Colombia’s president, Gustavo Petro, has canceled a joint venture between state energy company Ecopetrol and Occidental Petroleum on environmental concerns regarding hydraulic fracturing.
Bloomberg reported that Petro had shared his concern on national TV, saying he was against a recent expansion of the deal between Ecopetrol and Oxy because it involved fracking, going counter to his energy policy efforts, which center on the transition away from hydrocarbons to alternative sources of energy.
“I want that operation to be sold, and for the money to be invested in clean energies,” Petro said at a livestreamed cabinet meeting. “We are against fracking, because fracking is the death of nature, and the death of humanity.”
The call to dismantle the joint venture comes barely a day after Ecopetrol announced the extension of the deal with Oxy, which is focused on the Permian Basin—the most prolific shale play in the United States, with hydraulic fracturing the standard practice in such unconventional oil and gas deposits.
“With this investment plan in 2025 from Ecopetrol Permian, to develop assets in the Midland and Delaware sub-basins, we could be drilling about 91 development wells, with an investment that exceeds $880 million,” the chief executive of the Colombian state oil firm said in a statement on Tuesday, as quoted by Reuters.
Ecopetrol produces some 95,200 barrels of crude daily in the Permian, based on 2024 figures, which accounts for 12% of its total oil production. However, President Petro is a staunch opponent of the oil and gas industry and an ardent proponent of the energy transition. Fracking is banned in Colombia.
In September last year, the Colombian government announced a plan to spend $40 billion on shifting away from oil and gas, and replacing revenues from the hydrocarbons industry with other sources of government income. The money would be spent on what the publication called “nature-based climate solutions”, along with low-carbon energy, transport electrification, agricultural practices improvement projects, and projects for biodiversity protection.
06 February 2025 17:35
Russian gas supplies have reached Slovakia through the TurkStream pipeline, after previous routes were cut off when Kyiv refused to extend the transit contract with Gazprom, said SPP CEO Vojtech Ferenc.
Supplies began on February 1 and are expected to double beginning in April, Caliber.Az reports via Slovak media.
Ferenc stated that gas shipments are expected to double starting in April, with the current contract between SPP and Gazprom Export running until 2034. "We are not terminating it," Ferenc noted.
Meanwhile, SPP is setting up a subsidiary in Ukraine and securing a gas transportation licence to facilitate further Russian gas transit.
The new route, however, comes at an additional cost, with Ferenc revealing that transporting gas via TurkStream would cost SPP 90 million euros more than the previous Ukrainian route.
Thus, the TurkStream pipeline, which runs from Russia to Türkiye beneath the Black Sea, has a total capacity of 31.5 billion cubic metres of gas per year. It serves Türkiye and Southern and Southeastern European nations, with two lines, each capable of transporting up to 15.75 bcm annually.
By Aghakazim Guliyev
https://caliber.az/en/post/slovakia-resumes-russian-gas-imports-via-turkstream-pipeline
Oil and gas traders are likely to seek waivers from Beijing over tariffs that the Chinese government plans to impose on U.S. crude and liquefied natural gas (LNG) imports from February 10, trade sources said on Thursday.
Shortly after tariffs on China imposed by U.S. President Donald Trump took effect on Tuesday, China’s Finance Ministry said it would impose levies of 15% on imports of U.S. coal and LNG and 10% for crude oil as well as on farm equipment and some autos, starting on February 10.
Four tankers, carrying 6 million barrels of U.S. West Texas Intermediate (WTI) and Alaskan North Slope (ANS) crude, and two LNG vessels are currently en route to China, data from analytics firms Kpler and LSEG showed.
Companies are expected to apply for waivers for tankers that have already been booked, three oil traders said. However, it would be harder for new deals to receive waivers, two of them said.
Unipec, the trading arm of Asia’s largest refiner Sinopec and also the largest Chinese buyer of U.S. oil, has had long-term deals and also participates in pipeline oil business in the United States, another source close to the company said.
“The 10% tariff means Unipec needs to do more swaps, such as sending more oil into Korea and Japan in exchange for whatever these buyers have to swap out for,” the person said.
Unipec may also opt to sell more to domestic customers in the U.S., the person added.Sinopec declined to comment.
