North America

A spokesperson for the Interior Department said that, two days after a disappointing Montana auction, the Trump administration had postponed an auction of coal leases scheduled to take place on federal land in Wyoming. According to contingency plan published last week, the Bureau of Land Management (a division of Interior) was expected to continue processing permits and leasings for oil and gas operations and coal during the shutdown. Wednesday morning, a sale of 3,508 acres federal coal reserves located in Wyoming's Campbell County and Converse county was scheduled. The lease area has 365,000,000 tons of recoverable coking coal. Interior announced...

Duncan Wanblad, a South African mining veteran, lamented Wednesday the country's missed investment in mining as gold prices surged above $4,000 per ounce - a record high fueled by expectations of reduced interest rates and demand for safe haven assets. Anglo American Plc's CEO Duncan Wanblad said that the mining potential of South Africa was not fully explored "due to the unsupportive exploration policy in the past 20 years". "That is a critical part of the mining life cycle." Wanblad explained that the data shows that it takes 17 years to get a deposit permitted, ramped up and in full...

After several days of fuel station closures, and amid fears of a fuel shortage following an al-Qaeda-linked blockade of fuel imports in Mali’s capital Bamako last month, motorists waited in long lines outside the stations on Wednesday. Since last week, many stations have been forced to shut down or only supply diesel. Analysts say this is a tactic used by militant groups to put pressure on the military-led Mali government. They want to cut of its economic oxygen. In a video announcing a blockade, a militant from Jama'at Nusrat al-Islam wal-Muslimin announced that "we are telling all traders" who import...

Letters show that Hollywood and Bollywood groups lobby an Indian panel to increase copyright protection so that artificial intelligence companies cannot use their intellectual property for training AI models. AI companies are at odds with content owners around the world, and governments are developing rules to govern this new technology. While Japan allows AI firms to use copyrighted material, the European Union's rules are stricter and allow content owners to opt out. The film industry is especially concerned that AI could scrape copyrighted online videos, images and clippings like trailers and promotions - and even more importantly ingest pirated material...

Investors brushed aside oversupply concerns on Wednesday, after digesting OPEC+'s decision to limit production next month. Brent crude futures were up 63 cents or 0.96% to $66.08 per barrel at 0715 GMT. U.S. West Texas Intermediate Crude climbed 66 Cents, or 1.07 %, to $62.39. The benchmarks settled broadly flat in the previous session as investors weighed signs of a supply glut against a smaller-than-expected increase to November output from the Organization of the Petroleum Exporting Countries and affiliates. The market is stuck in a price limbo. One side believes there will be a glut of supply, while the other...

Early Wednesday, oil prices rose as the markets began to dismiss oversupply fears for now. This was after digesting a decision made by OPEC+ in November to limit production increases. Brent crude futures were up 40 cents or 0.6% to $65.85 per barrel at 0045 GMT. U.S. West Texas Intermediate Crude climbed 44 cents or 0.7% to $62.17. The benchmarks settled broadly flat in the previous session as investors weighed signs of a supply glut against a smaller-than-expected increase to November output from the Organization of the Petroleum Exporting Countries and affiliates. OPEC+ chose to increase production by 137,000 barrels...

Sources in the trade said that traders offering Russian oil are now asking Indian refiners to make payments in Chinese Yuan. They see recent signs of improved relations between New Delhi, China and Beijing as an opportunity to simplify transactions with Indian buyers. Indian Oil Corp, India's largest refiner and state-controlled company, paid in Chinese currency recently for two or three cargoes worth of Russian oil. Indian Oil has not responded to the request for comment immediately. Western sanctions against Russia following its invasion of Ukraine in 2022 have led to a greater use of alternative currencies such as the...

Two people familiar with the matter have confirmed that a group of Swiss firms, including energy traders Mercuria and Partners Group, has pledged more than $6 billion to invest in U.S. Energy as part of efforts aimed at lowering U.S. Tariffs on Switzerland. Donald Trump, the U.S. president, shocked Switzerland in August by imposing import tariffs of 39% on Swiss companies. He justified them by citing the U.S. deficit in trade with the Alpine nation, which had eliminated industrial tariffs last year. Since the tariff shock in the U.S., the Swiss government and private sector have been working together to...

