Staff Writer
Glencore plc has entered into a non-binding memorandum of understanding with the US-backed Orion Critical Mineral Consortium for the possible sale of a 40% stake in its Democratic Republic of Congo (DRC) mining assets.
The agreement covers Mutanda Mining and Kamoto Copper Company, both located in the Democratic Republic of Congo.
The proposed transaction is expected to value the two assets at a combined enterprise value of about US$9 billion.
Under the terms of the agreement, Orion CMC would acquire a minority strategic stake, while Glencore would retain operational control.
Mutanda Mining and Kamoto Copper Company would continue to operate within the Glencore Group.
Orion CMC would have the right to appoint non-executive directors linked to the assets and to direct the sale of its share of production to nominated buyers.
This would be done in line with the US–DRC strategic partnership agreement and is aimed at securing long-term supplies of critical minerals, including copper and cobalt, for the United States and partner countries.
Beyond the initial transaction, Glencore and Orion CMC plan to work with the DRC government and Gécamines, Glencore’s partner in Kamoto Copper Company, to expand and further develop the two operations.
The parties will also look at acquiring additional critical mineral projects in the DRC and across the wider African copper belt.
Orion CMC was established in October 2025 and is led by Orion Resource Partners in partnership with the US government.
The consortium was formed to support secure and responsible supply chains for critical minerals needed for economic growth, the energy transition and national security.
US deputy secretary of state Christopher Landau said the proposed transaction supports the goals of the US–DRC strategic partnership agreement by encouraging increased US investment in the DRC’s mining sector and promoting secure flows of critical minerals between the two countries.
US International Development Finance Corporation chief executive officer Ben Black said the partnership could deliver returns for both the United States and the DRC while strengthening bilateral relations and supporting economic development and stability in the DRC.
Glencore chief executive officer Gary Nagle said the proposed partnership reflects Glencore’s position as the only major Western producer of copper and cobalt in the DRC and shows confidence in the country’s efforts to attract foreign investment.
He said the DRC’s role as the world’s largest cobalt producer and a major copper producer is vital to global technology, defence and infrastructure development.
https://www.observer24.com.na/orion-consortium-eyes-stake-in-glencores-drc-assets/
At least parts of President Donald Trump's sweeping tariff regime will likely be overturned by the US Supreme Court, according to former US trade representative Robert Lighthizer, but the administration will find other ways to keep their intent intact.
"My guess is that there'll be, to some extent, an overruling of what he did," Lighthizer said today at the Argus Americas Crude Summit in Houston, Texas.
Lighthizer, considered an architect of the current White House tariff policy, said they would not go away even with an unfavorable court ruling, which is expected in the coming weeks.
"It's clearly easier and better if you can do it under IEEPA," Lighthizer said, referring to the International Emergency Economic Powers Act, the 1977 law that Trump has used to impose reciprocal tariffs on dozens of global trading partners. "But if he can't, I think he'll have the same policy," just using other tools to impose similar tariffs. "He has those tools. It's a little more complicated process."
Lighthizer, who helped orchestrate the US-Mexico-Canada Agreement (USMCA) in 2020 that spells out trade between the three countries, said further changes were needed as a renewal of the deal approaches later this year.
"There will be some tweaks in Canada," he said, particularly with regard to agriculture. "There'll be some more substantial change with respect to Mexico, and particularly taking on this issue of China's influence in Mexico."
Direct energy imports have largely been spared from most of the Trump tariffs, but oil companies complain tariffs have increased drilling costs by making steel imports more costly. The uncertainly of the on-again/off-again tariff have also increased economic uncertainty and made planning difficult for energy firms.
But Lighthizer said Trump has a "very favorable attitude" toward the energy sector in general. While tariffs may have increased the cost of steel "the payoff will be pretty big" he said, when the wider economy takes off as a result of a rebalance of long-standing trade deficits.
Lighthizer dismissed arguments that tariffs cause inflation, and said the policy has been a great success.
"You can say they could have done it in a less chaotic way," Lighthizer said. "Maybe that's true, maybe it's not true."
British-Australian mining giant Rio Tinto says it has abandoned talks over a potential merger deal with rival Glencore.
Rio Tinto has walked away from takeover talks with Glencore, ending months of negotiations over a tie-up that would have reshaped the global mining industry.
