South America

A dozen sources claim that Venezuela's government has begun to allow the private sector to use dollar-linked cryptocurrencies for currency exchanges, due to the US restrictions on oil exports. The sanctions imposed by the United States on Venezuela, which are described by the Venezuelan government as an "economic war", prevent many transactions. Companies that want to purchase raw materials abroad are forced to exchange their local bolivars into dollars, generated from the oil trade, foreign card transactions, and the central bank injecting them into the exchanges. Oil revenue has dropped in recent months. The United States Treasury Department issued Chevron...

Four people with knowledge of the talks said that Petrobras, Brazil's state oil company, was receptive to IG4 Capital's proposal to buy engineering group Novonor outright control over Latin America's biggest petrochemical firm, Braskem. Petrobras is Braskem’s second largest shareholder and has a right to first refusal on Novonor’s stake. This means that its approval will be crucial for the deal. Three other sources, who spoke on the condition of anonymity as well, also said that IG4 has made progress in its discussions with key stakeholders since it signed an exclusive agreement last week to buy billions of reais worth...

EarthDaily reported on Thursday that Brazil's Sao Paulo State, which produces half of Brazil's sugarcane production, will likely face extreme heat and dry conditions next week, resulting in a further reduction of crop yields. The satellite-based agricultural monitor firm warned in advance of the increased fire risk in canefields due to the dry conditions. EarthDaily reported that "Climate model predictions point to an upcoming heat wave with temperatures averaging around 39degC (102/degF), which would likely worsen losses in sugarcane production and increase the risk of fires." This warning comes at a time when Brazil's sugar belt in the center and...

Gold Reserve filed a motion on Wednesday to disqualify an opposing bid by an affiliate of Elliott Investment Management, which a Delaware court selected this month as the frontrunner in an online auction for Citgo Petroleum’s parent. The auction of PDV Holding (parent of Venezuelan refiner Citgo) was overseen by a court officer who determined that the winning bid in the competition was a $5.86-billion offer made by Elliott affiliate Amber Energy, despite his recommendation in July of a $7.4-billion bid from a group headed up Gold Reserve subsidiary Dalinar Energy. The officer will now have to submit a fresh...

Bola Tinubu, the Nigerian president, said at a press briefing with his Brazilian counterpart that Petrobras should be able return to Nigeria quickly. Petrobras started operations in Nigeria in deep waters near the Niger Delta in 1998. It sold its stakes over 10 years ago in order to raise money for domestic projects. Nigeria has worked to solve some of the issues that have limited its oil and gas production since then. "We have a large gas reservoir." "I don't understand why Petrobras should not return to Nigeria as a partner as soon as possible," Tinubu said at a press...

Bola Tinubu, Nigerian president, said that Brazil's Petrobras oil company, which left Nigeria in 2005, should be able return quickly. The visit was part of a 2-day trip to strengthen ties. Petrobras started operations in Nigeria in the deep waters of the Niger Delta in 1998. It sold its stakes over 10 years ago in order to raise money for domestic projects. Nigeria has since then been crackingdown on the issues that have limited oil production. "We have a large gas reservoir." "I don't understand why Petrobras should not return to Nigeria as a partner as soon as possible," Tinubu...

The U.S. court is about to announce the winner of an auction of shares in Citgo Petroleum, the parent company of the U.S. refiner. Affiliates of the hedge fund Elliott Investment Management as well as miner Gold Reserve are leading the competition. Robert Pincus, a U.S. court official, has until Monday to decide whether the $7.4 billion offer from Gold Reserve subsidiary Dalinar Energy that he had previously recommended remains in front or if a rival bid is superior. In the final round of bidding, Elliott's affiliate Amber Energy and a unit from commodities firm Vitol as well as a...

A representative of bondholders in the United States told a U.S. Court on Monday that holders of a Venezuelan defaulted bond had reached an agreement for a preliminarily settlement with Amber Energy. This was part of the raised bid submitted by Elliott Investment Management to buy the parent company of U.S. refiner Citgo Petroleum this month. Recently, the court auctioned shares saw improved bids from hedge funds Elliott and Vitol affiliates. This was despite the officer who oversaw the bidding round recommending a separate $7.4 billion offer by a Toronto-listed miner Gold Reserve subsidiary. Some creditors and bidders believe that...

