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Amman Mineral, an Indonesian copper miner, is one step closer to obtaining export permits
Amman Mineral Internasional, a copper miner in Indonesia, said Saturday that the Indonesian energy ministry had endorsed the export of 480,000 dry metric tonnes of concentrate. The recommendation is valid for six-months from October 31. Amman Mineral requires the support of the Trade Ministry to obtain an export permit. The ministry said that Amman has not yet applied for one. Amman, in a press release, said that the return of copper concentrate exports had allowed it to avoid overloading its storage facilities. It added that this would allow mining to continue. Indonesia has been banning the export of copper concentrates, raw minerals and other raw materials since mid-2023 to encourage domestic processing. Amman, however, was permitted to export up until December 2024. By that date, it was expected to have commissioned a smelter which would process the concentrates into copper casthodes used in making wires, cables, and electronic devices. The smelter temporarily halted operations in July and August of this year due to damage to its flash-converting furnace and sulphuric acids plant units. Amman added that repairs could be completed in the first half 2026. The smelter was already partially operational. (Reporting and editing by Muralikumar Aantharaman; Bernadette Cristina, Stanley Widianto)
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Japan’s KEPCO Buys Majority Stake in Ireland’s Simply Blue Energy
Japan’s Kansai Electric Power Co. (KEPCO) has signed a share subscription agreement with Ireland’s Simply Blue Group’s offshore wind development arm, Simply Blue Energy OSW (SBE OSW).The strategic investment marks KEPCO’s first investment involving management participation in an offshore wind developer.KEPCO will acquire a majority stake in SBE OSW through its wholly owned subsidiary, KPIC Netherlands BV.Simply Blue Energy OSW is actively engaged in multiple offshore wind projects across Europe and elsewhere and possesses extensive experience and expertise in offshore wind development from the early stages of project formation.With KEPCO’s investment, SBE OSW aims to accelerate the expansion of its offshore wind portfolio. “This investment represents a pivotal moment for us at Simply Blue Energy OSW Ltd. The support from KEPCO provides the strength and resources needed to scale our operations and advance our offshore wind initiatives. Together, we are poised to deliver significant contributions to the clean energy transition,” said Hugh Kelly, Co-Founder and CEO, Simply Blue Group.“We are honored to embark on a partnership with Simply Blue Energy, a developer possessing a pioneering spirit and extensive expertise in the field of offshore wind power. Through this collaboration, we aim to further advance offshore wind development for both companies and contribute to achieving a carbon-neutral society,” added Toru Kuwahara, Executive Vice President, and General Manager of Global EX Division of KEPCO.
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Sources say that two more east Texas refineries have returned to normal operation.
People familiar with the plant's operations said that Motiva Enterprises’ 640,500 barrels per day (bpd), Port Arthur, Texas refinery, along with two other refineries in the east Texas Gulf Coast, were now operating normally following repairs. Sources at both plants say that the Motiva refinery in Louisiana and Valero Energy’s Port Arthur refinery with a capacity of 380,000 bpd suffered multiple malfunctions due to a loss of nitrogen gas. Sources familiar with the operations of the plant said that the TotalEnergies Port Arthur refinery, which produces 238,000 bpd, suffered a boiler failure on October 26. This caused the refinery's steam supply to be cut off. Steam is needed both for the production of electrical power and the refining of crude. Marie Maitre, spokesperson for TotalEnergies, declined to comment on the operations of the refinery. No comment was received from Motiva or Valero's spokespersons. Sources claim that the Motiva refinery restarted its units on October 27, after the nitrogen supply was interrupted. Sources claim that Valero's refinery units restarted Tuesday. Sources said that TotalEnergies units were operating again by mid-week. Sources said that TotalEnergies' disruption occurred just days after the refinery completed a two-month planned overhaul. TotalEnergies started the overhaul of the 35,000 bpd Continuous Catalytic Reformer (CCR) in mid-August. The CCR, three diesel