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Exxon Expects First LNG From Mozambique Project in 2030
Exxon Mobil is expecting the first liquefied natural gas (LNG) output from its project in Mozambique in 2030, a company executive said on Thursday.Exxon along with partners including Eni and China's CNPC are developing an LNG project in northern Mozambique, with the U.S. energy giant leading the construction and operation of the onshore liquefaction and related facilities."We will most likely next year start some early works in (the) Afungi (site) to get things going, keep it on track and allowing us to get first LNG (production) in 2030," Frank Kretschmer, general manager at the company's Mozambique unit, told delegates at an energy conference in Cape Town.The company said on Wednesday that it now expected a final investment decision for its Rovuma LNG project in Mozambique in early 2026. The cost of the project is estimated at about $30 billion.(Reuters - Reporting by Wendell Roelf; Writing by Bhargav Acharya; Editing by Alexander Winning)
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Iron ore falls ahead of China unveiling fresh financial stimulus
Iron ore futures slid on Friday, as investors embraced a cautious position amidst constantly falling demand and before top customer China revealed its keenlywatched financial stimulus bundle. The most-traded January iron ore contract on China's Dalian Commodity Exchange (DCE) traded 1.14% lower at 780 yuan ($ 109.13) a metric heap, since 0306 GMT. The benchmark December iron ore on the Singapore Exchange was 1.64% lower at $103.8 a ton, as of 0300 GMT. With unpredictability on the U.S governmental election dissipating, the market is awaiting details of China's financial costs, stated experts. Some market watchers anticipate most funds will enter relieving local government debt problems and will not offer much of an increase to near-term economic development. We anticipate the impact from the macroeconomic aspect to gradually recede and prices in the ferrous market will reflect more impact from fundamentals, analysts at Sinosteel Futures stated. Demand for the essential steelmaking component contracted even more and persistently high imports led to continued pick-up in portside stocks, weighing on costs. The typical everyday hot metal output succumbed to the 2nd straight week by 0.6% on the week to 2.34 million heaps since Nov. 8, while success amongst steelmakers moved for a third consecutive week to 59.74, a study by consultancy Mysteel revealed. Worries of disruptions to the Federal Reserve's relieving cycle as Trump won the U.S. governmental election likewise put a downward pressure. With Trump now destined to recover the presidency, there are growing expectations that the Fed will not cut as aggressively as previously believed, ANZ experts said. Other steelmaking components on the DCE posted gains, with coking coal and coke up 0.57% and 1.23%,. respectively. Most steel standards on the Shanghai Futures Exchange edged. lower. Rebar shed 0.15%, hot-rolled coil lost. 0.14%, wire rod pulled away 0.16% while stainless steel. gotten 1.3%.
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Base metals mostly increase on China stimulus hope
Most base metals costs were trading greater on Friday amidst a softer dollar and wishes for an aggressive stimulus package from top consumer China to enhance growth. Three-month copper on the London Metal Exchange (LME). fell 0.2% to $9,648.50 per metric lot by 0222 GMT, while. the most-traded December copper contract on the Shanghai Futures. Exchange (SHFE) advanced 1.7% to 77,270 yuan. ($ 10,819.55) a lot. The dollar index relieved slightly on Friday, making. greenback-priced metals less expensive to holders of other currencies. On the other hand, Beijing will conclude its five-day legislative. conference later in the day, with traders and investors carefully. watching for more details of China's stimulus steps. Market is waiting for with bated breath for China's NPC. ( National Individuals's Congress) announcements, stated a trader,. noting that prices are trading higher due to the fact that of market talks of. a possible big liquidity injection by China on Thursday. On a weekly basis, both copper agreements are set for a gain. Helping metals prices today was better-than-expected. data from China, where exports grew at the fastest rate in over. two years in October and imports of unwrought copper increased. LME aluminium increased 0.5% to $2,709 a load, nickel. increased 0.4% to $16,655, zinc increased 0.6%. to $3,069, lead innovative 0.5% to $2,049 while tin. dipped 0.2% to $31,745. SHFE aluminium climbed up 2% to 21,630 yuan a load,. nickel jumped 3.2% to 130,040 yuan, zinc rose. 1.3% to 25,250 yuan, lead increased 0.5% to 16,875. yuan, and tin was up 1.3% at 261,740 yuan. For the leading stories in metals and other news, click. or.
