American billionaire mining financier Robert Friedland, a polarizing figure historically dubbed "Toxic Bob" during his early career, has secured a massive USD 560 million (KES 72.8 billion) strategic loan from the United States government. The unprecedented injection of American federal capital is earmarked to develop a USD 3.1 billion (KES 403 billion) rare earths and critical minerals project located near Dubbo in regional New South Wales, Australia.
This is not a traditional mining investment; it is a calculated maneuver in the escalating geopolitical warfare between Washington and Beijing. The Dubbo project, containing vast deposits of zirconium, hafnium, niobium, and highly coveted rare earth elements, represents a desperate Western attempt to construct an independent supply chain capable of fueling the next generation of advanced military technology and renewable energy infrastructure without relying on Chinese processing dominance.
The Strategic Necessity of Dubbo
For decades, China has maintained a near-total monopoly on the global refining and processing of rare earth elements—the critical components required to manufacture everything from F-35 fighter jet targeting systems to the electric motors powering Tesla vehicles. By weaponizing this supply chain dominance through strategic export quotas, Beijing holds significant leverage over Western industrial and military production.
The US government’s decision to directly finance an Australian operation through export-import credit mechanisms underscores the acute panic within the Pentagon and the Department of Energy. Friedland, known for his aggressive and highly successful resource plays across Mongolia and the Democratic Republic of Congo (DRC) through Ivanhoe Mines, is viewed as the ideal apex operator to execute this massive logistical undertaking, despite his controversial past involving early environmental disputes in the American West.
https://streamlinefeed.co.ke/news/robert-friedland-us-loan-dubbo-rare-earths-project
The revenue loss incurred by India's state-owned fuel retailers on subsidised cooking gas sales narrowed sharply to ₹188 per 14.2-kg LPG cylinder in August, from ₹500 in July, junior oil minister Suresh Gopi told Parliament on Monday, August 10.
Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation have been selling a 14.2-kg domestic LPG cylinder for ₹942 in Delhi since June 2026. The companies sell cooking gas to households at prices below market rates and are compensated by the government for the resulting revenue gap with a lag.
In a written reply to lawmakers, Gopi said the government had paid ₹30,000 crore in subsidies to clear part of the dues for 2025-26 and 2026-27. However, outstanding dues owed to state-run fuel retailers for LPG sales remained above ₹59,000 crore as of July 31, he said.
The retail price of a domestic LPG cylinder in Delhi was increased by ₹29 to ₹942 from ₹913 with effect from June 7, marking the second increase in the past three months. In June, the Ministry of Petroleum and Natural Gas said Indian households continued to pay among the lowest cooking gas prices globally.
Under the Pradhan Mantri Ujjwala Yojana (PMUY), beneficiaries continue to receive a ₹300-per-cylinder direct benefit transfer on their first four annual refills, bringing their effective price to ₹642. According to the ministry, the effective PMUY price of ₹642 is lower than prevailing cooking gas prices in Pakistan, Nepal, Bangladesh, Sri Lanka, the United States, Australia and Canada.
In July, a report noted that losses from selling liquefied petroleum gas (LPG) could nearly halve in the September quarter for state-run oil marketing companies such as Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation, as a sharp drop in demand left the market with surplus supplies, according to a note by ICICI Securities.
The Mumbai-based brokerage estimated that the quarterly run rate of LPG losses for OMCs could fall to below ₹12,000 crore in the second quarter, from around ₹22,000 crore in the first quarter, provided current prices held.
The expected decline in losses came as domestic LPG availability increased following a sharp rise in local production. Indian refiners boosted domestic LPG output by more than 40% during the first few months of the West Asia war this year, taking domestic availability to around 1.5-1.6 million tonnes a month in April and May. This was enough to meet more than 65% of the country's demand.
At the same time, LPG imports were estimated to have fallen to roughly 1 million tonnes a month, accounting for about 38% of total consumption. Before the recent geopolitical conflict, India imported more than 62% of its LPG requirement, with imports averaging around 1.7 million tonnes a month.(from agencies input)
August 10, 2026
Very few changes in the total number of oil and gas rigs across Oklahoma and the U.S. were seen in the latest Baker Hughes Rig Count.
Oklahoma’s count held steady at 50 rigs. A review showing where the most active drilling is occurring in the state indicated the Cana Woodford held strong with 20 active rigs, although there was no breakdown of how many oil rigs and how many gas rigs were involved.
The Cana had been tied with the Granite Wash until the past week when the Granite Wash total slipped from 20 rigs to 19. It was also unclear whether the drop involved an oil rig or gas rig.
