NewsRoom Articles - Page 133 of 195

WednesdayMay 25, 2022 3:00 pm

Friedland Says ESG Criteria Will Determine Mining Companies’ Staying Power in the Industry

Robert Friedland, the CEO and founder of Ivanhoe Mines Ltd, stated recently that producers of metals will have to renew their relationship with communities in order to acquire social licenses to increase their output for the metals needed during the transition to clean energy. Friedland said this while speaking on a panel at the New Economy Gateway Latin America event, which was taking place in Panama City. He added that mining was important for building a new economy, noting that copper was a “new oil.” However, for the industry to gain acceptance, it has to significantly improve how it engages…

TuesdayMay 24, 2022 12:06 pm

Report Highlights That Switching from Coal to Renewable Energy is Now Cheaper

The prices of gas and coal have increased significantly these last few months, which has impacted businesses and consumers alike. However, findings from an analysis conducted by TransitionZero show that it has become cheaper to switch to clean energy from coal in comparison to switching to gas from coal. This is mainly because of the reducing cost of battery storage and renewables and the increasing volatility of the price of gas. TransitionZero is a climate analytics company that is focused on generating financial analytics to make zero-carbon a reality. TransitionZero analyst Jacqueline Tao stated in an interview that the price…

MondayMay 23, 2022 12:08 pm

Major Russian Lender Receives Gold Export License as Sanctions Bite

Earlier last week, the Credit Bank of Moscow received a license to export gold from the federal government. This move will make this particular financial institution the latest bank in Russia to involve itself in the trade of precious metals in an effort to counteract the effect sanctions have had on the country. The primary operators in the Eastern European country’s gold market — Bank VTB and Sberbank Rossii PAO — have been affected significantly by harsh sanctions imposed on Moscow by the West. This comes after Russia sent troops into Ukraine to invade the country in February. In a statement,…

FridayMay 20, 2022 1:11 pm

Copper Inventories Expected to Grow as Year Progresses

At the beginning of last week, the price of copper dropped to its lowest in eight months as concerns from traders that a slowing global economy would require less of the metal continued to increase. The price of copper to be delivered in July declined by more than 2%, hitting $4.10 per pound. Experts believe that the war in Ukraine, COVID-19 lockdowns imposed in China and the rapid increase in interest rates are all affecting the demand for metals and the economy’s outlook. However, toward the end of the same week, the price of the metal bounced back with a…

ThursdayMay 19, 2022 2:12 pm

Dollar Continues Climb as Gold Prices Stutter

The precious metals market is currently on the decline as the U.S. dollar continues to increase in value. The price of silver has also dropped, and the same will likely continue to occur in other metals in the coming months as markets react to real interest rates and the USD Index rising. Real rates of interest are negatively correlated with the price of gold. This means that an increase in real interest rates will lead to a reduction in the price of this precious metal. This is because higher rates of interest mean an increase in the opportunity costs of…

WednesdayMay 18, 2022 1:40 pm

Investors Jockey for Africa’s Largest Copper Region

Investors are rushing back to Africa as the global energy transition continues to take root. The increasing awareness that cobalt and copper are crucial to the global shift toward renewable energy and the risk to secure supply is also driving this move, given that the international copper market is already tight and it’s becoming increasingly difficult to locate new mines. This area located in Africa between the borders of the Democratic Republic of Congo and Zambia contains one of the richest reserves of minerals in the world, including cobalt for rechargeable batteries and copper for cables and wire. This is…

TuesdayMay 17, 2022 3:37 pm

Is it Time for US to Have a Strategic Uranium Stockpile?

Energy security is an issue that has plagued countries across the globe, especially in the last couple of years with the coronavirus pandemic highlighting just how fragile supply chains are during global health crises. This was highlighted again when Ukraine was invaded by Russia earlier this year, which left the supply of gas and oil in Europe in uncertainty. Currently, the United States imports 90% of the uranium it uses to generate 20% of its electricity. To ensure a steady supply of electricity from nuclear reactors, many have proposed that a strategic uranium stockpile be built. The idea was first…

MondayMay 16, 2022 3:49 pm

Europe Looks to Botswana to Meet Need for Coal

Earlier this week, Botswana president Mokgweetsi Masisi revealed that the country was overwhelmed with orders for coal supplies from Europe, estimating that the demand from countries in the West could surpass a million tons in a year. This comes as the war in Ukraine forces more countries in Europe to search for other ways to meet their demand for fuel. Prior to Ukraine’s invasion by Russia in February, Europe relied on Russia to meet its fuel needs. The invasion has spurred investments into Africa and opened the floodgates for energy resources sourced from this continent. In an interview at the…

FridayMay 13, 2022 2:24 pm

Oil Rig Installation Surges in the US as Fuel Prices Rise

Earlier this week, energy companies in the United States added more natural gas and oil rigs amid rising prices of fuel. Last week, the gas and oil rig count had risen to 703, which is the highest figure recorded since March 2020. The number of gas rigs in America rose to reach 146, which makes this new figure the highest since September 2019. On the other hand, the number of oil rigs rose to 557, which represents the highest figures since March 2020. This data was released in a report by Baker Hughes, an energy services firm. Baker Hughes stated…

ThursdayMay 12, 2022 1:50 pm

Volkswagen Revisits Plan to Stop Using Coal Due to Ukraine War

Last week, the CEO of Volkswagen stated in an interview that the automotive company would continue to use coal to power its manufacturing plant, given the ongoing tension between Europe and Russia. Herbert Diess, the auto-manufacturing company’s CEO, added that the firm planned to convert its coal-fired power plants into gas. Volkswagen’s manufacturing facility in Wolfsburg covers an area of 6.5 million m2 and uses cogeneration plants that provide it with power and heat. Volkswagen’s plans involved replacing its boilers, which use coal with steam and gas turbine units, in an effort to reduce carbon dioxide emissions. However, global events…

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