Efforts by the U.S. and the International Energy Agency to unleash the largest distribution of oil reserves in history failed to keep oil futures from soaring back above $100 a barrel, as the widening Middle East conflict stoked supply disruption fears. Front-month Brent crude-oil futures jumped 9% to $100.29 in Asian trading on Thursday before falling back into the mid-90s, while front-month West Texas Intermediate crude oil futures rose 8.9% to $94.97 a barrel.
Iran’s semi-official Fars News Agency said Houthis in Yemen and other Iran-backed groups could shut the Red Sea strait at the southern tip of the Arabian Peninsula. Container ships were struck off the coast of Dubai and Iraq, and Bahrain also announced a new strike targeting its oil facilities.
The U.S. military has turned down requests to escort tankers or other civilian ships through the strait, with defense officials saying it won’t do so until the threat of Iranian fire has eased. The head of U.S. Central Command said its focus remains on destroying Iran’s missiles and drones.
Chante Ho Hip |12 March 2026 | 9:01
Aviation expert Phutego Mojapele explained that the decision by FlySafair helps the airline to continue operating.
FlySafair’s decision to introduce a temporary fuel surcharge following the hike in jet fuel prices has left travellers concerned about how this will impact them.
Aviation expert Phutego Mojapele explains that this decision is a direct result of the 70% increase in jet fuel costs, which is largely due to the latest war in the Middle East.
“These prices are generally going to be as minimal as possible. [But] a low-cost carrier like FlySafair has small margins, so this is basically an effect that’s going to help them keep going.”
“We are yet to see how they’re going to structure it… [But] it’s a temporary measure… It’s not going to be like this forever.”
Mojapele added that jet fuel is actually cheaper in South Africa and Namibia than in many other parts of the world.
"If you're ferrying aircraft everywhere in the world, most operators would prefer to do their stopover in South Africa and pick up fuel here because of the price."
 "oil refinery")
Flagging the adverse effects of the West Asia war, S&P Global Ratings on Wednesday said India’s low strategic stockpiles for its energy needs pose a risk to its economy.
Asian nations like India, Thailand, South Korea, Vietnam and Singapore have high energy import needs relative to gross domestic product (GDP).
Despite the high exposure, India has limited reserves. Its strategic petroleum reserves support 10 days of consumption while its commercial stocks support around 65 days.
Stockpiles of liquefied petroleum gas (LPG) and liquefied natural gas (LNG) are even lower, reportedly at around 25-30 days and 10-12 days, respectively, S&P said in two reports. One report covers Asian Oil and Gas defences, and the other covers credit conditions.
Less protection from reserves drives the search for alternatives. India imports 88 per cent of its crude oil, making it the third-largest oil importer in the world. The country consumes 5.8 million barrels per day (bpd), of which 2.5-2.7 million passes through the Strait of Hormuz. Exposure to the strait amounts to 55 per cent of LPG and 30 per cent of its LNG consumption.
As for sourcing oil from Russia, the rating agency said the lifted embargo to purchase Russian crude offers some respite, but it likely comes with a higher price tag.
An energy supply shock will hit most economies in the region, given their net energy importing status. Of this, economies with high energy import dependence relative to GDP face greater vulnerability, it added.
India will remain dependent on maritime routes to fulfill its crude needs, but there is some scope for diversification. The country has a history of buying oil from outside Asia, such as from Russia and South America. Purchases from Russia currently stand at 1.1 million bpd, while those from Venezuela resumed last month at 142,000 bpd.
Referring to the response to the crisis, it said the Centre’s directives and rising prices may drive down margins.
Risks to upstream players such as state-owned ONGC will be reduced by higher sale prices and limited operating exposures to West Asia. However, downstream players, such as India's oil marketing companies (OMCs), will face both market and regulatory headwinds.
S&P said that in India, LPG prices for consumers are regulated. Amid rising prices, OMCs, such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum, may need to maintain steady retail prices for petrol and diesel to curb inflationary pressures. Their margins could suffer as a result.
The government may use budgetary allocations and excise duty cuts to ease resulting pressures on OMCs, as it has done during the Russia-Ukraine conflict. However, the likelihood of such measures is uncertain, it added.
