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Newmont reports three trapped people at Red Chris Mine in Canada
The company and an elected official confirmed on Wednesday that three workers were trapped underground in a mine owned by Newmont Corporation. A rescue operation is underway. Newmont announced that it had temporarily suspended operations at the Red Chris copper and gold mine in British Columbia. David Eby said that the premier of British Columbia had told local TV that three people were stranded overnight after an accident. He told a press conference on television that "to the best of our information, they are uninjured, and in a safe area." He said that his rescue teams were exceptional and would work overtime to get these workers safely home to their families. However, he did not provide any details. Newmont owns 70% of the mine that it operates. Imperial Metals Corp. holds the remaining 30%. Newmont reported that there were two "falling ground" incidents at the entrance to an underground area in a part of the mine which is not producing. This term describes when the walls or the ground of an underground mining begin to collapse. The company stated that the workers had been asked to move to a designated shelter station. The second "falling of ground" incident closed the communication route and blocked access. In a statement, a spokesperson for the company said that "the refuge stations are equipped to support extended stays with food, water and ventilation." The company has announced that it has implemented a "stand-down of operations" in Red Chris and is gathering specialist teams from nearby mining sites to respond. Newmont has said that it is working on restoring communication and safely bringing the team members up to the surface. (Reporting and editing by Franklin Paul, Aurora Ellis and David Ljunggren)
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Bloomberg News reports that Puerto Rico has ended negotiations with New Fortress Energy for a $20 billion LNG contract.
Bloomberg News reported Wednesday that Puerto Rico has ended negotiations to negotiate a $20 Billion liquefied gas contract with New Fortress Energy. The report was based on a negotiator. The report stated that New Fortress refused to discuss any changes to the contract, and also missed a crucial deadline. It cited Osvaldo Lnares, President of Recoms Group - the third-party procurement office on the island. New Fortress shares fell by more than 3% during afternoon trading. Stocks have fallen more than 75% over the last six months. The U.S. Energy firm has struggled to secure LNG on long-term contracts for its power generation operations. The company has been trying to improve its finances and raise cash by partnering with its main businesses and selling assets after deferring a dividend for shareholders last year. Linares Energy and New Fortress Energy didn't immediately respond to comments. Bloomberg News reported earlier this month that Puerto Rico's financial regulator had stopped the deal due to monopoly concerns. Bloomberg reported on Wednesday that as a result, Puerto Rico is now in talks with four companies about providing LNG to the island through 30-day emergency contracts. Linares said to Bloomberg that his agency had sent a formal notification to Puerto Rico’s oversight board about the end of negotiations. The Financial Oversight and Management Board of Puerto Rico has not responded to an immediate request for comment. Reporting by Vallari Shrivastava, Bengaluru. Editing by Tasim Zaid and Devika Syamnath
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Sources say that EU and China are planning a joint statement on climate changes
EU diplomats have confirmed that the European Union and China will be preparing a joint statement on climate change during a summit to be held in Beijing on April 14. The European Commission's Ursula von der Leyen, and the European Council's Antonio Costa are visiting Beijing on Thursday to meet with Chinese President Xi Jinping and other senior officials. The climate declaration will not include any new pledges but rather reaffirm both sides' commitment to addressing climate change despite other issues such as trade disputes and Russia’s war in Ukraine. According to the diplomats who spoke on condition of anonymity, the summit will not produce major agreements or statements on other issues. China and the EU both pledged new commitments for reducing greenhouse gas emissions ahead of this November's U.N. COP30 Climate Summit in Brazil. Both missed the February deadline set by the U.N. to present their new pledges. The two countries' joint pledge on global warming would also be in contrast with the U.S. administration of President Donald Trump, who has pulled America's largest economy out of international climate negotiations and reversed U.S. CO2-cutting policy.
