Latest News
-
Ivanhoe disputes Zijin's statement about Congo mine problems
Ivanhoe Mines disputed on Friday the statement made by its Chinese partner regarding problems at their Kakula Copper Mine in Democratic Republic of Congo following seismic activity. Ivanhoe stated that the press release from Zijin Mining mentions '..multiple roof falling and rib-spreading in the eastern part of the mine'. It said "Ivanhoe Mines doesn't agree with this statement". "Preliminary evidence suggests that seismic activity... caused a redistribution underground of forces and caused'scaling,' or rockfalls, from the sides of certain mining areas." Ivanhoe said Tuesday that certain mining operations at the Kakula Underground Mine had been suspended on Sunday. The Kamoa Kakula Mining Complex is Africa's and the world's most important copper mine. The Friday update stated: "The teams are currently focusing on safely repairing the damage to the pipes and cables that support the underground pumping system infrastructure." Zijin Mining Group Ltd. warned earlier Friday in a release that the problems could have "adverse impacts" on the annual production guidance for Kamoa-Kakula complex of 520,000-580,000 metric tonnes in 2025. Last year, the mine produced 437,000 tonnes. Ivanhoe disputed this as well, stating that it could only know if production guidelines would need to change after an investigation. (Reporting and editing by Toby Chopra, Louise Heavens, and Eric Onstad)
-
COMEX stocks surpass LME for the first time since 2022
The COMEX warehouses registered with the exchange have seen their copper inventories surpass those on the London Metal Exchange since March 2022. This is because traders are trying to take advantage of high copper prices in the U.S. which could lead to tariffs being imposed on metal imports. Stocks in warehouses of the U.S. COMEX exchange The number of metric tons has risen by 87% since the end February to 174 607 metric tonnes, their highest level in 2018. LME registered warehouses are different. Stocks have fallen to 164 725 metric tonnes, a 37% decrease since the end February. The global reorganization of copper inventories is a result of a directive issued by U.S. president Donald Trump in Feburary to investigate possible tariffs on imports of copper to rebuild U.S. copper production, which is critical for electric vehicles and power transmission. The premium of COMEX copper price over LME is currently $683 per tonne. This spread reached a record high of $1,572 per tonne in March, which highlights the divergence between these two markets. Alastair M. Munro, broker at Marex, said that the price premium attracted metal from other exchanges and caused pressure. In the LME, the spread between cash and the three-month contract of copper is also quite wide. The price of gasoline remains high, which indicates that the supply in the area is tightening due to the withdrawals. This decline is not limited to Western exchanges. China, which is the world's largest copper consumer, also sees inventory declines. Stocks at Shanghai Futures Exchange monitored warehouses This week, the number of metric tons fell by 9% to 98 671.
-
Extinction rebellion briefly occupies BNP Paribas' entrance during TotalEnergies protest
Around a dozen climate activists from Extinction Rebellion briefly occupied the lobby entrance of the French bank BNP in Paris, Friday morning. They were protesting against BNP's alleged links with TotalEnergies which held its annual shareholders' meeting that afternoon. Some protesters wearing white masks shouted slogans briefly and tossed fake money around before the police forced them out. Extinction Rebellion stated in a press release that the action was part a campaign to target TotalEnergies, and its partners. The article said that several NGOs were criticizing TotalEnergies for not putting the "Say on Climate", or climate strategy, questions to a vote at the shareholder meeting. It also said that this was part "of the fossil fuel industry’s unabashed retreat on its human- and environmental-related commitments." TotalEnergies announced earlier this year that it would not allow investors to vote on its sustainability report progress and would only consult shareholders if the strategy changes. Instead, the company will hold a debate on climate change during its shareholders meeting. TotalEnergies stated on Friday that it respects the freedom of speech and protest, but also deplores any form of violence. BNP Paribas condemned the "aggressive actions of Extinction Rebellion" and all forms physical violence. BNP Paribas has stated that it is committed to supporting energy transition, and that all new funding that BNP Paribas provides to the energy sector will be almost exclusively allocated to low-carbon sources of energy. TotalEnergies shareholders meeting began on Friday in Paris, La Defense. Extinction Rebellion announced that activists would gather in the afternoon at "a symbolic Parisian location" for a "Counter General Energy Assembly," but did not name the location. Reporting by Lucien Libert and Nicolas Coupe; Writing by GV de Clercq
-
TotalEnergies is asked to take action by UN expert on human rights concerns
An independent U.N. expert on human rights said that TotalEnergies should urgently address new allegations of abuses in its controversial oil pipeline project, which is located in East Africa. This was made ahead of Friday's annual shareholders meeting of the French energy company. Michel Forst, Special Rapporteur for environmental defenders, said in a late-Thursday statement that the company should take immediate steps to protect activists connected to the East African Crude oil Pipeline and its associated oilfields. The news broke that German asset manager Union Investment dropped the bonds and shares of the company from its sustainable investments funds. Union Investment announced that it had made its decision following a review of a new report by the non-profit Just Finance International, which cited alleged abuses on the Kingfisher Oil site in Uganda as part of the pipeline. Forst stated that TotalEnergies "failed" to "take effective steps addressing abuses", adding that it was "deeply disturbing" "that instead, the company has consistently rejected the accusations as mere "misconceptions" of the impact of the projects". Forst said that as a French firm, the company was bound to adhere to the international Aarhus Convention, which prohibits any punishment or harassment of individuals who oppose the project. TotalEnergies issued a Friday statement in which it said that it "doesn't tolerate any violence or threats against those who peacefully promote and defend human rights", and reminded those with whom it works of its position. The company said that it had worked with Ugandan officials "to ensure that the Police followed due process, that the protesters were treated well and that their rights were respected during detention". It said that the security team of their local unit monitors anyone arrested, and makes sure that their representatives can visit them. Forst supported the call from Union Investment to conduct an independent investigation of the alleged abuses. He asked Total to not only make the results public, but also to act on any shortcomings.
