Australian Government pledges $1.24 Billion in Green Aluminium Push
Australia's Labor Government pledged A$2 Billion ($1.24 Billion) in production credits on Monday to support the four Australian aluminium smelters to switch to renewable energy before 2036. Aluminum is one of non-ferrous metals that is the most polluting to produce, since its production is mainly powered by coal. The term "green aluminium" is used to describe metals produced by solar, wind and hydropower. Rio Tinto and Alcoa are the two companies that run four of the country's aluminium smelters.
Rio Tinto shares fall on merger failure reports; banks weigh down on Australia's shares
The Australian share market fell Friday due to the fall in banking stocks, and Rio Tinto's decline on news of failed merger talks with Glencore. The S&P/ASX 200 ended the week 0.2% lower, at 8,310.4. The benchmark closed the week with a 0.2% gain. After reports that failed merger talks had taken place between the No. The world's No. 2 miner, Glencore, is one of the largest miners in coal and base metals. The financial sector led the declines in Friday's market, with a 1% drop to record their worst week since four. The "big four" banks dropped between 1.2% and 1.8%.
Glencore's and Rio Tinto’s mining operations
A person familiar with this matter stated that Glencore had approached Rio Tinto in late 2013 about merging the two major copper producers. However, the talks are no longer ongoing. Both companies declined to make any comment. The merger could be the biggest ever in the mining sector. GLENCORE is a London-listed company that produces lead, nickel, zinc, copper, and cobalt. Its biggest revenue-generating metals are copper and zinc, which the miner expects to produce 1 million metric tons of in 2023. Glencore's assets in copper are concentrated mainly in Chile, Peru, and the Democratic Republic of Congo.
Australian shares flat: Rio Tinto drags down miners after merger talks
Australian shares were flat on Friday. Gains in healthcare companies were offset by losses among miners. Rio Tinto fell on speculation about early merger talks with London listed smaller rival Glencore. S&P/ASX 200 index fell marginally 0.1% at 8,322.2 points as of 2322 GMT. The benchmark index is on course to record its second consecutive weekly increase. Rio Tinto shares dropped 1.21% after reports of short, unsuccessful merger discussions with Glencore in late 2017. This was despite speculations by Bloomberg News that early-stage talks were ongoing.
TVO Contracts 4C Global Consultancy to Support UK Clients
Trendsetter Vulcan Offshore (TVO), a developer of innovative solutions for the offshore industry, has engaged Finlay Johnston, through 4C Global Consultancy, to lead business development efforts for TVO in the UK.“We recently appointed a country manager in Australia and are continuing to add to our global team,” says TVO President Jim Maher. “There is a long-term need for expert subsea support services in the UK, and by engaging a local representative, we are strengthening our commitment to the region…
Are price movements a result of structural shifts? China's commodity imports are bifurcated: Russell
China's imports in 2024 of major commodities were a mixed bag. Iron ore, coal, and natural gas volumes reached record levels, while crude oil was weak. Raw data from the largest buyer of natural resource in the world suggests that some parts of the economy perform well, while others are struggling or are undergoing structural changes. The main challenge when analysing China's imports of commodities is to separate temporary factors from those that are part a longer-term trend. Crude oil may be the best example. Customs data published on Monday showed that imports in 2024 will be 553.42 millions metric tons.
Australia's Competition Regulator flags gas import requirements for the East Coast
The Australian Competition Regulator said that the east coast of Australia is likely to experience a gas shortage by 2027, which could lead to imports. It cited its gas inquiry report. The Australian Competition & Consumer Commission stated that the report found the development of new production and supporting infrastructure for gas has not kept up with the increasing demand. It is anticipated that the east coast gas market will have surpluses in 2025 and 26 but may face shortages afterward due to structural declines and uncertainty regarding future investments.
Australia's 4-day rally is a resounding success as local inflation data are on the table
Australian shares ended a four-day streak of gains to open slightly lower on Wednesday. Losses in domestic banks slowed the gains in mining stocks. Investors awaited data on November inflation due later that day. By 2332 GMT, the S&P/ASX 200 Index was down 0.2% to 8,268,2 points. The benchmark index ended Tuesday 0.3% higher. According to a survey of economists, Australian markets expect a rise of 2.2% for the consumer price index for November. This is compared to the 2.1% increase in October. This will influence the outlook of interest rates by the central bank.
Australia shares are up; banks offset mining and energy stock losses
Investors took their cues from Wall Street's performance and boosted Australian shares for the fourth consecutive day. Gains in banks offset losses in energy and mining stocks. By 2338 GMT, the S&P/ASX 200 Index had risen 0.4% to 8,289.1 point. The benchmark closed Monday 0.1% higher. S&P 500, Nasdaq Composite and Dow Jones rose on Monday due to a rally of semiconductor stocks. A report also suggested that the Trump administration would be less aggressive in its tariff policy. Locally, traders will also be watching for the Consumer Price Index (CPI) November data that is due on Wednesday.
