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Sunshine Silver to Value US IPO at $2.32 Billion
'Sunshine Silver Mining & Refining Company' is aiming for a valuation of up to $2.32 bn in its U.S. initial?public offering. The company wants to raise funds to restart a silver, antimony, and other mineral mine in Idaho. The Kellogg company, based in Idaho, is looking to raise $330 million through the sale of?20 millions shares at a price between $13.50 to $16.50 per share, according to a statement made on Tuesday. North?American companies are preparing to test investor interest in new?listings, after metals like silver saw a spike in demand this year. Barrick Mining is mulling over a potential listing of its North American 'gold assets' and McEwen Copper has a planned IPO that aims to raise $300 million to fund the copper project in Argentina. Sunshine Silver was founded in 2010 and focuses on the purchase, redevelopment, and operation of precious-metal?assets throughout North America. The company plans to restart and expand an old mine that was shuttered in Idaho's Silver Valley, which is one of the most historic silver producing regions?in?the United States. The Electrum Group, Ospraie Management and The Electrum Group are among its backers. The filing states that Electrum expects to retain more than half of Sunshine Silver's outstanding stock shares after the completion of its IPO. Sunshine Silver is slated to?list at the New York Stock Exchange under the symbol SSMR. The joint book-running managers are Morgan Stanley, Scotiabank and BMO Capital Markets.
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PGE's first-quarter net profits falls by nearly 20%
PGE, Poland's largest utility, reported lower net profits in the first quarter as a result of a decline in power sales margins and higher carbon emissions costs. This was due to a decrease in heating demand and production from new gas units. The company reported a net loss of nearly a fifth compared to a year ago. Retail margins from electricity sales fell from 621 millions zlotys (64 million dollars) to 234million zlotys ($64million), as caps on household rates prevented it from passing on higher wholesale costs. * The net profit of the state-controlled firm?fell from 2.42 billion to 1.94 billion Zlotys compared with a previous year. * The reported?earnings after interest, taxes and depreciation (EBITDA), dropped by?5%, to 4,08 billion zlotys * PGE’s net electricity production grew by 3%, to 16,49 terawatt-hours. This was driven by lower temperatures outside that increased heat generation by 13% The core profit of 365 million zlotys fell by 51% in the supply segment due to lower wholesale and retail electricity margins * Rising emissions costs also impacted earnings. * Rising emission costs also impacted earnings. * The coal energy sector saw its core profit drop 39% to $249 million zlotys. This was due to a $344 million zlotys negative change in provisions for onerous contract and lower lignite production ($1 = $3.6434 zlotys). (Reporting from Rafal Nowak, Gdansk. Editing by Matt Scuffham.
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HIGHLIGHTS-Tennis-French Open day three
Highlights from the third day of the French Open, Tuesday (times GMT). 1610 DE MINAUR?THROUGH BLOCKX WITHDRAWAL Alex De Minaur has moved to the third round after Alexander Blockx, his opponent from the second round, withdrew due to an ankle sprain. 1510 GAUFF &?OSAKA THROUGH SECOND RUND The defending champion,?Coco? Gauff, beat Taylor Townsend by a score of 6-4 6-0 and advanced to the second round. Naomi Osaka defeated Laura Siegemund of Germany with a score of 6-3, 7-6(3). 1346 INJURED NORIE RETIRES Cameron Norrie, Britain's 20th-seed, retired after taking a timeout for medical reasons in the second game. It looked as if he had suffered a rib injury. The 30-year-old retired for the first time from a match at a level above ITF. READ MORE Sabalenka's French Open run is quick and effective Gauff wins the Paris title by edging out Townsend Medvedev defeated by wildcard Walton in French Open's first round Pre-show: Sabalenka and Gauff, both of whom are sinners, enter the fray. Swiatek wins, Wawrinka and Monfils close French Open chapters Monfils wants to be like Ronaldo and LeBron, after Roland Garros' farewell Osaka?ramps fashion stakes before winning first round at the?French Open Kouame, a teenager, becomes the youngest Grand Slam male match winner in 17 years 1334 AUSTRALIAN WILDCARD WALTON MEDVEDEV The six-seed Daniil Medvedev was knocked out at the first hurdle by Australian wildcard Adam Walton. Walton stunned the 30-year old 6-2 1-6 6-1-2 1-6 6-4 in order to advance. 