Latest News
-
Al Obeikan and Northern Graphite form a joint venture to build a battery anode factory in Saudi Arabia
Northern Graphite announced on Wednesday that it had signed a preliminary deal with Saudi Arabian investment group Al Obeikan 'Group, to develop and operate a large battery 'anode materials facility in Saudi Arabia. The Canadian'miner' said the approximately $200 million facility will have an initial capacity of 25,000 tons per year, with debt funding sourced from Saudi Government Finance Agencies and global commercial banks. Northern Graphite's shares soared by about 30% in the morning trading to C$0.32. Why is it important? As companies rush to secure battery materials for electric vehicles, the demand for graphite has increased. Northern Graphite stated that the facility will be scalable in the future to meet the 'rapidly increasing global demand for graphite materials sourced outside of China. CONTEXT The United States is one of the countries that has increased its efforts to reduce dependency on China as the world's largest graphite producer. Saudi Arabia also wants to diversify their economy and move away from its oil-dependent status by expanding into other industries and positioning themselves as a global hub for investment and tourism. By the Numbers Al Obeikan will own 51%, while Northern will hold the rest. The Canadian miner stated that it plans to start construction on the facility in this year, with production starting in 2028. Northern said it had advanced discussions with global manufacturers of batteries for a "long-term agreement" for the first 25,000 tonnes. The company said that the JV project would purchase up to 50,000 tons of graphite per year from Northern's Namibian project, and that it would also accelerate the restart and expansion at the Okanjande Mine in Africa. (Reporting and editing by Vijay Kishore in Bengaluru)
-
Brazil billionaire Batista shuttles from DC to Caracas in search of oil deals
A person with knowledge of the matter said that Brazilian billionaire Joesley Batista had met with Venezuela's interim president Delcy Rodriguez before and after he met with U.S. government officials. He reassured them, according to a source familiar with the situation, that she seemed ready to allow investment in her country's oil and natural gas industry. Source: The Batista's family energy firm Fluxus is evaluating Venezuelan business opportunities. They have consolidated South American assets ever since they acquired it in 2023. Fluxus, Batista and the holding company J&F have declined to comment. The billionaire's?shuttle diplomatics, whose meatpacker JBS is a major U.S. player and has done business in Venezuela, highlights his access to Washington, D.C., as well as capitals in the Americas. The meeting between President Donald Trump and Mr.?Says that his meeting with him in September was a great help to The U.S. and Brasilia are thawing their relations Reports at the time stated that Trump was praising his "excellent chemistry" with Brazilian President Luiz Inacio Lula da Silva and within months he dropped steep?U.S. Trump began to tout his "excellent chemistry with Brazilian President Luiz inacio Lula da So" within weeks and dropped the steep U.S. tariffs within months. Tariffs were imposed on Brazilian products, including Beef and coffee According to two people familiar with the situation, Batista's visit to Caracas, reported first by CNN Brazil on Friday, "followed" a November meeting with Nicolas Maduro. Maduro, the then-President of Venezuela, was arrested in a U.S. Military operation this month. Stand?trial for drug trafficking charges Source: This time, Batista took a private jet from Washington to Caracas in order to meet Rodriguez. He found Maduro’s former vice president, who was willing to open up the energy sector as well as honor commitments made to the United States. Batista returned to Washington to relay the information to officials. Reporting by Luciana Magnhaes, Editing by Brad Haynes & Chizu Nomiyama
-
Manara Mining Company to be spun off by Saudi Public Investment Fund
Saudi Arabia's Public Investment Fund is planning to spin-off its mining investment company Manara Minerals. The kingdom's Mining Minister said that it was a move to revitalize?its efforts to invest abroad. Saudi Arabia, along with other Middle Eastern economies is trying to reduce its dependence on oil by securing critical minerals like copper and lithium. These are essential for electric cars and renewable energy. Manara is a joint-venture between the Saudi Arabian Mining Company (also known as Maaden) and the $925 billion PIF. It was created in 2023 for the purpose of investing in critical minerals overseas. It has, however, only completed one deal, a $2.5billion 10% stake in Vale Base Metals (which was spun-off from Brazilian iron ore giant Vale) in 2024. Bandar Al-Khorayef, Minister of Industry and Mineral Resources, said that separating Manara from PIF will sharpen the focus. Al-Khorayef said in an interview on the sidelines of Future Investment Forum that the company's culture would change from being a mere investment vehicle to one with more technical capabilities. "PIF has a lot of money, but it doesn't have any mining experience." He didn't give a timeframe for a spin-off but he said that discussions were underway about new shareholders in Manara, and they could be Saudi investors or foreign ones. Saudi Arabia's Crown Prince Mohammed Bin Salman has a broader plan that includes the pursuit of international investment and the development mining. This is part of his broader effort to diversify its economy away from oil. Riyadh's untapped mineral reserves, which include phosphate, gold and rare earth elements like bauxite, are estimated at $2.5 trillion. Maaden also explores for rare earths, and develops technology to extract lithium in seawater. Clara Denina is the reporter, Veronica Brown and Barbara Lewis are responsible for editing.
