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Barrick is 'committed' to a'mutually beneficial resolution' in Mali
In a memo that was seen on Saturday, Barrick Gold's chief operating officer for Africa & the Middle East stated in a memo that it remains "fully committed and engaged" to finding a resolution with Mali which is mutually beneficial to both parties. Since 2023, the Canadian miner Barrick and the Malian government are locked in a dispute over the new mining code of this West African nation. This code gives the Malian state a larger share in Barrick’s Loulo-Gounkoto Gold Mining Complex. Barrick announced on 13 January that it had been forced to suspend its mining operations in Mali following the seizure of around three metric tonnes of gold from its complex by the government. Since early November, the government has been blocking Barrick's gold exports. Reports on February 19, 2019 stated that Barrick signed an agreement to settle the dispute. The state then approved the agreement. One person involved in the process said that the deal was taking time to finalise, even though there have been no major problems since then. According to a person familiar with previous deals, it took the government "some time" before they signed deals with other Mali mining companies. Sebastiaan Bok, the CEO of the company, sent a memo to its staff on Saturday. He said that there were "no major developments at this time". He said: "As a gentle reminder, until further notice all non-critical activities will be temporarily paused." Staff salaries and bonuses were not affected by the suspension. One of the complex's vendors told Barrick in early March it owed two months of payments.
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Kyiv reports that at least 14 people were killed and 37 injured in a Russian missile attack on Ukraine.
The Ukrainian Interior Ministry reported on Saturday that Russian drone and missile attacks overnight on Dobropillia, a city in eastern Ukraine, and a settlement near Kharkiv left at least 14 dead and 37 injured, including five kids. According to the Ministry, Russian forces used drones and multiple rockets to attack Dobropillia, damaging eight multi-storey building and 30 vehicles. Eleven people were killed, including five kids, in the attack. Thirty others were also injured. Three civilians died and seven were injured in a separate attack by drone on Kharkiv in the northeast. "Such attacks show that Russia's goals have not changed." It is therefore vital to continue doing our best to protect life, to strengthen our air defences and to increase sanctions against Russia. "Everything that helps Putin finance war must be destroyed," Volodymyr Zelenskiy stated on Facebook. The Russians launched their first major missile strike on Friday against Ukrainian gas and energy infrastructure, a day after the U.S. suspended intelligence sharing. This increased pressure on Kyiv, as President Donald Trump tries to end the war quickly. Military analysts believe that the pause in U.S. intelligence and military assistance could undermine Ukraine's air defenses, as it is running low on advanced missiles. Dobropillia is located in eastern Ukraine's Donetsk region, about 22 km (13.67 mi) north of Pokrovsk. The Russian troops have been attacking this key city for several weeks. FIGHTING CONTINUES In an effort to gain an edge, both sides are continuing to engage in hostilities despite the efforts of the U.S. to bring Kyiv to the table for negotiations. The Kirishi oil refining plant, which is one of Russia's biggest, houses a tank. In recent weeks, Russian forces have intensified their efforts to expel Ukrainian troops from Kursk. Last August, Kyiv's forces launched a lightning invasion over the border, capturing a large area of Russian territory. On Saturday, the Russian Defence Ministry announced that its troops were in Afghanistan. retook Three villages in the Kursk area were taken by Ukrainian forces. Could not independently confirm the report. (Reporting and editing by Kim Coghill, Louise Heavens and Kim Coghill; Additional reporting by Lucy Papachristou, Guy Faulconbridge and Guy Faulconbridge).
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Ukraine's steel production increases despite the loss of a coking coal mine
The Ukrainian Steel Producers' Union reported on Saturday that despite the loss in eastern Ukraine of its key coking coal mining facility in Pokrovsk, the steel sector still maintained growth in 2025's first two months. Metinvest, the Ukrainian steelmaker, has suspended operations in Ukraine's sole coking coal mine. The company cited a deteriorating situation due to Russian advances. Data showed that the raw steel production rose 9.9% between January and February 2025, to 1,18 million metric tonnes. Since the Russian invasion of February 24, 2022 leading steel mills have been destroyed. Ukraine, once a major exporter and producer of steel, reported a 70.7% decline in production in 2022, to 6.3 millions tons. The output dropped to 6 million tonnes in 2023, but increased to 7,58 million tons in 2020. Steelmakers' Union said in October that the closure of Pokrovsk could lead to a drop in steel production to 2 to 3 million metric tonnes in 2025. The producers have stated that they would like to import coking coal from another Ukrainian mine if the mine were taken over by Russian troops. However, this would increase costs. (Reporting and editing by Louise Heavens, with Pavel Polityuk)
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Lammy, UK's Lammy, says that Britain and the Philippines are committed to rules-based orders
David Lammy, British Foreign Minister, said that Britain and the Philippines are committed to an international order based on rules. Lammy, on an official visit to the Philippines, said that both countries had stood together, supporting Ukraine, and promoting a free, open Indo-Pacific. Lammy and his Philippine counterpart said at a press conference that they were charting a course for their relationship in the face of global instability. They also emphasized that it was important to strengthen ties with other like-minded countries, such as the Philippines. The Philippines and Britain have signed a framework agreement for enhanced cooperation in multiple areas including defence, regional safety, and climate change, opening the door to deeper collaboration when it comes to addressing challenges and opportunities shared by both countries. Lammy and Philippine Secretary of Foreign Affairs Enrique Manalo both signed the agreement, and both highlighted their commitments to expanding economic ties in the Indo-Pacific and promoting regional stability. "We are countries committed to international law." We are a country that is committed to the rule-based order. "We are countries who take our obligations under UN Charter seriously," Lammy stated. Manalo, for his part, expressed the appreciation of his country to Britain's "firm commitment to a free and peaceful Indo-Pacific Region," and added that both nations had agreed to continue participating and exchanging in joint military exercise. Manalo stated, "We are pleased with the United Kingdom's Indo-Pacific strategy towards a more deliberate engagement within the region including the Philippines." In the face of rising tensions and confrontations between China and the Philippines in the South China Sea, the Philippines is expanding its security partnerships. It has also maintained its longstanding alliance with the United States.
