it was not a matter of valuation, or whether the deal is a good one or not. Al-Joundi said that it was up to Barrick's board and management at this point to decide if Agnico will attempt to buy the Nevada assets of Barrick in the future. Barrick declined comment. Agnico Eagle ranks among the top three gold producers in the world. Barrick, a Canadian-based company, wants to list its North America business by selling 10-15% of the equity. The proposed IPO is aiming to be listed in both New York and Toronto. Agnico Eagle shares have outperformed their peers in this year's performance, making it a contender to make a big-ticket acquisition. Agnico Eagle's share prices have risen 15% in 2026. This makes it one of the most popular large gold companies with institutional investors.
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Hitachi Energy invests $528 Million in new transformer plant in Mississippi
The company announced on Tuesday that Hitachi 'Energy' plans to build a $528-million factory in Mississippi for the production of electrical?transformers. This will be the largest?investment made by the company as part of its U.S. Manufacturing expansion. Electricity demand in the United States has reached record levels, largely due to the growth of data centers for the tech industry and the electrification and modernization of buildings and transport. However, there is a shortage of essential electrical infrastructure like circuit breakers and transformers. The Gallman, Mississippi plant is expected to begin operations in 2029 and will be approximately twice the size of Hitachi Energy’s Crystal Springs facility?in the state. The Gallman facility will manufacture mid-range transformers for data center projects, semi-conductor factories and other industrial operations that require large amounts of power, according to the company. These transformers are smaller than the large transformers that are used for very high voltage grid infrastructure. They would be about the size of an attached garage compared to a two-story home, according to Hitachi Energy in Zurich, Switzerland. Andreas Schierenbeck said, "The transformers that will be produced in the next couple of years are essential for building data centers and investing in semiconductors because they close this critical gap between transmission transformers and industrial production," at a conference held in Houston. Hitachi said that its new Mississippi investment would 'complete the $1.5billion?the company has spent to boost production capacity in the U.S. The factory could be able to?produce dozens of Transformers per year, according the company. At a 'Houston conference, U.S. Energy Sec. Chris?Wright stated that the new?Hitachi plant is a necessary component to help build a large electrical infrastructure. "We need transformers to build this big expansion."
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Global stocks fall as Treasury yields reach new peaks
The global stock market fell on Tuesday as it continued a downward trend from the previous session. This was after U.S. Treasury Yields reached?their highest levels since 2007 and oil prices remained above $100 a barrel. U.S. Treasury Yields have increased over the last month, as investors take into account expectations of higher interest rates and resilient economic growth. They also consider concerns about the long-term fiscal outlook for the United States due to rising inflation. Investors were looking to the Federal Reserve. Traders expected at least a quarter point hike. Fed Chair Kevin Warsh is reluctant to give any guidance on future rates. All three major Wall Street indexes are trading lower. Consumer discretionary, financial and communication services stocks were the main losers. The biggest gainers were energy shares. The Dow Jones Industrial Average dropped by 0.89%. The S&P 500 fell by 0.46%. And the Nasdaq Composite lost 0.69%. STOXX Europe 600 dropped 0.29%, after reaching its lowest level since June 12. After losing more than 2% Monday, the European Tech Stock Index rose by 0.10%. We have to acknowledge that this is an extremely?appropriate movement in the Treasury Market and there shouldn't be any shock factor given that we've seen an 'exuberant' economic backdrop. Last quarter, earnings growth hit 30% and we are experiencing a geopolitical crisis that's driving commodity prices up, said Edison Byzyka. Chief investment officer at Credent Wealth Management. I think the Fed must raise rates immediately. If the Fed doesn't raise rates by at the very least a quarter (percentage point), we will see the bond markets punishing the Treasury market." The main MSCI world stock index fell by 0.53%. Benchmark Brent crude futures were above $108 per barrel as Yemen's Iran aligned Houthis launched another wave of attacks against Saudi Arabia, and dug into positions along the western coast of Yemen on the Red Sea. INTEREST RATE IN?FOCUS The yield on 10-year Treasury notes reached a level not seen since 2007. This was ahead of Wednesday's Fed rate decision. The yield on benchmark U.S. 10 year notes increased by 3.47 basis points, to 4.996%. The benchmark German Bund yields in the Eurozone rose to 3.56%, their highest level for over 17 years. It is expected that the Bank of Japan will raise its interest rates by 25 basis points to 1.25% at the end its two-day meetings on Friday, and signify more tightening in the future. The Bank of Japan is looking to strengthen the yen following intervention that helped the currency recover from a low for the first time in 40 years. As markets awaited a possible Fed rate increase, the dollar gained against its peers. The dollar gained 0.48% against the Japanese yen to 155.07. The euro was down by 0.08% in relation to the dollar, at $1.1540. The dollar index (which measures the greenback in relation to a basket currency) rose by 0.14%, reaching 99.63. Spot gold dropped 0.33%, to $4283.64 per ounce.
