Major oil, gas deposit discovered off Polish Baltic coast
According to the results of test drilling, the recoverable reserves of crude oil and natural gas are estimated at 200 million barrels of oil equivalent, the company said.
CEP said the Wolin East offshore oil field is located around 6 kilometres from the port city of winoujcie, which is in the extreme north-west of Poland on the border with Germany.
The company said the Wolin East site is estimated to represent "the largest conventional hydrocarbon field" ever discovered in Poland and "one of the largest conventional oil discoveries in Europe in the past decade."
Mining could begin in three to four years. The field could cover 4 percent to 5 percent of Poland's annual oil demand for several years.
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Winnipeg Free Press
24 minutes ago
- Winnipeg Free Press
In the news today: Bank of Canada expected to hold key rate again
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Shenfield expects Canada's tariff dispute with the United States led to an economic contraction in the second quarter of the year. Here's what else we're watching… US-EU deal sets a 15% tariff on most goods and averts the threat of a trade war with a global shock The United States and the European Union agreed on Sunday to a trade framework setting a 15% tariff on most goods, staving off — at least for now — far higher import duties on both sides that might have sent shock waves through economies around the globe. The sweeping announcement came after President Donald Trump and European Commission chief Ursula von der Leyen met briefly at Trump's Turnberry golf course in Scotland. Their private sit-down culminated months of bargaining, with the White House deadline Friday nearing for imposing punishing tariffs on the EU's 27 member countries. 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The site has generated enough concerns about disorder and violence nearby that city staff previously proposed building a 1.8-metre-high fence that was intended to protect those at city hall. Nanaimo council decided against the proposal at a committee meeting earlier this month, with Krog saying he was unsure about the fence's effectiveness as well as the 'really problematic message' it would send about the challenges of disorder in the area. This report by The Canadian Press was first published July 28, 2025.
Winnipeg Free Press
24 minutes ago
- Winnipeg Free Press
Bank of Canada widely expected to hold key rate steady amid trade uncertainty
OTTAWA – Avery Shenfeld doesn't think the Bank of Canada will cut its benchmark interest rate at its decision on Wednesday, but if it does, he said it will be a 'pleasant surprise.' 'There's always a chance that they'll surprise with the rate cut,' the chief economist of CIBC said. 'But I'm not holding out that much hope.' Most economists are also expecting the Bank of Canada will hold its policy rate steady at 2.75 per cent for a third consecutive decision later this week. As of Friday afternoon, financial markets were placing odds of a quarter-point rate cut on Wednesday at just seven per cent, according to LSEG Data & Analytics. Stubbornness on the inflation front and surprise strength in the labour market have quashed arguments for further easing since the central bank's June decision. The Canadian economy gained an unexpected 83,000 jobs in June, Statistics Canada reported earlier this month, driving the unemployment rate lower for the first time since January. A few days later, StatCan reported annual inflation ticked up to 1.9 per cent last month while the Bank of Canada's closely watched core inflation figures held stubbornly around three per cent. 'Overall, sticky inflation readings, a weakening but relatively resilient economic backdrop and prospects for larger fiscal spending are reasons why we do not expect the BoC will cut again in this cycle,' RBC economists Claire Fan and Abbey Xu wrote in a note Friday. But Shenfeld's call for a lower policy rate — CIBC expects two more quarter-point drops before the Bank of Canada is done — isn't based on what's happened in the economy, it's about what's on the horizon. Outside of the June jobs jump, the labour market is still broadly weak with the unemployment rate at 6.9 per cent, Shenfeld noted. He also expects Canada's tariff dispute with the United States led to an economic contraction in the second quarter of the year. All told, there's enough 'slack' building in the economy to take steam out of inflation in the months to come, Shenfeld said. The Bank of Canada's own second-quarter business outlook survey released last week suggests that many firms are opting to absorb higher costs from tariffs, rather than pass them on to consumers who may be reining in spending amid economic uncertainty. Shenfeld said that's a sign that tariff impacts 'won't extend into a more persistent inflation issue.' He said that once the central bank gains enough confidence that any tariff-induced inflation pressures will be short-lived, monetary policymakers should feel confident enough to lower interest rates. 'I think at this point they know enough to rule out the worst-case scenario on trade,' Shenfeld said. Bank of Canada governor Tiff Macklem has explicitly said monetary policymakers are being less forward-looking than usual in the trade war. The central bank didn't publish a traditional forecast for the economy in its April monetary policy report, instead offering two scenarios for how tariffs could hit the economy. Jimmy Jean, chief economist at Desjardins, said he believes the Bank of Canada will have gathered enough clarity on the trade front to return to formal forecasts in this week's MPR. 'The uncertainty is there for everyone to recognize. But there's a point where you've got to sort of, stick your neck out and make the proper caveats,' Jean said. Tariff deadlines continue to hover over the Bank of Canada's head — U.S. President Donald Trump has threatened to levy tariffs of 35 per cent on Canadian imports starting Friday if a trade deal isn't reached before then, though CUSMA-compliant goods are expected to be exempt from the duties. Some forecasters, including RBC, expect the Bank of Canada is already done rate cuts and will turn the job of stimulating the economy through the trade war over to federal and provincial governments. While Jean also believes the central bank will opt to hold rates again on Wednesday, he said the bank's next decision in September is an 'open possibility' for a cut. Monday Mornings The latest local business news and a lookahead to the coming week. Trump's sectoral tariffs targetting Canada's steel, aluminum and copper industries are of particular concern for Ontario and Quebec, Jean said. If those tariffs are sustained, he argued more rate cuts from the Bank of Canada will be warranted to cushion the economic hit. In addition to some sector-specific relief, the federal government has moved in recent months to ramp up Canada's defence and infrastructure funding — spending that could offer fiscal, rather than monetary, support for the economy. But Jean said Desjardins is expecting that lift to come over the ensuing years, not months, opening a window for the Bank of Canada to lower rates in the near-term. 'We think, despite those measures being in the pipeline, the Bank of Canada will still in September have a valid reason to cut interest rates,' he said. This report by The Canadian Press was first published July 28, 2025.