At least eight more Very Large Crude Carriers (VLCC) have been booked by firms including Vitol, Gunvor, Occidental , ExxonMobil and Atlantic Trading and Marketing Inc. (ATMI), the trading arm of France’s TotalEnergies , Kpler and LSEG data showed.
These companies typically do not comment on commercial activities.
For LNG, the Mu Lan vessel, which picked up a cargo at Corpus Christi on December 16, is set to arrive at the Fujian terminal on Thursday.
Meanwhile, the Wudang vessel loaded at Calcasieu Pass on January 7 and is scheduled to arrive in China between February 9 and 11.
Kpler data shows that both vessels are controlled by PetroChina.
U.S. LNG flows to China are expected to decline sharply, favouring European and alternative Asian destinations once the 15% tariff is in place, Kpler analysts said in a note.
“China is expected to further increase LNG imports from Qatar, Russia, and other suppliers to replace potential declines from the U.S.”
By Irina Slav - Feb 06, 2025, 7:00 PM CST
When President Donald Trump came into office, oil prices jumped. The immediate reason was simple enough: Trump likes a hardline approach to countries he sees as enemies, and that means Iran and sanctions on its oil exports. But there’s another factor at play, too: U.S. shale.
Energy market analyst John Kemp wrote this week that it was time for a new cycle in crude oil, citing both sanction action by the Trump administration against not just Iran but Russia and Venezuela, too, and also shale oil production growth. It is that second factor that has yet to get through to most traders, who are currently still going on momentum and IEA monthly reports about demand, even as these get debunked by later IEA monthly reports.
Kemp cited Energy Information Administration figures that showed growth in U.S. crude oil production and slowed down substantially last year, from some 900,000 bpd in 2023 to just 300,000 bpd over January to November 2024. This was not unexpected. In fact, the EIA’s monthly reports pointed to that slowdown, and energy industry executives hinted at that direction, too. Yet it takes a while before the realities on the ground reach algo trading offices and register with the traders—this time is coming.
There’s more, too. In November, the EIA said in its latest Petroleum Supply Monthly report that oil production actually declined by 122,000 barrels daily. In fairness, this was a decline from a monthly record of 13.314 million bpd registered in October, but that record pace appeared unsustainable at that point. What’s more, however, product supplied in November fell by 775,000 bpd for crude oil in November, suggesting weak demand growth, which in turn would suggest oil companies really have no incentive to ramp up production.
Enter Trump’s Iran policies. The U.S. president said earlier this week he intends to try and reduce Iran’s crude oil exports to zero once again with a maximum pressure campaign. That was naturally bullish for prices, although a twist followed soon enough. Both Trump and Tehran signaled they were willing to talk before the sanction push began. Trump made it clear that his priority is preventing Iran from becoming a nuclear country but said he was open to a deal.
In response, a spokesman for the Iranian government said, “Our foreign policy has always been driven by the following principles: dignity for our country and people, wisdom ... and interest. This applies to our relations with other countries,” adding that “Wisdom means thoroughly looking at the inside-out of issues and having a correct understanding of them.” While not a direct statement of readiness to talk, the comments certainly lack aggressive posturing.
So, that should be bearish for oil under normal circumstances. However, if we also add to the cast of characters OPEC’s recent implicit refusal to respond to Trump’s urge for more crude oil supply and combine it with the latest trends in U.S. oil production, the picture that emerged is rather bullish—hence Kemp’s projection of the start of the next crude oil cycle.
“Notwithstanding pro-drilling rhetoric from the White House, growth is unlikely to accelerate until prices climb sustainably above $81 (50th percentile) or even $92 (60th percentile),” Kemp wrote, to add that “In the meantime, relatively low prices will tempt the Trump administration’s foreign-policy team to toughen sanctions on other producers, and call on U.S. shale drillers and Saudi Arabia to fill the gap.”
It is already clear that neither of these groups will respond the way Trump wants them to respond. This means higher prices are on their way for the simplest reason of all: declining supply and stable demand. If demand surprises with greater strength than expected, then the rally will be even more pronounced.
By Irina Slav for Oilprice.com
SQM lithium mining operations in Chile’s north. (Image: Google Earth.)
Chile has wrapped up the initial phase of its efforts to award special lithium operation contracts (Ceols) to private companies, drawing applications from seven firms and consortiums.