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Britain strengthens diplomatic relations with Venezuela
Britain announced on Tuesday that it would be upgrading its diplomatic relations with Venezuela by appointing an ambassador in the country. This move, it claimed, would enhance Britain's ability to support a democratic transition. In a written statement to the parliament, the government stated that "this decision is part a broader international reengagement." Britain stated that the move was not an endorsement of Venezuela's disputed election of 2024 or any political party, but rather reflected its longstanding policy to maintain?relations? with the Venezuelan state. After the U.S. ousted Nicolas Maduro from power in January, the government of acting President Delcy Rodriguez is now in charge. Venezuela welcomed the decision. Oliver Blanco said that Caracas appreciated Britain's'move' to improve diplomatic relations. Blanco stated that "we reaffirm our willingness to further a respectful dialogue and promote cooperation on areas of common interest to both countries, and to help'recover resources which?rightfully belongs to the Venezuelan people."
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Israeli strikes in Gaza killed two people including a child.
Health officials in Gaza said that Israeli airstrikes on a vehicle Tuesday killed at least two Palestinians including a child and injured seven others. The strikes occurred in Sheikh Radwan, a neighbourhood located north of the Gaza Strip. The Israeli military claimed it had?struck a?militant? in the area without providing any further details. Witnesses said that some of the casualties were caused by a second strike which hit near people who had rushed to assist in the rescue. The video was not immediately verified, but it showed that a missile had exploded near at least five people. Palestinians held funerals for two Palestinians who were killed in Israeli airstrikes a day earlier, Ahmed Al-Batsh Rafat Zummar. According to Hamas and Israeli military sources, Batsh was the local Hamas commander. Medical personnel said that Batsh was killed in an attack against his vehicle in the northern Gaza Strip. In separate statements, the Israeli military claimed that both men were killed and described Zummar as a Hamas leader. Hamas did not immediately comment on Zummar’s affiliation. In Gaza City, Al Shifa Hospital, relatives and friends bid farewell to Batsh’s body. It was draped in a Hamas flag and a white shroud. On top of the corpse, an M16 assault weapon was placed. Khalil al-Batsh said that Israel believed it would eliminate the spirit of jihad and resistance within us. At the funeral, he said: "I tell them this cowardly operation strengthens our people’s determination to keep on going down this path." A U.S.-backed ceasefire in October 2025 halted the large-scale fighting?in Gaza. However, it did not end Israeli strikes, and little progress has been made on the?steps toward permanent peace. Hamas claims that Israel violated the ceasefire, and undermined efforts to implement U.S. president Donald Trump's plan?to resolve the Gaza conflict. This includes the Israeli removal from the Gaza Strip and the disarmament by Hamas. Israel claims that Hamas violated the agreement. According to Gaza's health officials, more than 1,300 Palestinians (mostly civilians) have died since the ceasefire came into effect. The Israeli military, however, claims that four Israeli soldiers were killed. Hamas doesn't usually reveal information about the deaths of its fighters.
