2025-02-25 21:27
Feb 26 (Reuters) - Australia's Lynas Rare Earths (LYC.AX) , opens new tab reported a steeper-than-expected drop in its first-half profit on Wednesday, hurt by weak market prices for the metals due to subdued demand from China, with higher operating costs further eating into its earnings. The world's largest producer of rare earths outside China reported a net profit after tax of A$5.9 million ($3.74 million) for the six months through December 31, significantly below the Visible Alpha consensus of A$36.2 million. It was a steep drop from its year-ago profit of A$39.54 million , opens new tab. Market conditions for rare earths have been challenging over the past couple of years due to weak China demand and a soft electric vehicle outlook beyond the world's second-largest economy. "The rare earths market continues to be subject to complex influences", Chief Executive Officer Amanda Lacaze said, further stating that the company sees the "current challenges as short-term issues". The rare earth miner's cost of sales jumped 29% to A$205.3 million, driven by higher neodymium and praseodymium (NdPr) sales volume and a provision of A$5 million against low-value inventory and work in progress. The commencement of additional facilities at Mt Weld, Kalgoorlie and Malaysia further added to its production costs. Net sales revenue of A$254.3 million came in 8% higher than last year, though gains were limited by lower average China domestic price of NdPr. "Market conditions remain unpredictable, and Lynas' success will depend on its continued ability to balance growth ambitions with disciplined financial management", Jefferies' analysts said in a note. ($1 = 1.5763 Australian dollars) Sign up here. https://www.reuters.com/markets/commodities/australias-lynas-rare-earths-first-half-profit-slumps-85-2025-02-25/
2025-02-25 21:13
BOGOTA, Feb 25 (Reuters) - Colombia's President Gustavo Petro has named Armando Benedetti as the country's new interior minister, a source within Petro's office told Reuters on Tuesday, confirming his place in the leftist's inner circle despite several scandals involving the ex-lawmaker and resistance from others in the cabinet. Meanwhile, Energy Minister Andres Camacho said in a post on X on Tuesday that Petro has accepted his resignation, part of a cabinet reshuffle. Camacho, who took up his post in August 2023, thanked the president and cheered advances in renewable energy generation. Petro asked all his ministers to present their resignations earlier this month, after a tense televised cabinet meeting where several high-ranking officials objected to Benedetti's presence as Petro's then-head of office and his appointment of Laura Sarabia as foreign minister. Benedetti, 57, replaces Juan Fernando Cristo, who resigned alongside outgoing Environment Minister Susana Muhamad and others. Petro has made at least seven cabinet changes, including defense minister. Muhamad said during the televised meeting that she opposed the naming of Benedetti to the cabinet over allegations of violence against women and influence peddling. Benedetti has repeatedly denied any wrongdoing. Benedetti, previously Petro's ambassador to Venezuela, and Sarabia, who has held various posts and is one of Petro's closest advisors, were both briefly pushed out of the government in 2023, amid a probe into missing money and allegedly illegal phone intercepts. Benedetti will be charged with helping Petro push various complex reforms - including to the beleaguered health system - through congress. Petro has not yet named a replacement for Camacho. Sign up here. https://www.reuters.com/world/americas/colombias-petro-names-benedetti-interior-minister-source-2025-02-25/
2025-02-25 21:02
Feb 25 (Reuters) - The U.S. Environmental Protection Agency has received a request from Kansas to delay by one year implementation of a move that would expand sales of a higher-ethanol blend of gasoline in the state, the agency told Reuters on Tuesday. The request comes after the EPA said last week it would uphold an April 28 implementation date for a request from eight Midwest governors to allow year-round sales of gasoline containing 15% ethanol, a blend known as E15. It added that it would consider granting one-year delays for states that seek additional compliance time, something already sought by Ohio. Sign up here. https://www.reuters.com/business/environment/kansas-asks-us-epa-one-year-delay-expanded-e15-sales-state-says-epa-2025-02-25/
2025-02-25 20:54
