Groundbreaking year for gold
Demand volumes and the gold price both smash records
Total gold demand in 2025, including OTC, exceeded 5,000t for the first time. Combined with the record-breaking run in the gold price – setting 53 new all-time highs during the year – this yielded an unprecedented value of US$555bn (+45% y/y).
Heightened investment activity drove overall demand growth: global gold ETF holdings grew 801t – the second strongest year on record – while bar and coin buying accelerated to reach a 12-year high.
Safe-haven and diversification motives were consistent themes driving investment interest throughout the year, along with price-driven motivations.
Central bank purchases of 863t reached the upper end of our expected 2025 range; they remain historically elevated and geographically widespread but have slowed from their recent pace.
A decline in jewellery demand volumes was entirely expected in the environment of successive record gold price highs. Sentiment towards gold jewellery, however, remained very positive, as evidenced by the value of global demand, which climbed 18% to a record US$172bn.
Technology demand was stable despite disruption in the consumer electronics space, supported by continued growth in AI-related applications.
Highlights
The LBMA (PM) gold price set 53 new all-time highs during 2025. The average Q4 price was a record US$4,135/oz (+55% y/y), resulting in the highest annual average of US$3,431/oz (+44% y/y).
Total annual gold supply grew by 1%. Initial estimates suggest mine production inched up to a new record of 3,672t. Recycling activity gained 3% to 1,404t – a relatively muted response to a 67% increase in the US dollar gold price.
Demand also set a Q4 record. Total quarterly demand of 1,303t was the highest ever for a fourth quarter, lifted by hefty ETF inflows (175t) and a 12-year high in bar and coin buying (420t).
Outlook
Looking to the year ahead, with continued geopolitical tensions we expect another year of strong gold ETF inflows and robust bar and coin demand, underpinned by elevated central bank buying. Jewellery to remain weak in a persistent high price environment.
Chart 1: Global annual gold demand breaches 5,000t and US$500bn
Sources: ICE Benchmark Administration, Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data to 31 December 2025.
Gold supply and demand
Table 1: Gold supply and demand by sector, tonnes
 | ||||||
Source: Metals Focus, ICE Benchmark Administration, World Gold Council
Note: For an explanation of these terms, please see the Notes and definitions download:
https://www.gold.org/goldhub/data/gold-demand-by-country
https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-full-year-2025
By Camillus Eboh
ABUJA, Jan 28 (Reuters) - Turkey aims to lift its trade volume with Nigeria to $5 billion from about $2 billion, President Tayyip Erdogan said on Tuesday following a meeting with visiting Nigerian President Bola Tinubu.
Turkey exports aircraft, helicopters, machinery, iron and steel, and chemical products to Nigeria, while Nigeria supplies crude oil and agricultural commodities to Turkey.
The two countries signed agreements covering defence cooperation, infrastructure development, trade and investment, as well as joint efforts to tackle insurgency in Africa’s Sahel region.
Erdogan did not give a timeline for reaching the new trade target but said talks had begun.
“We see significant potential in the fields of trade and investment. In today’s meetings, our commitment is to the $5 billion trade volume target, and we discussed the steps needed,” he said.
Tinubu has been promoting foreign investment to spur growth in Africa’s largest economy following reforms introduced shortly after he took office in 2023.
Tinubu said "trade, business, no restrictions, giving opportunities to those who are ready to learn, work and prosper" is critical to his growth ambition. "How do we build an inclusive economy together? How do we involve vulnerable people? How do we ensure peace in the world?" the Nigerian leader asked.
Erdogan said Turkey would support Nigeria’s fight against insurgency, drawing on its own experience combating militant groups.
"Terrorist organisations emerging particularly in Africa’s Sahel region pose a threat to the peace of the entire continent,” he said. “We discussed opportunities for closer cooperation in military training and intelligence, and we are ready to share our country’s significant experience.”
Nigerian officials are expected to hold meetings with leading Turkish defence industry companies during the visit, Erdogan added.
(Writing by Chijioke Ohuocha; Editing by Chizu Nomiyama)
https://www.al-monitor.com/originals/2026/01/turkey-aims-lift-trade-volume-nigeria-5-billion
The news was reported by Reuters, citing its sources.
