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Great Lakes Launches First US Subsea Rock Installation Vessel
Great Lakes Dredge & Dock Corporation, the largest provider of dredging services in the United States, has launched the first U.S. flagged, Jones Act-compliant subsea rock installation (SRI) vessel, named Acadia, at Hanwha Philly Shipyard.The Acadia vessel is engineered to transport and precisely install up to 20,000 metric tons of rock on the seabed.The rock provides critical scour protection for subsea infrastructure including subsea cables for power transmission, telecommunications cables, oil and gas pipelines and subsea structures and offshore wind turbine foundations, preventing erosion caused by waves and currents and mechanical impacts from equipment and vessels.The delivery of the vessel is expected early in 2026.With steel sourced from Ohio, and labor from New Jersey, Pennsylvania, Texas, and Louisiana, construction of the Acadia created more than one million manhours of high paying jobs at the shipyard and once operational will employ U.S. mariners for many years to come.In addition to supporting the U.S. domestic market, Great Lakes has expanded its market focus for the Acadia to work in the international offshore energy development markets.“We are excited to see the launch of the Acadia, getting us closer to her expected delivery early next year which will also mark the completion of our major new build program. The Acadia is the centerpiece of our offshore energy growth strategy and will begin operations immediately upon leaving the shipyard,” said Lasse Petterson, President and Chief Executive Office at Great Lakes.“The launch of the Acadia marks a major milestone for our Offshore Energy business. Upon delivery, the Acadia will start her journey towards New York for the installation of rock for the Empire Wind I offshore wind farm and continue working on the U.S. East Coast on contracted work through the end of 2026.“Over the last two years we have actively engaged with clients for new engagements on offshore energy projects for Acadia for 2027 and beyond,” added Eleni Beyko, Senior Vice President, Offshore Energy at Great Lakes.
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Newmont Gold Mine's profit for the quarter beats expectations as gold rallies
Newmont exceeded Wall Street's expectations for the second quarter profit, as it benefited from an increase in gold prices. Its shares rose more than 2% in extended trading Thursday. Gold prices have been consistently high over the last few quarters as geopolitical and tariff concerns, coupled with uncertainty about President Donald Trump’s plans for tariffs in the U.S., boosted the metal's appeal as a safe-haven. Gold prices in the second quarter averaged $3,220.58 an ounce. This is more than 12% above the previous quarter and almost 40% higher than levels a year ago. Newmont's gold realized average price was $3,320 an ounce, up from $2,347 per ounce a year earlier. The bullion rally has helped Newmont to cushion an 8% drop in gold production in the second quarter, which fell to 1,48 million ounces. All-in-sustaining gold costs, a measure of total industry expenses, increased by nearly 2%, to $1,593 an ounce. Newmont has reduced its output after it began selling non-core assets to reduce debt last year, months after it completed the $17.14 billion acquisition of Australian miner Newcrest. Newmont has sold its Eleonore Mine in Canada, for $795 million. It also sold the Musselwhite Gold Mine, in Ontario, for $850 million. And its Porcupine Operations, in Ontario, for $425. The company announced earlier this week that three workers were trapped in a mine owned by Newmont located in western Canada. It also said the mine's operations had temporarily been suspended. It has used drones to assess geotechnical conditions and is focusing on reestablishing communication with trapped workers. According to LSEG, on an adjusted basis the miner reported a profit per share of $1.43 for the three-month period ended June 30. This compares with the analysts' average estimate per share of $1.18. Reporting by Vallari Shrivastava, Bengaluru. Editing by Devika Syamnath
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Trump EPA aims at repealing vehicle emission regulations after revoking the greenhouse gas endangerment findings
According to the summary of the proposal, the U.S. Environmental Protection Agency (EPA) plans to repeal the greenhouse gas emissions standards for light, medium, and heavy duty vehicles and engines within the next few days, after removing the scientific findings that justified these rules. The agency will likely state in a draft summary of its upcoming proposal that the Clean Air Act doesn't authorize it to impose emissions standards to address concerns about global climate change and that they will rescind their finding that GHG emission from new motor vehicles or engines is harmful to public health and welfare. The report is expected to cast doubt on the scientific evidence used to reach the conclusion. The summary states that "We propose as an alternative to rescinding the