Century Aluminum has responded to the US Supreme Court strike down of President Trump’s tariffs.
The response comes after the Supreme Court deemed most of Trump’s global tariffs that the White House implemented last year as unlawful.
Trump has since implemented a 10% global tariff and has now raised this to 15%.
Century Aluminum issued the following statement regarding the US Supreme Court’s decision on the tariffs imposed under the International Emergency Economic Powers Act (IEEPA):
Century Aluminum proudly stands with President Donald J. Trump and his America First trade policies, which have been instrumental in ensuring a level playing field for American industry and workers and restoring the US industrial base.
Those trade policies include the IEEPA tariffs addressed in today’s Supreme Court ruling, as well as the Section 232 steel and aluminum tariffs which were not impacted by the decision and remain in full force and effect.
President Trump’s trade policies have strengthened our commitment to reshoring American production of primary aluminum – a critical metal for industries ranging from aerospace and automobiles to national defense.
Since the Section 232 program was reinforced by President Trump a year ago, with no exemptions and no exceptions, Century Aluminum has taken decisive action to expand US aluminum production and create new American manufacturing jobs.
No company is investing more in US primary aluminum production than Century.
Century is already the largest producer of aluminum in the United States, smelting nearly 60% of the country’s primary aluminum, employing more American primary aluminum workers than any other company, and, thanks to President Trump’s leadership and the Section 232 program, we plan to invest billions more in new and expanded production at Mt. Holly and our Oklahoma smelter project.
Century is grateful to President Trump for his unwavering commitment to American workers and American industry. Century remains committed to investing in America as the largest producer of this critical mineral for decades to come.
https://aluminiumtoday.com/news/century-aluminum-backs-trump-in-response-to-supreme-court-ruling
Posted on 23 Feb 2026
While there has been a lot of attention on XCMG’s larger 230 t class (220 t for some coal applications) XDE260 diesel electric mining truck in the export market for sites such as Exxaro Grootegeluk in South Africa, Ok Tedi Mining Ltd (OTML) in PNG, Serbia Zijin Copper and Rio Tinto’s SimFer for the Simandou iron ore mine in Guinea, it is seeing success with the smaller diesel-electric XDE130 as well – including in the all important Indonesian market – one of the world’s largest for mining trucks, and the largest when it comes to the small to mid payload classes above 91 t.
In 2025, XCMG delivered two large fleets of the 120 t class XDE130 to Indonesia – 32 units to Cokal’s PT Borneo Bara Prima project in the North Barito Basin, Central Kalimantan and an additional 35 units to contractor Darma Henwa for its operations at the Bengalon Coal Project (BCP) in East Kalimantan – the latter along with four units of the XE2000 hydraulic excavator and two XE1250s. The XDE130 is also operating in a number of other global mining markets outside China including Chile, Australia, Brazil and South Africa.
The trucks uses a patented integrated AC variable frequency conversion traction system plus has real time power tracking and control. XCMG independently developed the advanced drive control technology which includes adhesion control, anti-slip drive, drive power steering adaptation, anti-slip slope control, electronic differential – all of which help to reduce tyre wear and extend tyre service life. In terms of matching, the 120 t truck can match with various hydraulic excavators like the XE2000 and XE2800E plus wheel loaders such as the XC9350. XCMG argues that compared to a mechanical drive truck, the XDE130 fuel costs per tonne of ore are 15-20% lower, while fewer gear components improve product availability and repair costs.
Engine power usage is optimised by running auxiliary components such as pumps, fans and motors only when needed. Fuel is conserved when the engine is idling and more power is available to accelerate the truck and climb grades when necessary. It is also equipped with a ROPS/FOPS cab and a whole-car imaging system. A number of safety devices, such as automatic fire extinguishing systems, improve the safety of the entire vehicle. The XDE130 is offered with the option of a Cummins KTA38 or MTU 16V2000C22 engine.
https://im-mining.com/2026/02/23/xcmgs-xde130-making-its-mark-in-indonesia/
By Ambar Warrick
Published 24/02/2026, 02:40
Investing.com-- China’s mainland stock indexes opened higher on Tuesday after the Lunar New Year break, aided by relief from steep U.S. trade tariffs and as government data highlighted increased consumer spending during the recent holiday.
