Source: Truth Social
BY REUTERS
LONDON SEP 22, 2026 - 12:21 AM GMT+3
Britain's Prime Minister Andy Burnham gives a speech during a reception for first responders at Downing Street in central London, U.K., Sept. 21, 2026. (AFP Photo)
The U.K. has agreed to a request from Saudi Arabia to extend defensive air-to-air refueling for a limited time period amid ongoing tensions with Iran-backed Houthis, British Prime Minister Andy Burnham said Monday – a move he described as helping to stabilize the wider region.
Riyadh requested support after the Houthis, who control the most populous parts of Yemen, intensified their attacks on Saudi Arabia, a new front in the wider war that began with U.S. and Israeli strikes on Iran in late February.
"We have received a request from the Kingdom of Saudi Arabia for military support, and on the advice of the defense secretary and the foreign secretary, last night I agreed to that request for defensive air-to-air refueling," Burnham told reporters as he travelled to New York for a meeting of the U.N. General Assembly.
"Because of course Saudi Arabia has been experiencing attack... and we need to keep those pathways open, and hence our agreement to the request," he said.
Britain and Saudi Arabia have been close military allies for decades, with Britain serving as one of the kingdom's largest arms suppliers.
Earlier this year, Britain deployed its Sky Sabre air defense system to Saudi Arabia to help protect it from Iranian missile attacks during the U.S.-Israeli conflict with Iran.
For the new air-to-air refueling support, Britain will deploy one Voyager plane in the coming days.
"That is a time-limited agreement in terms of the assistance that we will provide, but we will keep it under review," he said, adding that Britain was "playing our part" in the Middle East also by supporting efforts to keep the Strait of Hormuz open.
https://www.dailysabah.com/world/mid-east/uk-to-support-saudi-refueling-amid-houthi-tensions
Crude Oil Lifts
Guyana is now projected to receive 84 million barrels of oil from the Stabroek Block in 2026, up from the 40 million barrels anticipated when the 2026 budget was prepared.
The total number of crude oil lifts is projected to be 326, up from an earlier estimate of 309.
The Guyanese government disclosed these figures in its mid-year report for 2026, published on 14 September.
Due to the additional lifts and higher crude oil prices, the value of petroleum deposits is now projected to be US$6.5 billion for 2026, which is 136.8% higher than the initial projection for 2026. The government of Guyana is expected to earn almost US$6 billion from the sale of its oil, as well as US$508 million in royalties.
This increase is also linked to the ExxonMobil-led Stabroek Block group’s faster recovery of historical expenses, as well as the planned ramp-up of production from the ONE GUYANA floating production, storage and offloading (FPSO) vessel.
Under the 2016 production-sharing agreement governing the Stabroek Block, the companies can recover eligible costs from up to 75% of the gross revenue from petroleum produced and sold. The remaining revenue, known as ‘profit oil’, is split equally between the government and the Stabroek Block partners: ExxonMobil, the operator, which holds a 45% interest; Chevron, through Hess, with 30%; and CNOOC with 25%.
In the first half of 2026, 162 crude oil lifts were recorded from the Stabroek Block. The government received 21 oil lifts from the four producing FPSOs: Liza Destiny, Liza Unity, Prosperity and ONE GUYANA.
During this period, the government received US$1.78 billion from the sale of its oil, including payments for three oil lifts in the final quarter of 2025 and 18 oil lifts in the first six months of 2026.
The report stated that US$218.4 million in royalties had been received for crude oil production and sales covering the final quarter of 2025 and the first quarter of 2026.
Earlier this year, the government projected an average daily oil production of around 840,000 barrels for 2026. Actual output averaged approximately 899,000 b/d during the first seven months of 2026, exceeding the projection by around 59,000 b/d (7%).
September 21, 2026
Oil and gas drilling saw a gain of active rigs over the past week, but Oklahoma’s total number of rigs was unchanged in its most active plays in the state.
