Latest News
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Amman Mineral, Indonesia's Amman Mineral, seeks flexibility in exporting copper concentrate
Rachmat Makkasau, the CEO of Amman Mineral Nusa Tenggara (a subsidiary of Amman Mineral Internasional), told the parliament on Wednesday that the company is looking for flexibility from the government in order to export copper concentrate. Makkasau stated that the company had around 200,000 metric tonnes of concentrates available for export. He said that the smelter was operating at only 48% of its capacity at an update in parliament on the company's operations. Indonesia has banned the export of raw minerals like copper, but it gave Amman Mineral & PT Freeport Indonesia a deadline extension of December of last year for them to export copper concentrator while they completed construction of their smelters. Amman Mineral finished construction of its copper smelter in the last year. However, it has been extra cautious with its commissioning process following a fire that occurred at Freeport Indonesia’s copper smelter shortly after it began operation, Makkasau stated. Makkasau said to members of the parliament that he hoped to receive flexibility in order to export goods, given all the uncertainties surrounding this commissioning process. (Reporting and editing by John Mair, Rachna uppal and Bernadette Cristina Munthe)
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Mitsui buys $5.3 billion stake of Rio Tinto Iron Ore Project
Mitsui & Co, a Japanese trading company, announced on Wednesday that it would purchase a 40% stake of the Rhodes Ridge Iron Ore Project in Western Australia operated by Rio Tinto for $5.34 Billion to improve its long-term earning base. Mitsui stated that Rhodes Ridge was one of the largest iron ore deposits in the world with 6,8 billion metric tonnes of mineral resources. The Japanese company will buy out two stakes held by the family late Australian magnate Michael Wright. Michael Wright's father discovered the iron ore lode of the region in the 1960s. Mitsui expects to begin production by 2030. Mitsui has a diverse portfolio that includes metal resources, energy and machinery. The 40% stake it holds in Rhodes Ridge will initially yield 16 million tonnes of iron ore per year, but this is expected to increase to over 40 million after expansion. The company stated that Mitsui had a 61-million-ton annual share in iron ore production for the fiscal year ending March 2024. Mitsui said it expects to save money by utilizing the existing infrastructure between Rhodes Ridge's project and Rio Tinto Robe River, in which it has an interest. Mitsui said that Rio Tinto will blend the iron ore mined from Rhodes Ridge into its ore and export it to Asian countries including Japan. Wright Prospecting’s former 50% stake in the Rhodes Ridge Joint Venture has been restructured into two new entities, each controlled by its respective shareholders VOCG and AMB. Mitsui is expected to complete the transaction by March 2026. The deal will cost $3.34 billion, including stamp duties. Mitsui plans to buy a 15% stake in AMB Holdings from them for $2 billion, including stamp duty. After these transactions, Rio Tinto holds 50%, Mitsui 40%, and AMB 10%. (Reporting and editing by Chang-Ran KIM and Jamie Freed; Additional reporting in Melbourne by Melanie Burton; Reporting by Kaori Kaneko and Kantaro Kommiya)
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Mineral Resources of Australia has its worst day for 16 years due to production problems and higher costs
Mineral Resources shares (MinRes), the Australian mining company, plunged Wednesday to their lowest day in 16-years after it cut its fiscal production volume for 2025 and increased costs for its Onslow Iron Project in Pilbara because of weather disruptions. Shares of the company fell 22.1%, to A$23.75. This is their lowest level since late July 2020. It was also their largest single-day drop since October 10, 2008 Stock was the biggest loser in the benchmark ASX 200 Index, which fell 0.7%. The miner reduced its previous forecast of iron ore volume to 8.8-9.3 Mt for the financial year 2025, from an estimated 10.5-11.7Mt. The miner also increased its free-onboard costs or charges for transporting iron ore to $60/ton to $70/ton, up from $58/t to 68/t. "The cyclone Sean) dumped an unusual amount of rain in parts of the Pilbara, and the deluge grew days later when a low pressure system deposited more heavy rains inland. The weather caused flooding which damaged the Onslow Iron haulage road. Rio Tinto and other iron ore mining companies have been affected by the record rainfall in Western Australia's Pilbara region as well as tropical cyclones. MinRes announced late on Tuesday that its adjusted earnings before interests, taxes, depreciation, and amortization (EBITDA), which was A$302 millions ($192.13) still beat Visible Alpha's estimate of A$205. Jefferies analysts estimate that the company will spend A$2.1 billion on capital expenditures for the fiscal year 2025, an increase of A$340 millions from their previous estimates. The medium-term downside risks presented by (MinRes's), elevated debt, in an environment of declining iron ore, softer lithium, higher capital expenditure and lower lithium production, prevents us turning more positive." $1 = 1.5718 Australian Dollars (Reporting and editing by Sonia Cheema in Bengalur; Nikita Jino, Bengaluru)
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LME Copper eases Trump's tariffs on autos and semiconductors
