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Nuclearelectrica Romania approves SMR nuclear plant
Nuclearelectrica, a state-owned Romanian nuclear power company, announced on Thursday that it had made a decision to invest in a small modular plant. This could be the first project in Europe using this technology. The project in central Romania, Doicesti, is to have six reactors with a capacity total of 460MW. It will be using technology from the U.S. NuScale Power. Romanian Nuclearelectrica holds a 50% stake in the joint-venture. The first reactor is the final investment decision, and the other five are dependent on the success of the technology. The original deadline of 2029 for the finalization of the first reactor was pushed back to?2030. The cost of the SMR was not specified by the company. Romania wants to 'cut its carbon emissions' in order to meet EU reduction goals and boost energy security. This is a pressing issue after Russia's invasion into Ukraine in February 2022. The European Union uses a mixture of gas, coal and renewable energy sources to generate electricity. It has also committed to phase out brown coal under the terms agreed as part of the exchange for European Union funding. Nuclearelectrica is a company that has two 706-megawatt reactors using Canadian CANDU technologies. These are owned by AtkinsRealis (formerly SNC Lavalin), and account for about a fifth of the EU state's electricity production. It signed a 3.2-billion-euro ($3.80-billion) main engineering contract in 2024 to build two additional 700 MW reactors by 2032, with a consortium including U.S. Fluor Corp. and Sargent & Lundy. Two new reactors, as well as the SMR project, would allow Romania to double its nuclear power capacity. This is in order to reduce carbon emissions and meet EU goals for reductions.
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Trump praises Venezuela's good relations, but says oil magnate Sargeant doesn't represent US
Donald Trump, the U.S. president, said that Harry Sargeant III, a billionaire energy entrepreneur and Republican donor who is a Republican donor to the U.S. government has no authority to act for them. He also added that relations between Venezuela and?the U.S. had been "extraordinary." "He has no authority to act for the United States of America in any way, shape, or form. Neither does anyone else who is not approved by State Department." Trump stated in a Truth Social post that without this approval, nobody is authorized to represent the United States of America. He was apparently referring to an article published by The Wall Street Journal on Wednesday. According to four sources, it was reported in January that Sargeant, his team, and the Trump administration were advising on how to engineer the return of American oil companies to Venezuela, even though Sargeant claimed he wasn't a formal advisor. Trump said Washington "deals?very well? with Venezuelan interim president Delcy Rodriguez," praising Secretary Marco Rubio and other U.S. officials. "Relations between Venezuela and the United States were, to put it mildly - extraordinary!" Trump wrote in his blog. "But we only speak for ourselves and do not want there to any confusion or misrepresentation." Sargeant is a Republican donor and Trump's golf buddy. He has longstanding connections to Venezuela's petroleum industry. Sargeant has been working in Venezuela since the 1980s. His businesses there buy and sell asphalt that can be produced from heavy crude oil. He has also invested heavily in the production of several of the country's oilfields. He said he had a history of dealings with senior Venezuelan officials including Rodriguez and the?U.S. ousted President Nicolas Maduro. He has been reported to have discussed the need for U.S. officials to invest in Venezuela's oil-infrastructure with him. Sargeant said that in February 2025 he helped to broker a meeting with special U.S.?envoy Richard Grenell, in which the two discussed deportation and repatriation of migrants to Venezuela, as well as the release of American prisoner and the possibility of the U.S. extending a license to Chevron for operations in Venezuela.
