KYIV, Feb 18 (Reuters) – Ukraine imposed a package of sanctions against Belarusian President Alexander Lukashenko on Wednesday, vowing to “increase countermeasures” against Minsk for its wartime assistance to Russia.
Belarus, one of Russia’s closest allies, served as a staging ground for Moscow to launch its 2022 invasion, allowing Russian forces to get close to the Ukrainian capital before they were pushed back.
“We will significantly intensify countermeasures against all forms of (Lukashenko’s) assistance in the killing of Ukrainians,” President Volodymyr Zelenskiy said on social media.
The press service of the Belarus presidency did not immediately respond to a request for comment.
Zelenskiy said Belarus, which shares a border of over 1,000 kilometres (621 miles) with Ukraine, had aided Moscow’s extensive drone attacks on Ukraine.
Although there has not been active fighting along the Ukraine-Belarus border, Zelenskiy said Minsk had allowed Russia in the second half of 2025 to deploy a system of relay stations in Belarus to control its drones in attacks on Ukraine.
“The Russians would not have been able to carry out some of the attacks, particularly on energy facilities and railways in our regions, without such assistance from Belarus,” said Zelenskiy, whose order also banned Lukashenko from entering Ukraine.
LARGELY SYMBOLIC MOVE
With Lukashenko already under U.S. and European sanctions, the move is largely symbolic, although Zelenskiy said Ukraine would work with its partners to ensure the new measures have a “global effect”.
U.S. President Donald Trump last December granted limited sanctions relief to three Belarusian companies producing potash – a key component in fertilisers – after the former Soviet state released 123 political prisoners.
One of those former prisoners, Maria Kalesnikava, urged European countries on Tuesday to follow Trump’s lead and engage in a dialogue with Lukashenko on the grounds that failing to do so would only further strengthen Russian influence over Belarus.
Zelenskiy said more than 3,000 Belarusian businesses were providing supplies for Russia’s war effort, including missile components, and also cited Minsk’s plans to host Russia’s Oreshnik intermediate-range ballistic missile.
Russia released video in December of what it said was the deployment of the Oreshnik missile system in Belarus. Lukashenko said at the time that the missile had been deployed to Belarus and entered active combat duty.
(Reporting by Max HunderEditing by Daniel Flynn and Gareth Jones)
Starlink Terminals Go Dark, Disrupting Russian Operations
According to Главком: Ukraine's Main Intelligence Directorate (GUR) has confirmed a widespread shutdown of Starlink terminals used by Russian occupation forces across the entire combat line. This disruption has severely hampered their battlefield communications. The loss of this service has negatively impacted the coordination of Russian units, forcing troops to seek alternative communication systems. However, these alternatives fail to provide adequate data transmission quality. Notably, Russian forces are attempting to use 'Gazprom' terminals, which operate via the 'Yamal' series of satellites. Yet, the 'Yamal' satellites are insufficient to provide full coverage of the front, and the primary capacity of this system is allocated for use within Russia's own territory.
Compounding the issue, the operator of the 'Yamal' satellites has been under international sanctions since February 23, 2024. The communications problems are affecting the interaction between Russian units, their logistics, and the deployment of unmanned aerial systems. This development highlights the critical vulnerability of modern armies when their primary communication networks fail.
Drone Strike Hits Key Russian Chemical Plant
Simultaneously, drones from the Security Service of Ukraine's (SBU) 'Alpha' Special Operations Center struck the 'Metafrax Chemicals' plant in Russia's Perm Krai. This facility is one of the largest methanol producers in Russia and Europe, and also manufactures urotropin, urea, and pentaerythritol. These chemical components are used in the production of explosives and other materials for military purposes.
The 'Metafrax Chemicals' plant is also under international sanctions. Following the strike, a series of explosions were reported at the plant, prompting the evacuation of workers. Preliminary information indicates that a methanol production unit was hit. Amidst these communication breakdowns and infrastructure attacks, Russian military forces are attempting to adapt, but their efforts are proving largely ineffective, impacting their overall combat capability.
This situation underscores the importance of communication technologies in modern military conflicts, as their disruption can significantly complicate an army's operational activities. - Ukraine's Main Intelligence Directorate (GUR)
The loss of reliable communications can lead to serious consequences for organizing combat operations, demonstrating the critical value of information and communication infrastructure in warfare. The events surrounding the 'Metafrax Chemicals' plant further indicate targeted actions by Ukrainian forces to destroy strategically important facilities that support the enemy's war effort.