Cision Canada
5 hours ago
- Cision Canada
Windfall Mining Group inc. reaches a new milestone in its development in Quebec Français
MONTREAL, July 27, 2025 /CNW/ - Windfall Mining Group inc. (WMG), Canadian subsidiary of the global gold group Gold Fields Limited, announces today a series of key developments to support the advancement of the Windfall project and to strengthen its sustainable presence in Quebec. Set to become Canada's next major mining complex, the Windfall Project is located in the Eeyou Istchee James Bay territory in Québec, 115 km east of Lebel-sur-Quévillon. Second Series of Responses to COMEX and Update of Key Studies for the Advancement of the Windfall Project WMG confirms the continuation of the environmental assessment process through the submission of the second series of responses to COMEX questions. This revision reflects the company's ESG performance standards, adapted to Canadian and Quebec regulatory requirements. "WMG remains committed to developing a low-carbon operation, including through its partnership with the Cree First Nation, positioning Windfall among the lowest carbon-intensity gold projects globally", said Mike Fraser, CEO of Gold Fields. "The update of our environmental impact assessment study with the submission of this second series of responses to COMEX demonstrates our commitment to advancing the Windfall project in accordance with the best practice environmental, social, and regulatory standards." added Andréanne Boisvert, Vice President, Environment and Community Relations. Visual Identity: The Lynx Gives Way to the Lion Following the full acquisition of the Windfall project in 2024, WMG is adopting the corporate group's visual identity. The company's transitional logo is being replaced by that of Gold Fields, marking the integration of the project into the global Gold Fields family, which operates across four continents. "This change reflects Gold Fields' long-term commitment to Canada and its intention to establish a sustainable strategic presence in Québec—one of the world's most respected mining jurisdictions—and across Canada", concluded Fraser. Strategic Appointment to Propel the Windfall Project GMW is also proud to announce the appointment of Sylvain Lessard as General Manager. A mining engineer by training, Mr. Lessard brings over 30 years of experience managing complex projects in Quebec, in Canada and internationally, particularly in the underground mining sector. Having assumed the role on June 16, 2025, Mr. Lessard brings a wealth of experience to lead operations at the site. About Gold Fields Gold Fields is a globally diversified gold producer with nine operating mines in Australia, Chile, Ghana, South Africa and Peru, and one project in Canada. Its Australian assets span the world-renowned Goldfields mining region and employ more than 3,700 people in Western Australia. Our purpose is to create enduring value beyond mining by delivering positive and sustainable value for our employees, communities, and business partners. Our shares are listed on the Johannesburg Stock Exchange (JSE) and our American depositary shares trade on the New York Exchange (NYSE). Forward-looking statement This announcement contains forward-looking statements. All statements other than statements of historical fact included in this announcement may be forward-looking statements. Forward-looking statements may be identified by the use of words such as "aim", "anticipate", "will", "would", "expect", "may", "could", "believe", "target", "estimate", "project" and words of similar meaning. These forward-looking statements, including among others, those relating to Gold Fields' future business strategy, development activities (including the permitting, development and operations of the Windfall project) and other initiatives, business prospects, financial positions, production and operational guidance are necessary estimates reflecting the best judgement of the senior management of Gold Fields and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and should be considered in light of various important factors, including those set forth 3 in Gold Fields' Integrated Annual Report 2023 filed with the Johannesburg Stock Exchange and annual report on Form 20-F filed with the United States Securities and Exchange Commission (SEC) on 28 March 2024 (SEC File no. 001-31318). Readers are cautioned not to place undue reliance on such statements. These forward-looking statements speak only as of the date they are made. Gold Fields undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this announcement or to reflect the occurrence of unanticipated events. These forward-looking statements have not been reviewed or reported on by the Company's external auditors
