Iran's Revolutionary Guards navy on Wednesday said they allowed over 25 vessels including oil tankers to transit the Strait of Hormuz over the past 24 hours.
Iran has largely blocked shipping through the strait, a vital global energy conduit, since the outbreak of war with the United States and Israel on February 28.
Iran, which has been under a US naval blockade since April 13 despite a ceasefire, has insisted that ships transiting through the waterway must obtain permissions from the Iranian armed forces.
"Over the past 24 hours, 26 vessels -- including oil tankers, container ships and other commercial vessels -- transited the Strait of Hormuz," said the Guards' navy in a post on X.
It added that the ships passed after "coordination and security provided by the IRGC navy".
On Wednesday, South Korea said one of its oil tankers passed through the strait, marking the first passage by a vessel from the country since the war began.
On Monday, Iran announced the official formation of the Persian Gulf Strait Authority -- a new body tasked with managing traffic through the waterway.
Last week, Iran said "more than 30 ships" had been allowed to pass including some Chinese vessels.
Colombia’s government has declared the restoration of the Antonio Ricaurte natural gas pipeline connecting the country with Venezuela a project of strategic national interest as it seeks to relieve severe domestic fuel shortages.
State-owned energy company Ecopetrol announced that adding the cross-border pipeline to the nation’s list of Projects of National and Strategic Interest, known by its Spanish acronym PINES, aims to expedite administrative approvals and fast-track repairs.
The move to revive the pipeline, which has sat idle since 2015, comes as Colombia faces mounting pressure on its energy reserves.
According to Colombian financial newspaper Portafolio, the nation’s proven natural gas reserves fell 46% between 2021 and 2025, with imported natural gas now accounting for nearly 40% of national consumption.
Currently, Colombia bridges its supply deficit by importing liquefied natural gas (LNG). Transporting LNG requires cooling the gas into liquid form, shipping it on specialized vessels, and re-gasifying it at maritime terminals.
Ecopetrol officials stated that importing gas directly via an overland pipeline would eliminate expensive shipping and re-gasification costs, delivering lower energy prices for consumers and businesses.
Inaugurated in 2007 by former Colombian President Álvaro Uribe and late Venezuelan President Hugo Chávez, the 140-mile pipeline connects Venezuela’s Lake Maracaibo region to La Guajira department in northern Colombia.
While built to handle 450 million cubic feet of gas per day—roughly half of Colombia’s daily demand—initial plans target a modest first phase of 50 million cubic feet daily, or 5% of national consumption.
Significant hurdles remain before gas can flow. A decade of inactivity has left the line severely degraded, with entire sections stolen on the Colombian side of the border.
Authorities are assessing the feasibility and substantial capital required to replace missing kilometers of pipe.
Additionally, the project faces major geopolitical headwinds. Because transactions involve Venezuela's state oil firm PDVSA, Ecopetrol warned commercial operations cannot move forward without a specific sanction waiver from the U.S. Treasury Department's Office of Foreign Assets Control (OFAC).
UKRAINE, Nov. 9 — Emergency power outages have been implemented in the Kharkiv oblast because of the situation in Ukraine’s unified energy grid following Russian attacks, Kharkivoblenergo, a municipal energy company, reported.
According to Artem Nekrasov, Deputy Minister of Energy of Ukraine, Russian forces attacked energy and oil and gas infrastructure all over Ukraine 128 times during last week.
Nekrasov said that last week Russian attacks left customers in the Vinnytsia, Dnipropetrovsk, Donetsk, Zhytomyr, Zaporizhzhia, Kyiv, Odesa, Poltava, Rivne, Kharkiv, Khmelnytskyi, and Chernihiv regions without electricity this morning.
As for now, the hardest situation is in the Dnipropetrovsk and Kyiv regions, he added.
“Repairs are ongoing. Constant air raid alerts complicate them, but as soon as the alert is over, the crews immediately return to repairing the damaged equipment,” Nekrasov said.
The Deputy Minister also said that a Russian drone attacked an electricians’ service car and injured three workers in the Sumy oblast.
Russia is once again imposing limits on the sale of gasoline and diesel fuel. Rosneft, Russia's largest oil producer, has imposed restrictions on fuel sales at its gas stations across the country.
This was reported by The Moscow Times.