London copper prices eased Wednesday, as concerns about metal demand were raised by President Donald Trump’s threat to impose a 25% tariff on semiconductor chips and automobiles. The price of three-month copper at the London Metal Exchange decreased by 0.6%, to $9.418 per metric ton as of 0423 GMT. Trump announced on Tuesday that he plans to impose auto import tariffs "in and around 25%" as well as similar duties on semiconductors. This is the latest of a series measures that threaten to disrupt international trade. He also said that sectoral tariffs for pharmaceuticals and semiconductors would start at "25%" or more, rising significantly over a period of one year. "Trump has actually considered implementing additional tariffs on automobiles... This could result in a slowdown of global growth and disruptions in the global supply chain. According to Kelvin Wong of OANDA, senior analyst for Asia Pacific, such disruptions may cause copper prices to fall in the future. Citi said Trump was more motivated to impose copper tariffs in his second term due to the metal's increasing importance for key emerging global competitive sectors like energy transformation and artificial intelligence. Trump's administration announced on Tuesday that it would hold further talks with Russia to end the war in Ukraine, after an initial meeting which excluded Kyiv. This is a departure from Washington’s previous approach, which rallied U.S. Allies to isolate Russian president Vladimir Putin. LME aluminium fell by 0.4% to $2.657 per ton. Zinc was unchanged at $2.884 while nickel dropped 0.3% to $15.310. Tin was down by 0.5% to 32,630, and lead was down 0.7% to 1,983. SHFE aluminium increased 0.2% at 20,665 Yuan ($2,837.39) per ton. SHFE copper rose 0.2% at 76,920 Yuan. Nickel fell 0.2% at 123,720 Yuan. Zinc eased by 0.1% to 23,875 yuan. Lead fell 1.2% to 16960 yuan. Tin lost 0.6%, 260,880. $1 = 7.2831 Chinese Yuan
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Seven bus passengers killed by gunmen in Southwest Pakistan
Officials said that seven passengers were killed by unknown armed men on a bus bound for Lahore in the Balochistan Province of southwest Pakistan late Tuesday. The attack occurred in Barkhan, an area of southwest Balochistan. The province, which borders Afghanistan and Iran, is one of Pakistan's key battlegrounds in its decades-long war against separatists insurgents who want more autonomy and a piece of the region's resources. A group of 40 armed men stopped buses and cars, checked national identification cards, and then shot seven passengers after forcing them off the bus, said deputy commissioner Waqar Kharshid Alam. Alam stated that all seven victims came from the central Punjab province. Khadim Hussain said that the killings occurred on the highway connecting Barkhan with the southern city Dera Ghaza Khan, in Punjab. The motive for the attacks was not clear. Officials said that the area was cordoned off, but that the attackers escaped. A bomb that targeted a coal mining vehicle on Friday killed or injured at least eleven people. Separatist militants launched a wave in August last year, resulting in the deaths of dozens. The attacks targeted police stations, civilians and infrastructure. One attack on a roadside left 23 people dead after militants opened fire and checked IDs. The Baloch Liberation Army, or BLA, took full responsibility for the operation. It called it "Haruf", which means "dark windsy storm". The BLA is one of the largest ethnic armed groups that are fighting the central government. Insurgent groups also target Chinese nationals in Balochistan. China is developing Gwadar, a deep-water seaport in the province. Beijing has made a significant investment in regional development as part of its $65 billion commitment to the Belt and Road Initiative's China-Pakistan Economic Corridor. (Reporting and writing by Saleem Ahmad; editing by Kate Mayberry; Ariba Sharif in Karachi)
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US SEC asks India for help in Adani Fraud Probe
A court filing on Tuesday revealed that the U.S. Securities and Exchange Commission had asked Indian authorities to assist in its investigation into Adani Group founder Gautam Adani and nephew, over an alleged $265 million bribery and securities fraud scheme. The regulator said to a New York District Court that it was trying to serve the complaint to both the founder, Sagar Adani and his nephew. It was also seeking assistance from India's Law Ministry to do this. Both are in India and neither is under U.S. custody. In a court filing, the SEC stated that it had requested assistance under the Hague Service Convention. Adani Group, and India's Law Ministry did not respond immediately to a comment request. Last week, Prime minister Narendra Modi told reporters that he had not discussed the Adani case during his Washington visit with U.S. president Donald Trump, and described it as an issue which leaders never discuss. India's Congress Party has demanded Adani's immediate arrest, and Modi is accused of favouring or shielding Adani in past deals. Modi's Party and Adani deny the allegations. Federal prosecutors in Brooklyn unveiled an indictment last year accusing Adani bribing Indian government officials to convince them that Adani Green Energy, a subsidiary from his Adani Group, produces electricity. It added that he then misled U.S. Investors by providing reassuring data about the company's anti graft practices. Adani Group called the allegations "baseless", and promised to pursue "all legal remedies". Adani Green announced in January that it had hired independent law firms to review U.S. charges. (Reporting and editing by Lisa Shumaker, Clarence Fernandez and Aditya Kalra)
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Amplus Energy Services Buys Altera’s FPSO Fresh Off Duty from Brazil