-
Wood Group's UK chair is planning to leave the UK pending a clearer strategic direction
Wood Group, a British oilfield service company, announced on Friday that its chairman Roy Franklin will run for reelection at the annual general meeting. Franklin plans to step down when it becomes clear what direction the company is going in. Wood Group, the target of Sidara, a Dubai-based takeover company, launched an independent review into its accounting in November for certain unusual charges in its interim financial results. Wood missed the deadline for filing annual results in 2024 by late April. The company cited the pending conclusion of the audit and the timing of its completion. Since May 1, the firm's stock has been banned from trading. Wood announced on Friday that its 2024 accounting will not be completed before June 30. Franklin has been at Wood Group since nearly five years. He was previously the head of M&A for BP Exploration, a division of the energy giant BP. In the beginning of this month, Sidara extended the deadline to accept the company's takeover bid until June 12. The annual Wood Group meeting is scheduled for June 18. Reporting by DhanushVigneshbabu in Bengaluru, Editing by Shalesh Kuber
-
Extinction rebellion briefly occupies BNP Paribas' entrance during TotalEnergies protest
Around a dozen climate activists from Extinction Rebellion briefly occupied the lobby entrance of the French bank BNP Paribas in Paris, Friday morning. They were protesting what they claimed to be BNP's ties with energy group TotalEnergies which held its annual shareholders' meeting on Friday afternoon. Some protesters wearing white masks shouted slogans briefly and threw fake money around before the police forced them out. Extinction Rebellion stated in a press release that the action was part a campaign to target TotalEnergies, and its partners. The article said that a number of NGOs were criticizing TotalEnergies for not putting the "Say on Climate", or climate strategy, to voted at the shareholder meeting. This was part "of the fossil fuel industry’s unabashed retreat on its human- and environmental commitments." TotalEnergies announced earlier this year that it would not allow investors to vote on its sustainability report progress and that shareholders would only be consulted in the event of strategy changes. Instead, the company will hold a debate on climate change during its shareholders meeting. It did not respond immediately to a comment request on the Friday action. BNP Paribas condemned the "aggressive actions of Extinction Rebellion" and all forms physical violence. BNP Paribas has stated that it is committed to supporting energy transition, and that all new funding that BNP Paribas provides to the energy sector will be almost exclusively allocated to low-carbon sources of energy. The shareholders' meeting of TotalEnergies at its headquarters, in La Defense Business District, starts at 14:00 CET. Extinction Rebellion announced that activists would gather in the afternoon at "a symbolic Parisian location" for a "Counter General Energy Assembly," but did not name the site. Reporting by Lucien Libert and Nicolas Coupe; Writing by GV de Clercq
-
India's JSW Steel misses its quarterly profit forecast due to weaker prices
India's JSW Steel, the country's top steelmaker, reported a smaller-than-expected rise in fourth-quarter profit on Friday, hurt by weak steel prices. Its consolidated profit was 15.03 billion rupees (176 million dollars) for the three months ended March 31. This is below the average analyst estimate of 15.66 trillion rupees. Data compiled by LSEG. The O.P. The O.P. The results are a month after a temporary 12% duty was imposed on certain steel imports. This is known as a "safeguard duty" locally. It was imposed to protect local producers from the influx of cheap imports coming from China, Japan, and South Korea. Due to the surge in imports, domestic steel mills had to reduce operations and even consider job cuts. According to LSEG, JSW Steel's revenue from operations fell 3%, to 448.19 bn rupees. This was below the analysts' average estimate of 449.38 bn rupees. The top court of India ruled earlier this month that JSW Steel’s plan to buy Bhushan Power and Steel, four years after it was acquired, should be canceled. It also ordered the liquidation and bankruptcy of the indebted firm. JSW Steel said that it does not see any impact of the order and said on Friday "no provision needs to be made for net assets included in consolidated financial results". The company also approved the issuances of convertible securities or equity shares worth up to 70 billion Indian rupees and 70 billion rupees through the issue of nonconvertible debentures (NCDs). $1 = 85.22420 Indian rupees (Reporting and editing by Anuran Sahdhu and Manvi Pan in Bengaluru, and Eileen Soreng and Janane Venkatraman)
-
The UN honors South America's camelids as heroes of the high plateau