According to the Ministry of Economic Development of the Trans-Baikal Territory, drivers can purchase no more than 30 liters of fuel per vehicle at Rosneft gas stations in cities. On highways outside city limits, a slightly higher limit has been set—up to 50 liters per person.
Similar measures have been implemented in Krasnoyarsk, where information about the restrictions was posted directly at the stations and on the relevant mobile apps for drivers. There, a limit of 30 liters has been set for AI-95 gasoline and up to 50 liters for AI-92. The Moscow Times
Sales of diesel fuel have been limited to 100 liters per customer. In addition, the company has completely banned the sale of any fuel in jerry cans.
The publication notes that similar restrictions have been introduced at Rosneft gas stations in Buryatia: in the city, up to 30 liters of gasoline and up to 50 liters of diesel fuel. The situation is similar in the Krasnoyarsk Krai. In Krasnoyarsk, no more than 30 liters of fuel are dispensed per vehicle.
Limits have also been imposed at Rosneft gas stations in Novosibirsk and the Novosibirsk region. The day before, similar fuel restrictions were introduced in Karelia.
As a reminder, South Korea is supplying fuel to Russia amid the war against Ukraine. Diesel fuel from North Korea is being transported by tankers subject to sanctions.
https://shelter.in.ua/en/life/rosneft-has-imposed-limits-on-fuel-sales-throughout-russia
European storage was also filled more slowly than in earlier years at the start of the withdrawal season: fill stood at 74.9%, which, according to figures Gazprom cites, is the lowest level recorded so far. The record daily withdrawals were not limited to November 6. Gazprom logged them on the following days:
Gazprom attributes the run to cold weather in Europe.
How has the gas price moved?
Exchange gas prices last Friday, according to the same statement, topped 1,200 dollars per 1,000 cubic meters, the first time since December 20, 2022. Oil was cheaper that same morning: at 9:30 Brent fell 1.72% to 96.628 dollars a barrel, and US light crude WTI fell 1.21% to 89.707 dollars.
Alongside the cold snap, the situation is shaped by the conflict in the Middle East and an EU Council decision to phase out imports of Russian energy. The ban on Russian liquefied natural gas (LNG) deliveries under long-term contracts begins in January 2027. The ban on pipeline gas, according to the source, takes effect in November, but the year is not given. Measures on short-term contracts already apply.
What does Gazprom warn about, and what should readers keep in mind?
The company says rapid withdrawals speed up the depletion of reserves and raise the risk to reliable supply for consumers during the winter. That is Gazprom’s assessment, and Gazprom is a party with its own interest in the market. It has not been confirmed by any independent source available to us. Gazprom takes its withdrawal and fill figures from Gas Infrastructure Europe, but we have not checked them against that association’s original database.
The next measurable point is how fill in German storage moves over the coming days, since Gazprom’s statement does not give the exact percentage below 60%, only that the threshold has been crossed.
https://srpske.rs/en/news/ekonomija/2026/11/09/germany-gas-storage-below-60-percent-ttf-87245
Moldova put into operation the Vulcănești–Chișinău power line, connecting the country to Romania and the European electricity grid. The ceremony took place on November 8 in the presence of President Maia Sandu, European Commissioner for Enlargement Marta Kos and representatives of the World Bank.
“Today we launched the Vulcănești–Chișinău power line, which connects Moldova with Romania and the European electricity grid,” Sandu wrote on the social network X. She added: “For decades, Moscow used energy to blackmail us. Not anymore: Moldova does not buy Russian gas.”
New link for importing electricity
The 400-kilovolt overhead line is approximately 157–158 kilometers long and connects the substations in Vulcănești and Chișinău. It bypasses the Kuchurgan energy hub, which is located in Transnistria, controlled by separatist authorities.
The facility has a capacity of up to 630 megavolt-amperes and can supply more than half of Moldova’s consumption during peak-demand hours. This gives the country an additional route for importing electricity from Romania and the European market, as well as greater independence from the infrastructure in Transnistria.
Construction of the line was completed in November 2025, while the Vulcănești substation was completed in June 2026. The project was financed with the support of the World Bank and the Moldovan government.
Moldova halted purchases of Russian gas
Sandu’s statement about gas follows a change that began after Russia’s invasion of Ukraine. Moldova stopped buying gas from “Gazprom” for the right bank of the Dniester in December 2022, with consumption there beginning to be covered by supplies purchased on the European market.