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Colombia's Petro has threatened to change Glencore's contract regarding Israel coal exports
The Colombian president Gustavo Petro threatened on Tuesday to unilaterally change Glencore's contract with the government if it continued to export coal to Israel. However, the company claimed that the shipments had already stopped in accordance with a presidential order. Petro, who spoke at an event organized by the Community of Latin American and Caribbean States for CELAC on energy, said: "I'm willing to unilaterally alter the concession contract." The president warned that, if Glencore refused to comply with his order to suspend the shipment of coal from the mine, he would call on the local communities to blockade the mine. The company responded by saying that it had already complied with the order. "Cerrejon acted according to the decree issued by president Petro." Our last coal shipment was made two weeks before President Petro's decree took effect, the company said. Petro suspended Exports of fuel sources Israel's attack on the Gaza Strip. Israel's Foreign Ministry did not respond immediately to a comment request. The Cerrejon mine, which is located in Colombia’s northeastern La Guajira Province, is among the largest open-pit export coal mines in the world. The mine includes a 150-kilometer-long (93-mile-long) railway and a Caribbean Sea port. Cerrejon will reach 19 million metric tonnes in 2024. The company announced in March that it would reduce its annual production of thermal coal by 5 to 10 million tons because of low mineral prices. (Reporting and editing by Kym Madry; Julia Symmes Cobb, Nelson Bocanegra)
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New Ghana mining legislation will shorten the licence period and boost community investment
Ghana will shorten the duration of mining licenses and require direct revenue sharing with local communities as part of its most comprehensive mining law reforms since nearly 20 years. Details were announced on Wednesday by a government ministry. The planned overhaul is part of a wider trend in West Africa where governments are rewriting their mining codes to maximize the value from rising commodities prices. Emmanuel Armah Kofi Buah, Minister of Lands and Natural Resources in Ghana, said that the changes - which include scrapping the automatic renewal for some licences – will only apply to future contracts. This is a departure from Mali and Burkina Faso, where military-led government have retroactively applied reforms. Buah, at a presentation held in Accra, the capital of Ghana, said, "In Ghana, there are no retroactive laws." Existing agreements will be respected and sanctified. After extensive stakeholder consultations, he said that the overhaul of Minerals and Mining Act and the mining policy had been completed to 85%. DEVELOPMENT REQUIREMENT Ghana, Africa's largest gold producer, is expecting production to increase to 5.1million ounces in this year. Newmont, Gold Fields, AngloGold Ashanti, Zijin, Asante Gold, Perseus, and Gold Fields are the major miners of Ghana. The country also exports manganese and bauxite, with plans to begin lithium production. According to the proposed changes in the law, prospecting licenses will no longer be granted indefinitely. The maximum period for mining leases, which is currently 30 years, would be reduced by a shorter time agreed upon between the government and companies. Companies that fail to meet their environmental, social and production obligations will lose the automatic renewal of their licence. The government is planning to eliminate development agreements in which companies pay money to the central authority. Companies will instead be required to sign agreements that commit a certain percentage of the gross mineral sales revenues to funding local development projects. The government is seeking to address the long-standing complaints from communities who feel they have received little benefit from mining operations. The reforms propose a three-tier regime for mineral rights, with a new category of medium-scale licenses to bridge the gap that exists between large multinational operators (such as mining companies) and small-scale artisans. A reduction or elimination of stability agreements is also being considered. These agreements currently provide large investors with up to 15-years of tax and regulatory protection. Future agreements will only cover capital recovery periods.
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Saipem, an energy contractor, posts a 39% increase in its second-quarter core profits
Saipem, an Italian energy contractor, reported on Wednesday a 39% increase in its core earnings for the second quarter and confirmed its outlook for this year. The adjusted earnings before interest taxes, depreciation, and amortization (EBITDA), between April and the end of June, were 413 million euro ($485 millions), beating an analyst consensus compiled by LSEG, which was 395 million euro. Saipem’s offshore, engineering and construction and business were the main drivers of growth during the second quarter. The group was able to finish orders from the first quarter. The amount of new contracts signed in this period was 2.2 billion Euros, compared to 4 billion Euros in the same period last year. These were mainly concentrated in its Energy Carriers division. These included activities related to the expansion of Eni’s biorefinery in Venice, as well as a project involving Eni’s carbon storage and capture facility at Liverpool Bay, Northern England. The Milan-based company, which announced in February a preliminary merger agreement with Subsea 7 of Norway, said that its net profit rose by 3% in the second quarter to 63 millions euros compared to the same period last year. ($1 = $0.8513 euros) Reporting by Francesca Landini Editing Keith Weir
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Sources say that California has taken a rare step to find a buyer for the Valero refinery in order to prevent its closure.
