Zambia produced 447,181.93 tonnes of copper in the first half of 2026, up only 0.45% from 445,176.59 tonnes in the same period of 2025, as stronger production at several major mines was largely offset by declines elsewhere in the sector.
According to Zambia’s Ministry of Mines and Minerals Development, the improvement was supported by higher output at Konkola Copper Mines (KCM), Kansanshi, Lumwana, Lubambe and other major operations. Kansanshi’s copper production increased 2.44% year on year, helped by the S3 Expansion Project, which sustained processing throughput above design capacity and recorded its highest processed tonnage in May. Higher operating time, improved plant utilisation and stronger milling rates also supported the mine’s performance.
KCM recorded a substantially stronger increase, with copper production rising 21.43% year on year. The ministry attributed the improvement to recapitalisation, increased mine development, better equipment availability and more consistent plant feed.
However, the gains were not broad-based. Production declined at NFCA Mining, Chibuluma Mines and Mopani Copper Mines. Mopani’s output was affected by a planned maintenance shutdown at the Mindola Shaft in May, which temporarily disrupted ore hoisting. The ministry also identified fuel supply constraints and insufficient domestic sulphuric acid availability as factors limiting plant-feed availability at some operations.
For Zambia’s copper sector, the first-half data shows that stronger performance at key large-scale mines has yet to translate into rapid national production growth. The 0.45% increase in aggregate output highlights the extent to which operational disruptions and input constraints can offset production gains from expansion projects and mine recapitalisation.
Pump jacks of Wintershall DEA are pictured in Emlichheim near the northern German city of Meppen, Germany, March 9, 2022. REUTERS/Fabian Bimmer Purchase Licensing Rights
BRUSSELS, Aug 24 (Reuters) - Six European Union countries want the 27-nation EU to discuss in September a mechanism to tax windfall profits of oil companies triggered by Iran's blockade of the Strait of Hormuz, a letter by their finance ministers showed on Monday.
In a letter to Ireland, which holds the rotating presidency of the EU, Germany, Spain, Portugal, Italy, Poland and Austria are asking the presidency to put the issue on the agenda of the next EU finance ministers' meeting in Dublin on September 18 to 19.
"We are experiencing one of the biggest supply shocks in decades, and all over the world there is growing discontent about the rise in the cost of living," the six finance ministers wrote in the letter, seen by Reuters.
"Government measures taken so far have not been sufficient to reduce or stabilise prices for businesses and citizens on a permanent basis. This is why we need a common approach, one that ensures that those who are profiting from the crisis do their part to ease the burden on the general public," they said.
Oil prices have risen about 25% from levels at the outbreak of the U.S.-Israeli war on Iran on February 28, while prices of refined products surged more - European diesel prices rose more than 70% since the war began, while gasoline prices have climbed around 20%.
"To this end, we need to address the matter of high energy prices by discussing an EU-wide framework to tax windfall profits, taking into account lessons learned in 2022, this time with a more specific analysis of how the foreign profits of multinational oil companies can be included in a more targeted way," the letter said.
The ministers also said they wanted to see the results of a European investigation into refiners' margins as soon as possible, to make sure that refineries are not taking advantage of the current energy price spike.
Reporting by Jan Strupczewski, Editing by Louise Heavens
Shipowners are assisting Saudi Arabia in exporting its crude oil to global markets via a much safer northern Red Sea route, as Houthis continue to target its ships sailing via the Bab el-Mandeb Strait in the south.
State-owned Saudi Aramco has been using ports like the Sidi Kerir in the Mediterranean Sea for exporting oil after Houthis began to target ships which had loaded at the Red Sea export terminal at Yanbu.
In the last month, ships under the management of Sinokor, Dynacom and DHT Management AS have been shuttling cargoes from Yanbu to Ain Sukhna, where oil was discharged and piped north.
The shuttling tankers and vessels controlled by the Kingdom have helped make one-way trips out of the Red Sea via the north. This is similar to what the UAE did to transport its crude oil out of the Persian Gulf region via the Strait of Hormuz.
Tanker operators willing to take greater risks are facilitating shuttle tanker movements between Yanbu and Ain Sukhna, so crude supplies can be transported, and Saudi Aramco’s customers can get the crude at Sidi Kerir, not Yanbu.
Exports of Saudi crude through the northern ports of the Red Sea have risen by about a third since the Houthis announced their blockade on July 20, 2026, to 1.1 million barrels a day.
Around 4 tankers have completed the trip from Yanbu to Ain Sukhna twice or more, carrying around 16 million barrels of crude.