Thursday, February 19, 2026
Rio Tinto PLC on Thursday said profit declined in 2025 despite higher revenue, as rising operating and finance costs weighed on performance.
The London and Melbourne, Australia-based diversified miner said pretax profit fell 6.7% to $14.57 billion in the year ended December 31 from $15.62 billion in the previous year.
Diluted earnings per share declined 14% to 608.4 US cents from 707.2 cents.
The company lifted its final dividend for the year by 13% to 254 cents per share from 225 cents, leaving full-year dividend unchanged at 402 cents per share.
Consolidated sales revenue grew 7.4% to $57.64 billion from $53.66 billion, while net operating costs excluding separately disclosed items increased 11% to $41.78 billion from $37.75 billion.
Free cash flow declined 28% to $4.03 billion from $5.55 billion.
Rio said net impairment charges fell 37% to $341 million from $538 million, as exploration and evaluation expenditure fell 38% to $577 million from $936 million.
Finance costs increased 39% to $1.06 billion from $763 million.
Net debt more than doubled to $14.36 billion from $5.49 billion.
Chief Executive Officer Simon Trott said: ‘Our solid financial results demonstrate clear progress as we embed our stronger, sharper and simpler way of working...We continue to invest in delivering industry-leading, value accretive growth, supported by our disciplined capital allocation and best-in class project execution.’
Rio made no change to its production and sales guidance issued on December 4.
‘The structural cost improvements underway today position us for higher margins and cash flow. With a high-quality pipeline, anchored in copper, we have clear visibility to extend this growth profile well into the next decade,’ CEO Trott said.
Rio Tinto shares closed 2.0% higher at A$168.55 in Sydney on Thursday.
By: AGBI
The Iraqi cabinet has approved an “amicable settlement” with Russia’s Lukoil over the transfer of operations of the West Qurna-2 oilfield, one of the world’s largest, to the state-run Basra Oil Company.
In January, the government appointed Basra Oil to manage operations at West Qurna-2 following US sanctions against the Russian oil giant over the Ukraine conflict.
In December last year, Baghdad had said it would hold talks with US oil companies about the sale of Lukoil’s stake in the field.
Located 65km northwest of the port of Basra, West Qurna-2’s initial recoverable reserves come to around 14 billion barrels. More than 90 percent of the reserves are in the Mishrif and Yamama accumulations, according to Lukoil’s website.
Lukoil holds a 75 percent interest in West Qurna-2, with the rest held by Iraqi state-owned North Oil Company.
The concession accounts for 9 percent of Iraq’s output. The country is the second-largest producer in Opec after Saudi Arabia.
“The amicable settlement particularly concerns invoices and the employment of certified foreign personnel,” the state-run Iraq News Agency reported, quoting a cabinet statement.
The tax due on the salaries of foreign employees shall be treated as final revenue for the state treasury, it added. No financial details were disclosed.
US-based ExxonMobil was among the first Western oil companies to enter Iraq to develop oil fields after the US invasion in 2003. But it left the West Qurna project due to what sources described as poor returns.
It signed an agreement in October with Iraq to help develop its giant Majnoon oilfield and expand oil exports.
Majnoon, 60km from Basra in southern Iraq, is one of the world’s largest oilfields, with an estimated 38 billion barrels in place.
On Tuesday the Arab Energy Fund (Taef), formerly known as Apicorp, said it had secured funding to expand and develop an onshore oilfield in southern Iraq.
https://www.orepulse.com/news/Iraq-approves-amicable-settlement-with-Russias-Lukoil
KEY POINTS
Oil prices rose about 4% on Wednesday, after Vice President JD Vance said Iran did not address U.S. red lines in nuclear talks this week and President Donald Trump reserves the right to use military force.
U.S. crude oil rose $2.65, or 4.25%, to $64.98 per barrel by 12:20 p.m. ET. Global benchmark Brent was up $2.65, or 3.93%, to $70.07 per barrel.
U.S. envoys Steve Witkoff and Jared Kushner held nuclear talks with Iran in Geneva on Tuesday. Iran's foreign minister, Abbas Araghchi, described the discussions as "constructive," according to Iranian media. Araghchi said the talks yielded a general agreement on guiding principles.
