2025-05-07 12:35
CONAKRY, May 7 (Reuters) - The government of Guinea has initiated a process to withdraw Emirates Global Aluminium's mining licence in the West African nation, two people with knowledge of the matter told Reuters on Wednesday. Emirates Global Aluminium operates one of the largest bauxite mines in Guinea through its Guinea Alumina Corporation (GAC) subsidiary. Sign up here. The company has been in a dispute with the government of Guinea since October last year when its bauxite exports and mining operations were suspended by the authorities, which cited concerns over customs duties. "We have initiated the withdrawal of GAC's mining licence. A notification has been sent to this effect," one of the sources, a senior government official who requested anonymity because they were not authorised to speak, told Reuters. https://www.reuters.com/world/africa/guinea-initiates-process-cancel-egas-mining-licence-sources-say-2025-05-07/
2025-05-07 12:34
LONDON, May 7 (Reuters) - Oil and gas producer Harbour Energy (HBR.L) , opens new tab is set to cut 250 jobs, approximately 25% of the workforce at its UK unit based in Aberdeen, the company said in a statement on Wednesday. Harbour, the largest British North Sea oil and gas producer, said the cuts were necessary because of lower investment as a result of the UK government's policies towards the North Sea fossil fuel industry. Sign up here. “The review is unfortunately necessary to align staffing levels with lower levels of investment, due mainly to the Government’s ongoing punitive fiscal position and a challenging regulatory environment," said Scott Barr, managing director of the firm's UK business. Harbour, which turned a £93 million loss in 2024 from a net profit of £45 million in 2023, has previously urged the UK government to reform its windfall tax before current levies run out in 2030. The UK government reformed the Energy Profits Levy (EPL) to "support investment and give industry certainty and stability," a government spokesperson said. "Our thoughts are with any workers affected by this commercial decision, and we will do everything in our power to support workers and communities," the spokesperson said. Harbour is also reviewing the resources required for its Viking carbon capture and storage project, Barr said, adding that progress has been hindered by delays to the government's Track 2 process. "We must take these difficult steps in response to the challenges presented by the current external environment." Barr said. https://www.reuters.com/business/energy/harbour-energy-slash-its-uk-workforce-by-25-company-says-2025-05-07/
2025-05-07 12:31
May 7 (Reuters) - U.S. liquefied natural gas (LNG) company Freeport LNG's export plant in Texas was on track to take in more natural gas on Wednesday after shutting on Tuesday, a sign the plant was exiting an outage, according to gas flow data from financial firm LSEG. Officials at Freeport LNG had no comment. Sign up here. In a report to Texas environmental regulators late on Tuesday, Freeport said the three liquefaction trains at the export plant shut Tuesday morning due to an incoming power feed interruption. Power problems - especially during storms - have shut Freeport in the past, and there were storms in the area on Tuesday. Freeport is more sensitive to power outages than other U.S. LNG plants because it uses electric motors instead of gas turbines to drive liquefaction compressors. Freeport is one of the most closely watched LNG export plants in the world because the start and stop of its operations often cause price swings in global gas markets. When flows to Freeport drop, gas prices in the U.S. usually decline due to lower demand from the export plant for the fuel. Meanwhile prices in Europe usually increase due to a drop in LNG supplies available to global markets from the plant. That is what happened on Tuesday when U.S. gas prices dropped about 3%, and it is what is happening on Wednesday with U.S. gas prices up about 4%. LSEG said the amount of gas flowing to Freeport was on track to reach 1.8 billion cubic feet per day (bcfd) on Wednesday, up from 0.3 bcfd on Tuesday and an average of 1.9 bcfd over the prior seven days. The three liquefaction trains at Freeport are capable of turning about 2.1 bcfd of gas into LNG. One billion cubic feet of gas is enough to supply about 5 million U.S. homes for a day. https://www.reuters.com/business/energy/freeport-lng-export-plant-texas-track-exit-outage-wed-lseg-data-shows-2025-05-07/
2025-05-07 12:11