The proposed merger, first announced in January, would have created the world’s largest mining company, with a market value exceeding $US200 billion ($A286 billion).
It is the second round of failed discussions in just over a year, following an earlier approach by Glencore in late 2024 and the third in total.
Talks late last year were also initiated by Glencore, according to a source familiar with the matter.
Glencore’s shares closed 7 per cent lower at 467 pence.
Rio Tinto’s London-listed shares were down 2.6 per cent at 6,820 pence.
Rio Tinto told shareholders on Thursday that it “is no longer considering a possible merger or other business combination with Glencore”.
Attempts to combine the companies have repeatedly fallen short.
The British-Australian company also rejected a merger approach from Glencore in 2014, saying it was not in the best interests of shareholders.
However, the latest round of discussions marked a departure from past efforts.
The source described it as “the first time there has ever been a really serious, rigorous due diligence process”.
Although transition metal copper was an obvious motivation for a deal, Rio Tinto was seeking to acquire Glencore in its entirety, including its coal assets and marketing business.
“We concluded that the proposed acquisition ... does not reflect our view on long-term, through the cycle relative value, including not adequately valuing our copper business, and its leading growth pipeline,” Glencore said in a statement.
Glencore talked up its copper assets at an investor day in December, when it said it aims to reach 1.6 million metric tons by 2035 through new and restarted mines and streamlined operations, from 852,000 tons last year.
Global copper demand is expected to rise 50 per cent by 2040, benefiting from the energy transition and artificial intelligence demand, and global miners are racing to bulk up.
Analysts at HSBC had estimated an average deal premium of 30 per cent, which would have given Glencore’s shareholders 38 per cent of a combined company.
The companies did not reveal the terms proposed and rejected.
The abandoned talks echo other ambitious mining deals that have faltered, including BHP’s $US49? billion approach for Anglo American, which unravelled over concerns about the structure of the offer.
The only deal still proceeding is a plan for a $US53 billion all-stock, nil-premium merger between London-listed Anglo American and Canada’s Teck Resources that would create the world’s fifth-largest copper producer.
https://thenightly.com.au/business/glencore-rio-abandon-merger-talks-for-the-third-time-c-21544216
Bharat Petroleum Corporation Limited (BPCL) is seeking discounts of $10-12 per barrel for purchases of Venezuelan crude to ensure commercial viability, two senior officials said. If approved, the purchase would mark BPCL's first-ever procurement of Venezuelan crude, for which Indian refiners are seeking steeper discounts because of its high viscosity and acidity that complicate processing. Officials indicated that assessment of viability depends on the specific grades offered and on results from earlier sampling.
Refinery upgrades have enhanced the complexity of BPCL's operations and now enable processing of heavy Venezuelan crude at the Kochi refinery in Kerala and the Bina refinery in Madhya Pradesh. The company expects its upcoming Andhra Pradesh refinery to have similar capability. BPCL officials said blending and processing strategies will be refined once the grades and discount levels are finalised.
Other state-run refiners such as Hindustan Petroleum Corporation Limited (HPCL) and Indian Oil have also confirmed capabilities to process Venezuelan crude and plan to blend heavy grades with lighter ones to make them suitable for their units. Before US sanctions, Reliance Industries Limited and Nayara Energy were among the principal Indian buyers of Venezuelan barrels, and global trading houses including Vitol and Trafigura obtained licences to load and export Venezuelan oil. Market sources said Indian refiners are pressing for steeper discounts because of logistics and quality-related processing costs.
In a related development BPCL signed a crude oil supply agreement with commodities group Trafigura at the India Energy Week event, under which Trafigura will supply Basrah and Oman crude on a term basis with delivery beginning in April 2026. The deal was described by BPCL as a strategic milestone intended to bolster reliable and cost-effective supply for its refining system. Venezuela currently accounts for zero point eight per cent of global crude output despite holding 18 per cent of the world's oil reserves, reflecting years of underinvestment and infrastructure constraints. BPCL had not responded to queries on the potential Venezuelan purchase at the time the officials spoke.
Venezuela wants to shift its global reputation from being known for having the largest oil reserves to being recognized as one of the top oil-producing nations, according to the country’s chief economic adviser Calixto Ortega.
