South America

Four sources familiar with the situation said that the U.S. administration of President Donald Trump is in talks with key partners, including Chevron, of Venezuela's PDVSA state-run oil company, to allow them to continue to operate within certain limits, in the sanctioned OPEC nation. The Washington pressure strategy adopted earlier in the year would be radically altered if Chevron and perhaps also PDVSA's European Partners were granted authorizations. In a statement, a senior State Department official stated that they couldn't speak about specific licenses granted to PDVSA partners. However, the U.S. wouldn't allow the government of President Nicolas Maduro to...

Anglo American, a global miner, reported on Thursday a 13% drop in copper production for the first half of this year, to 342,200 tons. It also reported a 26% decline in rough diamonds as the demand remains weak. The London-listed company still expects 690,000-750,000 tonnes of copper to be mined this year. This is down from 773,00 tons in 2024. Metal is used for electrical wiring, and demand will increase as electric vehicles and renewable infrastructure are developed. After BHP failed to acquire the miner last year, it is now restructuring its business, focusing mainly on iron ore and copper....

Chevron is about to enter Guyana's offshore oilfields, which will solve one of its biggest problems: how it will grow beyond the next couple of years. The U.S. oil company closed a $55 billion deal to acquire Hess, one of the biggest oil and gas transactions ever. It also acquired the stake that Hess held in Guyana's Stabroek Block following a legal battle with Exxon Mobil. Chevron had seen its oil and gas reserves drop to their lowest level in more than a decade. The Stabroek block contains at least 11 billion equivalent barrels of oil and is one the...

The U.S. Court of Appeals on Tuesday temporarily suspended an order by a judge that Argentina hand over its 51% share in the oil and gas company YPF as partial satisfaction for a $16.1-billion judgment. The 2nd U.S. The 2nd U.S. The appeals court stated that Argentina had until July 22nd to respond. The dispute arose from Argentina's 2012 acquisition of the YPF stake by Repsol, a Spanish company, without making a bid to Petersen or Eton Park. Both were minority shareholders. Burford Capital is representing these shareholders. Burford Capital has stated that it expects to receive between 35% and...

A U.S. Judge on Monday temporarily halted the enforcement of her order requiring Argentina's 51% stake in the oil and gas company YPF as partial satisfaction of a $16.1 Billion court judgment. The U.S. District judge Loretta Preska, while criticizing Argentina's actions and extending the deadline for the completion of the turn-over by three days until July 17, has pushed back Monday's deadline. She stated that the delay was only to allow Argentina to file a complaint with the 2nd U.S. Circuit Court of Appeals of Manhattan. Argentina filed an Emergency appeal On July 10, the court heard a case....

A U.S. Judge on Monday temporarily halted the enforcement of an order requiring Argentina's 51% stake in oil company YPF as partial satisfaction of a $16.1 Billion court judgment. The U.S. District Court Judge Loretta Preska's decision in Manhattan provides temporary relief for the cash-strapped South American nation, which warned that its economy would be unstable if it was forced to give up YPF's stake. Preska had originally scheduled a turnover for Monday but extended the deadline until July 17 in order to give time to appeal. Argentine president Javier Milei is trying to boost foreign currency reserves, rein in...

Venezuela's PDVSA state-run hydrocarbon sales abroad were $17.52 billion in 2024, according to results documents seen by during a period when U.S. licensing allowed foreign partners to fully operate. Washington revoked licenses in late May 2025 for the state-owned PDVSA partners, including Chevron. These companies had allowed the export of Venezuelan oil. According to preliminary data, the state-owned company's financial and operational results for 2024 show that it exported an average 805 500 barrels per day (bpd), up from a reported average of 700 000 barrels in 2023. The company's report shows that the Latin American nation will average 952,000...

According to a Thursday court filing, Argentina has filed notice of its appeal against a U.S. ruling ordering the country to surrender the 51% stake in the state energy company YPF. The notice was filed at the U.S. District Court for the Southern District of New York and appeals a Judge Loretta Preska's decision requiring Argentina hand over shares in partial satisfaction of a $16.1 billion judgment over the state takeover in 2012 of YPF. The case revolves around Argentina's seizure by Repsol of a 51 percent stake in YPF without making a bid to minority shareholders Petersen Energia Inversora...