The U.S. Court of Appeals granted Argentina's request on Friday to temporarily suspend a judge’s order that the country turn over its 51 percent stake in oil company YPF as partial satisfaction for a $16.1 billion verdict won by two investors. The 2nd U.S. The 2nd U.S. Circuit Court of Appeals, Manhattan, stayed U.S. district judge Loretta Preska’s June 30, 2010 turnover order until Argentina appeals. Argentina warned it could suffer irreparable damage and destabilize its economy if it sold its stake in YPF - the country's biggest energy company. The court of appeal did not give any reasons for...

Multiple sources confirmed on Friday that China's Changyi Petrochemical (recently sold by the state-owned Sinochem Group) has been granted a crude oil import quota until 2025. The company used this quota to purchase Brazilian oil. Three sources confirmed that the refiner in Shandong was allocated 2.5 million metric tonnes (18 million barrels), on a prorated scale, for the rest of the year. The sources claim that Changyi has a right to 5,000,000 tons for a whole year. Changyi declined comment. Hongrun declined to comment on a phone conversation, and the company didn't immediately respond to e-mail requests. The Commerce Ministry,...

Three people familiar with the talks said that groups vying to control Brazilian petrochemical company Braskem would likely resist any sale of its U.S.-based assets. Brazilian chemical company Unipar has been in discussions to buy Braskem's plants in Texas and Pennsylvania for $1 billion. This was reported by the Brazilian newspaper O Globo on Thursday. Braskem confirmed to Unipar on Friday that they are discussing the sale unspecified Braskem properties. On Friday, Braskem shares rose about 3% while Unipar's shares jumped nearly 9% at the Sao Paulo Stock Exchange. Sources, who spoke on condition of anonymity, said that neither party...

In a court filing, an officer in charge of the auction process for shares in Citgo Petroleum's parent company in the United States (owned by Venezuela) has revealed that a bidder had submitted a rival offer. The court was holding the auction to pay creditors who were owed money due from expropriations or defaults. Last month, a $7.4 billion offer by a group headed by a subsidiary owned by Canadian miner Gold Reserve, was recommended as the winner of the bidding process. However, the judge still has to decide whether or not to accept it after some creditors and competitors...

China's net copper imports fell to an all-time low in July, as the world's biggest buyer competed with the United States for the metal. China's warehouse stocks are now included in the scramble to export copper to the U.S. before threatened tariffs. In the first seven month of 2025, China "exported 121,000 metric tonnes of copper to the U.S." The shipments began after President Donald Trump announced in February a national-security investigation into U.S. dependence on copper imports. Since U.S. Customs only counted 15 tons of Chinese refined copper in the first half 2025, we can conclude that China's so-called...

The Financial Times reported that Brazil's Competition Authority has opened an investigation into Anglo American’s plans to sell its nickel operations in the country. The FT reported that CADE, Brazil’s antitrust regulator confirmed it had opened a investigation into the $500-million deal Anglo concluded in February with MMG Singapore Resources in response to a complainant. The FT reported that "based on a complaint, a Administrative Procedure for Investigation of an Act of Economic Concentration" was initiated by CADE. The newspaper reported that CoreX Holding, a global industrial group, had lodged an objection to the deal. It cited a source with...

In an interview, Alvaro Garcia, the newly appointed Economy minister of Chile, said that he expects Codelco - a state-owned copper producer – and SQM - a local miner – to complete a major partnership deal with lithium before 2026 when the current administration leaves. Some presidential candidates have stated that they will review or cancel the deal if it is not completed before President Gabriel Boric leaves the office. This puts pressure on the administration to complete the crucial pillar in its pledge to increase the role of the state in lithium production. This is our immediate goal. "We...

TechMet, a U.S.-government-backed investment vehicle, is launching an arm to trade critical minerals following further investment by commodity trading house Mercuria. This was announced on Wednesday. TechMet, a private company, owns stakes in 10 different companies including Brazilian Nickel, Cornish Lithium, and Rainbow Rare Earths. According to a press release, TechMet SCM will be a new trading unit that will concentrate on specialty metals from its portfolio companies as well as third parties. Mercuria has increased its investment to make possible the launch the trading arm. It did not specify how much Mercuria had invested. TechMet stated that "it will......