Speaking at the World Government Summit in Dubai on Wednesday, Ortega stated, “We know that the reference for Venezuela is that (it is) the country with the biggest oil reserves. And we want to stop being known about this, and we want to be known as one of the countries with the highest production levels.”
Despite possessing the world’s largest estimated oil reserves, Venezuela’s crude output remains significantly below capacity due to decades of mismanagement, insufficient investment, and international sanctions, according to official data.
The United States, which has maintained sanctions on Venezuela for years, announced it would indefinitely control Venezuela’s oil sales after capturing President Nicolas Maduro in a raid in Caracas last month.
Ortega emphasized Venezuela’s economic readiness for investment, noting that companies in the U.S. and elsewhere are waiting for sanctions to be lifted before investing in the country. “Economically speaking, we are, you know, we are solid and ready for investment,” he said.
Venezuela’s oil exports increased to approximately 800,000 barrels per day (bpd) in January from 498,000 bpd in December, following Maduro’s capture and the end of a U.S. oil blockade, shipping data revealed. The U.S. had imposed an oil embargo on Venezuela in December to pressure Maduro and seized seven tankers.
Source: Investing.com
By Heather Schlitz
CHICAGO, Feb. 4 (Reuters) - Chicago Board of Trade soybean futures hit a two-month high on Wednesday following comments by U.S. President Donald Trump about China buying more U.S. soybeans, traders said.
In a post on his Truth Social platform, Trump said China is "lifting the Soybean count to 20 Million Tons for the current season (They have committed to 25 Million Tons for next season!"
By late January, China had purchased roughly 12 million metric tons of U.S. soybeans, fulfilling a U.S.-stated pledge to purchase that volume by the end of February after a late-October trade truce spurred buying.
China, by far the biggest buyer of U.S. soybeans, had exited the U.S. market during the prolonged tit-for-tat trade war between the two countries. Market players closely monitor China to watch for signs of fresh demand.
The most-active soybean contract Sv1settled 26-1/2 cents higher at $10.92-3/4 a bushel.
Soyoil futures continued a day-earlier rally supported by updated U.S. government guidance on tax credits for biofuel, a major source of demand for soyoil.
Soybean by-product soyoil BOv1rose 1.17 cent to close at 55.66 cents per pound.
The U.S. Treasury Department on Tuesday released updated guidance on biofuel tax credits, a move welcomed by traders as giving clarity to biofuel producers.
CBOT corn Cv1closed 1 cent higher at $4.29-1/2 per bushel amid a flurry of technical trading, while CBOT wheat Wv1closed 2 cents lower at $5.26-3/4 per bushel.
Ample global supply continued to cap grain prices as traders started to look ahead to world crop forecasts from the U.S. Department of Agriculture next Tuesday for fresh direction.
The dollar =USD rose on Wednesday, making U.S. crops more expensive internationally. FRX/
Easing concerns over crop winterkill in Ukraine and Russia following a prolonged period of severe cold in the Black Sea region has added pressure to the wheat market.
(Reporting by Heather Schlitz in Chicago. Additional reporting by Gus Trompiz in Paris and Daphne Zhang and Lewis Jackson in Beijing; Editing by Harikrishnan Nair, Chizu Nomiyama, Emelia Sithole-Matarise and Diane Craft)
Farmers fear losses as unseasonal heat grips key agricultural regions Weather anomaly raises concerns over food security and inflation Scientists warn climate change is reshaping winter farming Government issues advisories to protect rabi crops Early heatwave disrupts traditional crop cycles Agricultural experts call for climate-resilient strategies Dry conditions worsen stress on rural livelihoods
India is experiencing an unusually hot and dry February, raising serious concerns for winter crops and food production across several key agricultural regions. Meteorological officials have warned that higher-than-normal temperatures and below-average rainfall could negatively affect wheat, mustard, pulses, and other rabi (winter) crops that are currently in critical growth stages.
The abnormal weather pattern has alarmed farmers and policymakers alike, as agriculture remains a backbone of India’s economy and food security. Experts say the shift in climate conditions reflects a growing trend of unpredictable weather linked to climate change.
