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Mali cancels 90 mining exploration permits
According to a recent official order, Mali has revoked 90 mining exploration permits. This includes those that were held by subsidiaries of multinational mining companies. Local subsidiaries of Harmony Gold and IAMGOLD as well as Birimian Gold and Resolute Mining are affected. The decree does give no reasons for the revocation, but it states that the "released" permits will allow the reallocation of the land covered by these permits. The Ministry of Mines didn't immediately respond to an inquiry for comment. PERMIT REVISIONS AND TOUGHER RULES RESHAPE MINING IN AFRICA Guinea, along with several other African nations, has recently reformated their mining sector by cancelling permits that were inactive or non-compliant. Others have introduced stricter regulations in order to increase earnings from natural resource, as part of a larger push to tighten up oversight and regain control over strategic assets. The Mali decree, which was signed by the Mines Minister Amadou Keita in October and reviewed on October 29, cancels all permits for exploration of gold ore, iron ore bauxite uranium rare earths and other minerals between 2015 and 2022. The order lists all the permits affected by location and number, but it does not include the area covered or an estimate of their value. The document does not specify whether the affected companies can reapply for approval or make an appeal. Cora Gold stated that it had renounced the permits in question over two years prior and hadn't received any formal notification. The company said that the cancellation was delayed and had no effect on its business. Harmony Gold IAMGOLD Birimian Gold and Resolute have not responded to our requests for comments. Mali, Africa's largest gold producer, is a country where mining and exports are major sources of revenue. However, recent crackdowns on foreign investment and insecurity has disrupted it. Due to disruptions in Barrick's Loulo-Gounkoto Mine, the largest gold asset of Mali, industrial gold production is expected to fall short. A military-led government recently moved to strengthen ties with Russia by signing energy and mining deals, including one to supply between 160,000 and 200,000 metric tonnes of agricultural and petroleum products in the face of an Islamist fuel blockade imposed by militants that has crippled transportation and forced school closures across the country. The agreement is a continuation of earlier Russian-backed initiatives, including joint ventures for gold, uranium and lithium and the construction a state controlled gold refinery in Bamako. Reporting by Mali Newsroom. Maxwell Akalaare Adombila is the author. Mark Potter (editing)
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After a record-breaking surge, the copper rally may cool down
Copper smashed its all-time record on Wednesday. This was fueled by concerns about mine supply, and the hope of a U.S. China trade agreement. However, analysts questioned whether this rally could continue without a sustained increase in demand. Copper prices, which are considered to be a bellwether of the global economy have increased by more than 27% this year. This has been helped in part by a weaker dollar, making metals more accessible for holders of foreign currencies, and also falling interest rates. The prospect of a U.S.-China trade deal has been a new catalyst for copper's rally, said ING analyst Ewa Mannthey. She added that the bank predicted a tighter balance on the copper market this year, and in 2026 when ING, like many other banks and brokers, anticipates a deficit. Glencore, a commodity trader and miner, followed Anglo American on Wednesday in reporting lower production of copper in the first nine-months of 2025. It also cut its full year guidance. This is just another in a series of pressures on mine output. The London Metal Exchange's benchmark copper price rose by 1.5%, to $11,200 a metric ton, after surpassing its previous record high, $11,104.50 per metric ton, which was set in May 2024. At 1645 GMT, it was trading at $10190.50. This month, the International Copper Study Group stated that it expects a deficit in the refined market of 150,000 tonnes next year compared to a total consumption of 28,7 million tons. Panmure Liberum's Tom Price, however, said that the two main factors he believes are behind copper’s recent rally -- easing trade tensions as well as an anticipated Federal Reserve rate reduction - would be priced in largely by Thursday. Price stated, "I think that some (investors will leave) due to the lack of price drivers as well as the fact that copper demand hasn't changed much." Panmure Liberum expects a surplus of about 80,000 tonnes of copper in the coming year. Nitesh Sha, WisdomTree's commodity strategist, said that speculative bets tend to fade after they become too prevalent. This could also be a factor. "We have seen this in the precious metal markets." Gold prices, for instance, have gained 52% in the past year, but they've fallen around 8.5% since their record high on October 20, when they reached $4,381.21. Goldman Sachs stated earlier this month that copper prices will remain in the $10,000-$11,000 range in 2026/2027, due to a surplus in the market, but long-term prospects are still positive.
