Latest News
-
Alcoa will close Kwinana Refinery and take a $890 million loss
Alcoa Corp, an aluminium producer in Australia, announced on Monday that it would permanently close the Kwinana Alumina Refinery. The closure will cost $890 million to Alcoa in the third quarter. Alcoa stated that the refinery's workforce, which currently numbers about 220 people, will continue to shrink through 2026. Some employees will remain on site in order to prepare for a future redevelopment. The U.S. Aluminum Producer announced in January of last year that it would stop production at its loss-making refinery due to the challenging market conditions, and the age of the facility. Matt Reed, Alcoa's Executive Vice President and Chief Operating Officer, said: "Alcoa operated Kwinana Refinery in a challenging and difficult environment for many years and had to make the hard decision to permanently shut the facility. We explored multiple options but were unable to find a viable path for restarting the plant." Alcoa said that the closing of Kwinana will reduce its annual global consolidated refinery capacity to 11,7 million metric tonnes. The Australian metals industry is being squeezed by high energy and labor costs. Meanwhile, the oversupply of top Chinese producer continues to lower prices. Glencore requested support for its Mount Isa Copper Smelter, located in the Queensland state. Rio Tinto, on the other hand, has consistently warned of a difficult outlook for its Tomago Aluminium smelter, which is New South Wales's largest energy consumer, due to its high-cost power.
-
The Green Energy Pact has reduced fossil fuel funding
A group of NGOs revealed on Tuesday that the public funding of international fossil fuel deals dropped by as much as 78% in a coalition of over 35 countries last year, even though the members of the group - including Germany and the United States - approved new projects. At the UN climate talks of 2021, countries agreed to stop the practice by 2022. They will instead prioritize investment in clean energy. The Clean Energy Transition Partner agreement covers export financing, development financing and official development assistance. The report released by the International Institute for Sustainable Development and the NGOs Oil Change International, Friends of the Earth U.S. on Tuesday said that trade wars, increasing geopolitical tensions, and the United States decision to withdraw and prioritise the production of oil, coal, and fossil gas put future efforts in danger. The report states that "Multilateral cooperation in climate and energy issues is more fragile than it has ever been." "Furthermore the significant reduction of support for international fossil energy has not led a corresponding rise in support for cleaner energy technologies." Before the signing of the agreement, in 2024, foreign fossil fuel funding had declined by as much as 78% or between $11.3 and $16.3 billion compared to 2019-2021 levels. The report also stated that Germany, Switzerland, and the United States will jointly approve $10.9 billion of new fossil fuel financing between 2023 and 2024. Reporting by Virginia Furness, editing by Barbara Lewis
-
NextEra extends license for Wisconsin nuclear plants by 20 years
NextEra Energy announced on Monday that U.S. Nuclear regulator approved the renewal of two units at its Point Beach Plant in Wisconsin for an additional 20 years. Nuclear Regulatory Commission has approved the extension of operations at Units 1, 2 and 3 through 2050 and 2030, respectively. After years of stagnation in the U.S., nuclear power is now gaining momentum. This is due to the surge in electricity demand for energy-hungry data centres and the electrification and transportation industries. On his first day in office, President Donald Trump declared an energy emergency. In late May, he signed executive orders that directed the NRC, to ease regulations, and speed up licensing processes for power plants and reactors. NextEra reported that the two units began operating in the early 1970s and provide about 14% Wisconsin's total power, enough to run nearly one million homes, businesses, and other buildings. The site is 1,200 acres along Lake Michigan. The Turkey Point Nuclear Power Plant in Florida, operated by NextEra’s sister company Florida Power & Light Company(FPL), received license renewal approval at the end of last year. Meanwhile, FPL’s St. Lucie Nuclear Power Plant has begun the renewal process. (Reporting from Katha Kalia, Bengaluru. Editing by Sahal Muhammad)
-
As a possible US shutdown looms, stocks rise, the dollar drops, and gold soars.
