Energy industry’s methane emissions near record despite pledges

Global methane emissions from fossil fuels held near a record high last year, the International Energy Agency (IEA) said in its annual 'Methane Tracker' report, renewing concerns that governments... 

Mozambique lays down legislation to govern revenue from natural-gas exports

Mozambique’s council of ministers approved a decree for the nation’s new sovereign wealth fund legislation, governing how one of the world’s poorest nations spends earnings from an estimated... 

Iron-ore’s split with stocks shows China’s new economy in favour

China’s stock market, and the price of one of the commodities central to its economy, are sending starkly differing signals on the country’s prospects. While iron ore, used to make steel, has... 

South Africa won’t need Electricity Minister by end of 2024

Electricity Minister Kgosientsho Ramokgopa said an anticipated improvement in electricity supply should see him out of a job by the end of 2024. The country, which has been plagued by crippling... 

After massive bust, global lithium market shows signs of life

After a spectacular bust, battery-metal lithium is showing tentative signs of life on speculation the retracement that convulsed the market last year has forced the conditions for a recovery. The... 

Gold pushes toward record as test of $2 200 looms on Fed outlook

Gold rose toward a record on expectations the US Federal Reserve will move to cut interest rates this year as inflation cools. Bullion for immediate delivery edged higher on Monday after rallying... 

Iron-ore woes deepen as inventories in China keep piling up

Iron-ore slumped almost 5% — heading toward the $110 a ton mark — as disappointing demand in China left the market lumbered with bulging inventories. The steelmaking material has tumbled by almost... 

Vale CEO to keep job through 2024 as miner seeks successor

Vale CEO Eduardo Bartolomeo will retain his job through December while one of the world’s biggest mining companies conducts a search for a successor, according to people familiar with the matter.... 

China’s big policy meet offers little to excite commodity bulls

China’s highest profile political event of the year provided little cheer for commodities bulls hoping for a jolt to demand in the world’s biggest market for raw materials. The National People’s... 

China’s copper smelters to discuss production cut as fees slump

China’s biggest copper smelters are set to meet in Beijing next week to discuss measures to counter a plunge in ore processing fees to the lowest level in years, including potential production... 

China coal group says peak demand imminent as clean power grows

China is rapidly approaching peak coal consumption, but the fossil fuel’s role in helping to address energy security concerns means its use will plateau for some time after that, according to the... 

El Niño scorches Southern Africa with driest February on record

A swathe of Southern Africa suffered the driest February in decades that wiped out crops, precipitated power shortages and threatened to send already high food prices surging further. Last month,... 

China coal imports seen flat in 2024, State-run utility says

China's coal imports are expected to be little changed in 2024, despite expectations for an increase of 4% in demand for the polluting fuel, a senior executive of a State-run utility said on... 

Canada’s IPO drought reaches a full year with no end in sight

Canada’s biggest market for initial public offerings is marking a grim milestone of a full year without a new listing, and with investors focused on a narrow set of themes, senior bankers don’t... 

South Africa current account gap widens more than forecast

South Africa’s current-account deficit widened more than expected in the fourth quarter of 2023, as dividend and interest payments to foreign investors resulted in the biggest outflow since the... 

UBS ditches Credit Suisse plan to phase out coal financing

UBS Group is set to scrap a planned phaseout of coal financing that Credit Suisse had backed, as the global wealth manager prepares to unveil how the merged bank will tackle climate change. After... 

China’s commodities imports surge but demand may yet disappoint

China’s raw materials purchases surged in the first two months of the year, as importers took advantage of weaker prices for some commodities and prepared for more stimulus from Beijing to lift... 

Australia, Vietnam upgrade ties amid US-China rivalry

Australia has joined the US in elevating its diplomatic ties with Vietnam to the highest level as Canberra moves to strengthen links across the Asia Pacific against a backdrop of China’s rising... 

Struggling Australian cobalt miner blames Chinese overproduction for job cuts

Australian miner Jervois Global is cutting costs and jobs in response to a plunge in cobalt prices that it’s blaming on Chinese oversupply. The cobalt and nickel producer has axed or made... 

China’s top coking coal miner calls on State to control supply

China’s coking coal industry needs more state protection, including restrictions on supply, according to the chairman of the biggest miner. Beijing should control mining activity, limit output and... 

Gold steady after surging to record on rate-cut bets, haven bids

Gold steadied after surging to a record high in the previous session, boosted by expectations for US rate cuts, geopolitical tensions and the risk of a pullback for equity markets. Bullion rose to... 