CAIRO, Feb 25 (Reuters) - Algeria's state oil and gas firm Sonatrach and China's Sinopec signed a contract for hydrocarbon development and exploration worth $850 million in the north African country, the Algerian company said on Tuesday. Sonatrach CEO Rachid Hachichi said during the signing of the agreement that the company is currently negotiating with seven international companies for hydrocarbon contracts including Sinoepec, Italy's Eni, France's Total, U.S.'s Chevron and ExxonMobil as well as a Swedish company, the Algerian state news agency reported. Sign up here. https://www.reuters.com/business/energy/algerias-sonatrach-chinas-sinopec-sign-850-million-contract-hydrocarbon-2025-02-25/
2025-02-25 20:46
Power goes out across country Copper mine operations affected Minister blames transmission line failure SANTIAGO, Feb 25 (Reuters) - A massive power outage across Chile plunged the country's capital Santiago into darkness on Tuesday and knocked out electricity to major copper mines in the country's north, buffeting global metal markets. Hours after the outage began and as darkness fell, Chile's government announced a state of emergency and established a curfew from 10 p.m. to 6 a.m. (0100 to 0900 GMT) from the northern region of Arica to the southern region of Los Lagos. The widespread blackout was caused by a transmission line failure in the country's north, Interior Minister Carolina Toha said, ruling out a cyber attack as a cause. Chile's largest power cut in years saw streetlights in the capital go dark, while sirens from emergency vehicles blared across the city, according to Reuters witnesses. The Santiago metro, which transports millions of passengers, was closed and passengers were evacuated from stalled trains. "There's nothing. There's no cash. No money. Nothing," said Jose Luis Orlandini, who was eating in downtown Santiago when the outage hit. The interior ministry said it was deploying the armed forces across the country to help maintain order. The head of Chile's National Electricity Coordinator (CEN), Ernesto Huber, said there was still no time frame to restore electricity across the country, but areas in the north and south had started to regain power. On Tuesday night, parts of Santiago, including the civic center where the Moneda presidential palace is located, regained power, as did parts of the coastal cities of Valparaiso and Vina del Mar, according to Reuters witnesses and media reports. "We've activated several power stations, mainly hydroelectric stations," Huber said, adding CEN was still investigating the cause of the outage. Huber said companies were working to restore power "as soon as possible" and the agency would provide a more detailed update at 9:30 p.m. The outage hit areas from the mining-intensive north to the central and southern regions home to most of the Andean country's population, and operations at key copper mines were affected. Chile is the world's top copper producer. Escondida, the world's largest copper mine, was without electricity, a source close to the matter told Reuters, while state-owned copper miner Codelco said all its mines had been affected. Chuquicamata, Andina, Salvador and El Teniente mines were without power and its other mines were using backup power generation to operate on a partial basis, Codelco said. Antofagasta (ANTO.L) , opens new tab and Anglo American (AAL.L) , opens new tab both said that their mines were operating with generators. The power outage affected the country from the northern Arica and Parinacota region to the southern Los Lagos region, according to Chile's national disaster prevention and response service SENAPRED. No emergency situations have been reported. Chile's DGAC Civil Aviation Authority said that Santiago's Arturo Merino International Airport was operating normally but LATAM Airlines (LTM.SN) , opens new tab said some flights could be affected by the outage. Toha said that power should start coming back online in the "coming hours." "We hope that what we've been told will happen, that in the next few hours we'll have electrical service back," Toha said. "And if that's not the case, we'll have to take different measures." Sign up here. https://www.reuters.com/world/americas/power-outage-hits-vast-swaths-chile-largest-copper-mine-santiago-streets-2025-02-25/
2025-02-25 20:43
BOGOTA, Feb 25 (Reuters) - Colombia's energy minister Andres Camacho said in a post on X on Tuesday that President Gustavo Petro has accepted his resignation in a cabinet reshuffle. Petro asked all his ministers to present their resignations earlier this month, after a tense televised cabinet meeting last week and the definitive resignations of his environment and interior ministers. Sign up here. https://www.reuters.com/world/americas/colombia-energy-minister-says-petro-has-accepted-his-resignation-2025-02-25/
