Latest News
-
Australia's IGO lowers its capex forecast for Greenbushes Lithium mine in Western Australia
IGO Ltd, a company based in Australia, announced on Wednesday it would reduce its capital expenditure forecasts for fiscal 2025 at its Greenbushes Lithium mine in Western Australia. The miner expects to spend between A$700 and A$800 millions, a reduction from the previous range of A$850 to A$950 for fiscal 2025. IGO announced that it would lower its forecast after a review of and optimization of the portfolio for project capital. Greenbushes Lithium Mine is owned in large part by IGO, its Chinese joint venture partner Tianqi Lithium and U.S.-based Albemarle Corp. Greenbushes, Western Australia’s longest continuously operating mining area, produced 341 kilometric tons of spodumene in the third quarter. This was a drop of 13% from the previous quarter. The miner said last year that the lithium market was troubling his firm, with the spodumene and lithium carbonate prices dropping by as much as 70% in fiscal 2024. After a 90 percent drop in lithium prices in the past two years, some mines producing the metal, which is used to make batteries for electric vehicles, have curtailed their operations or delayed expansions. Other mines, however, that are losing money, have continued production, in part because of the support they receive from Chinese battery manufacturers. In early this year, Tianqi Lithium and the miner agreed to stop all work at one of their lithium hydroxide facilities in Western Australia. IGO has decided to stop operations at its lithium hydroxide facility in Kwinana. This decision follows IGO's prior write-downs of its nickel operations. These have led to a strategic review that reassesses its resources, amid an oversupply on the global nickel market which drove down prices last year. Separately the miner reported underlying earnings before taxes, depreciation and amortization (EBITDA), which was A$34m for the third quarter. This is a significant improvement from the EBITDA loss last quarter of A$79m. As of 0058 GMT the shares of the company had fallen nearly 1.9%, while the mining index as a whole fell 0.4%.
-
For now, fired US coal safety workers have been brought back.
Around 40 federal employees who were working on coal-mining safety and firefighter's safety before losing their jobs have been asked to return to their work this week. However, it is unclear whether their positions will permanently be reinstated, West Virginia senator and agency's union stated on Tuesday. Employees from the National Institute for Occupational Safety and Health (part of the Health and Human Services Department) worked on programs to prevent firefighter and coal miner fatalities and promote the health and safety of coal miners. The Trump administration reduced the NIOSH workforce by about 1,000 people earlier this month. The move was reported to have cut off key safety programs for miners who are experiencing a rise in black lung disease. The termination date was June 2. The union AFGE Local 3430 welcomed the temporary call back, which they said was focused on NIOSH units that were "currently in media spotlight". However, the union called on HHS for all NIOSH staff to be brought back, stating that their role is vital in protecting employees in high-risk industries. AFGE Local 343, the agency's union, reports that both programs had previously employed about 40 people. Regional managers have asked almost all of them to return to work this week after being on administrative leave, even though they will still be terminated by June 2. Shelley Moore Capito, a West Virginia senator, has asked HHS Secretary Robert F. Kennedy Jr. for the restoration of the programs. This includes the coal-focused activities carried out by the Morgantown, West Virginia, office. She found the news encouraging, but she wanted to know more about the future of the agency. She said, "I understand that this is temporary and my focus will be to work with @HHSGov in permanently restoring these services and personnel as efficiently and effectively as possible." HHS didn't immediately respond to an inquiry for comment. Scott Laney lost his job in NIOSH's reduction-in force as an epidemiologist for coal surveillance. He said that regional managers asked him verbally and other staff at the Morgantown Office to return from their administrative leave. He was not informed by the managers if he would be employed beyond June 2, nor did they send him a written notice, which made him wonder if the agency had reversed the job cuts. Laney stated that he would be testifying at a District Court on May 7, in a case brought against Kennedy regarding the job cuts affecting NIOSH’s West Virginia office. President Donald Trump has signed executive orders to revitalize the U.S. Coal Industry.
-
Sources say that ADNOC, the UAE's LPG supplier, will supply US LPG in India after China and US tariffs.