Chinese money can’t be solution for cash-strapped Canadian miners, Minister says

Chinese investment can’t be the solution for cash-strapped Canadian miners seeking financial backing, according to Canada’s Natural Resources Minister. “We need to be working to solve access to... 

Metals offer lukewarm reaction to China's economic targets

Base metals drifted lower as traders assessed China’s 2024 economic goals for clues on the prospects for a significant rebound in the construction sector. Industrial commodities have struggled... 

SSR to pay for landslide cleanup at Turkish mine, Minister says

The Turkish unit of SSR Mining will pay for all cleanup costs following a landslide at its Copler gold mine in eastern Turkey, a top government official said, without citing a specific figure.... 

South African economy averts recession as mining sector rebounds

South Africa’s economy escaped a technical recession in the fourth quarter as fewer rotational power cuts helped energy-intensive industries including mining and manufacturing rebound. Gross... 

Gold touches $2 100 as traders scoop up metal on rate cut bets

Gold is within striking distance of a new record high as the market bets the first US interest-rate cut since early 2020 is near. The precious metal briefly rose above $2 100/oz Monday, the... 

Egypt studies plan to expand Suez Canal to speed up transit time

Egypt is carrying out a feasibility study on further expanding the Suez Canal in a push to speed up transit times and avert potential blockages in a waterway that carries 12% of global maritime... 

World-beating mining stock turns big loser thanks to China slump

Iron-ore behemoth Fortescue’s months-long stock rally suffered a big pullback in February as investors turned sour on the company’s earnings growth and high exposure to slumping metal prices amid... 

Uranium firms revive forgotten mines as price of nuclear fuel soars

Across the US and allied countries, owners of left-for-dead uranium mines are restarting operations to capitalize on rising demand for the nuclear fuel. At least five US producers are reviving... 

China’s Jiangxi Copper buys $212m of First Quantum shares

First Quantum Minerals’ second-largest shareholder bought an additional C$287.5-million in shares of the Canadian metals producer that’s been hurt by the forced closure of its flagship copper mine... 

Nickel may flip to deficit on Indonesia hurdles, Macquarie warns

The global nickel market could swing to a surprise deficit this year if growth in Indonesian output is constrained by slow mining permit approvals, according to Macquarie Group Ltd. While the... 

MTN says profit to drop as much as 90% due to naira decline

MTN Group, Africa’s biggest wireless service provider by revenue, said full-year profit probably plunged as much as 90% as two devaluations of Nigeria’s currency since June hit its financial... 

Indonesia says its nickel supply will keep global prices low

Indonesia, the world’s largest nickel exporter, has a sobering message for struggling producers of the battery metal elsewhere: don’t expect any meaningful revival in prices. Septian Hario Seto,... 

South African researchers trawl through death records to assess coal impact

South African scientists plan to examine about 8.5-million death certificates to ascertain how many people the country’s dependence on coal for electricity is killing. The review is the first of... 

Gates Foundation funds African scientists searching for TB and malaria cure

African scientists have received $7.2-million to find drugs that will help combat malaria and tuberculosis on the continent that’s the most afflicted by the infectious diseases. More than half of... 

Bidvest sells 27.5% in logistics unit to investment firm Akhona

A subsidiary of South African conglomerate Bidvest Group is selling a 27.5% stake in a logistics business to black women-owned financial firm Akhona Strategic Investments. Akhona, headed by former... 

Vodacom opposes order to pay former employee billions of rands

Vodacom Group has approached South Africa’s Constitutional Court to ask for leave to appeal a ruling that it pay a former employee billions of rand in compensation for an idea he proposed more than... 

China’s top coal miner cuts production target for 2024

China Shenhua Energy Co., the nation’s top coal producer, has set a lower output target for 2024, as Chinese miners ratchet back operations amid a glut of the fuel. The firm plans to cut annual... 

Nickel faces existential moment with half of mines unprofitable

Many of the world’s biggest nickel mines are facing an increasingly bleak future as they wake up to an existential threat: a near limitless supply of low-cost metal from Indonesia. With roughly... 

South African billionaire Wiese returns to his diamond-hunting roots

Christo Wiese, South Africa’s-billionaire retail king, is going back to the future. The 82-year-old serial investor, who steered the expansion of both Africa’s biggest clothing retailer and the...