The Middle East war continues to impact oil supply through the Strait of Hormuz, leading to a spike in crude prices. S&P Global Ratings, as quoted by PTI, could hurt the profit margins of oil marketing companies, such as IOC, BPCL and HPCL may will keep retail prices of petrol and diesel unchanged to curb inflationary pressures.
The PTI report noted that S&P Global Ratings has also revised its 2026 average Brent crude assumption by $5 to $65 per barrel amid the escalating Middle East conflict.
Oil prices have risen since the start of the US-Iran war, with crude rising to over $100 per barrel earlier this week as the Strait of Hormuz, which handles about a fifth of the global Crude oil and liquified natural gas (LNG) flows, remained effectively closed. However, on Wednesday, Crude prices have fallen to $88 a barrel.
IOC, BPCL, HPCL margins at risk: S&P
S&P report said that risks to upstream players such as ONGC will be reduced by higher sale prices and limited operating exposures to the Middle East.
However, downstream players, such as India’s oil marketing companies (OMCs), will face both market and regulatory headwinds by the Indian government.
“In India, LPG prices for consumers are regulated. Amid rising prices, OMCs such as Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp (HPCL) may need to maintain steady retail prices for petrol and diesel to curb inflationary pressures, in our view,” S&P said in its report according to PTI
“Their margins could suffer as a result. The government may use budgetary allocations and excise duty cuts to ease resulting pressures on the OMCs, as it has done during the Russia-Ukraine conflict, but the likelihood of such measures remains uncertain,” S&P added.
India continues crude diversification with Russia, Venezuela supplies
The US-based rating agency said India, which imports 55% of LPG and 30% of LNG through Strait of Hormuz, will remain dependent on maritime routes to fulfil its crude needs, but there is some scope for diversification as the country has a history of buying oil from outside Asia, such as from Russia and South America.
Purchases from Russia currently stand at 1.1 million bpd, while those from Venezuela resumed last month at 142,000 bpd, S&P added, as quoted by PTI.
Purchases from Russia may increase as the US, which had earlier imposed a 25% tariff on India over Russian crude imports, has granted a 30-day waiver allowing Indian refiners to buy certain Russian cargoes amid Middle East supply disruptions.
Conclusion
S&P said despite the high exposure, India has limited reserves. Its strategic petroleum reserves support 10 days of consumption while its commercial stocks support roughly 65 days.
LPG and LNG stockpiles are even lower, reportedly around 25-30 days and 10-12 days, respectively.
With the inputs from PTI
Russia’s state-controlled energy giant Gazprom said Wednesday that Ukrainian forces had repeatedly attacked infrastructure linked to two Black Sea gas pipelines supplying Turkey and southeastern Europe, in what Moscow described as an attempt to disrupt exports.
Gazprom said facilities tied to the TurkStream and Blue Stream pipelines in southern Russia had been targeted 12 times over the past two weeks.
Ukrainian officials have not yet commented on the claims.
The latest incident occurred Wednesday and involved a drone attack on the Russkaya compressor station in the Krasnodar region, Gazprom said.
The day before, drones targeted the Beregovaya and Kazachya compressor stations, also located in the Krasnodar region, the company said.
“These facilities are part of critical energy infrastructure and ensure the reliability of gas exports via the TurkStream and Blue Stream pipelines,” the company said, adding that all the attacks had been repelled and that the infrastructure continued operating.
Consumer price growth was steady in February, right before the Iran war rattled global energy markets and sent prices skyrocketing.
The consumer price index rose 0.3% month over month or 2.4% from one year ago, which was in line with what analysts and economists were expecting.
Core inflation, which excludes volatile food and energy prices, was also reported right in line with expectations, rising 0.2% from January or 2.5% from one year ago.
Grocery prices roes 0.4% from January to February, and are now tracking a 2.4% increase from a year ago, while "food away from home," a category that measures dining out, rose 0.3% from January and has now risen 3.9% from one year ago.
Shoppers in the SoHo neighborhood of New York on Feb. 13, 2026. Michael Nagle / Bloomberg via Getty Images file
February’s report was produced before the United States and Israel launched a large-scale attack on Iran on the final day of the month.
The critical Strait of Hormuz off Iran’s western coast has been effectively shut down since the war began.