1225 ARYNA SABALENKA BLAZES PASS JESSICA BOUEZAS MANEIRO The top-seeded Belarussian Aryna 'Sabalenka started her quest for a first clay Grand Slam title by beating Jessica Bouzas Maneiro 6-4 6-2. Play Under Way 0908 The temperatures in Paris were around 28 degrees Celsius, and it was forecast that they would rise to approximately?33 later in the day. Aryna Sablanka, world number one, and the top seed will begin proceedings on Court Philippe-Chatrier by facing Spain's Jessica Bouzas?Maneiro. FRENCH OPEN ORDER OF PLAY ON TUESDAY (prefix number denotes seeding): COURT PHILIPPE CHATRIER (play starts at?1000 GMT) 1-Aryna Sabalenka (Belarus) v Jessica Bouzas Maneiro (Spain) Alexandre Muller (France) v Stefanos Tsitsipas (Greece) Taylor Townsend v Coco Gauff (U.S.A.). 1-Jannik Sinner (Italy) v Clement Tabur (France) COURT SUZANNE?LENGLEN Adam Walton (Australia) v ?6-Daniil Medvedev (Russia) Laura Siegemund (Germany) v 16-Naomi Osaka (Japan) 22-Anna Kalinskaya (Russia) ?v Lois Boisson (France) 4-Felix Auger-Aliassime (Canada) v Daniel Altmaier (Germany) COURT SIMONNE MATHIE (play starts at 0900 GMT). Marin Cilic v Moise Kouame Vit Kopriva (Czech Republic) v 30-Corentin Moutet (France) Hanne Vandewinkel vs 19-Madison Keys Kimberly Birrell, Australia v Jessica Pegula, U.S.A. (Reporting and editing by Ken Ferris in Bengaluru).
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First oil cargo to Asia from US emergency reserves in 3 years
The first shipment of U.S. emergency reserves oil to Asia in 2022 was crude oil from the U.S. strategic?Petroleum reserve, according to ship tracking data. Asia receives 80% of its oil through the Strait of Hormuz. This is a crucial chokepoint which has been largely closed for the past three months due to the Iran War. The Strait of Hormuz has been closed for three months, disrupting global oil supplies. Physical crude prices have reached record levels. Some importers are now looking to find new suppliers. The Greek flagged Very Large Crude 'Carrier Arosa' loaded 616,000 barrels from the Bryan Mound Strategic Petroleum Reserve in Texas in early may and is expected to arrive in Bataan in early July. This was shown by a bill-of-lading. The vessel is chartered by Shell and co-loaded with 700,000 barrels?U.S. Thunder Horse sour. Sharon Garin, Philippines' Energy Secretary, said that the Philippines is diversifying its energy sources amid a shortage in Middle Eastern barrels. The government has also been looking at producers from the U.S.A., Canada and Colombia, as well U.S. waivers for Russian seaborne oil. Kpler reports that the Southeast Asian nation hasn't received crude oil from the U.S.S.A. since February 2020. It gets most of its crude oil from Saudi Arabia and the United Arab Emirates, as well as Iraq. The last time the U.S. sent barrels of its "emergency reserves" to Asia was in November 2022 when the Biden administration released 180 million barrels to dampen energy shocks after Russia's invasion. The U.S. has begun releasing 172?barrels of oil from the SPR in order to fight the rising crude prices. This is because the 'war in Iran' has disrupted global supplies and the Strait of Hormuz is largely closed. This is part of an international effort to release 400 million barrels of crude oil at a record rate. According to data from ship tracking, U.S. SPR has already been heading to the Mediterranean, northwest Europe and the Balkans. Reporting by Georgina Mccartney in Houston Editing and rewriting by Rod Nickel
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Sign partnership agreement between the US and Armenia ahead of Armenian elections
U.S. Secretary?of State Marco 'Rubio signed a strategic partnership agreement with Armenian Foreign Minister Ararat Mirzoyan in Yerevan, Armenia on Tuesday. This was less than two weeks prior to parliamentary elections in this South Caucasus nation. Rubio's visit comes at a time when Russia has threatened to impose economic pressure on Yerevan because of its growing ties with the West. They will raise the prices Armenia pays for Russian Gas if it turns away from integration. On June 7, Armenia holds an election in which Prime Minister Nikol Pashinyan’s Civil Contract Party faces an array of opposition groups, many of whom are pro-Russian. Rubio and Mirzoyan signed also a framework on critical minerals, and another agreement on cooperation regarding a 43-km-long (27-mile-long) proposed transit corridor through southern Armenia. This would provide Azerbaijan with a direct route into its exclave?Nakhchivan as well as Turkey, Baku’s closest ally. The corridor, also known as the "Trump Route for International Peace and Prosperity" (TRIPP), is a crucial part of a 'peace agreement' reached in August last year between Armenia and Azerbaijan. Both countries have been at war with each other since the late 1980s. There has not been a formal peace agreement signed. This route would bypass Russia and Iran, better connecting Asia