Latest News
-
Albemarle shuts down Australia's lithium plant following profit miss
Albemarle is the world's biggest producer of lithium. It posted a?larger-than-expected loss on Wednesday. The company also announced that it would be?idling a major Australian?processing?plant due to its continued?struggle with low prices for battery metal. After-hours trading saw shares of the Charlotte-based company fall 3.1%. Prices of lithium have fallen by more than 90 percent in the last two years, largely due to an oversupply coming from China. This has led to layoffs, buyouts, and project delays at Albemarle, and other companies. Prices have increased in recent months but remain below the all-time highs of 2023. Albemarle announced that it will idle the last active processing unit or train at its Kemerton plant in Western Australia, after closing another train at the site last yea. The company has also cancelled?plans for adding two?new trains. In a recent statement, CEO Kent Masters stated that "Unfortunately the recent lithium price improvement alone is not enough to offset challenges facing Western hard rock lithium conversion operations." Kemerton processed spodumene (a type of hardrock containing lithium) from the Greenbushes Mine, the largest lithium mine in the world, which Albemarle owns jointly with China's Tianqi Lithium. Albemarle's net loss for the quarter ending December 31 was $455.9?millions, or $3.87 a share. This compares to a profit of 33.6%?millions, or 29 cents per share in the previous quarter. Albemarle's loss per share was 53 cents excluding one-time items such as charges related to the sale of its Ketjen catalyst refining business. According to LSEG's?IBES, analysts had expected a loss per share of 41 cents. Albemarle's sales of lithium products grew by?23%, despite the fact that prices were still weak. The company will hold a conference call on Thursday morning to discuss its quarterly results. (Reporting and editing by Chris Reese, Sonali Paul, and Ernest Scheyder)
-
Anthropic will shoulder some of the costs when data center expansions threatens to increase power bills
Anthropic, a company that specializes in artificial intelligence (AI), announced Wednesday initiatives to 'limit the impact of data centres on consumer energy prices'. This is due to increased investments in infrastructure power-hungry required for AI technology. Anthropic will cover all grid upgrade costs needed to connect their data centers by raising its monthly electricity charge, thus preventing these costs from being passed onto consumers, according to the company. Local communities have concerns about the AI race. While Big Tech leaders and politicians in the U.S. call for a "rapid expansion" of data centers and a new energy production, they are not the only ones. Americans are concerned about the impact of these power-hungry plants on their utility bills, and how they might use land, water and other natural resources in the area. Anthropic will "bring new energy generation" and add grid capacity in order to meet the data center's electricity needs. It will not buy credits or contract for existing capacity. Anthropic said that it will work with external experts and utilities to calculate and offset the demand-driven price effects from its data centres where new power generation is not online. Microsoft announced similar measures last month when it said that the cloud giant would pay high utility rates to cover its power costs. It also worked with local utilities to increase supply for their?data centres when necessary. Anthropic announced on Wednesday that it was?investing in research aimed at reducing the power consumption of its data centers as well as grid optimization tools. The company will also work with local leaders on measures like supporting education programs and working for small businesses. (Reporting from Arsheeya Bajiwa in Bengaluru, and Max A. Cherney at San Francisco. Editing by Vijay Kishore.)
-
Stocks rise slightly as yields increase after US jobs data.
Treasury yields increased and stock indices were mostly slightly higher Wednesday afternoon, after data showed that the U.S. created far more jobs than expected in the month of January. This could make it harder for the Federal Reserve to continue cutting rates. Labor Department data shows that 130,000 new workers were added to the nonfarm payrolls during January. This is well above the forecast of 70,000. November and December have been revised downwards. The unemployment rate fell to 4.3% in January from 4.4%, which was below the forecast of 4.4%. In an email, Eric Merlis said that the January employment report showed a significant improvement in all areas. The Fed wants to see a lower unemployment rate, but without a significant wage increase. This should be enough for them to hold rates at the same level in March. According to CME's FedWatch Tool, market expectations of a Fed cut at least '25 basis points' at its March meeting rose to around 20% before the employment data and dropped to roughly 6% following the report. The Dow Jones Industrial Average dropped 19.92 points or 0.04% to 50,169.46. The S&P 500 rose 13.23 points or 0.18% to 6,955.04?and the Nasdaq Composite increased 21.86 points or 0.10% to 23,124.33. Oil prices and energy shares both rose. Trading in Europe was dominated this week by fears about disruptions caused by artificial intelligence. This time, shares of asset managers were pushed lower. The benchmark STOXX 600 Index in Europe hit a new record, ending 0.1% higher. The MSCI index of global stocks rose by 3.01 points or 0.29% to?1,057.73. After rising after the jobs report, the dollar index fell. The dollar index fell by 0.12%, measuring the greenback in relation to a basket of currencies, including the yen, the euro and the yen. The dollar fell 1.02% against the Japanese yen to 152.79. The yen is up a lot in the last few days. This could be a sign of a shift in investor sentiment after Sunday's election win for Japan's prime minister Sanae Takaichi. The Australian dollar reached a three-year peak after Reserve Bank of Australia's Deputy Governor Andrew Hauser stated that inflation was too high and policymakers would do whatever it takes to bring it down. The Australian dollar rose by 0.88% against the greenback, to $0.7136. The yield on the benchmark U.S. 10 year?notes increased 2.7 basis points from?4.145% at late Tuesday. U.S. crude oil rose 67 cents to settle at $64.63 per barrel. Brent also rose. Spot gold increased 1.32%, to $5089.35 per ounce.