Baker Hughes reported the Cana Woodford continued as the most active play with a total count of 21 oil and gas rigs. The Granite Wash remained at 18, same as the previous week.
As the war in the Middle East continues, oil shipments are stalled through the Strait of Hormuz and oil prices linger around $100 a barrel, drilling interest in the U.S. remains high and it is also reflected in Oklahoma as energy companies seek to take advantage of the higher oil prices.
No change was reported in the Ardmore Woodford as it continued with 2 active rigs. Same in the Arkoma Woodford where one rig has been recorded for several months.
No change in the Mississippian either, where the play has gone months without any recorded new drilling activity.
The play exists in northern Oklahoma but more so into Kansas and is more of a shallow play compared to some of the plays in western Oklahoma. In Oklahoma, it is in: Alfalfa, Blaine, Creek, Garfield, Grant, Harper, Kay, Kingfisher, Lincoln, Logan, Major, Noble, Osage, Pawnee, Payne, Tulsa, Washington, Woods, Woodward.
Around the nation, the Permian Basin, extending from West Texas into southeastern New Mexico, added one rig for a total of 269 in the two states. The Williston count increased by 3 to hit 35 rigs while the Utica play was unchanged at 10 rigs.
The Haynesville, reaching from Louisiana into East Texas, slipped by one rig to 56. The Marcellus was unchanged at 23 and the Eagle Ford saw no change with 51 rigs. The D-J Basin in Colorado and southern Wyoming saw one rig pulled out of the field, leaving 10 still drilling.
https://okenergytoday.com/2026/09/heres-where-theyre-drilling-in-oklahoma-and-other-states/
Kopernik Global Investors recently released its "Global All-Cap Fund" second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The fund faced a difficult investment environment in the second quarter of 2026, as momentum-driven markets and soaring semiconductor stocks sharply favored growth-oriented equities over the fund's value-focused approach. Class I shares declined 6.60% during the quarter, significantly underperforming the 14.93% gain for the MSCI ACWI, while the fund's one-year return stood at 21.88%, versus 23.67% for the benchmark. Kopernik attributed the quarterly weakness largely to the manic, momentum-driven market, with materials detracting 3.2% and energy subtracting 1.5%, while the fund's S&P 500 put option also detracted 1.1%; precious-metals prices fell sharply, with gold down 16% and silver down 21%, further weighing on results. Looking ahead, Kopernik remains focused on its long-term, fundamentals-based value strategy, viewing the sharp correction in hard-asset and other out-of-favor areas as an opportunity to add to securities trading at significant discounts to their risk-adjusted intrinsic value, while maintaining diversification across sectors and countries. The firm believes value can rebound strongly after periods of extreme underperformance and intends to use continued market volatility to build positions where its fundamental analysis identifies substantial upside. In addition, please check the Fund's top five holdings to know its best picks in 2026.
In its second-quarter 2026 investor letter, Kopernik Global All-Cap Fund highlighted stocks like Seabridge Gold Inc. (NYSE:SA). Seabridge Gold Inc. (NYSE:SA) is a Canadian mineral exploration and development company focused on large gold and copper projects in North America. The one-month return of Seabridge Gold Inc. (NYSE:SA) was -6.30% while its shares traded between $20.59 and $40.06 over the last 52 weeks. On September 18, 2026, Seabridge Gold Inc. (NYSE:SA) stock closed at approximately $30.94 per share, with a market capitalization of about $3.33 billion.