The Shanghai Shenzhen CSI 300 index rose 1% in morning trade, while the Shanghai Composite index added 0.8% in their first trading day since February 13.
Gains were broad-based, with export-oriented stocks advancing on the prospect of lower U.S. trade tariffs in the near-term. This came after the U.S. Supreme Court ruled that a bulk of President Donald Trump’s trade tariffs were illegal, with the levies set to be revoked from Tuesday.
While Trump did announce more tariffs under a different legal framework, they were substantially lower than his prior duties, pointing to some near-term relief for Chinese exporters. Several export-oriented Chinese companies had rallied in Hong Kong trade on Monday.
Chinese markets were also encouraged by signs that consumer spending during the Lunar New Year break remained robust. The holiday was the longest yet Lunar New Year break on record, as authorities extended the break and ramped up stimulus measures to support local demand.
Early data from the Ministry of Commerce showed foot traffic and sales revenue in China’s major shopping areas both grew nearly 5% from last year.
Travel within the country hit a record high of 5.08 billion trips since early-February, the People’s Daily newspaper reported, while outbound travel, especially to destinations in Southeast Asia, rose sharply during the break.
The 2026 Lunar New Year featured a nine-day official holiday, longer than the usual trend of seven to eight days. The festival is widely regarded as one of China’s largest spending seasons, with Beijing doling out more subsidies this year as it moves to shore up spending and growth.
Domestically-exposed Chinese companies are set to benefit the most from this trend.
Chinese economic data for February and March is now expected to provide more concrete cues on just how much the economy benefited from the holiday.
BRUSSELS, February 23. /TASS/. The European Union has failed to get the United States’ and G7 support in order to jointly block Russian oil deliveries under its 20th package of anti-Russian sanctions, a diplomatic source in Brussels has told TASS.
"The EU presented to the US and G7 its plan to fully prohibit European businesses from transporting Russian oil and providing any kind of maintenance, supply, financing and insurance services to tankers that transport Russian oil, no matter what flag they are flying. The European Commission invited partners to impose similar restrictions on their companies. The United States refused," the diplomat said.
He added that he "does not exclude the possibility of Washington imposing its own measures in due time and on its own terms."
"Other G7 partners said that joining the EU sanctions was possible, but stopped short of giving any clear promises," the source added.
Internal differences
Over the weekend, European ambassadors failed to make any progress on the 20th package of anti-Russian sanctions, so the final decision is to be made by top EU diplomats during their meeting on Monday, the source told TASS.
"There has been no progress. The plan is 95% agreed, but the remaining differences could not be overcome. Now, they are to be discussed by the ministers," he said.
In fact, the situation even became worse over the weekend, because Hungary said it would block the entire 20th package during the ministerial meeting. Budapest demands that Brussels take urgent measures to force Ukraine to resume transit of Russian oil via the Druzhba pipeline. Kiev halted it on January 27, citing alleged Russian drone attack on its own pipeline.
Painful compromise
Earlier, another diplomat told TASS that the European Commission’s measures included a list of reasons for detention and search of "suspicious tankers" to investigate whether they were really transporting Russian oil. A number of European countries see the move as "a real threat of a military confrontation with Russia at sea."
At the same time, the diplomat said he had "no doubts" that the package will be adopted by February 24. The only question is what will be excluded from the initial version, he added.
According to available information, Hungary, Greece, Malta, Italy and Spain have various objections about different parts of the proposed package.
Feb 23 (Reuters) - Indian refiners' crude throughput fell by 0.2% month-on-month in January to 5.63 million barrels per day (23.81 million metric tons), provisional government data showed on Monday.
