South America

Brazilian pulp giant Suzano announced on Friday that toilet paper, tissue and diaper prices will increase globally as companies try to cover higher transportation and 'chemical' costs if the U.S. and Israeli war against Iran continues. Suzano is the largest producer of pulp in the world, with a market capitalization of more than $60 billion. This pulp is used to manufacture Kimberly-Clark Cottonelle toilet papers, Kleenex tissues and sanitary products, as well as diapers, cardboard packaging, and other everyday items. The Iran War has caused a spike in oil prices, which have increased Suzano’s costs for shipping, trucking and rail....

Venezuela's acting president?Delcy Rod said on Wednesday that her government will make a'responsible' increase to workers' wages on 'May 1'. Her administration is looking to leverage the 'oil' and mining developments in order to improve workers' pay. She did not provide a number for the increase in wages. Venezuela's minimum wage is 130 bolivares a month, which is equivalent to a few cents. However, many public workers earn much more, thanks to bonuses and other payments, to the tune of $150 if they are lucky. The immediate, medium-term, and long-term goal of the government is to gradually and steadily restore...

Venezuela's government, its political opposition and the United States are coordinating their legal defenses of Venezuela's oil-rich assets. Washington's recognition of interim president Delcy Rodriquez raised questions regarding who could represent Venezuela in U.S. court. The lawyers for Rodriguez's government, as well as the opposition, asked Manhattan's U.S. Magistrate Sarah Netburn to pause for 45-days a case where creditors seek to seize funds?linked to Petroleos de Venezuela until they decided who would represent Venezuelan interests. The letter "signaled" potential cooperation between the Rodriguez government and the opposition in safeguarding U.S. assets, such as the Houston-based oil refiner Citgo Petroleum, from...

Trafigura has not ceased its contracts with Bolivia's oil and gas state company YPFB, a spokesperson for the company said on Thursday. The company was rejecting a claim made by Bolivian Energy Minister Mauricio Medinaceli. Medinaceli announced on Tuesday that Bolivia will suspend its gasoline contracts Trafigura, and with rival trading house Vitol, until the investigation into the alleged smuggling of poor-quality fuel from Chile is completed. Later, on Thursday, YPFB confirmed its main supply contracts are still in effect, ensuring a?continuity of supply. The state-owned company has announced that it has signed an addition to its existing contract with...

Four sources said that Delcy Roddez, interim president of Venezuela, is preparing to take control of the U.S. subsidiaries owned by state oil company PDVSA, including Citgo Petroleum. The move could exacerbate a tug-of-war for control of the seventh largest U.S. refiner. Two sources claim that Rodriguez is still working on her list of board members to be approved by the Treasury. Some names were not received well in Washington. The sources say that if the executives are approved by the Treasury, then the Office of Foreign Assets Control would issue a license. One of the sources said that Treasury...

New York Times, Sunday, reported that the United States is allowing a Russian oil tanker to arrive in Cuba. This would be an easing of the de facto oil blockade Washington has placed on Cuba. Washington has effectively stopped all oil shipments to Cuba to exert pressure on the government in Havana. The U.S. temporarily lifted sanctions on Russia in order to improve the flow of crude oil which has been restricted by the U.S. military strikes against Iran and Israeli strikes. The Times report said that it was unclear as to why the Trump Administration allowed the shipment through....

Petrobras, Brazil's state-owned oil company, announced on Thursday that it has changed its fuel supply strategy. It will now?offer more fuel to distributors for April deliveries. Petrobras announced that it would supply 70 million liters more of S10 diesel next month and 95 million liters more of gasoline. The extra volumes will be delivered via existing contracts, rather than through diesel and gasoline auctions. Sources said that the change will result in fuel being sold at a lower price than if it was auctioned, and this is helping to keep domestic prices under control despite a recent spike triggered by...

The Philippines' ambassador to the United States stated that it is working closely with Washington in order to securing waivers and exceptions to allow oil to be purchased from sanctioned U.S. countries. This will 'ensure supply. The Philippines, which is heavily dependent on imported fuels, declared on Tuesday a national energy emergency in order to deal with Middle East War fallout, including oil procurement. In a series of phone messages, Jose Manuel Romualdez said: "We're working with the State Department on getting waivers or exemptions for oil purchases from sanctioned U.S. countries." Romualdez responded that "all options" are being considered...