Additional Sanctions Possible for Russian Oil tankers
The Biden administration plans to impose more sanctions on Russia over its war on Ukraine, taking aim at its oil revenues with action against tankers carrying Russian crude, three sources with knowledge of the matter said.President Joe Biden's administration has sought to shore up support for Ukraine before President-elect Donald Trump takes office on Jan. 20, given the Republican leader's frequent complaints about the cost of U.S. support for Ukraine."It's a very substantial package. Two Russian oil companies…
US NatGas up as LNG feedgas rises, Frigid Temps Forecast
U.S. natural gas futures edged up about 1% on Thursday on near record flows to liquefied natural gas (LNG) export plants and forecasts for colder weather and higher heating demand over the next two weeks than previously expected.Also supporting U.S. futures, traders noted that European gas prices climbed to a 13-month high due to cold weather and the expiration of a deal that allowed Russia to pipe gas to Europe across Ukraine. [NG/EU]Front-month gas futures <NGc1> for February delivery on the New York Mercantile Exchange was up 3 cents, or 0.8%, to $3.663 per million British thermal units (mmBtu) at 10:38 a.m.
Wall Street Journal, Dec 19,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Woodside and Chevron announced they would streamline their oil and gas operations throughout Western Australia by announcing a stake exchange deal. This move will result in the Australian energy company exiting the $34 Billion Wheatstone LNG Project. The U.S. Department of Justice has filed a lawsuit against the pharmacy chain CVS for filling illegal prescriptions of opioids and billing federal insurance programs.
Sweden's North frets about financial risks as the green boom stumbles
Sweden's local governments, frightened by Northvolt's struggle for survival and its potential impact on taxpayers, have asked the central government to increase financial support for Sweden's transition towards green industry. Last month, Europe's leading electric vehicle battery manufacturer filed for Chapter 11 bankruptcy in the United States with $5.8 billion of debts. The EU's energy transformation is failing, and shockwaves were sent through Skelleftea, northern Sweden, where its Northvolt Ett plant is located.
US LNG Rises 2% on LNG Plant Volume Data
U.S. natural gas futures climbed about 2% on Wednesday on rising flows to the nation's liquefied natural gas (LNG) export plants and expectations utilities pulled more gas out of storage than usual to heat homes and businesses during extreme cold for a second week in a row last week.Analysts, however, projected rising output and forecasts for mild weather and low heating demand through the start of the new year should keep storage withdrawals smaller than normal in coming weeks. There was currently about 4% more gas in storage than usual for this time of year.
BHP and Rio Tinto will build a low-carbon iron plant in Western Australia
BHP Australia and Rio Tinto Australia will develop together a pilot plant for producing low-carbon iron using Pilbara ore as part of their efforts to accelerate decarbonisation within the steel industry. The companies announced this in a statement released on Tuesday. The facility will produce molten steel using direct reduced iron technology (DRI), and renewable energy in an electric melting furnace (ESF). It could have a production of up to 40,000 tons per year. BlueScope Steel will develop the facility in Western Australia's Kwinana Industrial Hub.
Chevron Australia signss long-term gas supply agreement with Alcoa
The Australian unit of U.S. oil company Chevron said Tuesday that it will supply 130 petajoules (petajoules) of gas over a period of 10 years, starting in 2028, to the aluminium manufacturer Alcoa. Chevron Australia announced in a press release that the gas would be supplied by its 530 terajoules per day Gorgon and Wheatstone plants, and North West Shelf Venture, located in Western Australia. Alcoa, on the other hand, said that it would use this gas to power its refineries for alumina in Western Australia.
Australia sues Exxon for falsely representing its local petrol brand
The Australian Competition Watchdog announced on Tuesday that it had taken Exxon Mobil’s local brand affiliate, which sells fuel at six of their branded petrol stations throughout Queensland, to court. Exxon Mobil, an American oil and gas company, owns and operates the Mobil brand. The Australian Competition and Consumer Commission alleges that Mobil misrepresented that "Mobil Synergy", its "Mobil Synergy", contained certain additives when it didn't. ACCC said that the firm also incorrectly claimed the fuel sold in these petrol stations was of a higher quality or composition than fuel sold at other locations…
Karoon Energy, Australia's energy company, reduces its outlook for Brazil project
Karoon Energy, an Australian oil and gas company, said that it has reduced the production forecast for its Bauna Project in Brazil because of operational disruptions. After the disruptions, the company reduced its production forecast for 2024 for the Bauna Project to 7.2-7.4 millions barrels of crude oil. The previous outlook was 7.5-7.7million barrels. Karoon reported that two of the 16 chains used to lift the floating production storage offloading system (FPSO) failed. This caused the Bauna Project to be shut down in December 11.
Venture Global Louisiana Plaquemines LNG Plant "on track"
U.S. liquefied natural gas (LNG) company Venture Global LNG's Plaquemines export plant under construction in Louisiana was on track to pull in enough natural gas on Friday to produce first LNG, according to data from financial group LSEG and energy analysts.Plaquemines was on track to pull in about 0.16 billion cubic feet per day (bcfd) of pipeline gas on Friday, up from 0.10 bcfd on Thursday and an average of 0.04 bcfd during the prior seven days, according to LSEG data.Analysts have said that once feedgas to the plant hits around 0.15 bcfd or higher…
BHP and Rio de Janeiro are plagued by sexual harassment lawsuits: Russell
The sexual harassment suits filed against BHP Group in Australia and Rio Tinto, global mining giants, are not just another public relations disaster or possible financial hit. These allegations threaten the future of two of world's largest miners who want to be at the forefront of the energy transformation by producing the metals required to decarbonise world economies. Deft public relations, a willingness and determination to eliminate future bad behaviour as well as a willingness to accept genuine claims can help to limit the short-term impact of class action lawsuits.
