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• INSIGHT - While Trump and Zelenskiy are discussing a mineral deal, the production of minerals in Ukraine is still years away

  A small team of eco-consultants dropped sensors into the ground to measure the water level in a snow-covered field in central Ukraine. This is where the largest lithium deposits in the country are found. The small Ukrainian mining company UkrLithiumMining that has the license contracted the environmental survey years before any mining operations on the undeveloped site. This shows how much more work needs to be done for a mineral deal between Ukraine, the United States and other countries before it generates any significant revenue. The President Donald Trump views the minerals deal, which he will clinch with President Volodymyr Zelenskiy on Friday in Washington, as America's means of recouping some of the money that it has given Ukraine in financial aid and weapons to fight Russia which invaded Ukraine three years ago. Denys Alyoshin, Chief Strategy Officer of UkrLithiumMining said that the Washington agreement was a positive step because it makes Ukraine more resilient to Russian aggression over the long term. He said that without a Western security guarantee, it would be difficult to develop the Polokhivske Lithium deposit. The deposit, one of Europe's largest, is only 240 km from the Russian border. Alyoshin said, "Before war broke out I had many commercial negotiations with... investors interested in the project." "But once the war broke out, a rational CEO wouldn't go to a place where there was a war. They would go to Zimbabwe or Canada. There are many places where there isn't a war. The Trump administration, despite Zelenskiy's repeated requests, has not offered Kyiv any security guarantees. This has led to doubts about the commercial viability of developing rare mineral deposits, which are used in high-tech gadgets and batteries. Even if Russia agrees to a ceasefire this year, there is still the risk of war. The draft minerals agreement, which was reviewed by, included reassuring words but did not guarantee security. The focus was on creating a U.S. and Ukraine-managed "Reconstruction Investment Fund", to which Kyiv would contribute 50% of the future revenues from monetization state-owned resources. The terms of the agreement are very broad, and more negotiations will be required to nail down the details. Four experts have told Alyoshin stated that even if peace is restored to Ukraine, UkrLithiumMining will need to raise $350 millions and conduct a feasibility report for at least 1.5 years before they can begin building a mine or enrichment plant. "It will mean that we can reach a steady stage production...it could be in 2029." The next U.S. Presidential elections will take place in 2028. Trump, who has championed minerals cooperation to secure peace, is constitutionally prohibited from running for another term. Seven mining executives and analysts said that Alyoshin’s timeline was optimistic. The typical exploration period is four years. A feasibility study will take an additional year to complete before construction can begin. "The truth is that the majority of the lithium deposits in Ukraine have been identified during the Soviet period and we haven’t had any updates or exploration in many years," Federico Gay, an analyst at Benchmark Mineral Intelligence in London. He said that even if all the pieces fall into place, it will take at least eight years to develop the Polokhivske Deposit to the point where it produces usable lithium. Gay said that the deposit was deep and could require as much as $800 million to build the concentrator and mine. He added that an additional $1 billion would be required to produce the compounds for batteries. Alyoshin stated that his company planned to eventually produce 1.5 million tonnes per year of raw ore and then process it into 300,000 tons of petalite concentrat - a lithium-rich substance. Alyoshin said that with additional investment the lithium carbonate concentrate could be refined further to produce 22,000 tons of battery-grade Lithium