The U.S. Climate Prediction Center said that El Nino and Southern Oscillation neutral conditions will be likely in summer 2025 in the Northern Hemisphere, with 56% of the chance occurring in August to October. Climate Prediction Center stated that neither El Nino nor La Nina is likely. The CPC stated on Thursday that the chances of La Nina conditions increasing into the fall and Winter 2025-2026 are comparable to ENSO neutral, but will remain similar. Why it's important El Nino is the warming of ocean temperatures on the surface in eastern and central Pacific. This can cause crop damage, fires,...

Three sources familiar with the preparations say that lawyers representing holders of a Venezuelan bond in default and some bidders who participated in an auction in the United States of shares of the Venezuelan parent company of U.S. refiner Citgo Petroleum, are preparing to object to its recommended outcome. The group led by Gold Reserve, which made the $7.4billion offer, could derail again the sale of Venezuela’s foreign asset. This asset was put up for auction to compensate creditors that lost billions due to Venezuela’s expropriations. The proceeds from the auction organized by the court of PDV Holding will be...

On Sunday, Russian President Vladimir Putin said to BRICS leaders that the era liberal globalisation is obsolete. The future belongs to rapidly growing emerging markets that should increase the use of national currencies in trade. A warrant of arrest issued by the International Criminal Court alleging that Putin is responsible for war crime in Ukraine caused him to speak via video link at the Rio de Janeiro summit. Moscow claims the warrant is unfounded, and has no purpose. BRICS – an idea that was conceived in Goldman Sachs 20 years ago to describe China's growing economic clout and that of...

Petrobras, the Brazilian state-owned oil company, announced in a Thursday statement that it would invest 26 billion Brazilian reais (4.80 billion dollars) to integrate the Reduc refinery with the Boaventura complex of energy in Rio de Janeiro. Petrobras stated in a statement that the new structure would increase production by 76,000 barrels of diesel per day and by 20,000 barrels of jet fuel. Petrobras executives stated that the company plans to renovate a thermal plant in Reduc. The estimated cost is 860 million reais. The statement also states that the investment will be 2.4 billion reais in maintenance stops at...

Iron ore is the best performing commodity this year, with a price of over $100 per metric ton. This is despite signs that China's steel industry has been slowing down. The Singapore Exchange's most traded iron ore contract ended Wednesday at $101.71 per ton, down from $102.74 at its previous close. The rolling front-month contracts have traded within a narrow range this year. A high of $107.81 per ton was reached on February 12, and a low $93.35 per ton was achieved on July 1. This stability is due to the fact that China imports 75% of all seaborne volumes....

Donald Trump announced on Wednesday that the United States would impose a tariff of 50% on copper pipes, wires, and other copper products. However, the details of this levy were not as comprehensive as expected, and did not include copper input materials like ores, concentrates, and cathodes. U.S. Comex Copper Futures fell 19.5% following the announcement. This quickly unwinded a premium that had been growing over the London benchmark in recent weeks, as traders assumed U.S. mines would benefit financially from the tariff. Trump teased his tariff for the first time in early July. He implied that the tariff would...

Raul Jacob, CFO of Grupo Mexico’s Southern Copper, said that the U.S. - China trade war would affect the global economy and the copper sector. He made this statement on a conference call with analysts to discuss the company’s quarterly results on Wednesday. He said: "We think that an intense trade war between the U.S.A. and China could affect economic growth around the world." Jacob, the Chief Financial Officer, said that he expects the industry to remain resilient over the long term. He said, "We continue to maintain a positive outlook for the long-term future of copper." Jacob said that...

Rio Tinto announced its lowest first-half profit in five years Wednesday as iron ore price remained low due to concerns about oversupply and weak China demand. This was offset by higher earnings from the copper business. The price of iron ore fell in the first half as the top steel consumer, China, decreased its steel production and increased supply from Australia and Brazil. This reduced Rio Tinto's earnings. Morgan Stanley notes that the expectation of China reducing overcapacity and restocking the steel industry before the end of 2025 could lead to an increase in price to $100 per ton by...