The administration of US President Donald Trump is reportedly working on issuing a general license that would lift some sanctions imposed on Venezuela's oil industry. Washington would abandon its previous plan to grant exemptions to companies wishing to do business in the country.
Until the imposition of US sanctions in 2018, Venezuela exported most of its oil to the US, India and Latin American countries.
Trump announced on January 3 that the United States had launched a successful and large-scale attack on Venezuela. He noted that the President of the Bolivarian Republic, Nicolas Maduro, and his wife, Cilia Flores, had been captured and removed from the country's territory.
Two days later, on January 5, the Venezuelan leader and his wife appeared before a judge in New York to face the charges. In court, he pleaded not guilty and said he was still the president of his country. The US court allowed Venezuelan consular officials to visit them. The next hearing is scheduled for March 17.
https://www.balkanweb.com/en/Reuters-US-plans-to-lift-sanctions-on-Venezuela%27s-oil-industry/
The Department for Transport (DfT) has awarded £181,000 (€208,000) in funding through the UK Sustainable Aviation Fuels (SAF) Clearing House to four leading innovators - Avioxx Ltd, Clean Planet Technologies Ltd, Green Lizard Technologies Ltd, and Zero Petroleum Ltd.This investment will accelerate the testing, certification, and commercialisation of next-generation sustainable aviation fuels, a cornerstone of the UK’s approach to decarbonising the aviation sector.
The UK SAF Clearing House, funded by the DfT, underpins the UK’s ambition to lead globally in sustainable aviation fuel by supporting development, testing, qualification, and production. It helps SAF innovators access government funding, provides guidance on qualification requirements, connects them to recognised testing facilities, and acts as a collaborative forum to accelerate commercialisation.
Matthew Jee, UK SAF Clearing House director, said: “The UK SAF Clearing House is delighted to support a new cohort of SAF producers as they move through the critical stages of fuel qualification. The testing we facilitate provides the robust evidence base that producers and industry needs to build confidence, unlock investment and accelerate the deployment of new fuels.“These awards underline the UK SAF Clearing House’s commitment to working closely with innovators to scale sustainable aviation fuel production and to deliver meaningful progress towards a more sustainable aviation sector in the UK.”The four organisations receiving the funding are highlighting the impact the support will have on advancing their technologies and bringing new low-carbon fuels to market.
Shell and BP are seeking U.S. Office of Foreign Assets Control licenses to extract natural gas from fields in Trinidad and Tobago and Venezuela, the Caribbean country's energy minister Roodal Moonilal said on Wednesday.
Shell is seeking a license to develop the Loran-Manatee discovery, Moonilal told reporters on the sidelines of the Indian Energy Week conference. The field holds some 10 trillion cubic feet of natural gas, with 7.3 tcf on Venezuela's side and the remaining 2.7 tcf in Trinidad.
BP is seeking a license to develop the Cocuina-Manakin field, he added, whose Venezuelan portion belongs to the idled gas offshore project Plataforma Deltana which has 1 trillion cubic feet of proven gas reserves.
Shell and BP did not immediately respond to requests seeking comment.
Trinidad is Latin America's largest liquefied natural gas exporter and one of the world's largest exporters of ammonia and methanol, but the Caribbean island has been aiming to develop offshore fields in Venezuela and on the maritime border to counter its declining reserves and secure supply.
Venezuela under President Nicolas Maduro last year suspended energy-development cooperation with Trinidad and Tobago, including joint natural gas projects in the works, but the U.S. is accelerating developments in Venezuela's oil and gas sector after capturing Maduro this month.
"The United States is an ally and a very strong friend trying to reform, so we would help the companies when it comes to supporting their applications," Moonilal said.
(Reuters - Reporting by Nidhi Verma and Anjana Anil; Additional reporting and writing by Sudarshan Varadhan; Editing by Jan Harvey)
Posco Future M, the battery materials subsidiary of South Korea’s steel and chemicals firm Posco Group, announced it has made a strategic investment in Factorial Inc, a US-based developer of materials for all-solid-state batteries (ASSBs), as it looks to establish an early presence in the supply chain for next-generation electric vehicle (EV) batteries.
Posco confirmed that it has completed the investment in Massachusetts-based Factorial, after it signed a memorandum of understanding (MoU) with the company last November to jointly develop ASSB technologies, further strengthening their partnership. Factorial is preparing to launch an initial public offering (IPO) on the US stock market later this year.