Refinery throughput in December was at 5.64 million barrels per day (23.86 million metric tons).
On a year-on-year basis, refinery throughput was little changed in January.
India is the world's third-biggest oil importer and consumer.
Data showed that India's fuel consumption fell to 21.05 million metric tons in January from 21.71 million the previous month but gained nearly 3% compared with the same period last year.
Earlier this month, an Indian foreign ministry spokesperson said that India is open to buying oil from nations, including Venezuela, depending on commercial viability. The United States, which threatened to impose tariffs on India last year for buying Venezuelan oil, has told Delhi it can resume those purchases soon to help replace imports of Russian oil, three sources familiar with the matter told Reuters in early February.
(Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Vijay Kishore)
https://sg.finance.yahoo.com/news/indian-refiners-january-crude-processing-145438874.html
CRUDE OIL
April Crude Oil was higher early Monday and was close to taking out Friday’s eight month high. The market is still finding support on expectations that the US could initiate an attack against Iran, now that the build-up of US forces have been put in place around the Persian Gulf. President Trump said last week that “really bad things” would happen if Iran does not come to an agreement to curtail its nuclear program, but he also mentioned a deadline of 10 to 15 days. One concern is that Iran may respond to US attacks by closing the Strait of Hormuz, through which about 20% of global oil supply passes. The next round of talks between the two countries is scheduled for Thursday. The Baker Hughes rig count showed the number of US oil rigs in operation last week was unchanged at 409. This was down from 481 rigs a year ago and below the five-year average of 482.
PRODUCTS
Like crude oil, the products were under pressure early Monday but recovered most, if not all, of their losses as the session progressed. On Friday, nearby RBOB reached its highest level since September 29 and ULSD its highest since January 30. Both markets saw larger than expected US stock draws last week, even with a significant increase in refinery runs, which meant a jump in implied demand. US gasoline stocks are still hovering around six-year highs, but they tend to peak this time over year. The spring break travel season approaches, which will boost gasoline demand. The winter storm in the northeast may provide a temporary interruption in gasoline consumption, but it can also boost heating demand.
NATURAL GAS
April Natural Gas started out higher early Monday but gave up a good portion of the gains as the session progressed. A winter storm brought heavy snow to the northeast over the weekend, but the area is expected to quickly warm up over the next couple of days. The 6-10- and 8-14-day weather maps showed above normal temperatures across most of the lower 48, except for some areas of the northern Plains, northern Midwest and New England, which are normal or below normal. On Friday, LSEG said average gas output in the Lower 48 states has climbed to 108.7 billion cubic feet per day so far in February, up from 106.3 in January and still short of the record 109.7 bcfd from December.
https://www.admis.com/crude-oil-market-still-finding-support/
WASHINGTON — The Supreme Court agreed Monday to hear an attempt by energy companies to throw out a lawsuit filed in Colorado seeking to hold them accountable for the costs of climate change.
The court's ultimate ruling in the case will have national implications, likely determining whether similar lawsuits filed by cities and municipalities across the country seeking billions of dollars in damages can move forward.
Exxon Mobil and Suncor Energy are appealing a May 2025 Colorado Supreme Court ruling that said the lawsuit brought by the city of Boulder and Boulder County could move forward in state court.
The lawsuit claims that the companies, via their marketing, production and sale of fossil fuels, bear responsibility for the harms caused by climate change, including extreme temperatures and more frequent wildfires. The plaintiffs allege violations of various state laws, including consumer protection provisions.
The companies argue that climate policy is a purely federal issue, in part because pollution crosses state lines and cannot be addressed on a piecemeal basis. Air pollution is regulated via the federal Clean Air Act, but more comprehensive efforts to combat climate change at the national level have stalled, with President Donald Trump's administration particularly opposed to addressing the issue.
The Trump and Biden administrations took different positions on the legal question in the case, with the former backing the companies and the latter opposing them.