The government, which will unveil the successful bidders by the end of March, invited in this initial phase proposals for projects targeting six salt flats across three regions: Coipasa in Tarapacá, Ollagüe and Ascotán in Antofagasta, and Piedra Parada, Agua Amarga, and Laguna Verde in Atacama.
A working group overseen by the mining ministry is set to review the applications over the next 45 business days.
Bidders included a consortium comprising Eramet, Quiborax, and state-owned mining giant Codelco, local paper El Diario reported. CleanTech, a company that recently concluded a pre-feasibility study for developing Laguna Verde, is also vying for a contract.
To win government approval, private companies must have experience in the lithium value chain, adequate financial resources, and hold at least 80% of the mining concessions in the proposed project area.
Deadline for phase two extended
In addition to reviewing the first round of applications, the Chilean government has launched a second phase to allocate contracts for six additional areas deemed suitable for lithium and mineral exploration. This new round, initially set to close earlier, has been extended to March 7 to allow interested bidders more time to prepare their submissions.
The newly available areas include Hilaricos and Quillagua Norte in the Tarapacá and Antofagasta regions, as well as Quillagua Este, Quillagua Sur, and María Elena Este in Antofagasta. These regions were identified based on expressed interest from prospective bidders.
Chile, which holds the second-largest lithium reserves globally after Australia, is implementing a national strategy launched in 2023 to position itself as a top supplier of the battery metal. Despite recent fluctuations in lithium prices, the government is encouraging investors to focus on long-term opportunities in the sector.
Currently, only two companies — SQM and Albemarle — produce lithium in Chile, both from the Salar de Atacama salt flat. Their combined output is expected to increase national production by 7% this year, reaching 305,000 tonnes, according to projections by Chile’s copper and mining agency Cochilco.
By MINING.COM ( with data from the USGS Mineral Commodities Summary 2025.)
Chile’s vast lithium reserves, estimated at 11 million tonnes as of 2024 by the U.S. Geological Survey, are considered some of the most economically viable for extraction. The Salar de Atacama alone hosts approximately 33% of the world’s lithium reserve base. Together with Maricunga, it has been deemed strategic and as such they are reserved to state-controlled partnerships.
Chile’s lithium production reached last year an estimated 49,000 tonnes, marking a significant increase from 41,400 tonnes in 2023. This growth has been fuelled by expansions in production capacity.
https://www.mining.com/seven-bidders-battle-for-chiles-lithium-mining-contracts/
On Thursday, Leading rough diamond producer De Beers revised its guidance, slashing the anticipated production by 31% from 30 million to 20 million—23 million carats. The firm has also slashed the 2026 plan by 18% as the diamond market continues to face challenges, including weaker demand from China, cautious retail purchasing, and an oversupply of lab-grown diamonds.
De Beers noted a volatile output across the board, as Botswana's production in Q4 2024 fell by 30%, down to 4.2 million carats, owing to production reductions at the Jwaneng mine.
Canada saw a 43% decline to 500,000 carats as the company processed lower-grade ore. Namibia, however, recorded a 3% increase to 600,000 carats, thanks to higher-grade mining and improved recoveries at Namdeb.
Meanwhile, South Africa saw a 27% production boost to 600,000 carats, supported by the Venetia underground mine and better ore grades.
Despite market turmoil, De Beers recently signed a long-term agreement with the government of Botswana, the firm's most important production region.
Under new President Duma Boko, two parties finalized a deal to extend their joint venture, Debswana, until 2054. Per new terms, Botswana's share in production will gradually increase to 50%, up from the current 25%.
Boko has also indicated an interest in expanding Botswana's ownership stake in De Beers beyond the current 15%, which might depend on Anglo American's AAUKF plans.
The British multinational miner announced plans to divest from the diamond producer as part of its restructuring strategy to fend off BHP's $49 billion bid. However, deteriorating demand and falling rough diamond prices have stalled that plan, which explored both a public listing and a private sale.
The Financial Times reported that Anglo American is "assessing the impact of diamond market conditions and general fall in demand in China," which will "likely lead to an impairment at the full-year result."
Last year, the miner cut De Beers' value by $1.6 billion, reducing its book valuation to $7.6 billion. However, RBC analysts estimate De Beers' real market value to be just $2.5 billion, indicating a disconnect between internal and external valuations.