Following the expiration of the contract for the transit of Russian gas through Ukraine, Russian supplies no longer reach Transnistria either. Maia Sandu said that Moscow first reduced and then halted gas supplies to Moldova in 2022, which she said violated the existing contract.
Chișinău is also preparing further connections with Romania. Planned projects include the Bălți–Suceava and Strășeni–Gutinăș power lines, which are expected to further expand Moldova’s access to the European energy market.
Sources: ipn.md, radiomoldova.md, pravda.com.ua
Barrick Mining Corporation (NYSE: B) posted third-quarter adjusted earnings per share of 82 cents, topping the 79-cent consensus, while revenue of $5.07 billion fell short of the $5.13 billion analysts expected, according to Investing.com. The stock rose 0.8% after the release.
Revenue climbed 22% from a year earlier, helped by stronger realized gold prices. Adjusted net earnings advanced 37% to $1.35 billion, and attributable adjusted EBITDA rose 22% to $2.47 billion. Operating cash flow came in at $2.49 billion, including $1.80 billion attributable and $640 million of attributable free cash flow. Net cash stood at $0.9 billion at quarter-end.
The company produced 816,000 ounces of gold, up 3% from the second quarter but down 2% from a year earlier. North American operations delivered 497,000 ounces, while Barrick International contributed 319,000 ounces of gold and 50,000 tonnes of copper. Excluding divested assets, gold output rose 6% year over year, lifted by Cortez, Carlin and Loulo-Gounkoto, the last of which increased production 16% sequentially.
"This quarter marks a full year of consistent delivery," said Mark Hill, President and CEO. "For the fourth consecutive quarter, we improved safety, executed against our plans, strengthened Nevada Gold Mines, advanced our growth projects, and returned significant capital to shareholders."
The headline production decline reflected extreme weather at Veladero and delayed access to high-grade ore at North Mara, which the company now expects in the fourth quarter of 2026. Productivity gains partly offset higher fuel and consumable costs and local currency appreciation.
Cost pressure was visible across the income statement. Gold cost of sales rose to $1,950 an ounce from $1,562, total cash costs climbed to $1,386 from $1,137, and all-in sustaining costs jumped to $1,911 from $1,538. The company attributed the increases to lower ore grades, higher royalties tied to elevated gold prices, diesel costs and sustaining capital spending. Copper unit costs also rose, with cost of sales at $3.65 a pound, C1 cash costs at $2.76 and AISC at $4.52, driven by diesel prices and currency appreciation.
Barrick reaffirmed its 2026 gold production guidance of 2.90 million to 3.25 million ounces, a midpoint of about 3.08 million ounces. Copper guidance was held at 190,000 to 220,000 tonnes. The outlook assumes $4,500 an ounce for gold and $5.50 a pound for copper.
Note: Guidance is based on a gold price assumption of $4,500 an ounce and a copper price assumption of $5.50 a pound.
https://finance.biggo.com/news/2dfd271e-1cb5-4a84-beb9-2d1743c66617
More than a year after Angola opened Tetelo, its first industrial copper mine, the country is gradually building the foundations of a new mining industry. Canadian mining company Ivanhoe Mines reinforced that momentum on Tuesday, November 3, when it reaffirmed its intention to step up copper exploration despite setbacks in recent months.
Tetelo is at the center of this emerging industry. Opened in late October 2025 and operated by China's Shining Star Icarus, the mine was designed to produce about 25,000 tons of copper concentrate annually during its first two years. After difficulties ramping up operations in the first half of 2026, the operator announced additional investments to increase processing capacity, including the installation of new units. The company wants to raise annual production to approximately 36,000–40,000 tons by 2030.
Ivanhoe Mines may help broaden Angola's industrial copper base if its exploration licenses yield commercial discoveries. The company holds permits covering approximately 22,000 square kilometers across Moxico and Cuando Cubango provinces. It began exploration in 2024 and launched a drilling program in late 2025 that initially called for 12 holes. Only three have been drilled so far, according to the company, because of delays caused by the rainy season and the drilling contractor's "poor performance." Work is expected to resume in 2027 once a new contractor is brought in.