Posco said in a statement: “Through this investment, Posco Future M is preparing for the explosive growth of the ASSB market, while Factorial will secure a stable supply of high-quality ASSB materials and strengthen its battery manufacturing competitiveness.”
The head of Posco Future M’s Technology Research Laboratory, Hong Young-Jun, confirmed that the two companies “have developed materials technologies through a close and continuous partnership. This further developed partnership will enable us to secure unrivaled competitiveness in the rapidly growing ASSB market.”
Factorial currently operates a pilot plant for ASSB materials in Cheonan, in South Korea’s South Chungcheong province, and is actively expanding its business in the country. The company has developed an ASSB “platform”, called Solstice, based on solid electrolytes instead of the liquid electrolytes used in current lithium-ion batteries, offering superior energy density and safety. Posco confirmed it has been conducting sample testing of its ASSB cathode materials with Factorial, with encouraging results.
"Posco makes strategic investment in US-based ASSB materials firm Factorial" was originally created and published by Just Auto, a GlobalData owned brand.
https://finance.yahoo.com/news/posco-makes-strategic-investment-us-094239216.html
Topsoe has been selected to support a major green ammonia project in Saudi Arabia, marking another important step in the country’s clean energy transition. The company will provide its ammonia technology to ACWA Power’s Yanbu Green Hydrogen Project, which is planned to be developed in the Kingdom of Saudi Arabia. The project aims to convert green hydrogen into green ammonia at an industrial scale, supporting global decarbonization efforts.
Under the agreement, Topsoe will act as the ammonia technology licensor for ACWA’s ammonia plant at Yanbu. The green ammonia facility is expected to take a final investment decision in 2026, with commercial operations planned to begin in 2030. Once fully operational, the plant is expected to help avoid around 1.7 million tons of carbon dioxide equivalent emissions every year compared to conventional ammonia production based on natural gas.
Topsoe’s technology will enable green hydrogen produced at the Yanbu project to be efficiently converted into ammonia. In addition to licensing its dynamic ammonia technology, Topsoe will also supply engineering support, proprietary equipment, and catalysts. These will be delivered to Sinopec and Técnicas Reunidas, who have jointly secured the Front-End Engineering Design contract for the project.
The agreement further strengthens the existing partnership between Topsoe and ACWA. By integrating advanced dynamic ammonia technology, the project is expected to support the large-scale production of green ammonia, which is seen as a key solution for reducing emissions in energy-intensive industries and long-distance transport.
According to Topsoe, green ammonia will play a critical role in global decarbonization as it can be transported using existing infrastructure and used not only as a fuel or hydrogen carrier but also in hard-to-abate sectors such as steel and cement manufacturing. ACWA has highlighted that the project will help convert Saudi Arabia’s competitive renewable energy resources into green hydrogen-based fuels for global markets, while also supporting the country’s Vision 2030 industrial transformation goals.
The Yanbu Green Ammonia Project is designed as a large-scale development for gigawatt-scale green hydrogen production. The initial phase includes mega-scale green ammonia units with a combined capacity of 2,700 metric tons per day, with plans to replicate the model in future units.
A key feature of Topsoe’s solution is its dynamic ammonia technology, which allows ammonia production to adjust in response to fluctuations in renewable electricity supply. The system can ramp production up or down at a rate of at least 3% per minute, reducing the need for large hydrogen storage systems. This flexibility is expected to lower both capital and operating costs while enabling renewable electricity to be stored in the form of a zero-carbon chemical.
A U.S. District Court in Massachusetts has cleared the way for Vineyard Wind to resume full operations after the offshore wind developer successfully challenged a sweeping federal suspension that had threatened to derail multiple projects along the Eastern Seaboard.
The court’s January 27 decision stays a December 22, 2025 suspension order issued by the U.S. Department of the Interior’s Bureau of Ocean Energy Management (BOEM), allowing Vineyard Wind to restart activities in its lease area on the Outer Continental Shelf while legal proceedings continue.
The ruling represents the latest in a series of judicial setbacks for the administration’s offshore wind policy, which has faced mounting legal challenges from project developers arguing that the blanket suspension violates federal law and threatens billions of dollars in investments.