Carbonate. It has not been previously reported the specifics of production and processing timetables planned at the Polokhivske Deposit. Classified Reserves The demand for these minerals is very high. Rare earths and lithium are both used to make electric vehicle batteries. Lithium can also be found in auto motors, wind turbines, and advanced military weapon systems. According to mining experts and analysts, it is a huge undertaking to convert Ukraine's lithium and rare-earth reserves into mines that can be operated and processing facilities built. The economy ministry of Ukraine and the Prime Minister's Office did not respond immediately to requests for comments for this article. Ukraine does not produce rare earths, but according to the Institute of Geology of Ukraine, it has large deposits of these minerals including lanthanum. cerium, and neodymium. The detailed data on these reserves is classified. Investors might be leery of a deal where the U.S. receives mined minerals as a return for security assurances, protection against future Russian attacks, and aid. Mining companies would use royalty agreements to secure financing from investors. They receive a percentage of sales revenue once production starts. While Trump is in office, any deal he makes to gain access to Ukraine's vital minerals will not allow the United States to challenge China's huge advantage in these key minerals. Julian Kettle, Vice-Chair Metals and Mining of Wood Mackenzie, said that while it is a counter to China it still poses the issue of where and how the minerals will be processed. The country is a producer of titanium, and has large graphite and Lithium deposits. You can increase production in existing mines. "But when it comes to new frontier development, the time from discovery to delivery of materials could be up to ten years." China is the third largest lithium producer in the world, behind Australia and Chile. China is the top producer of rare-earth elements in the world, including neodymium, used to produce strong, lightweight, powerful permanent magnetic materials used in military equipment. The U.S. Geological Survey, a government agency does not disclose details about lithium production in the United States. The USGS estimated that 45,000 metric tonnes of rare earth oxides contained in mineral concentrates was produced last year, making the U.S. second largest concentrate producer behind China. The gap is huge. USGS reports that China mined 270,000 tons of rare earths last year, or 69% of global production. It has even more control over rare earth processing, a complex process that is highly polluting. Beijing produces 90% of all rare earth elements. NEGOTIATIONS TO BE CONTINUED Dominic Raab is the head of global affairs for Appian Capital Advisor, a firm that invests into mining companies. He said the deal between Ukraine and the U.S. was a step in the right direction in terms of helping to fund Ukraine's development. Raab said that there was still a lot of due diligence and negotiations to be conducted. He previously served as the former British deputy prime minister and secretary of state for foreign affairs. Raab stated that Appian is interested in investing in Ukraine’s mineral projects if there was more information about the geological potential of the country. According to BMI, Ukraine is home to significant amounts of rare earth elements and lithium, graphite titanium, graphite used in nuclear power generation, as well as uranium. "Ukraine's not been mapped for 30 years." Gracelin Baskaran is the director of the Center for Strategic and International Studies' critical minerals security program. She said, however, that the mining industry - which uses around one-fifth as much energy worldwide - requires a robust electrical infrastructure: "Ukraine was bombed out." The state of the infrastructure in Ukraine and the security risks are too high to consider it a serious competitor. (Reporting from Pratima Deai in London, and Olena Harma in Kyiv. Additional reporting by Thomas Peter at Kopanky, and Ernest Scheyder at Houston. Editing by Veronica Brown and Mike Collett White.