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Russian Kirishi refinery damaged by debris in Ukrainian drone attack
The governor of Leningrad, a region in the northwestern part of Russia, said that a tank at the Kirishi oil refining plant, one of Russia's biggest, was damaged during an aerial attack by Ukraine. Surgutneftegaz's Kirishinefteorgsintez (KINEF) refinery is one of the top two refineries in Russia. According to industry sources, it refines approximately 17.7 million tonnes of Russian crude per year (355, 000 barrels per day). Alexander Drozdenko said that the governor of Leningrad Region, Alexander Drozdenko on Telegram, "Air defences destroyed one drone as it approached, and the other was destroyed on the territory of enterprise." He said that the external structure of a tank was damaged when the debris fell. He said that no one was hurt. It was not immediately apparent the extent of damage at the refinery. Surgutneftegaz - one of Russia's largest oil companies - and Ukraine have not yet commented. Kirishi refinery is responsible for producing 2.3 million tonnes of gasoline or 5.3% of the total amount of fuel in Russia. According to industry sources, it also produces 7.6% percent of the country's fuel oil, 16.3% percent of its diesel fuel and 3.4% percent of its aviation fuel. According to the Russian defence ministry, 31 Ukrainian drones have been destroyed in Russia. This includes 26 drones that were destroyed in Krasnodar. (Editing by Himani Sakar)
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MOL’s Green Hydrogen Production Vessel Makes First Onshore Delivery
Mitsui O.S.K. Lines (MOL) has announced that green hydrogen produced from offshore wind using the demonstration yacht Winz Maru was supplied onshore in the central breakwater area of Tokyo, as part of the Wind Hunter Project.This marks the first time in the world that a ship has supplied green hydrogen, produced on its own while underway, for use on shore, according to MOL.Between FY 2021 and FY2 023, MOL conducted a demonstration test in Omura Bay in Sasebo City with the Winz Maru, successfully completing all phases of hydrogen production, storage and usage of stored hydrogen onboard.Since, MOL has focused on supplying domestically produced green hydrogen from the Winz Maru in Tokyo Bay to onshore facilities.The Winz Maru simplifies handling and transportation of hydrogen, a difficult process for hydrogen gas, by converting produced green hydrogen to methylcyclohexane (MCH) onboard the vessel in Tokyo Bay.To ensure sufficient supply, MOL has modified the MCH tanks and added turbine generators to the vessel.In addition, safety measures have been taken in light of rougher sea conditions in Tokyo Bay, compared to Omura Bay.MOL plans to continue its green hydrogen production activities in Tokyo Bay, producing about 100 Nm3 of hydrogen, or the equivalent of about 200 liters of MCH, in FY 2025, while at the same time supplying electricity to a trailer home and other facilities in the central breakwater area of Tokyo.MOL is also working on supplying hydrogen and studying a large demonstration vessel for the Wind Hunter.“Assuming that the hydrogen value chain will be established domestically in the future, we aim to construct and commercialize a large demonstration vessel as early as the 2030s,” MOL said in a statement.
