Latest news with #Glencore
Yahoo
14 hours ago
- Business
- Yahoo
Peru weighs approval of mining projects worth $6bn
Peru is weighing the potential approval of mining projects with a total value of $6bn (21.69bn new sol), aiming to enhance the country's revenue from this key sector, according to a Reuters report. President Dina Boluarte, addressing Congress, highlighted the government's evaluation of 134 exploration and exploitation projects. The country, known as the third-largest copper producer globally, is engaging in dialogue with informal miners following protests that disrupted a transport route crucial for major mining companies like MMG and Glencore. The situation among informal miners is said to have intensified after more than 50,000 were excluded from a formalisation programme, leaving just 31,000. The government plans to align these remaining miners with regulations by the end of the year. These miners have temporarily halted their protest and blockade during discussions about a possible new mining law. In her address, the president also mentioned the creation of a private mining fund to provide small formal operators with better access to financing. Furthermore, the president announced an agreement with Ecuador's state oil company, Petroecuador, to link Ecuadorean oilfields to a Peruvian pipeline, facilitating transport to Peru's Talara refinery. Despite Peru's economic recovery from a recession sparked by anti-government unrest, almost 30% of the population remains in poverty. The president, who will remain in office until 2026, succeeded Pedro Castillo following his arrest for attempting to unlawfully dissolve Congress. She is currently under investigation for deaths during protests, allegations she denies. Controversy also arose when Boluarte's cabinet decided to double her salary in July, as per the report. "Peru weighs approval of mining projects worth $6bn" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
a day ago
- Business
- Reuters
Peru mulls green light for $6 billion in mining projects
LIMA, July 28 (Reuters) - Peru is considering whether to give the green light to a wave of new mining projects worth a combined $6 billion in investments, President Dina Boluarte said on Monday, as her deeply unpopular government seeks to boost revenues from the industry. The government is evaluating the authorization of 134 exploration and exploitation projects, Boluarte said in a traditional Independence Day address to Congress. Officials in Peru, the world's third-biggest copper producer, are in talks with informal miners who launched protests in late June, blocking a transport corridor used by major miners including MMG ( opens new tab and Glencore (GLEN.L), opens new tab. Miners have paused that protest and corridor blockade during negotiations over a potential new law for the sector. Among informal miners, tensions escalated after over 50,000 were removed from a formalization scheme, leaving just 31,000 that the government is seeking to bring in line with regulations by year end. Boluarte said the government was working on starting a private mining fund to give small formal miners access to better financing. As she spoke, police used tear gas to disperse hundreds of protesters marching toward Congress. Some carried cardboard coffins, a reference to the dozens killed during unrest early in her term. Recent polls put Boluarte's approval ratings at between 2% and 4%, among the lowest for any world leader. In the address, the president also announced a deal with Ecuador's state oil firm Petroecuador to connect Ecuadorean oil fields to a Peruvian pipeline, allowing transport to Peru's Talara refinery. While Peru's economy has rebounded from a recession triggered by anti-government unrest, poverty levels remain near 30%. Boluarte, whose term ends in 2026, took office in late 2022 after her predecessor, Pedro Castillo, was ousted and arrested for attempting to illegally dissolve Congress. She faces an investigation over the deaths during subsequent protests, for which she denies wrongdoing. Her cabinet sparked further outrage in July by doubling her salary. "The icing on the cake is raising their salaries and colluding with those with power to keep plundering the country's natural resources," said protester Milagros Sanchez, a public school teacher. The Andean nation has been mired in political instability, with six presidents since 2018. The next general election is scheduled for April 2026.
Reuters
a day ago
- Business
- Reuters
Peru mulls green light for $6 bln in mining projects, president says
LIMA, July 28 (Reuters) - Peru is evaluating the authorization of 134 mining exploration and exploitation projects worth an estimated investment of $6 billion, President Dina Boluarte said on Monday, as her government looks to boost revenues from the key industry. Boluarte said in an address to Congress that by the end of this year she expected the formal small-scale mining sector to generate more than $5 billion in annual sales, and that $4.7 billion in formal projects should have started construction by 2026. Officials in Peru, the world's third-biggest copper producer, are currently in talks with informal miners who launched protests late June that blocked a key transport corridor for major miners including MMG ( opens new tab and Glencore (GLEN.L), opens new tab. Tensions escalated after over 50,000 informal miners were removed from a formalization scheme, leaving just 31,000 that the government is seeking to bring in line with regulations by the end of this year. Boluarte said the government was working on starting a private mining fund that would give small formal miners access to better financing.