-
Ukraine boosts Kyiv's air defence in anticipation of possible Russian attacks
Denys Shmyhal, Minister of Energy in Ukraine, said that senior Ukrainian officials agreed on Wednesday to increase air defence capabilities around the capital Kyiv. This is to counter any possible future Russian air attacks against energy infrastructure. The 'fresh' preparations follow the attacks in Kyiv, where officials are scrambling to repair damages to heating and electricity networks that has left thousands of people in darkness and cold. "Most information will not be made public." In the context of?potential further Russian attacks?, we discussed strengthening Kyiv?s active air defense, especially for?energy facilities?, Shmyhal wrote after a military staff meeting on Telegram. We also identified and prioritized other critical infrastructure sites that need protection. Shmyhal, also the first deputy prime Minister, stated that plans were coordinated with government departments, city authorities, and officials in the?energy sector. Artem Nekrasov said earlier on Wednesday that the nuclear power plants in Ukraine, which provide two-thirds the energy needed by the country, are still unable operate at their full capacity following the latest Russian attack. Last week, Russia attacked thermal power plants, as well as key electrical substations. This forced nuclear power plants to reduce their power output. In a televised announcement, Nekrasov stated that "restoration" was underway at both high-voltage power substations and power stations which provide power from nuclear power plants. He said that restrictions on energy supply remained in effect across the country, for both households and businesses. Ukraine has three nuclear power stations with a total capacity of eight gigawatts. The country needs around 18 gigawatts. Before the war, thermal power plants accounted for more than a third of Ukraine's energy consumption. The shortfall is made up by the maximum amount of imports possible from the EU and insignificant amounts from alternative sources. This leads to large-scale blackouts that affect consumers. (Reporting and Editing by William Maclean Ron Popeski Rod Nickel)
-
Gabon dismisses energy concerns over 2029 manganese refining deadline
Gabon's Mining Minister said on Wednesday that the country's ban on raw manganese imports in 2029 will not be excused by energy shortages. He dismissed industry warnings about power shortages delaying refinery construction. Last year, the world's second-largest producer of manganese (used in steelmaking, and increasingly, in electric vehicle batteries) introduced a policy to diversify their economy, after decades of raw ore exports. They joined other African countries seeking to maximize value from mineral wealth. In the Central African nation, power shortages are common and hamper the expansion of industrialisation that is energy intensive. The French company Eramet and other mining companies in the country have stated their willingness to work with the government regarding the new refinery rules. However, power shortages remain a problem. Sosthene Nguema Nguema, Gabon Mining minister, said that alternative technologies have proven to be an effective way of overcoming power concerns. Nguema stated that "energy is a false discussion." "Some operators have demonstrated 'processes which reduce energy consumption?by 40% to 60%. We do not anticipate that energy will be an issue in 2029. TIMELINE DETAILED Official data shows that Gabon will export 9.4 million tons of manganese by 2024, a decrease of 5.3% from the previous year. Most of it is exported as raw material. Nguema stated that all manganese mines must provide detailed implementation timelines, and demonstrate measurable progress toward compliance. Nguema reiterated that the 2029 deadline was not negotiable. He added that Eramet's management crisis, which controls Gabon’s Comilog and operates the world's largest manganese mine, in?Moanda should not impact its compliance. "Eramet must conform like everyone else." Eramet, in a 'emailed statement', said that the firing of its CEO on February 1, did not change its'strategy' and was unrelated to Gabon's activities. Eramet declined to comment further. Two Iron Mines Nguema stated that Gabon is expecting two new mines - Milingui and Baniaka Iron Ore Mines - to be online this year as part of an effort to expand the sector. He warned that those companies who fail to start construction or production would lose their licenses. He said that those who promised to open mines by 2026 but did not keep their word before 31 December would be asked to leave the country. Maxwell Akalaare Adombila, Bate Felix and Rod Nickel (Reporting)
-
Nornickel, a Russian metal manufacturer, reports a 36% increase in net profit