Three sources familiar with this matter have confirmed that California officials are looking for a buyer to take over the Benicia refinery of Valero Energy, located near San Francisco. This is an unusual move, as the company plans to close the facility by April. California's 28 million drivers, who already pay some of the highest gasoline prices in the nation, are now concerned about protecting the fuel supply in their state. California's efforts to prevent the refinery from shutting down also mark a shift in government policy from recent years, which has focused on championing green initiatives and limiting fossil fuel use. This has led to a often tense relation between the state, and oil companies, such as the second largest refiner of the United States by capacity. Three sources, who spoke on the condition of anonymity in order to discuss private discussions, said that the California Energy Commission, the state's main energy and policy planning organization, has actively sought out buyers for the plant. The CEC refused to confirm whether or not it has directly engaged with buyers of the facility, but it acknowledged that it is working hard to ensure that the facility remains open. In an email, the agency stated that it was "engaging with market players" to explore ways of continuing the operation of refineries in the state. Valero did not reply to requests for comment on its earnings report, due out Thursday. Earlier this year, Valero announced its intention to cease operations by April 2026 at the 145,000-barrel-per-day San Francisco-area refinery amid worries about California's declining fuel supplies and high gasoline prices. San Antonio, Texas based refiner also You can also read about If it will continue to operate the remaining refineries in California including the 91.300-bpd Wilmington Plant near Los Angeles. Phillips 66 announced last October that it would shut down its Los Angeles area refinery due "market dynamics", and will begin winding down operations in October at the 139,000 bpd facility. Together, the two refineries produce 17% of California's gasoline. The closure of these refineries, along with other closures or refineries that have been converted to produce renewable fuels like Phillips 66 Rodeo last year, would leave California more dependent on expensive fuel imports. According to the industry association AAA, California's average regular gasoline price on Wednesday was $4.484 per quart, the highest nationwide. The average U.S. gasoline price is $3.155. According to studies by the University of California Davis, and the University of Southern California, refinery closures may push up the average price of gasoline from $6 per gallon to $8 per gallon. BUYER UNIVERSE Experts in the industry have warned that it could be difficult to reach an agreement by April, when Benicia is scheduled to close. Traditionally, a thorough sale process that includes ample time for bidders and their representatives to perform due diligence and negotiate a price acceptable takes place over a period of several months. Refinery sales can take up to six months even after an agreement has been reached. Skip York, Turner, Mason & Co.'s chief energy strategist, said that completing the project would require a very aggressive time frame. Sources claim that CEC has contacted HF Sinclair about Benicia. Two people with knowledge of the matter say that the refiner and fuel supplier was in negotiations with Valero about Benicia last summer, but the talks collapsed due to an environmental issue. HF Sinclair has not responded to any requests for comment. A source confirmed that the CEC had also reached out to parties who owned fuel-producing facilities in Europe. Multiple sources said that the strict environmental standards of the European Union would make it more appealing to operate in California. California's climate-first policy has caused a conflict between the state and American energy companies. They have accused California of creating tough business conditions, as well as driving up gas prices. California's green agenda has also caused tensions with the federal government. The U.S. president Donald Trump signed last month a congressional measure to block California's historic plan to stop the sale of gasoline only vehicles by 2035. California and ten other states have filed a lawsuit to challenge the repeal. California's Energy regulator recommended last month new rules that would encourage more private investments in fuel imports, and a suspension of refiner profit limitations in response to Governor Gavin Newsom’s call for reliable supplies of fuel and an attempt to save struggling refiners within the state. Newsom's Office declined to comment. Reporting by Nicole Jao in New York, David French in London and Shariq Kan in New York. Editing by Marguerita Chôy
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Sources say that China's Zijin is leading the race to purchase Barrick's Tongon gold mine in Ivory Coast.
