South America

Brazilian President Luiz Inacio Lula da Silva asked Congress on Monday to acknowledge a state of public disaster for the heavy rains that have actually eliminated a minimum of 85 individuals in the country's southernmost state of Rio Grande do Sul. More than 130 people are still missing out on after flooding that has actually impacted more than two-thirds of the almost 500 cities in the state, leaving about 150,000 individuals displaced, the state civil defense authority said. Floods have actually destroyed roadways and bridges in numerous cities setting off landslides and leaving a path of destruction. Lula's step asks...

Abu Dhabi National Oil Company (ADNOC) has terminated talks to purchase a. managing stake in Braskem, the Brazilian. petrochemical producer stated on Monday, driving its shares down. nearly 15%. ADNOC provided a non-binding deal in November for the. Braskem stake held by corporation Novonor, with an indicated. rate of 37.29 reais per share for an equity worth of 10.5. billion reais ($ 2.1 billion). Nevertheless, ADNOC has actually now informed Novonor about its choice. not to go forward with the negotiations, Braskem said in a. securities filing. Braskem's Sao Paulo-traded shares dropped as much as 16.3%. on Monday to its...

Colombia's bulk stateowned energy business Ecopetrol is examining its potential direct involvement in the Andean nation's. firstever overseas wind auction, the business stated in a. statement to . The government of President Gustavo Petro, Colombia's very first. leftist leader, has said it wants to wean the Andean country. from its reliance on fossil fuels while ensuring energy. self-sufficiency. Bidders in the auction for concessions off the country's. Caribbean coast are required to demonstrate some sort of. partnership agreement with a public or mixed-ownership company -. such as Ecopetrol - in order to be awarded a concession. But it had not...

Brazilian energy major Petrobras has loaded diesel from India on board a Suezmax crude oil tanker after a monthlong delay, according to shiptracking information and trade sources, the very first such delivery from India in more than a year amidst unstable freight rates for clean item tankers. The conversion of a petroleum tanker to bring clean items enabled Petrobras to deliver larger volumes of diesel from Asia at lower costs, with Asian sellers also looking for need outlets outside this area, the sources said. The bigger shipments will likely alleviate down pressure on an oversupplied Asian diesel market and create...

The big raw sugar delivery at the expiry of the May agreement on ICE is not always a bearish indication, traders stated on Wednesday, as it could show strong need in the physical market. ICE said in a notification on Wednesday that the shipments amounted to 32,914 agreements, or around 1.67 million metric tons, the third largest for a May agreement and the fourth largest for any contract month. The notification confirmed preliminary info provided by traders on Thursday. Big deliveries are normally thought about bearish, since it can indicate sellers could not discover better offers for that sugar in...

Exxon Mobil Corp. will close down 2 offshore oil production jobs in. Guyana for two weeks each, between July and August, to link a. natural gas pipeline, the company's country head Alistair. Routledge told press reporters in Georgetown on Tuesday. The 140-mile (225-km) pipeline will feed Guyana's $1.9. billion gas-to-power project focused on ending the nation's. dependence on imported fuels and at reducing energy costs for. citizens. Exxon has said it will stop production to satisfy a. commitment made with local authorities to have the pipeline. connected by year end, in spite of delays on the government-run. onshore part of...

Portuguese energy group Galp Energia reported a biggerthanexpected 35% increase in firstquarter earnings on Tuesday and stated it anticipates its significant oil discovery off the coast of Namibia to support growth in the coming decades. Changed net profit at 337 million euros ($ 360.69. million) beat the 262 million euros expected by 16 experts. surveyed by the company as lower tax payments balance out decreases in. unrefined production and refining margins compared to a year. previously. Adjusted incomes before interest, taxes, devaluation and. amortisation (EBITDA) also beat expectations, increasing 13% to 974. million euros. Galp shares, already up more than...

Venezuela's usage of digital currencies, anticipated to increase after the United States ordered a winddown of oil handle the approved nation by May 31, will require higher scrutiny by regulators and police, professionals stated on Monday. Venezuela's state oil company PDVSA plans to increase cryptocurrency transactions for its crude and fuel exports as the U.S. reimposes oil sanctions on the nation, sources informed previously this month. It is unclear if payments in digital currency Tether by PDVSA will be targeted by Washington from June 1. Venezuelan opposition politician Leopoldo Lopez and professional Kristofer Doucette presented a report on Monday detailing...

