ZCCM Investments Holdings Plc, Zambia’s majority state-owned mining investor, is considering selling a stake in the company that holds minority interests in most of the country’s major copper mines, its CEO Kakenenwa Muyangwa announced.
The potential sale aims to comply with the local stock exchange’s requirement that at least 25% of ZCCM’s shares be readily tradable. Other shareholders, including the national pension fund, may also reduce their holdings to meet this threshold. Muyangwa indicated that any stake sale could take place within the next year or two.
ZCCM is owned 77.5% by the Zambian government, 15% by the national pension fund, and 7.5% by minority investors. The company holds minority stakes ranging from 10% to 49% in several of Zambia’s largest copper mines, including assets operated by Vedanta Resources and First Quantum Minerals, alongside investments in electricity generation.
The timing of this move coincides with record-high copper prices, which support significant investment in Zambia, Africa’s second-largest copper producer. Muyangwa also revealed plans to revive trading of ZCCM shares in London, currently suspended due to delayed financial statements. The company expects to resolve the filings within weeks, viewing London as a strategic market for its future growth.
Looking ahead, ZCCM aims to grow its market capitalization from approximately US$1 billion today to US$7 billion over the next decade, reflecting its ambitions to expand and deepen its role in Zambia’s mining sector.
“London’s established mining investment market will be crucial for our growth plans,” Muyangwa said. “We are confident that by increasing market liquidity and enhancing transparency, we can unlock significant value for all shareholders.”
https://africanminingmarket.com/zambias-state-mining-giant-eyes-partial-divestment/26802/
Burnham’s in hock to the bond markets – whether he likes it or not
By: Christian May - Editor in Chief
Andy Burnham once said this country shouldn’t be in hock to the bond markets, so it was unfortunate that his much-hyped return to the House of Commons yesterday was overshadowed by the surging cost of servicing government debt.
The yield on the ten-year gilt has hit its highest level since 2008. The longer term 30 year bond yield is at a level not seen since 1998. Our national debt is approaching £3tn. Spending is out of control. We’re on a borrowing binge and we’re haemorrhaging more than £130bn a year just on the interest. No wonder the Chancellor, John Healey, looked a bit peaky sitting next to the new Prime Minister.
Should we be reassured that he has emailed all staff at the Treasury – including the IT department and civil service apprentices – inviting them to send him ideas for his first Budget? Probably not.
Meanwhile, his boss delivered a confident performance to MPs but one that seemed entirely at odds with our current reality. He was right to say that “Britain is not where any of us would want it to be” but the alternative he went on to promise was one of more public spending, more debt, bigger government and higher taxes.
Economic growth will evaporate in H2
He claimed to have “a clear theory of growth” before telling us it was based on the “triple helix approach to economic development.” This refers to a harmonious arrangement of the state, universities and the private sector all working together, boosted by the wisdom and energy of local government leaders who will soon be empowered to impose an “overnight visitor levy.” This tourist tax was touted by Burnham as a fine example of “fiscal devolution.”
https://www.cityam.com/burnhams-in-hock-to-the-bond-markets-whether-he-likes-it-or-not/
Dutch Central Bank Moves 86 Tonnes of Gold to London to Strengthen Crisis Readiness
Thursday, 3 September 2026, 05:20
Gold bars sit stacked inside a vault at the United States Mint in West Point, New York, in 2014. Mike Groll/AP/File.
The transfer reshapes where the Netherlands keeps its most valuable emergency asset, combining physical shipments with trades across two major financial centers.
The Dutch central bank has moved part of its gold reserves from North America to the United Kingdom. The bank explained that the operation was intended to strengthen the country’s preparedness for potential crises amid global political instability.
Between March and August, around 86 metric tons of gold were transported to London. This represents approximately one-quarter of the 313 tons previously held in New York and Ottawa. Before the operation, New York accounted for 31.3% of the Netherlands’ gold reserves, while Ottawa held 19.7%. After the transfer, the share held in each of these cities fell to 18.5%.
The Dutch central bank’s total gold reserves amount to 612.4 metric tons. At the end of 2025, they were valued at €72.2 billion, or approximately $83.6 billion.
This transfer has increased our ability to trade our gold reserves quickly. We expect never to have to use them, but we must strengthen our resilience and preparedness for crises.
– Olaf Sleijpen, head of the Dutch central bank
How the gold reserves were moved
More than 27 metric tons of gold were physically transported from the United States and Canada to a secure vault belonging to the Dutch central bank at a military base near the city of Zeist. Approximately the same amount was then transported from Zeist to London.
The rest of the operation was carried out without physically transporting the metal: around 59 metric tons of gold were sold in New York, and an equivalent amount was purchased in London.
Why the gold was moved to London
The central bank said that gold stored at the Bank of England meets modern international trading standards. The London market is also considered one of the most liquid in the world.
This means that in the event of a major crisis, the Netherlands would be able to use the reserves held in the United Kingdom more quickly and directly than the gold that remains in New York and Ottawa. At the same time, the bank stressed that it expects never to draw on these reserves and views the transfer as a precautionary measure to strengthen financial resilience.
South Korean steelmaker POSCO could face the first strike in its 58-year history, as the company's labor union has set September 9 as the final deadline for wage negotiations and announced plans for a 48-hour partial strike if the talks fail to produce an agreement, according to media reports.
The POSCO labor union, affiliated with the Federation of Korean Metalworkers' Trade Unions, has notified management that it intends to proceed with the partial walkout unless the company changes its position by the deadline. If the strike takes place, it would end POSCO's record of avoiding a labor strike since the company was founded in 1968.
Over 92 percent of union members back industrial action
The union has already secured strong support from its members for industrial action. The union also secured the legal right to strike after mediation by South Korea's National Labor Relations Commission ended on August 18 without an agreement.
The union is seeking a 7.1 percent increase in base salaries, incentive payments equivalent to 600 percent of monthly salary, 50 POSCO shares for employees and a 200 percent holiday bonus, among other demands. It is also seeking improvements regarding staffing shortages, working hours, workplace safety, employee health and welfare.
The union stated that the dispute is not solely focused on wage increases, arguing that longstanding problems involving insufficient staffing, excessive working hours and safety conditions also need to be addressed.
POSCO estimates union demands would cost KRW 1.4 trillion
POSCO has estimated that accepting the union's overall demands would require approximately KRW 1.4 trillion ($1 billion) in additional resources and has said that such a burden would be difficult to accept under current steel market conditions.
The company pointed to deteriorating conditions in the steel industry, including an influx of low-priced Chinese steel products and increasing global protectionism, as factors weighing on its ability to meet the demands.
POSCO prepares emergency response plan ahead of possible strike
POSCO stated that it would activate an emergency response system to minimize operational disruptions if the planned 48-hour partial strike goes ahead. At the same time, the steelmaker said it remains focused on reaching an agreement through negotiations before the September 9 deadline.
The Shangai Composite Index gained 33 points or 0.83 percent on Monday to close at 3985 points.
Gains were led by China Coal (5.40%), Bank Of China (5.01%) and Bank Of Beijing (4.91%).
Biggest losers were Hua Xia Bank (-5.04%), LONGi Green (-3.54%) and Poly Real Estate (-3.47%).
News Stream
The Shanghai Composite Index Closes 0.17% Lower
The Shanghai Composite Index fell 7 points or 0.17 percent on Tuesday to close at 3980 points. Leading the losses are China Coal (-4.94%), Shaanxi Coal (-3.16%) and Poly Real Estate (-1.41%). Top gainers were Yonghui Superstore (6.17%), Shanghai International Port (5.70%) and China Pacific Insu (3.59... more
2026-09-01
Stocks in China Hit 7-week High
SHANGHAI increased to 3994.00 Index Points, the highest since July 2026. Over the past 4 weeks, Shanghai Stock Exchange Composite Index gained 4.8%, and in the last 12 months, it increased 3.48%.
2026-09-01
China Stocks Open September Lower
The Shanghai Composite fell 0.16% to close at 3,979.9 on Tuesday, while the Shenzhen Component lost 1.02% on the first trading day of September, as escalating tensions in the Middle East overshadowed improving signals from China's manufacturing sector. The US and Iran exchanged strikes for the first time in nearly a month, with American forces targeting an island in the Strait of Hormuz and Iran retaliating with attacks on the UAE and Jordan. The latest hostilities clouded the outlook for restoring normal shipping operations through the strategic waterway. On the domestic front, a private survey showed China's manufacturing PMI rose to 51.5 in August from a four-month low of 50.9 in July, exceeding forecasts of 51.0. This followed official data showing the manufacturing PMI increased to 49.8 from 49.2, also surpassing market expectations of 49.7. Notable decliners included Foxconn Industrial Internet (-2.93%), SMIC (-2.01%), CATL (-1.50%), and NAURA Technology (-4.59%).
2026-09-01
Iran's Revolutionary Guards said the tanker had been attempting to pass through the waterway illegally when it was struck by two mines and caught fire.
Vessels in the Strait of Hormuz are visible near the beach of Bandar Abbas, Iran, on Aug 27, 2026. (File photo: Reuters/WANA (West Asia News Agency)/Majid Asgaripour)
31 Aug 2026 12:56PM (Updated: 31 Aug 2026 04:29PM)
A supertanker caught fire and was brought to a complete halt after being struck by two naval mines in the southern Strait of Hormuz, Iran state TV reported on Monday (Aug 31), citing a statement by the Revolutionary Guards.
Iran's Revolutionary Guards said the tanker had been attempting to pass through the waterway illegally. It did not identify the vessel or provide information about its crew.
It warned that other ships violating its security rules would face the same fate and said compliance with its regulations for passage through the Strait of Hormuz was mandatory.
https://www.channelnewsasia.com/world/iran-strait-hormuz-supertanker-struck-mines-6351441
Editor's note: This is a developing story and is being updated.
Ukrainian drones struck the Novatek-Ust-Luga complex at Russia’s Baltic Sea port in Leningrad Oblast early on Sept. 1, Ukraine’s military intelligence agency (HUR) confirmed.
The strike damaged key components of an oil-processing unit and other technological equipment, causing a large fire at the facility, according to HUR.
The operation was carried out jointly by HUR’s Active Operations Department, its Unmanned Systems Department, and other Ukrainian defense forces, the agency said.
Ust-Luga is one of Russia's largest and most important ports on the Baltic Sea and home to an oil terminal that serves as a major hub for the export of crude oil and petroleum products. Located west of St. Petersburg, far from Ukraine's border, the port plays an important role in generating revenue for the state budget.
Earlier, Leningrad Oblast Governor Alexander Drozdenko confirmed damage at the port. He claimed Russian air defenses had intercepted 38 drones across the region, including 17 near Ust-Luga.
Russian air defense reported downing dozens of drones over the region in the hours between Aug. 31 and Sept. 1, with 17 drones intercepted during the ongoing attack in the Ust-Luga port area. By 6 a.m. local time, Drozdenko said 38 drones had been destroyed over Leningrad Oblast and confirmed damage at the port.
Footage circulating on Telegram appeared to show a fire at the port. The extent of the damage caused was not immediately clear.
Separately, Samara Oblast was targeted by Ukrainian drones, according to local officials.
In Yekaterinburg, outdoor school ceremonies scheduled for Sept. 1 were canceled following the Aug. 31 drone attack. Similar restrictions were imposed in at least 16 Russian regions.
The Kyiv Independent cannot verify the claims made by Russian officials.
As Kyiv steps up its attacks on Russian oil infrastructure, the Ust-Luga port has repeatedly served as a target of attacks in recent months. The Ukrainian military carried out a series of deep strikes against the Ust-Luga port in March and April of this year.
The most recent reported attack on the facility occurred on Aug. 14, damaging two processing plants and sparking a fire, the General Staff confirmed.