https://finance.yahoo.com/markets/stocks/articles/seabridge-gold-inc-sa-spun-134720749.html
Kopernik Global Investors recently released its "Global All-Cap Fund" second-quarter 2026 investor letter. The fund faced a difficult investment environment in the second quarter of 2026, as momentum-driven markets and soaring semiconductor stocks sharply favored growth-oriented equities over the fund's value-focused approach. Class I shares declined 6.60% during the quarter, significantly underperforming the 14.93% gain for the MSCI ACWI, while the fund's one-year return stood at 21.88%, versus 23.67% for the benchmark. Kopernik attributed the quarterly weakness largely to the manic, momentum-driven market, with materials detracting 3.2% and energy subtracting 1.5%, while the fund's S&P 500 put option also detracted 1.1%; precious-metals prices fell sharply, with gold down 16% and silver down 21%, further weighing on results. Looking ahead, Kopernik remains focused on its long-term, fundamentals-based value strategy, viewing the sharp correction in hard-asset and other out-of-favor areas as an opportunity to add to securities trading at significant discounts to their risk-adjusted intrinsic value, while maintaining diversification across sectors and countries. The firm believes value can rebound strongly after periods of extreme underperformance and intends to use continued market volatility to build positions where its fundamental analysis identifies substantial upside. In addition, please check the Fund's top five holdings to know its best picks in 2026.
In its second-quarter 2026 investor letter, Kopernik Global All-Cap Fund highlighted stocks like Northern Dynasty Minerals Ltd. (NYSEAmerican:NAK). Northern Dynasty Minerals Ltd. (NYSE American:NAK) is a mineral exploration and development company focused on the Pebble copper-gold-molybdenum project in Alaska. The one-month return of Northern Dynasty Minerals Ltd. (NYSEAmerican:NAK) was -26.40% while its shares traded between $0.86 and $2.98 over the last 52 weeks. On September 18, 2026, Northern Dynasty Minerals Ltd. (NYSEAmerican:NAK) stock closed at approximately $1.3200 per share, with a market capitalization of about $770.11 million.
https://finance.yahoo.com/markets/stocks/articles/northern-dynasty-minerals-ltd-nak-134700461.html
A preliminary economic assessment (PEA) for Silverco Mining’s (TSXV: SICO; US-OTC: SICOF) La Negra mine in central Mexico gives it very high value and returns compared to costs, as the company targets commercial production next year.
Discounted at 5%, the past-producing underground La Negra mine has an estimated post-tax net present value of $329 million (C$460.7 million), with a post-tax internal rate of return of 131% and at initial costs of about $21 million, the company reported Monday. Its low relative costs are due to the site’s existing infrastructure.
“La Negra has a long history of reliable silver production, and this PEA lays out a clear, low-capital path to return to historic production levels with opportunities identified to optimize and extend the mine life through expansion and conversion of our new indicated resource,” Silverco CEO Mark Ayranto said in a release.
100+ years of mining
The PEA marks the latest effort to restore the past-producing La Negra to sustained production after more than a century of intermittent mining, when the project has changed hands and experienced shutdowns several times. The modern, underground operation started production in 1971 under Mexican miner Peñoles. Located in Querétaro state, La Negra is about 160 km north of Mexico City.
Silverco shares gained 1% to C$9.90 apiece on Monday morning in Toronto, valuing the company at C$553.8 million. The stock has traded in a 12-month range of C$3.30 to C$16.67.
8.2-year life
Based on daily throughput of 2,500 tonnes and over an 8.2-year life, La Negra could produce 19.3 million oz. silver, 39.8 million lb. copper, 93.5 million lb. lead and 197.1 million lb. zinc.
The mine is currently operating and Silverco targets reaching commercial production in the second half of 2027.
The study includes a resource of 15.2 million indicated tonnes grading 106 grams silver per tonne, 0.59% lead, 1.81% zinc and 0.47% copper for 51.9 million oz. silver, 199 million lb. lead, 608 million lb. zinc and 158 million lb. copper. Inferred resources total 2.2 million tonnes at 92 grams silver, 1% lead, 1.92% zinc and 0.21% copper for 6.7 million oz. silver, 49.7 million lb. lead, 95.7 million lb. zinc and 10.6 million lb. copper.
The PEA assumes metal prices of $50 per oz. silver, $4.50 per lb. copper, 88¢ per lb. lead and $1.30 per lb. zinc.