-
OPEC projects continued oil demand growth in 2027.
OPEC said on Wednesday that world oil demand will rise at a comparable pace in 2027 to this year. They also published data showing a close balance between supply and consumption in 2026. This is in contrast with other forecasts which predicted a glut. The Organization of the Petroleum Exporting Countries (OPEC) believes that the oil demand in 2027 will increase at a robust rate and that the transition to cleaner fuels is likely to be slower than other predictions. OPEC said that it expects the oil demand to increase by 1,34 million barrels a day in '2027. This is close to the growth of 1.38 million bpd expected this year. This is OPEC’s first 2027 forecast in its monthly report. OPEC's report stated that "global economic activity is expected maintain its strong performance both in 2026?and in 2027". OPEC+, a group of OPEC countries plus Russia and allies, increased oil production last year, after years of cuts. The group plans to halt the increase in production during the first quarter 2026 due to widespread predictions of an oversupply. OPEC+ pumped a total of 42.83 millions bpd during December 2025. This is a decrease of 238,000 bpd compared to November. The reductions were due to?reductions' in Kazakhstan, Russia, and Venezuela despite an agreement for boosting output in December. The report predicts that demand for OPEC+ oil will average 43 million bpd by 2026. This is the same as last month, and very close to what OPEC+ was producing in December. According to a calculation based on OPEC's report, if OPEC+ kept pumping at the rate of December in 2026, and all other things remained equal, production would have been 170,000 bpd less than demand. The IEA's latest figures suggest that global oil supply is expected to exceed demand this year by 3.84 million bpd, which is almost 4%. OPEC's forecast for 2026 oil demand is higher than IEA's 860,000 bpd. The IEA updated its figures on January 21 but has not yet published a forecast for 2027 in its monthly report. Reporting by Alex Lawler and Olesya Astakhova, Editing by Mark Potter and Elaine Hardcastle
-
ROI-Resurgent London Metal Exchange rides speculative tsunami: Andy Home
London Metal Exchange (LME), a venerable institution of 149 years, posted record trading volume last year. This is a remarkable turnaround from the dark days four years ago when the nickel crisis was at its height. Hong Kong Exchanges and Clearing, which owns the London market, has reappeared the benefits of the "physical market turmoil" that has marked Donald Trump's tenure in office. The funds finally arrived. The LME base metals market complex was flooded with speculative purchases in the fourth quarter. The average daily volume of 777.016 contracts was a quarterly record, surpassing 735.604 contracts from the second quarter 2014. LME Futures Open Interest ended the year at a 15% increase compared to 2024, and its highest level since early-2021. Retail investors in the U.S. flooded into CME's smaller contracts of copper. TARIFF BOOST Import tariffs in the United States, which are in effect in the case aluminium, and could be in place in the event of copper, has had a major impact on the physical flow of metals around the globe. The market is betting (again?) on a Trump tariff for imported refined metals. A decision is expected in June. LME copper trading accelerated in February when Trump launched his investigation into U.S. imports of copper. It remained there. The average daily volume rose by?12% between 2024 and 2025. CME's flagship contract for copper, on the other hand, saw a 33% drop in activity, as investors were scared by the unprecedented volatility of arbitrage prices with London. The U.S. exchange benefited from the disruption in the?aluminium markets following the increase in U.S. tariffs on imports to 50% in July. CME contracts for physical aluminum premiums in the Midwest U.S.A. and Europe recorded record volumes last Year with an annual growth of 47% & 72% respectively. Return of the Funds Since September, institutional investors have flooded the LME. Copper's record-breaking performance and the strong rally in all LME metals except lead have also attracted money. LME trading experienced a dramatic change during the fourth-quarter due to the renewed enthusiasm for metals. The copper and tin volume were at their highest levels since 2013 and 2014. Nickel posted its second best quarterly volume ever, while lead activity reached new highs. LME nickel trading was at its highest