Latest News
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Hindustan Zinc's quarterly profit increases on the back of strong base metal prices
Hindustan Zinc, an Indian company, reported on Monday a 46.2% increase in its third-quarter profits, due to record-high'silver' prices and higher zinc prices amid "resilient" demand. India's largest refined zinc producer,?said?its consolidated profit rose to 39.16 bn rupees ($430.6m) in the quarter ending December 31 from a year ago. The final quarter of 2025 saw spot silver prices soar 52.6%, boosted by strong investment flows and persistent supply restrictions. Meanwhile, benchmark zinc prices in London rose a whopping 5.3%. Hindustan Zinc shares closed 3.6% higher after the results. Earlier that day, HSBC upgraded its ratings after forecasting?earnings growth from higher zinc prices and silver. The company stated in a filing on the exchange that "Zinc prices and lead prices are expected to remain resilient despite a nominal surplus." Hindustan Zinc, a unit of Vedanta's oil-to-metals company, is the third largest silver producer in the world and India's largest integrated silver player. Silver was seen as a viable alternative to gold by consumers in South Asia during the festive season. Prices had reached multiple records. The company's total revenue from its operations increased by 27.5%, to 109.80 Billion Rupees. The October-December quarter saw the highest-ever growth in metal production, both mined and refined. $1 = 90.9400 Indian Rupees (Reporting and editing by Subhranshu and Janane Venkatraman; Urvi Dugar in Bengaluru)
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Trump says he is no longer bound to only think of peace when addressing Norway
In a letter, U.S. president Donald Trump told Norway's Prime Minister that he did not feel obligated to "think purely of Peace", because he hadn't?been?awarded the Nobel Peace Prize. He also reiterated his demand for Greenland. Stoere said in a press release that the letter was written in response to a short message sent by Norway's Premier Jonas Gahr Stoere to Trump opposing his decision imposing tariffs on European allies for refusing to allow the U.S. to take control of Greenland. Trump's letter stated that he no longer felt obligated to only think of Peace. Although it will always be dominant, he can now focus on what is right and good for the United States. Stoere told Trump he repeatedly told him that the Norwegian Nobel Committee that awards the peace prize is independent, and that Norway has no control over them. Trump has publicly campaigned to win the Nobel Peace Prize that was given last year to Venezuelan opposition leader Maria Corina Machado. Machado presented Trump with her gold medal at a White House gathering last week. However, the Norwegian Nobel Committee had?said that the prize could not be shared, transferred or revoked. In his letter to the Danish government, Trump again questioned their sovereignty over Greenland. He said: "Denmark can't protect this land from Russia and China. And why should they have any 'right of ownership? "There is no written evidence, only the fact that a boat landed there many centuries ago. But we also had boats land there." Trump said, "The world is not safe unless we have complete and total control of Greenland." Greenland is a large, mineral-rich Arctic Island that belongs to the Kingdom of Denmark.
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Gold and silver reach record highs as safe-haven buyers buy after Trump EU tariffs warning
Gold and silver reached record highs Monday due to a flight for safety following a warning from U.S. president Donald Trump about?extra tariffs against some European countries over a dispute regarding Greenland. Gold spot jumped by 1.6%, to $4,669.09 an ounce, at 0949 GMT. It had previously reached a high of $4689.39. U.S. Gold Futures for February Delivery increased 1.7% to $4674.10 an ounce. Trump threatened European allies on Saturday with escalating trade tariffs if the U.S. was not allowed to purchase Greenland. This escalated a dispute over Denmark's vast Arctic Island. Linh Tran is a senior analyst at XS.com. She said that when institutional and policy risks resurfaced, the markets would tend to move quickly towards safe-haven investments, with gold emerging once again as a preferred choice. The dollar and stock markets fell after 'Trump's' latest tariff threats sparked investors' appetites for gold, Japanese yen, and 'Swiss Franc' as safe-havens, in an overall 'risk-averse' move across the markets. Gold is more likely to perform well in times of geopolitical or economic uncertainty as well as when interest rates are low. It has gained over 64% since 2025 and more than 8% in the first half of this year. Michelle Bowman, Vice Chair of the Federal Reserve for Supervision, said that a fragile?job market could weaken rapidly and that the U.S. Central Bank should be prepared to cut rates again in case it is needed. The markets expect the Fed to hold rates at its meeting on January 27-28, but they are pricing in a minimum of?two 25 basis points rate cuts this year. Silver spot also rose 3.5%, to $93.17 after reaching a record high at $94.08. The white metal has increased by over 30% this year. Analysts at JP Morgan said they prefer gold to silver. They said that any disruption in silver could have some short-term spillover into gold. However, buying gold, which has a bullish structural story and a cleaner price structure, is still a good opportunity. Palladium and platinum both rose in price, with palladium rising 0.4%, to $1,806.70.