with Europe at a moment when U.S. president Donald Trump expressed an interest in mineral deals with resource-rich Central Asian nations to the east the South Caucasus. Iron, copper and zinc mining and other mineral extraction is a major part of Armenia's economy. RUSSIA STRAINED ITS TIES Rubio stated at the signing ceremony on Tuesday, "We will be able to collaborate to ensure that both our countries and both our economies?will have reliable access to?these critical minerals." Armenia's closer ties with the West have been intensified under?Pashinyan. Last year, Armenia adopted a law to kick-start its accession to the?European Union. Yerevan has drawn Russia's anger after hosting a high profile EU summit earlier this month. The Kremlin has warned that the price increase of gas would have a major impact on Armenia. This week, Russia banned the import of Armenian brandy, mineral water and?flowers as a sign of its anger at Yerevan for warming up to the West. Michael Martina reported from Yerevan, and Lucy Papachristou wrote in Tbilisi. Kevin Liffey edited the piece. Emelia Sithole Matarise and Chiara Rodriguez provided editing.
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China investigates the mining disaster that claimed 82 lives.
State media reported that a preliminary investigation into the 'deadliest mining disaster in China in over 15 years' revealed unmarked tunnels, fake doors, and missing trackers. The government has pledged to investigate the incident thoroughly, despite the fact that it is still early in the process. A gas explosion at the Liushenyu Mine in the coal-rich Shanxi province in northern China killed 82 people late Friday night. State media reported that two people were still missing and 128 others hospitalized. This is the worst mining accident to have occurred in China since 2009. A gas explosion in the Xinxing Mine, in Heilongjiang Province, killed 108. The cause of the fatal incident is still under investigation. However, the official Xinhua News Agency on Tuesday stated that hidden mining tunnels and falsified drawings, as well as unregistered and outsourced miners who were not provided with life-saving location tracking devices, all contributed to the incident. 'YIN-YANG DRAWINGS' Xinhua reported that the mine controlled by Shanxi Tongzhou Coal Coking Group maintained two different sets of plans and systems for surveillance. The mine, controlled by Shanxi Tongzhou Coal Coking Group, maintained two separate sets of plans and surveillance systems. I was unable to contact any officials of the company as, according to state media, they were detained. The coal mined in these tunnels, which are not regulated and hidden from view, is not included in official production figures and was tax-free. Two sets of plans are colloquially known as "yin yang drawings". One set is kept out in the open so that inspectors can examine it, and the second one is kept hidden. The national mine safety authority has stated that despite crackdowns in China, similar profit-driven practices continue to be commonplace in coal mines. Xinhua reported that the Liushenyu Mine "used wire mesh, woven plastic sacks sprayed in mortar to make fake doors which looked like the rock walls of the mine tunnel." The workers would have been tipped-off by someone on the outside when inspectors arrived, and would then close the fake doors, spreading coal ash over them to blend in with the rest. ALARMS FOR MISSING TRACKERS In order to evade detection, the mine operator hired subcontracted labour to work in the concealed tunnels without providing them with required ?identification-location trackers or logging them in the official entry record. The authorities would have been able?to monitor the location of the underground miners if they had been equipped with trackers. This was true even in an emergency situation. According to CCTV footage aired on Monday, when the blast happened on Friday, only 124 workers were underground. The mine was actually staffed by 247 people, which means that 123 of them were not tracked in the tunnels. State media reported that the lack of accurate maps, and information about miners' locations has severely hindered rescue operations. In a separate report, Tuesday, the state radio broadcaster revealed that Liushenyu Mine - classified as "high-gas" mine with elevated blast risks - had also deliberately avoided installing gas-monitoring devices to evade further authorities' supervision. Authorities were aware of the issues before Friday's tragedy. The mine operator in 2025 was fined by regulators after they discovered hidden working faces. However, this penalty did not serve as a deterrent and the company continued to produce illegally. Following the incident, some mines in China halted production or reduced it for safety inspections.