Shipping Saudi crude through the Mediterranean Sea means oil tankers have to sail around southern Africa to reach Asian markets, which adds to the operational costs through fuel consumption, given that it takes an extra week to reach there.
Yanbu has been important for Saudi Arabia to bypass the Strait of Hormuz, with the Kingdom rerouting the oil through the East-West pipeline. A few ship owners and charters are risking the trip through the Bab el Mandeb Strait close to Yemen.
A proposed natural gas pipeline intended to serve the Project Jupiter data center in southern New Mexico has been delayed until at least early 2027, according to recent federal regulatory filings.
Energy Transfer’s Green Chile Project was originally expected to enter service this month, Source NM reported, but now has an anticipated in-service date of February 2027, filings with the Federal Energy Regulatory Commission show. The roughly $60 million project would transport natural gas from El Paso to Project Jupiter, the Oracle and OpenAI data center development planned for Doña Ana County.
The delay follows opposition to the pipeline’s proposed route across New Mexico state trust land. State Land Commissioner Stephanie Garcia Richard has rejected requests related to construction on state trust land, citing concerns about impacts on the state’s natural resources. Oracle, meanwhile, said Project Jupiter remains on schedule.
The development comes as Energy Transfer pursues a much larger pipeline buildout across the Southwest, Source NM reported. Its proposed Desert Southwest Pipeline Expansion Project would extend more than 500 miles from the Permian Basin near Waha, Texas, through southern New Mexico to Phoenix, Arizona, with data center development among the sources of anticipated natural gas demand.
Federal filings also identify a planned Red Chile Lateral associated with the Desert Southwest expansion near the Green Chile Project. The broader pipeline proposal remains subject to regulatory and environmental review as Energy Transfer seeks to expand natural gas transportation capacity across the region.
Months after the U.S. removal of Venezuelan dictator Nicolás Maduro, Texas energy companies are striking a deal with the new Venezuelan government. Two Texas firms, Houston-based SLB (formerly Schlumberger) and Dallas-based Hunt Oil, announced major investment agreements to restore infrastructure and expand exploration on Venezuelan oil fields. Under interim Venezuelan President Delcy Rodriguez, the nation has reopened its oil markets for the first time in decades, with much of that crude slated to be refined in Texas.
Karr Ingham, president of the Texas Alliance of Energy Producers, says this is a perfect match to tap Venezuela's massive energy resources. "Leaving 300-million barrels of crude oil locked up in a political jail is not the path to go down," he tells KTRH. "We're going to need all that crude oil and all of that energy sooner or later, and I look forward to the opportunity for Texas companies to start bringing that forth."
Still, Ingham notes some smaller Texas producers are concerned about the long-term price impact if a glut of new oil from overseas comes onto the U.S. market. However, that is not likely to be an issue anytime soon, since it will be years before Venezuelan oil is out of the ground and heading to the U.S. "All in all, for global supply and consumption, the liberation of all of that Venezuelan oil for our potential use in the future is an outstanding outcome," says Ingham.
"The opportunity for Texas companies to go to work down there, for their employees to benefit from this, it's just a vibrant and exciting time," he continues. "And why not? This is what we do in the great state of Texas, and we do it very well."
Norwegian Energy Minister Terje Aasland says Norway will continue oil and gas projects in the Barents Sea regardless of the European Union's Arctic policy, while rejecting the idea of the country as Europe's green battery.
August 24, 2026—ENERGYNEWS
Norwegian Energy Minister Terje Aasland says Norway will continue oil and gas development in the Barents Sea regardless of the position taken by the European Union on a potential Arctic moratorium. The statement, made in an interview with Reuters published on August 24, 2026, comes on the eve of the opening of the ONS 2026 conference in Stavanger. Norwegian gas remains a pillar of European supply, as illustrated by the 30 TWh gas supply deal signed between Uniper and Equinor for Germany, even as Germany prepares a targeted gas intervention amid historically low storage levels. The minister also rejects the notion that his country could serve as Europe's green battery.
Norwegian sovereignty versus the Arctic moratorium
The interview comes as the European Union prepares to revise its Arctic policy, in a context where the continent's energy security has again become a top political priority. According to Terje Aasland, national sovereignty over subsoil resources takes precedence over environmental reservations expressed in Brussels; it would then be up to the Union, he argues, to decide whether it wishes to purchase the resulting hydrocarbons. Norway, although not an EU member, has stepped up efforts to influence European institutions, where Claude Veron-Reville holds the position of special envoy for the Arctic.
