Freeport-McMoRan reports lower profit for the quarter due to higher tariffs and increased costs
Freeport-McMoRan stated on Thursday that the proposed tariffs may increase the cost of goods purchased by the copper miner in the United States. The price could rise to about 5%. Trump's tariffs on the majority of U.S. imported goods and an intensifying trade conflict with China has caused uncertainty in the mining industry, and companies are scrambling to find alternative supply chains. The company stated that "FCX monitors potential indirect effects of U.S. Freeport-McMoRan reported that it produced 868 millions recoverable pound of copper in the quarter.
US finalizes tariffs against Southeast Asian solar imports
U.S. Trade officials finalized tariffs on solar panels and cells from Southeast Asia. This is a major step in settling a trade dispute that has been raging for a year, with American manufacturers accusing their rivals overseas of flooding the market unfairly with cheap goods. The Commerce Department imposed preliminary antidumping, antisubsidy, countervailing duty on solar equipment imported from Malaysia, Cambodia Thailand and Vietnam last year. Hanwha Qcells from Korea, Arizona's First Solar Inc., and a number of smaller producers filed the case to protect their billions in investment in U.S.
Can Trump's drive for critical minerals pass the test of copper? Andy Home
The executive order issued by U.S. president Donald Trump on increasing domestic mineral production is designed to cut through the mine permit maze in the United States. According to S&P Global, it takes on average nearly 29 years to bring a new mine from discovery to production. This is the second longest lead time in the entire world, after Zambia. The U.S. Government is uniquely qualified to address the problem of granting permits on federal land. The Joe Biden administration had a…
Glencore approached Li-Cycle battery recycler for possible deal
As part of its proposal to address operational and financial problems, Glencore (listed on the London Stock Exchange) has offered to buy Canadian lithium battery recycling firm Li-Cycle. In a March 14 letter to the board chair, Glencore stated that it wanted to begin discussions as soon as possible with Li-Cycle and the other shareholders of the company regarding the potential deal. Li-Cycle’s debt, held by Glencore, is convertible into approximately 84 million shares of the recycling company.
Sources: Trump wants to refine minerals on Pentagon bases in order to boost US production
U.S. President Donald Trump aims to build metals refining facilities on Pentagon military bases as part of his plan to boost domestic production of critical minerals and offset China's control of the sector, two senior administration officials told . The move is one of several planned for an executive order Trump could sign as soon as Wednesday after he told the U.S. Congress last week he would "take historic action to dramatically expand production of critical minerals and rare earths here in the USA." As part of the order…
Tariffs on copper and aluminium by Trump could increase costs for U.S. customers
Analysts and industry participants stated on Tuesday that President Donald Trump's promise to impose tariffs on U.S. imports of copper and aluminum would lead to higher prices for local consumers due a lack of production at home and the time required to renew the industry. Trump told Republican lawmakers that he will impose tariffs on steel and aluminium, metals needed for the production of U.S. Military hardware. Trump was elected president of the United States in November, promising…
Change of Ørsted Region Americas CEO
Ørsted announced today that David Hardy, Group EVP and CEO Americas, has decided to leave the company to join GE Vernova as Chief Commercial Officer, Wind. He will step down from his position effective November 30.The search for a successor Region Americas CEO is well underway. In the interim period, Ørsted's Chief Commercial Officer and Deputy CEO, Rasmus Errboe, will guide and support the experienced senior leadership team in the U.S. market.Mads Nipper, Group CEO, says, “I want to thank David for his five years with Ørsted.
Maguire: Slow rollout of charge points could stall US EV sales momentum
The United States has seen a 140% increase in electric vehicle sales since 2023. However, further growth could be hindered if public charging stations are not rolled out more evenly and at a slower pace. According to the Alternative Fuels Data Center, U.S. electric vehicle registrations will reach just over 3.5 millions by September 2024. This is up from 1.4m registrations in 2023 and represents the steepest growth rate ever in EV adoption in the country. AFDC data show that the number of public EV chargers has increased by just 22% in the same time period to 176 032 units.
Maguire: Slow rollout of charge points could stall US EV sales momentum
The United States has seen a 140% increase in electric vehicle sales since 2023. However, further growth could be hindered if public charging stations are not rolled out more evenly and at a slower pace. According to the Alternative Fuels Data Center, U.S. electric vehicle registrations will reach just over 3.5 millions by September 2024. This is up from 1.4m registrations in 2023 and represents the steepest growth rate ever in EV adoption in the country. AFDC data show that the number of public EV chargers has increased by just 22% in the same time period to 176 032 units.
The US has imposed preliminary new tariffs on solar imports from Southeast Asia
The U.S. Commerce Department announced on Tuesday anti-subsidy, countervailing duty on solar cells imported from Vietnam, Cambodia and Malaysia. A preliminary decision published on Commerce's site shows that the agency has calculated tariff rates ranging from 0.14% to 3,293.61% depending on the company for solar cells from four Southeast Asian countries. Next year, a final decision will be taken. This announcement is the second of two preliminary decisions that the Commerce Department will be making this year on a trade case filed by Hanwha Qcells in Korea…
US unveils first of two decisions regarding solar tariffs
The U.S. Trade officials may this week impose new tariffs against solar panels imported from four Southeast Asian countries. American manufacturers claim that these nations provide unfair subsidies, which make U.S. goods uncompetitive. The Commerce Department is expected to announce its first preliminary decision in this year on a trade case filed by Hanwha Qcells in Korea, Arizona's First Solar, and several smaller companies that are seeking to protect their billions in investments made in U.S. manufacturing of solar panels.