Unseasonal Heat Raises Alarm
According to the India Meteorological Department (IMD), temperatures in many parts of northern and central India have been recorded several degrees above the seasonal average. Regions such as Punjab, Haryana, Rajasthan, Uttar Pradesh, and Madhya Pradesh—major wheat-producing states—have experienced persistent heat waves earlier than usual.
February is typically marked by mild temperatures that help crops mature gradually. However, rising heat can speed up crop development, reducing grain size and overall yield.
“This kind of temperature spike during the grain-filling stage can significantly affect wheat productivity,” said an agricultural scientist at a government research institute. “If the heat continues, farmers could face major losses.”
Impact on Wheat and Other Crops
Wheat, India’s most important winter crop, is particularly vulnerable to heat stress. The crop requires cool conditions during its growth phase, especially in February and March. Prolonged warmth can shorten the maturity period and lead to lower output.
Mustard and chickpea crops are also at risk. Farmers report that plants are drying faster than usual, forcing them to increase irrigation at a time when water availability is already limited in many districts.
In rain-fed areas, the situation is even more concerning. Without sufficient rainfall, soil moisture levels are dropping rapidly, threatening crop health and increasing production costs.
Farmers Express Growing Concern
Across rural India, farmers are voicing anxiety about the impact of the weather on their livelihoods. Many say they were expecting favorable conditions after a challenging monsoon season in some regions.
“We planted our wheat on time, but the heat came too early,” said a farmer from Uttar Pradesh. “Now we have to irrigate more, which costs money. If the yield drops, our income will suffer.”
Some farmers are already considering harvesting early to reduce losses, though this can further compromise grain quality.
Agricultural unions have urged the government to prepare compensation measures if crops fail and to ensure timely support for affected communities.
Government and Scientific Response
The Indian government is closely monitoring the situation. Officials from the agriculture ministry have held meetings with meteorological experts to assess the possible impact on national food supplies.
Advisories have been issued to farmers recommending efficient water management, use of protective irrigation methods, and adjustments in fertilizer application. Agricultural extension workers are visiting villages to guide farmers on coping strategies.
Scientists are also studying whether this heat wave is linked to broader climate patterns such as El Niño and long-term global warming trends.
“Extreme weather events are becoming more frequent,” said a climate researcher. “India’s agriculture is highly sensitive to temperature changes, and adaptation strategies must be strengthened.”
Economic and Food Security Implications
India is one of the world’s largest producers and exporters of wheat and rice. Any significant reduction in winter crop output could affect domestic food prices and global markets.
Higher temperatures could also worsen inflation, especially for food items such as wheat flour, cooking oil, and pulses. Economists warn that rising food prices would put pressure on low-income households already struggling with the cost of living.
The government has previously imposed export restrictions during poor harvest years to stabilize domestic supplies. Similar measures could be considered if crop damage becomes widespread.
Climate Change and Long-Term Risks
Experts say the current weather anomaly highlights the vulnerability of Indian agriculture to climate change. Over the past decade, India has seen more frequent heat waves, erratic rainfall, and unseasonal storms.
Climate models predict that winters will become shorter and warmer, making traditional farming calendars less reliable.
To address this, researchers are developing heat-resistant crop varieties and promoting climate-smart farming techniques such as drip irrigation, soil moisture conservation, and diversified cropping patterns.
However, large-scale adoption of these methods remains a challenge due to financial and infrastructure constraints in rural areas.
International Perspective
India’s situation mirrors challenges faced by other major agricultural nations dealing with rising temperatures and drought conditions. From Europe to South America, farmers are adjusting to increasingly unstable weather systems.
Global organizations have emphasized the need for stronger cooperation on climate adaptation and food security policies.
“The Indian case is a reminder that climate change is no longer a future threat—it is happening now,” said an international food policy expert.
What Lies Ahead
Weather forecasts suggest that higher temperatures may persist into March, increasing uncertainty for farmers. Any unexpected rainfall or a return to cooler conditions could still help reduce damage, but confidence remains low.
The government is expected to review crop conditions later this month and may announce relief measures if significant losses are confirmed.
For now, millions of farmers remain dependent on how the weather unfolds over the coming weeks.
Conclusion
India’s hotter and drier February has placed winter crops under serious stress, threatening agricultural output and farmer incomes. With wheat and other key crops at risk, the situation underscores the fragile link between climate and food security.