The moratorium in question would ban, under EU Arctic doctrine, any new oil and gas project north of the Arctic Circle; its exact origin is described differently across sources, and the measure is currently under review. The Norwegian minister argues that the Barents Sea areas concerned, being ice-free, would carry no greater environmental risk than the North Sea. He also stresses that oil and gas activity supports employment and settlement in regions bordering Russia. This argument runs into opposition from a coalition of institutional investors, climate scientists and environmental groups, who fear a lock-in of fossil fuel dependence incompatible with the EU's mid-century climate commitments.
Domestic output on borrowed time
The Norwegian Offshore Directorate (NOD), the country's oil regulator led by Torgeir Stordal, describes oil output as sharply rising and gas production as close to historic highs. The regulator nonetheless expects a marked decline in activity after the end of the decade, absent new discoveries or additional investment. This outlook underpins the Norwegian government's push to open new areas, particularly in the Arctic, presented as the condition for maintaining the country's role as a long-term supplier to Europe.
The gas dimension of the issue remains tied to the geopolitical shift triggered by Russia's invasion of Ukraine, which made Norway the continent's leading gas supplier after Russian flows stopped. According to the minister, liquefied natural gas destined for global export would move through the Norwegian liquefaction plant near Hammerfest, illustrating how Arctic production connects to international markets beyond Europe alone.
Rejecting the "green battery" role
On the power front, the minister explicitly dismisses the idea that Norway could act as Europe's "green battery" by exporting its hydropower surplus through cross-border interconnections, calling it an outdated and mistaken notion. This stance echoes growing domestic pushback against rising Norwegian electricity prices, which opponents partly attribute to tighter integration with the continental market. The Norwegian government is thus separating export-oriented gas policy from electricity policy, where domestic pressure calls for greater restraint.
https://energynews.pro/en/norway-keeps-drilling-in-the-arctic-despite-eu-moratorium-push?nl_auth=ok
By Charlie Currie
Australian energy firm Woodside has launched a strategic review of its recently acquired Texas ammonia plant, which is due to begin blue hydrogen-based production next year, while abandoning plans to spend $5bn on new energy projects by 2030.
CEO Elizabeth Westcott told the company’s Q2 earnings call that “significant changes in the global environment” had changed the “underlying premise” of a “developing market for lower-carbon ammonia.”
Woodside took ownership of the 1.1 million tonne per annum (mtpa) Beaumont New Ammonia plant in March this year under a $2.35bn deal with OCI Global.
Upon taking control of the site, the firm delayed plans to bring blue ammonia production online, citing construction challenges from industrial gas firm Linde, which is building the facility’s dedicated carbon capture-equipped hydrogen plant.
Both Linde and Woodside still expect the blue hydrogen plant to begin supplying Beaumont next year.
However, Westcott has been tempering investor expectations, telling a previous earnings call that uptake of lower-carbon ammonia had been “slower” than it forecast.
“Now that the asset has moved into the operating phase, it is the optimal time to review its place in our global portfolio,” Westcott told analysts during the Q2 results. “We will explore all options to determine the best value for Woodside.”
“The asset was acquired in a different global environment to the one we’re in today,” she said. “It’s important to reflect the changes we’ve had in the last 12 months.”
The review comes after the company cancelled its planned 60-tonne-per-day green hydrogen project in Oklahoma, US, in 2025 due to cost and lower-than-expected demand.
However, it comes amid a wider retrenchment in blue hydrogen across the US Gulf Cost where several flagship projects have struggled to translate abundant natural gas, carbon storage, and federal incentives into demand.
Last year, ExxonMobil paused its proposed Baytown blue hydrogen and ammonia project in Texas until market demand develops.
This summer, Air Products abandoned its planned 1,700-tonnes-per-day blue hydrogen project in Louisiana, after concluding expected returns no longer met its investment criteria.
However, some projects with stronger committed offtake are still advancing. CF Industries, Jera, and Mitsui are due to break ground on the 1.4 mtpa Blue Point blue ammonia project in Louisiana, with the Japanese firms due to import volumes thanks to government subsidies.
Deployable Energy has signed a non-binding memorandum of understanding with Utah's Office of Energy Development to explore siting its Unity nuclear battery, a modular 1 MWe system delivered in a shipping container.
August 24, 2026—ENERGYNEWS
Deployable Energy Limited, a company specialized in designing transportable nuclear microreactors, has announced the signing of a memorandum of understanding (MOU) with the Utah Office of Energy Development (OED), an agency of the U.S. state of Utah. Signed on August 18, 2026, the non-binding document establishes a cooperation framework between the two parties to study the feasibility of siting Unity™ nuclear batteries within the state of Utah. Several jurisdictions are currently adjusting their nuclear strategies, whether through operating extensions, as in Spain, where Spain extends the Almaraz nuclear plant's operating licence until 2030, or through managing outages, as illustrated by the fleet where EDF's nuclear fleet hits a record 20.4% environmental outages. Against this backdrop, U.S. states are seeking to attract new technologies to diversify their energy supply.