Industry sources have confirmed that Abu Dhabi National Oil Company will begin replacing some of its liquefied gas supplies to India from June with cheaper U.S. cargoes, as U.S. China tariffs are reshaping global trade flows. ADNOC will be able to ship more LPG from its own production to China. Buyers in China are paying higher prices to replace U.S. supplies after Beijing raised tariffs on U.S. products. This move also reduces LPG costs for India. 2 importer. India imports more than 80% its LPG from the Middle East including Saudi Arabia and the United Arab Emirates. It also sources LPG through annual contracts with Qatar and Kuwait. In the first week of this month, Indian refiners asked Middle East suppliers for a very rare swap: some of their long-term supply was to be replaced with U.S. LPG. Sources said that Indian refiners requested U.S. LPG be delivered at a discount to the Middle Eastern benchmark Saudi Contract Price. ADNOC has, according to sources, agreed to supply U.S. LPG to refiners in India under annual contracts between June and July. They said that the U.S.-China conflict has widened price gaps between Middle Eastern LPG and U.S. LPG. One of the sources stated: "It's difficult to replace all volumes with U.S. LPG." LPG." June Goh is an analyst with Sparta Commodities. She said that India's LPG consumption is mostly for domestic purposes and therefore requires a higher percentage butane. She added, "India can therefore benefit from the diversion but not propane cargoes of U.S. LPG." ADNOC and Indian refiners Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp. did not respond to requests for comments. According to data from the government, India imported approximately 60% of its total LPG consumption in 2023/24. This equates to 29,66 million metric tonnes. Yousef SABA in Dubai contributed additional reporting; Florence Tan, Jan Harvey and Jan Harvey edited the article.
-
Britain is unprepared for the worsening effects of climate change according to advisers
The independent climate advisors of the UK said that the country is not prepared for climate change's worsening effects, such as extreme heat and flooding. Last year, Britain suffered from widespread flooding, which disrupted travel and caused damage to homes. In recent years, it has also experienced heatwaves, a drought and wildfires. We have seen over the past two years that the country was not prepared to deal with the effects of climate change. We know that there will be worse, but we're not prepared. In many cases, we don't even plan to be prepared. Scientists said in January that 2024 will be the hottest on record for the entire world. Climate change is pushing temperatures to levels not experienced by humans before and increasing extreme weather events. Every two years, the CCC's adaption committee examines the country's progress in adapting to climate changes and submits a report to Parliament. The latest report, published on Wednesday, said that rising sea levels due to climate change may increase the number homes at risk of floods from 6.3 million today to 8,000,000 by 2050. By 2050, heat-related deaths may exceed 10,000 per year. In 2022, temperatures in the country reached record highs of over 40 degrees Celsius. This report stated that over half of England’s best quality agricultural land is already at risk from flooding, and this percentage will increase in the future. The committee recommended better adaptation targets and improved coordination across government in order to take into account climate impacts such as those on infrastructure and state-funded healthcare systems. (Reporting by Susanna Twidale, editing by William James).
-
Codelco Chairman says that April copper production is up and there are strong US and China demands
The copper output from Chile’s state-run Codelco increased 22% in April, compared with the same period last year. A production of 105,000 tons is expected, said Chairman Maximo Pacheco on Tuesday. Last year, the world's biggest copper producer recovered from a production low of a quarter century and is now aiming to boost its output again this year. Pacheco said at a shareholders' meeting on Tuesday, that the demand for red metal is high. He also acknowledged the geopolitical tensions surrounding access to essential minerals. He said, "The market is looking good. It looks very strong in Asia. In China. In the United States. And in Brazil." Codelco had previously stated that the uncertainty surrounding U.S. Tariffs imposed by President Donald Trump’s administration had led to more copper shipments into the United States. He noted that the demand for copper from China increased in the second quarter. Pacheco stated that he was working to promote construction of a copper smelter, and Codelco had offered to provide 1.2 million tonnes of copper per year in a contract lasting 20-30 years as an incentive for investors. Pacheco discussed Codelco’s efforts to enter into the lithium business in Chile. Chile is the second largest producer of battery metals. Pacheco is confident that China regulators will approve a joint venture between SQM, a lithium producer at the Atacama Salt Flats and Pacheco. However, he says the timeline for approval is still unclear. China is the final country that needs to approve the partnership. This will be the first time the state of Chile enters the lithium production industry. Pacheco stated that Codelco had already provided all the materials required to China about the planned operation. Codelco is also looking to enter the business of lithium with a project on Chile's Maricunga Salt Flat. Pacheco stated that a partner would be announced in the next few weeks or months after Codelco had received binding offers by global companies.