Dina Boluarte, the president of Peru, said that her government is looking at approving 134 projects for mining exploration and exploitation worth an estimated $6 billion. Boluarte stated in an address before Congress that she expects the formal small-scale mine sector to generate over $5 billion in sales annually by the end this year, and that $4.7 Billion in formal projects are expected to have begun construction by 2026. Officials from Peru, third largest copper producer in the world, are in discussions with informal miners. They launched protests at the end of June, which blocked a major transport corridor used...

In an interview on Monday with the local radio station Duna, Mario Marcel, Chile's Finance Minister, said that he expects U.S. tariffs on copper to be discussed in Washington as part of broader U.S. Trade talks this week. Marcel said that Chile would request any tariffs be included in a larger trade agreement with the United States. The Trump administration announced that it would impose a 50% tariff on copper imports starting August 1. Chile is a major supplier of red metal to the United States and also of refined copper, though it sends a much larger volume to China....

The Peruvian authorities stopped a shipment of four metric tonnes of mercury heading to Bolivia, allegedly for use in illegal gold-mining. This is the latest indication of the growing black market to meet the soaring demand of the precious metal. The container was passed off as crushed rock. However, the customs agency in Peru, SUNAT, said that an analysis revealed it to be laced with toxic mercury. In a press release, SUNAT stated that "we could determine that the mercury was being shipped in its natural form, concealed in shipments of crushed gravel." It was discovered at the Callao Port...

The Argentine government approved the $217 million project by Australian miner Galan Lithium in Catamarca for a new incentive program called RIGI. However, it rejected a bid from China's Ganfeng to build its Mariana lithium project. Why it's important Last year, the Incentive Regime for Large Investments (RIGI) was implemented as part of President Javier Milei’s efforts to encourage investments in the troubled economy. The RIGI offers benefits such as tax breaks and access international dispute courts for eligible projects. Global mining companies have been watching closely to see if the scheme will encourage investment in the copper industry that...

The Brazilian miner Vale reported that it produced 83.6 millions metric tons (metric tons) of iron ore during the second quarter. This is up 3.7% compared to a year ago, according to the company. Vale's output and sales report said that the growth was mainly due to a second-quarter record set at the S11D project in northern Brazil. This is Vale's top iron ore producing mine. It also cited "strong performance" from its Brucutu mining operation located in the southeast. Vale stated that the combination of the new assets ramping-up and the greater operational reliability are supporting a stronger adherence...

With an unpopular president in place, the left of Chile has chosen to challenge a resurgent Right at the November election. Jeanette Jara is a member from the Communist Party. Jara, the Unity for Chile candidate chosen by voters in the last month, said she would win over sceptical voters by highlighting her record of advancing popular legislation, such as a reduced working week and pensions, under President Gabriel Boric. Jara faces a steep battle in spite of Boric's lack of popularity and her own affiliation to a party. This is a country still haunted by Augusto Pinochet's dictatorship, which...

The president of the Argentine Chamber of Mining Companies, CAEM, predicted that Argentina's mining exports would exceed $5 billion by 2025. This is up from $4.6 in 2024. Roberto Cacciola, in an interview with he said that the main mining exports of Argentina, gold and silver, would remain the same or even decline slightly by 2025, due to the maturation process for mining projects. However, the rising prices would make up the volume decrease. Cacciola stated that the mining exports could reach $5 or $5.2 billion this year. He said that he expected the opposite for lithium. He expects a...

The shares of Brazilian planemaker Embraer plunged sharply Thursday after U.S. president Donald Trump announced he would impose 50% tariffs on all imports coming from South America. Analysts have warned that the third largest aircraft manufacturer in the world, with a large market for its executive jets and regional planes in the U.S., will be among the most affected firms by the tariffs. Embraer shares traded in Sao Paulo fell as much as 8 percent on the news before reversing their losses and trading down only 5%. Embraer led the decline in Brazil's Bovespa index which fell 0.7%. SkyWest recently...