A modular system delivered in a container
The Unity nuclear battery, at the center of the agreement, has a capacity of 1 MWe (megawatt electrical). According to Deployable Energy, the power system is factory-built and delivered plug-and-play, housed inside a standard 20-foot shipping container. The company states that the technology would be configurable for conventional or remote sites, with power ranging from a few megawatts to several gigawatts depending on the heat-sink options selected.
These features would, according to the company, help facilitate the rapid deployment of decentralized generation capacity. The memorandum of understanding is intended to allow both parties to exchange technical and regulatory information on the conditions for deploying this type of installation in Utah. No specific site has been designated at this stage for the potential siting of a Unity unit.
An attractiveness strategy for Utah
Bobby Gallagher, CEO and co-founder of Deployable Energy, said Utah stood out for its ability to bring together industry, government, local communities and the workforce needed to deploy advanced nuclear technologies. He noted that the state placed particular emphasis on engaging communities that could eventually host such projects. According to him, this combination of ambition, collaboration and local dialogue matches exactly what Deployable Energy looks for in a partnership.
Emy Lesofski, director of the Office of Energy Development and energy advisor to the Governor of Utah, described the partnership as a further step toward an energy future described as abundant, reliable and secure. She indicated that Utah intended to position itself as a leading player in energy innovation in the United States.
A non-binding agreement
The memorandum of understanding does not constitute a firm contractual commitment and does not guarantee the actual siting of a facility or a deployment timeline. It nonetheless formalizes the continuation of the research, testing and demonstration work needed to advance the Unity program. Deployable Energy states that this agreement is part of a series of partnerships aimed at supporting the commercial development of its microreactors.
Prices of raw materials, including nonferrous metals, are soaring. This is because the importance of supply chains is increasing due to the weak U.S. dollar, strong industrial demand, and the U.S.-China conflict. In addition, demand for investment in artificial intelligence (AI) infrastructure is also increasing. Thanks to this, domestic non-ferrous metal-related stocks such as Korea Zinc and Pungsan are showing a sharp rise.Korea Zinc shares closed at 1,344,000 won on the 24th, up 8.65 percent from the previous trading day.
Korea Zinc shares were revised more than 50 percent lower after hitting a high in late February, but rebounded 34.53 percent this month.
On the same day, the stock price of Samaro Aluminium also soared 21.91%. The stock has nearly doubled this month, rising 92.78%.
During the same period, Pungsan also saw its stock price rise 15.45% on the back of strong copper prices.
This month, liquidity flowed into alternative assets such as precious metals and raw materials along with rising interest rates on U.S. long-term government bonds and a weak dollar, leading to an increase in prices. As a result, copper prices along with gold and silver prices have risen, expectations for performance benefits due to increased inventory valuation profits and product margins have been gathered.
In addition, strong real demand following a surge in investment in artificial intelligence (AI) infrastructure is also supporting stock prices. Copper and aluminum prices have been on an upward curve since last year as structural growth in front-end industries such as AI data centers and power grids has boosted demand.
As the U.S. accelerates its reorganization of key mineral supply chains, expectations for policy benefits are also gathering again. Recently, the Donald Trump administration pointed to Korea Zinc as a model investment case. Korea Zinc is pursuing "Project Crucible" to build an integrated smelter in Clarksville, Tennessee. [Reporter Moon Ga Young]
LME copper traded in a wide range last week, falling from $14,396/mt to $13,856.5/mt before recovering to around $14,100/mt. Scrap payabilities initially declined as copper prices surged but later recovered unevenly across grades.
According to SMM market research, Millberry payability has returned to 98%-99%, while No. 1 copper scrap is quoted at 95.5%-96.5% and No. 2 at 94.5%-95.5%. Market tightness is therefore concentrated in clean, high-grade material.
Millberry can substitute for copper cathode with limited pretreatment. Tight spot cathode availability and high physical premiums have strengthened its value to copper rod producers. The LME cash-to-three-month premium recently reached $545/mt, further supporting high-grade scrap.
Recent SMM visits to Chinese recycled-copper companies also found generally low inventories. Most remaining stocks were No. 1, No. 2 and mixed scrap, while Millberry was particularly scarce. New supply depends on cable replacement, industrial production and equipment dismantling, and cannot increase immediately in response to higher prices.