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Oklo speaks in discussions on using US Cold War plutonium for nuclear fuel
Nuclear power company Oklo said?on? Tuesday that the U.S. Energy Department has selected it for advanced talks about taking Cold War era plutonium - a dangerous, fissile substance - for use as potential fuel for nuclear reactors. Last year, it was reported that the Trump Administration plans to provide about 20 metric tonnes of Cold War-era Plutonium? from dismantled warheads to U.S. energy companies for use as reactor fuel. About a year ago, President Donald 'Trump' signed an executive ordnance ordering the U.S. Government to stop a large part of its program to dilute plutonium and dispose of it and use it instead as fuel for advanced nuclear technology. Energy?department has surplus U.S. Plutonium. It is stored in heavily guarded weapons sites, including those in South Carolina and Texas. Oklo plans to work with newcleo - a European firm that wants to build nuclear reactors of the highest technology. Oklo stated that Newcleo could bring experience in fuel and capital for projects, but only after obtaining the necessary approvals, agreements and U.S. safety and security requirements. Jacob DeWitte, co-founder of Oklo and CEO, said: "This program provides a way to use surplus material to fuel advanced reactors sooner. "Materials that have been set aside as a?disposal could instead be 'converted into fuel for electricity production." Stefano Buono is the CEO and founder of newcleo. He said that using plutonium for fuel would reduce U.S. nuclear liabilities. Democratic U.S. legislators have urged Trump not to proceed with his plan to use surplus plutonium as fuel. They say it is a proliferation threat and would require enough plutonium to build 2,000 atomic weapons. Chris Wright, the U.S. Energy secretary, was a member of Oklo before joining Trump's cabinet. His department didn't immediately respond to an inquiry for comment about the talks, or how the material will be kept secure. (Reporting and editing by Alexander Smith; Timothy Gardner)
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China investigates the mining disaster that claimed 82 lives.
State media reported on Tuesday that the initial investigation into the China's deadliest mining disaster in 15 years revealed unmarked tunnels, fake doors, and missing trackers. The government has vowed to leave no stone untouched. A gas explosion at the Liushenyu Mine in the coal-rich Province of Shanxi, in northern China, killed at least 82 people late Friday night. State media reported that two people were still missing and 128 others hospitalized. This is the worst mining accident to occur in China since 2009. A gas explosion in the Xinxing Mine, in Heilongjiang Province, killed 108 workers. The cause of the fatal incident is still under investigation. However, the official Xinhua News Agency on Tuesday stated that hidden mining tunnels, false?drawings, and outsourced, unregistered, and unregistered miners who were not provided with life-saving location tracking devices, contributed to the incident. 'YIN-YANG DRAWINGS' Xinhua reported that the mine controlled by 'Shanxi Tongzhou Coal Coking Group' maintained two different sets of plans and surveillance system. The mine, controlled by?Shanxi Tongzhou Coal Coking Group, maintained two separate sets of plans and surveillance systems. According to the state media, officials of the company were detained. The coal mined from the unregulated and hidden tunnels was not included in official production figures. Two sets of plans are colloquially known as "yin-yang" drawings: one is kept 'in the light for the inspectors to examine and the other in the darkness. The national mine safety authority has stated that despite crackdowns in China, similar profit-driven practices continue to be commonplace in coal mines. Xinhua reported that the Liushenyu Mine "used wire mesh, woven plastic sacks, and mortar to create fake doors which looked like the rock walls of the mine tunnel." The workers would close the fake doors and smear the coal ash on them to blend in with the rest. ALARMS FOR MISSING TRACKERS In order to evade detection, the mine operator hired subcontracted labour to work in the concealed tunnels without providing them with required identification-location trackers or logging them in ?the official entry record. If the trackers had been used, authorities could have monitored where the miner was underground. According to CCTV footage shown Monday, only 124 people were underground when the blast happened on Friday. The mine was actually staffed by 247 people, which means that 123 of them were not tracked in the tunnels. State media reported that the?lack' of accurate maps, and information on miners' locations has seriously hampered rescue efforts. In a separate report, Tuesday, state radio broadcaster said that the Liushenyu Mine - classified by authorities as a high-gas mine with an elevated blast risk -- also avoided installing gas monitoring?equipment in order to evade their supervision. Before Friday's tragedy, authorities were aware of the issues. The mine operator in 2025 was fined by regulators after they discovered hidden working faces. However, this penalty did not serve as a deterrent and the company continued to produce illegally. After the incident, some mines in China halted production or reduced it to allow for safety inspections.