Oil prices closed lower Tuesday as traders interpreted the foreign minister's comments as a sign that the U.S. and Iran could still reach a settlement.
But Vance said Tehran had failed to address core U.S. demands.
"In some ways it went well, they agreed to meet afterwards," the vice president told Fox News on Tuesday evening. "But in other ways it is very clear that the president has set some red lines that the Iranians are not yet willing to actually acknowledge and work through."
Trump reserves the right to use force if diplomacy does not succeed in stopping Iran's nuclear program, Vance said. "We do have a very powerful military — the president has shown a willingness to use it," the vice president told Fox News.
Sources told Axios, meanwhile, that a U.S. military campaign against Iran would likely be massive, last weeks and look more like a full-fledged war than the raid that captured Venezuelan President Nicolás Maduro in January.
Iran's Revolutionary Guard conducted war games this week in the Strait of Hormuz, a vital trade choke point for global oil flows. About one-third of all waterborne crude exports pass through the narrow waterway, according to data from energy consulting firm Kpler.
The market is worried those oil flows would be disrupted if the U.S. and Iran go to war. Iranian state media said traffic in part of the strait was closed Tuesday due to the military exercises.
Kpler did not observe any halt in traffic in the strait on Tuesday, said Matt Smith, an oil analyst at the firm.
Trump has stationed the USS Abraham Lincoln aircraft carrier in the Middle East. The USS Gerald Ford is en route to the region.
Trump said Friday he deployed the second aircraft carrier in case negotiations fail. "If we don't have a deal, we'll need it," the president told reporters outside the White House.
The Iranian government did not immediately respond to CNBC's request for comment.
https://www.cnbc.com/2026/02/18/oil-prices-today-iran-trump-nuclear-talks.html
By Alex Kimani - Feb 18, 2026, 5:00 PM CST
The U.S. Departments of Energy (DOE) and Defense (DoD) have transported a small nuclear reactor from California to Utah on a cargo plane in a bid to demonstrate the potential to rapidly deploy small and micronuclear reactors (SMRs) for both military and civilian use. The Pentagon partnered with California-based Valar Atomics to transport one of its microreactors on a C-17 aircraft to Hill Air Force Base in Utah. The SMR was, however, moved without nuclear fuel.
“This gets us closer to deploying nuclear power when and where it is needed to give our nation’s warfighters the tools to win in battle,” said Michael Duffey, Under Secretary of Defense for Acquisition and Sustainment, who was on the flight alongside Energy Secretary Chris Wright.
Last October, the U.S. military launched the Janus Program, a strategic initiative aimed at deploying advanced nuclear microreactors at military installations for secure and on-demand power. Partnering with the Defense Innovation Unit (DIU), the program uses a commercial build-own-operate model to provide 24/7, clean energy to safeguard bases from grid failures and cyber threats.
Similar to NASA's Commercial Orbital Transportation Services, the Army is using a milestone-based, private-sector-led model to share risk and speed up adoption of SMR technology. The program aims to move beyond prototype development to commercially available, factory-built microreactors producing <20 megawatts, that can power data centers, critical infrastructure and military bases. The U.S. Department of Energy will provide technical assistance for the fuel cycle, while the Office of the Assistant Secretary of the Army for Installations, Energy and Environment will handle implementation and regulatory oversight. Nine sites have been identified for potential installation, including Fort Liberty (formerly Bragg), Fort Cavazos (formerly Hood) and Fort Drum.
SMRs are advanced nuclear fission reactors with a power capacity of up to 300 MW(e) per unit, about one-third of traditional reactors. They are factory-built, compact and portable, allowing for lower capital costs, faster deployment and enhanced safety features such as passive cooling. However, SMRs face significant criticism regarding their economic viability and waste management.
"There is no business case for microreactors, which--even if they work as designed--will produce electricity at a far higher cost than large nuclear reactors, not to mention renewables like wind or solar," Edwin Lyman, director of nuclear power safety at the Union of Concerned Scientists, told Reuters shortly after the Pentagon completed its microreactor demo.
Indeed, several studies suggest that generating electricity from these novel reactors is likely to be more expensive compared to large nuclear plants, which are already struggling to compete with renewables.