-
Edison International's profits beat estimates due to lower costs and rate increases
Edison International exceeded Wall Street expectations for the first quarter profit on Tuesday as it benefited from lower expenses for operating and interest and higher rates. Low interest rates can reduce the borrowing costs of power companies. These companies need to borrow more money for their expenses, such as upgrading and maintaining the electric grid. Edison's interest expenses decreased by 32.2% in the first quarter to $301 millions, while operating expenses dropped 56.2% to $1.72 billion. As the demand for power from AI data centres, domestic manufacturing, and extreme weather conditions such as wildfires increases, it is expected that electricity bills will rise. Southern California Edison, Edison's subsidiary, is facing numerous lawsuits alleging that its electrical equipment caused one of the largest wildfires to occur in the Los Angeles region - the Eaton Fire. Pedro Pizarro, CEO of the company, said: "We're working closely with leaders from the state and county and communities in Altadena and Malibu on rebuilding areas affected by wildfires." Pizarro said that the grid hardening will improve reliability by reducing exposure to extreme weather conditions such as high winds and storms. The company confirmed its forecast of adjusted earnings for the full year 2025 in a range between $5.94 and $6.34. Analysts estimated that they would be $6.01 a share. According to data compiled and analyzed by LSEG, the Rosemead-based California company reported an adjusted profit per share of $1.37 for the quarter ending March 31 compared with analysts’ estimates of $1.20. Reporting by Pooja menon in Bengaluru, Editing by Shailesh kuber
-
Nickel assets in a challenging scenario: Alternatives to value checking
The CEO of Brazilian nickel miner Vale said that the company is looking at alternatives to sell its nickel assets, including partnerships and putting them in care and maintenance. This is because the market has a difficult short-term outlook, he added. The chief executive of the company, Gustavo Pimenta, told reporters in Rio de Janeiro that there is a surplus on the market due to Indonesian production. "Nickel is attractive on a medium- and long-term basis," said Pimenta, citing the demand for electric car production. The executive said, "The question now is how to stay profitable in the short-term." Vale's CEO said that the company must improve its efficiency and reduce costs in order to be able to run a nickel business at current market prices. Pimenta said, "We are evaluating whether some assets within the portfolio have a potential strategic alternative." In January, Vale announced that its subsidiary Vale Base Metals began a "strategic assessment" of its nickel assets located in Thompson, Canada. This included a potential sale. Pimenta said that Vale began to reverse the iron ore in April, according to a statement made on Tuesday. production decline It reported in the first three months of the year and added that he was "very confident" the miner would meet its production guidance for 2025 for the steel-making component. The executive said that the company may again be the largest iron ore producer in the world if Rio Tinto's output forecasts for the year are not met. Reporting by Rodrigo Viga Gaier, Rio de Janeiro. Writing by Gabriel Araujo & Andre Romani. Editing by Chris Reese & Aida Pelaez Fernandez.
-
U.S. stock prices rise, oil falls amid fears of recession and trade talks
Wall Street stocks rose on Tuesday, while gold and crude prices fell as investors considered corporate earnings, progress in President Donald Trump's trade negotiations and the increased likelihood of a recession. The Dow Jones was the leader among all three major U.S. indexes, which were modestly up. The S&P 500 is on course to record its sixth consecutive session of gains. The Canadian election was a rebuke of Trump's brutal trade policies and his comments about annexing Canada to become the United States' 51st state. Tim Ghriskey is a senior portfolio strategist with Ingalls & Snyder, based in New York. "They will be very strict on trade issues. "I think they are insulted that Trump wants them to become the 51st State." U.S. Treasury secretary Scott Bessent stated on Tuesday that tariff talks are in progress and that Beijing is responsible for U.S. China trade negotiations. He did not anticipate supply chain disruptions from trade disputes. The Trump administration took measures to reduce the impact on automotive tariffs for foreign parts that are used in U.S. manufactured cars. Two sources with knowledge of the matter have confirmed that China has exempted U.S. imports from the 125% tariff. This is the latest indication that the situation regarding tariffs