• While Trump and Zelenskiy have reached a mineral deal, production of minerals in Ukraine is still years away

  A small team of eco-consultants dropped sensors into the ground to measure the water level in a snow-covered field in central Ukraine. This is where the largest lithium deposits in the country are found. The small Ukrainian mining company UkrLithiumMining that has the license contracted the environmental survey years before any mining operations on the undeveloped site. This shows how much more work needs to be done for a mineral deal between Ukraine, the United States and other countries before it generates any significant revenue. The President Donald Trump views the minerals deal, which he will clinch with President Volodymyr Zelenskiy on Friday in Washington, as America's means of recouping some of the money that it has given Ukraine in financial aid and weapons to fight Russia which invaded Ukraine three years ago. Denys Alyoshin, Chief Strategy Officer of UkrLithiumMining said that the Washington agreement was a positive step because it makes Ukraine more resilient to Russian aggression over the long term. He said that without a Western security guarantee, it would be difficult to develop the Polokhivske Lithium deposit. The deposit, one of Europe's largest, is only 240 km from the Russian border. Alyoshin said, "Before war broke out I had many commercial negotiations with... investors interested in the project." "But once the war broke out, a rational CEO wouldn't go to a place where there was a war. They would go to Zimbabwe or Canada. There are many places where there are no wars. The Trump administration, despite Zelenskiy's repeated requests, has not offered Kyiv any security guarantees. This has led to doubts about the commercial viability of developing rare mineral deposits, which are used in high-tech gadgets and batteries. Even if Russia agrees to a ceasefire this year, there is still the risk of war. The draft minerals agreement, which was reviewed by, included reassuring words but did not guarantee security. The focus was on creating a U.S. and Ukraine-managed "Reconstruction Investment Fund", to which Kyiv would contribute 50% of the future revenues from monetization state-owned resources. The terms of the agreement are very broad, and more negotiations will be required to nail down the details. Four experts have told Alyoshin stated that even if peace is restored to Ukraine, UkrLithiumMining will need to raise $350 millions and conduct a feasibility report for at least 1.5 years before they can begin building a mine or enrichment plant. "It will mean that we can reach a steady stage production...it could be in 2029." The next U.S. Presidential elections will take place in 2028. Trump, who has championed minerals cooperation to secure peace, is constitutionally prohibited from running for another term. Seven mining executives and analysts said that Alyoshin’s timeline was optimistic. The typical exploration period is four years. A feasibility study will take an additional year to complete before construction can begin. "The truth is that the majority of the lithium deposits in Ukraine have been identified during the Soviet period and we haven’t had any updates or exploration in many years," Federico Gay, an analyst at Benchmark Mineral Intelligence in London. He said that even if all the pieces fall into place, it will take at least eight years to develop the Polokhivske Deposit to the point where it produces usable lithium. Gay said that the deposit was deep and could require as much as $800 million to build the concentrator and mine. He added that an additional $1 billion would be required to produce the compounds for batteries. Alyoshin stated that his company planned to eventually produce 1.5 million tonnes per year of raw ore and then process it into 300,000 tons of petalite concentrat - a lithium-rich substance. Alyoshin said that with additional investment the lithium carbonate concentrate could be refined further to produce 22,000 tons of battery-grade Lithium Carbonate. Previously, the specifics of production and processing timetables planned at the Polokhivske Deposit have not been disclosed. Classified Reserves The demand for these minerals is very high. Rare earths and lithium are both used to make electric vehicle batteries. Lithium can also be found in auto motors, wind turbines, and advanced military weapon systems. According to mining experts and analysts, it is a huge undertaking to convert Ukraine's lithium and rare-earth reserves into mines that can be operated and processing facilities built. The economy ministry of Ukraine and the Prime Minister's Office did not respond immediately to requests for comments for this article. Ukraine does not produce rare earths, but according to the Institute of Geology of Ukraine, it has large deposits of these minerals including lanthanum. cerium, and neodymium. The detailed data on these reserves is classified. Investors might be hesitant to invest in a deal where the U.S. receives mined minerals as a return for security assurances, protection against future Russian attacks, and aid. Mining companies would use royalty agreements to secure financing from investors. They receive a percentage of sales revenue once production starts. While Trump is in office, any deal he makes to gain access to Ukraine's vital minerals will not allow the United States to challenge China's huge advantage in these key minerals. Julian Kettle, Vice-Chair Metals and Mining of Wood Mackenzie, said that while it is a counter to China it still poses the issue of where and how the minerals will be processed. The country is a producer of titanium, and has large graphite and Lithium deposits. You can increase production in existing mines. "But when it comes to new frontier development, the time from discovery to delivery of materials could be up to ten years." China is the third largest lithium producer in the world, behind Australia and Chile. China is the top producer of rare-earth elements in the world, including neodymium, used to produce strong, lightweight, powerful permanent magnetic materials used in military equipment. The U.S. Geological Survey, a government agency does not disclose details about lithium production in the United States. The USGS estimated that 45,000 metric tonnes of rare earth oxides contained in mineral concentrates was produced last year, making the U.S. second largest concentrate producer behind China. The gap is huge. USGS reports that China mined 270,000 tons of rare earths last year, or 69% of global production. It has even more control over rare earth processing, a complex process that is highly polluting. Beijing produces 90% of all rare earth elements. NEGOTIATIONS TO BE CONTINUED Dominic Raab is the head of global affairs for Appian Capital Advisor, a firm that invests into mining companies. He said the deal between Ukraine and the U.S. was a step in the right direction in terms of helping to fund Ukraine's development. Raab said that there was still a lot of due diligence and negotiations to be conducted. He previously served as the former British deputy prime minister and secretary of state for foreign affairs. Raab stated that Appian is interested in investing in Ukraine’s mineral projects if there was more information about the geological potential of the country. According to BMI, Ukraine is home to significant amounts of rare earth elements and lithium, graphite titanium and uranium, which are used in nuclear power. "Ukraine's not been mapped for 30 years." Gracelin Baskaran is the director of the Center for Strategic and International Studies' critical minerals security program. She said, however, that the mining industry - which uses around one-fifth as much energy worldwide - requires a robust electrical infrastructure: "Ukraine was bombed out." The state of the infrastructure in Ukraine and the security risks are too high to consider it a serious competitor. (Reporting from Pratima Deai in London, and Olena Harma in Kyiv. Additional reporting by Thomas Peter at Kopanky, and Ernest Scheyder at Houston. Editing by Veronica Brown and Mike Collett White.