Two sources familiar with the matter said that China's Zijin Mining was the frontrunner for Barrick Mining to purchase the Tongon gold mine located in northern Ivory Coast. The deal could be worth up to $500m. Barrick, third-largest gold producer in the world, has shifted its focus to high-margin assets with long-term life, and is focusing more on copper, as well as strategic operations in Africa, and the Middle East. The company suspended operations at its Loulo-Gounkoto mining complex in Mali, after the military government of that country blocked exports, arrested staff and seized 3 tons of gold over a dispute about its new mining codes. Two sources confirmed that Barrick appointed TD Securities in Canada and Treadstone Resource Partnership in Australia to provide advice on the sale of Tongon, which Barrick claims will produce 148,000 ounces gold by 2024, worth $504 million at current prices. Barrick anticipates that the mine will enter care and maintainance by 2027, due to its declining resources. The Canadian miner said it would not comment on speculation in the market. TD Securities and Treadstone have not responded to requests for comments. Zijin is one of China's biggest gold and copper producers. It has recently acquired properties in South America and Central Asia. Tongon's interest comes after Chinese state owned enterprises invested more than 50 billion dollars in African mining projects in the last decade, with a focus on bauxite and copper. A mining executive said that Zijin was leading the bid for Tongon because of its financial strength. He added that the asset's value is around $300 million, and Zijin will likely offer much more than that to secure the asset, possibly up to $500,000,000. Second mining executive confirms Zijin’s lead, but says a local Ivorian firm, which he refused to name, is also in the running. Zijin, according to the executive, did not seem to be in favour of forming a joint venture to purchase the Tongon mine despite it being the preferred option for the Ivorian Government. Zijin has not responded to a comment request. Officials from the Ivory Coast Ministry of Mines stated that they didn't have the most recent information about the proposed sale and declined to comment on what the government wanted. The first executive stated that a final decision will be made on the winning bidder later this month. This is subject to regulatory approval. Deal could fall through, or be delayed. Barrick has reshaped its portfolio. It completed a $1 billion deal to sell its 50% stake in Alaska's Donlin Gold Project and agreed to divest the historic Hemlo Mine in Canada. This marks its exit from gold production in Canada. A military helicopter in Mali airlifted the gold from Loulo-Gounkoto earlier this month. This was just a few days after the court-appointed administrator had announced his plans to sell the bullion to fund the operation. Zijin purchased a 9.9% share in Canada's Montage Gold, which develops the Koney Gold Project in Ivory Coast. In October, Zijin paid $1 billion to Newmont for its Akyem Gold Mine. Barrick owns 89.7% of Tongon. The Ivorian government holds 10%, and local investors hold the remaining 0.3%. Maxwell Akalaare Adombila (Reporting) Additional reporting by Loucoumane Coulibaly; Polina Devitt & Amy Li, Editing by Veronica Brown and Kirby Donovan
Greece will draft urgent reforms in order to address water scarcity, says PM
The rapid decrease in water levels of Greece's reservoirs shows the water scarcity issues the country faces due to climate changes, said Prime Minister Kyriakos Mistiakos on Wednesday. Urgent reforms are required.
Mitsotakis informed ministers that the water level in reservoirs that feed the capital Athens has dropped by 50%. The meeting was to discuss strategies to address water-related problems expected to arise in the next thirty years.
Data showed that Europe was the continent with the fastest rate of warming.
Last year, Greece, located on Europe's southernmost frontier, and using about 10 billion cubic meters of water per annum, had its warmest summer and winter on record. Some areas had no rain for months.
He said that based on data, his country was ranked 19th worldwide in terms of the threat of water scarcity. "It's clear that Attica has seen its reserves drop by over 50% since 2022."
He said that the water levels in dams have fallen to historic low levels. This means that they are producing less electricity.
Greece will concentrate on desalination, and water recycling in order to produce more water. Government officials said that it is also looking at pumping water out of dozens coastal springs.
Mitsotakis stated that more than 1,200 water projects, including irrigation, were underway. Greece has been planning to consolidate its hundreds of local water providers that are indebted for months.
Greece also needs to deal with the issue of water leakage. Government figures show that the country loses half of its drinking water due to leaky pipes and theft - almost twice as much as the EU average (23%).
The EU launched a campaign against the water crisis caused by climate change, which it claims affects 38% its population. (Reporting and editing by Ed Osmond, Renee Maltezou)
(source: Reuters)