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Gold ticks lower but holds near essential $2,700 level
Gold rates reduced on Friday but hovered around the $2,700 level, as traders examined the effect of Donald Trump's presidency and its ramifications for the U.S. rate of interest outlook. Spot gold fell 0.4% to $2,697.19 per ounce as of 0251 GMT and was headed for a weekly loss. Nevertheless, prices rose more than 1% in the last session, bouncing from over a 3-week low. U.S. gold futures were flat at $2,704.50, while the U.S. dollar index was set for a small weekly gain after Trump's election victory. A stronger dollar makes bullion more pricey for overseas buyers. Gold prices are partially forced due to the marketplace's. unpredictability over U.S. political and policy advancements, stated. Kyle Rodda, financial market analyst at Capital.com. The long-term uptrend remains strong for gold, supported by. expected rate cuts and ongoing geopolitical stress, Rodda. added. Bullion is considered a hedge throughout unpredictabilities and tends. to flourish in a low-interest-rate environment. At the end of its two-day policy meeting on Thursday, the. Federal Reserve cut rates of interest by 25 basis points as. expected, however showed a careful and determined technique to. any future rate cuts. Traders now see a 71% opportunity of another 25-bps cut in. December, in what could be the 3rd decrease this year. In the long term, it still looks bullish for gold however in the. short-term, if prices drop to $2,643, the next levels of support. will be $2,620-$ 2,520, stated Brian Lan, handling director at. Singapore-based dealer GoldSilver Central. On the other hand, international physically-backed gold exchange-traded. funds (ETFs) saw inflows for the 6th straight month in. October, the World Gold Council (WGC) stated. Elsewhere, Beijing will finish up a crucial five-day conference later on. in the day, which financiers are closely expecting more. details on stimulus procedures. Area silver fell 0.8% to $31.75 per ounce, platinum. fell 0.2% to $994.80 and palladium shed 0.21% to. $ 1,022.36.
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Miners, gold stocks press Australian shares to over a 2-week high
Australian shares reached over a. twoweek high up on Friday, with mining and gold stocks leading. gains as financiers invited the Federal Reserve's 25 basis. points rate cut, while ANZ Group fell over weak yearly. profit. The S&P/ ASX 200 index advanced by 0.8% to 8,294.9. points by 2331 GMT. The criteria closed 0.3% higher on. Thursday. The Federal Reserve cut the rate of interest by 25 basis points. as policymakers took note of a job market that has typically. reduced, while inflation continues to approach the U.S. central bank's 2% target. In Sydney, shares of ANZ Group fell as much as 1.5%. to A$ 31.25, after the lending institution posted 9% drop in annual earnings. Among sub-indexes, mining stocks advanced by 2.1%, on. track for their finest session because Oct. 14, on the back of. upbeat iron ore futures rates. Heavy-weight miners BHP Group, Rio Tinto. and Fortescue acquired in between 1.4% and 2.2%. Gold stocks were up as much as 3.6%, snapping out of. a three-day losing streak, as gold costs steadied over night. As of 2339 GMT, gold fell 0.08% to $2,705.90. Gold miners Northern Star Resources and Advancement. Mining gained 17% and 5%, respectively. Innovation stocks rose as much as 1.5% to their. highest level considering that mid-October, tracking over night gains from. their Wall Street peers. However, ASX-listed shares of payments firm Block. fell as much as 7.5% and was amongst the top laggards on the. criteria after its third-quarter earnings fell listed below Wall Street. expectations. Shares of varied miner Mineral Resources fell. as much as 2.5% to A$ 37.50, after it was placed on watchlist by. its shareholder HESTA, mentioning dissatisfaction with the company's. insufficient reaction to governance issues involving billionaire. creator Chris Ellison. New Zealand's benchmark S&P/ NZX 50 index traded 1.2%. higher at 12,729.82 points, eyeing its best session considering that early. October.
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Petrobras posts 22% boost in quarterly earnings, reveals $3 billion in dividends
Brazilian staterun oil firm Petrobras on Thursday reported an increase of around 22% in its thirdquarter net revenue, and revealed $3. billion in dividends. The business posted a net profit of 32.6 billion reais ($ 5.7. billion) for the quarter ended in September. Adjusted profits before interest, taxes, depreciation and. amortization (EBITDA) landed at 63.7 billion reais, marking a. 3.8% decrease year on year but matching experts' expectations. pooled by LSEG. Its net profits from sales increased by 3.8% to 129.6. billion reais, topping the expectation of 125 billion reais. In a different filing, Petrobras stated its board had authorized. administering 17.12 billion reais ($ 3 billion) in dividends, or. 1.3282 genuine per share. The company in the third quarter invested about $4.5 billion,. around 31% more than in the same period of 2023, it said, the majority of. of it on exploration and production. This shows our dedication to providing our. projects and executing our Strategic Plan diligently, stated. Chief Financial Officer Fernando Melgarejo in the revenues. report. In August, Petrobras lowered its organized investments for this year to in between $13.5. billion and $14.5 billion, from $18.5 billion formerly. So far. the company has invested around $10.9 billion in 2024. Last month the firm said its oil production in Brazil in the 3rd quarter was down 8.2% on a. year-on-year basis, to 2.13 million barrels per day.