• Guyana's VP claims Exxon consortium recovered $33.9 billion in Guyana

  Bharrat Jagdeo said that the consortium, led by Exxon Mobil, had spent $41.1 billion on its Stabroek offshore bloc and recovered $33.9 billion at the end January. Exxon, which is led by Exxon, has developed oil resources rapidly in Guyana since it was first discovered a decade ago. The group's crude production in Guyana will surpass 600,000 barrels a day (bpd), and the company expects to reach that level in 2019. According to its production-sharing agreement, the consortium that controls all the output of the country can export up to 75 percent of the crude oil it produces. The remaining barrels are entitled to Guyana. The Vice President explained that the figure includes the expenditures of the consortium to explore over 30 wells in the block and the development and approval of six oil-and-gas projects. Guyana examines those expenses but many audits are still unfinished. The block will see more costs as the consortium moves towards approval and development of the new projects. It is currently planning Longtail, its eighth project. The companies are also recovering faster every year because of the increase in production. Officials from the government have stated that they expect their share of oil profits to increase in the coming years. (Reporting and writing by Kemol King; Marianna Pararaga).

• Even after Trump's deal, Ukraine still faces a long and uncertain road to mining boom

  A small team of eco-consultants dropped sensors into the ground to measure the water level in the snow-covered fields of central Ukraine. This is where the largest lithium deposits in the country are found. The small Ukrainian mining company UkrLithiumMining that has the license contracted the environmental survey years before any mining operations on the undeveloped site. This shows how much more work needs to be done for a mineral deal between Ukraine, the United States and other countries before it generates any significant revenue. The President Donald Trump views the minerals deal, which he will clinch with President Volodymyr Zelenskiy on Friday in Washington, as America's means of recouping some of the money that it has given Ukraine in financial aid and weapons to fight Russia which invaded Ukraine three years ago. Denys Alyoshin, Chief Strategy Officer of UkrLithiumMining said that the Washington agreement was a positive step because it makes Ukraine more resilient to Russian aggression over the long term. He said that without some sort of Western security guarantee, developing the Polokhivske Lithium deposit would be difficult. The deposit, one of Europe's largest, is only 240 km from the Russian border. Alyoshin said, "Before war broke out I had many commercial negotiations with... investors interested in the project." "But once the war broke out, a rational CEO wouldn't go to a place where there was a war. They would go to Zimbabwe or Canada. There are many places where there isn't a war. The Trump administration, despite Zelenskiy's repeated requests, has not offered Kyiv any security guarantees. This has led to doubts about the commercial viability of developing rare mineral deposits, which are used in high-tech gadgets and batteries. Even if Russia agrees to a ceasefire this year, there is still the risk of war. The draft minerals agreement, which was reviewed by, included reassuring words but did not guarantee security. The focus was on creating a U.S. and Ukraine-managed "Reconstruction Investment Fund", to which Kyiv would contribute 50% of the future revenues from monetizing state-owned resources. The terms of the agreement are very broad, and more negotiations will be required to nail down the details. Four experts have told Alyoshin stated that even if peace is restored to Ukraine, UkrLithiumMining will need to raise $350 millions and conduct a feasibility report for at least 1.5 years before they can begin building a mine or enrichment plant. "It will mean that we can reach a steady stage production...it could be in 2029." The next U.S. Presidential elections will take place in 2028. Trump, who has championed minerals cooperation to secure peace, is constitutionally prohibited from running for another term. Seven mining executives and analysts said that Alyoshin’s timeline was optimistic. The typical exploration period is four years. A feasibility study will take an additional year to complete before construction can begin. The majority of the lithium deposits in Ukraine have been identified during the Soviet period and there hasn't been any exploration or updates for many years, according to Federico Gay. BMI is a specialist information provider in London for the supply chain for lithium-ion