More than 20% of the globe’s supply of oil typically transits through the waterway to reach the international markets. As a result, the price of U.S. crude oil has increased more than 20% since the first strikes. Retail gas prices have also soared more than 50 cents.
“Today’s CPI report is already something of a historical artefact,” wrote Principal Asset Management’s Seema Shah in a note. “With oil prices up roughly $30 in recent weeks — and potentially heading toward triple digits — investors are far more focused on how the conflict feeds into inflation over the months ahead.”
Also in February, the Supreme Court struck down many of President Donald Trump’s tariffs, ruling that he exceeded his presidential authority when he imposed country-specific emergency tariffs last year. While Trump has since replaced some of these tariffs with a global 10% duty, the impact on prices is not yet clear.
With the latest report, consumer inflation still sits north of the Federal Reserve’s 2% target annual rate, but it has come down in recent months from its high of 3% in September.
A number of consumer products saw sharp price jumps last month.
Clothes and shoes rose 1.3% just on a month-over-month basis, in what could be a hint of tariffs passing through to consumers.
Gas services provided by a utility also jumped 3.1% in the month, as did fruits and vegetables, whose prices rose 1.4% in February. A number of meat products also saw jumps in the month.
The category that includes appliances and household furnishings is also up 3.9% year-over-year, in yet another sign of how tariffs have impacted sectors that rely heavily on imports.
https://www.nbcnews.com/business/economy/february-inflation-report-iran-war-rcna262829
Both crude benchmark futures for oil had an immediate reaction after the International Energy Agency (IEA) announced its proposal for the largest-ever coordinated release of reserves to tame price volatility while the Middle East conflict drags on.
On Wednesday morning Brent had fallen 0.26% to US$87.57 per barrel (bbl) and West Texas Intermediate dropped 0.44% to $83.08/bbl shortly after the Wall Street Journal broke the news.
It brought crude prices down from recent peaks near $110/bbl, sparking fears in South Africa that the Department of Mineral and Petroleum Resources (DMPR) could substantially increase tank prices for petrol and diesel.
On Tuesday, Road Freight Association chief executive, Gavin Kelly, said there was no truth in news reports that the diesel price, a primary driver for transport costs in South Africa, could spike by as much as R7/litre in April.
He said the reports were based on speculation.
The DMPR has since also said there is no need to panic.
Eye Witness News reported on Wednesday morning that the department was in constant contact with local oil companies about South Africa’s oil supply status.
Currently, the country has two operational refineries, Natref (Sasol/TotalEnergies) in Sasolburg and Astron Energy in Cape Town, as well as Sasol Secunda's coal-to-liquids (CTL) facility.
While the Engen and Sapref refineries in Durban are still closed, South Africa’s oil-refining capability remains heavily dependent on West African crude imports.
According to Fuels Industry, Natref has capacity for producing 108 000 barrels per day (bbl/d), despite occasional outages, while Astron has capacity for 100 000 bbl/d.
Sasol Secunda CTL’s critical synthetics capability is estimated to be 150 000-300 000 bbl/d.
Should the IEA proceed with a plan to release in excess of 182 million barrels of global oil reserves, it would be the largest since 2022 when an equivalent amount was released to mitigate energy markets fall-out because of Russia’s invasion of Ukraine.
CNBC has reported that an emergency meeting occurred on Tuesday, March 10, with G7 nations supportive but further talks needed on volume, allocations and timing.
IEA executive director, Fatih Birol, highlighted evaluating supply security amid elevated prices near $88-120/barrel.
https://www.freightnews.co.za/article/oil-prices-ease-after-ieas-announcement-for-mitigation
Roadside eateries, households hit by price rise, supply disruptions following US–Iran conflict
By Masrat Nabi | Mar 12, 2026 | New Delhi
Amid the LPG shortage, vendors’ biggest worry is not customers but cooking gas (Photos: Media India Group/Sunil Yadav)
Across India, an acute shortage of Liquified Petroleum Gas (LPG), the most common form of cooking gas, is pushing street vendors, eateries, and hostel kitchens to the brink. With soaring prices and dwindling supplies, thousands fear their stoves and livelihoods may soon go cold.
From mid-morning until late evening, street food vendors line the pavements near office complexes in Delhi’s Jasola area, where the smell of sizzling oil and spices usually fills the air. From egg rolls to chowmein and parathas, hundreds of office workers depend on these small carts for an affordable meal.