The Trump administration took the rare step of filing a brief urging the court to take up the Boulder case even though the federal government is not directly involved in the litigation.
The Boulder case is one of a string of similar lawsuits filed by cities and other government entities around the country against energy companies, including BP, Chevron and Shell.
The Supreme Court in 2023 turned down an earlier attempt by energy companies to nix the lawsuits.
Previously, the Supreme Court in 2021 ruled in favor of oil companies on a procedural issue in a related lawsuit brought by the city of Baltimore.
The Druzhba pipeline outage has been at the center of a dispute between the neighboring countries since Russian oil supplies to Slovakia and Hungary were cut off last month after Ukraine claimed a Russian drone strike hit pipeline equipment in western Ukraine.
An old and faded sign with the inscription "Naftovod Druzhba" in Russian: Carpathians, Ukraine, May 2021, Photo: Shutterstock
Disclaimer: The translations are mostly done through AI translator and might not be 100% accurate.
Slovak oil pipeline operator Transpetrol has been informed by Ukraine that the resumption of oil deliveries via the Druzhba pipeline has been postponed to February 25, the Slovak Ministry of Economy announced today, stating that the reasons were not specified, Reuters reports.
The outage of the Druzhba pipeline has been at the center of a dispute between the neighboring countries since Russian oil supplies to Slovakia and Hungary were cut off last month after Ukraine claimed a Russian drone strike hit pipeline equipment in western Ukraine.
Slovakia and Hungary claim that Ukraine is to blame for the interruption of supplies.
The European Union (EU) failed today to adopt a new package of sanctions against Russia or approve a new large loan to Ukraine due to sudden objections from Hungary, European diplomacy chief Kaja Kalas said earlier today in Brussels.
"Unfortunately, we did not reach an agreement on the 20th sanctions package. It is a step backwards and a message that we did not want to send today," said Kallas after a meeting of EU foreign ministers.
EU diplomats tried to reach an agreement on a 20th package of sanctions against Russia and a new large loan for Kiev today, but failed to persuade Hungary to support the bloc's latest efforts to help Ukraine and force Russia to pay the economic price for its invasion of the country four years ago.
Hungary, considered the most pro-Russian EU member, threatened over the weekend to block decisions on sanctions against Russia and a 90 billion euro loan for Ukraine that it had previously agreed to.
Budapest has stated that it will not change its position until the supply of Russian oil to Hungary via Ukraine, which was suspended at the end of January, is restored.
Hungary and Slovakia have not received Russian oil since January 27, when, according to Ukrainian officials, the Druzhba oil pipeline was damaged in a Russian drone attack.
Hungarian Prime Minister Viktor Orban on Monday reiterated unsubstantiated claims that Ukraine is deliberately withholding Russian oil and accused Kiev of trying to overthrow his government, the Associated Press (AP) reported. Orban called the oil blockade a "Ukrainian oil blockade" and said it was being led by Ukrainian President Volodymyr Zelensky.
Hungarian Foreign Minister Péter Szijjártó said ahead of today's meeting in Brussels, during a heated conversation with reporters, that "no one has the right to jeopardize Hungary's energy security."
Leaders of many EU member states, which make decisions unanimously, had hoped that an agreement on sanctions and loans would be reached before tomorrow's fourth anniversary of the start of Russia's invasion of Ukraine, during which 1,8 million soldiers on both sides were killed, wounded or missing.
However, even before today's meeting, Kalas stated that the EU foreign ministers would probably not be able to agree on the 20th sanctions package, aimed at the Russian "ghost fleet" that Moscow uses to evade sanctions and at Russia's energy revenues.
She criticized Hungary for changing its position on a new large loan to Ukraine, which Budapest agreed to in December. Kalas said that departing from that deal was against EU treaties.
The EU has so far sent Ukraine €194,9 billion in financial aid while restricting exports of key Russian energy products. Almost every country in Europe has significantly reduced or completely stopped imports of Russian energy products since Russia began its invasion of Ukraine in February 2022.