Ukraine has been aging an increasingly successful deep strike campaign against Russian oil infrastructure, striking oil depots, disrupting production at major facilities, and in some cases halting operations indefinitely.
Ukraine's oil infrastructure attacks have mounted pressure on the Kremlin by aggravating a domestic fuel supply crisis that has already caused export bans, price hikes, and sales restrictions across Russia.
https://kyivindependent.com/ukrainian-drones-damage-russias-ust-luga-port-governor-says/
It's been a turbulent few months for the stock market. The S&P 500 (SNPINDEX: ^GSPC), Dow Jones Industrial Average (DJINDICES: ^DJI), and Nasdaq Composite (NASDAQINDEX: ^IXIC) have all reached record highs in 2026, but they've also wavered recently, with returns in the single digits since May.
There are also a few headwinds that could lead to greater volatility. Tech stocks have been shaky, the odds of an interest rate increase are going up, and the ongoing war in Iran (and yet another surge in oil prices) is wearing on investors.
It's unclear when the next bear market will begin, but it's coming eventually. If there's anyone who has plenty of experience with recessions and market crashes, it's 96-year-old Warren Buffett. And he has a few words of encouraging advice for investors right now.
Image source: The Motley Fool.
Bad news is an investor's best friend
In October 2008, the U.S. was well into the depths of the Great Recession. The S&P 500 had plunged by more than 40% over the previous year, and many investors were struggling to see the light at the end of the tunnel.
That same month, The New York Times published an opinion piece from Buffett to help encourage weary investors. Perhaps his most notable advice that has stood the test of time is this: "In short, bad news is an investor's best friend. It lets you buy a slice of America's future at a marked-down price."
Buffett went on to emphasize that while not all companies would survive the recession, "fears regarding the long-term prosperity of the nation's many sound companies make no sense." He continued: "These businesses will indeed suffer earnings hiccups, as they always have. But most major companies will be setting new profit records five, 10, and 20 years from now."
History has proved Buffett right, as the S&P 500 has surged by a staggering 1,000% since that article was published in October 2008. And those who reaped the greatest rewards were the investors who continued buying even when the market's outlook was bleak.
What history suggests investors should do right now
There's no telling where the market may be a month or a year from now, but history has proved over and over again that time in the market is far more valuable than timing the market.
The market could take a turn for the worse tomorrow, or it could continue reaching record highs for another year before the next slump begins. If you sell your stocks now in anticipation of a downturn, you risk missing out on lucrative returns if the market instead continues climbing.
https://finance.yahoo.com/markets/stocks/articles/stock-market-crash-coming-warren-142000970.html
3 September 19:27
Vance is now asked whether the Iran war will be over by the time the midterms come around.
"I wouldn't call it a war", he says, adding that there is "no active shooting right now".
He says "major combat operations lasted about six weeks," adding that Iran's nuclear facilities, industrial base and conventional military have been destroyed.
Vance says if the question is when Iranians will stop shooting at ships, he doesn't know the answer: "You would have to ask the Iranians."
Asked when it will stop affecting energy markets, he argues that it is having "less effect day by day".
He says the US is using the tools at its disposal to ensure people "never have to deal with the threat of an Iranian nuclear programme" and that world energy markets are "properly supplied".
WANA (Sep 03) – China’s Ministry of Commerce has responded to U.S. sanctions against five Chinese companies linked to Iran’s oil trade by issuing a “blocking order” prohibiting the sanctions from being recognized, enforced, or complied with within China.
According to Xinhua, China’s Ministry of Commerce announced on Saturday, May 2, 2026, that the U.S. sanctions against the five Chinese companies restrict their normal economic and commercial activities with third countries and constitute what Beijing described as the “extraterritorial application” of U.S. law.
The companies targeted by the sanctions are Hengli Petrochemical (Dalian), Shandong Shouguang Luqing Petrochemical, Shandong Jincheng Petrochemical Group, Hebei Xinhai Chemical Group, and Shandong Shengxing Chemical.
The United States has placed the companies under sanctions over what it described as their involvement in oil transactions with Iran, imposing measures including the blocking of assets and a ban on transactions with them.
China’s Ministry of Commerce said the U.S. sanctions violate international law and the norms governing international relations. Beijing stressed that the blocking order was issued under Chinese laws designed to counter the extraterritorial application of foreign laws.
China said the measure is aimed at protecting its sovereignty, security and development interests, as well as the legitimate rights and interests of Chinese companies and citizens.
The decision is significant because China’s independent “teapot” refineries are major buyers of Iranian oil, and the United States has imposed sanctions on a number of these refineries and other entities involved in Iran’s oil trade in recent years.
The latest move by China’s Ministry of Commerce also marks Beijing’s first official use of a “blocking order” to directly counter specific U.S. sanctions targeting Chinese companies linked to trade with Iran. The move could open a new chapter in tensions between Beijing and Washington over the extraterritorial enforcement of U.S. sanctions.
https://wanaen.com/china-bans-enforcement-of-u-s-oil-sanctions-against-chinese-companies/
BELGRADE – The United States has extended the operating license for the Petroleum Industry of Serbia (NIS) until 30 September, Serbian Minister of Energy Dubravka Đedović Handanović announced on Friday.
The decision by the US Treasury Department’s Office of Foreign Assets Control (OFAC) allows NIS to continue its operations and the Pančevo oil refinery to remain operational.
Russian shareholders hold a 56.15% stake in NIS, of which 44.85% is owned by the state-controlled Gazprom Neft.
Hungarian oil and gas company MOL and Gazprom Neft signed the key terms of a framework agreement in mid-January, with the possibility of bringing in a company from the United Arab Emirates as a minority partner, although the potential involvement of a third company has barely been mentioned in recent months.
MOL and the Serbian government signed a shareholders’ agreement on 16 June concerning the future management of the Petroleum Industry of Serbia.
Đedović Handanović said negotiations on the sale of NIS between Hungary’s MOL and majority shareholder Gazprom Neft were in their final stages, Radio Television of Serbia (RTS) reported.
“The latest extension of the licence is a signal that progress is being made and that there is a willingness to provide the additional time necessary to complete this complex transaction,” the energy minister said.
Serbian President Aleksandar Vučić also expressed hope on Thursday that the issue surrounding NIS could be resolved during September.
“For the first time, it seems to me – and I am optimistic and hopeful – that we could bring the entire NIS issue to a close in September,” Vučić told reporters.
https://europeanwesternbalkans.com/2026/08/31/us-extends-nis-operating-licence-until-30-september/
PetroChina Co.’s rising profits from trading and chemicals point to how China’s oil majors are adjusting to a new era of declining demand for gasoline and diesel.
Chemicals profits more than doubled and international trading helped drive a 50% jump in marketing profits, PetroChina said in an exchange filing on Sunday. While that was a fairly small part of an overall 22% increase in first-half profits, it shows new avenues for growth as the accelerating shift to electric vehicles and higher crude prices erode demand for gasoline and diesel.
PetroChina has invested heavily over the last few years in petrochemical facilities to convert oil byproducts into everything from fibers to plastics, areas where it expects demand to keep rising even as fuel consumption shrinks. Its ability to source feedstock domestically helped it outperform Sinopec, which lost money in its chemicals business in the first half.
Sinopec's growth
Sinopec, China’s largest oil refiner and PetroChina’s sister company, said last week that the US-Iran War and the country’s own clean energy innovations had probably helped tip oil demand into decline, with the country’s consumption likely peaking last year.
Overall net income for PetroChina rose to 103.9 billion yuan ($15.5 billion) for the six months through June, compared to 85.2 billion yuan in the first half of last year. Revenue climbed 5.3%.
Much of that was due to higher oil prices caused by the Iran war. Brent crude averaged about $87 a barrel from January through June, compared with around $71 in the same period in 2025. The global benchmark touched a four-year high above $126 a barrel in late April, but has since given up most of its gains. The outlook remains uncertain though, given the conflict has now been going six months with no sign of ending.
Refining, Trading
PetroChina also operates a large refining operation. For that unit, higher oil prices translate to more expensive feedstock costs. The company wasn’t able to pass those along to consumers, as the government curbed fuel exports and capped domestic prices to curb inflation.
Still, the oil major was shielded from some of the impacts of global volatility, as its robust domestic production network meant it wasn’t as exposed to higher freight and insurance costs linked to shipping disruptions, Morgan Stanley analysts including Jack Lu said in a note.
PetroChina itself marked a 5.8% drop in fuel sales in the first half of the year and shrunk its fleet of gas stations.
It has also become a more nimble international trader. Investments in clean energy as well as oil and gas storage have allowed the country to become more flexible in terms of imports, and PetroChina has been particularly aggressive at re-selling its liquefied natural gas cargoes to other markets when prices are advantageous.
The company’s shares rose as much as 2.1% in Hong Kong on Monday.
©2026 Bloomberg L.P.
By Andrew J Quinn Westminster Correspondent
Published 31st Aug 2026, 15:42 BST Updated 31st Aug 2026, 19:21 BST
Sir Mel Stride and Dame Priti Patel were ousted as shadow chancellor and shadow foreign secretary on Monday.
Kemi Badenoch has moved Andrew Bowie as her shadow Scotland secretary as part of a shake-up of her frontbench team at Westminster.
The Conservative party leader has also ousted Sir Mel Stride and Dame Priti Patel as shadow chancellor and shadow foreign secretary on Monday.
Andrew Bowie and Kemi Badenoch | PA
They have been replaced by Andrew Griffith and Tom Tugendhat.
Mr Bowie, the MP for West Aberdeenshire and Kincardine, has been replaced as shadow Scotland secretary by Gordon and Buchan MP, Harriet Cross. He will remain in Ms Badenoch’s frontbench team, replacing Claire Coutinho as shadow energy secretary - who will replace Mr Griffith as shadow business secretary.
The Conservative leader is carrying out a reshuffle of her shadow cabinet before Parliament’s return on Tuesday, and before the party’s conference in October.
It comes after Sir James Cleverley, the former foreign secretary and home secretary, announced he would be standing down from the shadow cabinet to run for the Tory London mayoral candidate.
Sir James announced on Saturday he will stand down as shadow housing secretary to take a run at the Tory candidacy for London mayor.
A senior Tory source said Mr Griffith had been appointed because of his “incredibly impressive financial and business background”, pointing to his work as a former Sky executive and as chairman of Just Eat.
They added: “While the Labour front bench has almost no private sector experience, Andrew’s experience means he not only knows but understands the many issues that businesses face and has a wealth of contacts in the business community.”
Mrs Badenoch paid tribute to Sir Mel’s work as shadow chancellor, and said: “Like Priti, Mel came into the job at an exceptionally difficult point for the Conservative Party.
“He brought experience, seriousness and stability when those things were badly needed. He helped us steady the ship, rebuild economic credibility and become an effective opposition, and I am genuinely grateful for his contribution.
“The Conservative Party would not have got where we are without his work and his very effective skewering of Rachel Reeves and her disastrous time as chancellor. Mel has been very supportive of the new economic team and the party, and been exceptionally loyal, and I will always be grateful to him for the work he has done.”
Sir Mel described his time in the senior Tory role as a “great honour”, and added: “The Conservative party must continue to champion an approach which is both radical and deliverable.
“It is essential that the next Conservative government does things very differently, backing business like never before and getting government out of the way. The Conservatives have a good story to tell on this now and one that I know will continue to grow stronger and stronger under Kemi’s leadership.
“I am now looking forward to continuing to make a real contribution to the Conservative team in Parliament and beyond, to build and amplify our vision for Britain, from the back benches.”
New shadow business secretary Ms Coutinho is currently on maternity leave. Her role will be covered by Conservative former minister Julia Lopez until the new year.