The company reported that the '2025 net profits of Russian metal producer Nornickel rose 36% from last year to $2.47 Billion, due to higher metal prices and foreign exchange effects. The company, which is the world's largest producer of nickel and palladium, said that revenue for 2025 increased by 10%, to $13.76 Billion, while earnings before tax, interest, depreciation, and amortization rose 9%, to $5.67 Billion. Nornickel reported that the LME Nickel average price fell by 10% on an annual basis. Other headwinds were Western sanctions against Russia, high interest rate and a strong Russian rouble. CEO?SAYS NORNICKEL HAS PERFORMED DESPITE HEADWINDS Vladimir Potanin, Nornickel's CEO, said that despite the difficulties: "Nornickel’s management has achieved its annual targets - primarily in production and sales." He added that the major macroeconomic issues facing the company's business would continue into 2026. Nornickel does not fall under direct sanctions from the West over Russia's actions against Ukraine, but these measures have led some producers to stop buying Russian metal. The sanctions have also made it more difficult to make payments and limited access to Western equipment. Nornickel did not disclose its sales volumes or sales destinations. Metal sales revenue increased 10% to $12.983 Billion, mostly due to higher prices. As a result of?global restrictions the producer redirected their sales to Asia which became the largest market for the company. Sergei Malyshev, Nornickel’s CFO, said that the company reduced its inventories last year due to sanctions. The company expects to spend $2.6 billion on capital expenditure in 2026. The adjusted free cash flow came to $1.5 billion. Malyshev stated that Nornickel's payout of dividends will be determined by?its debt metrics, economic conditions, and cash flow generated?by the Bystrinsky Copper and Gold Mine, which is operating at full capacity since about 2020. Potanin had earlier said that dividends in 2025 are unlikely. The company said it expected the global nickel market surplus to reach 275,000 tons by 2026, as long as Indonesia maintains its current status, and that the palladium markets will be in balance in the medium-term. (Reporting and editing by Vladimir Soldatkin, Barbara Lewis and Anastasia Lyrchikova)
-
China's Zijin will launch Congo's initial lithium production in June at the disputed Manono Deposit
China's Zijin Mining plans to start Congo's first lithium production in June at the disputed Manono mine and export it immediately, according to Cominiere, a state-owned mining company. This is a significant step for Beijing in its push to secure critical minerals in Africa. Zijin previously stated a start in the first quarter of 2026, but said on Tuesday that this is now updated planning. After the Democratic?Republic of Congo revoked the permit of Australian miner AVZ, the Manono resource is now at the center of arbitration. Zijin, in a joint venture with Cominiere, reassigned a part of the site. Cominiere, the Congolese government and Zijin jointly own 61% of the site. Cominiere's Managing Director Alpha Monga Mwidia told the Mining Indaba Conference in Cape Town that Manono Lithium would produce its first?tons by June and exports would begin immediately thereafter. AVZ refused to comment. A source within the company stated that they were 'informed blasting occurred?at the site near an area where the AVZ staff still remain. This was a safety concern and procedural concern. Zijin refused to reveal production figures or export targets for the first year. Mwidia stated that figures were not available. Lithium prices are still under pressure, after a 86% drop from their peak in late-2022. This is due to China's stockpiling of lithium and the rise in domestic production. The U.S. is attempting to divert Congolese supplies towards Western markets by using short-term contracts, challenging Beijing's dominance of Africa. Cominiere will sell its share of the first-phase production, as well as all of?Zijin's output, under this joint venture. Zijin will market or sell everything on our behalf, said Mwidia. Mwidia and Zijin stated that AVZ's arbitral decision?doesn't affect schedules, and operations remain in compliance with existing laws. The U.S.-backed KoBold Metals on the other hand, which has rights to the opposite side, said it would not start construction until ownership issues are resolved. Mwidia stated that "the Western system is a different one from the Eastern one." "The Chinese are more pragmatic." Cominiere has committed to providing 44 megawatts through its Katamba Mining unit. It plans to increase the capacity of the mine and the host communities to 120 MW. (Reporting and editing by Veronica Brown, Chris Reese and Maxwell Akalaare Adombila)
-
Investors say that Trump's rollback of greenhouse gas emissions will create confusion and could increase costs.