However, Hungary and Slovakia, members of the EU and NATO, continued to import the same or greater amounts of Russian oil and gas, and were granted a temporary exemption from an EU policy banning imports of Russian oil, according to the AP.
Orban, who faces uncertain elections on April 12, is waging an aggressive anti-Ukrainian campaign and accuses the strongest opposition party, Tisza, which is leading according to most polls, of colluding with the EU and Ukraine with the aim of establishing a "pro-Ukrainian government that sides with Brussels and Kiev" in Budapest.
Fertilizer imports into the US, except for ammonia, sulfur and sulfuric acid, will remain exempt from the new 10pc tax proclamation President Donald Trump signed late last week.
Fertilizers exempted from the newly announced import tariffs effective 24 February include urea, ammonium nitrate, UAN, ammonium sulfate, TSP, DAP, MAP, MOP and SOP. Products included in the US-Mexico-Canada free trade agreement are also considered tariff free. But under Annex II of the proclamation, sulfur, sulfur acid and ammonia's HS codes are not exempt unless imported via the USMCA order.
Sulfur imports will likely remain unaffected by the new tariff because Canada is the only major foreign source of supply. About 72pc of sulfuric acid imports in 2025 came from Canada and Mexico, based on US Census Bureau data. Other origins, including Europe, Japan, and Taiwan are subject to 10pc tariffs. And 55pc of US ammonia imports came from Canada in 2025, with the rest largely coming from Trinidad and Tobago, which is also subject to a 10pc tariff.
Anhydrous ammonia was previously eligible for an exemption under the International Emergency Economic Powers Act (IEEPA) tariffs on a case-by-case basis by the secretary of commerce and the US Trade Representative, depending on the terms of existing or ongoing trade negotiations with each country. But case-by-case exemptions are not detailed in the new proclamation.
Trump in a social media post on 21 February threatened a 15pc tariff on all US imports, less than 24 hours after his administration unveiled the new 10pc global import tax set to go into effect on 24 February. But the White House has yet to formally release any record of the decision to raise the rate to 15pc.
Trump's proclamation of the new tariff on 20 February invokes Section 122 of the 1974 Trade Act, which allows imposing tariffs of up to 15pc to address a balance of payments issue. The policy was announced after the US Supreme Court deemed Trump did not have the power to impose tariffs under IEEPA against nearly all US trading partners.
The Section 122 tariffs will also exempt "natural resources and fertilizers that cannot be grown, mined, or otherwise produced in the US", according to a White House fact sheet. Trump's order also exempts beef, oranges, and tomatoes from the 10pc tariff.
But under the Section 122 declaration, tariffs can only be imposed for a period of 150 days, and any extensions would require explicit authorization from Congress.
Market reactions to the 10pc tariff policy were mostly muted across the fertilizer industry. Most buyers and sellers expected the exemptions to carry over after fertilizers were declared tariff-free in November 2025 from the original IEEPA tariffs. That assumption was also affirmed with the knowledge that phosphate and potash were recently deemed as critical minerals by the US Geological Survey.
Gold and silver miners were up near the top of the London leaderboard at the start of the week, as precious metals prices picked up on the back of the new uncertainty over tariffs sparked by the Supreme Court decision at the end of last week.
Fresnillo PLC shares were up 3.3% and Endeavour Mining PLC 3.1% on the FTSE 100, while among mid-caps, Hochschild Mining PLC rose 3% and Pan African Resources PLC gained 2.2%.
The price of gold rose to above $5,170 an ounce in early morning trading, the highest in over three weeks, before easing to $5,125.
Silver was up 1.7% at $86/oz, having neared $88 in the early hours, at least a two-week high.
Copper prices spiked overnight, but were down in early European trading, though copper miner Antofagasta PLC was up 1.4%, with Glencore PLC and Anglo American PLC shares also moving higher.
