Strike Energy plunges as much as 31% due to problems at gas well

Australian oil and gas producer Strike Energy lost almost a third of its value at one point on Tuesday as the company’s shares plunged due to problems at a key gas well. The South Erregulla-3 well... 

Honda talks test Canada’s desire to move away from blockbuster EV subsidies

Canada’s strategy to lure electric vehicle manufacturing is shifting toward financial incentives based on tax credits, and away from the huge production subsidies that were promised to companies... 

AI-powered Zambian copper mine may become world’s third largest

Zambia may be home to the world’s third-largest copper mine after a startup backed by billionaire Bill Gates discovered huge deposits of the metal, the country’s President said. San Francisco Bay... 

EU, US to align global minerals push against China’s supply grip

The US and the European Union are in talks to merge a core area of their efforts to engage suppliers of critical minerals in resource-rich nations, seeking to streamline their push against China’s... 

Africa’s biggest oil and gas finds are doing little for economies at home

The last thing Senegal needed in its long-drawn-out effort to capitalize on large oil and gas finds off its coast was political turmoil. Africa’s newest natural gas superstar had bubbled with... 

Rio Tinto wrangles investors over water contamination claims

Global mining giant Rio Tinto, which sparked outrage after destroying an ancient Indigenous site in Australia in 2020, faces new pressure from socially conscious investors and lenders, this time on... 

BHP iron-ore train drivers vote for 24h strike from Friday

Train drivers at BHP Group's Pilbara iron-ore operations in Western Australia have voted to strike on Friday for 24 hours, potentially cutting supply to the producer’s Australian export hubs.... 

Exxaro sharpens M&A focus after copper mine loss to China

Exxaro Resources CEO Nombasa Tsengwa is sharpening the South African coal producer’s diversification strategy, after failing to acquire new mining and energy assets. The Johannesburg-based company... 

Billionaire Adani secures ore for $1.2bn copper smelter

Indian billionaire Gautam Adani’s conglomerate has signed contracts to buy 1.6-million tons a year of copper concentrate for the world’s largest single-location smelter for the industrial metal.... 

Zimbabwe takes full control of controversial State miner

Zimbabwe’s state sovereign wealth fund has now acquired all of state mining company Kuvimba Mining House Ltd., in a bid to end speculation about its ownership. Kuvimba holds some of Zimbabwe’s best... 

DS Smith surges after approach by packaging rival Mondi

DS Smith shares surged after the company confirmed it had received an initial approach from British rival Mondi Plc about a potential deal to create one of the world’s largest makers of packaging... 

Mozambique’s $80bn energy overhaul to tap Zambezi’s power

Mozambique is seeking to become one of Africa’s biggest hydropower producers and launch a green hydrogen industry. The government plans to add 14 000 MW of hydropower capacity, with the bulk of... 

China is oversupplied with commodities as deflation persists

China’s commodities markets are heading into the Lunar New Year break on a glum note, with deflation embedded on both the consumer and producer sides of the economy. Weak aggregate demand is the... 

De Beers warns diamond recovery will be slow after terrible year

De Beers expects any recovery in the beleaguered diamond market to be slow and gradual as the industry continues to suffer from weak economic growth in key markets such as China and the US. The... 

Kganyago roots for central bank independence

South African Reserve Bank Governor Lesetja Kganyago defended the independence of the monetary authority, which has faced repeated calls for its mandate to be expanded ahead of elections this year.... 

Iron-ore hits lowest since November as demand concerns escalate

Iron-ore hit a three-month low as the upcoming Lunar New Year and ongoing property market crisis cast a shadow over Chinese demand. Benchmark futures in Singapore dropped for the fifth time in six... 

Anglo CEO says he can run sprawling miner better than any activist

Anglo American’s boss said he’s the best person to reshape the century-old miner — if needed — as slumping commodity prices pressure its sprawling operations and spark murmurs about activist... 

Zambia to start trading its own copper, competing with Glencore

Zambia plans to directly buy and sell a portion of the copper produced in the southern African nation, competing with trading giants including Mercuria Energy Group and Glencore. “We obviously... 

Harvard’s Hausmann bemoans South Africa’s ‘lousy’ economic performance

South Africa’s woeful economic performance boils down to one key factor — a lack of electricity, according to Harvard University’s Professor Ricardo Hausmann. About two decades of power cuts,... 

Vale's board advised to consider outside candidates in search for next CEO

Vale should consider external candidates for the top job when CEO Eduardo Bartolomeo’s term ends in May, an external consultancy told the board of the global mining giant. The recommendation was... 

