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Manara Mining Company to be spun off by Saudi Public Investment Fund
Saudi Arabia's Public Investment Fund is planning to spin-off its mining investment company Manara Minerals. The kingdom's Mining Minister said that it was a move to revitalize?its efforts to invest abroad. Saudi Arabia, along with other Middle Eastern economies is trying to reduce its dependence on oil by securing critical minerals like copper and lithium. These are essential for electric cars and renewable energy. Manara is a joint-venture between the Saudi Arabian Mining Company (also known as Maaden) and the $925 billion PIF. It was created in 2023 for the purpose of investing in critical minerals overseas. It has, however, only completed one deal, a $2.5billion 10% stake in Vale Base Metals (which was spun-off from Brazilian iron ore giant Vale) in 2024. Bandar Al-Khorayef, Minister of Industry and Mineral Resources, said that separating Manara from PIF will sharpen the focus. Al-Khorayef said in an interview on the sidelines of Future Investment Forum that the company's culture would change from being a mere investment vehicle to one with more technical capabilities. "PIF has a lot of money, but it doesn't have any mining experience." He didn't give a timeframe for a spin-off but he said that discussions were underway about new shareholders in Manara, and they could be Saudi investors or foreign ones. Saudi Arabia's Crown Prince Mohammed Bin Salman has a broader plan that includes the pursuit of international investment and the development mining. This is part of his broader effort to diversify its economy away from oil. Riyadh's untapped mineral reserves, which include phosphate, gold and rare earth elements like bauxite, are estimated at $2.5 trillion. Maaden also explores for rare earths, and develops technology to extract lithium in seawater. Clara Denina is the reporter, Veronica Brown and Barbara Lewis are responsible for editing.
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OPEC projects continued oil demand growth in 2027.
OPEC said on Wednesday that world oil demand will rise at a comparable pace in 2027 to this year. They also published data showing a close balance between supply and consumption in 2026. This is in contrast with other forecasts which predicted a glut. The Organization of the Petroleum Exporting Countries (OPEC) believes that the oil demand in 2027 will increase at a robust rate and that the transition to cleaner fuels is likely to be slower than other predictions. OPEC said that it expects the oil demand to increase by 1,34 million barrels a day in '2027. This is close to the growth of 1.38 million bpd expected this year. This is OPEC’s first 2027 forecast in its monthly report. OPEC's report stated that "global economic activity is expected maintain its strong performance both in 2026?and in 2027". OPEC+, a group of OPEC countries plus Russia and allies, increased oil production last year, after years of cuts. The group plans to halt the increase in production during the first quarter 2026 due to widespread predictions of an oversupply. OPEC+ pumped a total of 42.83 millions bpd during December 2025. This is a decrease of 238,000 bpd compared to November. The reductions were due to?reductions' in Kazakhstan, Russia, and Venezuela despite an agreement for boosting output in December. The report predicts that demand for OPEC+ oil will average 43 million bpd by 2026. This is the same as last month, and very close to what OPEC+ was producing in December. According to a calculation based on OPEC's report, if OPEC+ kept pumping at the rate of December in 2026, and all other things remained equal, production would have been 170,000 bpd less than demand. The IEA's latest figures suggest that global oil supply is expected to exceed demand this year by 3.84 million bpd, which is almost 4%. OPEC's forecast for 2026 oil demand is higher than IEA's 860,000 bpd. The IEA updated its figures on January 21 but has not yet published a forecast for 2027 in its monthly report. Reporting by Alex Lawler and Olesya Astakhova, Editing by Mark Potter and Elaine Hardcastle
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As uncertainty persists, gold and silver continue to rally at record levels.
On Wednesday, gold and silver both rose to new highs as investors sought safe-haven assets amid geopolitical uncertainty, economic uncertainty, and expectations of Federal Reserve rate reductions. By 09:04 am, spot gold had risen by 1.1% to $4,635.99 an ounce. ET (1404 GMT), the price of gold had earlier reached a record $4,641.40. U.S. Gold Futures for February Delivery rose 1% to $4644.30. Alex Ebkarian said, "All roads lead to gold and Silver," citing diverse buyers' demand and noting that the market is in a structural bull stage. Gold is a good investment during periods of low interest rates and uncertainty. Iran warned that it would strike American bases in neighbouring countries if Washington interfered with protests taking place there. Danish and Greenlandic Ministers will also meet U.S. vice president JD Vance, after President Donald Trump demanded U.S. control over Greenland. In the meantime, retail sales in the United States rose above expectations for November. PPI also met monthly estimates but exceeded annual estimates. This follows Tuesday's release of lower-than-expected core CPI data for December. The traders continue to expect two interest rate reductions this year. Concerns about the independence of the Fed remained as central bankers from around the globe lined up in support of Fed Chair Jerome Powell after the Trump administration had threatened to criminally?indict him. Spot silver rose 5.7% to $91.87 an ounce after reaching a record high $92.23. "We expect some volatility but I don't see any difference between silver at $100 and $90. Ebkarian stated that the short-term prediction is between $100 and $144. He added that metals will likely continue to rise through the first three months. Palladium rose by 0.1%, to $1,841.10 per ounce. Spot platinum increased 3%, to $2,394.13 per ounce. (Reporting and editing by Alexander Smith in Bengaluru, Anmol Choubey)
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WMO: 2025 is among the three hottest years in recorded history.