Sources in the trade said that traders offering Russian oil are now asking Indian refiners to make payments in Chinese Yuan. They see recent signs of improved relations between New Delhi, China and Beijing as an opportunity to simplify transactions with Indian buyers. Indian Oil Corp, India's largest refiner and state-controlled company, paid in Chinese currency recently for two or three cargoes worth of Russian oil. Indian Oil has not responded to the request for comment immediately. Western sanctions against Russia following its invasion of Ukraine in 2022 have led to a greater use of alternative currencies such as the...

Oil prices were steady on Tuesday, with sentiment toward a smaller-than-anticipated OPEC+ output hike dulled by weakening global demand and the potential for a supply glut. Brent crude futures rose 1 cent or 0.02% to $65.48 per barrel at 0014 GMT. U.S. West Texas Intermediate Crude was unchanged at $60.69 per barrel. Both contracts were settled at a higher level than the previous session. Crude oil prices rose after OPEC announced a production increase that was smaller than expected. Oil market analysts had been expecting a significant increase in quotas as the members of the group met over the weekend...

Delek US Holdings sued London's Marex Group, and Texas' BTX Energy. They were accused of supplying contaminated oil which damaged its U.S. refining plant and caused losses of more than $30,000,000. Delek, in a court filing in Texas Chambers County District Court, said that it started buying crude oil from Pinnacle Fuel back in January. Deliveries were handled by BTX Energy’s terminal in Winnie. According to the complaint, Delek detected abnormally high levels organic chlorides by February in its Heavy Naphtha Hydrotreater Unit. Marex declined comment, and BTX Energy didn't immediately respond to a comment request. Delek claims that tests...

The U.S. Supreme Court will be deciding a number of cases during the new nine-month session that begins Monday. These include issues like presidential powers, trade tariffs, transgender sportspeople, guns, race laws, campaign finance laws, gay "conversion therapies", religious rights, and capital punishment. The following are some of the cases that will be heard during the upcoming court term. Separately, the court has also acted in emergency cases involving challenges against President Donald Trump's policy. TRUMP TARIFFS A court has agreed that it will decide on the legality Trump's global tariffs. This is a major test for one of Trump's...

The policies of U.S. president Donald Trump have devalued the dollar and fueled a gold rush, pushing prices to record highs above $4,000 per ounce in the past week, said Franco-Nevada's CEO, Franco-Nevada, on Thursday. Paul Brink, who spoke at a Melbourne business lunch, said that the combination of tariffs and a growing structural imbalance in the U.S. Trade Balance as well as the breakdown in trust in U.S. Institutions has accelerated "de-dollarisation". De-dollarisation is when countries stop relying on the dollar for financial transactions and as a currency reserve. Gold becomes more affordable to buyers who use other currencies...

Shanghai copper prices jumped by more than 16 months on Thursday, as China resumed trading after National Day. Concerns over supply from large mines supported the price in a market that was already tight. By 0330 GMT, the most traded copper contract at the Shanghai Futures Exchange had risen 3.64%, to 86250 yuan per metric tonne ($12102.72). The contract reached its highest level since May 22, 2020 at 86 390 yuan earlier in the session. As of 0333 GMT, the benchmark three-month copper price on London Metal Exchange had risen by 1.11% to $10,787.5 per tonne. On Wednesday, it briefly...

Mark Carney, the Canadian Prime Minister, said on Wednesday that he and Donald Trump had "a meeting" of minds on the future of steel and aluminum industries in the United States. These sectors are currently subject to U.S. Tariffs. Carney Trump was in the Oval Office for trade talks on Tuesday. Officials stated that the meeting was productive, but they still needed more convincing to convince Trump to remove damaging tariffs against Canadian autos, steel and aluminum imports. Ottawa reports that Carney and Trump have asked officials to begin working on possible agreements in key sectors within the next few...

Teck Resources Limited, a Canadian mining company, cut its copper production forecast for its flagship Quebrada blanca (QB), in Chile until 2028. This was after a review of the entire operations and merger with Anglo American. Teck's shares rose by 2% on the Toronto Stock Exchange Wednesday morning. The copper production guidance for 2026 is now between 200,000 and 235,000 metric tonnes, down from the previous range of 280,000 to 3110,000 tons. Teck has also reduced its molybdenum guidance from 6,400 to 7600 tons to 2,800-3,400 tons. Teck has revised its copper production guidance for 2025 to 170,000 to 195,000...