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The Indian refiner owned by Mittal, the steel tycoon, has stopped buying Russian oil
The Financial Times reported that the Indian refiner HPCL Mittal Energy stopped buying Russian oil on Wednesday, just a few days after it was revealed by the Financial Times that the company had purchased Russian oil transported aboard blacklisted vessels. The U.S., Europe, and other countries imposed new sanctions last week on Russian oil. Washington targeted the country's two largest oil producers, Lukoil, and Rosneft. Indian refiners have halted their purchases of Russian oil while they wait for clarity. In a statement, the company stated that "HMEL has already decided to suspend any further purchases of Russian crude following recent announcements by the United States of America, European Union, and United Kingdom of new restrictions on the import of crude oil from Russia, pending the receipt of any outstanding order." India is now the largest buyer of Russian oil shipped by sea at a discounted price after Western nations boycotted it and imposed sanctions against Moscow over its invasion of Ukraine in 2022. According to the Financial Times, it is unclear whether Lakshmi Niwas Mittal's steel tycoon Lakshmi Niwas Mittal was aware that the vessels were being used. HMEL stated that the cargo was delivered to the company, which meant it wouldn't be aware of any specific ships that were used to transport the crude oil, or any actions taken by these ships to conceal their location. The ship that delivered crude oil to its port at the time was not sanctioned. The company, which operates a 226,000-barrels-per-day refinery in the northern state of Punjab, however said it will review its position and comply with Indian government policy and laws. Reporting by Hritam Muhammed in Bengaluru, Editing by Sahal Muhammad and Vijay Kishore
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After US criticism, the Fund Climate Group drops some of its targets
The document shows that a flagship climate coalition of asset managers has dropped certain targets for its members. This comes months after U.S. pressure forced BlackRock to leave the group and suspend their activities. After Republican politicians attacked them, the Net Zero Asset Managers Initiative took similar measures at sister groups in banking and insurance. The announcement comes just days before the COP30 Climate Talks in Brazil, where a number of fund managers will be gathering at a variety of events related to the global effort of decarbonising the economy. 2050 NET-ZERO GOAL FOR INVESTMENT PORTFOLIOS DROPPED NZAM announced on January 13 that it had suspended its activities after BlackRock left the coalition on January 9, citing confusion about climate efforts of the coalition and legal inquiries by public officials. The group stated on its website that it has consulted hundreds stakeholders since then and their feedback is to "retain ambitious, remain global inclusive and ensure the Commitment Statement remains practical in an evolving landscape". In the new "Commitment Statement", the group dropped any requirement that members reach net-zero emission across their portfolios of investments by mid-century, and set interim goals for 2030. In the new statement, members promise to provide clients with information on climate risks and help them to act. They will also support clients in reaching their climate goals and set near-term targets consistent with the global goal of net-zero energy. The initial commitment to net-zero was weak and nonbinding. This development confirms that the financial sector has disengaged and is weakening the alliances. Reporting by Simon Jessop, Editing by Mark Potter
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Powell's remarks and Fed rate decision are causing gold to rise by nearly 2%
The gold price rose by nearly 2% in Wednesday's session, recovering from the three-week low reached in the previous session. Some traders had covered their short positions in anticipation of the Federal Reserve's rate decision scheduled for later that day. As of 11:29 am, spot gold was up by 1.4% to $4,005.28 an ounce. After falling to its lowest level since October 6, gold prices rose 1.4% at 11:29 a.m. ET (1529 GMT). U.S. Gold Futures for December Delivery gained 1%, to $4.020.70 an ounce. "Some of these speculative positions that were short are now covering in anticipation of the Fed's announcement .... Market participants will pay close attention to Powell's answers to today's questions and the Fed Chair Jerome Powell’s policy statement, said Peter Grant. The Fed will likely cut interest rates 25 basis points in response to September's softer than expected inflation data, and signs of weakness on the labor market, despite limited data due to ongoing U.S. Government shutdown. Investors will closely monitor Powell's remarks to see if they contain any hints about future policy. Gold that does not yield is usually more popular in low interest rate environments and times of economic uncertainty. In the meantime, U.S. president Donald Trump announced a deal with South Korea on Wednesday and expressed optimism that a similar truce would be reached with China's Xi Jinping ahead of scheduled talks Thursday. Gold's appeal as a safe haven could be diminished by a potential trade agreement between the U.S. Gold is up 52% in the past year, thanks to geopolitical and financial uncertainties, U.S. rate cuts and central bank purchases. Prices reached a record of $4,381.21 in October, but have since fallen by 8.5%, partly due to the easing of trade tensions. Grant stated that despite the magnitude of the setback, the gold price could still reach $5,000/oz by the first quarter 2026. Silver spot gained 2.6%, to $48,25 an ounce. Platinum was up 0.9%, at $1,597.87, and palladium was up 1.9%, to $1,419.46. Reporting by Noel John in Bengaluru and Pablo Sinha. Mark Potter edited the article.