By Michael Kern - Aug 31, 2026, 2:00 PM CDT
Two days after President Trump called his new Venezuela agreement “the biggest oil deal in world history,” the story has already moved past the barrels themselves. A Pentagon spokesman contradicted the reported ownership structure. The company positioned to run the fields changed hands under murky circumstances just weeks before the deal was announced. And the revenue figures Caracas released over the weekend fall apart under basic math.
Trump announced the deal Friday on Truth Social, saying Secretary of State Marco Rubio and Defense Secretary Pete Hegseth had negotiated with Venezuela's interim President Delcy Rodriguez to secure majority U.S. control of more than 65 billion barrels of Venezuelan oil reserves.
Rodriguez called it “historic” in a televised address Saturday night, describing a 25-year agreement covering 17 oilfields with a production target of 1.5 million barrels a day. Neither side has released the text of the agreement.
As for the oil market, it isn't behaving like anything historic just happened.
Brent crude jumped more than 2% Monday morning, not over anything related to Venezuela, but because the U.S. struck Iranian rocket launchers positioned near the Strait of Hormuz.
Whatever is actually moving oil prices this week, it isn't this deal.
The U.S. Government Can't Agree On What It Signed
A U.S. official told PBS the arrangement gives Washington a 55% effective interest in a newly formed private company that will run the 17 fields, with the right to buy oil at cost for the Strategic Petroleum Reserve…
By Saturday, the Wall Street Journal was reporting something different: a 35% passive stake in North American Blue Energy Partners, a firm already pumping around 200,000 barrels a day in Venezuela, financed through Pentagon “penny warrants” rather than a direct equity purchase.
The Pentagon denied that version within a day…
Spokesman Sean Parnell said its Office of Strategic Capital “does not take equity stakes in private companies.”
Nobody has reconciled the two accounts, and no contract text exists publicly to settle it.
The company at the center of that confusion, NABEP, is run by Alejandro Betancourt, a Venezuelan oil trader with longstanding political connections in Caracas.
Weeks before that announcement, a buyer linked to Betancourt took over a minority stake in NABEP that had belonged to Florida oil trader Harry Sargeant III, a figure accused by U.S. allies of propping up the former Maduro government. Days after that sale closed, the Treasury Department froze Sargeant's offshore holding company.
None of that proves the new deal is corrupt. But it's the same kind of opaque dealmaking that has defined Venezuela's oil sector for years, playing out again around the largest oil announcement in the country's history.
The Reason Exxon And Conoco Aren't Signing Anything
Washington has been trying to get major oil companies back into Venezuela since Maduro's capture in January, and the pitch keeps hitting the same obstacle…
Venezuela never paid what it already owes.
Exxon and ConocoPhillips were pushed out of the country during Hugo Chavez's 2007 nationalization wave and later won international arbitration awards that Caracas never fully honored. Conoco alone is still owed somewhere between $10 billion and $12 billion, and its CEO, Ryan Lance, has said collecting that debt isn't a side issue, it's a condition for putting any new money into the country.
Add up every unresolved nationalization claim and defaulted bond, and Venezuela is carrying something close to $170 billion in legacy liabilities that predate this deal, debt that ranks ahead of whatever a new investor might put in.
That's part of why the companies actually operating in Venezuela today are a narrower group…
Chevron, which never fully left, along with smaller independents and oilfield service firms willing to accept more risk. Exxon has called the country uninvestable more than once. Even setting the debt aside, the oil itself is difficult to produce.
Much of what sits in the Orinoco Belt is extra-heavy crude that has to be blended with lighter diluent before it can move through a pipeline, and Rystad Energy said in July that raising output just 17% by 2028 would take “higher drilling activity, extensive workover campaigns, improved infrastructure and significantly greater rig availability”.
Francisco Monaldi of Rice University's Baker Institute told NPR that many of the fields in this deal are still undeveloped and will take years to produce anything, calling a near-term jump in output highly unlikely.
Venezuela's $209 Billion Number Doesn't Hold Up
Rodriguez's revenue estimate rests on oil holding at $65 a barrel for the next 25 years, a price crude hasn't traded near this year, with Brent now above $90.
Under her numbers, Venezuela collects $19 for every barrel produced, adding up to $209 billion over the life of the deal. That sounds substantial until it's measured against what the country used to get.
Under the fiscal terms Hugo Chavez put in place, Venezuela's government collected more than 75 cents of every dollar of oil extracted, through royalties, taxes and PDVSA dividends.
Economist Francisco Rodriguez has pointed out that $209 billion spread across 25 years works out to about $8.4 billion a year, less than the $18.4 billion Venezuela brought in during 2025 alone, when it produced barely 941,000 barrels a day. He's also flagged what a flat $19-a-barrel figure is worth by the time the deal ends: adjusted for inflation, $19 in 2051 is worth roughly $9 today.
None of this erases the fact that Venezuela's reserves are real, or that controlling access to them carries genuine strategic weight. But two days in, the U.S. government still can't describe its own deal consistently, the companies with the technical experience to actually develop these fields are staying out over debts nobody has addressed, and the number Caracas is using to sell the deal back home is a lot smaller than it sounds.
Kyiv • UNN August 31 2026, 07:57 PM • 4908 views
Trump will meet with oil refiners to increase oil-refining capacity. Gasoline prices in the U.S. have risen to $4.08 per liter.
The White House said that on Tuesday, U.S. President Donald Trump will meet with representatives of large and small oil refining companies to discuss ways to increase America’s capacity to refine oil into gasoline, UNN reports, citing AP.
Details
The meeting will take place against the backdrop of the war with Iran, which has driven the national average price of gasoline up to $4.08 per liter, 28% higher than a year ago, according to AAA data.
The White House said that increasing the number of oil refineries and expanding the capacity of existing facilities would ultimately lower prices for consumers. The administration also sees a need for more refineries to process oil from Venezuela.
The meeting will also be attended by Secretary of the Interior Doug Burgum, Secretary of Energy Chris Wright, and Jarrod Agen, director of the White House National Energy Dominance Council.
https://unn.ua/en/news/trump-to-gather-oil-refiners-amid-spike-in-us-gasoline-prices
India’s imports of spot crude cargoes from producers such as the United States and Venezuela are being driven by the prevailing cargo and oil prices, the top executive of India’s state-owned Oil and Natural Gas Corporation (ONGC) has said.
“Imports are decided by the price, except for term crudes. Now term crudes are gradually going down. Spot crudes are mostly decided cargo-to-cargo based on price,” ONGC chairman and CEO, Arun Kumar Singh, told Indian media after the company’s annual general meeting.
“So, how much will be imported, we don’t know. But it looks like at least 60 per cent plus of India’s oil imports is a function of the price in that particular month or M+2,” Singh added.
In the bigger picture amid the geopolitical upheaval that has trapped Indian term supply in the Persian Gulf, supply is actually not an issue as India will always find crude to import, the executive said.
“It is some geopolitical issue which is causing trouble, and ultimately economics prevail. Geopolitical disturbances could be for some months or years, but ultimately world economy prevails,” Singh said.
Despite a decline in dependence on primary energy imports, India remains highly dependent, at a massive 90%, on crude oil imports for its consumption.
India, the world’s third-largest crude oil importer, has seen its dependence on crude oil imports steadily rising in recent years amid soaring demand and falling domestic production.
The Middle East crisis sent Indian refiners scrambling for alternatives and the government looking to expand strategic storage sites to hold more reserves to cushion the next supply shocks.
In the wake of the Iran war and the disrupted crude flows at the Strait of Hormuz, India found itself in search of alternatives to replace the lost Middle Eastern supply. Record crude oil imports from Russia have helped cushion the blow, but India also turned to West Africa, Venezuela, Brazil, and the U.S. for spot supply to offset cargoes that aren’t coming out of the Persian Gulf.
By Tsvetana Paraskova for Oilprice.com
http://www.baystreet.ca/commodities/8935/Price-Not-Politics-Is-Driving-Most-of-Indias-Oil-Buying8935
Saudi Aramco has increased oil offerings for September loading outside the Strait of Hormuz, according to a Reuters report early Wednesday citing people familiar with the matter. The move follows the sale of at least 4 million barrels to China this month.
The state oil producer has reportedly initiated a sales process for Arab Medium and Arab Heavy crude with Asian buyers for the second week in a row. The cargoes are being offered through ship-to-ship transfers off Fujairah in the United Arab Emirates or Sohar in Oman, both located outside the strait. Bids were due on Wednesday.
Shipping data shows Aramco has been transporting cargoes using tankers with their tracking systems turned off to avoid attacks while passing through the strait. The waterway handled one-fifth of global oil and gas flows before the U.S.-Iran conflict began on February 28.
Two supertankers carrying 4 million barrels of Saudi crude are heading to China after loading through ship-to-ship transfers off Sohar, according to shipping data from Vortexa and Kpler.
The very large crude carrier Singapore Prosperity transferred its Saudi crude cargo around August 22 to the VLCC Xin Hui Yang, which is scheduled to reach Ningbo port in eastern China on September 15. On Tuesday, VLCC Algeria Prosperity transferred its cargo to the VLCC Xin Han Yang, expected to arrive at Zhanjiang port in southern China on September 12. Both shipments are destined for Sinopec, the world’s largest refiner, according to Vortexa.
Aramco sold at least 4 million barrels of heavier grades to PetroChina and Sinochem last week after restarting oil loading at the Ras Tanura port earlier in August.
Source: Investing.com
Published on: September 1, 2026 8:31 PM
Two supertankers carrying Saudi crude were struck by unknown projectiles while leaving the Strait of Hormuz. The incidents happened within minutes of each other late Monday. Shipping intelligence and tracking firms Marisks and Kpler reported the attacks.
Both tankers were carrying Saudi oil loaded at the Juaymah terminal. Kpler data showed each vessel had loaded two million barrels of Saudi crude. The shipments were loaded during the previous week.
The tankers were travelling outbound through the Strait of Hormuz when the incidents occurred. The attackers and the type of projectiles used remain unidentified. No further details about damage or casualties were provided.
Marisks described the incidents as a further escalation in the security situation around the Omani corridor. The firm noted that the attacks occurred almost simultaneously. The incidents added to concerns surrounding vessels using the important waterway.
The Strait of Hormuz serves as a key route for global oil shipments. The latest incidents involved vessels carrying crude from Saudi Arabia. Both ships were transporting oil after loading at the Juaymah terminal.
Saudi Aramco resumed oil loadings and sales from inside the Strait of Hormuz in August. The move allowed shipments to continue through the strategic waterway. The latest attacks occurred after those operations resumed.
The incidents highlight renewed security concerns for oil tankers travelling through the strait. Shipping firms continue monitoring vessel movements and developments in the area. Further information about the attacks was not included in the available report.
https://dailytimes.com.pk/1546564/two-saudi-oil-tankers-attacked-in-strait-of-hormuz/
By Charles Kennedy - Sep 02, 2026, 1:50 AM CDT
BP has named Ian Tyler as its permanent chair with immediate effect, completing a leadership search launched after the company abruptly removed former chair Albert Manifold in May.
Tyler has served as interim chair since May 26, when BP's board unanimously removed Manifold, citing what the company described as serious concerns relating to governance standards, oversight and conduct. BP did not provide further details at the time.
The permanent appointment puts Tyler alongside CEO Meg O'Neill at the head of a company undergoing a significant strategic and organizational overhaul.
Tyler joined BP's board as a non-executive director in April 2025. His previous positions include chairing Cairn Energy, now Capricorn Energy, and serving on the board of defense contractor BAE Systems. He is currently chair of building materials distributor Grafton Group and senior independent director at Anglo American. Before moving into board roles, Tyler spent 17 years at Balfour Beatty, including eight years as chief executive.
His promotion follows an unusually turbulent period in BP's senior ranks. O'Neill took over as chief executive on April 1 after being recruited from Australia's Woodside Energy, becoming an external hire to lead BP after the departure of Murray Auchincloss. BP said when announcing O'Neill's appointment that it wanted to accelerate efforts to become a simpler, leaner and more profitable company.