battery used in electric cars. He said that even if all the pieces fall into place, it will take at least eight years to develop the Polokhivske Deposit to the point where it produces usable lithium. Gay said that the deposit was deep and could require as much as $800 million to build the concentrator and mine. He added that an additional $1 billion would be required to produce the compounds for batteries. Alyoshin stated that his company planned to eventually produce 1.5 million tonnes per year of raw ore and then process it into 300,000 tons of petalite concentrat - a lithium-rich substance. Alyoshin said that with additional investment the lithium carbonate concentrate could be refined further to produce 22,000 tons of battery-grade Lithium Carbonate. It has not been previously reported the specifics of production and processing timetables planned at the Polokhivske Deposit. Classified Reserves The demand for these minerals is very high. Rare earths and lithium are both used to make electric vehicle batteries. Lithium can also be found in auto motors, wind turbines, and advanced military weapon systems. According to mining experts and analysts, it is a huge undertaking to convert Ukraine's lithium and rare earth reserves into mines that can be operated and processing facilities built. Ukraine doesn't produce rare earths, but according to the Institute of Geology of Ukraine, it has large deposits of these minerals including lanthanum. cerium, and neodymium. The detailed data on these reserves is classified. Investors might be wary if the U.S. receives mined minerals as a return for security assurances, protection against future Russian attacks, and aid. Mining companies would use royalty agreements to secure financing from investors. They receive a percentage of sales revenue once production starts. While Trump is in office, any deal he makes to gain access to Ukraine's vital minerals will not allow the United States to challenge China's huge advantage in these key minerals. Julian Kettle, Vice-Chair Metals and Mining of Wood Mackenzie, said that while it is a counter to China it still poses the issue of where and how the minerals will be processed. The country is a producer of titanium, and has large graphite and Lithium deposits. You can increase production in existing mines. "But when it comes to new frontier development, the time from discovery to delivery of materials could be up to ten years." China is the third largest lithium producer in the world, behind Australia and Chile. China is the top producer of rare-earth elements in the world, including neodymium, used to produce strong, lightweight, powerful permanent magnetic materials used in military equipment. The U.S. Geological Survey, a government agency does not disclose details about lithium production in the United States. The USGS estimated that 45,000 metric tonnes of rare earth oxides contained in mineral concentrates was produced last year, making the U.S. second largest concentrate producer behind China. The gap is huge. USGS reports that China mined 270,000 tons of rare earths last year, or 69% of global production. It has even more control over rare earth processing, a complex process that is highly polluting. Beijing produces 90% of all rare earth elements. NEGOTIATIONS TO BE CONTINUED Dominic Raab is the head of global affairs for Appian Capital Advisor, a firm that invests into mining companies. He said the deal between Ukraine and the U.S. was a step in the right direction in terms of helping to fund Ukraine's development. Raab said that there was still a lot of due diligence and negotiations to be conducted. He previously served as the former British deputy prime minister and secretary of state for foreign affairs. Raab stated that Appian is interested in investing in Ukraine’s mineral projects if there was more information about the geological potential of the country. According to BMI, Ukraine is home to significant amounts of rare earth elements and lithium, graphite titanium, graphite used in nuclear power generation, as well as uranium. "Ukraine's not been mapped for 30 years." Gracelin Baskaran is the director of the Center for Strategic and International Studies' critical minerals security program. She said, however, that the mining industry - which uses around one-fifth as much energy worldwide - requires a robust electrical infrastructure: "Ukraine was bombed out." The state of the infrastructure in Ukraine and the security risks are too high to consider it a serious competitor. (Reporting from Pratima Deai in London, and Olena Harma in Kyiv. Additional reporting by Thomas Peter at Kopanky, and Ernest Scheyder at Houston. Editing by Veronica Brown and Mike Collett White.