As authorities monitor developments and farmers attempt to adapt, the episode serves as a warning of the growing impact of climate change on one of the world’s largest agricultural systems. Whether through improved forecasting, resilient crops, or stronger support policies, India faces an urgent need to prepare for a future of more extreme and unpredictable weather.
https://vocal.media/earth/india-faces-hotter-drier-february-threatening-winter-crops
Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.
Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.
On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.
One stock to keep an eye on is Centerra Gold (CGAU). CGAU is currently sporting a Zacks Rank #1 (Strong Buy), as well as an A grade for Value. The stock is trading with a P/E ratio of 9.53, which compares to its industry's average of 13.72. CGAU's Forward P/E has been as high as 12.58 and as low as 6.58, with a median of 9.65, all within the past year.
Investors should also recognize that CGAU has a P/B ratio of 1.14. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. This company's current P/B looks solid when compared to its industry's average P/B of 3.09. Over the past year, CGAU's P/B has been as high as 1.14 and as low as 0.67, with a median of 0.84.
Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. CGAU has a P/S ratio of 2.72. This compares to its industry's average P/S of 6.04.
Finally, investors should note that CGAU has a P/CF ratio of 10.35. This data point considers a firm's operating cash flow and is frequently used to find companies that are undervalued when considering their solid cash outlook. CGAU's P/CF compares to its industry's average P/CF of 14.82. Within the past 12 months, CGAU's P/CF has been as high as 10.35 and as low as 4.87, with a median of 6.62.
https://finance.yahoo.com/news/value-investors-buy-centerra-gold-144003845.html
Overview
Indian metal stocks experienced a sharp sell-off on February 5, with the Nifty Metal index declining nearly 3%. This downturn was driven by aggressive profit-booking following a recent rally, the strengthening U.S. dollar which pressured commodity prices, and a significant drop in gold and silver futures. Hindustan Zinc shares were particularly hard-hit, falling approximately 7%.
Metal Sector Suffers Sharp Correction
Indian metal stocks bore the brunt of market sentiment on February 5, with the benchmark Nifty Metal index plunging close to 3% in early trading. The sharp decline snapped a three-day winning streak for the sector, as investors moved to book profits at elevated levels after the index had gained over 6% in the preceding sessions. Key Drivers of the Downturn The sell-off was primarily fueled by a confluence of factors. A stronger U.S. dollar index, hovering near a two-week high, made dollar-denominated commodities more expensive, thereby dampening demand and prices for metals. This was compounded by a significant drop in precious metal prices, with gold futures shedding around 3% and silver futures experiencing a steeper 6% fall. For companies like Hindustan Zinc, which are substantial producers of these precious metals, this price erosion directly impacts their profitability and stock valuation.
Individual Stock Performance
Hindustan Zinc, India's largest silver producer, saw its shares plummet by approximately 7% to ₹593.25, breaking below the ₹600 mark. Vedanta and National Aluminium Company (NALCO) followed suit, with shares falling nearly 5% and 4%, respectively. Other prominent metal companies like Hindustan Copper and Hindalco Industries registered losses of around 3% each, while NMDC and Lloyds Metals And Energy saw declines of about 2%. Larger steel players such as Steel Authority of India (SAIL) and Tata Steel experienced marginal losses of over 1%.
Frédéric Tomesco | February 5, 2026 | 8:25 am Markets Top Companies Canada USA Copper Gold
A view of Nevada Gold Mines, a joint venture between Barrick and Newmont. Credit: Barrick Mining.
Barrick Mining (TSX: ABX; NYSE: B) unveiled plans to spin off its North American gold assets into a new publicly listed company by the end of the year as it appointed interim CEO Mark Hill as permanent head.
Carving out the assets – which include stakes in the Nevada Gold Mines joint venture, Pueblo Viejo in the Dominican Republic and Nevada’s Fourmile project – in an initial public offering (IPO) is the best way to maximize shareholder value, Barrick said Thursday in a statement. Barrick plans to keep a “significant” majority stake in the properties, which account for more than half of the company’s gold production.
The proposed IPO was one of several scenarios floated by analysts in recent months as a way for Barrick to revive its lagging share price following years of cost overruns and profit-target misses. Share price performance and a personality clash with chairman John Thornton were two key factors that led to the departure in September of longtime Barrick CEO Mark Bristow, analysts have said.