Angola's copper prospects extend beyond Tetelo and Ivanhoe's exploration areas. In Moxico province, Rio Tinto is exploring a 9,987-square-kilometer concession for copper and other base metals. Meanwhile, Mines Minister Diamantino Azevedo said in February 2026, on the sidelines of the Mining Indaba conference in Cape Town, that the government was in talks with BHP about the country's copper potential. At the time, he said the next steps had "already been defined." Further discussions have taken place since then, although no investment decision on a specific project has been announced.
Angola is therefore laying the groundwork for a copper industry, but its development still depends on whether announced investments materialize and additional operators enter the market. The outlook comes at a time when global copper demand is expected to remain strong, with a supply deficit projected by 2035 and some major suppliers facing short-term disruptions. For Angola, a country still best known for its oil, gas, and diamonds, the emergence of a copper industry is a development worth watching.
Aurel Sèdjro Houenou
Great Southern Copper (GSCU ) has announced the start of diamond drilling at the Artemisa prospect in Chile, where the focus is copper-molybdenum mineralisation previously identified in a reverse circulation programme.
This delivered a highlight of 106 metres grading 0.33% copper and 42 parts per million molybdenum from surface.
The diamond drilling programme will be followed by a second, more extensive phase of RC drilling, subject to results of the scout diamond drilling.
There is also strong potential to the east and north.
"We are very excited to announce that drilling has also now commenced at Artemisa, where earlier this year the company discovered porphyry copper-moly mineralisation as part of its reconnaissance RC drilling programme targeting porphyry-style alteration identified around the southwest margins of the La Colorada lithocap,” said Sam Garrett, chief executive of Great Southern Copper.
“This short, two-hole programme is designed to provide geological control to the RC drilling and will be followed by a more extensive RC drilling campaign. The discovery at Artemisa is very significant for several reasons, namely it supports GSC’s working hypothesis that the La Colorada lithocap alteration is developed above a porphyry copper mineral system, the outer extent of the lithocap alteration has been eroded, potentially exposing the upper zones of porphyry copper systems, mineralisation in hole RC009 occurs from surface and is of potential economic grade, and the prospect occurs at low altitude, near to the coast and to infrastructure and mining support services.
He added: “Beyond the discovery in hole RC009, the overall results of the scout RC survey have been highly successful, providing very strong exploration vector information indicating that the southwest corner of the La Colorada lithocap is highly prospective for buried porphyry copper systems. Detailed mapping and data compilation of this area of the lithocap are now underway to guide the design of the first drilling programme of the lithocap itself, which we plan to commence within the next 3-6 months.”
View from Vox
The drilling is a solid next step, but there’s plenty more work to be done. The RC drilling results provide strong alteration vectors toward the southwestern portion of the lithocap, making it a significant exploration target for porphyry copper mineralisation. Detailed mapping of this area of the lithocap is in progress which, combined with analysis of gridded soil geochemistry and ASD mineral spectroscopy, is designed to provide alteration temperature and pH maps which will allow Great Southern to target the hot, acid areas of the lithocap which potentially sit above the porphyry copper systems below. First drilling beneath the lithocap is planned for the next 3-6 months.
The British Columbia Federation of Labour declared on November 6 that copper concentrate, molybdenum concentrate and other mineral products produced by or originating from Teck Resources Limited’s Highland Valley Copper operation would be covered by a “hot edict,” including material in storage or transit. Affiliated unions and their members were asked not to handle, load, unload, store, transport, ship or process the products. More than 1,200 workers have been on strike since October 24, while Teck previously confirmed that the mine was operating at reduced capacity. The action extends the risk from mine production to concentrate logistics, although no actual shipment blockage, dispatch reduction or molybdenum production loss has yet been confirmed.
Osisko Metals is expanding its 2026 drilling campaign at Gaspé Copper in Quebec from 50,000 to approximately 70,000 metres, with CEO Robert Wares anticipating significant resource growth. Speaking with Kitco Mining's Ernest Hoffman at XPLOR 2026 in Montreal, Wares discusses the company's recently closed C$25 million flow-through financing and plans for another 50,000 metres of drilling in 2027, primarily focused on upgrading inferred resources to the indicated category. Osisko expects an interim mineral resource estimate incorporating Porphyry Mountain in late 2026, followed by a broader update in late Q1 or early Q2 2027 and a preliminary economic assessment targeted for year-end. Engineers are also evaluating whether higher-grade underground mineralization at Porphyry Mountain could enter Gaspé Copper's future mine plan earlier than previously envisioned. Wares also addresses power and tax-credit uncertainties slowing feasibility work at Pine Point and the planned Osisko Critical Minerals spinoff.