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Lundin Gold invests $100 million in Ecuador exploration by 2026
Lundin Gold, a Canadian mining company, is investing $100m?this year to prolong the life of its Fruta Del Norte mine located in Ecuador. The 'price of gold' remains high. Executives said that the investment is intended to "bolster" exploration efforts by adding 133,000 meters of drilling in concessions across the Amazonian Province of Zamora Chinchipe. This area has been affected by illegal mining. Lundin wants its reserves to be increased from 5.54 million ounces and find new deposits by launching a 3-year project in 2025. The mine has seven drilling rigs in the mine and another 11 on the surface. These are primarily used to generate resources from new deposits, said Maria Eugenia Rodriguez, Exploration Manager at Fruta del Norte. She stated that exploration had already discovered?copper-porphyry deposits near to the existing gold site. Ecuador has significant mineral reserves, but is lagging behind its Andean neighbours like Peru and Chile when it comes to large-scale mining. Local communities often oppose the sector, while legal challenges and changing regulations are also common. Fruta del Norte is Ecuador's first large underground mine. It began production late 2019, with a 12-year initial lifespan. The mine is expected to produce nearly 500,000 ounces gold in 2025. Exports of ore bars and?gold concentrate are also expected to reach $1.8 billion. Executives say that the new exploration platforms are operated under strict environmental guidelines to minimize their impact. The current gold price in the global context allows us to pursue growth opportunities both in Ecuador and abroad, said Juan Jose Herrera. Recent gold prices have reached historic highs, driven by geopolitical tensions as well as a shift in global monetary policies. Last week, JPMorgan said that it expected gold prices to reach $6300 per ounce at the end of 2026. Lundin Gold anticipates producing between 475,000 to 525,000 ounces gold per year from 2026 to 2020.
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Ghana's gold production will reach record 6 million ounces by 2025, says industry group
According to 'provisional data', Ghana will produce 6 million ounces in 2025. The contribution of large-scale mining is 2.9 million ounces - the same as last year. The industry has warned that the projected 6.5 million-ounce production for next year is in danger, citing Ghana's planned overhaul to mineral royalties that could delay new projects or expansions which underpin 2026's production. The Ghana Chamber of Mines CEO Kenneth Ashigbey stated that 2025 production exceeded its target due?to artisanal and small scale mining (ASM), with a rise of about 3.1 millions ounces. REFORMS AND SURGING GOLD Prices Drive Output Ashigbey, speaking at the African Mining Conference Mining Indaba, said that recent reforms have helped to divert more gold from artisanal sources into formal channels. Africa's largest?gold producer is planning to replace its fixed royalties with a sliding scale of 5% to 12 % tied to gold price. Ghana, as well as many other African nations, is increasing mining royalties to increase revenue as governments try to capture more revenue as commodity prices surge. As reported previously, Ghana had agreed to reduce an existing levy in order to facilitate the passage of reform. However, mining companies claim that the scale proposed is still too steep and they have suggested lower rates. If not amended or withdrawn, the new regime may come into effect as early as this month. Ashigbey stated that "we stayed nearly flat in 2025 but our concern is for 2026." The royalty increases will affect new projects right away -- those that are meant to boost next year's production. The industry body said that stable large-scale output in 2025 reflects the production ramp-ups of Shandong Mining’s Cardinal Namdini, Newmont’s Ahafo North and declining grades at older mining sites such as Gold Fields’ Damang. Ashigbey stated that the artisanal supply was more stable after Ghana's gold buying programme reduced smuggling. JOBS - HIGHER ROYALTIES A THREATEN? The proposed scale, say miners, would reduce cash flow and force them to only process high-quality ore. The chamber's position paper shows that, under the new scale, a 5% increase in royalties to 7% would reduce the net present value of AngloGold Ashanti’s Obuasi Mine by 8% -- enough to bring it down to the typical hurdle rate -- and Perseus Mining’s planned $170m?expansion to the Edikan pit?would be uneconomic. The two projects together account for 1,344 jobs, and over $800 million of future royalties and tax revenues. Ashigbey also said that Adamus Resources, Asante Gold and other companies will be affected. Perseus AngloGold Ashanti Adamus and Asante Gold have not responded to comments immediately.