Barrick’s North American assets “are likely to be an acquisition target and logical fit for Newmont” (TSX: NGT; NYSE: NEM), National Bank Financial mining analyst Shane Nagle said Thursday in a note.
Risk exposure
Provisionally dubbed “NewCo,” the North American miner “could reasonably trade towards the upper end of sector valuation, given its premier jurisdiction exposure and asset quality,” RBC Dominion Securities mining analyst Josh Wolfson said Thursday in a note. “Historically, Barrick shares have traded at a substantial discount to the sum-of-its-parts valuation, in part due to above-average geopolitical risk exposure.”
The IPO is still subject to market conditions, regulatory approval and final board approval, Barrick stressed.
The spinoff “could represent a catalyst for shares, if the plan advances as outlined by late 2026,” Wolfson added. “However, we see various key questions outstanding.”
Those include what minority stake of the North American assets Barrick will issue into NewCo, how the IPO assets will be managed and how Barrick plans to use proceeds from the IPO.
Reko Diq review
Another major development Thursday is the news that Barrick has begun a full review of all aspects of its $7.7 billion Reko Diq copper-gold project in Pakistan because of security incidents.
Barrick made the announcements after reporting its best-ever quarterly results on the back of rising gold prices. Fourth-quarter net income more than doubled year-over-year to $2.4 billion, or $1.43 per share, Barrick said. On an adjusted basis, earnings surged to $1.04 per share, beating analyst expectations.
Hill, who had been guiding the company since Bristow’s exit, will join Barrick’s board as a non-independent director, the company said as it praised “the strong performance of the business” under his leadership. A 20-year Barrick veteran, Hill previously oversaw operations in Latin America and the Asia Pacific region. He was “integral” in the initial decision to undertake exploration at Fourmile, Barrick said in September.
Fourmile holds 4.6 million indicated tonnes grading 17.59 grams gold per tonne for 2.6 million oz. of contained metal, Barrick said last year as it doubled the deposit’s estimated resource for a second straight year. It also contains 25 million inferred tonnes grading 16.9 grams gold for contained metal of 13 million ounces.
Ongoing prefeasibility studies at Fourmile point to the potential for significant additional resource growth, Barrick said Thursday.
Mali settlement
One of Hill’s key achievements during his interim stint was the resolution late last year of a long-running dispute with the government of Mali. The settlement secured a 10-year renewal of the exploitation permit and the release of detained employees in exchange for a $253 million payment and a commitment to distribute historical retained earnings by 2030.
Barrick had suspended operations at Loulo-Gounkoto, its largest African asset, early last year after Mali’s military government seized about three tonnes of gold over alleged unpaid taxes.
Toronto-based Barrick said Thursday it expects to produce between 2.9 million and 3.25 million oz. of gold this year, down from 3.26 million oz. in 2025. Total cash costs are expected to come in between $1,330 to $1,470 per oz., while all-in sustaining costs range from $1,760 per oz. to $1,950 per ounce.
Copper output, meanwhile, is projected to hit between 190,000 and 220,000 tonnes. Barrick produced 220,000 tonnes of the red metal last year.
“While 2026 guidance is softer than expected, our numbers were likely too optimistic on the ramp-up of Loulo-Gounkoto relative to consensus – accounting for much of the miss,” Nagle said in his note. He singled out the “strong” fourth-quarter results, capital return policy and “plans to surface value” from the North American business unit IPO.
Dividend raised
Barrick more than doubled its fourth-quarter dividend to 42¢ per share, including an increase in the base dividend to 17.5¢ per share. Barrick’s new dividend policy targets a total payout of 50% of annualized attributable free cash flow.
In Pakistan, Barrick is reviewing security arrangements at Reko Diq, the development timetable and the capital budget. An update will be provided when the review has been completed, Barrick said.
Barrick shares fell 6.6% to C$61.40 Thursday morning in Toronto, cutting the company’s market value to about C$103 billion ($75 billion).
https://www.mining.com/barrick-eyes-us-assets-ipo-confirms-ceo/
Credit: Aurubis AG
Europe’s largest copper producer Aurubis reported first quarter operating core profit slightly below market expectations on Thursday, hit by lower treatment and refining charges for smelting copper concentrates and a maintenance shutdown at its Hamburg site.