Investors prepared for the possibility of a U.S. shutdown, which would delay the publication of September payrolls and other important data due this week. Gold surged to record levels, fueled by the drop in the dollar as well as investor fears about the potential ramifications of an U.S. Government shutdown. Donald Trump is scheduled to meet with Democratic and Republican leaders of Congress on Monday evening to discuss the extension of government funding. A shutdown will begin on Wednesday if there is no agreement. This coincides with the day that new U.S. Tariffs are implemented for heavy trucks, patented medicines and other items. Analysts attribute investors' optimism about a U.S. shutdown to the memory of the recent shallow drop in the equity markets. The Dow Jones Industrial Average rose by 0.2%, while the Nasdaq Composite Index gained 0.5%. This helped the MSCI All-World Index gain 0.4%. In Europe, the STOXX 600 index rose by 0.2%. It is on track to increase by 1.1% in September, marking its third consecutive month of gains. The longest shutdown (34 days) occurred under Trump's initial administration. The S&P 500 fell initially by 2.1%, but recovered quickly," said Nicole Inui of HSBC Global Research, who is the head of equity strategy for Americas. Alastair Pinninger, global equity strategist and head of emerging markets, also commented. If the Federal Reserve meets on October 29, it could be blinded by the economic situation if the Federal Reserve closes the market for a long time. Analysts at BofA wrote that if the shutdown continues beyond the Fed's meeting, it will be the Fed who relies on private data to make policy decisions. On the margin, this could lower the probability of a cut in October, but only marginally. The markets indicate that there is a 90% probability of a Fed rate cut in October and a 65% chance of another one in December. Analysts at BofA estimated that a shutdown would only subtract 0.1 percent from the economic growth each week, noting in the past the minimal impact it had on the financial markets. They warned that if the government used the closure as an excuse to permanently lay off workers, it could have a greater impact on consumer confidence and payrolls. The outcome of a meeting between U.S. Generals and Admirals, convened by Defense Secretary Pete Hegseth in Quantico on Tuesday is uncertain. Trump is expected to attend. Q4 IS GOOD FOR STOCKS Analysts expected that equities would be supported by a new quarter of buying, which is historically a good one for stocks. Bond markets saw 10-year Treasury yields drop, dropping 4.6 basis points, to 4.1406%. Investors were pushed last week to lower their expectations of how low Fed rate could go. This week's calendar is packed with central bank speakers, including at least five each from the Federal Reserve and the European Central Bank. The dollar index fell 0.2% to 97.945 after benefiting last week from a batch of positive economic news. The MUFG strategist Lee Hardman stated that "our forecast for the U.S. Dollar to weaken even further heading into the year-end assumes the Fed will deliver another two 25-basis point cuts by the year's end as the labour markets remain weak." The euro increased by 0.2%, to $1.17255. It is still at the lower end of its recent range between $1.1646 and $1.1918. The dollar dropped 0.6% to 148.6yen after a rally of just over 1% the previous week. It has also moved away from its September low at 145.50. Gold prices on commodity markets reached an all-time record high of $3,833.37 per ounce before retracing slightly to $3,828.17, a 1.8% increase. Crude oil prices dropped as the pipeline that connects the semi-autonomous Kurdistan Region in northern Iraq with Turkey began to flow crude for the first time since 2-1/2 years. OPEC+ is expected to approve an increase in oil production of at least 137,000 barges per day during its next Sunday meeting. Brent fell by 3.5% to $67.68 per barrel while U.S. crude dropped by 3.8% to $63.21 a barrel.
-
CenterPoint announces $65 billion in capital expenditures over the next 10 years
CenterPoint Energy, a U.S. gas and electric utility, announced on Monday that it plans to invest $65 billion between 2026 and 2035. Utilities are planning to increase spending on power infrastructure in order to meet the rising demand. CenterPoint has also increased its forecast for annual adjusted earnings per shares to between $1.75 to $1.77, up from $1.74 and $1.76 previously. The new range has a midpoint that is 9% higher than last year According to data compiled and analyzed by LSEG, analysts estimate $1.76 a share. The company targets a 2026 adjusted earnings per share (EPS) of at least $1.89 per share, or the midpoint between $1.89 and $1.91. According to a report by the Lawrence Berkeley National Laboratory, the power demand of U.S. data centres is expected to triple over the next three to four years. This could consume up to 12% the total amount of electricity produced. The company stated that "continued economic growth is expected to drive significant demand for electric power over the next decade," especially in Texas. Texas has one of the fastest-growing markets for data centers. The business-friendly state is also attracting industries that are energy-intensive, such as the manufacture of computer chips. CenterPoint provides electricity and natural gas for more than 7,000,000 customers in Indiana, Louisiana and Mississippi.
-
Grossi: Ukraine's Zaporizhzhia Nuclear Plant now without offsite electricity for six days
Rafael Grossi, chief of the U.N. Atomic Watchdog, said that Zaporizhzhia Nuclear Power Plant has been without power offsite for six days. Since the beginning of the conflict, the plant in southeast Ukraine was under Russian control. Both sides have accused each other of shelling the facility and compromising nuclear safety. Grossi, the director general of International Atomic Energy Agency (IAEA), wrote on X about his meeting with Ukrainian Foreign Minister Andrii Sbiha and their exchange of views regarding the plant. He also said that the IAEA is working to restore power. UKRAINE WANT TEMPORARY IAEA STEP-IN FOR PLANT Oleh Korikov is the head of Ukraine’s State Nuclear Regulatory Inspectorate. He said that the absence of external power posed “major threats to nuclear safety and radiation safety” and called on efforts to restore this quickly. IAEA reported that the external power lines to the plant fell last week, for the 10th consecutive time during the conflict. Emergency diesel generators have been put into operation. These lines provide electricity that is vital for cooling the fuel in its reactors and preventing a nuclear meltdown. Sybiha wrote about his meeting on X with Grossi, saying that Russia "stole the Ukrainian nuclear plant and is now trying to forcefully integrate it into their grid despite growing risks of a nuclear accident." We all agreed that this is something the world can't allow. He stated that the "only real option" would be to give the IAEA temporary control over the plant. (Reporting by Shubham Kalia in Bengaluru. (Editing by Ron Popeski, Mark Potter and Mark Potter).