Many metal prices started to rise on Friday when the US Supreme Court ruled that Donald Trump’s broad-based tariffs were unconstitutional.
The White House immediately responded with plans for a 10% global tariff under new rules, increasing this to 15% on Saturday, the maximum tariff that can be imposed using the 'Section 122' authority, which only lasts until mid-July.
Wall Street stocks also had a positive week overall, ending on the front foot after the US Supreme Court ruled that Donald Trump’s broad-based tariffs were unconstitutional.
The White House immediately responded with plans for a 10% global tariff under new rules, increasing this to 15% on Saturday, the maximum tariff that can be imposed using the 'Section 122' authority, which only lasts until mid-July.
This "leaves a substantial amount of uncertainty, even if markets initially welcomed the perceived clarity of 'only' a 10% tariff on Friday", said Deutsche Bank's macro strategy team.
It also led the US dollar index to slip from a three-week high.
Continued tariff news, said market analyst Ipek Ozkardeskaya at Swissquote, "could help commodities extend their rally, weigh on the US dollar, and pressure tariff- and trade-sensitive sectors and indices. In this context, the FTSE 100 should outperform peers, while mainland European indices could come under renewed pressure."
https://uk.finance.yahoo.com/news/gold-silver-miners-jump-trump-083100572.html
Under the agreement, Barrick has 30 days to remedy the issue or initiate corrective action, failing which the dispute could proceed to a Nevada court.
SUMMARY
SEATTLE (Scrap Monster): Barrick Gold’s plan to spin off its North American assets has encountered fresh turbulence after joint venture partner Newmont issued a formal notice of default tied to operations at Nevada Gold Mines (NGM).
In a filing with the US Securities and Exchange Commission, Newmont alleged Barrick diverted resources from NGM to advance its wholly owned Fourmile project, potentially breaching their 2019 joint-venture agreement. Under the agreement, Barrick has 30 days to remedy the issue or initiate corrective action, failing which the dispute could proceed to a Nevada court.
Newmont CEO Natascha Viljoen said discussions remain constructive and focused on improving performance at the Nevada operations. Barrick CEO Mark Hill disputed the claims but emphasized commitment to shareholder value.
NGM is critical to Barrick’s valuation, accounting for an estimated 60% of its market worth, according to RBC Capital Markets. The dispute complicates Barrick’s proposed spinoff, which would include its NGM stake and other joint assets. Meanwhile, Barrick faces continued production declines, with output expected to fall again this year.
Gold extended its advance for a fourth consecutive session on Monday, building on last week’s gains as fresh US tariff measures and a weaker dollar boosted demand for safe haven assets.
Gold futures (GC=F) rose 1.4% to $5,153.90 a troy ounce, while spot prices rose 0.6% to $5,140.72, their highest level in three weeks at the time of writing.
The move followed an announcement by US president Donald Trump that he would impose a 10% tariff on global imports for 150 days under Section 122 of US trade law, after the US Supreme Court struck down an earlier and broader tariff regime.
The administration subsequently lifted the levy to 15%, the maximum permitted under the statute, intensifying concerns over potential retaliation and renewed strain on global supply chains.
“The court's tariff ruling has, aside from earning the ire of the US president, added another layer of uncertainty to global markets, with traders again turning to gold as a defensive play,” said Tim Waterer, chief market analyst at KCM Trade.
The tariff announcement weighed on risk sentiment, prompting investors to rotate into traditional havens including bullion and US treasuries. Uncertainty over the duration and scope of the measures, as well as the prospect of legal and congressional challenges, added to market volatility.
“Whether gold can claw its way back above $5,400 in the near-term may rest on how long tariff uncertainty lingers and whether the US engages in military action against Iran,” Waterer said.
In this presentation, Jeffrey Christian of CPM Group examines the latest developments affecting gold, silver, platinum, and palladium prices following the release of numerous economic data points and significant policy developments last week.