• Acciona Energia reassures investors on U.S. exposure, asset sales

  Acciona's top management stated on Friday that it expects to see little impact of President Donald Trump’s energy and trading policies. It also outlined plans for asset sales up to $4.68 billion. Acciona Energy, like other European green energy companies has faced investors' difficulties. Unease The U.S. Renewable Energy Market is changing dramatically under the Trump Administration. In a conference call with analysts on earnings for 2024, Chief Executive Rafael Mateo said that "our exposure to the U.S. Energy Policy Volatility is very limited." Acciona had already acquired the necessary equipment in advance and secured tax incentives, he said at a later press conference. He said that the U.S. represents around 20% of its business. In the next two years, the company's main projects will be the construction of two large battery storage plants. The company has not announced any offshore wind energy projects, a source of energy that U.S. president Donald Trump has made public. Critique Mateo stated that "we believe the U.S. will remain one of our main destinations for renewable energy investments in the world." Acciona Energia is controlled by the Spanish group Acciona S.A. and is looking to sell some solar assets located in the U.S., as part of a broader strategy to use disposals for a bolstering its balance sheet, and to fund new investments. Jose Entrecanales, Chief Financial Officer and Sustainability Officer, said that the company is also looking at selling assets in Spain and Mexico, as well as Peru, Chile, and Costa Rica. He said, "We will only transact on the pipeline that is most suitable for us. We'll select those transactions that are best suited." This year, the company aims to sell assets worth up to 1.7bn euros.

• Brazil could nominate three Eletrobras directors under a mediated deal

  Brazil's Government and local power giant Eletrobras reached a preliminary agreement in a mediation procedure that could allow for the state to nominate three members of company's board. Both parties have been trying to come to an agreement with Eletrobras since 2023, when the government was pushing to gain a greater influence over the company. Eletrobras had been privatized in 2022. Eletrobras said in a filing of securities on Friday that the parties will now work on a term for conciliation to be approved and validated by Brazil’s Supreme Court. Brazil owns over 40% of Eletrobras common shares but, under privatization terms, no more than 10% can exercise voting rights on company decisions. The leftist president Luiz Inacio Lula, who had long criticised the privatizations carried out by his right-wing predecessor Jair Bossonaro in his first year of office, asked the Supreme Court for proportional voting powers to be granted to the government. The court then forced the parties to enter a mediation process. The 10% cap on voting power for shareholders is still in place, but now the government can appoint up to three board members, bringing the total to 10, from the current nine. Reporting by Gabriel Araujo, Leticia Fucuchima and Kirsten Donovan.

• At second attempt, nations agree on a plan to finance nature conservation

  This week, a group of countries gathered in Rome to agree on a plan that will generate $200 billion a year in financing by 2030 in order to stop and reverse the destruction of nature. The U.N. COP16 biodiversity talks began in Colombia last October, but there was no agreement at the time on key issues, such as who would contribute and how money would be collected. The U.S. President Donald Trump has scaled back his involvement in the development finance of the largest economy on earth. So the agreement reached late Thursday night was an important boost to global deal-making. Negotiators from the BRICS countries – Brazil, Russia India, China, and South Africa – led the deal, which saw delegates agree on a plan for finding at least $200 billion annually from a variety of sources in order to protect the environment. Susana Muhamad, the Colombian Minister of Environment and COP16 president, hailed the agreement as an important step forward for the environment and multilateralism at a time when the political landscape has become increasingly fragmented. She said: "From Cali, to Rome, we sent a message of hope for the future of the common good and environment. We also showed that it is still possible to work together to achieve something greater than national interests." The delegates also agreed to examine whether a new fund for biodiversity was needed, as some developing countries requested, or if an existing fund, such as the Global Environment Facility, would suffice. In the last 30 years, the GEF has contributed more than $23billion to thousands of nature-related projects. As the session ended on Thursday evening, Maria Angelica Ikeda of the Department of Environment of the Brazilian Ministry of Foreign Affairs said, "Everyone made concessions with a spirit of compromise, and the results were very positive for developing countries." I came out of the meeting feeling optimistic and happy. Data from the WWF 2024 Living Planet Report show that the need for action is only increasing in recent years. The average size of wildlife population has decreased 73% since 1970. In the negotiating room, the specter of aid cuts was felt. This fueled frustration in some countries such as Brazil, Egypt, and Panama who were frustrated that wealthy nations did not fulfill their obligation to provide grant money. Georgina Chandler, policy director at the Zoological Society of London, urged government to fulfill their $30 billion commitment per year by 2030 in order to stop and reverse biodiversity losses. The agreement in Rome lays out the steps necessary to implement the landmark Kunming - Montreal Global Biodiversity Framework Agreement (GBF), agreed in 2022, which committed countries towards a number of environmental targets. The countries also agreed on a set technical rules to monitor progress towards the GBF. They also committed themselves to publishing a national biodiversity report for the COP17 talks. The talks are part of a busy climate diplomacy year as countries gather at different events to discuss plastics, ocean preservation, and global development goals ahead of the COP30 talks on climate change in November. (Editing by Simon Jessop and William Maclean).