Gold (GLD) continued its hot streak as investors turned to it as a safe haven. Despite losing its use to back a country’s currency, markets still want protection against inflation, geopolitical tensions, tariffs, and a hedge on stocks.
Gold will increase in value as the trade war against the U.S. worsens throughout this year. Countries need to accumulate gold to offset a decline in their currency.
Investors may also consider gold miners (GDX). GDX stock is up 21% YTD, thanks to mining stocks bouncing back. Newmont (NEM) and Barrick Gold are up sharply from their lows reached in December 2024.
Oil stocks are out of favor. WTI crude prices have trouble attracting investors. Sentiment for crude oil worsened on Feb. 5, after crude and gasoline stockpiles increased. The tariff delay against Canada and Mexico hurt the price of oil. Looking ahead, The trade war between the U.S. and China will only get worse. After the countries impose tariffs against each other, oil demand will fall.
The Middle East is not cutting oil production, hurting oil markets further. Investors may consider Exxon Mobil (XOM), Devon Energy (DVN), ConocoPhillips (COP), and Chevron (CVX). Occidental Petroleum (OXY) is especially good value. Warren Buffett’s Berkshire Hathaway (BRK-B) holds a big position in OXY stock.
Eventually, oil prices will recover as markets adjust for the impact of tariffs on world trade.
http://www.baystreet.ca/articles/stockstowatch/108156/Gold-is-Hot-Oil-is-Not
British mining company Anglo American Plc. (AAUKY.PK,AAL.L) reported that its fourth-quarter copper production dropped 14 percent to 198 thousand tonnes from last year's 230 thousand tonnes, primarily due to the planned shut down of the smaller and more costly Los Bronces plant and anticipated lower grades at Collahuasi.
Iron ore production for the fourth quarter increased by 4% year-over-year to 14.3 million tonnes largely due to Kumba's production in the comparative period being reduced to align with third-party logistics constraints.
Production from Platinum Group Metals (PGMs) operations for the fourth quarter decreased by 6% to 876 thousand tonnes from the previous year, primarily reflecting expected lower purchase of concentrate (POC) volumes, as a result of lower Kroondal volumes following its transition from 100% POC to a 4E tolling arrangement effective 1 September 2024.
Steelmaking coal production for the fourth quarter was 49% lower than the prior year, This is primarily due to the underground fire at Grosvenor in June 2024, planned lower production from Moranbah due to the longwall move, and the sale of Jellinbah8, as the benefits of production from 1 November 2024 no longer accrued to Anglo American.
Quarterly Nickel production decreased by 10% from the prior year due to planned lower grades.
Quarterly rough diamond production decreased by 26% from the prior year, reflecting the proactive production response to the prolonged period of lower demand, higher than normal levels of inventory in the midstream and a continued focus on working capital.
Copper production guidance for 2025 is unchanged at 690,000-750,000 tonnes. Iron ore production Production guidance for 2025 is unchanged at 57-61 million tonnes.
For comments and feedback contact: editorial@rttnews.com
By Felix Njini
CAPE TOWN (Reuters) - Vedanta Resources VDAN.NS> is trying to raise around $1 billion in debt financing to fund development of its Konkola Copper Mines (KCM) in Zambia, Chris Griffith, head of the company's base metals unit, said.
The Indian company, which owns 80% of KCM, said last year it planned to sell at least 30% of its holding in the copper mines.
But Griffith said selling a stake looked less likely.
"We are in a much higher likelihood that we can raise the funds from a range of financing options," Griffith told Reuters on the sidelines of the Mining Indaba conference in Cape Town.
"We own 80% of the business and clearly we'd prefer to continue owning 80% of the business."
Vedanta, owned by Indian billionaire Anil Agarwal, is weighing various debt fund raising options, Griffith said without specifying details.
It wants the $1 billion in funding to boost copper output at KCM to about 300,000 metric tons per year over the next five years.
Vedanta regained control of the assets in 2024 after a five-year tussle to recover the copper mines and smelter that the government of former Zambian president Edgar Lungu had seized. The former administration accused Vedanta of failing to invest to expand copper production.
The Zambian government owns the remaining 20% stake in KCM through state investment firm ZCCM-IH.
United Arab Emirates firm International Resources Holding last year withdrew an offer to buy Vedanta's 51% stake in the copper mines, citing differences in valuation of the assets.