Shareholders of Petrobras voted on Thursday for the Brazilian staterun oil firm to pay 50% of the remarkable dividends it kept in March, reducing investor concerns about the location of those funds. Petrobras is set to administer about 22 billion reais ($ 4.26. billion) relative to its 2023 results, while the remaining 50%. will be kept in a fund for future disbursement, which the. government signified might occur by the end of this year. The vote settled a matter that rocked the oil giant because. its government-controlled board decided to withhold the additional. dividends on March 7, which surprised markets...

Colombia anticipates to attract $ 10 billion in foreign investment from Europe this year, particularly in renewable energy, Finance Minister Ricardo Bonilla said throughout a see to London. We are discussing financial investments for $10 billion to start, which will assist us settle crucial and tactical projects, Bonilla told journalists together with British authorities. Ecopetrol is at an essential moment to make tactical alliances in the effort to build green hydrogen, he said, referring to Colombia's bulk state-owned energy business and including that there are conditions for financial investment in hydrocarbons to move into renewable resource. Foreign direct investment in...

Polish oil refiner Orlen has actually cancelled contracts to buy Venezuelan oil and improved items after losing more than $400 million on prepayments for shipments it never received, a business manager stated on Tuesday. Oil and tanker charter contracts put in place by the Swiss based unit Orlen Trading Switzerland (OTS) were ditched as tankers weren't filling and a U.S. sanctions window will close, the person said. The U.S. Treasury Department in October provided a licence lifting sanctions on Venezuela's oil production and exports through mid-April, triggering trading homes to purchase freights from unknown intermediaries registered as clients of state...

Venezuela's. staterun oil company PDVSA prepares to increase digital currency. usage in its crude and fuel exports as the U.S. reimposes oil. sanctions on the nation, three people knowledgeable about the strategy. said. The U.S. Treasury Department last week provided PDVSA's. consumers and companies until May 31 to wind down deals. under a basic license it did not restore due to a lack of. electoral reforms. The relocation will make it harder for the. nation to increase oil output and exports as business will. need to await private U.S. authorizations to do business. with Venezuela. PDVSA considering that in 2015...

Chinese carmaker BYD Co. has delayed plans to produce lithium cathodes for. electrical vehicle (EV) batteries in Chile by 2025, the company's. Americas head told on Tuesday. Chile's financial advancement firm CORFO in 2015 stated. production at a new plant to be developed by BYD was anticipated to. begin around the end of 2025, representing a $290 million. investment in the world's second-largest lithium-producing. country. BYD Chief of Americas Stella Li stated she was not sure when the. business would resume its strategies, citing uncertainty and. complications around the task, which would make parts. needed for electrical vehicle (EV) batteries....

The staterun Chilean Copper Commission (Cochilco) will quickly modify its copper rate outlook, which will be substantially greater than the previous forecast, the body's technical head stated on Tuesday. Patricia Gamboa, Cochilco's head of studies, stated that an upcoming evaluation of the copper rate forecast will be substantial compared with the latest computation. Copper cost projections have been growing due to an boost in demand for the energy transition and electrical vehicles, while supply appears slow. Going forward, Cochilco is reasonably optimistic on how copper rates will develop, Vice President Joaquin Morales told journalists. In January, Cochilco had forecasted a...

Peruvian authorities said on Friday that they had launched an investigation into President Dina Boluarte for disbanding an unique authorities force that had been investigating her sibling, who was detained previously in the day. Nicanor Boluarte and the president's legal representative were apprehended as part of a probe into supposed influence peddling, increase pressure on the Andean country's leader, who is currently being examined over how she got expensive Rolex watches and precious jewelry. Peru's attorney general's workplace said it was now looking into a possible abuse of authority by President Boluarte and Interior Minister Walter Ortiz for liquifying the...

Brazilian steelmaker and miner CSN published a 479.7 million real ($ 93.3 million). firstquarter net loss late on Thursday, struck by lower iron ore. and steel costs. The loss was almost 42% smaller sized than a year previously, however. that was largely down to tax gains. Net revenue was down 14.2% at 9.71 billion reais in the. 3 months to March 31 as the lower prices offset steel and. iron ore sales volumes that rose by 5% and 6% respectively. Adjusted profits before interest, taxes, depreciation and. amortization (EBITDA) was available in at 1.97 billion reais, down 39%. from a...