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Investors' appetite for IPO tests is tested by Dangote's profits in Europe
Nigeria's Dangote Oil Refinery has emerged as one of the key suppliers of fuels to Europe, following disruptions in Middle East exports. This highlights its growing influence on global fuel markets. It also generated a record profit before its debut at the stock exchange. According to the prospectus of the Lagos refinery, by increasing?fuel?exports during this crisis, the company has been able to achieve a profit of 1.82 billion dollars in the first six months of 2026, on revenues of over $13 billion. This is a significant improvement from the $476 million loss it suffered in 2025 due to conflict-related disruptions that increased the demand for the refinery's exports. Dangote’s refinery, built to end Nigeria’s dependence on imported oil, is influencing global fuel flow at a time when the market is under stress. The trend will continue, as Middle East disruptions persist and refinery capacity is expanded. Janiv Shah, Rystad Energy, said that "Dangote will likely increase its role in the upcoming years". The gasoline industry will have the largest structural impact. "Jet fuel and diesel are also growing in importance". In response to U.S. and Israeli attacks, Iran closed the Strait of Hormuz at the end February. Europe lost a quarter its diesel and jet fuel supply. Fuel inventories at the oil trading hub in Northwest Europe have plummeted to their lowest levels in 12 years as a result of the Middle East's drop in exports. According to Kpler, Europe imported around 80,000 barrels of jet fuel per day from Dangote in the second quarter. This is equivalent to 13% of the supply shortage and makes the refinery Africa's biggest supplier of fuel. The data shows that only the U.S. accounted for more imports from Europe than Nigeria during this time period. "Without Dangote Europe would have still sourced fuel, but at a much higher clearing price. Shah of Rystad said that there could have been deeper stock draws. REFINERY HELPS TO SATISFY TIGHT MARKET Dangote has also increased exports of gasoil and diesel, which are both?part of a group known as middle distillates of fuels. Kpler reports that Dangote's exports of diesel and gasoil have increased by 23%, to 488,000 bpd as of 2026. Sumit Ritolia, Kpler analyst, said that "these barrels have been increasingly supplying West Africa and Europe where they helped ease an otherwise tight middle distillate market". Dangote's influence on the gasoline flow has been significant since Dangote started operating in 2024. Kpler reports that Dangote has produced between 270,000 and 300,000 barrels per day of gasoline since 2026. Nigerian imports have fallen from around 400,000 bpd to 83,000 bpd. Europe has traditionally provided the majority of this volume in a trade worth $17 billion per year. Dangote wants to double its capacity to 1.4m bpd in 2029. This would make the refinery the second-largest in the world, alongside Reliance’s Jamnagar facility. When asked about refinery expansion plans, Chief Executive David Bird said that a?diesel hydratreater will allow Dangote a greater range of diesel specifications to be exported. He said, "We must ensure that we can sell our product anywhere in the globe, any time of the year."
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Germany's Merz promises relief plan 'soon' as pump prices hit record
The embattled German Chancellor Friedrich Merz, who is under pressure to respond to citizens' concerns ahead of an upcoming state election, promised that he would be bringing "very soon" proposals to protect consumers from record fuel prices. Merz's Christian Democrats (CDU), which are largely rural, face the prospect of their worst ever state election results in Mecklenburg/Western Pomerania. Merz said at a business conference that the price of a litre E10 gasoline in the United States had reached a record of EUR2.286 per gallon. Prices have increased since the conflict in the Middle East began late February. Merz did not give details on how an intervention would work, but he said that he was consulting the 16 federal states in Berlin and his coalition partners. Lars Klingbeil of the Finance Ministry, who will be 'pressing for a windfall-tax on European energy companies at an informal meeting of EU finance ministers said that he didn't know Merz’s proposals, but it was important to make a decision quickly. The CDU-led Economy Ministry has resisted the idea of a price ceiling, which is supported by Klingbeil’s Social Democrats. They claim it would be hard to implement. In May and June of this year, the government reduced energy taxes by 17 cents a litre. STATE PREMIER CALLS FOR A PRICE CAP Merz has promised to better connect with voters following his party's?trouncement in a state election held this month, which handed an historic victory to the far-right Alternative for Germany. According to a source within the party, the chancellor has said repeatedly that he intends to serve his entire four-year term. His conservatives will meet on Sunday in order to rally around him. Manuela Schwesig is the SPD state premier for Mecklenburg/Western Pomerania, hoping to win a second term. She has accused Merz of standing aside while fuel prices rise, and she wants a national fuel price cap, based on Luxembourg's model. ($1 = 0.8665 euros)
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ADNOC Trading sources claim that it buys millions barrels of Iraqi crude.
