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Colombia's Petro has threatened to implement a referendum on labor reform as the deadline for the Congress looms.
The leftist president of Colombia, Gustavo Petro, signed a decree on Wednesday to hold a vote on labor reforms. This was an attempt to get the Senate to take a vote on this issue before the session ends later in the month. The referendum proposal seeks a limit on the number of hours that can be worked in a day, an increase in the surcharge from 75% to 100% for work done on Sundays and holidays and the requirement for drivers to pay social security contributions. The Senate is debating the modified reform of labor after rejecting in May a 12-question referendum version in a close 49-47 vote. Petro claimed that this vote was fraudulent. The current legislative session ends on 20 June. Petro and his Interior Minister, Armando Benedetto, stated that the referendum will be cancelled if the reform passes. To be valid, each measure must be approved by a majority of 13.5 million voters - a third the Colombian electoral roll - in order to hold if voted on. The opposition parties claim that Petro's decree amounts to a coup and violates Colombia's Constitution. It also destroys the separation between the three branches of the government. Analysts warn that, in the meantime, the decree may face legal challenges including at the Constitutional Court. The majority of social and economic reforms promised to Petro, who was elected 2022 on promises to end centuries of inequality in Andean countries, have been rejected by legislators. Colombia will hold presidential and legislative elections in the first six months of 2026. (Reporting and writing by Carlos Vargas, Nelson Bocanegra and Natalia Siniawski. Editing and reviewing by Gabriel Araujo and Kyra Madry.
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CFO of Chile's Codelco says the company will focus on public-private partnership to boost production and finances.
Alejandro Sanhueza, CFO of Chile's Codelco (the world's biggest copper producer), said that the company will increase its public-private partnership efforts in order to improve its finances and develop new projects, as part of efforts to boost production. The energy transition is driving a global demand for copper and Lithium. This has led to a skyrocketing of the market at a moment when Codelco struggles to increase production after it hit quart-decade lows in 2023. The CFO's comments, which are the strongest yet, show that the state-run firm will focus on private funding to boost growth. Sanhueza stated that public-private partnerships would be a "pillar for growth". They are not intended to fund overhaul projects or existing operations, in order to comply with nationalization regulations of the company which prohibit it from accepting private money into its mines. Sanhueza wrote in response that "Greenfield Initiatives (new projects), are an important part of our strategy for growth and a way to continue partnerships with other parties." He added that this would also help to diversify risks. Our exploration partnerships enable us to attract additional financing and production capacity. This allows us to accelerate the value generation using resources that are not available to Codelco. Codelco has also reached agreements with Rio Tinto, BHP and other companies to explore new copper mines. Sources with knowledge in the matter describe these as promising. Codelco has already formed a partnership with Freeport McMoRan in the El Abra Mine and owns a five-percent stake in Anglo American Sur. It also bought a 10% stake from Enami, a small state-owned firm. Sanhueza stated that another goal is the building of joint infrastructure, facilitating access to new technologies, or minimising environmental impacts. Codelco announced a groundbreaking agreement with Anglo American earlier this year. The company claimed that it would increase production of copper by 120,000 tons per year over a 21-year period. Sources claim that the company wants to finalize this agreement by September. Sanhueza stated that the company will also be increasing its own exploration budget, which is expected to increase to an annual average of $150 millions in 2025-2029. Sanhueza stated that Codelco had a large stock of mining assets, which was a privilege for the industry. This collaboration allows us to better utilize these resources which complement our own projects. (Reporter Fabian Andres Cambero, Editing by Alexander Villegas & Sandra Maler).