But in recent days, the usual bustle has been replaced by uncertainty. Behind the counters, vendors are worried not about having enough customers, but about something far more basic, not enough cooking gas.
Across India, a shortage of Liquefied Petroleum Gas (LPG) cylinders, notably commercial cylinders, is beginning to disrupt daily life, particularly for restaurants, canteens and street vendors who rely entirely on gas to cook food. The crisis, triggered by geopolitical tensions in West Asia and disruptions in fuel supply chains, is now threatening the livelihood of thousands of small food businesses.
For vendors like Shankar Yadav, 34-year-old who has been running a food cart in Jasola for several years, the crisis has become a daily struggle.
“We only work because of LPG gas. Without it, our stoves go silent and our livelihood stops. At home we can somehow manage by burning wood, but here on the roadside we are not even allowed to light a fire. For the last few days I have been running from one gas supplier to another, worrying about how I will feed my family. After so much stress I finally managed to get one small cylinder, but every time I light the burner I keep wondering what will happen when this one also runs out,” Yadav tells Media India Group.
He says the price shock has been equally devastating.
“Earlier I used to buy the bigger commercial cylinder for around INR 1,200. Now the same cylinder is being sold in the black market for INR 2,500. How can a small vendor like me survive like this,” he adds.
The crisis affecting vendors like Yadav has its roots thousands of kilometres away. The ongoing conflict involving the United States and Iran has disrupted shipping routes and energy supplies across the Middle East. Almost all of India’s LPG imports pass through the Strait of Hormuz, a key global shipping corridor now facing disruptions due to the escalating conflict.
India imports more than 65 pc of its LPG requirement, making the country highly vulnerable to global supply shocks. With tanker movement disrupted and energy infrastructure affected in the region, the availability of LPG and Liquefied Natural Gas (LNG) has come under pressure.
To avoid a domestic cooking gas crisis, the government has prioritised LPG supply for households and essential sectors such as hospitals and educational institutions. This has unintentionally squeezed supply for commercial users like hotels, restaurants, and food stalls.
Hotels, restaurants and street vendors are struggling to get LPG cylinders
Shrinking menus put businesses at risk
The impact of the shortage is particularly visible in urban clusters where food businesses depend entirely on LPG.
In many government colleges and private hostels across India, mess operators have reportedly issued notices warning students about possible disruptions in food services due to gas shortages.
Restaurants too are struggling to cope. Some have cut down menu items, while others are exploring alternative cooking methods such as wood, coal or even induction cooking, a move that many say is impractical in crowded cities.
For small street vendors, however, switching fuels is almost impossible.
Pooja Devi, who runs a small momo and noodle stall in Delhi’s Sarita Vihar market, says the situation is becoming unbearable.
“We cook everything on gas the noodles, the momos, even the soup. If the cylinder finishes and we cannot get another one, we will have to close the stall. Customers may think we are on holiday, but the truth is we just cannot cook,” Devi tells Media India Group.
She adds that even when cylinders are available, the rising prices are cutting into already thin profits.
“Earlier we used one cylinder in five or six days. Now we are trying to use it carefully so it lasts longer. But if prices keep rising, we might have to increase food prices, and then customers will stop coming,” says Devi.
For thousands of migrant workers who operate roadside carts across Indian cities, LPG is not just a cooking fuel it is the backbone of their livelihood.
In Jasola, where many corporate offices attract crowds of daily commuters, dozens of food carts operate every evening. But the shortage is beginning to take a toll.
Mohammad Irfan, another vendor in the area who sells Parathas or stuffed flatbreads, omelette rolls and tea from a small food truck, says distributors are increasingly reluctant to supply commercial cylinders.
“Earlier we would get a refill within a day. Now they say there is no stock. Some people are selling cylinders privately for double the price,” Irfan tells Media India Group.
He points toward a row of closed stalls nearby.
“Two carts here have already stopped operating this week. If the situation continues, many more will close,” he adds.
The ripple effects extend beyond the vendors themselves. Delivery workers, helpers, and suppliers who depend on these small businesses are also facing uncertainty.
The shortage has been accompanied by a sharp rise in LPG prices across the country.