Three people with knowledge of the matter said that Abu Dhabi National Oil Co. (ADNOC), a trading company, has purchased millions of barrels at a discount from Iraq's?state?oil firm. This is an expansion of its role in the market amid the disruptions caused by the Iran War. Two Iraqi energy sources reported that the state-owned company of the United Arab Emirates, through its trading division, was the largest lifter of Iraqi oil in August and in September. This helped boost Iraqi exports, which had been severely curtailed during the early months of the conflict. ADNOC has agreed to purchase 32 million Iraqi barges in August, at discounts of $24.90 to 27% per barrel. A further 40 million barrels will be purchased in September. This includes 10 million?barrels for $18 a barrel and 30 million barrels with a discount of $25, according to one Iraqi source. According to the second Iraqi source, while Iraq's state oil marketing organisation SOMO allocated ADNOC 32 millions barrels in august, the UAE giant lifted only 20 million barrels because of export restrictions and Basra Oil Company’s inability to secure enough crude. ADNOC has so far lifted 14 millions Iraqi barrels in September, a person told me. A third source claimed that ADNOC bought 20 million barrels from the state-owned SOMO of?Iraq in tenders for a discount between $25 and $27 per barrel. Other companies also buy Iraqi crude. Trade sources said that SOMO had offered August-loading shipments at steep discounts. This attracted other buyers, including Chinese state giants PetroChina and Zhenhua oil, TotalEnergies and Vitol as well as Trafigura Mercuria, and Cathay Petroleum. Iran's official news agency IRNA said that Iran had granted permission to a number of oil tankers transporting Iraqi crude oil through the Strait of Hormuz last month after Baghdad repeatedly requested it through different channels. Iraq's exports were severely curtailed during the early months of the war, in part due to its location on the top of Gulf and the absence of its own shipping fleet. ADNOC, the state-owned oil company, has become more agile since the start of the war. It uses an expanding fleet of tankers as well as a pipe to Fujairah in order to move oil out of the Gulf of Aden and across the Strait of Hormuz. Put the past behind them Despite the attacks on ADNOC tanks, 'Iranian president Masoud Pezeshkian met with UAE crown prince Sheikh Khaled Bin Mohamed bin Zayed Al Nahyan at the BRICS Summit in New Delhi on Sunday, stating that the two sides agreed to 'put the past behind them. According to Kpler, Iraq exported about 2 million barrels per day in this month. This is down from the 2.354 millions bpd of August but higher than the 1.374million bpd of July. According to Kpler, UAE crude exports rose to 3.236 millions bpd last month. This is up from 2.886million bpd during August and 2.871million bpd during July. One of three sources stated that ADNOC intends to process the majority of crude oil purchased from other Gulf producers and sell it more on the international market.
Business invest in EV battery factories in Europe
Europe is looking for to draw in electric lorry (EV) battery makers to build factories in the area home to carmakers such as Volkswagen and Stellantis as it tries to cut reliance on Asia and win a green aids race with the United States.
Below is an introduction, including by nation listing those operating and those prepared:
PREPARED FACTORIES IN EUROPE
* Automotive Cells Company (ACC) - a JV of Stellantis, Mercedes Benz and TotalEnergies - protected
funding
worth 4.4 billion euros ($ 4.76 billion) in February as it
plans
to spend over 7 billion euros on 3 gigafactories in Europe with a capacity of 40 GWh each by 2030.
* Stellantis intends to build a
plant
to produce lithium iron phosphate (LFP) batteries in Europe as part of a planned joint venture with Chinese EV battery giant CATL. CEO Carlos Tavares said in January the group was in talks with the Spanish federal government to secure subsidies to build a gigafactory in the nation.