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World Bank will end nuclear energy ban, but still debate upstream gas
Ajay Banaga, president of the World Bank, said that its board had agreed to lift a ban on financing nuclear energy projects for developing countries. This is part of an effort to meet the growing demand for electricity. Banga sent an email outlining the bank's new energy strategy to its staff following what he described as a constructive meeting with the board. Banga said that the board had not reached a consensus on whether or not the bank should be involved in upstream natural-gas projects. He wrote, "This will need further discussion." In 2017, the global development bank, a lender at low interest rates that lends to countries to build everything from railroads to flood barriers, announced it would cease funding upstream oil projects by 2019. However, it will still consider gas projects for the poorest countries. In 2013, it decided to stop funding nuclear projects. Since taking office as the Bank's president in June 2023 the Banga government has pushed for a change in its energy policy, saying the bank should adopt an "all-of-the above" strategy to help countries meet their rising electricity demands and achieve development goals.
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Sources say Barrick Mining has removed the Mali gold complex production forecast for 2025.
Four sources have confirmed that Barrick Mining removed the Mali gold complex's output forecast from 2025. This is a result of a two-year dispute with West African authorities over a new mining law aimed at increasing revenue. The Loulo-Gounkoto complex, one the Canadian miner’s largest assets in Africa, has been closed since January. This is because the military-led government of Mali blocked gold exports, detained employees and seized 3 metric tons during separate negotiations for a new mining agreement with Barrick. Both sides are hoping to make at least $1 billion in revenue this year, thanks to the record-high gold prices. Barrick's shares are lagging behind those of its peers, and Mali is at risk of repelling investors. Sources spoke under condition of anonymity, as they weren't authorized to speak in public. Barrick's spokespersons and the Mali Mines Ministry did not respond immediately to requests for comment. Barrick's Mali production forecast has not been made public. Morningstar analysts, however, had predicted that Mali would contribute approximately 250,000 ounces by 2025. Jefferies reports that Mali, as a shareholder, requested a court to appoint an interim administrator in May. This would mean Barrick losing control of the mines, which accounted for 14% its total production. On Thursday, a court hearing is scheduled to be held on this matter. Parallel to the court case, negotiations are underway. Two people with knowledge of the situation said that Mali made a concession by allowing Barrick to repatriate 20 percent of its earnings to an international account. This was a concession not granted to any other foreign miner who had recently renegotiated their contracts with the government. Mali and Barrick still have a disagreement over the future handling of disputes. According to a source and a person familiar with the issue, Barrick believes that any new mining contracts should be covered by an international treaty. In the event of disputes in the future, they will be resolved through international arbitration. The threat of a temporary administration has investors worried, according to one source. Even though strong gold prices have helped Barrick increase its global revenue, a provisional government could leave the miner with depleted reserves of gold, they said. Barrick initiated international arbitration proceedings in December against Mali. In May, Barrick asked the World Bank arbitration court to stop court proceedings in Bamako due to provisional administration. Two people who were aware of this development said that the tribunal denied the request. The President of the Arbitration Tribunal for this case declined to comment. Barrick's revenues in the first nine-month period of 2024 were $949 million due to production in Mali. Jefferies estimated in a December report that Barrick's earnings for 2025 would be reduced by 11% if its Mali complex remained idle. This was before taxes, interest, depreciation and amortization. Mali, Africa's largest gold producer, is ranked third in the world. The Malian authorities who seized power through coups in 2020/2021 claim that their current Barrick agreement is unfair. The state has negotiated with other multinational miner companies. Last year, the chief executive of Australian mining company Resolute was held for over a week during negotiations.