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Fast-track claims for death and injury compensation, SCE Wildfire Fund to pay millions
Southern California Edison announced on Wednesday that it will pay out several million dollars to each family who has lost a loved one in the January wildfires which scorched 14,000 acres of Greater Los Angeles and destroyed thousands homes and businesses. Edison International owns the utility. It said that eligible individuals and business can submit claims for payments and resolutions related to loss of property and life caused by the Eaton Fire. This is done through its Wildlife Recovery Compensation program. In January 2025 the Eaton Fire ravaged southern California, killing 19 and destroying over 9,400 single-family houses and other buildings. In a phone interview, Edison International CEO Pedro Pizarro said that putting a number on the death toll was one of the hardest aspects of the program. Pizarro stated, "That is a challenging question because we are aware that life itself is precious." SCE stated that death claims would include payment for pain and discomfort, economic losses and direct claim premiums of $5 million per deceased. Pizarro stated that after receiving input from the local community, SCE extended payment eligibility to include properties damaged by smoke and ash. He said that initially, approximately 12,000 properties were eligible. However, nearly 6,000 more were added. A 50% increase was made to payments for every child who lost their home. Residents who lost their primary residence will receive an adult payment of $115,000 and a child payment of $75,000. Residents who are eligible will receive an offer of settlement within 90 days after filing a claim. After all conditions of the settlement agreement have been met, payments will be made in 30 days. No official decision has been made on the cause of this fire. SCE acknowledges that circumstantial evidence indicates that one of its idled high voltage transmission lines may have ignited Eaton's fire amid winds exceeding 100 mph early in January. SCE offers a self-insurance program of $1 billion that is funded by customers for Eaton claims. Losses above that amount will be covered by the Wildlife Insurance Fund of California, which is estimated to have $22 billion. SCE worked with Kenneth Feinberg and Camille Biros on the design of SCE's wildfire funds. Feinberg was responsible for the payments made from the September 11, 2001 Victim Compensation Fund. Biros is his colleague. Biros stated that the goal of this program is to provide money to families in the shortest time possible, without any additional burdens or problems. In a phone interview, Biros stated that "they're already going to enough trouble." This program allows us to give money to families who may be in dire need. (Reporting by Tim McLaughlin and Editing by Nick Zieminski).