Iran war closes US to being net crude exporter first time since World War Two
Last week, the U.S. almost became a net oil exporter for the first since World War Two. Shipments surged to near-record highs to meet the demand of Asian and European buyers scrambling in order to replace Middle East supply?cut off by the Iran War.
The U.S.-Israeli war against?Iran has caused the biggest ever disruption in the global energy markets. Iranian threats have stopped a fifth of oil and gas from the world transiting through the Strait of Hormuz.
Refiners who depend on these supplies in Asia and Europe have purchased alternative cargoes wherever possible, thereby boosting the demand for oil produced by the United States, the largest producer of the world.
Analysts and traders claim that the U.S. export capacity is quickly approaching.
According to U.S. data released Wednesday, net imports of crude, or the difference between exports and imports, decreased to 66,000 barrels daily last week, the lowest ever recorded in weekly data dating back to 2001. Meanwhile, exports increased to 5.2 millions bpd, which is the highest since seven months.
Data showed that the U.S. last exported crude oil on an annual basis in 1943.
Janiv Shah, Rystad's vice president for oil markets and the Atlantic Basin, says that rising U.S. crude oil exports show that buyers in Asia are looking further out to find available oil, as regional differences in oil prices cover shipping costs.
In recent months, countries such as Greece purchased U.S. crude oil for the first time.
According to the ship tracking service Kpler, about 2.4 million barrels per day, or 47%, of U.S. imports last week went to Europe. About 37% of the U.S. exports last week, or 1.49 million bpd (about 1.4 million bpd), went to Asia. This is up from 30% one year ago.
The Netherlands, Japan France Germany and South Korea were the top buyers.
Kpler data revealed that a vessel with 500,000 barrels was on its way to Turkey. This would be the first U.S. import to Turkey in at least one year.
BENCHMARK BRENT SOARING MAKES US OIL ATTRACIVE
Imports into the U.S. dropped more than one million bpd, to 5.3 millions bpd, last week. The U.S. imports much of its crude because its refineries can only handle heavier grades, which are more sour than the lighter sweet crude that it produces.
Last month, the disruption in Middle East oil supplies blew up the Brent crude premium over U.S. West Texas Intermediate Crude Futures to $20.69 per barrel, which reduced U.S. buyer's appetite for imports while making U.S. Crude attractive to refiners across Europe and Asia.
According to LSEG traders and data, the price of crude oil?cargoes destined for immediate delivery in Europe reached a new high on Monday.
Exports are approaching capacity
Matt Smith, a Kpler analyst, said that U.S. exports will likely reach 5.2 million bpd in April. Smith added that monthly, exports have been pushing against their capacity limits.
Analysts and traders said that the U.S. could export up to 6 million barrels per day, citing the limited capacity of pipelines and vessels. Government data shows that its exports reached a record of?5.6m bpd by 2023.
The market has already tested the export limit with 5.2m bpd last week. "Every incremental barrel costs more than the previous one in terms of freight and logistics," said Bekzod Zhritdinov.
Shah of Rystad said that a release of'medium-sour crude' from the Strategic Petroleum Reserve would allow more U.S. crudes with low sulfur to be exported. He added that a shortage in tankers and higher freight costs could affect the export demand.
As of Wednesday, about 80 supertankers with empty cargo were headed to the Gulf of Mexico, where they will likely pick up crude oil in April and May. Rohit Rathod is a senior analyst for Vortexa.
(source: Reuters)