Hochschild Mining, a British company, slashed its full-year production estimate for the Mara Rosa mine in Britain by over half on Wednesday. This comes months after the mine was shut down due to a lackluster gold output. Shares fell nearly 20%. The first gold mine of Hochschild in Brazil has been affected by contractor and weather related disruptions. This led to production delays, reduced output and increased costs. The mine's production of gold is expected to be only 35,000-45,000 in ounces, down from the previous prediction of 94,000-104,000. The FTSE 350 index of precious metals, mining and minerals fell 2.3%...

Fortescue, an Australian company, reported on Tuesday its lowest full-year profit for six years. The results met analyst expectations and the dividend was maintained. Fortescue also reaffirmed its commitment to renewable energy following a refocus of its growth strategy. According to the fourth largest iron ore mining company in the world, net profit attributable after taxes was $3.37 billion during the year ending June 30. This is down from $5.68billion a year earlier. This compares to the average analyst estimate of $3.43billion, according data compiled by LSEG. Fortescue has had its worst performance since fiscal 2019. Fortescue has been pushing...

According to a document obtained by on Monday, Chile's mining regulator Sernageomin added conditions for Codelco in order to restart affected areas after a fatal collapse occurred at its El Teniente Copper Mine in July. According to a Sernageomin report, the regulator will require a plan of follow-up and surveillance for stability and safety in mining operations at all underground mines of Codelco’s El Teniente. Codelco announced this weekend that it had received permission from Sernageomin for its Andes Norte section and Diamante section of El Teniente to be restarted. However, the document detailing the approval obtained by revealed increased...

Javier Robeto, the country manager of Aldebaran Resources Canada, said that at least $1.5 billion will be needed to develop the Altar copper project located in northern Argentina. Robeto stated that the company will include this figure in its preliminary assessment of September. This will show Altar has about 32 billion pounds copper resources and approximately 6.7 million ounces gold resources. Aldebaran does not know if it will be able to spend the money in time to qualify under RIGI (the government's incentive program), which provides long-term tax breaks as well as access to international dispute tribunals for investments above...

Codelco, a Chilean copper mining company, has announced that it will reduce its production forecast for 2025 after an accident at the El Teniente mine in Chile reduced its output by 33,000 metric tonnes. Ruben Alvarado, the CEO of El Teniente, told a congressional committee that the company is now expecting to produce 316,000 tonnes this year. Alvarado stated that the decline is a $340 million loss due to the lost production. This was slightly more than the $300 millions Codelco predicted last week, based on an estimated loss of 20,000-30,000 tons. Six people were killed in an accident that...

SQM Chile, the second largest lithium producer in the world, reported on Wednesday a 59% drop in its quarterly profit due to lower prices for lithium. LSEG data shows that the company's second-quarter profit was $88.4 millions, which is below analysts' expectations of $143.01million. Analysts had predicted $1.064 billion for the third quarter. The company's $1.04 billion revenue was in line with that. The company reported that lithium prices have dropped by 34% in the last year. Since their peak at the end of 2022, global prices for lithium - a key component in electric vehicle batteries - have fallen...

Young Bolivians can influence the outcome of general elections Doria Medina, presidential candidate, has a strong presence on social media Social media is a source of news for more young Bolivians By Nathalie Iriarte The young people of the country seem to be enjoying the lively and entertaining posts made by the business magnate. "I don’t know why but I like Him." "I see other politicians that look forced and they don’t use social media the way he uses," said Veronica Mamani (19), a first time voter. Bolivia has a young electorate, with nearly half the population under 35 years...

The Chilean miner Antofagasta reported a 60% increase in its core earnings for the first half of this year, thanks to higher production and prices paid by customers for copper used as an energy transition material. The EBITDA for the first half of this year rose from $1.39 to $2.23, slightly exceeding analysts' expectations. Antofagasta is majority owned by the Luksic Family of Chile. The company announced a dividend per share of 16.6 cents, up from 7.9 cents in the interim last year. Copper is a key material for power and construction industry applications, as well as for green energy...