The Ardmore Woodford remained at 2 rigs and the Arkoma Woodford went another week with just one reported drilling rig. The Mississippian continued with its drought of any reported drilling activity, based on the Baker Hughes report.
Elsewhere
The Permian Basin, the most prolific play of drilling activity of any kind across the U.S., saw an increase of 3 rigs to reach a total of 263. The Basin stretches from West Texas into southeast New Mexico.
The Williston, covering the Dakotas and parts of Montana continued with 27 rigs. The Eagle Ford in South Texas saw no change with a count of 49 rigs. The Haynesville stretching from East Texas into Louisiana continued with a count of 56 rigs.
The Marcellus play dropped one to 24 rigs and the Utica remained at 11 active rigs.
The D-J Basin covering northern Colorado and extending into southern Wyoming went another week with a reported 11 rig count.
https://okenergytoday.com/2026/08/unchanged-rig-totals-for-oklahoma/
By Tsvetana Paraskova - Aug 10, 2026, 3:00 PM CDT
A Texas-based oil company chaired by an entrepreneur thought to be close to U.S. President Donald Trump is moving drilling equipment in Greenland in preparation for an oil drilling campaign.
However, the drilling plans or the moving of the equipment have not been authorized by the Greenland authorities yet, although a process to do so is under review at present.
That’s why Greenland’s government has recently said a strong warning would be sent to the licensee “with a warning that all future logistical matters must be advised and approved by the mineral resources authority – before they are carried out.”
The licensee is London-listed company 80 Mile, but its partner in the operation is U.S. Greenland Energy Company, which has said it will fund 100% of the costs associated with up to two exploration wells, designed to delineate the hydrocarbon potential of a project in the Jameson Land Basin.
Larry Swets, Jr., believed to be close to President Trump, is chairman of the board at Greenland Energy.
This weekend, Swets reposted on X on the issue with the lack of authorization with a “well said” commentary on a post that an article in The Guardian was “seemingly determined to manufacture a Trump controversy while burying the facts” about 80 Mile and Greenland Energy.
The Greenland government said in its statement that no approval was granted at the time of the moving of the equipment. But authorities noted that “an approval to move drilling equipment has since expired and has not been renewed, but is under consideration.”
In a letter to shareholders last week, Greenland Energy said it “has continued advancing preparations for what we believe will be one of the most significant onshore exploration programs undertaken in Greenland in decades.”
80 Mile Plc, the licensee of the Jameson Land joint venture, continues to lead the permitting process and stakeholder engagement. Greenland Energy, for its part, “remains actively engaged in supporting technical planning, operational readiness, logistics, and overall project coordination.”
“Together, our objective is to ensure that once all required approvals are received, the project is positioned to commence drilling safely, efficiently, and in accordance with Greenland's rigorous regulatory standards,” Greenland Energy said.
“Recent high-level meetings between project leadership and Greenlandic regulatory and oversight authorities have been constructive, and we continue to be encouraged by the progress being made toward the remaining approvals required for drilling,” the company told shareholders.
Following discussions with government officials, the parties agreed that concentrating the 2026-2027 Winter program on one exploration well, rather than pursuing two wells during the current field season, represents the most responsible course of action, Greenland Energy said. Related: Egypt and Libya Near $1 Billion Oil Pipeline Deal
Greenland has seen oil exploration since the 1970s involving major oil firms, including ExxonMobil, Shell, and Eni. None has resulted in a major discovery.
If Greenland Energy’s project moves to drilling, it would be the first in Greenland in many years and a potential restart of oil exploration in Denmark’s autonomous territory that’s the size of about a fourth of the continental U.S.
Greenland is estimated to hold oil and gas resources, as well as critical minerals and rare earth elements—all of which could be great assets to its holders.
But that’s only in theory.
In practice, Greenland’s resources are extremely expensive and hard to extract. The lack of energy infrastructure or any processing capabilities puts in doubt the feasibility and economic rationale of trying to mine rare earths and critical minerals, analysts say.
Following 50 years of unsuccessful and sporadic exploration in the inhospitable Arctic climate and waters, Greenland abandoned the quest for oil in 2021. Back then, the government of Greenland said that it considered that the environmental concerns were far greater than the potential benefits of becoming an oil producer.
“Despite its hydrocarbon and critical mineral potential, Greenland is not Venezuela 2.0.,” Wood Mackenzie’s top analysts say, noting that the large island is remote, inhospitable, underexplored, difficult to explore, and very high cost.
Major oil companies have seen harsh operating environments, but Greenland is on another level, WoodMac’s Simon Flowers and Gavin Thompson wrote.