Maria Corina Machado, Venezuela opposition leader, believes that early interest in Venezuela's oil industry is positive. However she has called for greater transparency and contract security. She said in an interview, before her afternoon address at the CERAWeek conference in Houston: "I am here to draw attention to Venezuela and not to delay it." Machado stated that the country could produce up to 5 million barrels a day with an investment of $150 billion. The country currently produces around 1 million barrels of oil a day. She believes that Venezuela's PDVSA, the state-run oil company, will eventually be reduced in...

The U.S. has 'extended sanctions waivers for Venezuela on Friday,' allowing investment into the petrochemical and energy sectors of the?South American nation and allowing fertilizer exports. Washington is trying to help American farmers who are being hit by the rising costs resulting from the Iran War. As part of this move, the U.S. Treasury Department updated three general licenses. The Department said that the changes are intended to help revitalize Venezuela's energy sector while also ensuring the global commodity markets stay well-supplied. However, it is not clear exactly how much fertilizer Venezuela has available to export or how fast it...

Petrobras, the state-owned oil company in Brazil, will increase the price of diesel sold by distributors by 0.38 reais (US$0.0725) per liter starting 'March 14th. The decision comes in the wake of the recent increase in oil prices caused by the U.S./Israeli conflict in Iran. This spike has widened the gap between Petrobras local diesel prices, and international benchmarks in recent days to a record high. Distributors were reluctant to sell to Petrobras because they feared they'd have to resupply the product at higher prices. According to the company, the average price of diesel that the oil giant charges distributors...

An official from the?industry?ministry said that Japan would consider buying Russian crude oil after the U.S. granted a 30-day waiver of?sanctions amid the Iran War, taking into account international conditions and its own?national interest. The U.S. waiver permits countries to purchase sanctioned Russian crude oil and petroleum products that are currently stranded on the sea. Treasury Secretary Scott Bessent described this as a move to stabilize the global energy market, which has been?roiled by Iran's war. Narumi hosokawa, the deputy general-director of the Ministry of Economy, Trade and Industry's (METI) immediate crisis management, said, "We will examine the issue in...

The consumption of refined copper in the world's largest metals market, China, shows no signs of peaking. It could increase by an average 3.7% annually over the next decade. China's growth in demand this year is expected to be much smaller at 1%. Zuo Haoen said at the World Copper Conference, in Santiago. He cited a slowdown in the energy transition, especially solar power that uses copper, and high copper prices. According to Minmetals "most realistic" scenario, Chinese copper consumption will increase by 3.7% per year, reaching 22.95 millions metric tons in 2035. This is a 43% increase from 16...

According to two people with knowledge of the matter, Brazilian steelmaker CSN wants to sell its cement unit for over 10 billion Reais ($2 bn). Talks are underway with local and international players including Brazil's Votorantim, J&F S.A. (which also controls JBS), and Chinese companies Anhui Conch Cement and Huaxin Cement. Huaxin Cement acquired a Brazilian firm in 2024. Sinoma International is also involved. Valor Economico, a Brazilian newspaper, reported on the interest of these Chinese groups earlier that day and was independently confirmed by. CSN, Votorantim and J&F refused to comment. Anhui Conch Huaxin and Sinoma have not responded...

The head of Brazil's mining regulator said that he expected a national policy on critical minerals to be announced within two to three months. He also added that the proposal to create a state-owned firm for rare earths is not a government initiative. Mauro Sousa (Director-General of Brazil's National Mining Agency, ANM) told a news conference that the 13 bills before Congress address rare earths and essential minerals. Recently, lawmakers have introduced new bills that propose the creation of an entity supported by the state, dubbed Terrabras. The mining industry association Ibram has reacted against this idea. LIMITED RIFFINING CAPACITY...

Codelco's Chairman Maximo Pacheco said that despite the price increases due to the Middle East conflict, the firm was still on track to reach its 2026 production target. The company hopes to increase production to 1.7 millions tons by 2030 after falling to a quarter century low in 2022-2023. However, the Middle East war pushed Codelco’s cash costs up by at least ten cents per pound. "That's a lot," Pacheco stated. He added that the biggest challenge facing the industry was operational continuity. "We've seen copper production becoming more difficult every day," he said. Codelco was able to protect itself...