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Bolivia promises to honour energy and lithium deals to reassure Investors
Bolivia's centralist government will honor 'all existing hydrocarbons' and lithium agreements, as part of an effort to restore investor confidence following years of instability. Mauricio?Paz 'Medinaceli was appointed by Rodrigo Paz in November. He said that the pledge to honour deals signed by the leftist government of the past with Russia and China – even if they disagreed with the way the awards were made – was meant as a?first message to investors? The minister said that "our contracts will be respected" in La Paz, on 16 January. He added that this also applied to oil traders who supplied fuel last year as well as to firms involved in lithium mining. He said: "Ideology does not put food on the table. We cannot act differently out of geopolitical or ideological zeal." Bolivia has vast reserves of natural gas and lithium, but production has been slowed after two decades of state-controlled control, which discouraged foreign investment due to uncertainty. Data from vessel tracking shows that South America is heavily dependent on foreign fuel, including diesel imported from Russia, due to a decline in local production. After years of Bolivia aligning itself with Venezuela, China Iran and Russia, President Paz is now reversing the long-frozen ties between Washington and multilateral creditors. Medinaceli stated that the government will discuss next steps with Chinese companies and Russian companies who have signed lithium contracts. These agreements were widely criticized by investors, politicians, and businesses for their lack public oversight. He said that no deal would be thrown out completely. He added, "These companies invested money in this area." "Now, we have to find a solution within the contract." OIL AND GAS REHAUL Bolivia is currently drafting a comprehensive hydrocarbons and lithium law in order to attract foreign investment after the nationalization of strategic sectors under the leftist government hurt production over roughly a decade. Medinaceli stated that Bolivia's YPFB (the state-owned energy company), which controls energy trading will continue to be a part of the system, but it will no longer dominate, He said that the reform will be introduced in the first half this year. It is designed to attract private companies back into exploration by a more flexible royalty and tax system, and through new contract models. He added that several U.S. energy companies and regional ones have expressed interest. Bolivia is planning to start oil and gas exploration bid rounds in 2027 if Congress approves this law. Fuel Subsidies In line with the government's plan for economic growth, fuel subsidies were removed on December 18, resulting in protests. Since then, officials have negotiated with major unions. However, analysts warn that further economic reforms may trigger protests. Medinaceli stated that the cuts in subsidies were necessary to "stabilize" public finances. The next step is to transfer a large part of the fuel supply and logistics from public operators to private operators through ten wholesale distribution blocks with each having five-year contracts to ensure investment recovery. He said: "The trend is for medium- and longer-term contracts to be established with stable prices." (Reporting from Lucinda Elliot and Monica Machicao, La Paz. Daniel Ramos contributed additional reporting. Christian Plumb, Diane Craft and Christian Plumb edited the article.