The leadership changes come as BP attempts to improve returns and rebuild investor confidence following years of strategic shifts. The company reset its strategy in 2025 around a growing upstream business, a more focused downstream portfolio and substantially more selective investment in transition businesses. Under that plan, BP said it expected oil and gas investment of roughly $10 billion annually while cutting planned spending on transition businesses to $1.5 billion-$2 billion per year through 2027.
O'Neill has since moved toward a more clearly defined upstream and downstream operating structure, while BP continues to emphasize capital discipline and shareholder returns.
Tyler said his priorities as chair will include reshaping the board, ensuring it has the expertise required to support BP's strategic objectives and increasing engagement with shareholders.
His appointment resolves the immediate uncertainty created by Manifold's departure. Manifold had himself only recently succeeded longtime BP chair Helge Lund before being removed in May, making boardroom stability an important issue as O'Neill pushes ahead with the company's restructuring.
Further board turnover is already planned. Senior Independent Director Dame Amanda Blanc, who led the search for BP's permanent chair, has told the board she will not seek re-election at the company's 2027 annual meeting. She will remain in place until BP appoints her successor.
U.S. oil major Chevron (CVX) has announced plans to invest $7 billion U.S. in Venezuela and more than double its oil production in the South American country.
Chevron has been given two additional oilfields in Venezuela’s Orinoco Belt, the region that contains most of the nation’s heavy crude reserves.
Management at Chevron said they plan to increase the company’s production in the country to 600,000 barrels per day compared with around 280,000 barrels per day currently.
Chevron is the only major U.S. oil company that’s currently active in Venezuela. Other American oil companies have pulled out of the country over the past two decades.
News that Chevron is expanding its production comes as the U.S. government pushes to increase oil production in Venezuela.
U.S. President Donald Trump recently announced that the U.S. has secured control over 65 billion barrels of Venezuela’s crude reserves.
Venezuela has the largest proven crude oil reserves in the world with about 303 billion barrels. However, the country’s energy infrastructure is in disrepair after years of mismanagement.
The interim government in Venezuela has given the U.S. 100-year concessions on 17 oilfields and granted the U.S. Defense Department a 35% equity stake in its crude oil industry.
Earlier this year, the U.S. military captured Venezuela President Nicolás Maduro and jailed him in America.
CVX stock has risen 30% over the last 12 months to trade at $211.05 U.S. per share.
President Donald Trump is set to meet with executives of oil refineries and distributors on Tuesday in an effort to lower the price of gas for consumers.
Oil companies now face a squeeze: cut prices to satisfy the president, or protect the profits their shareholders expect. The president is one of those shareholders.
Trump to Meet with Oil CEOs
With ongoing talks of building out oil infrastructure in Venezuela, Trump is set to meet with executives of small, medium and large sized oil refineries and distributors on Tuesday.
A list of oil executives has not been released, but Reuters reports that ExxonMobil (NYSE:XOM) was not invited. That news comes as Exxon's CEO was critical of Venezuela in the past, saying the region was uninvestable.
The executives are expected to discuss how to expand refining capacity to help lower gas prices, according to The Hill.
Trump has accused refineries of gouging customers in the past.
The meeting comes as gas prices are above an average of $4 nationwide and consumers continue to struggle with higher prices at the pump.
Oil companies are reporting record profits with higher prices of oil. A report from Climate Power says 27 oil companies made $85.2 billion in profits in the second quarter, including Exxon Mobil reporting $14.7 billion, which was more than double year-over-year and Chevron Corporation(NYSE:CVX) making $12 billion, up more than 300% year-over-year.
Trump's Stock Portfolio Holds Oil Names
While oil companies have to strike a tough balance of keeping the president and shareholders happy, there is another tough balance.
Trump talks a tough game on oil companies gouging customers and perhaps overcharging during tough times. This comes as his investment portfolio owns stakes in many of the top oil stocks.
Here's a look at his 2026 trading history, with data from Quiver Quantitative:
This is a small portion of Trump's thousands of trades made this year. The White House has said that the president does not manage his trades and is not aware of what's in his portfolio.
Members of Congress also own oil stocks and could be profiting from the rising price of oil and gas during the current conflict in the Middle East.
Valero Energy Corp's 385,000 barrel-per-day (bpd) Port Arthur, Texas (U.S.) refinery was hit by a partial power outage on Tuesday night following the passage of Tropical Storm Edouard, people familiar with plant operations said.
The refinery's smaller AVU-147 crude distillation unit was shut down by the power outage on the south side of the plant, and the larger AVU-146 CDU was operating at the minimum crude processing level, the sources said.
CDUs begin the fuel-making process by breaking down crude oil into feedstocks for the units that make gasoline, diesel, lubricating oils, and feedstocks used to make plastics.
Valero's Port Arthur refinery accounts for 2% of national refining capacity, equal to most of the U.S. refining capacity not being utilized by refineries running at 97.4% of the 18.03 million bpd of national capacity, according to the U.S. Energy Information Administration.
U.S. Energy Secretary Chris Wright has said the Trump administration will work with U.S. refiners to increase production to reduce gasoline prices, which are averaging $4 a gallon as the administration attempts to hold to thin majorities in the House of Representatives and Senate.
Three other refineries in East Texas continued normal operation as Edouard came ashore and moved across Port Arthur and Beaumont.
Motiva's 656,400-bpd Port Arthur refinery continued normal operation through the tropical storm on Tuesday. The refinery, owned by Saudi Aramco subsidiary Motiva Enterprises, is the largest in the United States.
Exxon's largest refinery, the 612,000-bpd refinery in Beaumont, Texas, continued operating while Edouard was ashore. TotalEnergies' 238,000-bpd Port Arthur refinery also continued operating.
Exxon and TotalEnergies sent contractors home, but kept employees on their jobs on Tuesday.
It's shopping season for America's pipeline giants.
As they prepare for a wave of new U.S. natural gas production to power AI data centers or to be exported overseas, the top pipeline players are quickly buying up their smaller private competitors to consolidate the industry and build out scale.
This week, Tulsa, Oklahoma-based ONEOK bought West Texas's Brazos Midstream's Permian Basin assets for $4.42 billion. This comes shortly after pipeline giant Williams acquired Momentum Midstream and its Texas and Louisiana pipeline gathering and processing facilities for $5.5 billion. In May, Western Midstream paid $1.6 billion for Brazos' Delaware Basin facilities in the western lobe of the Permian.
In the 20 years of U.S. shale gas boom since 2006, U.S. natural gas production has more than doubled—following over three decades of flat output—and is projected to continue skyrocketing through 2050. The U.S. now produces about a quarter of the world's natural gas—almost double the output of second-place Russia—and leads the world in liquefied natural gas (LNG) exports, even though the U.S. only started shipping LNG 10 years ago.
The continued buildout of LNG export facilities in Texas and Louisiana, coupled with surging domestic demand to power AI, means that U.S. natural gas output could rise another 35% from now until 2050 up to 150 billion cubic feet per day (Bcf/d)—versus 50 Bcf/d 20 years ago—according to U.S. Department of Energy projections.
London Spivey, energy analyst for East Daley Analytics, told Fortune that ONEOK is getting a good value to grow its large footprint in the Permian's more mature Midland Basin through the Brazos deal.
"They're getting the gas to help feed that AI demand to profit along every step of the value chain," Spivey said, acquiring the gathering lines from the wells and the gas processing plants. "They pull it out of the ground, they bring it to their plant, they process it, they're able to put it on one of their pipelines and transport it to that end demand, whether it's data centers or feeding LNG."
The Brazos deal includes 700 miles of gathering lines and 1.2 Bcf/d of gas processing capacity.
"It highlights the trend that we've been seeing across the entire industry of these big publics going in and buying out all these privates and consolidating," Spivey added.
In an interview prior to the Brazos deal, ONEOK CEO Pierce Norton told Fortune that the company is positioning itself for the rise of natural gas supplies.
"There will eventually have to be more drilling in the United States than what's going on right now, which will probably mean that [gas] price does creep up," Norton said. "The demand is going to be there, and it's going to be driven by LNG exports and the AI data centers."
https://finance.yahoo.com/energy/articles/u-churn-much-more-natural-070900651.html
South Africa: Sasol profits fuelled by high oil prices Sasol aims to have 2,000 megawatts of renewable electricity capacity by 2030
Petrochemical company Sasol reported a 9% rise in annual profit, buoyed by higher crude oil prices and higher fuel sales volumes.
Sasol’s headline earnings per share — a profit measure — came in at R38.31 in the year ended 30 June, compared to R35.13 the previous year.
Conflict fuels the fire
The company, which uses coal and natural gas to produce synthetic fuel and chemicals, said a 7% increase in the average Brent crude oil price helped boost income.
Brent crude prices spiked after Israel and the United States launched strikes against Iran in late February this year.
Prices have remained elevated and volatile as the ongoing conflict and disruptions to shipping through the Strait of Hormuz have heightened concerns over global oil supply security.
Sasol once again skipped paying a dividend as its $3.3bn net debt remained above the $3bn cap in terms of its dividend policy.
Going for green
Sasol is one of the world’s most carbon-intensive energy companies, and its Secunda coal-to-liquids facility is considered one of the largest single-site sources of greenhouse gas emissions globally.
The company plans to decarbonise by reducing its dependence on coal, increasing renewable energy use, improving operational efficiency and incorporating natural gas and green hydrogen as lower-carbon feedstocks for its industrial processes.
Sasol aims to have 2,000 megawatts of renewable electricity capacity by 2030, primarily based on long-term power purchase agreements with independent suppliers.
The company said it has so far contracted for 1,370MW of its targeted renewable energy supply, with 510MW of that already operational and saving the company as much as R550m annually.
By Irina Slav - Sep 03, 2026, 1:30 AM CDT
Stronger appetite for Middle Eastern crude grades from China and India has added upward pressure on prices for these grades, pushing the Dubai futures close to $100 per barrel, Bloomberg reported today, citing unnamed traders.
Demand for Middle Eastern oil is especially strong from refining majors such as Indian Oil Corp. and PetroChina, as well as refiners in South Korea and Japan, the report said. This is despite the latest escalation between the United States and Iran, with Saudi Arabia’s oil exports dropping to the lowest since 2017, according to data from ship-trackers including Kpler and Vortexa.
A further price rally may well be on the table as some cargoes face delays from August to September and October, Bloomberg also noted. At the time of writing, Murban futures, the UAE benchmark, was trading at $106.10 per barrel, and DME Oman, the Middle East sour crude benchmark for Asia, was trading at $99.18 per barrel.
The stronger demand comes despite depressed flows of oil via the Strait of Hormuz. Over the past week, the average daily volume of oil making its way via the waterway stood at between 6 and 8 million barrels.
Asian buyers, meanwhile, are also stepping up purchases from other regions, notably Brazil, Canada, and Argentina, with China and India also buying more Russian crude.
While Middle Eastern oil prices rise, Brent crude and West Texas Intermediate dippedyesterday, reflecting uncertainty about developments in the Middle East even as mutual strikes between the United States and Iran continue. According to some analysts, the dip in prices came in response to a pause in the strikes. It appears traders believe the pause could extend, despite a statement by President Trump that “It was a very heavy attack last night, and we're prepared to do another one any time we want.”
OPEC's fourth straight demand cut trimmed China and India forecasts by a combined 170,000 barrels per day, yet Brent settled at $91.28 and WTI at $86.57 on September 1.
BY AKIHITO MURANAKA
SEPTEMBER 1, 2026
Oil prices traded above $91 a barrel in early September 2026 as OPEC cut its annual demand forecast for the fourth consecutive month, citing China and India weakness.
SINGAPORE – Three of the world’s most closely watched energy agencies have now downgraded their 2026 oil demand forecasts. None of them has moved the Brent price.