Q1 adjusted earnings per share $1.81 vs forecast $1.30 Lowest first-quarter profit in five years Shares up in pre-market trade CHICAGO, May 7 (Reuters) - Grain trader and processor Bunge Global (BG.N) , opens new tab posted a smaller than expected first-quarter profit drop on Wednesday as anxiety over rising tariffs boosted export demand for its products. But weak oilseed crush margins in North America and Argentina, and lower returns in ocean freight operations, dampened earnings as the company turned in its lowest first-quarter result in five years. Sign up here. Bunge shares edged 1.1% higher in pre-market trading to $79.01. Rising global trade tensions stoked by U.S. President Donald Trump's sweeping tariffs have created headwinds for Bunge and agribusiness peers including Archer-Daniels-Midland and Cargill, which have all seen profits erode in recent quarters due to ample global crop supplies and thinning margins. The struggles come as Bunge is working to close a deal to acquire grain handler Viterra as the companies await final regulatory approvals. "We benefited in the first quarter from tariff-related timing shifts in demand and farmer activity and remain confident in our ability to continue to execute despite the current market environment," CEO Greg Heckman said. Bunge reaffirmed its prior 2025 earnings guidance of an adjusted $7.75 per share, but said its outlook for agribusiness, its largest segment, would be weaker than previously expected. If realized, it would be Bunge's worst annual profit since 2019, according to LSEG data. Rival ADM on Tuesday reported its lowest first-quarter profit in five years and lowered its 2025 outlook amid the trade policy uncertainty. Net sales in Bunge's core agribusiness segment were down 16.2% at $8.16 billion in the quarter from the previous year. The Missouri-based company posted an adjusted profit of $1.81 per share for the three months ended March 31, down from $3.04 in the same period a year ago but above analysts' average estimate of $1.30 per share, according to LSEG data. https://www.reuters.com/business/bunge-beats-first-quarter-profit-estimates-driven-by-high-processing-margins-2025-05-07/
2025-05-07 11:06
Company's quarterly all-in sustaining costs rise 20.4% to $1,775 per ounce Gold production drops to 758,000 ounces from 940,000 ounces Barrick plans to update forecast once Loulo-Gounkoto operations resume Company's quarterly average realized gold price rises to $2,898 per ounce May 7 (Reuters) - Barrick Mining (ABX.TO) , opens new tab reported a first-quarter profit on Wednesday that beat analysts' estimates, driven by a surge in gold prices that helped offset lower production. Gold prices surged above $3,100 per ounce in the first quarter of 2025, driven by rising safe-haven demand amid growing uncertainty over tariffs that could fuel inflation and impact global economic growth. Sign up here. Bullion has gained around 29% so far this year, after rising more than 27% in 2024. Operations at Barrick's Loulo-Gounkoto complex, its largest mine in Mali and a key contributor to its gold output, have been suspended since January after the government seized about 3 metric tons of gold following accusations related to the company's tax non-compliance. For 2025, the company continues to expect total gold production between 3.15 million ounces and 3.50 million ounces, with Loulo-Gounkoto output excluded from its outlook. "We expect to update our guidance to include Loulo-Gounkoto when we have greater certainty regarding the timing for the restart of operations," Barrick said. The miner, which has been streamlining its operations since it merged with Africa-focused Randgold Resources, said it is moving forward with plans to divest its Tongon mine in Ivory Coast and Hemlo operations in Canada. The company's average realized gold price for the first quarter rose to $2,898 per ounce from $2,075 per ounce. Total gold production fell to 758,000 ounces from 940,000 ounces. Barrick's all-in sustaining costs for gold, an industry metric reflecting total expenses, rose 20.4% to $1,775 per ounce in the first quarter. The per-ounce cost is expected to trend lower over the rest of the year on higher production, the company added. On an adjusted basis, the company, previously known as Barrick Gold, earned 35 cents per share in the quarter, compared with analysts' average expectation of 28 cents per share, according to data compiled by LSEG. https://www.reuters.com/markets/commodities/barrick-minings-quarterly-profit-beats-gold-price-rally-2025-05-07/
2025-05-07 11:02
LISBON, May 7 (Reuters) - Portuguese grid operator REN (RENE.LS) , opens new tab will allow utilities to resume imports of electricity from Spain, but the transmission capacity will be limited to around one-third of the levels seen before the huge power blackout in the two countries on April 28. Spain suffered a catastrophic outage in its electricity grid on that day, which also left Portugal, which was importing cheaper renewable energy from its neighbour, without power. The causes of the incident are still being investigated. Sign up here. In a message on its energy markets information system portal, REN said on Wednesday "the interconnection capacity between Portugal and Spain will be limited, in the importing direction, to 1 gigawatt (GW), in the May 8-12 period". Immediately before the power outage in Iberia, Portuguese power companies were importing around 2.76 GW from Spain, according to REN's Data Hub portal. After restoring its power supply, Portugal has been serving clients from its own sources, including renewables, gas and hydropower, shunning any power exchanges with Spain. Authorities and independent experts in Portugal, Spain and Europe are investigating the causes of the outage that could take months to determine, according to Portugal's Energy Minister Maria da Graca Carvalho. https://www.reuters.com/world/europe/portugal-allows-limited-power-imports-spain-after-blackout-2025-05-07/