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Indonesia targets illegal mining of 190,000 ha forest land
Indonesian authorities could seize mining operations on 190,000 acres (733.59 sq mi) of illegally cleared forest. The deputy forestry ministry said this in a parliamentary hearing. Authorities are tackling what they call 'illegal extraction' throughout the resource-rich island archipelago. Indonesia's unprecedented crackdown has caused the industry to be unnerved. It has pushed up the price of palm oil due to fears that it would affect production, and more recently has fueled rallies in metal prices like tin. Rohmat Marzuki, Deputy Forestry minister, said that 191,790 acres (mines), which are not covered by forestry permits and could be considered illegal. He didn't name the companies or give a number of those involved. He did not elaborate on the?mineralization or give a timeline for the seizures. He added, "The forestry taskforce has already achieved 8,769 acres and is continuing to do so in order to reach 191,790 acres." Marzuki stated that the forestry department, along with the task force for forestry, remains "committed" to reclaiming forest areas from illegal oil-palm plantations and mines. Last week, the forestry taskforce, which is backed by the military, announced that it had taken 8,800 hectares of land, where nickel, coal and quartz sand were mined. The forestry task force has also seized palm plantations covering 4.1 million hectares (10?million acres), roughly equivalent to the area of the Netherlands. The Attorney General of Indonesia has assessed fines for palm oil companies that could reach 109.6 trillion Rupiah (approximately $6.47 billion), and mining companies up to 32.63 trillion Rupiah.
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India's MRPL scouts out Venezuelan oil while it halts Russian exports
Mangalore Refinery and Petrochemicals Ltd in India is looking at purchasing Venezuelan oil, as it halts its imports of Russian?oil to comply with Western sanctions. Its head of finance Devendra Kumar said on Monday. The state-run refiner, which operates a 500,000-barrel-per-day refinery in the southern state of Karnataka, exports about 40% of its refined fuel output. Kumar, speaking on an analyst's call, said: "We are strictly complying with all sanctions that exist and there is currently no Russian crude imported." The U.S. sanctioned Russia’s two largest oil companies – Rosneft, and Lukoil in October. Companies had until November 21,?to end their dealings with these oil giants. Meanwhile, the EU announced that from January 21, it would not accept fuel from refineries which received or processed Russian oil 60 days before the bill of loading date. We do not anticipate any disruptions to our exports of finished goods in the near future. Kumar says that the higher margins of refined fuel exports offsets the loss in Russian oil. A refiner sources about 40% of its crude oil needs from the Middle East. It also processes domestic?oil and purchases it on spot markets. He said MRPL actively considers purchasing Venezuelan oil if the commercial terms are favorable, including freight rates. Reliance Industries Ltd., Indian Oil Corp. and Hindustan Petroleum Corp.?also consider buying Venezuelan oil. To increase its profits, MRPL is now focusing on direct retail sales rather than selling refined fuels to other refiners. He added that the company will expand its retail fuel network from 200 to 500 outlets in three years and aim to operate 1,000 stations within five.
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As Iran unrest eases, geopolitical risks are reduced.
The oil prices fell on Monday, after increasing during the previous session. Civil unrest in Iran has subsided and the likelihood of an attack by the United States to disrupt the Middle Eastern major's supply has decreased. Brent crude traded at $63.85 per barrel at 0734 GMT. This is a?28-cents-or-0.44% decrease. U.S. West Texas Intermediate fell 36 cents or 0.61% to $59.08 per barrel. The contract expires Tuesday, and the March contract, which is more active, was $59.10 down 24 cents or 0.40%. The unrest was quelled by the violent crackdown in Iran on protests sparked by economic hardship. Officials claim that 5,000 people were killed. Donald Trump, the U.S. president, appeared to?step back from his earlier threat of intervention by saying on social media that Iran had cancelled mass hangings for?protesters. However, the country had announced no such plans. This appeared to reduce the chances of an American intervention?that could disrupt oil flows from the Organization of the Petroleum Exporting Countries' fourth-largest producers. Although prices settled higher on the Friday, this downturn was a sign of a new retreat from last week's multi-month highs. However, the U.S. move in the Gulf highlights continued concerns. The IG analyst Tony Sycamore wrote in a report that the?pullback' was a result of a rapid unwinding of the 'Iran Premium', which had pushed prices to 12-week-highs. This was triggered by signs that Iran would be easing its crackdown on protesters. He added that the U.S. data on crude inventories showed a significant build, which reinforced supply pressures. Martin Luther King Jr. Day is observed on Monday, January 15th. The EIA reported last week that crude stocks were up 3.4 million barrels for the week ending January 9. This was in contrast to analysts' expectations, which in a survey predicted a 1.7-million-barrel draw. After Trump's statement that the United States will run Venezuela's?oil industries after the capture of Nicolas Maduro, the markets are watching closely the plans for Venezuelan oil fields. Energy Secretary of the United States, said on Friday that Chevron is being granted an expanded production license in?the country as soon as possible. The markets are less confident about the prospect of increased Venezuelan production. Vandana Hari is the founder of Vanda Insights, a provider of oil market analyses. The U.S. market is closed, so expect rangebound trading for the remainder of the day. China's crude oil production in 2025 will grow 1.5% compared to 2024. Both are at all-time highs according to government data released on Monday. Reporting by Mohi N. Narayan, New Delhi; editing by Christian Schmollinger & Clarence Fernandez.