World Meteorological Organization announced on Wednesday that last year was one of the three warmest years on record. EU scientists confirmed that average temperatures are now above 1.5 degrees Celsius for the longest time since records began. WMO, a global climate data aggregator, has ranked the year 2025 third in terms of temperature, with two other datasets placing it second. The WMO reported that all eight datasets showed that the three most recent years have been the three hottest on record. The warmest recorded year was 2024. THREE YEAR PERIOD AROUND 1.5 C AVERAGE WARMING LEVEL The slight differences between the rankings of datasets reflect their differing?methodologies, including satellite data and readings taken from weather stations. ECMWF stated that 2025 would also be the end of the first three years in which the global temperature average was 1.5 C higher than the pre-industrial era – the limit beyond which scientists believe global warming will have severe, irreversible impacts. "1.5 C isn't a cliff-edge. "However, every fraction of a degrees matters, especially for worsening severe weather events", said Samantha Burgess. Burgess predicted that 2026 would be one of the five warmest years on earth. Choose how to manage temperature overshoot Under the 2015 Paris Agreement, governments pledged to work to limit global warming to 1.5 C. This is measured by comparing the average temperature over a decade to pre-industrial temperatures. ECMWF stated that if they fail to reduce their greenhouse gas emissions, the target may be reached before 2030 – a decade sooner than was predicted in 2015 when the Paris Accord was signed. Carlo Buontempo is the director of the EU's Copernicus Climate Change Service. He said, "We will pass it." The choice is now how to manage the inevitable overshoot, and its effects on society and natural systems. ECMWF reported that the long-term global warming is currently about 1.4 C higher than the pre-industrial era. In 2024, the average annual temperature was measured on a shorter-term basis and it exceeded 1.5 C. Extreme Weather Overcoming the 1.5 °C long-term limit will lead to more extreme impacts. These include longer and hotter heatwaves as well as more powerful storms and flooding. In 2025, wildfires across Europe had the highest emissions ever recorded. Scientific studies also confirmed that climate change was responsible for specific weather events, such as Hurricane Melissa in the Caribbean and monsoon rainfall in Pakistan, which caused more than 1,000 deaths in floods. Climate science continues to face political opposition despite these increasing impacts. Donald Trump, the U.S. president who has called climate change a "greatest con job", withdrew last week from dozens U.N. organizations including the scientific Intergovernmental Panel on Climate Change. Scientists have long agreed that climate change is real and largely caused by humans. It is also getting worse. The main cause of climate change is the greenhouse gas emissions that are produced by burning fossil fuels such as coal, oil, and gas. These gases trap heat in our atmosphere.
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Who are the Greenland, Denmark and Trump team foreign ministers?
Greenland’s Foreign Minister Vivian Motzfeldt, and her Danish counterpart Lars Lokke Rasmussen met with U.S. Secretary of State Marco Rubio and Vice President JD?Rubio in Washington on Wednesday. This is despite President Donald Trump's repeated threat to seize Greenland. Analysts have described it as the most significant meeting in Danish modern history. The two ministers are working on the crisis for the Kingdom of Denmark. GREENLAND’S FOREIGN MINISTER VIVIAN MOTZFELDT Vivian Motzfeldt grew up in southern Greenland as the daughter of a sheep farmer. According to an interview that she gave to Sermitsiaq, she attended boarding school at the age of seven and then went to America on a student exchange program when she was 17. She worked as a Greenlandic teacher from 1997 to 2014?before she entered politics. She is married with four children. Motzfeldt is the minister of foreign affairs of Greenland since 2022. He previously served as speaker of Inatsisartut (the parliament of Greenland) and chair of the constitutional committee of Greenland. Motzfeldt is a politician who knows how to play the game, according to Mette Marie Staehr, an assistant professor from the University of Copenhagen, who analysed her social media posts. Motzfeldt did not hesitate to criticize Denmark publicly when she felt Greenlandic interest were being ignored. Harder stated that "if she has a good case, she will not be afraid to take on whoever she may have to face." Motzfeldt repeatedly stated that Greenland is not interested in joining the United States, but is open to greater cooperation. Sermitsiaq reported her saying, "My greatest wish is that this meeting will result in a normalisation our relationship." LARS LOKKE RASMUSSEN, DENMARK’S FOREIGN MINISTER Lars Lokke Rasmussen is 61 years old, and has served as Denmark's Foreign Minister since 2022. He was twice prime minister of the country, and also a former Finance Minister. He is a law graduate and a highly skilled negotiator. From 2009 to 2011, he was the leader of a center-right coalition, and from 2015 to 2019, he was the head of Denmark's Liberal Party. After his government lost in the 2019 elections, he resigned and formed a new group of centrists, the Moderate Party. He is now its leader. Rasmussen, a'strong advocate of the rule of law both at home and abroad', adheres to "pragmatic idealism" in foreign affairs, which means that Denmark should view the world as it is and be realistic and pragmatic, while maintaining the principles of democracy, and human rights. He has faced many controversies in his long career, including the use of party funds on underwear, drinks and taxis. But he always bounced back with a humble image that is appreciated by most Danes. Reporting by Stine Jacobsen and Anna Ringstrom, editing by Terje Solsvik & Alison Williams.
