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Sunrise Energy, Australia, secures US funding interest for Scandium Project
Sunrise Energy Metals Ltd, a Canadian company backed by Robert Friedland and specializing in mining in New South Wales, received a letter from the U.S. Export-Import Bank expressing interest in a $67 million debt financing to fund its Syerston Scandium Project. The miner's shares surged up to 38.8%, reaching A$4.65, the highest level since November 2018. This was a far greater increase than the 0.4% gain in the benchmark S&P/ASX 200. The company stated that the financing is equivalent to half of the estimated costs of development for the project. The U.S. government's support for scandium underscores its strategic importance, following China's April restrictions on rare earth metals exports that have disrupted the global supply chain. Alternative sources are becoming increasingly valuable for the Western defence and technology sector. Robert Friedland, Co-Chair of the Committee, said that Australia is a major ally of America and its significant supply of strategic metals makes it an important supplier. The company plans to finish its feasibility study in late October and incorporate the new metal inventories to ore reserves estimates for the project. The company stated that if Sunrise submits a formal loan application, EXIM would conduct due diligence prior to making a final commitment. (Reporting and editing by Anjali Sing in Bengaluru)
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Australian shares rise as commodities soar, traders focus on jobs data
Australian shares rose on Tuesday as investors were cautious in anticipation of important unemployment data which could affect the Reserve Bank of Australia’s rate-cutting policy. As of 0023 GMT, the S&P/ASX 200 was up 0.3% to 8,874.90. The benchmark index closed Monday flat. The markets in Sydney bet that the RBA will adopt a cautious stance on policy easing at its two-day September 29-30 meeting following a string of positive domestic data. Swaps indicate that the odds of a RBA cut in this month are minimal. What was once priced as a near certainty move in November is now priced at 70%. The focus is now on the local jobs data, due on Thursday. These numbers have been strong for months. Australian heavyweight miner's gained 1.4%, hitting a 2-week high. The weaker dollar helped global copper prices reach a 15-month-high on Monday. BHP, Rio Tinto, and Fortescue all gained between 1% to 1.6%. Stocks of gold rose by 1.2% as bullion prices reached a record high. A weaker dollar made the precious metal priced in greenbacks more attractive to holders of other currencies. Evolution Mining shares rose up to 2.4%. The energy sector gained 0.6% as oil prices rose. New Hope Coal, which is a major contributor to the subindex's growth, has risen as high as 8.3%. This is its highest level in seven months despite reporting a 8% decline in annual profits. Financials captained broader gains by a 0.1% drop. According to CME’s FedWatch tool, the odds of a 25-basis point cut by the U.S. Federal Reserve at the conclusion of its two-day meeting are near 100%. New Zealand's S&P/NZX 50 Index traded flat at 13,218.22, with attention on GDP data that are likely to show 0.3% quarter-on-quarter contraction. This will reinforce expectations for two additional rate cuts before early next year.
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The market is weighing the supply risks from Russian refinery attacks.