By reducing size, SMRs essentially lose the "economies of scale" compared to their bigger, more powerful peers. The now-cancelled NuScale Power (NYSE:SMR) project in Idaho had projected costs over $20,000 per kilowatt, nearly double the $10,784 per kilowatt (kW) for the Vogtle Project in Georgia, itself deemed too expensive. The NuScale Power project was cancelled in November 2023 primarily due to soaring costs, with high inflation and surging interest rates making the project uncompetitive, leading to utility partners backing out. The Levelized Cost of Energy (LCOE) of conventional reactors typically falls in the $50-$90/MWh range while that of SMRs is estimated at $80-$150/MWh.
Renewable production is considerably cheaper, with the global average LCOE for utility-scale solar PV at $39-$66/MWh while onshore wind averages $48-$75/MWh. LCOE is a financial metric representing the average minimum price per unit of energy an asset must generate to cover all lifetime costs, including construction, operation, maintenance and fuel. It acts as a standard, discounted benchmark to compare the profitability and cost-effectiveness of different power generation technologies.
Further, environmental and safety concerns still hamper the SMR industry. A 2022 study by researchers at Stanford University and the University of British Columbia found that SMRs could generate 30 to 35 times more low-to-intermediate level radioactive waste (LILW) per unit of energy produced compared to conventional, large-scale nuclear reactors.
The research indicates SMRs may also produce up to 5 times more spent nuclear fuel, primarily due to lower fuel burnup and higher neutron leakage from their compact cores. SMRs have a higher surface-to-volume ratio, which leads to increased neutron leakage from the reactor core, requiring more reactor components to be replaced and resulting in higher amounts of radioactive material. Finally, SMRs present significant proliferation risks. Many advanced SMR designs require High-Assay Low-Enriched Uranium (HALEU), which is enriched to nearly 20%. This raises concerns about nuclear proliferation and supply chain dependence on countries like Russia.
The harsh realities of SMR development, coupled with the fact that these companies are yet to generate any revenues, has triggered a selloff across the sector, with NuScale Power stock tanking nearly 60% from its 2025 highs. It’s going to be interesting to see whether the AI boom will be enough to sustain the SMR growth story over the coming years.
Sliding metals and energy stocks pulled the TSX lower despite softer inflation, with today’s focus on a rebound in commodities, more corporate results, and U.S. durable goods data.
Key Points
Despite weaker-than-expected domestic consumer inflation data, Canadian equities started the new week on a slightly negative note as sharp intraday declines in commodity prices hurt investors’ sentiments. The S&P/TSX Composite Index plunged by 177 points, or 0.5%, to settle at 32,897.
Even though a weak inflation report drove a rally in consumer discretionary and real estate stocks, heavy losses in other key sectors, such as mining and energy, pulled the TSX benchmark lower.
Top TSX Composite movers and active stocks
Shares of SSR Mining (TSX:SSRM) dived by nearly 8% to $35.30 apiece, making it the worst-performing TSX stock for the day. This selloff in SSRM stock, even before the company released its fourth-quarter results, followed declines in metals prices.
After the market closing bell, SSR Mining reported full-year 2025 production of 447,207 gold equivalent ounces, above the midpoint of its annual guidance range. In the fourth quarter, its revenue surged to US$521.7 million from US$323.2 million a year ago, while its quarterly net profit attributable to shareholders jumped to US$181.5 million. Looking ahead, the company expects 2026 production of 450,000 to 535,000 gold equivalent ounces, suggesting a roughly 10% year-over-year increase at the midpoint, and announced a new US$300 million share buyback program.
Fortuna Mining, Discovery Silver, and First Majestic Silver were also among the day’s bottom performers on the Toronto Stock Exchange, with each diving by more than 6%.
On the brighter side, MDA Space, TerraVest Industries, Brookfield Business Partners, and Bombardier climbed by at least 4.7% each, making them the session’s top-performing TSX stocks.
Based on their daily trade volume, Enbridge, Cenovus Energy, Canadian Natural Resources, Barrick Mining, and B2Gold were the five most active stocks on the exchange.
TSX today
Commodity prices, especially crude oil, gold, and silver, recovered sharply overnight, which could lift the resource-heavy main TSX index at the open today.