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China's property woes lead to a two-week low in iron ore
Iron ore futures hit a two-week low on Monday as a number of data points from China, the world's largest consumer, highlighted the?persistent weakness? in the real estate market. This raised?concerns? about the?demand? for the steelmaking ingredient. The May contract for iron ore on China's Dalian Commodity Exchange ended the daytime trading 2.58% lower, at 794 Yuan ($114.03) per metric ton. This was its lowest level since January 6. As of 0710 GMT the benchmark iron ore for February on the Singapore Exchange had fallen by 1.54% to $104.7 per ton. This was its lowest level since January 2. Official data shows that China's home prices continued to decline in December. This highlights the persistent pressures on the property market despite government promises to stabilize it. Investors also saw a decline in property investment and sales by floor area, which they closely monitor for future steel and ore demand. China's lower crude-steel output and signs of increasing supply also weighed on the market. The crude steel production in 2025 will fall below 1 billion tonnes and reach a seven-year low, as a prolonged property market slump hurts demand. However, steel exports will rise to record highs. The 'world's biggest iron ore consumer received his first shipment of iron from the Simandou Mine in Guinea. Beijing has heavily invested in the mine, to reduce its dependence on Brazilian and Australian shipments that make up 80% of its foreign supply. Coking coal and coke, which are used to make steel, also dropped in price, by 0.8% and 1.04 percent respectively. The benchmark steel prices on the Shanghai Futures Exchange are mixed. Rebar fell 1.04%, wire rod dropped 0.6%, and hot-rolled coil was down 0.75%. Stainless steel softened by 0.21%. ($1 = 6.9628 yuan) (Reporting by Ruth Chai; Editing by Subhranshu Sahu)
Vale Indonesia claims that the 2026 mining quota will not be enough to meet the demand of new smelters
The nickel miner PT Vale Indonesia has announced that the quota for mining production approved this year is likely to be 'insufficient' to meet the demand of the smelters 'that are expected to 'come on line later this year', according the chief executive.
Vale announced on Thursday that it had received approval for its annual production quota (known locally as RKAB) and had resumed mining activities following a stoppage caused by delays in approval.
Bernardus Irmanto, the chief executive of the company, asked for help on Monday in a meeting with members of parliament.
He said that the quota for PT Vale was around 30% of the amount we requested. This will likely not allow us to'meet the commitments made for the?plants," he added, without disclosing an exact number.
He expressed his hope that the company will be given an additional ore production quote.
Vale and its partners are building three high-pressure leaching plants (HPAL) to extract nickel material used in?electrical vehicle batteries.
Bernardus stated that the $4.5 billion HPAL facility in Pomalaa, Southeast Sulawesi, is expected to begin operations?in August. Meanwhile, the Bahadopi Plant in Central Sulawesi, which will be developed in the fourth quarter of this year, should also start operating.
Next year, another plant in Sorowako (Southeast Sulawesi) is expected to begin operations.
The?chief executive stated that Vale's nickel-matte production in 2025 was higher than expected.
Company data revealed that the company had set a target of producing 71,234 tons of nickel matt by 2025. However, it has only produced 66 848 tons up until November. (Reporting and editing by David Stanway; Fransiska Nanangoy)
(source: Reuters)