A 15,000-metre surface and underground drill program is now underway at the project, the first large-scale exploration push in two decades at La Negra, Ayranto said.
https://www.northernminer.com/news/silvercos-la-negra-posts-329m-value-over-21m-costs/1003894994/
Anglo Asian Mining Plc (LSE:AAZ, OTC:AGXKF, FRA:A4A) has retained copper guidance, following a half with record copper production thanks to the full contribution from its Gilar and Demirli mines, driving a sharp increase in revenue, profit and cash generation.
Revenue for the six months to June rose to $141.2 million from $40.9 million a year earlier, while profit before tax increased to $68.5 million from $7.1 million. Copper production reached 8,840 tonnes, compared with 1,188 tonnes in the first half of 2025, with gold output at 12,329 ounces and silver at 92,855 ounces.
Operating activities generated $78.5 million of net cash, helping the Azerbaijan-focused miner finish June with net cash of $57.7 million, up from $2.6 million at the end of 2025. The board declared a 6 US cents per share interim dividend, payable in November.
Anglo Asian retained full-year copper guidance of 20,000–25,000 tonnes and silver guidance of 170,000–210,000 ounces, though gold guidance was lowered to 26,000–30,000 ounces from 28,000–33,000 because of weaker-than-expected recoveries from Gilar ore. Copper AISC guidance was reduced to $6,000–$7,000 per tonne, with Demirli expected to reach steady-state production during the fourth quarter.
First Quantum Minerals has outlined the value of its Quantum Electra-Haul system, a newly patented electric trolley-assist technology, according to Mining Weekly. The global copper company says the system positions Zambia's mining sector as a model of global mining innovation.
The trolley-assist system connects trucks to overhead powerlines that haul them out of the pit using electricity, which the company says improves efficiency and has cut diesel consumption at its Kansanshi and Sentinel copper and gold mines in Zambia. When engaged, the system activates the electric wheel motors and switches away from the truck's diesel engine, delivering diesel savings of up to 90% on up-ramps when trucks are fully laden and consuming the most energy.
First Quantum also reports significant timesaving from the technology, with roughly two minutes saved for each trolley-assist stretch. That reduction lowers truck fleet requirements and improves safety by minimising equipment interactions.
The company notes that 2025 was a record year for its adoption of trolley-assist, with about 500 000 km of haulage conducted across its operations.
First Quantum mine operations and technology director Gordon White said the world needs more copper mined responsibly, adding that mining is no longer purely an extractive industry and that companies must contribute meaningfully to the environment and surrounding communities. He described the patented Quantum Electra-Haul solution as a key element of that evolution.
White added that by replacing diesel with renewable energy, the technology saved an estimated 40 000 t of greenhouse-gas emissions in 2025. Combined with the company's other pit electrification initiatives, that has yielded savings of more than 130 000 t of CO₂ at First Quantum's Zambian operations.
He said the company believes the technology is pivotal for decarbonising load and haul operations, and that First Quantum's long-term life-of-mine plans include significant expansion of trolley-assist technology. More than 15 km of trolley-assist is currently installed across its three largest sites, and White described the system as operational, practical and an economically feasible solution for reducing emissions in global mining.
Since 2011, First Quantum has collaborated closely with original-equipment manufacturers, including Liebherr, Hitachi and Komatsu, to develop the truck and energy network infrastructure essential for deploying the technology.
These developments signal an intent by First Quantum to increase its contribution to Zambia's mining sector while remaining committed to innovation and sustainability.
Konkola Copper Mines Plc (KCM) announced it had awarded Chinese mining and chemicals contractor Nerin Engineering an EPC contract to build a tailings leach plant with capacity to produce 70,000 tonnes of copper per year at its Chingola operations in Zambia.
The award of the contract to the China-based Nerin Engineering underpins how Nerin has established itself as an Engineering, Procurement, and Construction Management (EPCM) partner for non-ferrous projects, and copper projects outside China, and has gained increasing recognition from non-Chinese mining customers.