Brent crude settled at $91.28 a barrel on Monday, September 1, extending a run that has kept the benchmark above $90 for the better part of the past three weeks. West Texas Intermediate closed at $86.57. The two benchmarks ended the session above the top of every major institutional demand forecast for the third quarter, a gap that has widened with each successive monthly revision.
The most recent came from the Organization of the Petroleum Exporting Countries, which in August cut its 2026 global oil demand growth estimate to 580,000 barrels per day from 780,000 the month before. It was the fourth consecutive downgrade, and the arithmetic behind it points almost entirely to two countries: China and India.
OPEC reduced its Chinese demand forecast by 110,000 barrels per day and its Indian forecast by 60,000 barrels per day, together accounting for more than the full month-on-month cut. In China, the revision reflects slower-than-expected recovery in manufacturing, accelerating electric vehicle adoption, and a property-sector contraction that has suppressed diesel demand in construction and freight. In India, elevated retail fuel prices, a direct consequence of Brent trading near $91, have compressed road transport and agricultural consumption more than seasonal models anticipated.
The pattern across both countries points to demand destruction driven by price: consumers and businesses adapting to fuel costs that have run 32 percent above year-earlier levels for months. Diesel trucking fleets in both countries have begun shifting loads to rail or scaling back mileage, a behavioral change that takes quarters to reverse even after prices fall. That feedback loop, where high crude prices erode the demand that sustains those prices, is what the IEA has been flagging since spring.
The International Energy Agency projected global oil demand would fall by 1 million barrels per day to 103.5 million barrels per day in 2026, a figure published in the agency’s August Oil Market Report. That is not a growth slowdown, it is outright demand contraction, which the IEA attributes to the combination of sustained high prices and supply-side disruption from the US-Iran conflict that pushed Brent to a July peak above $105. The gap between the IEA’s 2026 demand view and OPEC’s has widened to 1.6 million barrels per day, among the largest divergences between the two organizations in recent memory.
OPEC still projects net demand growth of 0.6 million barrels per day for 2026 as a whole, an estimate it anchors to resilience in non-OECD economies beyond China and India. The IEA believes that anchor has already broken.
The IEA projected in August 2026 that global oil demand would fall by 1 million barrels per day, an outright contraction rather than a slowdown, driven by sustained high prices and supply disruptions.
Neither agency’s bearish scenario appears priced into Brent’s September 1 settlement. The Brent market’s structure, where near-term prices carry a premium over deferred delivery, reflects a supply environment that is still tight enough for physical buyers to pay up for immediate barrels. US commercial crude stocks have remained below the five-year seasonal average through most of the summer, even as OPEC+ has added 188,000 barrels per day of output for five consecutive months, as Monday’s price report noted.
The Energy Information Administration placed its Q3 Brent average near $85 per barrel in its August short-term energy outlook, with Q4 at $78. Both targets imply a significant drop from current levels, yet both have been running behind actual prices since July.
The timing question is what remains unresolved. The demand destruction OPEC is now documenting in China and India through mid-August has not yet fully filtered into observable inventory data. September’s EIA weekly petroleum reports will begin to show whether the slowdown in Asian refinery intake is translating into stock builds in the Atlantic Basin. The August 29 Brent close at $88, before the Labor Day-week rally pushed prices back above $91, suggested the market is at least testing its upper range.
OPEC’s fourth consecutive demand cut is not the same as a supply glut. Physical crude availability is still tight, the forward curve is still in backwardation, and no declared resolution to the Hormuz supply risk has materialized. What the four cuts do signal is that the demand base supporting current prices is narrower than it was in January, and that China and India, which were supposed to carry global demand growth in 2026, are instead trimming it. Whether that matters for price in September depends almost entirely on what this week’s inventory data shows.
https://easternherald.com/2026/09/01/opec-demand-cut-brent-oil-price-september-2026/
Stopping purchases of Russian oil will not help end Moscow's all-out war against Ukraine, Indian Foreign Minister Subrahmanyam Jaishankar said on Sept. 3 during his first visit to Kyiv.
India remains Russia's second-largest buyer of crude, only behind China. Purchases of Russian oil from the two countries provided Moscow with a major source of revenue since the start of its full-scale invasion in 2022, helping finance the ongoing war.
Speaking at a briefing with his Ukrainian counterpart Andrii Sybiha, Jaishankar said he believes solutions to Russia's war "won't emerge from the battlefield" and India is ready to contribute to efforts to end it.
He said ensuring fuel supplies for India's 1.4 billion people is a challenge, adding that he respects Ukraine's position on Russian oil purchases, but expects the same respect for India's position.
"This conflict, which is today in its fifth year, will not dissolve because somebody is buying or not buying oil or alumina or minerals or metals..." the Indian minister said.
"This conflict will be solved by dialogue, by diplomacy, by negotiations. And that is why it is something we would encourage."
Last August, U.S. President Donald Trump imposed 25% tariffs on Indian imports over the country's energy trade with Russia, bringing the total levy to 50%. The tariffs were later reduced to 18%, while Washington has pushed India to replace Russian oil with Venezuelan crude.
The U.S. House is expected to vote later this September on a bill that could impose tariffs of up to 100% on countries among the top five buyers of Russian oil or gas, including India and China.
The average price of diesel in the United States hit $5.7832 per gallon on Thursday, which is just three cents lower than the record-high of $5.8159 in mid-June 2022, when the Russian invasion of Ukraine sent fuel prices to record highs, data from AAA showed.
The U.S. national average gasoline price is about $1 per gallon below the all-time high of $5.0165 from June 2022, but at over $4.10 a gallon now, the gasoline price is the highest it has been at this time of year, and is $1 higher than the average $3 before the war in Iran began at the end of February.
Gasoline prices are a concern for the U.S. Administration, which is pressuring refiners to find ways to lower prices at the pump, two months ahead of the mid-term elections in November.
Diesel prices are also a major concern, including for the U.S. economy and the interest rate path of the Fed, as diesel is essential for economic growth and inflation of the price of goods.
Diesel markets in the United States and globally have severely tightened in recent weeks, amid crippled fuel supply from the Middle East and Russia, due to the Iran and Ukraine wars, rising seasonal demand with the harvest season, and insufficient capacity elsewhere to compensate the lost diesel flows from the Strait of Hormuz and Russia.
The re-escalation in the Middle East and the Russian ban on diesel exports amid incessant Ukrainian drone attacks on refineries pushed middle distillate cracks to record highs this week.
“At this pace, we could even break the all-time diesel record ($5.819/gal) by Labor Day,” Patrick De Haan, head of petroleum analysis at GasBuddy, said on Wednesday.
The analyst also said that Gulf Coast spot diesel prices hit a record earlier this week.
“The market is short- buyers bidding up every drop like a housing market with too few homes…higher retail diesel prices coming *coast to coast*,” De Haan said.
By Michael Kern for Oilprice.com
https://oilprice.com/Energy/Gas-Prices/US-Diesel-Prices-Surge-Toward-All-Time-High.html
Chinese refiners are paying a hefty premium for Russia’s ESPO crude to replace Iranian crude that independent refiners were importing before the U.S. installed its naval blockade on the country.
East Siberia-Pacific Ocean crude, or ESPO, for delivery in November is trading at a premium of over $7 per barrel, with offers reaching as high as $10 per barrel over Brent crude, Bloomberg reported today, citing traders. The blend is loaded from Russia’s Far East coast and can reach the buyers in China in less than a week, the publication noted.
China is the biggest buyer of ESPO crude, with a market share of 83% for the first seven months of the year. However, this share is down from 88% a year earlier. The change came amid stronger ESPO buying from Indian refiners, whose market share for the Far Eastern Russian crude blend went up from 12% to 16% for the first seven months of the year, according to data from Kpler and Vortexa. Total oil exports from Russia’s Far Eastern port of Kozmino ticked up by 6% over the first seven months of the year.
India raised its ESPO imports due to the slump in overall Chinese oil imports between May and June, and the supply disruptions in the Middle East, which delayed many term cargoes Indian refiners were expecting in the early summer.
Normally, Indian refiners prefer the Urals blend but have now warmed up to ESPO even though it takes longer to reach its destinations in India and is costlier than Urals. However, the Far Eastern blend is a good backup option for Indian buyers in times of disruption, according to energy analysts.
Meanwhile, India’s crude oil imports from Russia are estimated to have eased in August from July’s record high, as Ukrainian attacks on Russian export infrastructure and competition from China for Russia’s barrels have dented Indian intake of Moscow’s oil.
By Irina Slav for Oilprice.com
The US State of California has filed a lawsuit against the Trump administration and offshore wind developer Golden State Wind over an agreement that terminated a planned offshore wind project off the state’s Central Coast in exchange for a USD120m federal reimbursement and a commitment to invest in fossil fuel projects in US oil and gas assets, energy infrastructure, and/or LNG projects along the US Gulf Coast (California Department of Justice statement, 28/08/2026).
California alleges that the Department of the Interior (DOI) unlawfully used USD120m in Californian taxpayer funds to reimburse Golden State Wind for surrendering an offshore wind lease that it acquired in a 2022 auction. Golden State Wind is a joint venture between Ocean Winds, a partnership between France’s ENGIE and Portugal’s EDP Renewables, and Reventus Power, a London-based offshore wind investment firm.
Golden State Wind had planned a 2 GW floating offshore wind project off California’s Central Coast. “The lease buyout jeopardizes thousands of high-quality jobs and the State’s investments in the offshore wind industry, including from voter-approved climate bonds. The canceled projects also threaten to set back California’s burgeoning offshore wind industry by years”, said the California Department.
In April 2026, the US Department of the Interior (DOI) announced that it would terminate the lease under an agreement with Golden State Wind. The DOI cited unspecified national security concerns as justification for the cancellation, despite the federal government having already reviewed and approved the lease area following years of analysis and consultation with the US Department of Defense. Under the agreement, the federal government would unlawfully "reimburse" the company with USD120m from the Judgment Fund, while Golden State Wind would withdraw from offshore wind development in California, according to the statement. Ocean Winds and its partner Global Infrastructure Partners (a unit of asset manager BlackRock) also agreed to terminate their proposed 2.4 GW Bluepoint Wind offshore wind project off the coast of New York and New Jersey, not to pursue any new offshore wind developments in the United States, and to invest USD765m, the initial bid amount for Bluepoint Wind, in a US LNG facility.
Several companies reached similar agreements with the US government to scrap their offshore wind projects, as part of the administration’s strategy to hinder offshore wind development since Trump’s return to the White House.
A coalition of 16 German industry associations, business initiatives and environmental organizations, including the German Steel Federation (WV Stahl), has called on the German federal government to abandon plans to divert €2.7 billion in emissions trading revenues from the Climate and Transformation Fund (KTF) to the general budget.
The planned diversion was approved by the German cabinet in July as part of the draft 2027 budget, which is currently under discussion in the Bundestag, as SteelOrbis reported previously. According to the coalition, the revenues are legally allocated to the KTF and should continue to finance the climate-neutral transformation of German industry.
WV Stahl among 16 organizations backing initiative
The initiative was launched by science-based industrial climate protection organization Bellona Deutschland and Stiftung KlimaWirtschaft. In addition to WV Stahl, the signatories include the German Chemical Industry Association (VCI), the German Foundry Industry Association (BDG), the German Cement Works Association (VDZ), the Association of Industrial Energy and Power Industry (VIK), the Nature and Biodiversity Conservation Union (NABU) and WWF Germany, among others.
The signatories stated that revenues generated through emissions allowance payments by industry and the energy sector should be returned in full to the companies concerned and used for climate-related purposes, particularly industrial decarbonization investments and reductions in energy costs. They also called for the subsidy for electricity transmission grid fees to be maintained in full.