Domestic LPG cylinder prices have already increased, while commercial cylinders used by restaurants and eateries have seen multiple price hikes this year. Market analysts say the increases reflect the rising cost of global energy supplies and disruptions caused by the ongoing conflict.
The sudden price surge has also triggered hoarding and black-market sales in several cities, further worsening availability for small businesses.
For street vendors operating on narrow margins, even the difference of a few hundred rupees in fuel prices can significantly affect earnings.
Hotel associations in several cities have warned that prolonged shortages could force eateries and canteens to shut operations temporarily.
The crisis has exposed how dependent India’s urban food economy is on LPG cylinders. For thousands of street vendors across India, the future of their businesses may depend not on demand or hard work, but simply on whether the next LPG cylinder arrives on time.
https://mediaindia.eu/society/indias-lpg-shortage-threatens-small-food-businesses/
Rincon project site. Supplied image.
Rio Tinto (ASX, LSE: RIO) has made its first commercial shipment of lithium carbonate produced at its Rincon project in Argentina, Reuters reported on Tuesday.
Located within the heart of the lithium triangle in the northwestern Salta province, Rincon represents a large-scale, low-cost lithium brine asset targeting an annual production capacity of 60,000 tonnes in battery-grade carbonates.
Production would initially begin from a 3,000-tonne starter plant, followed by a 57,000-tonne expanded plant that is scheduled to come online in 2028 and reach full capacity within three years. Construction of the expanded plant, which is estimated to cost $2.5 billion, is currently under way.
On Tuesday, the Australian miner officially began exports from the site, with a shipment of 200 tonnes produced at the existing plant leaving the Port of Buenos Aires bound for Shanghai, China, according to Reuters.
The report comes during a meeting of business leaders and officials in New York organized by Argentina President Javier Milei’s government to attract investment. “Argentina is central to the company’s lithium strategy,” Rio Tinto said in a statement to Reuters.
Flagship lithium asset
Rio Tinto acquired the project in March 2022 as part of the group’s strategy to expand its battery materials business under former CEO Jakob Stausholm. Under current leadership, Rincon has become its flagship lithium asset after the company shelved its other major project — Jadar in Serbia — in November 2025.
As its first commercial-scale lithium operation, the Rincon project is expected to deliver approximately 53,000 tonnes of lithium carbonates annually over a 40-year life.
To expedite Rincon’s development, Rio has already applied for the Argentine government’s RIGI incentive scheme, which provides tax and legal benefits.
Before acquiring Rincon, the company held several lithium brine assets in the Latin American nation, namely the Fénix project in Catamarca and the Olaroz project in Jujuy, considered one of the world’s largest.
Project financing
In addition to making its first shipment, Rio has also secured a $1.175 billion financing package to support the development of Rincon, the company announced late on Tuesday.
The package comprises loans from four international lenders: International Finance Corporation, a member of the World Bank Group; IDB Invest; Export Finance Australia; and the Japan Bank for International Cooperation.
“This financing package broadens our funding sources for the Rincon project and supports the continued execution of our lithium growth pipeline, which is underpinned by the attractive long-term outlook driven by the energy transition,” Rio Tinto’s lithium chief executive Jérôme Pécresse said in a press release.
https://www.mining.com/rio-tinto-ships-first-lithium-from-rincon-project/
Seabridge Gold Inc. (TSE:SEA) NYSE: SA shares crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$37.76 and traded as high as C$48.27. Seabridge Gold shares last traded at C$47.24, with a volume of 158,788 shares changing hands.
Seabridge Gold Price Performance
The company has a quick ratio of 3.34, a current ratio of 2.99 and a debt-to-equity ratio of 55.30. The firm's fifty day moving average price is C$45.31 and its 200 day moving average price is C$37.76. The stock has a market cap of C$5.03 billion, a PE ratio of -85.89 and a beta of 2.27.
Insider Buying and Selling at Seabridge Gold
In other news, insider Elizabeth K. Fillatre Miller sold 1,648 shares of Seabridge Gold stock in a transaction dated Monday, January 5th. The stock was sold at an average price of C$40.49, for a total value of C$66,727.52. Following the sale, the insider directly owned 32,969 shares of the company's stock, valued at approximately C$1,334,914.81. The trade was a 4.76% decrease in their ownership of the stock. 2.78% of the stock is currently owned by insiders.