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Trump Administration moves to rollback power plant regulations
Lee Zeldin, the administrator of the U.S. Environmental Protection Agency, said that it has proposed to repeal Biden administration rules intended to curb carbon dioxide and mercury emissions as well as other air pollutants from power plants. This is in line with a March promise made by the agency. The announcement is part of President Donald Trump's larger efforts to undo environmental regulations that he sees as unnecessary obstacles to industrial development and increased energy production. Zeldin, at EPA's headquarters, said that "EPA has taken an important step in reclaiming sanity, demonstrating we can protect the environment while growing the economy." Zeldin announced his intention to undo three dozen air and water regulations in March. The announcement on Wednesday focuses on mercury and carbon emissions regulations, and begins the formal process of repealing those regulations. According to a list published by the Environmental Protection Agency (EPA) in April, 47 companies have already been exempted from regulations that limit mercury and air pollutants for their coal-fired plants for a period of two years. This move is designed to avoid power plants being forced to retire due to an anticipated increase in electricity demand in the U.S. linked to a surge of datacenter construction. Zeldin stated that datacenters would consume 10% of U.S. electrical supply in 10 years. This is up from the current 3 to 4% and that additional gas and coal will be required to "make America an AI capital of the World." The Biden administration’s carbon emission regulations for power plants could have reduced greenhouse gasses by 1 billion tons by 2047 and was a key part of their broader agenda in fighting climate change. Nearly a quarter (25%) of the U.S. pollution from greenhouse gases is attributed to the electricity sector. Zeldin stated that, if the rules are finalized, no power plant will be able emit more than what they do today or how much they did one or two years ago. The proposal is divided into two parts. First, it would repeal the carbon emissions standards that were finalized by the Biden Environmental Protection Agency last year. These standards called for reductions in carbon emissions from coal-fired and gas-fired plants. Second, the rule on mercury and air toxin was strengthened and requires continuous monitoring. Environmental groups condemned the proposal, saying it was harmful to public health. Shaun Goho is the legal director of Clean Air Task Force. He said that these proposals were bad for the public health as well as bad for the climate. They are all designed to support some of the most polluting plants in the country. The agency also ignored the benefits of the companies, while focusing on Zeldin's focus on the costs. Charles Harper, Evergreen Action's Senior Policy Lead for the Power Sector, said that eliminating standards from Biden's era would erase $240 billion of climate benefits as well as $120 billion worth of public health savings. The mining industry and some Republican legislators in coal-and gas-producing regions have welcomed the announcement. Rich Nolan, President of the National Mining Association, said, "Today's decision nullifies EPA's two most important air regulations, removing standards that were deliberately unattainable and leveling playing fields for reliable energy sources instead of stacking them against them." Rob Bresnahan is a Pennsylvania Congressman, whose district in the next few years will be home to nine new data centers. He said that repealing power plant regulations will allow more gas plants to become operational to meet the new surge in electricity demand. He said, "The simple truth is that we need more electricity on the grid in order to power everything." (Reporting and Editing by Hugh Lawson, Diane Craft and Valerie Volcovici)
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Sources say that the US Embassy in Iraq is preparing to evacuate due to "heightened security risks".
An Iraqi official in charge of security and a U.S.-based source confirmed on Wednesday that the U.S. Embassy in Iraq was preparing to evacuate due to increased security risks in this region. Aziz Nasirzadeh, Iran's Minister for Defense, said earlier that day that Tehran would strike U.S. military bases in the area if conflict and nuclear talks with Washington arise. The State Department didn't immediately respond to an inquiry for comment. The State Department has ordered the departure of (the) U.S. Embassy in Baghdad. Another U.S. official stated that the intention is to use commercial means but that the U.S. Military is ready to help if needed. Donald Trump, President of the United States He said According to a Wednesday interview, he was less confident in the agreement between Washington and Iran to end uranium enrichment. A second U.S. official confirmed that the U.S. embassy in Qatar was still operating normally and there had not been any evacuation orders issued to employees or their families. He has repeatedly warned Iran of bombings if they do not agree to a new deal on nuclear energy.
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Colorado State University continues to predict four major hurricanes for 2025
Colorado State University's meteorologists, who released their forecast in April for a hurricane season that begins on June 1 and is above average in 2025, have not changed their predictions. There will be four major hurricanes with sustained winds exceeding 111 miles an hour (178.6 kilometers per hour) among nine named hurricanes and 17 tropical storms by the end of November. Forecasters from the U.S. Government issued a similar forecast in May for a similar amount of storms, major hurricanes and hurricanes this year. Colorado State forecasters warned the outlook could be affected by the uncertainty surrounding the development of El Nino conditions between August to October, when hurricane activity is at its peak. The forecast stated that "while the odds of El Nino for this hurricane season is low, it's still higher than last year." El Ninos are formed when cooler regions in the Pacific Ocean combine to create high winds that can tear apart hurricanes. Forecasters say that the above-average forecast is based upon higher sea surface temperatures than the average in the Atlantic Ocean and Caribbean.