Natgas producer BKV is valued at $1.56 billion in its NYSE debut
BKV shares rose by 3.1% on their New York Stock Exchange debut on Thursday. This gives the U.S. Natural Gas Producer a market cap of $1.56 Billion. Companies looking to list shares have a new window of opportunity as the long-awaited rate-cutting cycle of the U.S. Federal Reserve begins. Several companies are also speeding up their plans in order to avoid the uncertainty that will result from the November presidential elections. BKV shares opened at $18.55 on their debut, as opposed to the $18 price for the initial public offer.
Money losing natgas producer BKV revives US IPO
BKV Corp, a natural gas producer in the red, said it plans to raise $315 million via an initial public offer of shares. This comes nearly two years after BKV first filed to sell its shares publicly. BKV said it will offer between $19 to $21 per share. The company aims to achieve a valuation up to $1.77bn in its IPO. Companies waiting to list shares have a new window of opportunity due to the recent increase in natural gas prices in the United States from their more than 30-year low inflation adjusted. This company was one of the U.S.
Biden administration finalizes the solar lands plan and touts progress
The administration of U.S. president Joe Biden announced on Thursday that it had finalized plans to expand solar power on federal lands across 11 western states. This is part of an overall push to accelerate the permitting and construction process for large infrastructure projects. The White House is looking to speed up the approval of projects ranging in scope from wind and solar farms to power transmission as part of its efforts to combat climate change and decarbonize the energy sector. It also wants to promote the "Investing in America' agenda in advance of the November election. The U.S.
Meyer Burger to halt solar plant in Colorado and plans restructuring
Meyer Burger, a Swiss solar panel manufacturer, announced on Monday that it had suspended plans for an upcoming plant in Colorado. The company said it would take restructuring measures to improve profitability and also suggested the profits might be lower than expected. The company said that its board had requested management to develop a "comprehensive cost-cutting and restructuring program", and board member Mark Kerekes would be stepping down. Meyer Burger announced that it would focus on its already installed module production facility in Goodyear (Arizona) following the Colorado decision.
Meyer Burger delays half-year results while it looks for financing
Meyer Burger, a Swiss solar panel manufacturer, announced on Tuesday that it will postpone its 2024 half year results to September 16 in order to secure additional funding and a strategic partnership. Meyer Burger announced that it will postpone publication of the results which were due to be published on Wednesday. The company did not provide any further details. The money will be used to complete the Colorado and Arizona manufacturing plants. Meyer Burger's financial struggles have caused pressure on its shares. They are down more than 90% this year and well below the peaks reached in early 2023.
Protecting Offshore Energy Sources via USV
When most people discuss energy sources such as fossil fuel and green energy, it is from an “either-or” perspective. Some favor the former while others advocate for the latter. However, what is often lost in the arguments on both sides is that regardless of the type of energy being extracted or generated, those platforms that are offshore, especially oil rigs, oil and gas pipelines, and wind farms, are incredibly vulnerable to anyone who wants to attack these sources in wartime, or just…
Oil Extends Slump as Prospect of Second Viral Wave in U.S. Ends Rally
Oil prices fell on Friday, extending heavy overnight losses as a surge in U.S. coronavirus cases this week raised the prospect of a second wave of the COVID-19 outbreak hitting demand in the world's biggest consumer of crude and fuel.West Texas Intermediate was down 65 cents, or nearly 2%, at $35.69 a barrel by 0358 GMT, after slumping more than 8% on Thursday. Brent crude was down 58 cents, or 1.5%, at $37.97 a barrel, having dropped nearly 8% the previous session.A rally that raised…
Batteries hasten winds of change for electricity stocks
Bigger, better batteries are speeding up change in the U.S. electricity sector and could help power a rally in Xcel Energy Inc, American Electric Power Co Inc and other utility and renewable energy stocks, Barron's reported.After a decade of steep cost declines, wind and solar installations, often paired with battery storage, are increasingly displacing older coal and gas-fired power plants, benefiting battery makers and some utilities, the Barron's cover story said.Batteries can now store enough electricity to help power small towns when wind and solar supplies ebb, Barron's said.
EPA Announces Funding to Reduce Diesel Emissions
Preference given to fleets in areas facing air quality challenges. The U.S. Environmental Protection Agency (EPA) announced the availability of grant funding to modernize the nation’s diesel fleet by retrofitting or replacing vehicles with cleaner, more efficient diesel engines. EPA anticipates awarding approximately $40 million in Diesel Emission Reduction Program (DERA) grant funding to eligible applicants, subject to the availability of funds. “These grants will incentivize improvements to aging diesel fleets and improve air quality throughout the country,” said EPA Administrator Scott Pruitt.