The oil prices remained stable in early trading on Tuesday, after increasing in the previous session as participants considered a potential disruption in supply from Russia following Ukrainian drone attacks against its refineries. Brent crude futures were up 4 cents at $67.48 per barrel as of 0000 GMT, while U.S. West Texas intermediate crude was up 2 cents at $63.32. Brent crude futures settled at $67.44, up 45 cents. WTI closed 61 cents higher on Monday at $63.30. Ukraine intensified its attacks on Russia's infrastructure to undermine Moscow's military capability as the talks to end their war have stagnated. In a note to clients, Tony Sycamore, IG's market analyst, said that "heightened fears of supply disruptions by Russia, a major producer accounting for more than 10% of the global oil output", is helping oil price. U.S. Treasury secretary Scott Bessent said on Monday that the government will not impose any additional tariffs on Chinese products to encourage China's purchase of Russian oil, unless European countries impose steep duties on China and India. Investors will also be watching the U.S. Federal Reserve meeting on September 16-17, where the bank is expected to reduce interest rates. Lower borrowing costs may boost fuel demand. Sycamore stated that "a weaker U.S. Dollar, driven by the expectation of a Federal Reserve interest rate cut this coming week, has further supported crude oil." The U.S. Dollar Index, which measures the strength of the greenback against six other currencies, has fallen to a near-week's low. Oil becomes cheaper for holders of currencies other than the dollar when the dollar falls. Axios, citing Israeli officials, reported that the Israeli military launched an offensive to occupy Gaza City on Monday, adding to the risk profile for Middle Eastern oil supplies. In a rare breakthrough after months of talks, U.S. officials and Chinese officials announced on Monday that they had reached a framework deal to transfer the short-video application TikTok under U.S. control. The easing of U.S.-China tensions has boosted the risk sentiment, and therefore increased expectations for oil demand. (Reporting and editing by Christopher Cushing in Bengaluru, Anjana Anil)
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Mariners win 10th consecutive game against Royals
Seattle's trip to Kansas City a little over a week earlier had the potential of being important for both teams as they raced to earn wild cards in the American League. This three-game series, which begins on Tuesday, has lost its luster. The Mariners are aiming to win their 10th consecutive game, while the Royals are stuck in an untimely bad stretch. Kansas City's third straight win on Sept. 6 allowed it to remain one game behind Seattle in the AL for the final wild card spot. Since then, however the Mariners have won nine consecutive games, beating Atlanta, St. Louis, and the Los Angeles Angels 66 to 23. The Mariners are now one game ahead in the AL West before the Astros play the Texas Rangers on Monday night at home. Cal Raleigh's 54th season-long home run, hit against the Angels on Sunday, tied Mickey Mantle as the most home runs in a single-season by a switch hitter. Raleigh told ROOT Sports that the job was not done. "We have to win every game and continue our work," Raleigh told ROOT Sports. ... "Put ourselves in a position of strength." The Royals (75-75) have lost 42-27 points during a 2-6 streak, which has put them six games back of the Astros in the race for the final wild card spot. The Royals are now six games behind the Astros for the final wild-card spot. The Royals have been trying to stay afloat under the leadership of catcher Salvador Perez. He hit his 300th home run in his career Saturday at Philadelphia, and ended the weekend with 3 home runs in 2 games. Perez said to FanDuel Sports Network, "You just never know what will happen." "Play hard to the end." Seattle is looking to win its third straight road game after a 7-0 run at home. Raleigh is two home run short of Ken Griffey Jr.'s club record 56 in a single season, set in 1997 and equaled in 1998. Raleigh has four of his six home runs in career against the Royals. He is 0-for-12, with a strikeout and a walk, against the scheduled Royals starter Michael Wacha (11-11, 3.45 ERA). J.P. Crawford is 7-for-17 and has a homer against the veteran right hander, batting.348 in the last 14 games. In a 6-2 win at home on June 30, the Mariners took advantage of one big inning in order to beat Wacha. Wacha did not allow a run until his fourth inning, and then four runs in his final inning. Randy Arozarena sent Wacha into the stratosphere with a solo blast in the fourth inning and a triple-run blast in fifth inning. Wacha will make his first appearance since September 5, when Kansas City beat Minnesota 2-1 at home. He gave up a single run, two walks, and four hits in five 2/3 innings. Logan Gilbert, who has a 3.54 ERA and a 1-1 record with a 2.38 ERA over his last four starts for the Mariners, is their counter. The right-hander struck out eight batters in four and a half innings against the Cardinals on Wednesday, allowing a single home run among five other hits. Seattle won 4-2 in 13 innings. Gilbert only allowed one run, three hits and seven strikeouts in a 3-2 victory over Kansas City. He only lasted four and a half innings because he walked. Perez and Bobby Witt Jr., another Royals' star, are combined at 12-for-28. They have three home runs against Gilbert. Field Level Media