“Vineyard Wind will focus on working in coordination with its contractors, the federal government, and other relevant stakeholders and authorities to safely restart activities, as it continues to deliver a critical source of new power to the New England region,” the company said in a statement following the court’s decision.
The legal battle began on January 15, when Vineyard Wind filed for a Temporary Restraining Order and Preliminary Injunction in federal court, arguing that BOEM’s suspension order “violates applicable law and, if not promptly enjoined, will lead to immediate and irreparable harm to the project, and to the communities who will benefit from this critical source of new power for the New England region.”
The Vineyard Wind decision marks the fourth federal court setback in recent weeks for the administration’s offshore wind suspension, following rulings that also favored Dominion’s CVOW, Equinor’s Empire Wind project off New York, and Ørsted’s Revolution Wind in the Northeast. All had been halted by the December 22 Interior Department order citing national security concerns tied to possible radar interference.
The suspension order was issued citing newly classified national security information, but the growing string of courtroom defeats suggests the administration may face difficulty sustaining the policy under judicial scrutiny.
The legal challenges come at a critical juncture for the U.S. offshore wind industry, which has invested billions in projects along the Eastern Seaboard and committed to delivering thousands of megawatts of renewable energy to coastal states.
Industry observers say the high-stakes litigation now underway could shape the future of offshore wind investment in U.S. waters for years to come.
Join us as we speak with Phil Hoskins, CEO at Atomic Eagle (ASX:AEU), to explore the advancement of the Muntanga Uranium Project in southern Zambia and discuss the company’s strategy to significantly grow its resource base.
Key topics discussed:
Atomic Eagle’s ASX listing via reverse takeover of GoviEx and the rationale behind acquiring an undervalued African uranium asset.
Recent drilling success at Muntanga East and Chisebuka, delivering near-surface, thick mineralisation with potential low strip additions.
Zambia’s mining infrastructure, regulatory environment and upcoming milestones including a Mineral Resource upgrade and Optimisation Study.
About the guest and company:
Phil Hoskins brings extensive experience in African resource development to Atomic Eagle, a uranium developer focused on advancing and expanding the Muntanga Uranium Project in Zambia. The company is targeting resource growth and improved project economics, underpinned by a defined resource of more than 47 million pounds of uranium.
Watch the full interview to gain insights into how Atomic Eagle plans to unlock value and scale one of Africa’s most advanced uranium assets.
https://mining.com.au/building-a-potential-mega-uranium-mine-in-zambia/
KEY POINTS
Seabridge Gold Stock Performance
Seabridge Gold Inc. (TSE:SEA)'s share price crossed above its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of C$32.76 and traded as high as C$46.81. Seabridge Gold shares last traded at C$46.66, with a volume of 182,625 shares trading hands.
The company has a quick ratio of 3.34, a current ratio of 2.28 and a debt-to-equity ratio of 58.83. The stock has a market capitalization of C$4.97 billion, a PE ratio of -84.84 and a beta of 1.77. The firm has a 50 day moving average price of C$41.55 and a 200-day moving average price of C$32.76.
Insider Activity at Seabridge Gold
In other news, insider Elizabeth K. Fillatre Miller sold 1,648 shares of the stock in a transaction on Monday, January 5th. The shares were sold at an average price of C$40.49, for a total value of C$66,727.52. Following the sale, the insider owned 32,969 shares in the company, valued at C$1,334,914.81. This represents a 4.76% decrease in their ownership of the stock. 2.78% of the stock is owned by company insiders.
Seabridge Gold Company Profile
Seabridge holds a 100% interest in several North American gold projects. Seabridge's principal asset, the KSM project, and its Iskut projects are located in Northwest British Columbia, Canada's " Golden Triangle ", the Courageous Lake project is in Canada's Northwest Territories, the Snowstorm project in the Getchell Gold Belt of Northern Nevada and the 3 Aces project is in the Yukon Territory.
Zambia, Africa’s second-largest copper producer, saw its output reach a total of 890,346 tonnes in 2025. This figure represents an 8% increase compared to the 825,513 tonnes reported in 2024.
Minister of Mines Paul Kabuswe announced the figures during a press briefing on Tuesday, Jan. 27. This performance marks the second consecutive year of growth for the Southern African nation.
The 2024 results already reflected a 12% increase compared to 2023. That rise ended three consecutive years of declining copper production in the country.