hydrotreaters that have a combined throughput capacity of 84,000 bpd and a naphtha hydratreater with a throughput rate 42,000 bpd along with an sulfur block and the 40,000 bpd ACU-2 CDU with its 51,000 bpd Vacuum Distillation Unit-1 (VDU-1 (VDU), ACU-2 was closed, but ACU-1 CDU continued to operate at 150,000 bpd. CDUs work at atmospheric pressure to break crude oil down into feedstock for other refinery units. The VDUs are also capable of converting crude oil to feedstocks but they operate under vacuum pressure. Reformers add octane boosting components to unfinished gas by converting refining waste. Hydrotreaters are used to remove sulfur from motor oils and feedstocks in order to comply with U.S. Environmental rules. Reporting by Erwin Seba, Editing by Muralikumar Aantharaman and Himani Skar
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As tensions in Venezuela rise, US Senators are seeking answers about the 'anti-drug strategy'
The Republican and Democratic leaders in the U.S. Senate Armed Services Committee stated on Friday that the Trump administration has yet to provide any details about its operations against the drug cartels or their legal basis. Since early September, U.S. airstrikes on suspected drug-trafficking boats in the Caribbean have resulted in the deaths of dozens of people. This has caused tension between Washington DC and Caracas. In a rare instance of bipartisanship on the strikes, Republican senator Roger Wicker and Democrat Jack Reed stated in a joint statement that they had not received the information requested from the administration regarding its strategy to combat drug cartels. Reed of Rhode Island is the top Democrat in the committee that oversees the U.S. Military. Wicker of Mississippi is its chairman. The Trump administration claims that the targeted boats were carrying drugs without proving it or explaining publicly the legal justification of the decision. Donald Trump, the president of the United States, has also ordered an extensive military buildup on the Caribbean. In a letter dated September 23, Wicker and Reed stated that they had requested "Execute Orders", relating to anti-drug trafficking activities. In a second letter dated October 6, Wicker and Reed asked for any written opinions regarding the legal foundation for the anti-drug trafficking operations. The legislators said that they did not receive the requested information before Friday. Kingsley Wilson, Pentagon Press secretary, responded in an email when asked for a comment: "Several of these documents were made available yesterday to the Chairman, Ranking Member, and their respective staffs." The Department also provided its fourth bipartisan update on these operations yesterday to Senate staff. Trump denied that he would consider strikes in Venezuela on Friday, contradicting his own remarks from last week amid increasing expectations that Washington could soon expand its operations relating to drug trafficking. (Reporting and editing by Daniel Wallis, Clarence Fernandez, and Patricia Zengerle)
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Prince William's trip to Brazil leaves the Andrew scandal in the past
Prince William will be in Brazil next week to receive his multi-million dollar environmental prize. He hopes to divert attention from the scandal surrounding his uncle Andrew to the causes of the royal family. William, the British heir, will make his first Latin American visit and will see some of Rio de Janeiro’s most famous sights. The goal is to bring the attention of the public to a number of environmental projects in advance the award ceremony for the Prince's Earthshot Prize. The visit came just days after King Charles stripped Andrew of his princely title and expelled him from his mansion. He also banned his brother from public life in an effort to protect the royal brand against any further damage caused by Andrew's links to Jeffrey Epstein, the late sex offenders. FOCUS IS THE EARTHSHOT PRICE William's three-day visit will be devoted to his main environmental philanthropic cause. This is to find innovative ways to combat climate changes and award five winners with 1 million pounds each ($1.3 million). William will visit Sugarloaf Mountain, the Maracana Soccer Stadium, the Christ The Redeemer Statue and the Copacabana Beach where he will be playing volleyball, according to a Kensington Palace spokesperson. Kate, his wife, is currently in remission following cancer treatment and will not join him. South America is not a common destination for British royals, who prefer to travel to Europe or other foreign lands where they are the head of state. Charles