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California's top environmental regulator retires amid Trump battles
California's top environment regulator, who helped lead the state in its effort to ban gasoline-only vehicle sales starting in 2035 will retire on 30 September as the state spars over climate change regulations with President Donald Trump. Lauren Sanchez, the senior advisor to Governor Gavin Newsom for climate, will replace Liane Randolph. She has been a California Air Resources Board chair since 1992. Donald Trump has criticized the state's plans to reduce emissions and California has filed a lawsuit on several fronts against federal efforts that would loosen regulations related to climate change. In June, he approved three resolutions by lawmakers that barred California's diesel engine and electric vehicle mandates. Randolph was responsible for the adoption of a California plan to achieve carbon neutrality in 2045. This included efforts to reduce air pollution, and to promote green vehicles. About a quarter (25%) of California's new vehicle sales are now EVs. Eleven other states, which represent about a third in the U.S. automobile market, have adopted California's landmark proposal to stop selling gasoline-only cars by 2035. Trump has taken a number of steps to discourage EV sales, and to make it easier for gas-powered cars to be sold. This includes ending EV tax credit. In August, Trump's administration sued California in order to prevent the Air Resources Board (ARB) from enforcing strict emission standards for heavy duty trucks which Trump had recently declared null. The Environmental Protection Agency announced that it will also revoke the long-standing conclusion that greenhouse gas emission endangers human health. Randolph stated that this is "polluter fantasy over proven science." While back on Earth the planet continues suffering the consequences of unchecked CO2 pollution. Trump's Transportation Department also canceled grants of nearly $4.2 billion for California's high speed rail project. The project is part the state's emission reduction plan which California has challenged.
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ENAMI, a Chilean company that produces smelters, attracts the interest of traders and miners
ENAMI, the Chilean state-run mining company, said that 15 entities including major miner and traders expressed interest in financing a $1.7billion smelter project. WHY IT IS IMPORTANT ENAMI stated that interested parties include mining companies such as Rio Tinto, commodities traders like Hartree Partners and Vitol (Javelin Global Commodities), funds of investment (Orion Resource Partners), and banks, including SumitomoMitsui Bank Limited Macquarie Bank Societe Generale. ENAMI reported that the Japanese conglomerate Mitsui as well as Indo Asia Copper, a copper producer in India, and Foreign Engineering and Construction, a subsidiary of China Nonferrous Metal Industry, also expressed an interest. KEY QUOTE Ivan Mlynarz of ENAMI said, "It's been very gratifying seeing the market's enthusiasm for this mega-project... It's a signal of investor confidence in our company." CONTEXT ENAMI launched a process in August to find investors for a modernization of a smelter in exchange for the supply of copper cathodes. Renovations are being carried out at the Hernan Videla Lira Smelter, located in the Atacama Region. This will allow it to process up to 850,000 tons of copper concentrate per year and produce 240,00 tons of cathodes. The company has said that the initial offers will be due at the end of October. After this, ENAMI will move to the binding offer stage. (Reporting and editing by Rosalba o'Brien, Daina Beth Solon)
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Globe and Mail: Canada PM asked Anglo American to relocate its headquarters to Canada in exchange for Teck deal approval
The Globe and Mail, citing sources familiar with this matter, reported that Canadian Prime Minister Mark Carney had told Anglo American it would have to move its headquarters from the United States to Canada if its proposed acquisition by Teck Resources was to be approved. Anglo American, based in London, and Teck, based in Canada, announced last week a merger worth $53 billion. This is the second largest M&A transaction in the mining sector. The merged entity will be headquartered in Canada, with a primary listing in London. The Globe and Mail reported that Carney had made it clear in his discussions with Anglo American that any potential buyer of Teck must meet the requirement to move its headquarters. An Anglo American spokesperson declined comment on the report. However, they pointed out that CEO Duncan Wanblad stated last week Vancouver was the most natural location for the combined company given its operations and project are largely located in the Americas. The spokesperson said in an email that "Anglo American also has its Americas exploration teams based out Vancouver for a very long time. We are therefore familiar with the set-up." Could not verify the report immediately. Teck refused to comment. The office of PM Carney did not respond immediately to a comment request. (Reporting by Ananya Palyekar and Dheeraj Kumar in Bengaluru; Editing by Shinjini Ganguli)