Administrator's conclusions because the EPA analyzed the scientific records in a way that was unreasonable and because recent developments have cast serious doubts on the reliability" of the findings. In its landmark Massachusetts v. EPA decision in 2007, the U.S. Supreme Court said that the EPA had authority under the Clean Air Act, to regulate greenhouse gases emissions. The court also required the agency make a scientific determination on whether these emissions endanger the public's health. In 2009, under the former president Barack Obama, the EPA issued a conclusion that emissions from motor vehicles contributed to pollution and endangered public health and welfare. The EPA's findings were upheld by several legal challenges, and they influenced subsequent greenhouse gas regulations. In the summary, it is also stated that the rationale for the repeal of the vehicle standards was that the technology required to reduce emissions could cause greater harm to the public's health and welfare. The administration of former President Joe Biden said that the standards would increase upfront vehicle prices, but save consumers money over time after taking into account lower fuel costs. According to a source who requested anonymity, the agency will announce its proposal in the next few days. The EPA announced that it sent its proposal for reconsidering the endangerment findings to the White House on June 30, for review. The agency announced that the proposal would be made public for public comment and notice once it had been reviewed by all agencies and signed by the administrator. The agency has not commented on the tailpipe regulations. The rescinding all vehicle emissions standards is the latest – and most comprehensive – attempt to end EPA tailpipe regulations that were predicted to reduce greenhouse gas emission by 49% in 2032 compared to 2026 levels. According to EPA statistics, 29% of U.S. emissions are from the transportation industry. To meet the requirement, the EPA predicts that between 35 and 56 percent of all vehicles sold between 2030 and 2032 will be EVs. The Trump administration has adopted a multi-pronged strategy to undo rules that were designed to increase vehicle efficiency, reduce fuel consumption and promote electric vehicles. This includes ending the $7.500 new EV credit and $4,000 for used EVs on September 30. It has also frozen billions in funding to states to support EV charging. According to legislation signed by Donald Trump in early August, automakers will not be fined for failing to meet fuel-efficiency standards dating back to 2022. In 2018, Chrysler's parent company Stellantis, which is owned by Chrysler, paid nearly $400 million in penalties between 2016 and 2019. GM paid $128.2 millions in penalties between 2016 and 2017. In June, Trump approved three congressional resolutions that barred California's mandates for electric vehicle sales and diesel engine regulations. Trump has approved a resolution that will bar California's historic plan to stop the sale of gasoline only vehicles by 2035. This plan was adopted by 11 states, representing one third of the U.S. automobile market. California has filed a lawsuit to reverse the repeal. (Reporting and editing by David Gregorio, Valerie Volcovici, and David Shepardson)
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Kew Gardens in London opens carbon garden to highlight the climate crisis
Kew Gardens in London will unveil a new garden devoted to carbon. The garden will not only highlight the importance of carbon in maintaining life but will also examine the role carbon dioxide plays in the current climate crisis, and how plants are able to combat it. The Carbon Garden, a permanent feature at the Botanical Gardens, will include 6,500 plants and 35 new trees, as well as a central structure inspired by fungi. It was first opened in 1759, and is now a UNESCO World Heritage Site. Richard Wilford, manager of garden design for Royal Botanic Gardens Kew, said, "The garden is intended to demonstrate the importance of carbon while also warning about the harm caused by increased carbon dioxide emissions." The year 2024 has been the hottest ever recorded, with global CO2 emissions from the energy industry reaching a record-high. The area will also feature signs that explain concepts like photosynthesis, a process in which plants convert carbon dioxide into organic material. It will also include a "dry garden" filled with plants such as the lavender, which can withstand heat. The garden was built by Wilford and his team in four years. It includes trees that were chosen for their ability to absorb CO2 and their resistance to future climate projections. Amanda Cooper, a PhD researcher who advised on the garden, suggested that planting more trees of this type would help combat climate change. Cooper stated that "by reestablishing woodlands and stopping deforestation we can hopefully reduce the amount of carbon dioxide being released into the atmosphere." It's still not enough because our factories and cars emit fossil fuel emissions. It's still a good start. (Written by Sachin Ravikumar, edited by Toby Chopra).