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US judge narrows investor claim against Rio Tinto over Mongolian mine
A U.S. judge on Thursday dismissed some claims in a claim accusing Rio Tinto and its previous CEO JeanSebastien Jacques of defrauding investors by hiding problems developing the $5.3 billion Oyu Tolgoi copper and cash cow in Mongolia. U.S. District Judge Lewis Liman in Manhattan addressed recently included claims that Rio Tinto intentionally concealed how it would miss out on a due date for draw bell blasting, a key milestone, while Jacques hid delays and associated expense overruns. In a 40-page decision, Liman dismissed the claim against Rio Tinto due to the fact that it was Blue-green Hill Resources, which owned 66%. of the mine with Mongolia owning the rest, that said the draw. bell schedule was on track. Liman stated Rio Tinto was not responsible for that statement even. though an affiliate of the Anglo-Australian mining giant was. Blue-green Hill's majority owner. The judge also dismissed claims that Jacques planned to. defraud shareholders in declarations about the mine start in. October 2018, since those declarations suggested he thought Rio. Tinto's schedule announced that month was accurate. Claims against Jacques based upon earlier statements made it through,. since shareholders adequately alleged that he knew delays. existed when the class duration started, Liman stated. Led by funds advised by Pentwater Capital Management, the. suit seeks damages on behalf of investors of. Montreal-based Turquoise from July 17, 2018 to July 31, 2019. Pentwater's lawyers did not right away react to demands. for comment. Attorneys for Rio Tinto and Jacques did not. right away respond to similar demands. Jacques led Rio Tinto for four years before stepping down in. March 2021, following pressure from investors seeking. accountability for the company's destruction of two culturally. significant Aboriginal rock shelters in May 2020. Rio Tinto did not break any laws when working around the. Juukan Canyon sites in Western Australia. The sites revealed. evidence of human habitation going back 46,000 years. The case is In re Turquoise Hill Resources Ltd Securities. Lawsuits, U.S. District Court, Southern District of New York,. No. 20-08585.
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Ahead of Rio Tinto buyout, Arcadium's earnings dips on moving lithium prices
Arcadium, the lithium producer that has consented to sell itself to Rio Tinto, published an 82% drop in quarterly earnings on Thursday that missed Wall Street's expectations due to sliding prices of the electric vehicle battery metal. Much of the lithium industry is competing with a supply glut brought on in part by a softening of aggressive EV adoption rates and oversupply from China. Yet that market imbalance is predicted to end later on this years, making Arcadium's portfolio of leading lithium projects across the globe a prime target for Rio, which is paying $6.7 billion for the company. Rio CEO Jakob Stausholm initially approached Arcadium about a. prospective deal in June and the mining giant's board proposed. $ 5.25 per share, an offer that Arcadium's board declined,. according to a recent regulative filing. Negotiations continued and Arcadium ultimately accepted. supply Rio with sensitive service details, according to. the filings. Reuters was very first to report the two sides remained in. settlements in early October, and five days later on both sides. consented to a sweetened deal of $5.85 per share in money. We are delighted that this deal will provide us the. opportunity to speed up and expand our technique, Arcadium CEO. Paul Graves said in a declaration on Thursday. Arcadium published third-quarter net income of $16.1 million,. or 1 cent per share, compared to $87.4 million, or 17 cents per. share, in the year-ago quarter. Experts had actually expected revenues. of 4 cents per share, according to IBES information from LSEG. Shares of the Philadelphia-based company were the same in. after-hours trading. They fell about 1% on Thursday to close at. $ 5.38. Offered the Rio buyout, slated to close next year, Arcadium. does not prepare to hold a conference call to discuss the outcomes.
Icahn prepares raising stake in oil refiner CVR, WSJ reports
Icahn Enterprises LP (IEP). strategies to raise its stake in U.S. oil refiner CVR Energy. by more than 20%, the Wall Street Journal reported on Thursday.
The business, a managing shareholder of the oil refiner,. strategies to raise its stake in CVR to more than 81% by buying an. additional 15 million shares, the report stated, mentioning draft. declarations that billionaire activist financier Carl Icahn and his. firm plan to launch on Friday.
The brand-new deal will benefit shareholders from squandering at. a premium, WSJ reported, quoting Icahn from the draft statement.
To fund this and other deals, Icahn stated he is. cutting his firm's dividend payment for the 2nd time given that. short-seller Hindenburg Research began shorting IEP's bonds last. year, the report added.
Icahn Enterprises and CVR did not right away respond to. Reuters' ask for comment.
Carl Icahn owns about 66% of CVR, which runs the 115,000. barrel-per-day (bpd) Coffeyville refinery in Kansas and the. 75,000-bpd Wynnewood center in Oklahoma.
(source: Reuters)