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Exelon expects a strong 2026 based on robust demand for power and higher rates
Exelon, a U.S. utility, forecast a profit for the full year that was largely higher than analysts' estimates after beating fourth-quarter earnings expectations. This was due to rising electricity rates and increasing power demand. In afternoon trading, shares of the Chicago-based firm rose 8.8%, to $48.24. This is the highest price since October 2025. U.S. utilities have raised prices and increased capital expenditures to improve infrastructure to keep up with the'surge in demand for power from tech giants who are building data centers as they race to support 'advanced artificial intelligence related tasks. Exelon, a company that serves over 10.9 million customers via six transmission and distribution utilities fully regulated by the government, has projected capital expenditures of $41.3 billion in the next four-year period, up from previous projections of $38 billion. "With a capital plan of $41.3 billion over four years and a rate base growth of 7.9%, we are well positioned to deliver annualized earnings near the top end 5%-7% by 2029," stated CFO Jeanne Jones. Exelon executives stated on a call after earnings that the demand for electricity is expected to grow by more than 3% until 2029. This will be helped by an extensive load pipeline and transmission agreements. The company stated that it was working with?federal organizations, regional transmission operators like PJM and state leaders in order to combat high electricity prices as well as emerging risks associated with power supply. Colette Honorable, Chief Legal Officer, said: "We need to focus on?supply because we know that it will lower electric costs." According to data compiled and analyzed by LSEG, the company expects a 2026 adjusted profit per share between $2.81-$2.91 compared to an average analyst estimate of $2.84. Exelon’s?PECO, Pennsylvania's biggest electric and natural-gas utility, saw its earnings fall by nearly 17%, to $162 millions, due to increased taxes and costs. The company reported an adjusted 'profit per share of 59 cents for the three months ending December 31 compared to analysts' average estimates of 55 cents. Reporting by Pooja menon in Bengaluru, and Laila kearney in New York. Editing by Shilpa Majumdar and Shinjini Ganuli.
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US refiner PBF Energy reports unexpected profit as margins increase
Refiner PBF Energy posted a surprise profit Thursday, as lower crude oil prices boosted refining margins. PBF earned 49 'cents 'per share on a adjusted basis during the fourth quarter. Analysts had estimated a loss per share of 10 cents, according to LSEG data. Refiners in the U.S. saw their profits rebound from multi-year lows in 2024. This turnaround was fueled?by tighter fuel supplies globally and an increase in seasonal demand that boosted profits. The recovery follows a slump in 2024, when margins fell from their post-pandemic peaks as supply disruptions related to Russia's invasion of Ukraine in?2022 eased. Matthew Lucey, CEO of PBF, said, "Oil markets are dynamic and many recent headwinds have now turned into tailwinds. "Global refinery capacity remains structurally limited, with demand growth and rationalization expected to outpace new capacity additions." Around midday, the shares of refiners were down by 1.4%. PBF Energy's gross refinery margin increased by more than two-fold to $11.16 a barrel in the fourth quarter. In the first quarter of this year, the company's crude and feedstocks output increased to 888.900 barrels per day, up from 862,000 barrels per day a year ago. ?Valero Energy and?Marathon Petroleum, as well as Phillips 66, reported positive results, citing increased margins. PBF reported that repairs at its California-based Martinez refinery are on schedule and will be completed by Monday. This follows a major fire last year. The refinery's catalytic?unit is expected to begin in the first week of March. UBS analysts believe that Martinez's return to the field could provide a significant earnings boost for the next quarter.