level since 2019 last year, indicating a return to confidence in the London Market after the crisis of 2022. It seems that most funds have forgiven LME for canceling nickel trades. This controversial decision was upheld in the British High Court. SHANGHAI GETS GRAPPED BY METAL FEVER In December, the metals mania spread to China. Shanghai's market had been slow up to that point, with the volume of base metal futures down all over. In the last month 2025, Chinese investors joined in on the bull market. The Shanghai copper contract saw the most activity since November 2015, while the aluminium volumes were at their highest level in three years. Nickel turnover was also the highest it has been in four years. The China Nonferrous Metals Industry Association, a state-backed organization, warned against blindly following a "unreasonable price rally" as tin prices reached'record levels' in December. No one has really paid attention. Shanghai's tin market recorded a turnover of 739,900 tons on Tuesday. This is equivalent to the global consumption of two years. Going Small in the US Shanghai is a city that has seen a lot of speculative exuberance in the past, and this was largely due to retail investors who were trying to catch up with the latest market trend. London has no comparable product, as very few people are wealthy enough to meet the credit requirements for direct LME trading. There are signs that some speculators have started to participate in the CME's trading, but not for the main copper contract, but rather on smaller retail-oriented products. Volumes of the CME micro-copper contract, which is only 2,500 lb in size, grew 20% annually to reach almost four million tons by 2025. CME copper 'event options', which offer a simple binary bet on the price underlying, recorded turnover of 31,000 tons in December. This is more than the total volume traded for the entire year of 2024. Both contracts were launched in 2022 and seem to serve as a bridge to allow retail investors to move from precious metals to industrial metals. China's CNMIA is right to be concerned about excessive speculation in commodity markets that were once fringe, such as tin. However, the bull story around industrial metals has attracted more and more people to the cause. Andy Home is an author and columnist. The opinions expressed in this column are Andy Home's. Open Interest (ROI), a data-driven, thought-provoking commentary on the markets and finance. Follow ROI on LinkedIn, X and X.
-
As uncertainty persists, gold and silver continue to rally at record levels.
On Wednesday, gold and silver both rose to new highs as investors sought safe-haven assets amid geopolitical uncertainty, economic uncertainty, and expectations of Federal Reserve rate reductions. By 09:04 am, spot gold had risen by 1.1% to $4,635.99 an ounce. ET (1404 GMT), the price of gold had earlier reached a record $4,641.40. U.S. Gold Futures for February Delivery rose 1% to $4644.30. Alex Ebkarian said, "All roads lead to gold and Silver," citing diverse buyers' demand and noting that the market is in a structural bull stage. Gold is a good investment during periods of low interest rates and uncertainty. Iran warned that it would strike American bases in neighbouring countries if Washington interfered with protests taking place there. Danish and Greenlandic Ministers will also meet U.S. vice president JD Vance, after President Donald Trump demanded U.S. control over Greenland. In the meantime, retail sales in the United States rose above expectations for November. PPI also met monthly estimates but exceeded annual estimates. This follows Tuesday's release of lower-than-expected core CPI data for December. The traders continue to expect two interest rate reductions this year. Concerns about the independence of the Fed remained as central bankers from around the globe lined up in support of Fed Chair Jerome Powell after the Trump administration had threatened to criminally?indict him. Spot silver rose 5.7% to $91.87 an ounce after reaching a record high $92.23. "We expect some volatility but I don't see any difference between silver at $100 and $90. Ebkarian stated that the short-term prediction is between $100 and $144. He added that metals will likely continue to rise through the first three months. Palladium rose by 0.1%, to $1,841.10 per ounce. Spot platinum increased 3%, to $2,394.13 per ounce. (Reporting and editing by Alexander Smith in Bengaluru, Anmol Choubey)
-
WMO: 2025 is among the three hottest years in recorded history.