While no major domestic economic releases are due, Canadian investors will closely monitor the U.S. durable goods orders report this morning. A stronger reading could signal resilience in manufacturing activity, while weaker data may revive concerns about slowing growth.
As fourth-quarter earnings season gains steam, several TSX-listed companies, including Fortuna Mining, Torex Gold, Triple Flag Precious Metals, Ivanhoe Mines, Nutrien, Bausch Health, Taseko Mines, B2Gold, OceanaGold, Equinox Gold, Kinross Gold, OR Royalties, Alamos Gold, and Pan American Silver, will announce their latest quarterly results today.
https://www.fool.ca/2026/02/18/tsx-today-what-to-watch-for-in-stocks-on-wednesday-february-18/
Agnico Eagle Mines, a large gold producer with operations and exploration projects in multiple jurisdictions, is adding to its exposure to earlier stage assets through Maple Gold Mines. For investors, this links a producing company, NYSE:AEM, more closely with a prospect generator model, which can provide additional optionality within a gold focused portfolio. It also comes at a time when many miners are paying close attention to project pipelines and the availability of quality deposits.
The expanded exploration spend and 2026 drilling plans indicate that Agnico Eagle is putting capital to work to support its long term project base rather than relying only on existing mines. For those following NYSE:AEM, this combination of equity ownership in Maple Gold Mines and a heavier exploration program may be worth watching in terms of how it contributes to future resource updates, project studies and any changes in the company’s overall risk profile.
NYSE:AEM Earnings & Revenue Growth as at Feb 2026
Agnico Eagle’s expanded 2026 exploration program and the larger position in Maple Gold Mines both point to a company leaning into resource growth and long-life assets rather than running its existing mines purely for near term cash. Management is planning up to US$635 million in exploration and project expenses across cornerstone assets such as Detour Lake, Canadian Malartic, Hope Bay, Macassa and Fosterville, plus earlier stage areas like the Northern Territory and Upper Beaver. For you as an investor, that means Agnico Eagle is tying a sizeable portion of current earnings and cash flow to drilling, resource conversion and technical studies that could influence its mine plan for the next decade. The Maple Gold stake fits that pattern by adding exposure to earlier stage discovery upside outside the core mine set. Compared with peers such as Barrick Gold and Newmont, this keeps Agnico Eagle firmly in the camp of producers that are trying to secure future ore sources through intensive near mine drilling and selective external partnerships, rather than relying mainly on large scale mergers.
https://finance.yahoo.com/news/agnico-eagle-deepens-exploration-push-101751616.html
(Alliance News) - Great Southern Copper PLC said on Wednesday its phase three drilling results at the Cerro Negro prospect indicate high-grade copper and silver mineralisation at the site could be larger than initially anticipated.
Assay results for holes DD0033 and DD036 confirmed the potential for a multiple lens system, said Great Southern Copper, with grades up to 3.29% for copper and 186 grams per tonne for silver at 191 metres.
Additionally, the system appears to be broadening at depth, with the high-value minerals enveloped by lower-grade materials.
The London-based mineral exploration company said that anomalous findings of lead and zinc, as well as low-grade copper and silver, suggests the system could be zoned, with a deposit width potentially over 80 metres thick.
Drilling at another lens, DD034, yielded discoveries consistent with the previous two findings, significantly expanding the copper endowment potential of the discovery.
All the phase three drillings have been completed last month, said the company, and planning for the next phase of resource and exploration drilling is in progress.
Great Southern Copper Chief Executive Officer Sam Garrett said: "The confirmation of deeper high-grade mineralisation in DD033 and DD036, marks an important step forward in our understanding of the Mostaza system where we are now consistently intersecting multiple stacked high-grade copper-silver lenses developed within a broader mineralised envelope."
"Cerro Negro is increasingly demonstrating the characteristics of a scalable copper-silver system with both discrete high-grade lenses within wider lower-grade envelopes, and we continue to refine the geological model to guide the next phase of drilling and prioritise high-impact targets along trend and at depth," he added.
Great Southern Copper shares were down 9.8% to 2.76 pence each on Wednesday afternoon in London.
By Martin Miraglia, Alliance News reporter
Copyright 2026 Alliance News Ltd. All Rights Reserved.
- Sherritt International Corporation to 'place the processing plant on standby within the next week,' says statement.