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Draft shows that the EU will miss U.N. deadlines for new climate targets
A document from the EU's negotiating team, seen by, revealed that the European Union did not expect to meet its U.N. mandated climate goal in time to meet a crucial deadline this month. Instead, it has drafted plans for submitting a temporary target, which may change later. The EU is struggling to agree on a new climate goal for 2040. This has stymied plans to submit to the United Nations a 2035-target by the deadline of this month. The EU planned to base its 2035 target on the 2040 goal. The draft EU document seen by revealed that the bloc was now considering submitting to the U.N. a "statement-of-intent" about what its goal for 2035 will be. This will indicate a reduction of between 66.3% and 72.5% in emissions by 2035 compared to 1990 levels. Document stated that the EU would decide on its final target for 2035 after reaching an agreement with its 2040 climate goals. The draft will be discussed by the ambassadors of EU countries on Tuesday, but it could change during negotiations. The EU is taking this step to ensure that it does not go empty-handed to the U.N. General Assembly next week where Secretary-General Antonio Guterres asked all countries to declare their climate targets to generate momentum for the global COP30 Climate Negotiations in November. It leaves open the question as to how ambitious the EU’s final climate target will be. This increases the likelihood of the EU falling behind other major emitters such as China in setting their new climate goal. Manon Dufour is the executive director of the think tank E3G. She said that the plan would allow the EU and other countries to reach a more ambitious goal in the future, before the COP30. However, it also raised questions regarding the EU's leadership on climate change. She said: "It does little to dispel any doubts regarding the EU's internal transition or galvanize global partners in advance of the UN General Assembly. This is a crucial year for global climate change action." The document stated that the higher end of target range represents a path towards a 90% reduction in emissions by 2040, which is the climate goal 2040 for the EU countries. The lower end of the range is calculated by drawing an equilateral triangle between the EU’s current 2030 and 2050 goals for climate change. Diplomats from the EU said that countries such as Poland support a lower-end range, while others like Spain and Denmark prefer a higher goal. The document was drafted by Denmark, the country that currently holds the rotating EU Presidency. The company declined to comment. Reporting by Kate Abnett and Virginia Furness, London; editing by Matthew Lewis
China CNPC's international oil, gas financial investment
China National Petroleum Corp (CNPC), Asia's biggest oil and gas producer, has over the past 3 years built a worldwide portfolio with possessions in 33 nations.
The company's overseas production went beyond 100 million metric loads, or 2 million barrels per day of oil equivalent, for the first time in 2019 and has given that preserved that level, according to its Economics and Technology Research Study Institute.
CNPC and its noted car PetroChina has given that 2002 invested an approximated $38.6 billion in upstream possessions outside China, versus Sinopec's $49.7 billion and CNOOC Ltd's $36. billion, according to consultancy Wood Mackenzie.
The nationwide champ's most acquisitive period was. between 2009 and 2013 with 29 offers clinched worth almost $28. billion, according to LSEG's offer records.
Below lists some of the primary financial investments CNPC and PetroChina. have made consisting of refineries, according to business. sites, data from LSEG and Rystad Energy.
Central Asia:
Kazakhstan - In 2005, CNPC paid $4.1 billion for Canadian. firm PetroKazakhstan that is engaged in oil production, refining. and fuel marketing.
CNPC AktobeMunaiGas was the business's first oil and gas. financial investment in Central Asia and stays a significant source of equity. production and capital.
CNPC and KazMunaiGaz (KMG) each holds a 50% stake in. MangistauMunaiGas, Kazakhstan's fourth-largest oil firm. The 2. companies likewise each own half of the Shymkent Refinery.
In 2013, CNPC bought an 8.33% stake in the huge Chevron-led. Kashagan field for $5.4 billion.
Turkmenistan - Fully owns the Amu Darya task, CNPC's. initially abroad natural gas financial investment that began production in. 2007. Turkmenistan is China's biggest gas provider.
Russia
Owns 20% of Yamal LNG, and 10% in Arctic-2 LNG, both led by. Russia's largest LNG manufacturer Novatek.
Middle East
Iraq - The largest investor producing under service. agreements at significant oilfields Rumaila, West Qurna, Hafayi and. Ahdab with combined output of approximately 900,000 barrels each day. ( bpd).