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Anglo-American MMG's $500m deal with EU faces antitrust investigation, sources say
Anglo American faces an EU investigation over its $500 million sale to MMG of its Brazilian Nickel assets after the regulators rejected their proposed remedies. Two people with knowledge of the situation said that on Wednesday. The companies offered to purchase ferronickel for resale to European customers for up to ten years from MMG to allay concerns that this deal might cut off shipments of the metal to Europe due to global concerns over the influence of China on the supply chain of minerals. One source said that the European Commission (which is the EU's competition enforcer) has not requested feedback from competitors and customers about the proposed remedy. The EU executive is due to complete its preliminary review on the deal by November 4. A request for a comment was not immediately responded to. In a joint press release, the companies stated that they will continue to work closely with the Commission in order to get its approval of the deal. They said: "This includes measures we recently put forward in order to ensure that customers continue to have access to cupronickel produced sustainably, which we consider to be the best outcome for them." They added, "We believe European customers will support Anglo American in its role as a cupronickel marketer. Supply competition in Europe will also increase as MM becomes a new provider." (Reporting and editing by Ros Russell, Elaine Hardcastle, and Foo Yunchee)
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WoodMac: US nuclear power generation will grow by 27% after 2035 as data centers drive demand for electricity
Analysts at Wood Mackenzie say that U.S. nuclear energy generation will increase as data centers and other surges in demand strain grids throughout the country. A wave of tech firms have also signed deals to use the zero-carbon source. The growing interest in this sector is evident by the flurry announcements of nuclear energy investments. Most recently, the U.S. Government announced an $80 billion partnership with Westinghouse Electric. The power industry has to deal with the increasing demand for electricity from data centers that are energy-intensive, as well as rising temperatures and electrification. Technology companies have become energy providers to meet the growing demand. This is especially true in the U.S., where nuclear power has emerged as a preferred option. NextEra Energy and Google signed a partnership agreement this week to restart a nuclear plant in Iowa. Other tech giants, such as Microsoft, have also signed agreements for the next-generation of nuclear technologies. Entwistle noted that it will take some time for many of them to be completed. Wood Mackenzie predicts that U.S. nuclear production will be stable until 2035 and then rise 27% by 2060. According to the latest energy transition outlook from the firm, global data center power consumption is expected to reach 700 TWh globally in 2025 and 3,500 TWh worldwide by 2050. This is equal to the combined electricity demand of India and the Middle East today. The global nuclear capacity will grow from 400 GW to 800 GW to 1,600 GW between 2060 and 2060, according to the latest energy transition outlook. James West, managing Director at Melius Research, stated that small modular reactors are seen as being cheaper and quicker to build. They can also be located with data centers without the need for an additional power infrastructure. The nuclear industry faces multiple challenges in order to remain competitive. These include project and permit delays, cost overruns, and a labor shortage. Entwistle said that securing policy support and funding to fund innovative projects, such as small modular reactors will be difficult for newer technologies. (Reporting and editing by Frances Kerry. Kavya Baliaraman)
Oil prices rise as US-China talks focus attention
The oil prices were stable on Wednesday, as investors weighed the optimism surrounding a meeting of the top two consumers in the U.S.A. and China with the expected rise in production quotas at the next OPEC+ summit.
Brent crude futures rose 11 cents or 0.2% to $64.51 a barge at 1020 GMT. U.S. West Texas Intermediate Crude futures climbed 6 cents or 0.1% to $60.21. China's Foreign Ministry said Chinese President Xi Jinping will meet U.S. president Donald Trump in Busan, South Korea on Thursday.
The statement said that the meeting will "inject new energy into the development U.S. China relations", and Beijing is ready to collaborate for "positive results". China said it was also open to continued cooperation with the U.S. regarding fentanyl, after Trump said that he expected tariff reductions on Chinese products in exchange for Beijing’s commitment to curtail exports of precursor chemical.
The expected decline in U.S. fuel and crude inventories over the past week also supported prices. Market sources cited American Petroleum Institute data on Tuesday to say that crude stocks dropped by 4,02 million barrels in the week ending October 24.
Sources said that gasoline inventories had dropped by 6.35 millions barrels and distillate inventories by 4.36million barrels compared to a week ago.
UBS analyst Giovanni Staunovo stated that the API report, which showed large draws of crude and refined products in the U.S. last week, is providing some modest support for prices.
Brent and WTI registered their largest weekly gains in June, after U.S. president Donald Trump imposed sanctions against Russia related to Ukraine for the first time during his second term. The sanctions targeted major oil companies Lukoil & Rosneft.
Despite this, the price of both benchmarks dropped by 1.9% or $1 in the previous session. Four sources familiar with the discussions said that OPEC+ is likely to increase its output in December. Two sources cited an extra 137,000 barrels a day. The CEO of Saudi Arabia's state-owned oil giant Aramco stated on Tuesday that crude oil demand had been strong before sanctions were imposed against Russian oil majors, and Chinese demand remained healthy.
(source: Reuters)