-
Document: Mali's gold industrial output is down 32% after Barrick's suspension
According to a document from the Mines Ministry, Mali's industrial production of gold fell by 32% on an annual basis to 26.2 tonnes by the end August. This was due to the long-term suspension of Barrick Mining operations. A mines ministry official reported that the industrial output in Mali was 22.5% lower than the government's prediction of 33.8 tonnes for the same time period. The source did not say if the country's target for this year would be revised. The source, who spoke under condition of anonymity, was not authorized to brief the media. Mali's industrial output of gold fell by 23% in 2024. A mining ministry source said at the time that the drop could have been due to government disputes with international miner. Barrick's Loulo-Gounkoto gold mine produced 578,000-ounces-of-gold in 2024, before being shut down from January until July due to a dispute between the West African country's military-run governments over taxes and new mining codes. Loulo Gounkoto operations resumed under the government appointed administrator in July, with production levels currently around 25%. A Barrick source said on Monday that it will take at least 4 months to get production back to normal at Loulo-Gounkoto. The source, who asked to remain anonymous and was not authorized to speak on the matter, stated that operations have been severely curtailed due to a lack of spare parts. Mali estimates that Loulo Gounkoto will contribute 17,5 tons of gold to the country's 2025 production, despite Barrick removing the mine from its forecasts. B2Gold Resolute Mining Allied Gold Endeavour Mining and B2Gold are other gold miners operating in Mali. The regulatory uncertainty in Mali is a factor that has affected investment and production. Like other governments in the region it has emphasized resource nationalism and shifted its focus from Western investors towards Russian interests. (Reporting and writing by Tiemoko Diallo; editing by Robbie Corey Boulet and Richard Chang).
-
Fears of Indonesian supply have pushed tin prices to a 6-month high.
On Monday, tin prices reached their highest level in nearly six months as fears of a shortage of supplies were sparked by reports of an Indonesian crackdown on mining. The Indonesian president Prabowo Subianto has ordered the closing of 1,000 illegal tin mining operations in Bangkia Belitung, a key region for tin production off the east coast Sumatra. Tin was being smuggled on small boats and ferryboats. "There are 1,000 illegal mines in this region." "I ordered the related parties to launch a large-scale operations in Bangka Belitung starting September 1 and shut down almost 80% of smuggled Tin," Prabowo was quoted as saying by Antara. According to two tin-trading sources, the number of mines Prabowo mentioned was either incorrect or exaggerated. The benchmark three-month tin at the London Metal Exchange, however, rose by as much as 2,9% to $35.510 per metric ton. This is the highest price since April 4. As of 1537 GMT, the metal was valued at $35,485. It is used to solder circuit boards for mobile phones, electric cars and other products. In the evening, in the top metals consumer China the most active tin futures contract on the Shanghai Futures Exchange rose as much as 3.9%, to 283,000 Yuan ($39.750) per ton, its highest level since April 3. The International Tin Association reported in May that the production of refined tin in Indonesia will fall to less than 50,000 tonnes in 2024. This is the lowest level in over 20 years. Indonesian production was around 13.5% the total global of 371,200 tonnes last year.
Port Sudan shook by explosions, army claims to have intercepted drones
Sudan's army claimed that its anti-aircraft system intercepted drones on Wednesday, which were targeting the largest naval base of the country in Port Sudan, the country's wartime capital.
There were explosions heard in the city. It was not immediately known if they were near Flamingo's base.
Port Sudan was the target of days of attacks, including drone strikes reported by Sudan's paramilitary Rapid Support Forces. These assaults have destroyed the country's largest fuel depots as well as its main humanitarian aid gateway.
Port Sudan has enjoyed relative peace since the outbreak of the civil war in April 2023 between the RSF and the army.
After the RSF took over Khartoum, the city on the Red Sea Coast became the base of the army-aligned Government.
The drone strikes in Port Sudan opened up a new front. They targeted the army's stronghold in eastern Sudan. This was after the RSF had been forced to retreat westwards in much of central Sudan in March, including Khartoum. (Written by Enas Alashray; edited by Christian Schmollinger & Andrew Heavens).
(source: Reuters)