has not been to Brazil, Latin America or South America since 2009. The Earthshot events this year will be held a week prior to the United Nations COP30 Climate Summit, which will also take place in Brazil. The prince will be attending in place of his dad. Earthshot Prize CEO Jason Knauf said that the city was the ideal place to host the biggest and best Earthshot yet. The winners will announced on the 5th of November at a ceremony that will include performances by Australian popstar Kylie Minogue, and Brazilian musician Gilberto Gil. The summit will bring together more than 1,000 world leaders, including global mayors, world-leading scientists and some of the biggest philanthropists. (Reporting and editing by Andrew Heavens; Michael Holden)
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Ukraine condemns attack on vital power substations for nuclear plants
The Ukrainian Foreign Ministry condemned on Friday what they called Russian attacks on critical substations that supply external power to Ukraine's nuclear reactors. A ministry statement released late Friday stated that Russia had carried out "targeted attacks" on these substations. It added that "Deliberate attacks on civilian energy installations which directly affect the safe operations of nuclear facilities bear the hallmarks and are a grave breach of international humanitarian laws." The ministry referred back to a Thursday statement by the U.N. nuclear monitor, the International Atomic Energy Agency. It reported that military activity had "caused damage to critical substations for nuclear safety and security" in Ukraine. IAEA reported that incidents near two nuclear power plants, South Ukraine and Khmelnitskyi, led to each plant losing its external power line. The IAEA added that a third station at Rivne was forced to reduce the power at two of its reactors. The incident did not indicate which party might be behind it. Russia and Ukraine accuse one another of military activities that threaten the safety of Ukraine's four nuclear power plants, especially Zaporizhzhia. In the first weeks of the invasion of Ukraine in February 2022, Russian forces captured the Zaporizhzhia Plant, Europe's biggest with six reactors. In its statement, the IAEA referred to ongoing efforts to connect the second of the two external powerlines to the Zaporizhzhia Plant. This is vital for keeping nuclear fuel cool and preventing meltdowns. The plant does not generate any power right now. The IAEA and the Ukrainian statements were not met with any Russian response. The Zaporizhzhia Plant's external links were unavailable for 30 days between September and October. This forced officials to use emergency diesel generators. Kyiv and Moscow both blamed each other for the outage, and both claimed to have disrupted efforts to fix it. (Reporting and editing by Ron Popeski)
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The Trump Administration announces $100 Million in funding for upgrading coal plants
The U.S. Department of Energy announced on Friday that it will make $100 million available for refurbishing and modernizing existing coal-fired plants. This move is part the Trump administration’s efforts to reverse the decline in coal usage in the United States. Last month, the Energy Department announced that it would invest $625 million in expanding coal-fired power generation. In recent years, the number of coal-fired plants has decreased due to the concerns over the impact of fossil fuels on the environment and public health as well as the competition from natural gas. According to the administration of Donald Trump, coal is a good way to deliver the huge amounts of electricity required by the U.S. for data centers. Chris Wright, U.S. Energy Secretary, said: "The Biden and Obama Administrations targeted America's coal workers and industry for years. This resulted in the closing of reliable power plants, and increased electricity costs." "Thank goodness, President Trump is ending the war on American coal. He's restoring common-sense energy policies that place Americans first. These projects will keep America's coal-fired plants operational and provide the United States with the reliable, affordable energy it needs to power its future and keep the lights on. Environmentalists claim that Trump's efforts to support coal are in direct opposition to the global effort to reduce carbon emission and combat climate changes. The Energy Department announced that the funds will be allocated in three strategic areas, including advanced wastewater management systems, fuel switching systems between coal and gas, and coal-natural-gas co-firing.