Shareholder advocates and portfolio managers claim that the Trump administration's decision, to reverse an Obama-era legal analysis, which underpinned greenhouse gas regulations will cause confusion and increase costs for both businesses and investors. Donald Trump, the U.S. president who has called climate changes a "hoax," intends to formally rescind on Thursday 2009 scientific findings which?linked carbon dioxide to harmful health effects - data that have?guided standards of pollution for over 15 years. This is the most significant 'climate change' policy rollback by the Republican administration. It follows a series of regulatory reductions and other measures intended to free up fossil fuels and slow down the development of clean energy. Shareholder activists and asset managers say that the decision will leave companies in limbo. They will wonder if they will be forced to make course corrections under a new administration. Large multinational companies will probably not see much change, as they will be required to adhere to stricter emission standards all over the world. Marcela Pinilla is the director of sustainable investments at Zevin Asset Management. She said, "This rollback creates a profound uncertainty for businesses that have already spent billions on emissions reduction." We're disrupting a trajectory towards a low-carbon economic system just as businesses have committed substantial capital for that transition. Those who reverse course risk having their assets stranded if policy changes again. STOP-START PLANNING Beth Williamson of Calamos Investments' sustainable equity research said that the move could "move risk to other areas" by adding another layer of uncertainty in the?carbon-intensive industry. Williamson, an associate portfolio manager and semiconductors, industrial equipment, and power electronics upstream suppliers, also said that such "stop-starting" planning can also cause volatility in the supply chain. Andrea Ranger is the director of shareholder advocacy for?Trillium Asset Management. She said that the repeal may make it difficult for investors to choose winners during the transition, and could create uncertainty for companies with large capital expenditure plans. "Because it is a whiplash effect if the new administration says, 'yep we will do it again'." Jonathan Pragel said that the reversal of policy would result in additional operational costs, which most boards of directors are not willing to pay. "The cost to eliminate this infrastructure and then have to rebuild it in case there's another change, that is a very expensive proposition." Data from the nonprofit Net Zero Tracker shows that the number of U.S. firms committing to achieve net-zero emission across their entire business by 2050 has increased by 9% by 2025. 304 companies in the Forbes Global 2000 Index have committed to this goal, up from just 279 the year before. INVESTOR PRESSURE Investors and other nations, including regulators from the European Union, will continue to insist on this, even if automakers are exempted from reporting federal requirements. Investor advocate Giovanna Eichner, of Green Century Capital Management, said: "Investors are going to continue making it clear that managing climate risks is important for protecting shareholders and their bottom line." Investor resolve is not weakened by losing this finding, but accountability. "Climate risk continues to threaten shareholder value and profits." A spokesperson stated that since BMW's headquarters are in the European Union it must still follow the disclosure and emission requirements in Europe, no matter what the U.S. decides. The new U.S. regulation might not have much of an impact on us, as we are a global player. Ford, General Motors Stellantis Mercedes, and Volkswagen, all global automakers, did not respond to a request for comment. Rachel Delacour is the CEO of Sweep's sustainability data management platform. She said: "We have seen from our clients that those companies who excel are integrating ESG into their daily operations, and not just reporting on it. This is the competitive edge." LEGAL CHALLENGES A federal court in January ruled that the Department of Energy had violated the law by forming a climate science advisory group, which then produced a report intended to support the repeal effort. Mark Wade, director of sustainability research at Allianz Global Investors believes that boards of large companies with investors from around the world who want data will not lose it. "These 'U.S. companies are so large that they need non U.S. investors. Wade stated that if you remove the incremental risk buyer, it will affect (share price) valuations. Even if they keep quiet, many U.S. businesses continue to work to adapt their business to a future low-carbon. Wade stated that while the proposed EPA repeal was "very unhelpful," large U.S. corporations are still interested in profiting from the energy shift: "If you can find the next hydrogen or nuclear fusion solution, you will be the next billionaire," Wade added. (Editing by Dawn Kopecki, Nick Zieminski and Dawn Kopecki; Additional reporting by Nick Carey and Nora Eckert)
Lower wind output raises German spot rates
German timely power rates were higher on Monday on expectations of reduced wind power supply throughout the European area.
German day-ahead power for Tuesday was trading at 101.75 euros ($ 105.93) per megawatt hour (MWh) by 0942 GMT, LSEG information revealed. The agreement for Monday was untraded on Friday.
French baseload power for Tuesday was at 99.5 euros per megawatt hour (MWh), LSEG information revealed.
Germany is anticipated to turn to imports on the back of rising recurring load, in spite of lower consumption due to the vacation duration, stated LSEG expert Riccardo Parviero.
German wind power output was expected to fall by more than half, down 20.0 gigawatts (GW) on Tuesday to 14.6 GW while French wind output was anticipated to shed 9.4 gigawatts (GW) to 2.8 GW, LSEG data showed.
French nuclear availability fell one percentage point to 82%. of total capacity.
Power consumption in Germany is expected to fall 6.6 GW to. 44.0 GW on Tuesday while need in France is predicted to. increase by 1.1 GW to 55.8 GW, LSEG information showed.
German year-ahead power rose 3.3% to 83.4 euros. per megawatt-hour (MWh), while the French 2025 baseload contract. was untraded, with a bid cost of 73.25 euros/MWh.
The scenario with European nations that buy Russian gas. is really complex and needs increased attention, the. Kremlin said after talks between President Vladimir Putin and. Slovak Prime Minister Robert Fico.
European CO2 allowances for December 2024 edged up. 1.0% to 68.86 euros a metric ton.
(source: Reuters)