Latest News
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BHP denied permission to appeal UK judgement over 2015 Brazil dam failure
BHP has been denied permission to appeal a ruling that they are 'liable for the collapse of a Dam in Southeastern Brazil?in 2015, as part of a London suit potentially worth tens of millions of pounds. The London High Court ruled in November that BHP is legally responsible for the collapsed Fundao Dam, located in Mariana (southeastern Brazil), which was owned by BHP and Vale's joint venture Samarco. BHP's request for permission to appeal this ruling was denied by the High Court. BHP may still apply directly to the Court of Appeal. After their initial win, the claimants' attorneys sought nearly 200 million pounds of legal fees. The lawsuit was valued at up to 36 billion pounds ($48.26billion) by the lawyers. In October, a trial will be held to decide the amount of damages that should be paid. A decision is likely to come in the middle of 2027. BHP was sued by a number of Brazilians and local governments, as well as around 2,000 companies, over the collapsed Fundao Dam, Brazil's biggest environmental disaster. The 'collapse' unleashed toxic sludge that killed 19 people and left thousands homeless. It also flooded forests, polluted the Doce River, and flooded a large area of forest. Last year, Judge Finola O'Farrell found that BHP had been negligent in continuing to increase the height of the dam. This led to its eventual collapse. Reporting by Sam Tobin, editing by William James. $1 = 0.7459 lbs
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Military: Nigerian airstrikes kill scores in Borno
The military said late Sunday that Nigerian air strikes had destroyed 10 canoes, and killed more than 40 militants who were preparing to attack in Borno State. This was the latest of a series operations targeting groups near Lake Chad. Borno remains the epicenter of the 17-year Islamist Insurgency, as militants from Boko Haram, ISWAP and other groups have intensified their attacks on civilians and military convoys. Ehimen Ejodame, a spokesperson for the Air Force, said that airstrikes carried out on January 15-16 in the Musarram and Azir areas signaled renewed military pressure on 'insurgents' who continue to use the rugged terrain of this region to launch raids against troops and communities nearby. The air force claimed it had hit militants at Musarram, Musarram, on Thursday. Intelligence showed that they were massing in canoes and attacking Baga town as well as the fish dam in Lake Chad. Ejodame stated that three bombing runs had broken up the group. The escaping gunmen were tracked and neutralised by Ejodame in a press release. The airstrikes reportedly foiled an attack planned by the troops and local officials. Ejodame reported that on Friday, in Azir close-air support aircraft killed several terrorists who were regrouping and retreating from an earlier conflict under trees.
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Kyiv reports that Russia has hit the energy system of several regions in Ukraine.
Ukraine officials reported that Russia had launched a barrage drone strikes overnight on Monday on Ukraine's infrastructure, cutting power to five regions in the country due to freezing temperatures and high demand. The Ukrainian air force said that Russian troops launched 145 drones. It said that air defence units destroyed 126 drones. The energy ministry issued a statement saying that consumers in Sumy and Odesa regions, Dnipropetrovsk region, Kharkiv region, and Chernihiv region are currently without power. If the security situation permits, emergency repair work is underway. The regional governor stated that the energy and gas infrastructure in southern Odesa was damaged. He added that one person had been injured. DTEK, Ukraine's largest private electricity company, has said that its Odesa energy facility was "substantially damaged", knocking out electricity for 30,800 homes. Five?important energy installations were damaged in the northern Chernihiv Region, according to a?local power company. Tens of thousands consumers are now without power. Ihor Terekhov, the mayor of Kharkiv, said that Russia had also launched missiles at the second largest city in Ukraine on Monday morning. The attack caused significant damage to a vital infrastructure facility. In the face of freezing temperatures, which complicate repairs, Moscow has intensified its winter campaign, which includes strikes against Ukraine's energy system. This includes generation, transmission, and production of?gas. Long blackouts have been caused by the attacks. Serhii Kovalevenko, CEO of the energy distribution company Yasno said late on Sunday on Facebook that being without electricity for over?16 is terrible. "It's not the fault of energy companies but of cynical enemy attacks, which are trying to create a human disaster," said Serhii Kovalenko, CEO of energy distribution company Yasno, on Facebook?late Sunday. Last week, Ukraine declared an "energy emergency" as its grid collapsed due to wartime damage accumulated and a new wave of targeted Russian bombardments. Denys Shmyhal, the Energy Minister of Ukraine, said that the government will implement projects to improve the transmission of electricity from the west to the power-hungry eastern part. Reporting by Anna Pruchnicka, with additional reporting from Pavel Polityuk and Kirsty Donovan in Kyiv.
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China coal production 2025 hits record as cheap supply leads to stockpiling and lower imports
China's coal output reached a record level in 2025 according to data released by the Statistics Bureau on Monday. Lower domestic prices encouraged buyers to reduce imports and build up stockpiles using cheaper local supplies. However, regulators were able to limit this growth due to their efforts to slow production growth. According to the National Bureau of Statistics, production in 2025 will reach?4.83 milliards metric tons, an increase of 1.2% over 2024. The abundant domestic coal supply, a change from the coal and power shortages China suffered a few short years ago, also encouraged power plants to source higher quality coal. This was said by?Peng Chengyao. He is head of APAC power and renewables at S&P Global Energy. This, in turn contributed to an increased coal washing ratio, which boosted volume of raw coal mined. The December production, however, fell 1% from a year ago to 437.03 million metric tonnes. The monthly output surged in the early part of the year, but production was curtailed when domestic prices fell too low. Feng Dongbin is vice general manager of Fenwei Digital Information Technology which operates the Chinese coal analytics platform Sxcoal. (Reporting and editing by Christopher Cushing; Christian Schmollinger, Alexander Smith and Alexander Smith).
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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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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.
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.
(source: Reuters)