Floating production solutions specialist Amplus Energy Services has signed an agreement with Altera Infrastructure to acquire the Petrojarl I floating production storage and offloading (FPSO) unit, which recently completed its deployment at Petrobras’ Atlanta field offshore Brazil.The acquisition marks Amplus' initial vessel ownership, positioning the company to expand this strategy and meet growing market demands. Petrojarl I FPSO was most recently deployed at Petrobras’ Atlanta field. It has a production capacity of 30,000 barrels of oil per day and a storage capacity of 180,000, and was replaced by the larger FPSO unit named Atlanta.FPSO Petrojarl Enters Decom Phase as FPSO Atlanta Readies to Take OverFirst Oil Starts Flowing from FPSO Atlanta Off BrazilAccording to Amplus, Petrojarl I is available for swift deployment in early production system applications, extended well tests, and standalone marginal field developments.Additionally, the FPSO is said to be ideal for cost-efficient, lower-production operations and can support both early-phase and tail-phase production in regions such as Vietnam, Suriname, Brazil, and West Africa.Amplus noted that the FPSO requires minimal modification to be field-ready for specific customer needs.“This vessel is unquestionably the most flexible and most deployed FPSO in history - and Amplus now has the opportunity to apply our experience and approach to steward it safely and successfully for years to come.“The addition of this vessel strengthens our ability to meet growing market demands and ensure we are well-positioned to address client needs. "Furthermore, this acquisition has the potential to fast-track our journey to becoming a fully operational organization, complete with our own onshore support and offshore team. It also underscores our commitment to investing in the business and applying our considerable experience and expertise to deliver exceptional value to our clients,” said Steve Gardyne, Amplus’ Managing Director.“Petrojarl I was Altera’s very first FPSO and the industry’s first newbuild harsh environment FPSO achieving first oil in 1986. It has been operated by Altera on 11 fields for many years. We wish Amplus Energy and all who will serve on Petrojarl I in the years ahead much success and safe operations,” added Chris Brett, President of Altera Infrastructure Production.
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James Fisher Launches Japanese Business Unit
James Fisher and Sons, a global provider of specialist services to the energy, marine and defense industries, has launched new legal entity in Japan, reinforcing its long-term commitment to Japan and its footprint in North East Asia.The move furthers James Fisher’s intention to bring its integrated offering and solutions to Japan’s energy transition, maritime security and defense needs.The group already has a partnership covering the offshore wind service industry, including a Joint Collaboration Agreement with Tokyo Gas Engineering Solutions (TGES).With more than 200 employees across 12 locations in Asia Pacific region, and operations in over 25 countries worldwide, James Fisher can use both its regional and global expertise to support Japan’s industrial ambitions."Japan’s ambitious modernization plans are driving demand for advanced maritime technology, defense capabilities and renewable energy solutions.“With a target of 10 GW of offshore wind by 2030, a significant increase in defense spending to 2% of GDP by 2027, and around 99% of its foreign trade moving by sea, it is making substantial investments across these critical areas.“James Fisher’s expertise gives us a unique opportunity to support Japan’s evolving needs. Our long-term commitment to the Japanese market will grow in parallel with the country’s goals, ensuring we continue to contribute to its national strategy, while bringing a global perspective to complex challenges,” said Jean Vernet, CEO of James Fisher and Sons.
Cubans tell students and non-essential workers to stay at home during the latest blackout
Cuba told all non-essential employees to stay at home as the electrical grid failed due to the failure of an important power plant. This led the island into a blackout.
According to reports from the government, only six of 15 oil-fired plants in the country are currently operating. A severe fuel shortage has also made it impossible for smaller clusters diesel-fired generators to be used to back up the system.
The island's electrical system has been crippled by the predicament, leading to the biggest blackouts since late last year when several grid failures across the country left the entire 10 million-person nation in darkness. This led to scattered protests and unrest.
Last year, the island's oil-fired power stations that were struggling and outdated due to a lack of oil imports from Venezuela and Mexico went into crisis.
The government announced late Thursday that it will "suspend... all teaching and employment activities which are not essential in the current conditions."
The government has said that basic services will remain.
Residents in Havana reported blackouts ranging between six and ten hours. Provinces and small towns in rural areas reported blackouts of up to 20 hours per day.
Blackouts exacerbate anxiety among a population already under stress due to widespread shortages in food, fuel, and medicine. Since the COVID-19 outbreak, more than one million Cubans left the island due to the rapidly deteriorating situation.
Cuba has blamed the U.S. embargo on trade and the harsh sanctions imposed by the Trump administration in order to maintain its electrical grid, and acquire fuel and spare parts. Many islanders believe that the situation will only worsen.
Last month, U.S. president Donald Trump reversed measures taken at the last minute by his predecessor Joe Biden in order to ease sanctions against Cuba.
Cuban officials have said that residents can expect to see a slight improvement through the weekend, as fuel supplies improve. (Reporting and editing by Emelia Sithole Matarise; Dave Sherwood)
(source: Reuters)