• Copec, the industrial giant, posts a 15% increase in Q4 profits on forestry gains

  Empresas Copec, a Chilean conglomerate of industrial companies, announced a 15% increase in profit for the third quarter of 2024 thanks to higher pulp volumes and lower cost at its Arauco forestry unit. Arauco is the main source of Copec’s income, but Copec operates a large fuel distribution business, has stakes in mining, and also runs a fleet and factory of fishing vessels. The company's profit in the fourth quarter was $191 million, compared with $166 million one year ago. Earnings before interest, tax, depreciation and amortization (EBITDA), however, fell 1.7% to 644 million, while revenues dropped 6.4% to $6.77 Billion. The results were below those of the analysts polled at LSEG who predicted a net profit for the quarter of $209.9 million, EBITDA in excess of $680.10 million and revenue of $7.03billion. Copec announced that it has made progress in its "Sucuriu Project" in Brazil. Construction is scheduled to begin in April for the $4.6 billion paper mill, which will produce 3.5 million tons of dry cellulose per year. Copec says production will begin in the fourth quarter of 2027. Copec announced on Thursday that it spent $126m last year. (Reporting from Sarah Morland and Kyry Madry)

• USDA: US corn and soybean plantings to increase in 2025

  The U.S. Department of Agriculture announced on Thursday that farmers in the United States will plant more corn acres and less soybeans by 2025 compared to a year ago. The USDA predicted corn seedings to increase from 90,6 million acres in 2024 to 94,000 acres and soybean seedings to 84,000 acres, a decrease from 87.1 millions acres last year. The USDA expects to plant 47.0 million acres of wheat, an increase from 46.1 in 2024. The USDA released a report at the beginning of its two-day annual outlook forum that stated, "Among the main crops, corn is projected to grow the most. Prices are favorable compared to other crops like soybeans, cotton and sorghum." The global corn supply was tightened during the 2024/25 year of marketing, which helped to raise the price for feed grain. The United States is the largest corn exporter in the world and the second biggest soybean supplier behind Brazil. The USDA's estimate for soybean plantings fell short of the analyst average of 84.4 millions acres. The government has said that the large supply of soybeans from South America and Brazil is putting pressure on the prices. This should limit the amount of oilseed planted in the United States. The USDA predicted that, assuming normal weather conditions, the U.S. corn crop in 2025 would reach a record of 15,585 billion bushels. And the soybean harvest, at 4,370 billion bushels, would be the 4th largest ever. The USDA predicted that the U.S. would have 1.965 million bushels of corn at the end 2025/26 of the marketing year, on August 31st 2026. This is up from 1.540 million bushels one year ago. The projected decline in soybean stocks to 320,000,000 bushels by the end 2025/26 was from 380,000,000 bushels at 2024/25. USDA forecasts soybean exports in 2025/26 at 1.865 billion bushels. This is an increase of 40 million bushels over 2024/25. The USDA warned that U.S. soybean exports will remain below 30% compared to 40% 10 years ago due to competition from South American suppliers. The U.S. Wheat inventories are expected to increase to 826 millions bushels at the end of 2025/26, up from 794million a year ago, despite a projected drop in production. The USDA forecasts that wheat exports will be 850 million bushels in 2025/26, the same as for the current marketing season, but higher than a 52-year-low set in 2023/24 when high U.S. price curbed global demand for U.S. Wheat. In 2025/26, the competition from other global wheat producers, including Russia is expected to continue. Seth Meyer, USDA Chief Economist, said that "we will continue to face some export challenges" in a Thursday speech.