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Peru seizes four tons of black-market mercury destined for illegal gold mines
The Peruvian authorities stopped a shipment of four metric tonnes of mercury heading to Bolivia, allegedly for use in illegal gold-mining. This is the latest indication of the growing black market to meet the soaring demand of the precious metal. The container was passed off as crushed rock. However, the customs agency in Peru, SUNAT, said that an analysis revealed it to be laced with toxic mercury. In a press release, SUNAT stated that "we could determine that the mercury was being shipped in its natural form, concealed in shipments of crushed gravel." It was discovered at the Callao Port and it came from Mexico. According to an analysis of previous seizures conducted by the Environmental Investigation Agency, a Washington advocacy non-profit, the seizure is the largest ever recorded in the Amazon region where illegal gold mining has been widespread. According to the EIA, until now, the largest known shipment of gold in the region was about half its size. Gold prices have been soaring in recent months due to global trade uncertainty, which has made gold a particularly attractive investment. Gold prices have risen 28.5% this year, and reached a record-high of $3.500 per troy inch in April. Gold fever has caused deadly clashes in West Africa and Peru. The EIA alerted Peruvian officials to the shipment when it was researching illicit mercury shipments to Bolivia, Colombia, and Peru where miners used mercury to leach out gold from the sediment of the Amazon Riverbanks. The report said that higher mercury prices are driving illegal mercury production, and a spike has been seen in Mexico since the beginning of this year when traffickers paid an all-time high price per kilogram. The EIA released a report on Thursday that stated, "According the traffickers, the gold miners demand for mercury drove the sophisticated operation. It made it profitable." The investigation revealed that 200 tons were smuggled between April 2019 and 2025 from Mexico into Bolivia, Colombia, and Peru, resulting in an estimated $8 billion worth of illegal gold. Officials in Peru did not discuss the role played by the EIA when the contaminated gravel was discovered from Mexico. Reporting by Marco Aquino and Daina Beth Solon in Lima; Additional reporting by Polina Devtt; Editing done by Les Adler
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Sources say that the US is considering limiting authorizations to oil companies in Venezuela
Four sources familiar with the situation said that the U.S. administration of President Donald Trump is in talks with key partners, including Chevron, of Venezuela's PDVSA state-run oil company, to allow them to continue to operate within certain limits, in the sanctioned OPEC nation. The Washington pressure strategy adopted earlier in the year would be radically altered if Chevron and perhaps also PDVSA's European Partners were granted authorizations. In a statement, a senior State Department official stated that they couldn't speak about specific licenses granted to PDVSA partners. However, the U.S. wouldn't allow the government of President Nicolas Maduro to profit from oil sales. Two sources stated that the U.S. may now allow energy companies to pay contractors for oilfields and import necessary items to ensure operational continuity. A spokesperson for the company said that Chevron conducted its global business in compliance with the laws and regulations applicable in its industry, as well as sanctions frameworks set up by the U.S. Government, including Venezuela. These discussions are in response to a prisoner exchange that took place this month. Washington accused the socialist government of Nicolas Maduro's of violating democratic standards. Trump announced in February the cancellation of several energy licenses in Venezuela including Chevron’s and gave a deadline of late May for all transactions to be completed. Two sources said that the U.S. State Department imposed conditions on any modifications to authorizations this time, as it had done in May, when Grenell, a special presidential envoy, tried to extend licenses. This was to ensure no money reaches Maduro’s coffers. The Secretary of State Marco Rubio may decide to change the scope or ban the action at any time. Reporting by Marianna Pararaga and Timothy Gardner in Washington and Matt Spetalnick and Sheila Dang in Houston.