Its operating earnings before interest, taxes, depreciation and amortization fell to 164 million euros ($193 million) for the first quarter, from 184 million euros a year ago. That slightly missed analysts’ expectations of 169 million euros in a company-provided poll.
The Hamburg-based company said its net cash flow for the first quarter was -8 million euros, significantly worse than the previous year’s 178 million euros, which it said in a presentation was because of a temporary increase in working capital and higher metal price levels.
The company was supported by a strong result for metals and stable product markets despite a turbulent geopolitical environment, chief executive Toralf Haag said in a statement.
Aurubis produces around 1.2 million metric tons of copper cathodes and 2 million tons of sulphuric acid, along with other metals such as gold, silver and tin.
Gold has experienced a substantial rally this year, gaining nearly 13% in January, with analysts expecting the bull run to continue.
Aurubis lifted its forecast for 2025/26 on January 28, now expecting operating earnings before taxes of 375-475 million euros.
This compares to a previous forecast of an EBT of 300-400 million euros for the fiscal year 2025/26. The Germany company also said its first quarter EBT stood at 105 million euros.
($1 = 0.8482 euros)
(By Bernadette Hogg and Danny Callaghan; Editing by Matt Scuffham)
https://www.mining.com/web/aurubis-sees-profit-decline-amid-lower-copper-refining-charges/
February 6, 2026 David Yeoman
Nine Miles Metals (CSE: NINE) is positioning itself as a significant explorer in New Brunswick's Bathurst Mining Camp, one of Canada's most prolific mining districts. CEO Patrick Cruickshank recently outlined the company's 2026 strategy following a transformative year of geophysical work and drilling across its four-project portfolio. With $5.5 million recently raised and a disciplined approach to capital deployment, the company is focused on proving up existing deposits while testing new discoveries identified through advanced drone geophysics and AI-assisted targeting.
The Bathurst Mining Camp Opportunity
The Bathurst Mining Camp has produced 45 known VMS deposits, 25 of which exceed one million tons. However, the New Brunswick Department of Energy and Mines estimates only 30% of deposits have been discovered, with 70% remaining hidden beneath surface cover. Cruickshank notes that deposits "only 1% outcrop in the camp," making modern geophysical technology essential for new discoveries.
The camp operates on a roughly 20-year discovery cycle, coinciding with breakthroughs in geophysical technology. Nine Miles Metals believes it is positioned at the beginning of a new discovery cycle, having invested approximately $600,000 in 2024-2025 on comprehensive geophysics across its 140-square-kilometer land package. This continuous footprint covers the same geological formation that hosts all 45 known deposits in the district.
Nine Miles Metals' current portfolio comprises four projects: Nine Mile Brook, Wedge, California Lake, and Canoe Landing (East and West). The company has been operating in Bathurst for six to seven years, initially as a private entity called Fiddlehead Mining Corporation. When Stevens Gold Nevada (which became Nine Miles Metals) went public, it acquired Nine Mile Brook and Canoe Landing. Under Cruickshank's leadership, the company subsequently acquired California Lake and the historic Wedge mine, creating the consolidated land position.
The geology of these deposits is distinctive. Approximately 470 million years ago, underwater volcanic activity created solid mineralisation "blocks" of nearly 95% pure mineralisation. Over geological time, tectonic forces broke these blocks into multiple lenses. Successful deposits in Bathurst typically consist of five to six lenses that collectively form economic mining operations, similar to the famous Brunswick 12 and Caribou mines.
Nine Mile Brook: Exceptional Grades Present Processing Opportunity
Nine Mile Brook contains what Cruickshank describes as the highest-grade lens ever recorded in the Bathurst Mining Camp: 12% copper, 38% lead-zinc, 1,200 grams per ton silver, and 2.4 grams per ton gold over approximately 15 meters of solid mineralisation. The challenge facing the company is that this exceptional grade has created processing complications.
The Caribou mill, traditionally used for Bathurst concentrates, only processes lead-zinc with silver credits - it cannot handle the high copper and gold content. Additionally, the mill is currently offline following Trevali's bankruptcy and likely won't restart until 2028-2029. Even when operational, the hybrid nature of Nine Mile Brook's mineralisation (12% copper combined with 38% lead-zinc) requires mills to reconfigure their processing circuits, making toll milling economically challenging.