Short summers, thick ice requiring icebreakers and specialized offshore equipment for surveys or exploration, and fewer than 100 miles of paved roads, although its territory is about 25% of the size of the continental U.S., discourage resource development offshore and onshore Greenland.
Throughout its decades-long history of exploration, Greenland has seen just 25 exploration wells drilled, predominantly in the Southwest basin. Each was unsuccessful, Wood Mackenzie notes.
A new electric furnace that will save the country a million tonnes of emissions a year has been fired up at Glenbrook Steel Mill.
The electric arc furnace, operated by New Zealand Steel, has just produced its first commercial batch of steel, two years after the project was given the green light.
The furnace replaces two of the four coal-fired kilns at the mill just south of Auckland, and will produce steel from recycled scrap.
Chief executive Robin Davies said once the furnace was operating at full capacity, it would nearly halve the mill's carbon emissions.
"[That] is effectively one percent of New Zealand's total emissions, so it's a very high-impact project in a New Zealand context."
The furnace was one of the largest projects funded by the previous government's industrial decarbonisation fund, GIDI, receiving a $140 million subsidy.
Bluescope Steel, New Zealand Steel's Australian owners, invested the remaining $160m.
The project would not have been financially viable yet without that co-investment, Davies said.
"It's intended to help the country reach its international emissions targets, and it allowed us to make the transition earlier than we would otherwise have done so."
The mill's steel-making process has been entirely powered by coal until now
The new furnace would also slash the number of free carbon credits New Zealand Steel claims from the government every year,
The industrial allocation scheme allows emissions-intensive exporters to dodge having to pay for their emissions, to help them maintain a competitive advantage.
New Zealand Steel has been the scheme's biggest beneficiary for over a decade, receiving 1.6 million free credits in 2024 - more than twice the next-largest beneficiary, Tīwai aluminium smelter.
The furnace's first batch of steel was produced very slowly, taking about five hours to complete, Davies said.
Once it was operating at full production levels, in about three months' time, that would decrease to 38 minutes a batch.
The furnace would also allow the country to avoid sending so much of its scrap steel overseas for recycling, he said.
Two-thirds of New Zealand's scrap steel would now go to Glenbrook.
The advantage of the furnace was New Zealand's high levels of renewable electricity, Davies said.
"It allows us, with recycled scrap, to produce very low-embodied-carbon steel - some of the lowest in the world - because of the renewable grid."
Over time, the company would investigate ways to transfer the rest of its steel-making to lower-emissions processes.
In many parts of the world, EV charging infrastructure has failed to keep pace with the electric cars and batteries it’s supposed to serve. That’s not the case in China, where BYD has been rapidly expanding its network of 1,500 kW Flash Charging stations, most recently teaming up with state-owned petroleum giant Sinopec to turn gas stations into EV charging locations.
The two companies have been working together since mid-2024, and the fruits of their labor have been shown at a new charging station in Shanghai. Previously, this had been a gas station operated by Sinopec, but the oil giant obviously saw the trend among Chinese buyers towards EVs and plug-in hybrids, and knew it had to get into the EV charging game.
While this is the first Sinopec location converted into a Flash Charging hub from BYD, it won’t be the last. Plenty more of the company’s fuel stations are slated for the same treatment. Running at up to 1,500 kW, these chargers can take a battery from 10 to 70 percent in five minutes, and from 10 to 97 percent in as little as nine.
A Look Into The Future
Thanks to the ultra-fast design, they don’t need to be arranged like typical DC chargers. Instead, they’re set up like gas pumps with six large T-shaped chargers installed at this site, each with two plugs. As this site was once a gas station, it still includes a small convenience store and a lounge where owners can sit while their cars are charged.
For years, EV critics have been stating that charging an EV would never be as quick as filling up a combustion-powered car. Not only has BYD’s Flash Charging brought charging speeds almost in line with pumping gas, but it’s now started to actually replace gas stations. In the event of a blackout, each Flash Charger has four spare Blade batteries with a capacity of 169 kWh or 185 kWh, which can be used to top up the brand’s eligible EVs and PHEVs.
https://www.carscoops.com/2026/08/byd-sinopec-charging-stations/
Barrick Mining (NYSE:B) reported Q2 2026 revenue of $5.29 billion, up 44% year over year, while expanding its Nevada Gold Mines joint venture with Newmont through a revised ownership structure.
The transaction will see Barrick contribute Fourmile and Newmont contribute Mike and Fiberline assets, creating what the companies describe as a Nevada complex containing nearly 100 million ounces of gold resources.