World Meteorological Organization announced on Wednesday that last year was one of the three warmest years on record. EU scientists confirmed that average temperatures are now above 1.5 degrees Celsius for the longest time since records began. WMO, a global climate data aggregator, has ranked the year 2025 third in terms of temperature, with two other datasets placing it second. The WMO reported that all eight datasets showed that the three most recent years have been the three hottest on record. The warmest recorded year was 2024. THREE YEAR PERIOD AROUND 1.5 C AVERAGE WARMING LEVEL The slight differences between the rankings of datasets reflect their differing?methodologies, including satellite data and readings taken from weather stations. ECMWF stated that 2025 would also be the end of the first three years in which the global temperature average was 1.5 C higher than the pre-industrial era – the limit beyond which scientists believe global warming will have severe, irreversible impacts. "1.5 C isn't a cliff-edge. "However, every fraction of a degrees matters, especially for worsening severe weather events", said Samantha Burgess. Burgess predicted that 2026 would be one of the five warmest years on earth. Choose how to manage temperature overshoot Under the 2015 Paris Agreement, governments pledged to work to limit global warming to 1.5 C. This is measured by comparing the average temperature over a decade to pre-industrial temperatures. ECMWF stated that if they fail to reduce their greenhouse gas emissions, the target may be reached before 2030 – a decade sooner than was predicted in 2015 when the Paris Accord was signed. Carlo Buontempo is the director of the EU's Copernicus Climate Change Service. He said, "We will pass it." The choice is now how to manage the inevitable overshoot, and its effects on society and natural systems. ECMWF reported that the long-term global warming is currently about 1.4 C higher than the pre-industrial era. In 2024, the average annual temperature was measured on a shorter-term basis and it exceeded 1.5 C. Extreme Weather Overcoming the 1.5 °C long-term limit will lead to more extreme impacts. These include longer and hotter heatwaves as well as more powerful storms and flooding. In 2025, wildfires across Europe had the highest emissions ever recorded. Scientific studies also confirmed that climate change was responsible for specific weather events, such as Hurricane Melissa in the Caribbean and monsoon rainfall in Pakistan, which caused more than 1,000 deaths in floods. Climate science continues to face political opposition despite these increasing impacts. Donald Trump, the U.S. president who has called climate change a "greatest con job", withdrew last week from dozens U.N. organizations including the scientific Intergovernmental Panel on Climate Change. Scientists have long agreed that climate change is real and largely caused by humans. It is also getting worse. The main cause of climate change is the greenhouse gas emissions that are produced by burning fossil fuels such as coal, oil, and gas. These gases trap heat in our atmosphere.
-
Who are the Greenland, Denmark and Trump team foreign ministers?