UAE - In 2018 won 10% stake each in two ADNOC offshore. oilfield concessions under a 40-year deal that cost $1.2. billion. That followed an 8% interest won in 2017 for $1.8. billion in Abu Dhabi's huge onshore oilfield concession.
Qatar - Deal in 2023 for 5% stake in one export train of. melted gas (LNG), chained with a 27-year offtake. offer.
Iran - Entered production sharing contract at MIS oilfield. in 2005 and drilled very first exploration well in 2007.
Used billions of dollars developing the North Azadegan. oilfield, which began production in 2016 of about 80,000 bpd of. crude in addition to gas. Business nevertheless halted production. there after U.S. reimposed sanctions on Iran in 2018.
APAC:
Australia - PetroChina purchased Arrow Energy in 2010 for $2.5. billion by means of a joint venture with Shell, in its first investment. in Australia's coal-seam gas sector. In 2013 bought BHP's. stake in Browse, Australia's biggest untapped gas resource, for. $ 1.63 billion.
Indonesia - In April 2002, acquired Devon Energy's Indonesia. possessions for $249.9 million, consisting of oil and gas production. sharing contract of Jabung block in Sumatra.
Singapore - Via totally controlled Singapore Petroleum Corp . CNPC controls half of Singapore Refining Business in a joint. endeavor with Chevron.
Japan - Owns 49% of a 115,000-bpd refinery in Chiba
Europe:
Formed 2 joint endeavors in 2011 with British firm INEOS,. PetroIneos Trading and PetroIneos Refining. The joint ventures. run France's 210,000-bpd Lavera Refinery and Scotland's. 200,000-bpd Grangemouth refinery.
Americas:
Canada - Wholly-owned MacKay River Oilsands and Dover. Oilsands projects in Canada that process tar-like fuel into. bitumen, along with Duvernay shale gas and Groudbirch tight gas. jobs.
Own 15% interest in Shell-led LNG Canada, located in. Kitimat, British Columbia, that has an annual gas export. capacity of 7 million lots due for very first gas in 2025.
Brazil - Holds 10% stake in sub-salt deepwater Libra. field in a consortium led by Petrobras.
Peru - CNPC's very first investment destination where in 1993. the company became operator of three oil obstructs in the Talara. oilfield. In 2002 bought 45% stake in Pluspetrol for about $200. million.
Venezuela - CNPC started purchasing the South American. country 3 years ago with an objective to establish large resources. in the Orinoco belt which holds the world's biggest heavy oil. reserves.
These financial investments were financed by $50 billion in loans. China extended to Venezuela because 2007 under former President. Hugo Chavez, but CNPC stopped fresh investments in 2009, focusing. instead on preserving a small number of existing projects.
CNPC holds 40% in Sinovensa, a joint venture with PDVSA that. produces tar-like crude from the Orinoco.
Relationship in between the 2 nations began to fray in 2015. as Venezuela asked for a modification in payment terms on its debts. amidst a thrashing of oil prices and decreasing oil production.
Africa
Sudan and South Sudan - One of CNPC's very first financial investment. areas starting in 1996.
In 2009 CNPC acquired 41% of block 3/7 that produces Dar. Mix crude and 40% of the 1/2/4 field which produces Nile Blend. crude.
Also operates in block 6 and owns half of the 100,000-bpd. Khartoum refinery.
Chad - Controls Block H and owns 60% stake in 20,000-bpd. N'Djamena refinery
Niger - Began producing oil at Agadem field in 2011; built a. 1,950-km pipeline that carries crude from Agadem basin to Port. Seme of Benin for export.
Mozambique - Bought in 2013 a 20% stake for $4.2 billion. in gas-focused Rovuma venture establishing overseas block 4 in the. offshore Rovuma basin in collaboration with Eni and Exxon Mobil.
CNPC likewise holds a 20% stake in Eni-operated Coral South. floating liquefied natural gas job that sources gas from. Rovuma.
Libya - checked in 2005 an expedition and production. sharing agreement with Libya National Oil Co for block 17-4 in. offshore Pelagian basin.
(source: Reuters)