Imports of iron ore by China, the world's biggest buyer, in 2024 are expected to be around 1.170 to 1.180 billion metric tons, similar to last year's 1.18 billion loads, a senior authorities of miner Vale stated on Wednesday. In the near term, we are still seeing strong durability in the Chinese economy, although the property market is slowing down in the next couple of years, Eduardo Mello Franco, marketing manager for rates at Brazilian mining business Vale informed an industry conference in Singapore. We see infrastructure for example is still growing strongly in China, he stated, including that manufacturing...

The Baltic Exchange's dry bulk sea freight index extended its rally on Tuesday to strike its greatest in more than 6 weeks, supported by a dive in the big vessel segment. * The general index, which consider rates for capesize, panamax and supramax shipping vessels, added 207 points, or 11.03%, to 2,083, touching its greatest level given that March 25. * The dry bulk market has actually continued to outperform expectations ... Spot Cape activity stays elevated in the secret packing areas of Australia (iron ore), Brazil (iron ore) and West Africa (bauxite), Jefferies experts composed in a note. *...

The chairman of Chile's. staterun copper giant Codelco stated on Monday that he. anticipates to reach a lithium handle mining business SQM. on schedule, while keeping in mind many concerns remain to be. resolved. We still have great deals of pending problems and we need to work. extremely hard, said Codelco Chairman Maximo Pacheco at a financial. development occasion in the Chilean capital. The executive added that the arrangement with SQM would. offer 70% of the collaboration's benefits to the federal government in between. 2025 and 2030, then increasing to 85% from 2031. Santiago-based SQM, the world's 2nd greatest lithium....

Eramine Sudamerica is set to inaugurate its first lithium carbonate plant in the northern Argentine province of Salta this July, setting it on track to become the South American country's 4th manufacturer of the key battery metal. The group, owned by French miner Eramet and Chinese steelmaker Tsingshan, anticipates to produce some 3,000 heaps this year and ramp up to some 24,000 lots by 2025, the business's. sustainability director Constanza Cintioni told in an. interview. Lithium, which is utilized for batteries in cellphones and. electric vehicles (EV), saw its price skyrocket over current. years, before plunging in 2023 mainly due...

Brazil and the state of Espirito Santo have actually declined a proposal by miners Vale and BHP concerning reparations for the deadly 2015 Mariana tailings dam burst, the federal government stated on Friday. The statement did not consist of Minas Gerais state, where the catastrophe happened, and which said it wishes to keep negotiating the present proposition. Vale, BHP and their joint venture Samarco earlier this week presented authorities with a deal to pay a total of 127 billion reais ($ 25.03 billion) as reparations for the dam collapse, including 37 billion reais currently disbursed. In turning down the deal,...

Peru's dented mining mojo, hit by years of political turmoil in the Andean nation, is being buoyed by strong copper prices and a bullish outlook they will increase even more, helping entice back financier interest, the country's. mining minister stated on Friday. The cost of copper is a great destination, Romulo Mucho,. told in an interview at his workplace, a recommendation to. rates that hit two-year peaks of $10,208 a metric load this. week, near to the record high of $10,845 in March 2022. Goldman Sachs previously in the day hiked its year-end price. target to $12,000 per load, from...

Argentina's mining exports grew 4.3% in 2023 throughout the years, driven by lithium, an industry group stated on Friday, expressing confidence that the nation's ample metals and minerals deposits can assist raise the economy from a prolonged crisis. Exports reached $4.032 billion last year, Roberto Cacciola, president of the Argentine Chamber of Mining Business Owners ( CAEM), said in a conference with journalists late on Thursday. Lithium exports grew 20% over 2022 despite the collapse of worldwide standard rates, while production increased 31%,. CAEM said. Argentina is the world's fourth-largest producer of the. white metal, a vital component in electric...

Brazilian steelmaker Gerdau published on Thursday a 47.9% reduction in its adjusted net revenue for the first quarter from the very same period a year earlier, impacted by lower steel sales amid higher imports in Brazil. It reported a 1.25 billion reais ($ 244.6 million) adjusted net profit for the three-month period ended in March. Gerdau, which has most of its organization in Brazil and North America, published a net profits decline of 14.1% year-on-year, as steel sales fell 8.6% in volume, with the business attributing the performance to excessive imports in the Brazilian market. However, the company welcomed Brazil's...