About Seabridge Gold
Seabridge holds a 100% interest in several North American gold projects. Seabridge's principal asset, the KSM project, and its Iskut projects are located in Northwest British Columbia, Canada's " Golden Triangle ", the Courageous Lake project is in Canada's Northwest Territories, the Snowstorm project in the Getchell Gold Belt of Northern Nevada and the 3 Aces project is in the Yukon Territory.
By Björn Junker March 12, 2026
The Canadian gold company Sitka Gold (WKN A2JG70 / TSXV SIG) is setting the stage for a major reorganization of its project portfolio. The company has initiated plans to spin out its Alpha Gold Project in Nevada and the Burro Creek Gold and Silver Project in Arizona into a new, yet-to-be-named exploration company. With this move, Sitka aims to align its internal structure more closely with the RC Gold Project in the Yukon, which has been the company’s clear operational focus for some time.
At the heart of the planned transaction is the separation of two distinct areas of responsibility. While Sitka Gold intends to concentrate its personnel and financial resources even more specifically on the further development of RC Gold, the new company will drive the projects in Nevada and Arizona forward with its own dedicated management team. According to the company’s vision, this will create two independent entities, each operating with its own strategy, capital allocation, and technical leadership.
The Transaction Details
The spin-out is to be implemented via a "Plan of Arrangement." Additionally, it is intended that the new company be listed on the TSX Venture Exchange or, alternatively, the Canadian Securities Exchange. The specific capital structure and the exchange ratio—by which Sitka shareholders will receive shares in the new company—have not yet been finalized and will be announced at a later date.
Focusing on the Yukon: RC Gold Takes Center Stage
This move underscores the massive importance the RC Gold Project has reached for Sitka. The company justifies the planned split by stating that the Yukon project has reached a development stage that demands full attention. Specifically mentioned in this context are the further expansion of the resource and upcoming technical studies.
At the same time, Sitka still sees independent exploration potential in the Nevada and Arizona projects. However, the Board believes these require a different operational and strategic approach. The planned separation should not be understood as a departure from these assets, but rather as an attempt to transition their development into a standalone structure. Following the completion of the transaction, Sitka intends to remain closely connected to the new company, drawing on the experience of existing corporate and technical teams.
Asset Profile: Alpha Gold (Nevada)
A central component of the planned new company is the Alpha Gold Project in Nevada, which is 100% owned by Sitka Gold.
Asset Profile: Burro Creek (Arizona)
The second project in the spin-out portfolio is the Burro Creek Gold and Silver Project in Arizona (100% owned).
The Analyst’s View: Unlocking Hidden Value
In our view, Sitka Gold's management is taking the right path with today's announcement. Market interest is—rightfully—concentrated on RC Gold, with its now more than 5 million ounces of gold (!) across all resource categories. This growth is expected to accelerate with the 60,000 meters of drilling planned for 2026 alone.
Consequently, we believe the market has currently assigned almost zero value to the Alpha and Burro Creek assets within Sitka's current structure. The consolidation of both assets into a new company should change this—especially since the gold price continues to trade well above the $5,000 per ounce mark.
Original article (in German)
Sitka Gold: Spin-out als Katalysator – US-Assets werden eigenständig, Yukon bleibt Wachstumsmotor
Die kanadische Goldgesellschaft Sitka Gold (WKN A2JG70 / TSXV SIG) stellt die Weichen für eine Neuordnung seines Projektportfolios. Das Unternehmen hat Pläne eingeleitet, sein Goldprojekt Alpha in Nevada sowie das Gold- und Silberprojekt BurroCreek in Arizona in eine neue, noch zu benennende Explorationsgesellschaft auszugliedern. Mit diesem Schritt will Sitka die eigene Struktur stärker auf das RC Goldprojekt im Yukon ausrichten, das inzwischen seit einiger Zeit den klaren operativen Schwerpunkt des Unternehmens bildet.