International Copper Study Group (ICSG), a group of researchers, said that the global refined copper market will be in deficit by 2026. This is due to a slower growth of production. The copper price briefly reached a 16-month high on Wednesday, due to fears about possible shortages caused by a recent series of mine disruptions in Indonesia. Chile and Congo. In a statement released on Wednesday, the ICSG said that these incidents prompted it to lower its forecast of the global mine production growth in 2025 to just 1.4% instead of the 2.3% expected in April. These incidents will reduce...

Sources told Wednesday that two senior Indian ministers, in a rare intervention, have urged Tata Group’s charity arm to solve internal boardroom conflicts to ensure stability at its sprawling $180 billion business empire. A year after Ratan Tata's death, the discord in Tata Trusts has raised concerns that the bitter public spat of 2016 between Tata Sons and the charity could repeat itself, damaging the reputation of India’s most famous group. Tata Trusts holds a 66% stake of Tata Sons and has the power to make major strategic decisions. Tata Sons is responsible for 30 companies, ranging from autos to...

Analysts said that massive flows into exchange traded funds that track gold helped to drive a spectacular rally which pushed bullion prices to new highs in the past month. On Tuesday, spot gold prices reached a new record of $3.990.85 an ounce, while U.S. futures gold for December delivery surpassed the $4,000 per ounce mark. Analysts cited the record rate at which investors were allocating money into the metal via ETFs. Investors are becoming more cautious about the sky-high stock prices and view gold as a refuge against uncertain geopolitical and economic policies. According to LSEG, gold prices have risen...

Anglo American's CEO Duncan Wanblad stated on Wednesday that the company still views Africa as a part of its future because of its vital mineral resources. This is despite recent restructurings and asset sales in Africa. Anglo American is exiting its platinum and coal operations in South Africa where it was founded more than a century earlier. It will sell diamond miner De Beers and shift its focus on copper, an essential metal for the clean energy transformation. Kumba Iron Ore is the only major asset of South Africa. Wanblad, despite these exits, said Anglo intended to use South Africa's...

The two companies announced on Wednesday that Australia's Lynas Rare Earths and the U.S. manufacturer Noveon Magnetics have partnered to supply rare-earth permanent magnets in the U.S. to the defence and commercial sectors. The agreement includes the supply of both heavy and light rare earth materials, as well as the production and distribution of finished magnets for end-users in the defense, automotive and industry sectors. In a joint press release, Noveon CEO Scott Dunn stated that "this partnership delivers what both the U.S. market and government most need: capacity, certainty, and speed." The companies also plan to finalise an agreement...

Investors seeking to protect themselves from the increasing economic and geopolitical uncertainties, as well as expectations of future interest rate reductions by the U.S. Federal Reserve, drove gold prices above $4,000 per ounce on Wednesday. By 0213 GMT, spot gold had risen 0.5% to $4,002.53 an ounce. U.S. Gold Futures for December Delivery gained 0.5% at $4,025 an ounce. Gold is traditionally seen as an investment during periods of uncertainty. Gold spot is up 52 percent year-to date after rising 27 percent in 2024. The Fed is likely to continue lowering rates, so the market will be looking for the...

Analysts said that massive flows into exchange traded funds tracking gold helped to drive a spectacular rally which pushed bullion prices to record highs in the last month. On Tuesday, spot gold prices reached a new record of $3.990.85 an ounce, while U.S. futures gold for December delivery surpassed the $4,000 per ounce mark. Analysts cited the record rate at which investors were allocating money into the metal via ETFs. Investors are becoming more cautious about the sky-high stock prices and view gold as a refuge against uncertain geopolitical and economic policies. According to LSEG, gold prices have risen 51%...

Investors bet that record gold prices would drive strong margins, capital flows and shareholder returns. According to LSEG Lipper, gold mining funds are up 114% in the past year, outpacing both technology funds (up 27%) and natural resource funds (up 23.7%). According to data, gold mining funds received $5.4 billion inflows during the third quarter, which is the biggest quarterly movement since December 2009. The price of gold reached a new record on Tuesday, as the U.S. shutdown continued and demand was boosted by expectations that the Fed would cut rates this month. Gold miners have been lagging behind the...