Newmont will pay Barrick a $1.95 billion cash top-up within 30 days, resolve outstanding Nevada Gold Mines disputes and support Barrick’s planned North American gold IPO, which includes Nevada Gold Mines and other assets.
Meanwhile, Barrick produced 796,000 ounces of attributable gold in Q2, up 11% sequentially and above its quarterly guidance, while adjusted EPS increased 74% to $0.82 and operating cash flow rose 28% to $1.70 billion.
The company declared a quarterly dividend of $0.175 per share and repurchased $1.209 billion of shares during Q2, resulting in total shareholder returns of $1.50 billion.
Barrick also maintained its 2026 production and cost outlook while reducing total attributable capital expenditure guidance to $3.8 billion–$4.2 billion and continuing plans for a North American gold IPO by year-end 2026.
https://grafa.com/en/news/united-states/barrick-mining-nevada-gold-mines-newmont-1-95-billion-deal
Tuesday, 11 August 2026, 10:16
A fresh surge above $4,400 has put bullion back in focus, but the next move may depend on whether US inflation cools.
- Based on data from Reuters
Gold prices edged lower on August 11 after the precious metal climbed to its highest level in more than two months earlier in the day. Market participants are awaiting U.S. inflation data, which could affect the outlook for the Federal Reserve’s future interest rate policy.
As of 05:48 GMT, spot gold was down 0.3% at $4,374.82 per ounce. During early trading, prices reached $4,434.84, their highest level since June 5.
Meanwhile, U.S. gold futures gained 0.4% and traded at $4,435 per ounce.
Ahmad Assiri, a research strategist at Pepperstone, attributed the morning rise above $4,400 to renewed inflows into gold and a noticeable shift in sentiment in the metals market.
If this shift in sentiment continues to attract additional capital flows, it could remain an important factor in determining whether gold can hold near $4,400 and potentially extend its recovery to higher levels.
– Ahmad Assiri
U.S. Inflation and Rate Expectations
U.S. consumer price data is due to be released on Wednesday, followed by producer price data on Thursday. These figures could reshape market expectations for monetary policy following weak U.S. labor market data for July.
Last week, this data led market participants to scale back bets that the Federal Reserve would raise interest rates next month. At its July meeting, the Fed left rates unchanged, although three officials supported raising them.
Gold does not generate interest income, so lower rates generally support demand for the asset.
According to foreign media reports, Resolution Copper has awarded approximately $110 million in drilling and underground development contracts as work advances at its proposed copper mine in Arizona, one of the world’s largest undeveloped copper deposits.
Major Drilling America will undertake deep-hole directional diamond core drilling over the next two-and-a-half years, including drilling from the surface and from approximately 6,800 feet underground. Four large surface drilling rigs are planned for the programme, with two already on site and another two expected by the end of 2026.
Redpath USA Corporation will undertake the first phase of underground development, including converting two existing shafts, each approximately 7,000 feet deep, for development activities. The contractor will also install underground infrastructure, construct a mine station at around 6,800 feet below surface and develop approximately 1,500 feet of new tunnels and supporting facilities.
The contracts form part of an early phase of Resolution Copper’s planned $500 million investment programme, following completion of key environmental review and land-exchange processes earlier this year.
The project is jointly owned by Rio Tinto with a 55% stake and BHP with 45%. If developed, Resolution Copper is expected to have the capacity to meet up to a quarter of annual US copper demand. However, a final investment decision remains subject to further data collection, permitting and partner approvals.
From a copper-market perspective, the latest contract awards mark another step in advancing a potentially significant source of long-term US mine supply. While commercial production remains dependent on an eventual investment decision and further development, progress at Resolution is increasingly relevant as the US seeks to strengthen domestic copper supply amid rising requirements from power infrastructure, manufacturing and electrification.
Century Aluminium’s plant in Inola, Oklahoma, USA, remains on track to break ground at the end of this year.
The joint-venture with Emirates Global Aluminium (EGA) will be the largest ever primary aluminium production plant in the US, and the first built in nearly 50 years.
During Century Aluminium’s Q2 2026 earnings call, its President and CEO, Jesse Gary, said: “We made further progress in the second quarter: Bechtel continues its detailed engineering work, we advanced negotiations towards a final energy contract, and we made significant progress on the financing for the smelter.”
He added: “We continue to expect a Final Investment Decision (FID) and ground-breaking by the end of this year, with first hot metal by the end of 2029.”
He also highlighted how the Section 232 programme will help the project’s development.
On July 20, President Donald Trump issued an executive order establishing tariff incentives for companies expanding or building primary aluminium capacity in the US.