V enezuela’s efforts to attract foreign investors for the development of its gold, bauxite and?iron seams have enthusiastic support from the Trump administration, but face big challenges. These include armed groups that have deep interests in the chaos and largely illegal prospecting industries which?developed during the last 20 years. Sources in Bolivar, a sprawling state in the southeast of Colombia, said that they are skeptical about international companies' ability to invest meaningfully if there is not a major improvement in security. Local criminals work alongside Colombian rebels. State security forces and the Colombian government have been accused by criminals of...

The mining ministry announced on Friday that the Peruvian 'government' has withdrawn an important authorization for Southern Copper's Tia Maria Copper Project and sent it back to authorities for review. This is a new obstacle for this long-stalled project. Tia Maria is one of the largest mines in Peru and the third largest copper producer in the world. Its target start date is late 2027, after more than a decade of local opposition by farmers and residents. The ministry of mining did not explain why it had revoked the permission to "start exploitation activities" issued in October. However, they said...

Chile will break from 'precedent' and host a panel on lithium at its annual global gathering of copper next week, in an effort to radically diversify its economy beyond the red metal which has been?powering it for decades. On Monday, the World Lithium Conference, organized by the International Lithium Association and the consultancy 'CRU', will launch what the copper industry calls CESCO Week. After months of stagnation, lithium prices have risen to levels not seen in two years as renewed interest in the metal is sparked by concerns about oil supplies in the Middle East. The lithium supply is tightening...

The National Assembly of Venezuela, controlled by the governing party, approved a law on mining that is expected to?open the sector to private and foreign investment. This follows the easing of restrictions in the U.S. economy to encourage foreign investment. Since the January raid in which President Nicolas Maduro was captured, the administration of U.S. president Donald Trump has supported the efforts of acting President Delcy Rodriguez. Trump has repeatedly praised Rodriguez's?cooperation with the U.S. The law allows domestic, foreign, state owned and private companies to exploit "strategic mineral" and gold. The concessions are for 30 years maximum, but they...

Codelco (Chilean state-owned) is the largest copper producer in the world. It reported on Friday a profit before tax of $4.85 billion by 2025. The company reported that it had produced 1.33 million tons of pig iron through December, an increase of 0.5% over 2024. The state-run company also reported earnings before taxes, depreciation, and amortization (EBITDA), which was $6.67 billion in 2025, a 23% rise compared to the year before. Codelco reported that production at its Ministro Hales and Radomiro Tomic mines, and at the Salvador mine, helped offset declines at Chuquicamata, Gabriela Mistral and due to geological factors....

Albemarle, the largest lithium producer in the world, announced on Wednesday that it had begun the environmental review process for its first Direct Lithium Extraction project (DLE) in Chile. Albemarle stated in a press release that the project was designed to recover twice as much lithium while reducing the amount extracted of brine compared?to the current operations. Albemarle said in a submission to the Chilean Environmental Assessment Agency that if the project were completed, it would require a total investment of $3.1 billion with a useful lifetime lasting until 2045. The initiative is aimed at a?more sustainable and efficient production...

Analysts and industry executives say that India's imports, which are a vital?raw material for steelmaking?, will reach a seven-year high in the fiscal year ending March 31. This is due to a shortage of ore of high quality and JSW Steel's demand. Analysts and trade officials have said that the total imports will likely reach 12 to 14 million tons in 2025-2026, which is more than double what they were a year ago. JSW Steel, India's biggest ?steelmaker by capacity, was a key driver of iron ore imports for its mills in the western state of Maharashtra ?and the southern...

The Peruvian president Jose Maria Balcazar appointed Waldir Ayasta on Monday as the new minister of Energy and Mines of the country. This follows the resignation of his predecessor Angelo Alfaro on Sunday after he was accused of raping an underage girl in 2000. Ayasta has been sworn in at the Government Palace of Lima by the President and now takes the helm of the Andean nation’s most important economic sector. The mining industry accounts for 60% of Peruvian exports and is the world's 3rd largest copper producer. Alfaro has denied any wrongdoing, but did not contest the claim that...