He discusses gold and silver prices, weaker-than-expected GDP growth in the U.S., and personal consumption data that continue to influence interest rate expectations and investor behavior.
Jeff explains how these economic signals, combined with ongoing political uncertainty and fiscal policy, are supporting global investment demand for precious metals. He provides an overview of ETF flows, physical investment trends, and seasonal demand factors, including purchases for Chinese New Year, as well as CPM Group’s near-term expectations regarding price volatility.
00:00 – Gold and Silver Prices
02:45 – Economic Data: GDP, Inflation, and Metals
05:10 – Why Silver Could Rise Next Week
08:00 – Comex vs. Shanghai: What Really Matters
11:40 – Solar Demand, Silver Myths, and Supply Reality
15:50 – What’s Next for Gold, Silver, and Platinum Metals?
https://goldinvest.de/en/video/why-gold-and-silver-could-jump-next-week-and-then-fall/
Salares del Norte is strategic for Gold Fields to consolidate the company’s presence in South America. (Image courtesy of Gold Fields Chile.)
Gold Fields (JSE: GFI) is open to further mergers and acquisitions as it strengthens its portfolio, lifts exploration spending and returns more cash to shareholders, CEO Mike Fraser said.
The South Africa-based gold producer continues to assess inorganic opportunities, particularly in Western Australia, where it sees scope for consolidation in the Goldfields region. The company already owns four mines there that account for about half of its global output.
“We continue to scan for opportunities, because improving our portfolio means that we have to find pathways to replace resources and reserves to create longevity,” Fraser told MINING.COM.
Gold Fields has been active on the deal front over the last couple of years. In mid-2024, it acquired Osisko Mining for $1.58 billion (C$2.16 billion). In 2025, it bought Gold Road Resources for $2.6 billion (A$3.7 billion). Fraser said while the company was comfortable operating in Africa, it was looking to add optionality in South America and grow its position in Canada to create more balance in the portfolio.
Exploration drive
Exploration will remain a key driver of resource and reserve replacement. The company increased exploration spending by 204% in 2025 to $298 million, largely due to higher activity in Canada. Fraser said 2025 marked the first time in a decade that Gold Fields has deployed proprietary greenfield drill rigs in Australia.
“We are very committed to finding pathways for additional resources through the drill bit,” he said, adding that the company has also extended the life of existing assets and added reserves at known operations.
Last year, Gold Fields paid $36 million for a 10.5% stake in Founders Metals (TSX-V: FDR), owner of the district-scale Antino gold project in Suriname. Fraser said similar, longer-dated greenfield opportunities could offer value, especially as junior explorers face limited access to capital.
Returns boosted
On Thursday, Gold Fields reported headline earnings of $2.57 billion for 2025, more than double 2024’s result. Adjusted free cash flow rose to $2.97 billion from $605 million a year earlier.
The company produced 2.438 million ounces of gold at all-in sustaining costs of $1,645 an ounce and all-in costs of $1,927/oz.
Gold Fields declared a final dividend of R18.50 per share, up 164%, bringing the total dividend for 2025 to R25.50, or $1.60, per share. The payout equals 35% of free cash flow before discretionary investments. The company will also return an additional $353 million to shareholders through $253 million in special dividends and $100 million in share buybacks.
Fraser said the combined returns translate into a dividend yield above 6%, which he described as competitive within the gold mining sector.
Road ahead
Looking ahead, Gold Fields has set 2026 production guidance at 2.4–2.6 million ounces, with all-in sustaining costs of $1,800–2,000/oz and all-in costs of $2,075–2,300/oz.
Total capital expenditure is expected to remain elevated at $1.9–$2.1 billion, including $1.3–$1.4 billion in sustaining capital and $240–$340 million in non-sustaining capital.
Fraser said targeted investments in Australia will help offset cost pressures, although they will lift non-sustaining capital spending. Cost guidance is higher than outlined at the company’s November capital markets day due to increased royalties and currency movements.