Coalition warns of impact on investment planning
According to the coalition, reducing the amount of emissions trading revenues channeled back into industrial decarbonization would weaken the planning certainty required for long-term investments and negatively affect the international competitiveness of German industry.
WV Stahl CEO Kerstin Maria Rippel stated that the transition toward climate-neutral steel production requires reliable political framework conditions and that withdrawing billions of euros from the KTF would send the wrong signal. She added that the current Middle East crisis is putting additional pressure on energy markets and driving already volatile electricity prices higher. Rippel stressed that emissions trading revenues should consistently be used for decarbonization and reducing energy prices, adding that the German steel industry cannot withstand further burdens.
The coalition also argued that Germany needs broader fiscal reforms to consolidate its budget and create additional investment capacity, but stated that these measures should not come at the expense of climate-related investments or funding for industrial modernization.
ALBEMARLE has named BHP executive Ragnar Udd as its next CEO, Reuters reported on Thursday.
Udd, currently BHP’s chief commercial officer, will take over on February 1, 2027, replacing Kent Masters, who will become executive chairman.
The appointment comes as lithium markets show signs of recovery after prices plunged from record highs in 2023.
A surge in production, particularly in China, created a glut that forced producers to cut costs, delay projects and restructure operations.
Prices have recovered in recent months as supply tightened, although they remain below their 2023 peaks.
Albemarle said in August lithium salt inventories were near record lows and spodumene inventories near historic lows, while demand prospects had improved on growth in electric vehicles and battery storage.
The company also said all three processing trains at its Wodgina mine in Australia were operating, while identifying its existing Chilean operations as its best opportunity to deploy direct lithium extraction technology.
Udd has overseen BHP’s global sales and marketing, procurement, maritime activities and commodities-market strategy. He previously led BHP’s Americas business, including its copper and potash operations.
Masters has led Albemarle since April 2020 and will remain executive chairman through the company’s 2027 annual shareholder meeting.
https://www.miningmx.com/trending/67046-bhps-udd-to-take-helm-at-albemarle/
September 3, 2026
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Uranium's long-term price has climbed to $96 a pound and spot has pushed toward $90, yet the equities of developers and explorers have largely failed to follow the commodity higher. Chris Frostad, President & CEO of Purepoint Uranium Group Inc. (TSXV:PTU), covered what's actually driving the price move, why US utilities still aren't contracting at scale, and which indicators investors should watch instead of the spot tape.
A Price Rally Built on Supply, Not Demand
Uranium has had a strong summer by most measures. The long-term price sits at $96, its first move since June and its first down-tick-free stretch in 20 months. Spot jumped a few dollars last month on the back of roughly 400,000 pounds of trading - a small volume by any standard. Frostad pointed to an EIA study released in June and July, based on the prior year's US contracting data, as the moment that reframed his own view of what's been happening.
The quick answer is the price going up has nothing to do with demand and has everything to do with supply.
Contracting volumes, he explained, have actually been falling in recent years - the opposite of what scarcity of supply would suggest. Producers are sitting at their lowest stock levels, with little product left to sell, and that scarcity - not fresh buying - is what has been pushing prices higher.
The Legacy Contract Overhang
The core reason equities haven't followed the commodity, according to Frostad, lies in contract structures signed years ago. US utilities are currently holding contracts with more than 30% built-in flexibility, allowing them to order well above their base volumes at the original contract price. In 2025, some utilities were taking delivery of uranium at prices in the mid-$50s per pound while the long-term price sat at $85, a gap wide enough that drawing down the cheaper contracted volume is, in Frostad's words, simply the smartest thing for a utility to do.
That optionality is finite, but it hasn't run out yet. Cameco's average revenue per pound came in around $67 last quarter, and Kazatomprom's realised roughly $68 per pound for the first half of the year - both well below the $96 long-term price. If producers themselves are selling in the high $60s, there isn't much room left for the developers and explorers behind them to benefit from today's headline price.
AngloGold Ashanti ADR (NYSE:AU) shares fell 4.9% in pre-market trading to $106.82 as gold prices extended a decline following Federal Reserve Chair Kevin Warsh's comments at the Jackson Hole symposium.
Warsh indicated that while recent inflation data had provided some encouraging signs, it did not demonstrate that underlying inflation trends had improved sufficiently. His comments contributed to increased market expectations for another Federal Reserve interest-rate increase.
The decline in AngloGold Ashanti came alongside weakness across other gold-mining shares, according to the supplied information, indicating that the move was not limited to the company.
Markets increase expectations for September rate hike
Market-implied expectations for a Federal Reserve rate increase in September rose to approximately 57%–60% following Warsh's remarks, compared with around 36%–40% beforehand, according to CME FedWatch data cited in the supplied information.
Gold subsequently fell more than 3% in a single session, with prices remaining under pressure as September trading began.
Higher interest rates can increase the relative attractiveness of yield-bearing assets compared with gold, which does not generate interest income. However, movements in bullion prices can reflect multiple economic and market factors.
Gold producers can also experience significant share-price movements when the underlying commodity price changes because movements in realised gold prices can affect revenue and margins.
Analyst consensus target stands near $113
The consensus 12-month analyst price target for AngloGold Ashanti stands at approximately $113, according to the supplied information, following revisions to assumptions including revenue growth and profit margins.
Analyst price targets represent estimates and do not indicate future share-price performance.
AngloGold Ashanti shares had gained approximately 26% during the previous week and reached around $121 before Tuesday's pre-market decline.
Other gold-mining stocks were also indicated lower ahead of the opening bell.
Broader U.S. equity markets trade lower
The decline came during a weaker session for broader U.S. equity markets. The S&P 500 fell 0.5%, the Dow Jones declined 0.6% and the Nasdaq was down approximately 1.0%.
Oil prices were also elevated following a tanker strike in the Strait of Hormuz, adding to market attention on inflation and interest-rate expectations.
AngloGold Ashanti's 4.9% pre-market decline therefore coincided with lower gold prices, weakness among other mining stocks and a broader decline in U.S. equities. The supplied information does not establish the extent to which any individual factor caused the share-price move.
https://finance.yahoo.com/markets/stocks/articles/anglogold-ashanti-shares-fall-4-130238157.html
Copper traded above $14,800 per tonne on Monday– equivalent to about $6.72 per lb. – and was close to its record high.
Traders took profits and reassessed the outlook for U.S. interest rates after Federal Reserve Chair Kevin Warsh’s comments on Friday raised expectations of another rate hike.
The pullback follows a surge driven by tight physical supply, heavy U.S. imports ahead of possible tariffs and a sharp squeeze in available LME metal, factors that continue to underpin bullish sentiment despite the softer start to the week.
Red metal shipments into the United States have sped up in advance of a potential tariff decision from the Trump administration, ING Think commodities strategist Ewa Manthey said in a note this month.
COMEX inventories were at a record high, and “copper imports exceeded 200,000 tonnes in July alone – the highest monthly level in at least 12 years,” Manthey said. Mine supply growth remains tight, while demand from electrification, power grid investment and AI infrastructure is supportive.
https://www.northernminer.com/news/copper-price-nears-record/1003894412/
Great Southern Copper plc (LON: GSCU) has reported a significant new porphyry copper discovery at its Especularita project in Chile, with scout drilling intersecting 106 metres at 0.33% copper and 42ppm molybdenum from surface.
The standout result came from hole RC009 at the Artemisa North prospect and included 54 metres at 0.46% copper and 66ppm molybdenum from 16 metres, with a higher-grade section of 20 metres grading 0.57% copper and 116ppm molybdenum.
Great Southern said the disseminated and vein-hosted chalcopyrite, bornite and molybdenite mineralisation occurs within potassic alteration and is strongly indicative of a porphyry copper system. Importantly, mineralisation remains open in all directions, with RC009 ending in chalcopyrite-mineralised granodiorite.
The discovery follows a proof-of-concept reverse circulation drilling programme designed to test several targets surrounding the extensive La Colorada lithocap. A total of 17 holes covering 2,474 metres were completed across Artemisa North, Artemisa South, Victoria and Piedras Blancas.
Results have so far been received for only four holes, leaving assays from 13 additional holes pending.
At the Victoria prospect, hole RC011 also encountered broad potassic alteration and copper-gold mineralisation, including 14 metres at 0.23% copper and 0.18g/t gold from six metres, with a two-metre section grading 0.85% copper and 0.48g/t gold.
The geological similarities between Victoria and Artemisa North support Great Southern’s interpretation that a broader porphyry system could exist around the margins of the La Colorada lithocap.
Chief executive Sam Garrett said the RC009 result had exceeded expectations and validated the company’s strategy of using relatively inexpensive scout drilling to test targets before committing to larger exploration programmes.
The company will now undertake detailed mapping and sampling around Artemisa North ahead of potential IP geophysical surveys and follow-up RC drilling, while awaiting results from the remaining scout holes.
Great Southern holds rights to acquire 100% of Especularita, which is located at relatively low elevation in Chile’s coastal metallogenic belt with access to established mining infrastructure. The project lies along trend from major copper deposits including Los Pelambres, Altar and El Pachon.
https://www.share-talk.com/great-southern-copper-hits-106m-of-copper-from-surface-at-especularita/
Swedish mining company Boliden AB has entered into an agreement with Brazilian Votorantim S.A. to acquire a controlling stake in zinc producer Nexa Resources S.A. This is reported in the Boliden press release.
The deal is valued at $1.31 billion ($15.29 per share, which is 14.2% higher than the closing price on July 1, 2026) with a total value of Nexa of $2.03 billion or $3.67 billion, including debt obligations. Boliden has raised $2 billion in financing from Danske Bank and ING to support the deal and tender proposals.
As part of the deal, Boliden will acquire a 64.68% stake in Nexa, a zinc and silver producer in Brazil and Peru, and will become one of the key zinc and silver producers in the world, strengthening its position as a global producer of non-ferrous metals and expanding its presence in Latin America.
After the deal closes, Votorantim will own 7% of Boliden shares. The transaction is expected to be completed in the first quarter of 2027, subject to approval by regulators and Boliden shareholders at an extraordinary general meeting.
According to the legislation, Boliden must hold tenders for the purchase of the remaining shares of Nexa and some of Nexa's subsidiaries, whose shares are listed on the Peruvian stock Exchange, within six months after the closing of the transaction. RBC Capital Markets and J.P. Morgan act as consultants to Boliden.
Upon closing of the transaction, Nexa will continue to operate within the Boliden structure as a separate legal entity registered in Luxembourg with shares listed on the New York Stock Exchange.
At the same time, Boliden will combine the mining and smelting of non-ferrous and precious metals with Nexa's assets in Latin America. The combined company will operate 12 mining and eight smelting plants in Europe and Latin America.
The combined revenue of Boliden and Nexa is 136 billion Swedish kronor ($14.9 billion), and the profit is 38 billion kronor ($4.2 billion).
Boliden AB is a Swedish multinational mining and metallurgical company. The company conducts exploration of deposits of copper, zinc, nickel, lead, gold, silver and other metals. The headquarters is located in Stockholm (Sweden).
Nexa Resources S.A. is a producer of polymetallic ores, primarily zinc. It is headquartered in Luxembourg, but operates in Latin America. Nexa Resources is a subsidiary of the Brazilian financial and industrial group Votorantim S.A.
Votorantim S.A. is a Brazilian financial and industrial group with constant capitalization. The headquarters is located in Sao Paulo (Brazil).
FILE PHOTO: Sheets of copper cathode are pictured at BHP's Escondida, the world's biggest copper mine, in Antofagasta, northern Chile March 31, 2008. Picture taken March 31, 2008. REUTERS/Ivan Alvarado. Image used for illustrative purpose.
Zinc prices hit a more than four-year high on supply worries while copper touched a seven-month peak on Tuesday before retreating under pressure from a stronger dollar and a global bond selloff.