BY COUNTRY
BELGIUM
PLANNED
* SENEFFE-MANAGE: Avesta Battery and Energy Engineering anticipates its 40-million-euro plant to be fully functional before 2030, with capacity of 3 GWh.
BRITAIN
PLANNED
* COVENTRY: The West Midlands Gigafactory JV stated in October it was in innovative talks with a number of Asian battery makers about financial investment at the website, following Coventry's approval for a. potential plant. The pitch includes 60 GWh output with. production start in 2025.
* SOMERSET: India's Tata Group will construct a. 4-billion-pound ($ 5 billion) gigafactory to provide its Jaguar. Land Rover factories. The plant will have preliminary output of 40. GWh, with production starting in 2026.
* SUNDERLAND: China's Envision is developing a factory near. Nissan's plant, with production to start in 2025 and. capability of 12 GWh.
* N/A: Nanotech Energy is investigating seven websites in the. UK as a last location for a prepared 1-billion-pound factory.
CZECHIA
OPERATING
* HORNÌ SUCHÀ: MES targets output of 15 GWh at a plant worth. 1.4 billion Czech crowns ($ 63 million), opened in September 2020. with preliminary capacity of 200 MWh.
FINLAND
PLANNED
* KOTKA: Finnish Minerals Group has actually signed a MoU with a. potential partner for a cell production plant. Environmental. effect assessment for the center, based upon options with 27 GWh. and 40 GWh output, will be completed by summertime 2024.
* N/A: China's Svolt short-listed Finland among other. countries as the prospective area for a battery cell factory. with capability of about 50 GWh.
FRANCE
OPERATING
* DOUVRIN: The ACC Douvrin plant was inaugurated on May 30,. 2023, with operations starting in the 2nd half of the year.
* QUIMPER: Blue Solutions' factory in Ergue-Gaberic was. inaugurated in 2013. The business states on its website its two. factories in France and Canada have combined capacity of 1.5. GWh. It was not clear just how much of this remained in France.
PLANNED
* HAUTS-DE-FRANCE: Stellantis-backed Tiamat Energy plans to. raise 150 million euros to develop a 5 GWh gigafactory for. sodium-ion battery cells by 2029.
* DOUAI: Envision is investing up to 2 billion euros in an. AESC gigafactory near the Renault ElectriCity EV center. The. plant will have capacity of 9 GWh in 2024 and targets 24 GWh by. 2030.
* DUNKIRK: Taiwan's ProLogium is working to protect. federal government subsidies for a 5.2-billion-euro factory. Production. is slated to begin in 2026, with intended capability of 48 GWh.
* DUNKIRK: French start-up Verkor is developing a factory in. Dunkirk with targeted capability of 12 GWh. Renault will. be its most significant client.
GERMANY
OPERATING
* GRUENHEIDE: Tesla is looking for approval from the. German government to double the capacity of its 5-billion-euro. battery plant near Berlin from its present 50 GWh.
* DOBELN: Introduced by Swiss Blackstone Resources at. completion of 2021, the plant targets as much as 5 GWh capacity by 2024.
* ERFURT: China's CATL is ramping up capability of its plant. from 8 GWh to 14 GWh.
* LUDWIGSFELDE: Microvast's plant has capacity of. 1.5 GWh and targets approximately 6 GWh.
PLANNED
* HEIDE: Northvolt on March 25 began building of its. plant after 902 million euros in German government subsidies. were authorized by the European Commission in January. It prepares to. invest 3-5 billion euros in the plant.
* KAISERSLAUTERN: One of ACC's three gigafactories is. expected to begin operations in 2025.
* LAUCHHAMMER, UBERHERRN: Svolt will invest up to 2 billion. euros in 2 plants. The first one in Uberherrn starts. production at the end of 2023, with intended capability of 24 GWh. The second one in Lauchhammer will be functional in 2025, with. target capacity of 16 GWh.
* SALZGITTER: Volkswagen prepares to construct six. plants in Europe amounting to 240 GWh by 2030. Production at the. first plant will start in 2025 with aimed capability of 40 GWh.