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OPEC data indicates that Russian oil production will decline by 0.7% in 2025.
OPEC's monthly?data on Wednesday showed that Russian oil production dropped by 0.7% to 9.129?million bbls per day. Russia has'managed' to keep its oil production largely steady, and this, along with natural gas, accounts for about a quarter (or more) of the federal budget tax revenues, despite drone attacks by Ukraine against energy infrastructure, as well as lower crude prices. Russia is a part of OPEC+, a group of leading oil producers that decided earlier this month to maintain its?production steady. The oil price dropped by more than 18% in 2025, the steepest drop since 2020. According to OPEC, the Russian oil production fell by 73,000 bpd in December to 9.304 millions bpd. OPEC's monthly report also stated that Kazakhstan's oil production last month fell by 237,000?bpd, to 1.522 millions bpd. The data revealed that Central Asia's oil production?rose from 1.539 millions bpd in 2024 to 1.776million bpd?last year. According to a source in the industry, the oil and gas condensate production in Kazakhstan fell by 35% between January 1-12 compared to December's average. This was primarily due export restrictions via a Black Sea Terminal. Reporting by. Mark Potter (Editing by Mark Potter).
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CDP data shows that Japanese companies are leading in climate leadership
22% of companies achieve 'climate Leadership' More companies signing up for SBTi helps CEO: Corporates continue to move forward despite politics By Sharon ?Kimathi LONDON (Jan 14) - Japanese companies topped a ranking of corporate climate efforts, in part due to the fact that?more? have had their targets?signed off by an independent validator. Non-profit data tracker CDP announced this on Wednesday. Japan topped the list with 22% of its companies having achieved what CDP defines as "climate-leadership", followed by UK with 17% and the European Union with 16%. China and Southeast Asia were at 8%. CDP is the only independent system in the world that assesses companies' environmental awareness, management practices and transparency. CDP Chief Executive Sherry M. Madera stated that the?targets are also checked to see if they have been approved by the Science-Based Targets Initiative, a 'leading independent standard-setter. This is what helped the Japanese companies outperform. She said that despite the recent climate regulation rollbacks by the U.S., and Europe, and the geopolitical, economic, and political uncertainty, the rankings still showed global companies prioritising sustainability. The companies were also evaluated on their climate, water, and forest performance. This includes emissions and climate strategy; water use and risk management; and deforestation in key commodities such as palm oil and soy; timber and cattle. The report revealed that the majority of companies achieving the highest levels of performance on water and forests, as well as the majority of those who are?leading in climate change issues, tied their executive pay to environmental goals. Madera said that "perhaps companies are becoming more quiet when they celebrate their market wins, but they are still working toward sustainability. Year-on-year the leaders of the Corporate Health Check have been the ones to link their executive compensation with climate leadership, and this trend has solidified." (Reporting and editing by Simon Jessop, Tomaszjanowski)
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Gold and silver reach historic highs amid geopolitical tensions and Fed uncertainty
Silver broke $90 for the first time and gold jumped to an all-time high. The escalating tensions in Iran, coupled with concerns about the Federal Reserve’s autonomy, fueled demand for safe havens, while lower inflation numbers boosted bets on rate cuts. Gold spot rose by 1.1%, to $4,636.78 an ounce, at 1210 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 1% to $4643.90. Jamie Dutta is the chief market analyst for?Nemo.money. He said that prices are rising because of "well-known haven characteristics" amid increased geopolitical risk, elevated 'fiscal uncertainties, and concerns over Fed independence. The Federal Reserve Chair Jerome Powell was backed by central bankers from all over the world on Tuesday, issuing a unprecedented statement of support after the Trump Administration threatened him with criminal charges, a move that could reduce trust in U.S. investments such as 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 now reached 2,571, sparking U.S. threats of 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 past year. Powell, the Fed's chairman, reiterated President Donald Trump's call for Powell to "meaningfully" cut interest rates. The traders expect two rate cuts in this year. Low interest rates are usually in favour of non-yielding gold. Spot silver rose 4.8%, to $91.11 an ounce. This is a drop from the previous record high of $91.53. It has risen by nearly 27% within just 14 days this year. Forecasts Many other large?brokers expect gold prices to rise above $5,000 an ounce by the second half 2026. Expecting Similar numbers are attributed to global unrest. After touching a session high of $2,403.26 per ounce earlier, spot platinum rose 3.4%. It hit a record $2,478.50/oz on December 29. Palladium increased 0.1% to $1.841.80 per ounce.