Benchmark three-month zinc on the London Metal Exchange was up 1.3% at $3,933 a metric ton by 1020 GMT after touching $3,990 for its highest since May 2022.
Stock markets tumbled on Tuesday and bond yields jumped on the back of renewed fighting in the Middle East.
"The tight supply outlook is the main focus in the industrial metals," said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.
"There are concerns about rising yields and the potential increase in funding costs, but it just goes to show that commodities with a tight supply situation can weather the storm when there's some concern about the demand outlook."
The most-traded zinc contract on the Shanghai Futures Exchange touched a peak of 27,165 yuan a ton for its highest since January.
Falling refined zinc inventories outside China, tight raw material supply and speculative buying have boosted the metal used to galvanise steel, with August producing its strongest monthly performance since January on both the LME and SHFE.
Available LME zinc inventories, material that has not been earmarked for removal, slumped to 68,250 tons, down 28% in less than a week to their weakest since December last year, data showed on Tuesday.
Tight supply outside China has drawn metal out of the country and into overseas warehouses, supporting prices and lowering inventories in those markets.
"Domestic (Chinese) inventories saw a sharp drawdown on Monday, with spot purchasing concentrated in deliverable brands," Chinese broker Jinrui Futures said in a note.
LME copper climbed to its highest since January 29 at $14,441.50 a ton before slipping into the red to stand 0.5% down at $14,218.
A stronger dollar makes commodities priced in the U.S. currency more expensive for buyers using other currencies.
LME aluminium rose 0.3% to $3,253 a ton after touching its highest since August 13 at $3,288, lead was little changed at $1,905, nickel shed 0.7% to $16,750 and tin dipped 0.2% to $55,125.
($1 = 6.7205 Chinese yuan)
(Reporting by Eric Onstad Additional reporting by Solomon Cefai in Singapore Editing by David Goodman)
25 August 2026
The National Wealth Fund is investing up to £71 million in Tungsten West to support the restart of the Hemerdon tungsten and tin mine in Devon
The National Wealth Fund has announced an investment of up to £71 million in Tungsten West, a mining company focused on restarting the Hemerdon tungsten and tin mine on the outskirts of Plymouth.
The financing consists of a £36 million equity investment alongside up to £35 million of lending, supporting Tungsten West with the construction, commissioning and processing costs associated with restarting production.
The investment also unlocks an exclusive negotiation period giving UK Government the right to procure up to 50% of the mine’s tungsten production, stated in its 2025 Feasibility Study, securing a vital domestic supply of tungsten and reducing the UK’s reliance on imports. The offtake agreement is being negotiated separately by UK Government.
Hemerdon is the one of the world’s largest tungsten resources, making it a strategic UK asset capable of providing a secure domestic supply of the mineral. Recent export controls have reinforced the importance of diversifying sources of supply for UK industry, with global Tungsten demand driven by its critical applications in defence, aerospace, next generation energy and electronics. Today’s investment secures the UK’s own sovereign capability, while investing in local infrastructure to bring jobs and opportunity to the South West.
The Hemerdon mine benefits from substantial existing infrastructure and a previously operating mine, resulting in competitive costs and a shorter route to production. The Company is targeting ramp up to full scale production in Q1 2027.
The National Wealth Fund’s investment in Tungsten West supports the continued growth and renewal of mining in the South West, building on the Fund’s most recent investment in Cornish Metals and helping to develop a critical minerals cluster in the region that is promoting the reindustrialisation of the UK. The Hemerdon project is expected to support around 350 direct jobs once fully operational, bringing employment and opportunity to the surrounding communities.
John Healey, Chancellor of the Exchequer, said:
“We are living in a more dangerous world, which is why backing British industry is more important than ever before. That is what this deal does. We are tapping into one of the largest deposits of tungsten in the world, right here in the UK.
“This investment will supply vital minerals to British defence, energy and aerospace businesses - and keep good, well-paid jobs in the UK. All part of this Government's commitment to drive growth in every postcode, back British business and keep our country safe.”
Business Secretary Jonathan Reynolds said:
“The National Wealth Fund’s investment is a major vote of confidence in our critical minerals sector and another step forward in the Prime Minister’s plan to reindustrialise Britain, which will support skilled jobs across Devon and unlock a new supply chain to power UK industry.
“This is our Critical Minerals Strategy in action: doubling down on projects like Tungsten West’s which will boost our economic resilience, strengthen supply chains and drive good growth in the South West and across the UK.”
Oliver Holbourn, National Wealth Fund CEO, said:
“There is strong and increasing global demand for Tungsten, supported by its strategic applications in defence, next generation energy and aerospace. In Hemerdon, the UK has one of the largest deposits of tungsten in the world right on our doorstep. The National Wealth Fund’s investment is unlocking this domestic supply, and we are working closely with both Tungsten West and Government to ensure that this significant strategic asset can deliver for UK industry.”
Jeff Court, CEO of Tungsten West, commented:
“We are incredibly pleased to welcome the UK Government’s National Wealth Fund as a long-term equity partner in the development of the Hemerdon mine. Hemerdon is a world class, low cost and long-life tungsten and tin resource in the UK. It is extremely important to us that we prioritise UK requirements for this critical metal to support domestic demand, including strategic initiatives across defence and next generation energy.
“Hemerdon will be a long-term creator of economic benefits for the South West, including the generation of a significant number of direct and indirect jobs. Through the support of the UK Government, we are ensuring that critical minerals produced at Hemerdon will underpin the UK’s national interests for the long term.”
New Delhi: India has resumed talks with Zambia to explore investment opportunities in copper and other critical minerals, two sources said, as New Delhi looks increasingly overseas for raw materials to meet rising demand from its rapidly growing economy.
Officials from India's Ministry of Mines held preliminary discussions with Zambian officials on August 26, the two people familiar with the talks said, requesting anonymity because the discussions were confidential.
One of the sources said the two sides did not discuss a stalled project that had halted talks earlier.
Reuters reported in April that talks between India and Zambia had stalled over a lack of assurances from Lusaka on mining rights for an area of 9,000 square kilometres (3,475 square miles) awarded to India last year.
India's Ministry of Mines did not respond to a Reuters request for comment. A spokesperson for Zambia's Ministry of Mines said they could not confirm anything for now.
Khanij Bidesh India Ltd, India's main vehicle for securing critical mineral supplies overseas, is also evaluating investment opportunities in Australia, Brazil, Canada, Russia and Indonesia, and is in talks about a project in Malawi.
India has been in talks with several African countries to acquire critical mineral blocks on a government-to-government basis, while also exploring opportunities in Australia and Latin America.
Africa, and the Democratic Republic of Congo and Zambia in particular, can play an important role in meeting India's growing requirements for copper and cobalt, said a spokesperson for the Federation of Indian Mineral Industries.
"We believe Indian companies should primarily be encouraged to pursue brownfield and near-production projects, along with long-term offtake arrangements," the spokesperson said.
India is the world's second-biggest buyer of refined copper and its copper imports have risen sharply since the 2018 closure of Vedanta's Sterlite Copper smelter. It may have to import 91% to 97% of its copper concentrates by 2047, the government has said.
Pacific Resources (ASX:PXR) reports the ‘highest copper grades’ recorded to date at its Dogwood Porphyry Copper-Molybdenum Project in Victoria.
Latest assays from holes DGWDDH005 and DGWDDH006 confirm a new ‘high-grade’ copper zone, with DGWDDH005 returning 1.5m @ 0.79% copper (Cu) from 79.6m, including 0.9m @ 1.1% Cu.
These results are approximately 36% above the previous best intercept of 0.5m @ 0.807% Cu.
CEO Andrew Fogg says the results support the porphyry copper-molybdenum model the company has been developing.
“These are the first laboratory assay results from DGWDDH005 and DGWDDH006, the highest-priority unassayed holes from the 2022 diamond drilling program at Dogwood,” Fogg adds.
The company reports significant molybdenum in DGWDDH005, with a peak of 975ppm molybdenum at 85.9–86.2m within a broader anomalous zone from 73.8–89.5m.
DGWDDH006 returned 3.3m @ 0.27% Cu from 100.6m, including 0.7m @ 0.67% Cu, in sulphidised chert breccia approximately 170m south of DGWDDH005.
Tungsten up to 40 parts per million (ppm), bismuth up to 83ppm, and elevated sulphur up to 7.9% support a polymetallic porphyry-related system. These discoveries are the first such signature identified at Dogwood from laboratory assay.
The Dogwood Project sits within the Lachlan Fold Belt of eastern Victoria. First Au (ASX:FAU) drilled a 14-hole diamond program in 2022, with only holes DGWDDH001 to DGWDDH004 previously assayed.
Pacific Resources is continuing logging and sampling of DGWDDH005 and DGWDDH006, with additional intervals under geological review.
The company plans to extend the same program to the remaining unassayed holes from the 2022 program.
Write to JC Villarba at Mining.com.au
Images: Pacific Resources
https://mining.com.au/pacific-resources-hits-highest-copper-grades-at-dogwood/
Copper could climb to a record $15,000 a ton early next year as US tariff concerns tighten supplies outside America while mine disruptions and resilient demand support prices, Bloomberg reported.
Analysts at Australia and New Zealand Banking Group (ANZ) expect copper to approach $14,500/t by year-end before potentially reaching $15,000/t in early 2027.
Copper has gained about 15% this year and is trading close to the record reached in late January. Three-month copper futures were around $14,245/t on the London Metal Exchange (LME) on Thursday.
Speculation that the Trump administration could impose tariffs on refined copper imports has prompted large volumes of metal to move into US warehouses. This has reduced the amount available elsewhere, particularly in the LME warehouse network.
“Most inventories are sitting in the US, tightening the market outside,” the analysts said.
US copper prices are trading above those on the LME, encouraging traders to move metal into America to take advantage of the price difference.
ANZ said copper demand should also remain supported by investment in electric vehicles and new-energy infrastructure. At the same time, mine supply remains under pressure, including from production challenges in South America.
https://www.miningmx.com/trending/67020-copper-tipped-to-hit-record-15000-in-early-2027/
Bezant Targets First Concentrate at Namibia’s Hope & Gorob in September
Bezant Resources said development of the Hope & Gorob copper-gold project in Namibia and the associated Tsoaxaub Metals Processing Plant remains in line with the current project schedule, with first run-of-mine ore expected to be processed during September 2026. Subject to completion of the remaining commissioning activities, processing of the first ROM ore is expected to generate the project’s first concentrate. Ore from the first two mine blasts has already been stockpiled and is ready for transport to the processing plant, while Bezant said the stockpiled tonnage exceeded initial projections due to additional ore recovery recorded in the company’s Mineral Inventory.
Development work is progressing at both the mine and processing plant. Mine-site camp construction is approximately 75% complete, around 75% of surface infrastructure has been delivered and is being installed, and the full Unitrans mining and haulage fleets are now on site. At the Tsoaxaub plant, Bezant has received the C1 Civils and Structural Completion Certificate, confirming completion of major structural steelwork and civil works, while the C2 Mechanical Completion Certificate is scheduled for completion during September. Electrical drives and instrumentation are around 90% complete, with the cone crusher, flotation equipment, tailings infrastructure and other processing components undergoing final preparation ahead of commissioning.
Bezant has also accelerated its review of a Phase II expansion plan, considering current and projected copper, gold and silver prices as well as the potential inclusion of lower-grade mineralisation that had previously been considered sub-economic. The company is evaluating a higher mass-pull operating strategy for the ore sorter that could increase copper recoveries, although potentially at a lower pre-concentrate grade. Based on the current Mineral Inventory, existing JORC (2012) Mineral Resource, planned flotation-plant capacity and the higher mass-pull scenario under consideration, management believes Hope & Gorob has the potential to support an approximately 35-year mine life. Bezant has not yet published a revised economic model incorporating this longer-life scenario.