Since then, Vedanta's debt position has improved after it refinanced its bonds and this might help the company to raise more cash internally alongside external debt options, Griffith said.
He said it had secured short-term financing to pay outstanding debts.
(Reporting by Felix Njini in Cape Town; editing by Barbara Lewis)
https://sg.finance.yahoo.com/news/vedanta-aims-raise-1-billion-121630855.html
According to Reuters, India's Finance Minister Nirmala Sitharaman stated during her annual budget speech on February 1st that India has scrapped customs duties on waste and scrap from a dozen critical minerals, including those of antimony, cobalt, tungsten, copper, lead, zinc, as well as waste and scrap of lithium-ion battery.
Sitharaman said that this move will help secure their availability for manufacturing in India. Furthermore, the Indian government will also launch a policy for recovery of critical minerals from tailings or by-products of mining.
It is noteworthy that this is not the first time India has taken tariff reduction measures in the field of critical minerals. Last year, the Indian government scrapped customs duty on 25 critical minerals that are not available domestically. According to China Tungsten Online, these critical minerals include antimony, beryllium, bismuth, cobalt, copper, gallium, germanium, hafnium, indium, lithium, molybdenum, niobium, nickel, potassium, Rare earth elements (REE), rhenium, strontium, tantalum, tellurium, tin, tungsten, vanadium, zirconium, selenium, cadmium, and silicon other than quartz & silicon dioxide.
Tungsten is a metal with a high melting point and high density. Due to its unique physical and chemical properties, it is widely used in carbide tools, special steels, electronic materials, aerospace, and other fields.
Molybdenum is renowned for its excellent high-temperature resistance, wear resistance, and corrosion resistance. It is an indispensable alloy element in the steel industry, significantly enhancing the strength, hardness, and toughness of steel. Additionally, molybdenum plays a crucial role in various fields such as chemicals, electronics, and energy.
Rare earth elements are praised as the "vitamins of modern industry" due to their unique electronic structure and magnetic properties. They hold an irreplaceable position in permanent magnet materials, luminescent materials, catalysts, and new energy fields. As the global demand for clean energy and environmental protection technologies grows, the importance of rare earth elements becomes increasingly prominent.
Cobalt is a silvery-white metal with ferromagnetic and ductile properties, resistant to high temperatures and corrosion. Due to its excellent physical, chemical, and mechanical processing properties, it is widely used in machinery manufacturing, electronics and electrical appliances, aerospace, battery manufacturing, and other industries. It is a crucial strategic resource for the country.
It is reported that last week, India approved 163 billion rupees ($1.88 billion) to develop its critical minerals sector, as the world's fastest-growing major economy aims to secure raw materials such as lithium.
Iron ore production for the period amounted to 42.4 million tons
In 2024, global steel company ArcelorMittal reduced steel production by 0.3% compared to 2023 – to 57.9 million tons. This is stated in the quarterly report published on the company’s website.
Iron ore production for the period increased by 0.9% y/y – to 42.4 million tons. Steel shipments to customers in the period amounted to 54.3 million tons (-2.3% y/y), and iron ore (only for AMMC and Liberia) – 26.4 million tons (+0% y/y).
In the fourth quarter of this year, ArcelorMittal produced 14 million tons of steel, down 5.4% quarter-on-quarter and 2.2% more than in the same period in 2023. Steel shipments increased by 0.7% q/q and 1.5% y/y.
Iron ore production in October-December increased by 24.7% q/q and 26% y/y – to 12.6 million tons. Iron ore shipments (AMMC and Liberia only) amounted to 7.6 million tonnes, up from 6.3 million tonnes in Q3 and 6.1 million tonnes a year earlier.
“Looking to the future, despite low inventory levels and an expected improvement in apparent demand, our industry remains affected by global overcapacity. We support policies aimed at addressing this problem in our markets. Further measures are especially needed in Europe, which experienced a rise in imports in 2024, further increasing pressure on European production. It is crucial that results are achieved in 2025, both in providing the necessary emergency support measures and in creating a policy environment that will stimulate the investments needed to accelerate decarbonization in Europe,” comments Aditya Mittal, CEO of ArcelorMittal.