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Canada's First Quantum explores gold prepayment deal with Zambian mines
First Quantum Minerals, a Canadian mining company, is looking at a gold prepayment deal to boost its balance, according to CFO Ryan MacWilliam, who spoke to analysts on Thursday. The company is also exploring other options for raising funds, beyond selling a stake. Last year, the company explored a minority stake sales of its two Zambian mining operations. First Quantum announced on Thursday that while a stake sale was not off the table it would be looking at gold streaming deals for its Kansanshi Mine in Zambia. MacWilliam, speaking on an analyst conference call to discuss the company's quarter results, said: "We have seen record high gold price, which means that the gold prepayment or streaming market has been strong. It is an active market and it gives a variety options from a monetary perspective." A gold stream is a type of financing that a company offers to a miner as a way to finance future production. This is usually done at a fixed price. The shares of First Quantum rose 1% at the Toronto Stock Exchange last week. First Quantum's two mines in Zambia will be crucial assets after its Cobre Panama copper mining shuts down in 2023 due to a dispute between the Panamanian government and the company. The company stated that it is in active discussion with Panamanian officials for a possible resolution. Panama's highest court closed the mine following large protests. After months of negotiation, Panama President Jose Mulino granted the company permission to export copper concentrator from the mine, which was mined prior to the previous government ordering the shutdown. First Quantum has revealed that it spends $15 million a month on maintenance and care of the Cobre Panama Mine. This figure is expected to rise to $17 to $18 millions by the end this year. RBC Capital Markets reports that the company had $745 million of cash at the end the first quarter and $6.2 billion of debt. This compares to $751 millions of cash and $6.65 billion of debt in the same quarter in 2025. (Divyarajagopal, Toronto; editing by Nia William)
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EDF reports 17% decline in first-half profits due to low power prices
EDF, France's nuclear energy company, reported a 17% decline in its core profit for the first half of this year on Thursday. Low European power prices had eroded earnings due to higher nuclear output. The utility reported earnings before interest taxes, depreciation, and amortization (EBITDA) of 15.5 billion euro ($18.24billion) for the six-month period ending June, down from 18.7billion a year ago. The net debt was 50 billion euros at the end last year, a decrease from 54.3 billion euro at the same time. As it prepares for the construction of six new nuclear reactors in the next 15 months, Europe's largest nuclear power producer is impacted by low power prices. Prices continue to fall from the highs reached in 2022 and 203, as a result of a weakening industrial demand and boosted renewable energy production. The prices are now below what France's energy regulator estimates it costs to operate a nuclear power plant. EDF warned that the price declines would cause its EBITDA to fall by up to 9 billion euro this year. The CEO Bernard Fontana said that the company would provide a cost estimation for the new plants before the end of the year. A final investment decision will be made in the second half 2026. EDF said in a press release that the financing costs had been "under control" with the new bond issues worth around 7,4 billion euros, and a decrease in short-term interest rates.
TotalEnergies reports a 23% decline in its quarterly revenue as oil and gas prices fall
TotalEnergies announced a 23% drop in earnings for the second quarter on Thursday. This was the worst performance of four years by this French oil major. Higher upstream production could not offset lower earnings in oil, gas and refined fuels.
The adjusted net income for the three-month period ending June 30 fell from $4.7 billion a few months earlier to $3.6 billion, which is in line with analyst expectations as reflected in LSEG consensus. It was $4.2 billion lower than the first quarter.
Brent crude prices are down 20% from a few months ago. This is because OPEC+ producers, including members of the Organization of Petroleum Exporting Countries (OPEC) and their allies like Russia, have started to reverse the 2.17 million barrels a day production cuts they made in April.
Total's margins for refining oil into fuels are down 21% compared to last year, despite the slow recovery of the first half 2025 after a collapse in 2018. This was due to a sagging global demand and increased competition.
The company reported that its refining and chemical earnings were down 39% from a year earlier, but the integrated electricity unit had a profit of $574 million, which was higher than expected.
Total has confirmed that it will continue to offer share purchases of $2 billion during the third quarter.
The company also forecast a 3% rise in hydrocarbon production in the next quarter, compared to the same period last year.
(source: Reuters)