The September processing target places Hope & Gorob close to the transition from mine development into initial concentrate production, with ROM ore already stockpiled and key processing infrastructure approaching mechanical completion. The potential 35-year mine life and Phase II expansion remain under technical and economic review and should not yet be treated as a confirmed revised development plan. In the near term, the key milestone to watch will be completion of plant commissioning and confirmation of first concentrate production during September.
Sudbury nickel miner said first of two phases now complete at processing facility.
Vale Base Metals is reporting the first phase of a two-phase revitalization project is complete at Clarabelle Mill in Sudbury.
Part of the company’s Copper Cliff Complex west of Sudbury, the Clarabelle Mill processes ore into copper and nickel concentrate before the copper concentrate is sold to market. Nickel concentrate, meanwhile, carries on to Vale’s smelter for further processing.
In a Sept. 2 social media post, the company said the completion of phase one of the project means that “the mill is now positioned to process approximately 6 million tonnes of ore in 2026, compared with approximately 4.5 million tonnes just a few years ago.”
Phase two is expected to be operational in 2028, when the mill’s capacity is expected to jump again, to 7 million tonnes.
“The enhanced capacity is being supported by major upgrades across the mill, including replacing critical infrastructure and the removal of key processing bottlenecks,” the company said in its post.
“Together, these upgrades are improving flexibility and helping ensure Clarabelle can support future production requirements across the Sudbury Basin.”
The company previewed its plans during its annual Investor Day in Toronto March 31.
In delivering its prospectus last spring, Vale Base Metals spoke of growing its copper supply, with Sudbury figuring as a key component of that strategy.
The company noted that, in 2025, Clarabelle processed more than 5 million tonnes of ore, which marked the highest amount in nearly a decade.
Altogether, Vale Base Metals’ Sudbury operations include six mines, producing copper, nickel, cobalt, platinum group metals, gold, and silver, as well as a mill, a smelter, and a refinery.
https://www.sudbury.com/local-business/vale-base-metals-boosts-output-at-clarabelle-mill-12735503
ArcelorMittal, one of the world’s largest steel producers, is raising prices for long products (bar steel, reinforcing bars and wire rod) by a further €20/t. This is the second increase following a €25/t rise in July, which has brought the total price increase to €45/t. This was reported by Kallanish, citing market sources.
The main factor behind the price revisions was the sharp rise in energy costs. Instability caused by the conflict in the Middle East has triggered a surge in gas and electricity prices, which is having a critical impact on manufacturers using electric arc furnaces (EAFs). According to market participants, electricity costs have reached a critical level. Steelmakers are left with two options: to pass on the increase to the final cost of their products or to significantly cut production in Europe over the coming months.
The situation on the European long products market remains extremely subdued due to the holiday season and the abnormal heatwave, which have virtually brought business activity to a standstill. Scrap prices remained relatively stable in August, whilst energy prices continue to rise.
Experts note that the previous price rise in July proved insufficient to cover production costs. Consequently, other European producers of long products are also expected to raise their prices in the coming weeks, in the hope of a revival in sales in September. Trade in rebar and wire rod in both northern and southern Europe remains sluggish at present due to general market uncertainty.
As reported by GMK Center, ArcelorMittal reduced its steel output by 5.5% year-on-year in the first half of 2026, to 27.6 million tonnes. Deliveries of steel products in January–June this year totalled 26.2 million tonnes (-4.3% year-on-year).
The new bid price currently stands at $1,185 per short tonne
The American steel producer Nucor has once again raised the spot price (CSP) for hot-rolled coils by $5 per short tonne compared with the previous week. This is stated in the company’s letter to customers dated 31 August.
The new offer price stands at $1,185 per metric tonne. The CSP for the California Steel Industries (CSI) joint venture has also risen by $5 per short tonne to $1,245 per metric tonne.
Nucor has been raising the price of hot-rolled coils for six weeks running; in August, the increase was $5–10 per tonne.
According to the steel manufacturer’s announcement, delivery times remain unchanged – between 3 and 5 weeks.
According to Steel Market Update, the average price of hot-rolled coils in the United States stood at $1,200 per short tonne as at 25 August.
According to estimates by Kallanish, as at 27 August, the price of HRC on the US market stood at $1,190–1,200 per short tonne. In the corresponding week of 2025, spot prices for this product ranged from $845 to $865 per tonne.
It should be noted that the global market for hot-rolled coils in July showed mixed trends; in particular, prices in the US rose steadily due to limited spot supply and stable demand. The US market was further supported during this period by maintenance shutdowns at plants and production delays at certain mills, which limited the rapid replenishment of supply.
https://gmk.center/en/news/nucor-has-once-again-raised-the-price-of-hot-rolled-coils/
Hot-rolled coil prices in Northern Europe continued climbing on Tuesday September 1, amid expectations of lower material availability in coming weeks due to maintenance work at Europe’s largest blast furnace, operated by thyssenkrupp, as well as rising import costs that have limited transactions.
Thyssenkrupp will take offline its blast furnace No. 2, which is capable of producing approximately 12,000 tonnes of hot metal, for around 60 days, the company said in a press release shared with Fastmarkets.
“This measure will enhance the operational stability of pig iron production, safeguarding a core element of steel production at the Duisburg site,” the company said, adding that the partial refurbishment focuses on work on central cooling systems and the refractory lining in the lower section of the blast furnace.
Cooling components will be replaced, parts of the refractory material renewed, and additional copper cooling elements installed.
At the same time, additional maintenance work will be carried out on auxiliary facilities, including the gas cleaning and slag granulation systems. The work is intended to improve the blast furnace’s technical availability and ensure reliable operation for years to come.
In such conditions, market participants expect reduced availability of the material from the supplier until the end of the year.
Combined with higher import prices, this has supported the upward price trend.
“DDP pricing of imports is now not too different to domestic pricing hence giving local mills a lot more pricing power,” one local buyer said, reporting indications in Antwerp at €720-740 per tonne DDP.
Although trading activity was modest in recent days, sources reported transactions within €740-760 per tonne ex-works, versus €730-760 per tonne last week.
Offers were at €750-780 per tonne ex-works, depending on supplier.
Fastmarkets’ daily steel hot-rolled coil index domestic, exw Northern Europe was calculated at €748.33 ($868.21) per tonne on September 1, up by €7.08 per tonne from €741.25 per tonne on August 28.
The index was up by €18.33 per tonne week on week and by €37.08 per tonne month on month.
The Italian market was comparatively quiet. Metinvest remained out of the market, continuing to work on its engine issue.
Meanwhile, Acciaierie d’Italia (ADI) might be forced to stop steelmaking by October, following the recent court ruling.
Arvedi remained officially out of the market, with unofficial offers heard at €750 per tonne delivered or €735 per tonne ex-works.
At the same time, indications of tradeable levels were heard at €710 per tonne ex-works.
Fastmarkets’ daily steel hot-rolled coil index domestic, exw Italy was calculated at €712.5 per tonne on September 1, down by €5 per tonne day on day.
The index was down by €6.88 per tonne week on week and up by €6.25 per tonne month on month.
In July this year, Turkey's rebar export volume decreased by 21.4 percent month on month and increased by 6.9 percent year on year to 373,819 metric tons, according to the data provided by the Turkish Statistical Institute (TUIK). The value of these exports totaled $216.88 million, down by 22.5 percent month on month and up by 13.7 percent year on year.
In the January-July period of 2026, Turkey's rebar exports amounted to 2.63 million mt, up 11.7 percent, while the value of these exports increased by 14.4 percent to $1.49 billion, both year on year.
In the first seven months of 2026, Turkey exported 492,436 mt of rebar to Yemen, up 13.4 percent year on year, with Yemen ranking as Turkey's leading rebar export destination, ahead of Palestine which received 222,531 mt, up 122.0 percent in the given period. Palestine was followed by Peru with 149,879 mt, up 372.4 percent year on year.
Compared to the January-June period, the July data indicate that the year-on-year growth trend in Turkey's rebar exports continued, although the pace of growth weakened slightly. While total exports increased by 12.8 percent year on year in the January-June period, the growth rate eased to 11.7 percent in the January-July period. This was because exports continued to rise on a year-on-year basis in July, but monthly performance was weaker compared to June. Indeed, export volume in July was recorded at 373,819 mt, up 6.9 percent year on year, while it decreased by 21.4 percent month on month.
Palestine and Peru remain key growth drivers
In terms of market distribution, the trends that stood out in the January-June period were largely maintained as of July. Yemen remained the leading market, while strong increases in exports to Palestine and Peru continued to support Turkey's export growth. However, Peru's growth rate became even more pronounced, rising from 360.7 percent in January-June to 372.4 percent in January-July, while the growth rate in exports to Palestine declined from 191.8 percent in January-June to 122 percent in January-July. Despite this slowdown, Palestine maintained its position as the second-largest market.
Egypt gains visibility as traditional markets decline
Another notable change was seen in Egypt. Having already posted strong growth in the January-June period, Egypt became more visible in the market diversification trend with the addition of July data, reaching a very high year-on-year increase of 4,602.3 percent. By contrast, the downward trend in traditional markets such as Romania, Albania, Syria and Kosovo continued in the January-July period. Overall, the July data show that growth in Turkey's rebar exports was still supported by markets such as Yemen, Palestine, Peru, Georgia and Egypt, while monthly momentum slowed compared to June.
Turkey's top 10 rebar export destinations in the January-July period are as follows:
Australian Iron Ore to Be Used in HyREX Technology Verification Partners to Share Expertise and Seek Greenhouse Gas Cuts
From left: Bae Jin-chan, head of POSCO's HyREX promotion team; Ben Ellis, BHP's Chief Marketing and Sustainability Officer; Eom Kyung-keun, head of POSCO's Technical Research Laboratories; and Stuart Feathers, BHP's manager of technology planning and environment, pose for a photo after signing a hydrogen reduction steelmaking cooperation agreement at Cheongsongdae in Pohang, North Gyeongsang Province, on the 3rd. /POSCO
POSCO is joining forces with BHP, Australia's largest mining company, to verify raw materials for the commercialization of its proprietary hydrogen-based steelmaking technology.
POSCO signed a hydrogen steelmaking cooperation agreement with BHP on the 3rd at Cheongsongdae in Pohang, North Gyeongsang Province. Under the deal, POSCO plans to use BHP's iron ore to verify HyREX, its own hydrogen reduction steelmaking process.
HyREX produces molten iron without carbon dioxide emissions by using hydrogen as a reducing agent instead of coal, a fossil fuel. POSCO plans to verify whether HyREX operates reliably under various raw material conditions, test how process performance changes according to the characteristics and quality of iron ore, and determine optimal blending conditions.
The two companies also agreed to share technical expertise on raw materials for hydrogen steelmaking and to jointly explore ways to reduce indirect greenhouse gas emissions, known as Scope 3, generated during the raw material supply process.
The agreement follows a memorandum of understanding signed last October in the presence of Australian Prime Minister Anthony Albanese and POSCO Group Chairman Chang In-hwa.
"This partnership carries great significance in that a steelmaker and a global raw material supplier are preparing together for the future of low-carbon steelmaking," said Eom Kyung-keun, head of POSCO's research institute of industrial science and technology. "Starting with BHP, we will expand cooperation with global raw material suppliers and accelerate the development of low-carbon steelmaking technology."
Ben Ellis, BHP's chief marketing and sustainability officer, said the project builds on a long-running collaboration with POSCO on innovative steelmaking technology. He said BHP believes it can play an important role in advancing new technologies and pathways to support the decarbonization of its customers' steelmaking processes, and that it will work to ensure Australian iron ore can be used in low-carbon steelmaking as well.
https://en.sedaily.com/finance/2026/09/03/posco-teams-with-bhp-to-test-iron-ore-for-hydrogen