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Angola looks to local markets after debt costs consume nearly half of the 2026 budget
Angola will spend nearly half of its budget for 2026 on debt repayments, highlighting how the rising costs of servicing are forcing governments in Africa to depend more on their domestic markets to fund themselves. The draft budget of the finance ministry, released on Friday, showed that 32.9%, or 10.9 trillion Kwanzas ($11.95 Billion), would be used to repay loans, and 13%, which is 4.3 trillion Kwanzas (4.3 trillion dollars) for interest payments. The total debt service will consume about 45.9%. Angola expects to borrow 7.1 trillion kwanzas in 2026 from domestic sources, compared to just 1.7 trillion from external creditors. This reflects a trend of frontier markets relying on domestic funding as foreign currency access is more expensive and risky. The budget deficit in Luanda is estimated to be 2.8% of the gross domestic product (GDP), down from 3.3% in 2025. The second-largest crude oil producer in Sub-Saharan Africa, which is trying to control costs because of volatile oil prices by cutting total expenditures, has announced that it will cut its total spending by 4,7%, to 33 trillion kwanzas. The draft budget is based on a crude price of $61 a barrel. Brent crude futures traded at around $65 last Friday. The economic growth rate is projected to increase to 4,2% by 2026 from just 3% in the year 2025. The government has also expressed concern over the rapid increase in tax waivers and incentives, referred to as "fiscal exemptions", which grew from 184 billion Kwanzas (Kwanzas) in 2018 up to 3 trillion Kwanzas by 2024. The government is concerned about the impact of these exemptions, which are mainly granted to non-oil sector, on Angola's revenue and fiscal stability.
COP29 - How does $300 billion accumulate?
Nations agreed at the U.N.'s. COP29 environment conference to spend $300 billion on annual environment. financing. Here are some ways of understanding what that sum is. worth:
MILITARY MAY
In 2023, federal governments around the world spent $6.7 billion a. day on military expense, according to the Stockholm. International Peace Research Study Institute.
That implies the $300 billion annual climate financing target. corresponds to 45 days of worldwide military spending.
BURNING OIL
$ 300 billion is currently the price for all the crude. oil utilized by the world in a little over 40 days, according to. Reuters estimations based upon worldwide crude oil demand of. roughly 100 million barrels/day and end-November Brent. crude oil rates.
ELON MUSK
According to Forbes, Elon Musk's net worth stood at $321.7. billion in late November. The world's wealthiest male and owner of. social media platform X has co-founded over half a dozen. companies, including electric cars and truck maker Tesla and rocket. manufacturer SpaceX.
STORM DAMAGE
Cyclone Katrina, among the most disastrous and most dangerous. cyclones in U.S. history, caused $200 billion in damage alone in. 2005.
This year's climate-fueled Typhoon Helene might end up. costing approximately $250 billion in economic losses and damages in the. U.S., according to estimates by AccuWeather. While initial. quotes by Morningstar DBRS recommend Cyclone Milton, also. supercharged by ocean heat, might cost both the insured and. uninsured almost $100 billion.
BEAUTY BUYS
The worldwide luxury goods market is valued at 363 billion. euros ($ 378 billion) in 2024, according to Bain & & Company.
COPPER PLATED
The GDP of Chile - the world's largest copper producing. country - stood at $335.5 billion in 2023, according to World. Bank data.
GREECE'S BAIL OUT
Euro zone nations and the International Monetary Fund. spent some 260 billion euros ($ 271 billion) between 2010 and. 2018 on bailing out Greece - the greatest sovereign bailout in. financial history.
BRITISH BONDS
Britain's brand-new government requires to borrow more to fund budget. plans. Gilt issuance is expected to increase to 296.9 billion pounds. ($ 372.05 billion) for the current financial year.
TECH TALLY
A 10% share of tech huge Microsoft deserves simply. over $300 billion, according to LSEG data. Meanwhile the market. cap for U.S. oil major Chevron stood at $292 billion.
CRYPTO
The annual climate financing target amounts to 75% of the. total value of the worldwide market for crypto currency Ether, the. world's second-largest cryptocurrency.
Alternatively, 3 million Bitcoin would cover the annual. climate finance target as the world's largest cryptocurrency. closes in on the $100,000 mark following a rally fuelled by. Donald Trump winning the Nov. 5 U.S. governmental election.
(source: Reuters)