Its latest appointment in Zambia reflects its growing familiarity with delivering projects in a variety of operating locations.
Mr. Satish Kumar, Deputy Chief Executive Officer, KCM said “With Vedanta’s renewed investment and commitment, and the rich engineering implementation capabilities of our partner China NERIN, this project marks a major milestone in our growth journey and empowers green and sustainable development for Zambia's mining industry and local economy.”
The contract, announced September 17, covers the construction of a tailings leach plant. The plant will use wet-leaching technology to recover copper from existing tailings generated by previous mining and processing activities. KCM said the facility would be Africa's largest tailings leach plant once completed. The project will operate alongside KCM's existing tailings leach facilities at its Nchanga operations.
The scope of Nerin Engineering’s services include the provision of engineering, procurement, construction and installation services for the project, alongside commissioning support, performance testing and workforce training.
https://miningdigital.com/articles/tailings-reprocessing-to-contribute-to-zambia-copper-growth
BASE METALS
Copper: Copper prices on the LME gained 1.4% at $14,725 as buyers in China continue to underpin prices among expectations of a wave of seasonal buying in the country. The demand from China is not limited to just exchange purchasing, as physical buying has moved the Yangshan copper premium, a gauge of Chinese demand for copper imports, up nearly 70% in September to $119 a ton, easing from Friday’s $124. In part this is thanks to a tight scrap market domestically, which has the added effect of limiting smelting capacity in the country. This week’s Xi-Trump summit will be closely watched for any new trade dynamics that could benefit copper demand.
Meanwhile, the premium of COMEX over LME widened, which could encourage further copper to leave LME warehouses toward the US. Last week the premium narrowed to a level which discouraged the shipment of LME copper to the US. Available copper stocks in LME-registered warehouses fell to 133,725 tons, after 9,600 tons of fresh cancellations in Asia. The premium of the cash contract over the three-month forward rose to $47 from a discount of $86 at the start of last week.
Zinc: Zinc was up 0.3% at $3,930.
Aluminum: Aluminum fell 0.5% to $3,272.
Tin: Tin gained 0.6% to $54,040.
Lead: Lead was up 0.3% at $1,927.
Nickel: Nickel added 0.5% to $16,260.
By Lee Gyu-lee
45 Chinese mills join push to curb excess supply
Korean steelmakers are cautiously hopeful that voluntary production cuts by about 45 Chinese mills could ease the oversupply and price pressure that have squeezed their margins, although the impact will depend on how deeply and consistently output is reduced.
“Reducing inventories and cutting production is certainly welcome and positive for the Korean steel industry,” an industry official said.
“If China were to make a drastic cut of 200 million or 300 million tons, I think it would have a very positive effect on steelmakers around the world, including those in Korea.”
The China Iron and Steel Association (CISA) recently called on about 45 steelmakers, including China Baowu Group, Ansteel Group, HBIS Group and Shougang Group, to adjust production and inventories based on actual orders and profitability rather than maintaining full production despite weak demand.
The move comes as weak property and construction demand has left Chinese mills with high inventories and deteriorating profitability.
China’s crude steel output fell 3 percent year-on-year in the first half of 2026, while steel consumption declined 3.6 percent, according to Ansteel. Inventories at major Chinese steelmakers reached 16.02 million tons, the highest level in three years.
CISA has called for mills to align production more closely with demand and profitability, but a Korean industry official said the impact would depend on the scale and durability of the cuts given China’s huge steel output.
“Cutting production and reducing inventories by Chinese steelmakers is something they have been continuing since around 2010,” he said.
“The amount reduced is larger than Korea's total production, but when viewed as a whole, it has not been a very meaningful number … The effects (of the latest initiative) will have to be assessed while monitoring the situation going forward.”
Korea has also maintained its trade defenses against Chinese steel imports. The Korea Trade Commission recently recommended extending anti-dumping measures on H-beams imported from China for another five years, including duties of 28.23 percent to 32.72 percent on suppliers not covered by existing price undertakings.