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Stocks, yields edge higher; Powell says economy still in good place
Stock indexes rose Friday, after Federal Reserve chair Jerome Powell stated that the U.S. economic situation is still good and it remains unclear if Trump's tariff plans are inflationary. Meanwhile, U.S. Treasury yields on 10-year bonds also increased. Stocks and Treasury yields fell earlier in the morning after data revealed that the U.S. economy had created fewer jobs last month than expected, adding to recent concerns about economic growth. The Federal Reserve's rate-cutting expectations were boosted by the jobs report. According to the closely followed employment report, nonfarm payrolls increased in February by 151,000, while unemployment edged up. The report was the first to be released under Donald Trump. It came after a week that saw confusion about U.S. Trade Policy and global borrowing costs. Powell's remarks came after Trump delayed and then imposed 25% tariffs against major trading partners Mexico, and Canada. The levies are still scheduled to take effect in early April. Other tariffs could also be on the way. Adam Sarhan, CEO of 50 Park Investments, New York, said that the economy was holding up despite the recent stock market sell-offs. He added that a bounce after the recent oversold condition is long overdue. S&P 500 registered its largest weekly percentage drop since September on Friday, while the Nasdaq confirmed on Thursday a correction defined as a decline of at least 10% since December's peak, due to tariffs announced by Trump that have fuelled investor uncertainty. LSEG data shows that traders increased their expectations after the release of the employment data. They expect the central bank to lower borrowing rates in June. Brian Jacobsen is the chief economist of Annex Wealth Management. He said, "The market has reverted to pricing three rate reductions in 2025." The yield of the benchmark 10-year Treasury bill in the United States rose by 3.8 basis points to 4.32%. The 10-year yield has risen about 9 basis points this week and is on course to end a five-week decline streak. After the largest two-day drop in Bunds in the past 40 years, the sharp selling of euro zone government bonds ceased on Friday. This was due to Germany's plans for a complete rewrite of its fiscal rules. The benchmark yield for the Eurozone, Germany's 10-year bonds, fell 5.5 basis points to 2.83%. The biggest weekly percentage increase in the euro against the U.S. Dollar since 2009 was recorded. The dollar index was up by 0.51% for the day, lastly at $1.0838. The dollar index fell 0.32% to 103.86. Wall Street saw the Dow Jones Industrial Average rise 222.64, or 0.5%, to 42.801.72, while the S&P 500 rose 31.68, or 0.5%, to 5.770.20, and the Nasdaq Composite gained 126.97, or 0.7%, to 18.196.22. The MSCI index of global stocks rose by 1.72 points or 0.20% to 852.10. The pan-European STOXX 600 ended the day down 0.5%. The STOXX 600 fell 0.7% in the past week, ending a winning streak of 10 sessions, its longest since 2024. Bitcoin dropped 3.31%, to $86,514.78. Trump signed an executive directive to create a strategic reserve for cryptocurrency tokens owned by the federal government. This disappointed some investors who had expected a firm plan of buying new tokens. U.S. crude oil rose 68 cents, settling at $67.04 per barrel. Brent climbed by 90 cents, settling at $70.36.
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Brazil soy prices shoot up after US tariffs on China
The premium for soybeans paid in Brazil compared to the futures contracts traded on the Chicago Board of Trade increased 70% this week. This reflects the impact of the trade war between the U.S. Cepea, a closely monitored indicator, shows that the premium for soybean exports at the Port of Paranagua reached 85 cents per bushel in March. This is the highest since 2022 when compared to previous years' shipment data in the same month. Last week the premium per bushel was 50 cents. Cepea says that the worsening trade war between the United States of America and China is responsible for the increased demand for Brazilian soya beans. Analysts predict that China will turn to Brazil to obtain additional supplies of corn, soybeans, cotton, and meat following the announcement of U.S. Tariffs against China. As exports of Brazilian grains increase, the costs for meatpacking and grain buyers in Brazil will tend to increase, they said. According to data released by the grain exporters' lobby Anec, 79% of Brazilian soya bean exports were shipped to China in January and February. This compares to 75% during the same period the previous year. The exporter group stated that the increase reflects the shift in Chinese demand towards Brazilian soybeans to the detriment U.S. products over the past few weeks. (Reporting and writing by Roberto Samora; editing by David Gregorio).
Sources say that Marathon will begin maintenance work at Robinson Refinery in Illinois.
Marathon will begin planned maintenance activities on units at its 255,000-barrel-per-day refinery in Robinson, Illinois on March 18, research company IIR and a source familiar with plant operations said on Thursday.
IIR announced that the refinery's primary unit which processes sweet and sour oil will be shut down for maintenance. This includes heat exchanger repairs. The plant's 85,000-barrel-per-day diesel hydrotreater unit, 65,000-bpd vacuum distillation unit and 28,000-bpd hydrocracker unit will also undergo turnaround.
IIR stated that the crude unit will be shut down for 7-10 days, and then restarted at a reduced capacity estimated at 75 percent until the remainder of the planned works is completed.
Another source said that the 38.500-bpd Reformer unit would also be undergoing a turnaround.
Source: The source expects the maintenance to last around two months.
Robinson refinery converts sweet and sour crude oil into gasoline, distillates and natural gas liquids, petrochemicals as well as propane and heavy fuel oils, according to its website.
Marathon's spokesperson refused to comment on the refinery operation.
(source: Reuters)