Under the policy, approved companies can import primary aluminium annually up to the amount of their new domestic production at a 25% tariff rate, rather than the standard 50% rate.
Gary said: “We expect the Oklahoma project to be approved under the programme to import up to 750,000 metric tonnes at the reduced rate 25% rate beginning in 2027.
“That will be split 60% to EGA and 40% to Century - that means Century could begin importing up to 300,000 metric tonnes per year at the reduced rate starting in 2027.
“We intend to apply that benefit to help fund Century’s share of the Oklahoma project.
“This is another well-designed piece of policy, and we are grateful to President Trump and his team for their support and commitment to restoring production of American aluminium.”
https://aluminiumtoday.com/news/century-aluminium-ceo-provides-update-on-oklahoma-project
(Aug 10): Copper consolidated above US$14,000 on Monday after posting its strongest weekly gain since May, as concerns that the Democratic Republic of Congo's copper concentrate export ban could hit supply eased and some physical indicators in top consumer China softened.
Benchmark three-month copper on the London Metal Exchange edged 0.1% higher to US$14,089.50 a tonne as of 0240 GMT, while the most-active copper contract on the Shanghai Futures Exchange slipped 0.35% to 107,640 yuan (US$15,956.12) a tonne.
Both London and Shanghai copper saw their strongest week since early May last week, rising 2.07% and 2.34%, respectively.
Goldman Sachs said on Sunday that it expected no material impact on global copper balances from Congo's ban, saying the measure largely consolidated a long-standing policy and affected trade flows that had already shrunk sharply.
In China, data released over the weekend showed consumer inflation slowed in July, while producer-price inflation eased to 3.5% from 4.1% in June, pointing to still-subdued domestic demand.
The Yangshan copper premium, a gauge of China's appetite for imported copper, fell to US$101 a tonne on Friday, its lowest since July 20. The domestic spot premium dropped to 70 yuan a tonne, the lowest since July 16.
SHFE copper stocks edged up 1.1% to 70,116 tonnes last week, their first weekly increase since June 8, after falling to a more than two-year low.
China's imports of unwrought copper and copper products fell 11.5% year on year to 425,000 tonnes in July, while January-July imports declined 6.2% to 2.92 million tonnes, customs data showed on Friday. The year-to-date data was the lowest for the period since 2019.
Among other LME metals, aluminium rose 0.15%, zinc added 0.13%, lead gained 0.16% and tin edged up 0.04%, while nickel slipped 0.17%.
On the SHFE, aluminium rose 0.21%, lead gained 0.25% and nickel climbed 0.53%. Zinc fell 1.49% and tin dropped 1.33%.
The facility, developed with an investment of approximately JPY 300 billion, will strengthen production of advanced thin gauge steel products, including ultra high strength automotive steel.
Nippon Steel has commissioned the new hot rolling line at Nagoya Steel Works. According to the company's announcement on August 6, the investment aims to increase production capacity for high quality thin gauge steel sheets, particularly ultra high strength steel for the automotive sector.
The new line is equipped with what Nippon Steel describes as the "rolling facility with the world's highest load capacity." The company expects the facility to significantly improve its rolling and temperature control capabilities.
Nippon Steel held a ceremony at the Nagoya facility on August 6 to mark the completion of the line. Guests included Miura, Director General of the Chubu Bureau of Economy, Trade and Industry, and Hanada, Mayor of Tokai.
Approximately JPY 300 billion invested
The new hot rolling line has an annual production capacity of approximately 6 million mt. Nippon Steel invested approximately JPY 300 billion, equivalent to around USD 1.9 billion, in the project.
The company also plans to shut down its existing hot rolling line during fiscal 2026.
Nippon Steel stated that the investment will fundamentally strengthen its production system for high quality thin gauge steel products, including ultra high strength steel.
The company defines ultra high strength steel sheet as steel products with a tensile strength of 1.0 gigapascal or higher.
Demand for high strength steel is increasing in the automotive sector
According to Nippon Steel, tighter environmental regulations, higher crash safety standards and automakers' shift toward lighter and stronger vehicle bodies will increase demand for high performance steel products.
The growing adoption of electric vehicles is also expected to support this trend. Battery weight and range requirements are encouraging automakers to use materials that are lighter while offering higher strength.
The company also stated that ultra high strength steel can contribute to reducing greenhouse gas emissions over the lifetime of vehicles.
Nagoya Steel Works is Nippon Steel's main production facility for automotive steel sheets and serves as one of the company's key centers leading its global operations in this segment.