Canadian mining company Sherritt International Corporation announced Tuesday that it will pause mining activities at its joint venture in Moa, Cuba, due to fuel supply constraints affecting the country.
"The Corporation expects to pause mining operations and place the processing plant on standby within the next week during which time, planned maintenance activities will be performed," it said in a statement.
Noting that it had been notified that planned fuel deliveries to Moa will not be fulfilled, and that the timeline for resumption remains unknown, the company stated that it is "actively engaging with relevant counterparts and evaluating all options for sourcing input commodities."
"Currently, there is no immediate impact on operations in Fort Saskatchewan, Alberta," it added, stating that the refinery continues to produce finished nickel and cobalt for sale.
But available feed inventory is expected to last until mid-April, said the statement.
Sherritt is a world leader in hydrometallurgical processes to mine and refine nickel and cobalt, and operates what it describes on its website as the only significant cobalt refinery and one of just three nickel refineries in North America.
The announcement comes as Cuba's fuel crisis worsened after the US cut off oil supplies from longtime ally Venezuela, which had been shipping tens of thousands of barrels daily to the island.
US President Donald Trump also threatened to impose tariffs on any country that sells oil to the island.
Since the Trump administration's Jan. 3 military operation to capture Venezuelan President Nicolas Maduro, a longtime supporter of Cuba's government, it has sought to strengthen the US position on Cuba.
In a late January executive order, Trump described the Cuban government as posing "an unusual and extraordinary threat," saying that a declaration of a national emergency was necessary.
Cuba meets about one-third of its energy demand with domestic production, according to sources cited by the Spanish wire service EFE. For the remainder, it depends on imports, primarily from Mexico and, to a lesser degree, Russia, with Venezuela accounting for around 30% of total supplies in 2025.
By Merve Aydogan in Hamilton, Canada
Anadolu Agency
energy@aa.com.tr
FTSE 100 company reports 6% fall in annual profits weeks after collapse of $260bn merger with Rio Tinto
A copper mine owned by Glencore in the Democratic Republic of Congo. Photograph: Per-Anders Pettersson/Getty Images
Glencore is to give $2bn (£1.47bn) to shareholders after a turbulent year in which profits slumped and talks collapsed over a blockbuster $260bn merger with the fellow mining company Rio Tinto.
The FTSE 100 company announced the payout on Wednesday despite reporting that annual profits slipped 6% on the previous year to $13.5bn.
It comes weeks after talks over what would have been the largest deal in mining history collapsed, leaving the Swiss-headquartered commodities company to press ahead with a plan to more than double its copper production over the next decade.
Rising metals prices and an increase in copper output in the second half of the year were not enough to make up for a bruising fall in coal and energy commodity prices, which pulled earnings down. Glencore, which was established in 1974 as a trading company, has operations in more than 30 countries and a workforce of about 140,000.
The idea of combining Rio and Glencore has been repeatedly floated over the past two decades and was raised the first time just before the global financial crisis in 2008. Rio rejected Glencore’s merger approach in 2014, while another round of talks in 2024 also came to nothing.
The most recent attempts followed the $53bn deal between Anglo American and the Canadian rival Teck last September, which brought two of the world’s largest copper producers together.
Despite the failed deal, Gary Nagle, Glencore’s chief executive, said last year brought “significant progress” and pointed to “clear momentum for our copper-led growth strategy”.
Copper has become central to Glencore’s future, with the metal increasingly in demand as the world builds out electric vehicles, renewable energy infrastructure and power grids. The company is targeting production of more than 1m tonnes of copper a year by the end of 2028, rising to 1.6m tonnes by 2035, which would make it one of the world’s largest producers.
Glencore is the world’s sixth-largest copper producer and the largest listed coal producer. Nagle justified the payout to investors by pointing to Glencore’s $4bn stake in Bunge, a US agricultural trader it received when Bunge merged with Glencore’s Viterra grain business last year, which he described as surplus capital being set aside for shareholders.
Glencore has long been one of the world’s biggest coal traders, a business that has attracted criticism from climate campaigners but which the company argues is needed to keep the lights on in developing economies.