* TUBINGEN: Cellforce plans to launch a 100 MWh plant in. 2024.
HUNGARY
OPERATING
* GOED: Samsung's 1.2-billion-euro factory with 30 GWh. capacity started production in 2018.
PLANNED
* DEBRECEN: CATL is constructing a 7.3-billion-euro plant. targeting capability of 100 GWh. It began construction in 2022. and aims to start production in 2-3 years.
* DEBRECEN: China's EVE Power will invest 1 billion euros to. build a 28 GWh plant, Hungary's foreign minister stated in May.
ITALY
PLANNED
* SCARMAGNO, ROMANO CANAVESE: Italvolt expects the. 3.5-billion-euro plant to be operational by 2024, with intended. capability of 45 GWh.
* TEREVOLA: FAAM anticipates its 570-million-euro plant to be. functional by 2024, with targeted capacity of 8 GWh.
* TERMOLI: ACC will spend over 2 billion euros to build a. gigafactory, set to open in 2026 and to reach full capability in. 2030.
LATVIA
PLANNED
* RIGA: Anodox had stated its 50-million-euro plant ought to be. operational by 2022. was unable to verify its status.
NORWAY
PLANNED
* MO I RANA: FREYR anticipates its $1.7-billion plant to be. completely operational by 2028, with aimed capacity of 83 GWh.
* ARENDAL: Morrow anticipates the very first growth of its. 470-million-euro plant to be operational by the first half of. 2024, with intended capacity of 32 GWh.
* HAUGALAND: Beyonder's plant will be completely operational by. 2024, with intended capacity of 10 GWh.
* TRONDHEIM: Elinor invested 10 billion Norwegian crowns. ($ 935 million) in a plant set to begin operations by 2026 and. with capability of about 40 GWh by 2030.
POLAND
RUNNING
* WROCLAW: LG Energy Option's plant started. production in 2017 with capability of 100,000 batteries and a. target of 115 GWh by 2025.
PORTUGAL
PLANNED
* SINES: China's CALB anticipates its factory to begin operating. by end-2025 at 15 GWh and rising to 45 GWh in 2028.
SERBIA
RUNNING
* SUBOTICA: ElevenES opened its LFP battery cell. facility in April aiming for output of 48 GWh by 2027. The. planned financial investment is 1 billion euros.
PLANNED
* CUPRIJA: InoBat prepares to construct a gigafactory with. government funding of 419 million euros. It will be operational. by 2025, with an initial capacity of 4 GWh and a target of 32. GWh.
SLOVAKIA
PLANNED
* SURANY: Slovak start-up Inobat and China's Gotion High Tech. will develop an EV battery factory in Europe by 2026. with preliminary output of 20 GWh.
SPAIN
PLANNED
* BASQUE NATION: BASQUEVOLT prepares to invest over 700. million euros for a plant targeting capability of 10 GWh by 2027.
* NAVALMORAL DE LA MATA: Spain signed a deal with Envision. to construct a 2.5-billion-euro plant with capability of 30 GWh.
* SAGUNTO: Volkswagen and partners said in 2022 they would. invest 10 billion euros in a 40 GWh plant, with production start. by 2026.
* VALLADOLID: InoBat signed a statement of intent with the. Spanish government to establish a 32 GWh factory worth 3 billion. euros.
SWEDEN
OPERATING
* SKELLEFTEA: Northvolt's factory started production in 2021. and targets 40 GWh by 2025.
PLANNED
* BORLANGE: Northvolt's plant is arranged to begin. production in 2025 and be completely functional by 2030, targeting. 150 GWh.
* GOTHENBURG: Northvolt invested 30 billion Swedish crowns ($ 3. billion) in a plant set to begin production by 2025, with intended. capability of 50 GWh.
SWITZERLAND
PLANNED
* FRAUENFELD: SCB anticipates the plant worth 775 million Swiss. francs ($ 880 million) to be totally operational before 2030, with. target of 7.6 GWh.
(source: Reuters)