Llamas and alpacas are being celebrated as the heroes of South America's high plateaus because they have adapted to harsh climates and environments, and their value is cultural, economic, and ecological. Early May, representatives from Chile, Bolivia and Ecuador met in Antofagasta, a city in northern Chile, to celebrate animals and improve management strategies. The meeting was sponsored by the U.N. Food and Agriculture Organization. Andres Gonzales, regional officer of Animal Health and Production for the FAO said that these animals were considered heroes because they thrived in harsh environments like the high plateau. They have a natural toughness that allows them adapt to these harsh conditions and thrive. In a report released during the meeting it was noted that, as the pressure on natural resources continues to increase and the impacts of climate change continue, camelids play a "crucial role" in the nutrition and livelihoods of people throughout the highlands. South American camelids are mainly found in the Andes, in Argentina, Bolivia Chile, Ecuador and Peru. They perform important functions for local communities as well as ecosystems. Peru is the leader in alpaca production with 5 million animals, which accounts for nearly 80% of all alpacas. Bolivia produces more than 60% of all llamas. According to FAO, despite their smaller number, which is in the tens or thousands, camelids are responsible for 40 to 80 percent of the income on high Andean farms. Apart from their economic value, camelids also represent an ancient way of life in the highlands. Breeding knowledge is passed down through generations by Indigenous Aymaras, Likan Antays, Quechuas and Collas. Evelyn Salas said, "They are blessed creatures," at the meeting. She is a Peruvian breeder of alpacas and llamas. They represent our culture, life, ancestry and roots. And they will continue to be part of our future. (Reporting and writing by Nicolas Cortes Guerrero, Editing by Alexander Villegas & Sandra Maler; Writing by Juana casas)
Taliban talks with Russia and China about trade in local currency
Afghanistan's acting Commerce Minister said that the Taliban administration has advanced discussions with Russia to allow banks from both sanction-hit economies, Russia and Afghanistan, to settle trade transactions in local currency worth hundreds of millions in dollars.
Haji Nooruddin, Azizi's minister, said on Thursday that the Afghan government had made similar offers to China. He said that discussions had taken place with the Chinese Embassy in Kabul.
Azizi stated that technical teams in both countries were working on the proposal with Russia. As Moscow looks to use national currencies as a way to move away from the dollar, and Afghanistan is seeing a sharp drop in U.S. dollars entering the country as a result of aid cuts, the move makes sense.
"We are engaged in specialist discussions about this issue, taking into account the regional and global perspectives on economics, sanctions and the current challenges Afghanistan faces, as well those that Russia is facing. "Technical discussions are under way," Azizi stated in an interview in his Kabul office.
Requests for comments from the Chinese Foreign Ministry and Russian Central Bank were not immediately responded to.
Azizi said that bilateral trade between Russia Afghanistan is currently at around $300 million, and this will likely grow as both sides increase investment. He said that his administration expects Afghanistan to purchase more plastics and petroleum products from Russia.
Azizi stated, "I'm confident that this option is very good...we can use it for the benefit and interest of our people and country."
He said that Afghanistan did around $1 billion worth of trade with China every year. A working team consisting of the (Afghanistan) Ministry of Commerce, the Chinese Embassy which is the authorized body that represents China in economic programs has been formed and talks are currently ongoing.
Afghanistan's financial system has been cut off from global banking due to sanctions imposed on certain leaders of the Taliban government, which took control of the country after foreign forces left in 2021.
In recent years, the US dollar's dominance as the dominant currency in the world has been questioned again due to the conflict with China and the fallout of the Russian war in Ukraine. In December, Russian president Vladimir Putin questioned whether it was necessary to keep state reserves in foreign currency, as they could be easily confiscated for political purposes. He said that domestic investments of such reserves were more attractive.
Dollars have dominated commodity trading and Washington has been able to restrict market access to producers from Russia, Venezuela and Iran.
Since 2022, Afghanistan has imported gas and oil from Russia. This is the first significant economic agreement since the Taliban returned to the power after 20 years of fighting against U.S. led forces.
The United States has cut billions of dollars from aid to Afghanistan this year, and as a result, far fewer dollars are being flown into the country in cash to fund humanitarian operations.
The Afghani currency, according to economists and development agencies, has remained relatively stable so far but could face future challenges.
Azizi stated that his administration would not run out of U.S. Dollars in Afghanistan due to the stability of its currency and efforts made by the government to increase international investment, including through the Afghan diaspora. Mohammad Yunus Yawar reported from Kabul, and Charlotte Greenfield from Islamabad. Additional reporting was provided by Antoni Sladoski and Elena Fabrichnaya. Editing was done by Raju Gopikrishnan.
(source: Reuters)