As GMK Center reported earlier, ArcelorMittal reduced steel production by 1.5% in 2023 compared to 2022, to 58.1 million tons. Last year, iron ore production decreased by 7.3% compared to 2022, to 42 million tons. Steel shipments for the year decreased by 0.5% y/y – to 55.6 million tons, and iron ore (AMMC and Liberia only) by 5.7% y/y – to 26.4 million tons.
The company’s net profit decreased by 54.1% y/y – to $4.87 billion. EBITDA decreased by 46.6% y/y – to $7.56 billion. Operating income for the period amounted to $2.34 billion, down 77.2% y/y. ArcelorMittal’s revenue decreased by 14.5% compared to 2022, to $68.27 billion.
ArcelorMittal is a leading global steel and mining company with operations in 60 countries and production assets in 18 countries.
https://gmk.center/en/news/arcelormittal-produced-57-9-million-tons-of-steel-in-2024/
Last year, the company reduced rolled steel sales by 1% year-on-year
South Korean steel company POSCO reduced steel production by 1.1% yoy to 33.17 million tons in 2024. This is reported by SteelOrbis.
Sales of rolled products in the period decreased by 1% yoy to 32.8 million tons.
The decline in production and sales was due to the reconstruction of blast furnaces. However, sales of high value-added products increased despite weak global demand.
POSCO’s operating profit in 2024 amounted to KRW 2.17 trillion ($1.5 billion), compared to KRW 3.53 trillion in 2023. Last year, sales revenue decreased by 5.7% year-on-year to KRW 72.68 trillion ($50.25 billion), and net profit decreased by 48.6% year-on-year to KRW 948 billion ($655.55 million).
According to Korean media reports, in order to overcome the current market downturn, POSCO Holdings plans to continue its restructuring efforts this year, including the sale of low-margin and non-core businesses.
During the conference call, the company’s executives also commented on the possibility of the company’s potential expansion into the US steel market and possible import tariffs on its products in Mexico. POSCO Holdings’ shipments to the US currently amount to only 100 thousand tons, which minimizes the impact. However, the company admitted that it is considering options for investing in the mining industry in the United States. However, the company remains cautious about this due to market volatility.
As GMK Center reported earlier, India’s JSW Steel and South Korea’s POSCO intend to jointly invest 650 billion rupees (about $7.73 billion) in the construction of a steel plant in the eastern Indian state of Odisha. The plant, with an initial capacity of 5 million tons per year, will be part of their strategy in the country’s growing steel market.
https://gmk.center/en/news/posco-reduced-steel-production-by-1-1-y-y-in-2024/
Iron ore futures rebounded on Thursday, supported by a softer dollar and Australia supply worries, while investors looked for fresh developments surrounding the trade war between the United States and top consumer China.
The most-traded May iron ore contract on China's Dalian Commodity Exchange (DCE) rose 1.12% to 815 yuan ($111.92) a metric ton by 0311 GMT, after closing lower on Wednesday.
The benchmark March iron ore on the Singapore Exchange was 1.74% higher at $105.6 a ton.
Australia is in its hurricane season, and there is a risk of disruption in shipments, Chinese consultancy Hexun Futures said in a note.
Rio Tinto, said on Tuesday it had begun clearing iron ore ships from two Western Australian ports as two tropical cyclones complicated its efforts to repair infrastructure damaged by a previous cyclone last month.
Rio's port struggles could add a risk premium to iron ore prices , said an analyst.
The Western Australia cyclone season typically occurs between November and April.
Also providing some support to prices was a weaker U.S dollar, which slumped to an eight-week trough to the yen and lingered near a one-month low versus the sterling.
A weaker dollar makes greenback-denominated commodities more affordable for overseas buyers.
China filed a World Trade Organization complaint on Wednesday against U.S. President Donald Trump's new 10% tariff on Chinese imports and his cancellation of the "de minimis" exemption.
Meanwhile, the Chinese foreign ministry urged for dialogue between the two countries.
Other steelmaking ingredients on the DCE advanced, with coking coal and coke up 1.44% and 0.87%, respectively.
Steel benchmarks on the Shanghai Futures Exchange gained ground. Both rebar and wire rod were up nearly 0.4%, hot-rolled coil rose 0.5%, and stainless steel added 0.6%.
($1 = 7.2818 Chinese yuan) (Reporting by Michele Pek; Editing by Subhranshu Sahu)