Greenland’s Foreign Minister Vivian Motzfeldt, and her Danish counterpart Lars Lokke Rasmussen met with U.S. Secretary of State Marco Rubio and Vice President JD?Rubio in Washington on Wednesday. This is despite President Donald Trump's repeated threat to seize Greenland. Analysts have described it as the most significant meeting in Danish modern history. The two ministers are working on the crisis for the Kingdom of Denmark. GREENLAND’S FOREIGN MINISTER VIVIAN MOTZFELDT Vivian Motzfeldt grew up in southern Greenland as the daughter of a sheep farmer. According to an interview that she gave to Sermitsiaq, she attended boarding school at the age of seven and then went to America on a student exchange program when she was 17. She worked as a Greenlandic teacher from 1997 to 2014?before she entered politics. She is married with four children. Motzfeldt is the minister of foreign affairs of Greenland since 2022. He previously served as speaker of Inatsisartut (the parliament of Greenland) and chair of the constitutional committee of Greenland. Motzfeldt is a politician who knows how to play the game, according to Mette Marie Staehr, an assistant professor from the University of Copenhagen, who analysed her social media posts. Motzfeldt did not hesitate to criticize Denmark publicly when she felt Greenlandic interest were being ignored. Harder stated that "if she has a good case, she will not be afraid to take on whoever she may have to face." Motzfeldt repeatedly stated that Greenland is not interested in joining the United States, but is open to greater cooperation. Sermitsiaq reported her saying, "My greatest wish is that this meeting will result in a normalisation our relationship." LARS LOKKE RASMUSSEN, DENMARK’S FOREIGN MINISTER Lars Lokke Rasmussen is 61 years old, and has served as Denmark's Foreign Minister since 2022. He was twice prime minister of the country, and also a former Finance Minister. He is a law graduate and a highly skilled negotiator. From 2009 to 2011, he was the leader of a center-right coalition, and from 2015 to 2019, he was the head of Denmark's Liberal Party. After his government lost in the 2019 elections, he resigned and formed a new group of centrists, the Moderate Party. He is now its leader. Rasmussen, a'strong advocate of the rule of law both at home and abroad', adheres to "pragmatic idealism" in foreign affairs, which means that Denmark should view the world as it is and be realistic and pragmatic, while maintaining the principles of democracy, and human rights. He has faced many controversies in his long career, including the use of party funds on underwear, drinks and taxis. But he always bounced back with a humble image that is appreciated by most Danes. Reporting by Stine Jacobsen and Anna Ringstrom, editing by Terje Solsvik & Alison Williams.
Portugal prepares to raise share of renewables in electricity intake to 93% by 2030
Portugal plans to raise the contribution of renewables in electrical energy intake to 93% by 2030, as part of its decarbonisation push, according to an upgraded draft of its energy and climate strategy seen on Monday.
However, the draft proposal plans to decrease the 2030 target for the set up capacity of electrolyzers to make green hydrogen by 45%. Portugal is only simply now taking the first actions to install electrolyzers and has nearly no production of green hydrogen.
Portugal's brand-new centre-right government will launch the draft in the future Monday for in public consultation until Sept 5, when it will be sent to parliament.
European nations are progressively banking on renewable energies, especially after gas costs struck record highs in 2022 after the Russian invasion of Ukraine.
Eco-friendly utilities provided 61% of Portugal's electricity intake in 2023, currently one of the greatest ratios in Europe. A year back, the former socialist federal government set the target for 2030 at 85%.
Environment and Energy Minister Maria da Graca Carvalho said the updated strategy intends to combat climate change and assurance energy security and likewise attract financial investment and generate competitiveness.
She stated 2 weeks ago her government wanted to increase the weight of renewables to 51% of the country's last energy requirements by 2030 from a current target of 47%.
The modified draft preserves Portugal's dedication to minimize greenhouse gas emissions by 55% from 2005 levels by 2030, a. target set by the former socialist federal government a year earlier, and. the objective of achieving carbon neutrality by 2045.
The total set up renewable energy capability will increase to. 42.9 gigawatts (GW) by 2030 or two times as much as the capability in. operation in 2023, with 12.4 GW of wind power, consisting of 2 GW of. offshore wind, by 2030. The country had 5.9 GW of onshore wind. capacity in 2023 and a little, 25-megawatt floating wind project. off its Atlantic coast.
The draft proposal looks for to raise the set up solar. capacity to 20.8 GW by 2030, up from 4 GW in 2015.
However, it reduced the target for electrolyzers to make. green hydrogen to a capacity of 3 GW by 2030, below the 5.5. GW set in June 2023. These would take in 8.6 GW of eco-friendly. electricity.
Still, the draft added Portugal has extremely favorable. conditions for installation of a green hydrogen market as its. primary benefit is sustainable electrical energy production low cost.
(source: Reuters)