Im Zentrum der geplanten Transaktion steht damit eine Trennung zweier Aufgabenbereiche. Während Sitka Gold seine personellen und finanziellen Ressourcen künftig noch gezielter auf die Weiterentwicklung von RC Gold konzentrieren will, soll die neue Gesellschaft die Projekte in Nevada und Arizona mit einem eigenen Managementteam vorantreiben. Nach Vorstellung des Unternehmens sollen so zwei eigenständige Gesellschaften entstehen, die jeweils mit eigener Strategie, eigener Kapitalallokation und eigener technischer Führung arbeiten.
Die Ausgliederung soll dabei über einen so genannten Arrangement-Plan umgesetzt werden. Zudem ist vorgesehen, die neue Gesellschaft an der TSX Venture Exchange oder alternativ an der Canadian Securities Exchange zu notieren. Die konkrete Kapitalstruktur und das Umtauschverhältnis, zu dem Aktionäre von Sitka Anteile an der neuen Gesellschaft erhalten sollen, stehen noch nicht fest und sollen zu einem späteren Zeitpunkt bekanntgegeben werden.
...
London, March 11, 2026, 13:07 GMT
Shares of Anglo American slid 2.1% to 3,253 pence by 1248 GMT on Wednesday, erasing a chunk of Tuesday’s rebound. A new broker downgrade and renewed fears about the Middle East war weighed on mining names. Rio Tinto and Antofagasta both slipped as well, with the FTSE 100 having lost 0.6% earlier.
Anglo’s pivot is significant: by shedding diamonds, coal, and nickel, the company has upped its reliance on copper and iron ore. That’s left its shares increasingly tied to how traders feel about industrial metals. Sensitivity to those market swings has intensified, with the miner now pursuing a merger with Teck Resources to ramp up copper operations.
On Monday, JPMorgan downgraded Anglo to “underweight” from neutral, lowering its target price to 2,800p from 3,780p. That rating signals the broker expects Anglo’s shares to underperform the sector. Analyst Dominic O’Kane wrote that the bank still views industrial-metals prices as “benign in our view,” and now projects “another >10% downside risk” for European mining and steel stocks. JPMorgan’s new base case puts copper at $9,500 per metric ton for 2026-27, with iron ore seen at $90.
The call came right on the heels of a sharp two-day move. Anglo dropped 3.22% Monday to £31.27, only to rally 6.56% Tuesday and close at £33.32. Oil prices tumbled nearly 11%, while London shares marked their biggest single-day gain in close to a year. IG’s Axel Rudolph pointed to “renewed optimism” after oil’s decline, saying it helped lift global indexes.
According to a Tuesday filing, non-executive director Anne Wade picked up 525 shares of Anglo at £30.50 apiece on March 9, bringing the total transaction to roughly £16,000. Anglo, meanwhile, noted that the stock’s ex-dividend date in London is set for Thursday—anyone buying after that misses out on the final payout.
The backdrop remains choppy. Last month, Anglo reported a $3.7 billion loss after yet another De Beers writedown. Earlier in February, the company reduced its copper production target for 2026 but kept moving forward with asset sales to zero in on copper and iron ore.
The group’s merger with Teck Resources, signed off by shareholders back in December, is still hanging on a few final regulatory approvals. Earlier this month, Anglo said it’s continuing discussions with regulators in multiple jurisdictions as it pushes to wrap up the transaction.
Bulls face a clear risk here. Oil sticking at elevated levels and the conflict lingering could squeeze growth, just as pricier energy weighs on demand for metals—the miners, meanwhile, are priced for strong copper. “There is a chance that the Iran war will not be done and dusted quickly,” noted Ipek Ozkardeskaya, senior analyst at Swissquote Bank. Barclays, for its part, sees the STOXX 600 potentially dropping to around 550 if oil stays near $100 a barrel.
The Townsville refinery produces up to 300,000 tonnes of copper cathode a year. Credit: Glencore
Workers at Glencore’s copper refinery in North Queensland plan to go on strike after nearly a year of failed negotiations over pay and working conditions, the Australian Workers’ Union (AWU) said on Wednesday.
The union said workers at the Townsville refinery would walk off the job on Friday if their concerns are not resolved at a bargaining meeting scheduled for Thursday.
Glencore has refused to offer workers a “decent” wage increase that keeps pace with the rising cost of living, after talks with the London-listed miner began in late March last year, the AWU added.
Glencore, in an emailed response to Reuters, said it was disappointed that the AWU intends to take industrial action at the Townsville refinery and remains committed to reaching an agreement that supports its workforce.