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Platinum prices surge, but palladium is lagging behind due to a narrower demand profile
The prices of platinum and palladium have both risen this month. They are now at their highest levels in more than four years and seven months, respectively. Analysts, however, remain cautious due to the narrower base of demand for palladium. Analysts say that spot platinum traded at $1,272.45 an ounce on Wednesday 1545 GMT, its highest price since February 2021. It has increased 41% in the past year due to supply concerns, renewed interest from investors following London Platinum Week, and an increase in jewellery demand, as high gold prices are driving consumers towards cheaper alternatives. The spot palladium price, on the other hand, is trading at $1.078.62/oz. This is its highest level since 2024. It has also gained 18% in this year but still struggles to reach October 2024's high of $1.244.75/oz. The biggest factor in platinum's popularity is probably its wider appeal. Platinum is used in more varied applications. These include industrial applications, jewelry and investor demand," Zain Vawda said, a market analyst with MarketPulse. This diversification protects platinum from the headwinds that palladium faces such as the declining long-term automotive demand due to the EV shift. Palladium is used primarily in catalytic convertors for gasoline-powered vehicles. Platinum has a broader range of uses, including jewellery, industrial applications and emerging hydrogen technologies. PALLADIUM PRICES LAGGING Bank of America stated in a recent note that 90% of the demand for palladium comes from auto manufacturers. The note continued, "China's increasing EV penetration rates have a particularly negative impact because they mean that gasoline-powered cars with palladium engines are being rapidly replaced." Analysts said that the transition to EVs would also affect platinum, but in a smaller way, over the medium-term. Large commercial vehicles are likely to use more platinum than palladium, and will take longer to electrify. Over time, platinum will be absorbed by the hydrogen economy, which limits the downside risk of platinum compared to palladium. In April, global sales of plug-in hybrids and battery-electric vehicles reached 1.5 million. In April 2024, sales in China increased by 32% to 0.9million vehicles. PLATINUM RALLIES Alexander Zumpfe is a precious metals dealer at Heraeus Metals Germany. He said that platinum will be supported moderately over the next 6-12 months. However, the price may not rise much if there is no clear recovery in auto demand, or a meaningful acceleration of hydrogen-related applications. Analysts said that the demand for platinum jewellery is likely to benefit from continued high gold prices. We believe platinum will maintain recent gains and may rise further as silver and gold prices increase. "We are less confident in palladium's ability to go higher than it is now until the turmoil in the automotive industry has settled," Shah said. Silver has increased 26% since 2025, and gold has soared 27% in the past year.
Africa Oil to buy out BTG from Nigeria assets joint venture
Africa Oil stated on Monday it had actually agreed to buy out BTG Pactual Oil & & Gas's 50% holding in their Prime Oil & & Gas joint venture, in an offer that will see BTG become a significant investor in Africa Oil.
Prime has offshore producing possessions in Nigeria and accounts for 100% of Africa Oil's reserves and production. The offer is anticipated to be completed in the 3rd quarter of 2025.
Shares in Toronto-listed Africa Oil were up more than 6%. after the announcement.
On completion, BTG is expected to hold about 35% of Africa. Oil's enlarged share capital and to choose Huw Jenkins as. non-executive chair of the board and two other non-executive. directors, Africa Oil stated.
BTG, Brazil's biggest independent financial investment bank, in turn. accepted offer Africa Oil a very first take a look at possible equity. financial investments in upstream oil and gas assets and business in. Africa.
The arrangement will enhance our operations, deliver. identifiable cost savings, and increase our capital go back to. shareholders on a sustainable basis, said Africa Oil President. and CEO Roger Tucker.
The Prime joint endeavor owns an 8% participating interest in. Chevron's deep-water property in the Agbami field and. another 16% interest in three overseas fields operated by. TotalEnergies.
(source: Reuters)