In 2024 it scrapped plans to spin off its coal business after shareholders urged the commodities company to hold on to the highly profitable but heavily polluting division.
https://www.theguardian.com/business/2026/feb/18/miner-glencore-shareholders-profit-slump
The proposed area where Pebble mine would be built, 320 km southwest of Anchorage, within the Bristol Bay watershed. (Image courtesy of Northern Dynasty Minerals)
Northern Dynasty Minerals (TSX: NDM) (NYSE-A: NAK) tumbled after the Department of Justice filed a court brief in Alaska supporting the US Environmental Protection Agency’s veto of its flagship Pebble project.
In a press release on Wednesday, Northern Dynasty president and chief executive Ron Thiessen said it is “surprising” that despite the executive orders and many statements made by the Trump administration in support of Alaskan development and its critical minerals, the EPA would choose to defend the veto.
“This precedent will be used by future Democratic administrations to reverse all of the progress this administration has made with its pro-energy, pro-mining, pro-development agenda,” he stated.
For more than two decades, the Vancouver-based miner has been looking to develop its Pebble project, touted as one of the world’s largest copper-gold-molybdenum resources. However, the proposed mine has faced stern local opposition and undergone a protracted period of review due to its location within the Bristol Bay watershed, where some of the world’s largest sockeye salmon fisheries reside.
If built, the Pebble mine would be the largest copper, gold and molybdenum extraction site in North America. A 2023 economic study estimated that it would produce 6.4 billion lb. of copper, 7.4 million oz. of gold and 300 million lb. of molybdenum, plus 37 million oz. of silver and 200,000 kg of rhenium, over 20 years.
Summary judgment process
In January 2023, the EPA used its Clean Water Act authority to block the company’s Alaskan subsidiary from storing mine waste in the area, essentially killing the project. In its argument, the Agency said the mine would destroy more than 2,000 acres of wetlands.
In a bid to overturn the EPA’s decision, Northern Dynasty filed for legal action with Alaska’s federal district court in 2024. After failed negotiations with the EPA over a potential settlement, the parties moved to resolve the matter through summary judgment — a legal procedure that allows the court to rule on the merits without a full trial.
The DOJ brief represents the latest step in the summary judgment process. Under current court timelines, it must be filed with the Alaska court by Feb. 17, 2026, followed by final reply briefs from the plaintiffs, which include Northern Dynasty, the state of Alaska and two local groups.
Shares of Northern Dynasty Minerals fell by as much as 45% to a five-month low of C$1.52 on the DOJ brief. By midday, it traded at about C$1.80 apiece with a market capitalization of approximately C$1 billion ($730 million).
https://www.mining.com/northern-dynasty-tumbles-on-doj-brief-backing-pebble-veto/
Published on19 Feb 2026
Kolwezi, 19 February 2026 – Trafigura has completed the first sale of low-carbon-intensive copper anodes produced by Kamoa Copper to the Aurubis Group, a leading global provider of non-ferrous metals with best-in-class sustainability standards. This initial delivery marks a significant step towards producing some of the world’s lowest-carbon refined copper.
The anodes have been delivered to Trafigura's dry port facility in Kolwezi, Democratic Republic of the Congo (DRC), and will be transported via the Lobito Atlantic Railway (LAR) in the coming days. From there, the copper anodes will be shipped from the Port of Lobito to Aurubis, for use in its European refining operations. LAR provides the shortest route from Kolwezi to an African port, reducing inland transit times to just seven days.
The copper anodes were produced in the recently commissioned state-of-the-art copper smelter at the Kamoa-Kakula Copper Complex in the DRC. The smelter incorporates cutting-edge direct-to-blister technology supplied by Metso Outotec. The Kamoa-Kakula Copper Complex has been assessed to be the world’s lowest carbon-emitting major copper mine.1
Kamoa Copper operates the Kamoa-Kakula Copper Complex as a joint venture between Ivanhoe Mines and Zijin Mining. Trafigura is one of three offtakers for the copper anodes produced by the Kamoa-Kakula smelter. Once ramp-up is complete, the Kamoa-Kakula smelter will be capable of producing up to 500,000 tonnes per year of 99.7%-pure copper anode, making it the largest copper smelter in Africa.
Gonzalo De Olazaval, Head of Metals, Minerals and Bulk Commodities, Trafigura, commented: "Bringing together Trafigura, Aurubis, Kamoa Copper and the Lobito Atlantic Railway to complete the sale and transport of low-carbon copper anodes from the DRC shows what the mining supply chain can achieve when it works together."