ROI-Resurgent London Metal Exchange rides speculative tsunami: Andy Home
London Metal Exchange (LME), a venerable institution of 149 years, posted record trading volume last year. This is a remarkable turnaround from the dark days four years ago when the nickel crisis was at its height.
Hong Kong Exchanges and Clearing, which owns the London market, has reappeared the benefits of the "physical market turmoil" that has marked Donald Trump's tenure in office.
The funds finally arrived.
The LME base metals market complex was flooded with speculative purchases in the fourth quarter. The average daily volume of 777.016 contracts was a quarterly record, surpassing 735.604 contracts from the second quarter 2014.
LME Futures Open Interest ended the year at a 15% increase compared to 2024, and its highest level since early-2021.
Retail investors in the U.S. flooded into CME's smaller contracts of copper.
TARIFF BOOST
Import tariffs in the United States, which are in effect in the case aluminium, and could be in place in the event of copper, has had a major impact on the physical flow of metals around the globe.
The market is betting (again?) on a Trump tariff for imported refined metals. A decision is expected in June.
LME copper trading accelerated in February when Trump launched his investigation into U.S. imports of copper. It remained there. The average daily volume rose by?12% between 2024 and 2025.
CME's flagship contract for copper, on the other hand, saw a 33% drop in activity, as investors were scared by the unprecedented volatility of arbitrage prices with London.
The U.S. exchange benefited from the disruption in the?aluminium markets following the increase in U.S. tariffs on imports to 50% in July.
CME contracts for physical aluminum premiums in the Midwest U.S.A. and Europe recorded record volumes last Year with an annual growth of 47% & 72% respectively.
Return of the Funds
Since September, institutional investors have flooded the LME.
Copper's record-breaking performance and the strong rally in all LME metals except lead have also attracted money.
LME trading experienced a dramatic change during the fourth-quarter due to the renewed enthusiasm for metals.
The copper and tin volume were at their highest levels since 2013 and 2014. Nickel posted its second best quarterly volume ever, while lead activity reached new highs. LME nickel trading was at its highest level since 2019 last year, indicating a return to confidence in the London Market after the crisis of 2022. It seems that most funds have forgiven LME for canceling nickel trades. This controversial decision was upheld in the British High Court.
SHANGHAI GETS GRAPPED BY METAL FEVER
In December, the metals mania spread to China.
Shanghai's market had been slow up to that point, with the volume of base metal futures down all over.
In the last month 2025, Chinese investors joined in on the bull market.
The Shanghai copper contract saw the most activity since November 2015, while the aluminium volumes were at their highest level in three years. Nickel turnover was also the highest it has been in four years.
The China Nonferrous Metals Industry Association, a state-backed organization, warned against blindly following a "unreasonable price rally" as tin prices reached'record levels' in December.
No one has really paid attention. Shanghai's tin market recorded a turnover of 739,900 tons on Tuesday. This is equivalent to the global consumption of two years.
Going Small in the US
Shanghai is a city that has seen a lot of speculative exuberance in the past, and this was largely due to retail investors who were trying to catch up with the latest market trend.
London has no comparable product, as very few people are wealthy enough to meet the credit requirements for direct LME trading.
There are signs that some speculators have started to participate in the CME's trading, but not for the main copper contract, but rather on smaller retail-oriented products.
Volumes of the CME micro-copper contract, which is only 2,500 lb in size, grew 20% annually to reach almost four million tons by 2025.
CME copper 'event options', which offer a simple binary bet on the price underlying, recorded turnover of 31,000 tons in December. This is more than the total volume traded for the entire year of 2024.
Both contracts were launched in 2022 and seem to serve as a bridge to allow retail investors to move from precious metals to industrial metals.
China's CNMIA is right to be concerned about excessive speculation in commodity markets that were once fringe, such as tin. However, the bull story around industrial metals has attracted more and more people to the cause.
Andy Home is an author and columnist. The opinions expressed in this column are Andy Home's. Open Interest (ROI), a data-driven, thought-provoking commentary on the markets and finance. Follow ROI on LinkedIn, X and X.
(source: Reuters)