First Quantum bonds rally as miner works to free up cash

First Quantum Minerals' dollar bonds have staged a rebound, recovering most of the losses they incurred amid a fallout with Panama over the company’s copper mine. The most liquid notes due in 2031... 

Lynas says it held talks with MP Materials on potential deal

Lynas Rare Earths, one of the world’s largest producers of the raw materials, said it had been in confidential discussions with US-based MP Materials on a possible transaction but the talks are... 

Guinea lawmakers approve JV for Simandou iron-ore development

Guinea’s National Transition Council approved a joint venture between Rio Tinto, China-backed Winning Consortium Simandou and the government that seeks to develop the world’s biggest untapped iron... 

From green hype to bailouts, the nickel industry has imploded

Just 18 months ago, the world’s biggest mining company was in a nickel frenzy. BHP Group, to much fanfare, had struck a deal with Tesla to supply it with the crucial ingredient for electric... 

Sanlam to buy South African insurer Assupol in R6.5bn deal

Sanlam, South Africa’s biggest insurer by market value, is buying smaller rival Assupol Life for R6.5-billion to help cement its footprint at home. The proposed transaction will see the... 

Germany to channel €1bn to critical raw material needs

The German government earmarked about €1-billion ($1.1-billion) for raw materials investments as it seeks to reduce dependency on producers such as China for critical minerals in high-tech and... 

Mozambique seeks to end 50-year hydropower pact with South Africa

Mozambique plans to end half a century of hydropower supply to South Africa’s State-owned electricity utility, raising risks for the continent’s most industrialized economy and threatening the... 

GM, Stellantis-backed lithium startup seeks $1bn for brine project

A private US lithium startup backed by Stellantis and General Motors Co. is working with financial advisers to seek more than $1-billion for its project in California. The funds are for a project... 

Call for lower prices of green hydrogen

Billionaire ports-to-coal tycoon Gautam Adani has called for a renewed global focus on lowering green hydrogen prices to spur the clean fuel’s adoption in emissions intensive industries. Lowering... 

Hedge funds react to supply shocks with bold bets on copper

A number of hedge fund managers are betting that copper stocks are significantly undervalued, as they position themselves for gains this year. Funds including Tribeca Investment Partners, Terra... 

Sigma announces jump in size of Brazilian deposits

Sigma Lithium announced an increase in the estimated size of its deposits of the electric vehicle battery metal in Brazil, which the company said will allow it to further expand production levels... 

Endeavour wins ruling to end strike at Burkina Faso gold mine

Endeavour Mining secured a decision from a court in Burkina Faso ordering that a strike at the company’s second biggest mine should end immediately. The court issued an interim ruling on Tuesday... 

Canada Energy Minister sees opportunity in US pause on LNG

US President Joe Biden’s decision to pause approvals of new licenses to export liquefied natural gas will create opportunity for Canada’s sector, Energy Minister Jonathan Wilkinson said Tuesday.... 

Rob McEwen seeks $100m for Argentina copper mine as Milei boosts prospects

Canadian entrepreneur Rob McEwen is in talks to raise about $100-million for a copper project in Argentina, at a time when miners are betting that deregulation by the new government of Javier Milei... 

Lithium miners warn on plunging profits after price freefall

Two of China’s biggest lithium companies became the latest miners to issue stark warnings over the health of the battery metal industry, telling investors to prepare for tumbling profits and asset... 

Trafigura-backed nickel mine seeks new partner to secure bailout

A major nickel operation backed by Trafigura Group will need support from a new investor after the trading giant declined to contribute more funds as part of a French government rescue package for... 

A Trump win won’t sink IRA's climate benefits, California regulator predicts

California’s top environmental regulator said it’s unlikely that the Inflation Reduction Act’s climate-focused tax credits will be undone, even if Donald Trump recaptures the White House in... 

Investec predicts South Africa M&A revival citing ‘renewed optimism’

Mergers and acquisitions in South Africa are set to rebound this year as the $405-billion economy starts to show signs of recovery, according to Investec. As macroeconomic metrics improve around... 

IMF cuts South Africa's 2024 growth forecast

The International Monetary Fund downgraded its economic-growth forecasts for South Africa, warning that logistical challenges are constraining activity and acting as a drag on the entire region.... 

Trader IXM will shrink aluminium unit to focus on core business

IXM, the trading house owned by Chinese miner CMOC Group, is stepping back from the aluminum market to focus on its core business. The trading house, the third-largest metals trader behind...