can change. Chris Wolfe is the chief investment officer of Pennington Partners, a firm in Bethesda. He said that the markets were weak and aimless when they started the day. But then, bullet points or discussions from the White House are released and the market starts to move. Wolfe said, "I think it shows how closely we are tied to the politics and policies that evolve in real-time." The focus, I believe, is on tariffs, potential deals, and tariff reductions. This week, the first-quarter reporting season will be in full swing with four of "Magnificent 7" artificial intelligence megacap stocks, Meta Platforms (Microsoft), Apple, and Amazon.com, releasing high-profile reports. Consumer confidence has deteriorated more than expected, and the number of job openings is down 3.9%. The Dow Jones Industrial Average increased by 343.88 points or 0.85% to 40,571.47. The S&P 500 gained 35.86 points or 0.65% to 5,564.67, and the Nasdaq Composite rose 115.01 or 0.66% to 17,481.15. Investors focused on the way companies were assessing the impact of U.S. Tariffs. The MSCI index of global stocks rose by 4.53 points or 0.55% to 831.74. The pan-European STOXX 600 Index rose by 0.36% while Europe's FTSEurofirst 300 Index rose by 7.36 points or 0.35%. Emerging market stocks increased by 4.04 points or 0.37% to 1,106.61. MSCI's broadest Asia-Pacific share index outside Japan closed up by 0.36% to 575.86. Japan's Nikkei gained 134.25 or 0.38% to 35,839.99. Bessent’s comments about progress in trade negotiations and the prospect of further tariff deals boosted the dollar, but it was still on track for its biggest monthly decline against the euro since Nov 2022. The Canadian dollar softened as the Liberals of Canadian Prime Minister Mark Carney retained power after Monday's elections. The dollar index (which measures the greenback in relation to a basket of currencies, including the yen, euro and pound sterling) rose by 0.23%, reaching 99.26. However, the euro fell by 0.37%, falling to $1.1379. The dollar gained 0.23% against the Japanese yen to 142.33. The dollar fell 0.32%, to $1.3396. The Mexican peso rose 0.09% against the dollar to 19.574. The Canadian dollar fell 0.12%, to C$1.38 for every U.S. Dollar. On the back of economic data that were weaker than expected, the yield on 10-year Treasury bonds fell for the sixth consecutive day. The yield fell 3.9 basis point to 4,177%, from 4.216% at the end of Monday. The 30-year bond rate fell 4.5 basis point to 4,648%, from 4,693% at the end of Monday. The yield on the 2-year bond, which is usually in line with expectations of interest rates for the Federal Reserve (Federal Reserve), fell by 2.5 basis points, to 3.66% from 3.685% at late Monday. Prices of oil fell on concerns about a global economic recession, and a dampening in demand because of Trump's trade conflict. Brent crude settled at $64.25 a barrel, down by 2.44%. U.S. crude dropped 2.63% on the day to settle at $60.42 a barrel. The dollar gained in value, while gold prices declined. Spot gold dropped 0.69% to $3318.74 per ounce. U.S. Gold Futures dropped 0.47% to an ounce of $3,317.40.
One dead and 30 injured after Russian drones strike Ukraine's Kharkiv & Dnipro
At least 30 people were injured and one killed by swarms of Russian drones that attacked Kharkiv, Dnipro and other Ukrainian cities late Tuesday night.
Ihor Terekhov, the mayor of Kharkiv - Ukraine's second biggest city in northeastern Ukraine and a regular target for drones and missiles - said that 30 people were injured by a mass attack.
Terekhov posted on Telegram that there had been 16 attacks in Kharkiv. "A high rise apartment block, private homes, medical facilities and civil infrastructure were all hit."
Terekhov stated that several areas in the city center had been targeted. The apartment building in the Slobidskyi District was also hit, as well as a house in Saltivskyi District.
Serhiy Lisak, the governor of Dnipropetrovsk Region, told Telegram that drones in Dnipro caused fires, and one person was killed.
Lysak wrote, "There are several fires in the City." "Private houses have been damaged."
In the war that has lasted more than three years, both cities have been regularly targeted by Russia.
Kharkiv was not captured in the first weeks of the conflict when Russian forces failed to advance against the capital Kyiv.
It has been the target of frequent air strikes for more than three years, while Russian forces have concentrated their advances on the ground in the Donbas region, located to the east of the nation.
Last month, a Russian drone attacked Dnipro in mass. The attack killed four people as well as sparked fires in several buildings including a restaurant and hotel complex. (Reporting and editing by Sandra Maler; Oleksandr Kozoukhar and Ron Popeski)
(source: Reuters)