In Australia, the miner produces zinc, copper, silver and other minerals across 20 active mining operations and employs about 17,000 people, according to its website.
The Australian government last year announced a A$600 million ($430.74 million) bailout over three years for Glencore’s Mount Isa copper smelter and Townsville refinery, as Western nations seek to bolster critical mineral supply chains amid concerns over reliance on China.
“Despite securing a government funding package last year, the refinery is expected to continue losing money,” Glencore said.
($1 = 1.3930 Australian dollars)
(By Nikita Maria Jino; Editing by Sumana Nandy and Eileen Soreng)
https://www.mining.com/web/workers-at-glencores-australia-refinery-plan-strike-after-pay-talks-fail/
South Africa’s National Union of Mineworkers vowed on Wednesday to fight planned job cuts at ferrochrome smelter Samancor, which could affect 2,400 employees despite a more than 50% electricity price reduction meant to avert job losses.
State-owned power utility Eskom announced the price cut for Samancor and Glencore’s joint venture with Merafe Resources late last month after the distressed firms agreed in December to shelve planned job cuts while negotiating with the electricity provider.
Their electricity costs had risen tenfold since 2008, exacerbating the smelters’ problems as they face growing competition from Chinese producers.
Samancor has, however, resumed procedures to lay off workers, while the Glencore-Merafe JV said it had deferred its own job cuts to March 31.
“This move comes as a devastating blow to the workforce, particularly after NUM fought tirelessly to negotiate for lower electricity tariffs to ensure the sustainability of the company’s operations,” the union said in a statement.
“The union remains committed to challenging this and will explore all available avenues to save the jobs of our members,” it added.
South Africa’s labour laws require companies to consult unions before implementing job cuts.
Samancor said it would start talks with unions representing workers across its operations in the next few weeks.
“While the reduced tariff addresses immediate electricity cost pressures, the current terms and conditions underpinning it continue to pose a threat to the long-term viability of the ferrochrome industry,” Samancor said in a response to a Reuters query.
The company did not disclose details of those conditions.
The proposed layoffs will impact approximately 2,400 employees across the company’s smelting and corporate offices, Samancor said.
The government says only 11 out of South Africa’s 66 smelters are operational, mainly due to high electricity costs.
Africa’s most advanced economy and the world’s biggest chrome ore producer, South Africa has lost its position as the top global processor of chrome into ferrochrome to China.
Energy-intensive smelters combine chromium and iron to produce ferrochrome, which is mainly used in steel production.
(By Nelson Banya; Editing by Andrei Khalip and Joe Bavier)
Iron ore futures rose on Wednesday as anticipated recovery in hot metal output spurred demand for feedstocks, while lower shipments from top suppliers provided additional support.
The most-traded May iron ore contract on China's Dalian Commodity Exchange (DCE) was up 0.96 per cent at 788 yuan ($114.76) a metric ton, as of 0317 GMT.
The benchmark April iron ore on the Singapore Exchange traded 0.49 per cent higher to $104.25 a ton.
Hot metal output is expected to recover following production restrictions during the annual parliamentary holiday, spurring demand for feedstock.
Prices of iron ore concentrate in Chinese iron ore hub Tangshan remained firm on tight supply, and the recent rally in iron ore futures boosted market sentiment, according to a note from the Shanghai Metals Market.
Lower shipments from China's key iron ore suppliers Australia, Brazil, and South Africa also supported prices.
However, record-high portside iron ore inventories are likely to cap gains.China's crude steel output is expected to fall by 4 per cent as authorities rein in excess steel capacity, a report from BMI issued on March 11 said.
Lower export volumes of Chinese steel are likely to raise global steel prices marginally in 2026, but global prices are still projected to remain on a downward trend, the report added.
Other steelmaking ingredients on the DCE were mixed, with coking coal down 0.44 per cent and coke up 0.18 per cent.
Steel benchmarks on the Shanghai Futures Exchange mostly advanced. Rebar gained 0.16 per cent and hot-rolled coil firmed 0.18 per cent. Meanwhile, wire rod was little changed and stainless steel shed 0.81 per cent.
Curbs in excess production for hot-rolled coil and rebar supported prices, the report from BMI said.