Meanwhile, high copper prices raise the processing losses, financing costs and recovery risks associated with lower-grade scrap. Modest downstream demand and smelter maintenance have therefore encouraged buyers to reduce No. 1 and No. 2 payabilities.
A separate supply risk also deserves attention. Invoice and tax-compliance issues have prevented some domestic copper scrap from entering formal trading channels. SMM estimates that approximately 600,000 mt of non-invoiced scrap may have accumulated outside the formal market.
This material is unlikely to be released all at once. However, if tax and invoicing rules become clearer, a concentrated release could pressure domestic scrap prices and reduce Chinese bids for imported material. Its potential impact is becoming more important as global recycled-copper demand rises and policies such as the EU Waste Shipment Regulation tighten international scrap flows.
SMM expects Millberry payability to remain resilient in the short term. The recovery of No. 1 and No. 2 scrap will depend on downstream demand, smelter operations and inventory consumption, while the release of China's accumulated non-invoiced scrap could become a key medium-term market variable.
Prices for domestic steel hot-rolled coil edged down slightly in Northern Europe on lower indications from buyers, while the Italian market was still largely quiet and slow, sources told Fastmarkets on Friday August 21.
In Northern Europe, a buyer indicated workable prices within the range of €700-720 ($818-841) per tonne ex-works.
No other price points were received during the day as many market participants were still away.
For this reason, prices received on August 20 were carried over to the following day, in line with Fastmarkets methodology.
On Thursday, a seller source reported offers for material with delivery in the fourth quarter at €725-745 per tonne ex-works, and deals at €715 per tonne ex-works.
On the same day, a buyer source reported deals within the range of €730-740 per tonne ex-works and a second buyer indicated tradeable levels at €710-715 per tonne ex-works.
The market was still slow during the August holiday period, but sources said HRC consumption was increasing in Germany, with some mills targeting prices as high as €800 per tonne ex-works for deliveries in October.
But views on these increases were mixed, with some sources expecting buyers to pay such prices, while others were skeptical that the increases would be achieved.
“This is just targeting, I hear the same. But we need to wait and see who books what,” a trade source said on Friday.
The corresponding Fastmarkets’ daily steel hot-rolled coil index domestic, exw Northern Europe was calculated at €722.08 per tonne on August 21, down by €2.30 per tonne from €724.38 per tonne on August 20.
The index was up by €3.33 per tonne week on week and by €12.08 per tonne month on month.
In Italy, participants were expected to return to work in the week of August 24, so the market was largely inactive on Friday.
The latest offers and indications were reported within the range of €700-720 per tonne ex-works in the previous days.
As a result, Fastmarkets’ daily steel hot-rolled coil index domestic, exw Italy was €712.50 per tonne on August 21, unchanged from August 20.
The index was down by €1.25 per tonne week on week but up by €13.12 per tonne month on month.
25 Aug 2026 16:55 reported by Joy Liu
Nucor Corporation, the largest steel producer in the US, increased its consumer spot price (CSP) for hot-rolled coil (HRC) by US$10 per short ton to US$1,180 per short ton for the week of August 24, marking its fifth consecutive weekly increase with a cumulative gain of US$55 per short ton.
Additionally, California Steel Industries (CSI), Nucor's West Coast joint venture, raised its HRC price by US$10 per short ton to US$1,240 per short ton.
These consecutive upward price adjustments reflected continued strength in the United States flat-rolled market, combined with reduced import volumes and tight supply conditions.
https://yieh.com/en/News/nucor-raises-hot-rolled-coil-spot-prices-by-10-again/162174
Today, HRC futures prices strengthened significantly, with the most-traded contract closing at 3,340, up 1.49% intraday. In the spot market, prices increased by 30-50 yuan/mt overall, while intraday transactions were average; as futures rallied too fast, most traders adopted a wait-and-see attitude, and downstream buyers showed relatively low acceptance of high prices. On the fundamentals side, from the end of August to September, maintenance schedules for hot rolling have increased notably. This week, the impact from maintenance for hot rolling is expected to continue increasing, with production edging down. On the demand side, downstream buyers' willingness for concentrated purchases was not high, with most still in off-season sentiment, making it difficult to see significant improvement; in the short term, the pattern of weak supply and demand persists. However, on the cost side, with growth in hot metal, coupled with supply tightening due to Mongolian and Shanxi coal, and the expected first-round increase of coke, coking coal and coke led the gains, boosting market sentiment and driving finished steel prices higher. In summary, short-term HRC prices are expected to follow costs and hold up well.