• Portugal's EDP maintains 2026 guidance despite cutting investment plans

  Portugal's largest utility EDP maintained its EBITDA guidance and net profit forecast for 2026, despite reducing its investment plan and reporting lower profits for the last year. EDP announced earlier this week that it would slow down the expansion of its capacity, "to maximise returns", and install 3.5 gigawatts in the next two year compared to the 4 gigawatts in 2024. This means that an average investment of 4.4 million euros ($4.6 million) per year will be made over the next two-years, compared to the 5.4 billion euro invested in 2024. EDP announced in May that it would invest an average of 5.7 billion euro per year between 2024-2026. EDP's Chief Executive Miguel Stilwell de Andrade stated that the company expects a net profit of between 1.2 and 1.3 billion euro in 2026. This is up from 801 millions euros in 2024. Stilwell de André also predicted that EBITDA will rise from 4.8 billion euro last year to between 4.9 and 5 billion euro in 2026. EDP reported that its net profit in 2024 fell by 16% to 801 millions euros. This was after its renewables division reported a loss in 2024 of 556million euros, due to impairments on one-off projects in the United States and Colombia. In an LSEG survey, analysts had predicted a profit of 1,23 billion euros for EDP. EDP Renovaveis' shares fell 9% during afternoon trading, while EDP's dropped by 3.4%. EDP announced an share buyback program worth 100 million euro and proposed a dividend increase of 3% to 0.20 euros per share by 2024. This represents a payout ratio of 60%. $1 = 0.9569 euro (Reporting and editing by Tomasz Janowski, Charlie Devereux, and Susan Fenton).

• Petrobras shares fall after unexpected capital expenditure surge

  Petrobras, Brazil's state oil company, saw its shares fall 4% at the opening of Sao Paulo B3's exchange on Thursday after analysts were surprised by capital expenditures spending 15% over guidance for 2024. The Brazilian oil giant announced on Wednesday that it spent $16.6 billion in capex last year, $2.1 billion more than the company's original guidance. This was reduced from $18.5 billion to $16.6 billion. Petrobras has always spent less in previous quarters than it had planned. However, the company revised its forecast for the year downwards to better reflect reality. Magda Chabriard, the CEO of Petrobras, has stated in recent speeches that her company is "stepping up the gas." Petrobras has been under pressure from Brazil's president Luiz Inacio Lula Da Silva to invest more in order to boost the economy and create local jobs. Higher investment is a sign of a higher return. Lower than expected results Analysts expected higher dividends, but the company is set to pay out 9.1 billion reais (1.57 billion dollars) to shareholders for the fourth quarter. The firm stated that the investments were based on anticipated expenditures. It also said it would maintain its 2025 guidance, with a 10% variation possible. Petrobras has not updated its spending plan for 2025-2029. $111 billion . (Reporting and editing by Christina Fincher, David Alire Garcia and Fabio Teixeira)

• Scientists predict a major earthquake in Chile's mineral rich north

  On February 27, 15 years ago, a powerful 8.8 magnitude earthquake struck the southern Chilean coast near Concepcion. The quake shook the ground for 4 minutes and unleashed a tsunami which left 550 people dead. The quake was the most deadly natural disaster to strike the country since 1960's 9.5-magnitude tremor, which was the strongest recorded ever in the world. Scientists are predicting a large earthquake to strike the mineral-rich northern part of the country. Chile is the second largest lithium and copper producer in the world. All of Chile's lithium and its largest copper mines can be found in the country's north. Every 10 years, there is a major event, said Felipe Leyton a seismologist from the University of Chile. He added that fault lines in certain areas of Chile cause a great deal of stress. This allows you to see the potential of a large earthquake, which lets us say that in the short-term, in terms of seismic and geological terms we are expecting a major earthquake in northern part. The Andes mountains run along the western border of Chile. It is a long, skinny country that stretches 4,300 km (2672 miles). Chile is situated on the seismically-active Ring of Fire, which surrounds the Pacific Ocean. The mountains and earthquakes of Chile are the result of the collision of the Nazca tectonic plate and the South American tectonic plate along Chile's length. Dr. Mohama Ayaz is a geospatial and geologist at the University of Santiago in Chile. He says that GPS technology allows scientists to monitor plate movements for any variations and anticipate potential seismic events. Ayaz stated, "We can't predict exactly when they will happen but we can prepare for them." Earthquakes are the result built-up tension and this stress depends on how long it has been since the last seismic event. Ayaz pointed out that there have not been large releases in the northern part of the nation like there were in the southern portion of the country in 2010 Ayaz stated, "We can't predict when an earthquake will occur in the North, but we are prepared to wait." (Reporting and writing by Rodrigo Gutierrez, Alexander Villegas, Editing by Sandra Maler).