This momentum continued in 2025. It was driven notably by gains recorded at the Mopani mines, owned by International Resources Holding of the United Arab Emirates, which saw a 40% increase, and Konkola, owned by Vedanta Resources. The Kansanshi mine, operated by Canada’s First Quantum, also saw its production rise by 5%.
This annual increase did not, however, allow Zambia to meet its ambitions. Lusaka had hoped to reach the milestone of one million tonnes of copper in 2025, an intermediate step toward the goal of 3 million tonnes by 2031.
It will also be necessary to wait for the publication of export revenues to assess the economic impact of this growth. The increase comes as global copper prices have risen by more than 30% over the past year.
While production from certain mines, such as Kansanshi, is already expected to rise, the trajectory of Zambia’s national output in 2026 remains to be seen. New production is planned, notably at the Kitumba project led by China’s Sinomine Resources.
In the longer term, companies such as Barrick Mining (Lumwana), JCHX (Lubambe), and Vedanta have announced cumulative investments of more than one billion dollars. These investments aim to improve output and efficiency at their operations.
Aurel Sèdjro Houenou
Staff Writer
Koryx Copper Inc. has closed a C$5 million (N$68 million) sidecar non-brokered private placement with mainly Namibian institutional and retail investors, lifting its total financing to C$51 million.
The company issued 2,040,816 common shares at C$2.45 per share, raising gross proceeds of C$5 million.
The placement was completed on the same terms as the C$46 million bought-deal financing announced on 6 January 2026 and closed on 20 January 2026.
Finder’s fees of C$150,000 were paid to Cirrus Capital (Pty) Ltd. All shares issued under the placement are subject to a hold period of four months and one day from the date of issue.
Koryx Copper said the net proceeds will be used to advance technical studies at its Haib Copper Project in southern Namibia, continue exploration work on the property, and support working capital and general corporate needs.
The placement remains subject to final approval by the TSX Venture Exchange.
Koryx Copper is focused on advancing its 100% owned Haib Copper Project in Namibia while building a portfolio of copper exploration licences in Zambia.
Haib is an advanced-stage copper and molybdenum porphyry deposit with a long exploration history that includes drilling by Falconbridge, Rio Tinto and Teck.
The company said more than 80 000 metres of drilling and extensive metallurgical testing have been completed at Haib.
The project hosts an indicated mineral resource of 511 million tonnes grading 0.33% copper and 51 parts per million molybdenum and an inferred resource of 308.9 million tonnes grading 0.31% copper and 40 parts per million molybdenum, based on a 0.15% copper cut-off grade.
Koryx Copper said further studies are underway to assess the potential of Haib as a long-life, low-cost open-pit copper operation.
https://www.observer24.com.na/local-investors-back-koryx-copper-with-n68-million-funding/
China based XinFeng Steel has announced plans to invest around USD 10 billion in Egypt to establish an integrated industrial complex dedicated to the production of automotive and large-scale industrial steel products. According to Deputy Prime Minister and Minister of Industry and Transport Kamel El-Wazir, the project could rank among the largest industrial investments in the country’s steel sector to date.
The facility is expected to be built on an area of approximately 10 million square meters, with a targeted annual production capacity of 10 million tons. The project will include large scale hot rolling lines for the production of carbon steel, low alloy high strength steel, automotive steel, steel pipes, and engineering steels.
The complex will also feature medium gauge plate lines with a width of 3,500 millimeters, enabling the production of shipbuilding plates, bridge and pressure vessel plates, boilers, and heavy structural steels. In addition, the production portfolio will include seamless pipes, pipelines, and industrial cylinders for the oil and gas sector.
The investment further covers advanced cold rolling and galvanizing units, as well as deep processing lines for automotive and household appliance steel products. The project is expected to create approximately 15,000 direct jobs and more than 85,000 indirect jobs, while supporting technology transfer and strengthening industrial value chains in Egypt.
El-Wazir emphasized that the project aligns with Egypt’s strategy to localize the automotive components industry and reduce reliance on imports. He noted that the government aims to build a strong industrial base by encouraging the use of domestic iron ore resources and directing part of the output toward export markets, adding that full support will be provided in terms of energy, water, and logistics infrastructure.
https://www.steelradar.com/en/haber/xinfeng-steel-to-make-a-usd-10-billion-investment-in-egypt/