The sharp correction in AI-themed stocks is rippling through the commodities market, and tin — long known as the "king of solders" — is bearing the brunt. London Metal Exchange (LME) three-month tin has fallen from above $50,000 a ton to $45,360 in less than two weeks, an eight-month low. The immediate trigger for the selloff was investors reassessing the outlook for U.S. data center construction — U.S. stocks shed $3.2 trillion in market value in a single day last Thursday, on concerns that the Democratic Party could slow the pace of AI data center buildouts.
Yet the price collapse stands in stark contrast to the actual tightness in the physical market. The LME's term structure has tightened sharply, with the spread between the cash contract and the three-month future swinging from a deep discount in August to a premium — cash now trades $125 a ton above the three-month, the widest premium since December last year. Tin contracts on the Shanghai Futures Exchange have likewise flipped into a steep backwardation. The abrupt shift in the shape of both curves traces back to the same root cause: an extreme scarcity of exchange-visible inventories.
Note: The start-of-year level for LME off-warrant inventory was derived from the "down 1,535 tons from the start of the year" figure.
Supply-side disruptions are the core reason inventories are running so low. Indonesia, the world's largest exporter of refined tin, has stepped up its crackdown on illegal mining this year, and exports have slowed markedly, falling 14% year-on-year to 32,800 tons in the first nine months. In China, Yunnan Tin's (000960.SZ) Gejiu smelter entered a 45-day maintenance period at the end of September; the plant produces roughly 5,000 to 6,000 tons of refined tin a month. As the world's largest tin producer, its maintenance schedule has a significant bearing on near-term supply in the Chinese market. Indonesia's export contraction, combined with the Chinese smelter shutdown, has left a global supply system that already lacked buffers looking even more stretched.
https://finance.biggo.com/news/1a778f21-a1d3-4443-9ec5-8b9e4e4354c2
European hot-rolled coil (HRC) prices edged higher on Friday November 6, as mills continued to seek price increases for early 2027 deliveries, sources told Fastmarkets.
In Northern Europe, a buyer source reported a deal at €770 ($865) per tonne ex-works for January delivery, with workable levels indicated at €760-780 per tonne ex-works.
No other price points were received during the day. For this reason, all prices from Thursday’s index were carried over to the following day, in line with Fastmarkets’ methodology.
A seller source provided an indication of tradeable levels for December production volumes at €750 per tonne ex-works, and at €760-770 per tonne ex-works for January production.
A buyer source reported an indication of tradeable levels for December production volumes at €750 per tonne ex-works and for the first quarter of 2027 within the range of €760-770 per tonne ex-works.
Another buyer source provided an indication of tradeable levels at €770 per tonne ex-works.
Fastmarkets’ daily steel hot-rolled coil index domestic, exw Northern Europe was calculated at €761.25 per tonne on Friday November 6, up by €1.67 per tonne from €759.58 per tonne on Thursday November 5.
The index was down by €10.50 per tonne week on week and by €16.25 per tonne month on month.
In Italy, a source from a large producer told Fastmarkets that material for January was being offered for €750-765 per tonne ex-works. A buyer source said that material was still available for €740-745 per tonne ex-works.
No other price points were received during the day or on Thursday.
On Wednesday, a source at a local mill said the producer had already closed its sales for the fourth quarter of 2026, with the latest deals done at around €740 ($828) per tonne ex-works. The same source added that the mill was aiming to defend €750 per tonne ex-works as the minimum level for the first quarter of 2027 deliveries.
On Tuesday, a buyer reported an offer at €760 per tonne delivered, which is equivalent to €740-745 per tonne ex-works after deducting delivery costs of €15-20 per tonne. The same source said they were hearing workable levels mainly in the range of €750-770 per tonne delivered, or around €730-755 per tonne ex-works.
As a result, Fastmarkets’ daily steel hot-rolled coil index domestic, exw Italy was calculated at €747.29 per tonne on Friday November 6, up by €1.79 per tonne from €745.50 per tonne on Thursday November 5.
The index was up by €1.98 per tonne week on week and by €2.29 per tonne month on month.
https://eurometal.net/european-hrc-prices-edge-higher-as-mills-seek-increases-for-early-2027/