The company has spent over a year working with Glencore and evaluating facilities in Montreal, Quebec, and Kidd Creek to develop a processing solution. Cruickshank indicated that a "truly unique" solution is forthcoming, with a bulk sample update expected shortly. He noted that geologists and structural PhDs believe the lens was formed very close to the volcanic vent, explaining its exceptional grades, and that black chlorite found in drill core confirms this proximity.
Jindal Steel Limited reported a 25% quarter-on-quarter increase in production for Q3FY26, reaching 2.51 million tons. The company commissioned new facilities, including the SBPP Module 1 & 2 and CCL1. Despite increased sales volume, revenue only increased by 12% due to weaker steel prices. The company expects improved performance in Q4 with normalizing coke costs and improving steel realizations, but coking coal costs are expected to increase by $18-$20 per ton sequentially.
Q3FY26 Performance Overview
Jindal Steel Limited (JSL) saw a 25% quarter-on-quarter increase in total production, reaching 2.51 million tons in Q3FY26. This growth was fueled by the ramp-up of BF2 and BOF2 facilities in Angul and the Bhagavati Subhadrika Blast Furnace-II, which achieved 48% capacity utilization. Sales volume increased by 22% quarter-on-quarter to 2.28 million tons.
Financial Highlights
Consolidated gross revenue rose by 12% quarter-on-quarter to INR 15,172 crores. Adjusted EBITDA was Rs. 1,593 crores, with a margin of 10.5% and EBITDA per ton of Rs. 6,981. This includes a one-time BF2 start-up cost of INR 350 crores. Consolidated PAT for the quarter, after accounting for the one-time start-up cost, was INR 189 crores.
Operational Developments
The company operationalized SBPP Module 1 of 525 MW and also synchronized SBPP Module 2 of 525 MW to the grid. CCL1 was commissioned, adding 0.2 million tons per annum capacity. The Utkal B1 mine has opened, and overburden removal is underway. The basic oxygen furnace 3 at Angul (3 million tons per annum) remains on track for commissioning by Q4FY26.
Market Dynamics and Outlook
Domestic steel prices in India corrected during the quarter but have since recovered from mid-December 2025. The company anticipates rising coal consumption costs in Q4FY26 by $18-$20 per ton sequentially. The company reiterate they are maintaining the guidance of net debt to EBITDA to sub 1.5x times through the cycle.
Strategic Focus
Jindal Steel is focused on AI and digitalization to drive productivity and efficiency. The company has been included in the S&P Global Sustainability Yearbook 2026. Furthermore, they have been awarded an India-Sweden Industry Transition Partnership Feasibility Project to evaluate a CO2-neutral steel production facility.
Source: BSE
https://www.investywise.com/jindal-steel-q3fy26-earnings-conference-call-transcript/
Kumba Iron Ore Limited (OTCMKTS:KUMBF) saw a large growth in short interest in January. As of January 15th, there was short interest totaling 18,627 shares, a growth of 21.8% from the December 31st total of 15,294 shares. Based on an average daily volume of 80 shares, the short-interest ratio is currently 232.8 days. Based on an average daily volume of 80 shares, the short-interest ratio is currently 232.8 days.
Kumba Iron Ore Price Performance
Kumba Iron Ore stock opened at $21.74 on Thursday. The company has a fifty day simple moving average of $21.14 and a 200-day simple moving average of $20.33. Kumba Iron Ore has a 52-week low of $19.90 and a 52-week high of $21.74.
Kumba Iron Ore Company Profile
Kumba Iron Ore (OTCMKTS: KUMBF) is a leading South African iron ore producer, primarily engaged in the mining, beneficiation and marketing of seaborne iron ore. The company is listed on the JSE Limited and trades in the United States on the OTC Markets under the symbol KUMBF. As a subsidiary of Anglo American plc, Kumba Iron Ore focuses on extracting premium grades of hematite ore, which serve as key feedstock for global steelmakers.
The company’s core operations are concentrated in the Northern Cape Province of South Africa, where it operates two flagship open-pit mines: Sishen and Kolomela.