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Carney to visit Tumbler Ridge in Canada's grief over mass shooting
Mark Carney, the Canadian prime minister, will soon visit the remote British Columbia town of Tumbler Ridge where nine people died in one the worst mass shootings that has ever occurred, according to his office. Police say that 18-year old Jesse Van Rootselaar - who allegedly had mental health issues - shot and killed her mother, stepbrother, and a teacher at a local school on Tuesday. Van Rootselaar committed suicide after police said he was born as a man but started identifying himself as a female six years earlier. In a short statement that gave no further details, Carney's office stated: "The Prime Minister will visit Tumbler Ridge soon to support the community... (we) are working closely with the local authorities and community to finalize the details based upon their immediate needs." Unofficial memorials were set up in Tumbler Ridge (a town of 2,400 people located in the Canadian Rockies) with flowers and stuffed toys. "Hold them tight and tell them you love?them every day." "You never know", said a tearful Lance Young on Wednesday, the father of Kylie Smith, a 12-year-old victim. The police, who claim they do not yet have a motive for the crime, met with officials from the province late on Wednesday. Larry Neufeld, a local provincial legislator, told CBC News that the group was working hard to provide information to the public. Police stated that they had visited Van Rootselaar at her home on multiple occasions to discuss mental health issues and had taken her away twice for formal assessments. British Columbia Premier David Eby stated on Wednesday that he had contacted local health officials to get more information about the interactions. The police confiscated guns at one point, but they were returned after the owner – who they didn't?identify? – successfully appealed. British Columbia observed a day of mourning on Thursday. Wendy Cocchia is the representative of Canada's King Charles in the province. She will deliver a speech at the legislature to honor the victims. (Reporting and editing by Nia William; David Ljunggren)
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LME delays deadline for reporting aluminium emissions
London Metal Exchange announced on Thursday that it has pushed back the deadline for producers to report their emissions in line with a new EU carbon policy, by five months. The new deadline is September 1. Carbon Border Adjustment (CBAM), a mechanism of the EU, entered its chargeable phase in January. This means that importers of certain commodities, such as aluminium and steel have to pay carbon taxes for direct emissions produced during production. The LME date has been changed after the EU moved its annual CBAM declaration deadline to September 30, from May 31, giving importers more time to verify data. The deadline for submitting the LME emission reporting form for the year 2025 was pushed from April 1st to September 1st 2026. This adjustment will ensure that the LME's requirements remain aligned with EU framework in order to reduce complexity, and to help producers meet LME requirements within a "consistent" and "manageable" timeframe. The requirement to report emissions applies to all LME primary aluminum?and alloys, regardless of whether or not the metal has ever been shipped into Europe or traded at the exchange. (Reporting by Tom Daly; Editing by Kirsten Donovan )
ASML's $250 million 'printer,' the secret behind Nvidia chips
ASML is the most valuable company in Europe thanks to its dominance of lithography systems. These are huge "chip-printing" machines, which cost $250 million per machine and are essential to companies driving the AI boom. Take a look at how the Dutch company has grown.
What is driving the demand for ASML's printers?
ASML has a monopoly over the machines that use extreme ultraviolet light (EUV), which are used to manufacture the most advanced semiconductors. However, rivals from China and the U.S. have been working on alternatives. ASML is ASML because of the rapid advances in AI, and the global expansion of data centres.
The technology: HUGE MACHINES WORKING ON NANOSCALE
The machines, which are the size of school buses and weigh 150 tons, use an intricate system of mirrors, lasers, and magnets to create microscopic circuitry on silicon wafers for chip production.
The pattern of light is projected onto silicon wafers containing up to 100 AI chips. This allows them to map circuitry layers with unprecedented precision.
The EUV wavelength measures?13 nanometers. A?human hair measures between 80,000 to 100,000 nanometers in thickness.
According to Luc Van den Hove of the Interuniversity Microelectronics Centre, a Belgian company that developed the technology in collaboration with ASML, the machines provided "patterning accuracy, scalability, and energy efficiency", which were essential for advanced chip manufacturing, and AI chips, in particular.
LENSES AND MIRRORS
The German industrial company Trumpf uses some of the strongest lasers to blast tin droplets 50,000 times a second. The light is guided into the heart by a system of mirrors manufactured?by German optical equipment maker Zeiss. They have surfaces that are smoother than the ones used in space telescopes.
The table that holds the wafers levitates on magnets, and accelerates and slows down at a rate between 70 and 80 meters per second.
How are ASML Systems?Delivered?
The EUV machines will be assembled in the Netherlands and then transported on 747 cargo aircraft to the plants of TSMC in Taiwan (which manufactures Nvidia chips), Samsung, SK Hynix, Micron, Intel, and Rapidus, in the U.S. Analysts predict that ASML will need to increase the number of such systems in 2026 or 2027.
(source: Reuters)