"This transaction reflects the strength of our long-standing relationships with Aurubis, a world class company in its field, and Kamoa Copper, whose state-of-the-art smelter is among the least carbon-intensive in the industry — a testament to the world-class operation it has established in the DRC."
"We are equally proud that these anodes will be transported via LAR —a milestone made possible by the vision and support of the governments of the DRC and Angola, as well as the loan package provided by the U.S. International Development Finance Corporation (DFC) and the Development Bank of Southern Africa (DBSA).”
Ivanhoe Mines’ Founder and Executive Co-Chairman, Robert Friedland, commented: "The first shipment of 99.7%-pure copper anodes marks another milestone for Kamoa-Kakula and for Africa’s rapidly advancing infrastructure. The Lobito Atlantic Railway has become a transformational gateway linking the extraordinary mineral wealth of the DRC with global markets at unprecedented speed and efficiency."
"Copper produced at Kamoa-Kakula, transported via the Lobito Atlantic Railway and refined in Aurubis’s industry-leading low-carbon facilities in Europe, represents a new paradigm in the creation of the greenest and most sustainable refined copper supply chain serving global markets. Combined with our state-of-the-art smelter, this integrated supply chain is setting a new global benchmark for low-carbon-intensive copper for generations to come."
In 2025, LAR transported more than 200,000 tonnes of cargo to and from the Port of Lobito. In January 2026 alone, 30,000 tonnes were transported, and the Port of Lobito received a record 50,000-tonne bulk sulphur vessel.
Volumes are expected to continue increasing steadily throughout the year, as LAR establishes itself as a reliable, high-capacity export route.
The company is also increasing prices for long steel
Global steel producer ArcelorMittal is introducing a further price increase for hot-rolled coil in Europe of €50/t. This was reported by Kallanish with reference to market sources.
The revised base price for hot-rolled coil is €750/t delivered. Prices for cold-rolled coil for new contracts will also increase by €50/t compared to January, to €880/t.
According to market sources, the company is also raising prices for new contracts for all commercial grades in its long products range by €20/t, including rebar, profiles, and wire rod. A similar increase of €20/t was applied in January.
This move by the company is due to further increases in production costs (scrap, gas, and electricity costs). The same factor is prompting several other long product manufacturers in different countries to introduce price increases of €20-30/t.
It should be noted that global prices for hot-rolled coil (HRC) rose in most key regions in January 2026. The largest market upturn was recorded in the EU and the US, while China saw only a slight increase in prices after a weak November-December.
At the same time, global rebar prices at the beginning of 2026 showed mixed dynamics depending on the market. Europe and the US saw a 2-5% increase in prices, while Turkey and China saw a 0.4-2% decline. In February-March, prices may rise slowly due to the seasonal revival of construction and further increases in raw material prices. Weak demand and buyer resistance will limit growth potential, keeping the market highly volatile.
https://gmk.center/en/news/arcelormittal-raises-prices-for-hot-rolled-coil-in-europe-by-e50-t/
SGH and Steel Dynamics maintain plan to split Australian steel producer's assets
Australian steel producer BlueScope Steel is considering a new takeover bid from SGH and Steel Dynamics worth $11 billion, according to Bloomberg.
American steel company Steel Dynamics and Australian conglomerate SGH have announced a «best and final» offer, raising their bid to 32.35 Australian dollars per share (for a total value of 15 billion Australian dollars), according to a joint statement by the bidders. In January, BlueScope rejected an offer of 30 Australian dollars per share.
As noted in a separate statement by BlueScope, the board of directors will consider the offer in light of the company’s fundamental value. It unanimously rejected the consortium’s previous offer on the grounds that BlueScope was significantly undervalued.
Steel Dynamics and SGH plan to split BlueScope’s assets. The American company is targeting the North Star steel mill in Ohio and the North American processing business, while SGH is seeking control of the Australian steel mill in Port Kembla.
As a reminder, in December last year, Steel Dynamics lowered its profit forecast for the fourth quarter of 2025. The company’s steel production profitability for the period was expected to be significantly lower than the third quarter results due to lower average selling prices and lower sales volumes.
https://gmk.center/en/news/bluescope-considers-new-takeover-bid-from-steel-dynamics-and-sgh/