The company expects total costs to rise about 12% year over year, broadly in line with industry trends, as structural mining cost inflation continues to weigh on the sector.
https://www.mining.com/gold-fields-open-to-further-ma-growth/
A wholly-owned subsidiary of BHP Group Limited and Faraday Copper Corp. have signed a non-binding letter of intent (LOI) to explore a potential transaction whereby Faraday would acquire 100% of BHP’s San Manuel property in Arizona, USA.
In exchange, BHP would receive a 30% interest in the equity of Faraday, and commensurate shareholder and marketing rights. In addition, BHP has agreed to participate in any equity raise by Faraday, over a two-year period, up to a maximum aggregated subscription amount of US$20 million.
The LOI provides the basis through which BHP and Faraday will explore pathways for the restart of the San Manuel copper mine and development of a new copper hub in Arizona. Consolidated development of the adjacent Copper Creek and San Manuel properties would benefit from neighbouring land positions, existing infrastructure at San Manuel, and enhanced capital efficiency. The brownfield redevelopment of San Manuel, under this ownership structure, provides the potential for new copper units to be brought to market at pace. The LOI is non-binding, other than an exclusivity period, financing participation as outlined above, and confidentiality provisions. Completion of the proposed transaction is subject to final due diligence, agreement of definitive documentation and customary approvals.
Operating from 1955 to 1999, the San Manuel mine was one of the most significant copper producers nationally and the largest underground copper mine in the US at the time of closure. The mine was closed in 1999 following a period of sustained low copper prices. A significant mineral inventory remained in-situ upon closure in 1999.
Catherine Raw, BHP’s Chief Development Officer, commented:
“BHP looks forward to working with Faraday to create a pathway to bring on additional US copper supply to the market. This would support the US objective of greater copper supply chain resilience, as well as economic development in the Pinal County region.”
https://www.globalminingreview.com/mining/23022026/bhp-and-faraday-copper-sign-letter-of-intent/
Norwegian-British green steel producer may acquire assets from EDP with a capacity of 1.1 million tons per year
Norwegian-British company Blastr, which specializes in the production of low-carbon steel, is among the contenders for the acquisition of Speciality Steels UK (SSUK), formerly owned by Liberty Steel. This was reported by Sky News.
In August 2025, the High Court of the United Kingdom placed SS UK Limited into compulsory liquidation. The company has production sites in Rotherham and Stokesbridge. The Rotherham facility is equipped with two electric arc furnaces (EAF) with a total capacity of approximately 1.1 million tons of steel per year.
Blastr is also considering moving its holding company from Norway to the UK. The company currently has no production facilities. In 2023, it announced a greenfield project in Inkoo, Finland, to produce up to 2.5 million tons of flat steel with a reduced carbon footprint. In addition, there were plans to build a plant in the UK to produce pellets for DRI with a capacity of about 6 million tons per year.
Blastr claims that its steel will have CO2 emissions up to 90% lower than traditional production. According to the company’s estimates, the emission intensity of conventional steel is about 2.6 tons of CO2 per ton, while “green” products can have an indicator of about 0.26 tons of CO2/ton.
Other contenders for SSUK include Arabian Gulf Steel Industries (UAE) and 7 Steel UK. A Blastr representative declined to comment.
It should be noted that Speciality Steels UK was once part of the Liberty Steel group led by Sanjeev Gupta. In August 2025, the London High Court ruled to compulsorily liquidate SSUK due to insolvency, placing the company under the control of a government liquidator and special managers amid multimillion-dollar debts and ongoing financial problems following the collapse of its main creditor, Greensill Capital. Prior to this, the business had attempted to avoid bankruptcy through restructuring and sales, but these plans were unsuccessful, and production sites supplying steel to strategic sectors remained at risk of long-term downtime and the loss of thousands of jobs.
https://gmk.center/en/news/blastr-bids-to-acquire-speciality-steels-uk/