Yahoo
a day ago
- Business
- Yahoo
DRC cobalt export ban to encourage domestic processing
The Democratic Republic of Congo (DRC), the world's leading cobalt supplier, is reportedly seeking a stabilised cobalt price to promote domestic processing and steady market prices, according to a Bloomberg report, citing the chairman of the state mining company. The country, which accounts for approximately three-quarters of the global cobalt supply, initially suspended cobalt shipments for four months on 22 February, with a subsequent three-month extension in June. The ban's implementation followed a significant drop in cobalt prices due to increased production, particularly from two mines operated by China's CMOC Group. The DRC's mining sector predominantly exports cobalt hydroxide, which is processed into battery-grade material or metal, mainly in China. The chairman of the state mining company expressed that while it is not aiming for prices to surge past $40 per pound, it considers it a national responsibility to ensure that prices remain stable. The country is addressing the issue of excessive supply, which led to substantial inventory being held internationally. CMOC's trading unit, a major cobalt producer, recently declared force majeure on hydroxide deliveries, indicating mounting pressure on supply chains. The export ban has significantly impacted China's imports of cobalt intermediates, which plummeted by more than 60% in June from the previous month, the first notable decline since the ban's introduction, the report said. Glencore and Eurasian Resources Group, following CMOC, are two other major cobalt producers with significant operations in Congo. State mining company Gecamines holds minority stakes in joint ventures with all three entities. Concurrently, Congo is engaging with the US to form a strategic partnership aimed at attracting investment into the nation's reserves of copper, cobalt, lithium and tantalum. This collaboration seeks to reduce China's dominance over critical minerals and their supply chains. The DRC's leaders are contemplating long-term measures such as potential export limits post-ban to balance the market, support prices and foster local refining. The chairman of the state mining company suggested that a quota 'could make sense", emphasising a pragmatic approach to the country's objectives. "DRC cobalt export ban to encourage domestic processing" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
4 days ago
- Business
- Yahoo
2 FTSE 100 and FTSE 250 growth shares to consider in an ISA
I think these growth shares demand serious consideration from Stocks and Shares ISA investors. Here's why. Glencore Glencore (LSE:GLEN) shares have recovered strongly from April's multi-year lows. They've been propelled by a wave of positive news on Chinese metals demand. Mining stocks are soaring after China announced plans to build a new, vast hydroelectric dam in Tibet. This follows the government's pledge to redevelop the country's sprawling shantytowns. With US trade tensions also receding, the earnings outlook for commodities stocks looks brighter than it was a few months back. That's not to say there aren't still risks, of course. Another change of policy from the White House could send cyclical shares like miners lower again. Holding mining stocks like Glencore also exposes investors to the highly unpredictable business of metals mining. However, thanks to its enormous scale — the firm owns dozens of mining projects spanning more than 35 countries — it enjoys a cushion from localised issues like political turbulence, labour issues and production outages that may impact group earnings. What's more, unlike other pureplay mining stocks, Glencore also has a substantial marketing division that reduces its reliance on strong mining results. In 2024, the company made 23% of adjusted earnings from its trading unit. Finally, the FTSE 100 company sources mining and trading profits from a spectrum of different commodities, which includes copper, cobalt, nickel and aluminium. This further safeguards accumulated earnings from weakness in one or two metals and mineral markets, while providing multiple opportunities to profit from the new commodities supercycle. On balance, I think the possibility of robust earnings growth makes Glencore shares worth serious attention. City analysts expect it to flip back into the black in 2025 following last year's losses per share. They also tip the bottom line to soar 76% next year and a further 33% in 2027. Lion Finance Like Glencore, Lion Finance (LSE:BGEO) shares have also experienced some share price volatility in 2025. But the FTSE 250 company has since surged, fuelled by growing optimism for Georgia's banking sector. Demand for financial services in the Eurasian emerging market is booming amid strong economic growth and rising personal wealth levels. With product penetration still relatively low, this is a region that has considerable growth potential. That's despite the threat of mounting political uncertainty in Georgia. Lion Finance has the scale and the market position to further capitalise on this opportunity. It has also expanded into Armenia to seize on another hot growth market. Combined, these thrust the bank's pre-tax profit 40.7% higher in Q1. FTSE 100 banks like Lloyds and HSBC remain more popular picks with investors, due to their established operations in well-regulated regions. But regulatory reforms in Georgia are making operations like Lion more attractive for investors seeking stable, long-term banking exposure. Earnings per share (EPS) here have risen at an annualised rate of 55% since 2020. And while earnings are expected to fall 15% this year, expected rises of 10% in 2026 and 18% in 2027 still make it a great growth share to consider. The post 2 FTSE 100 and FTSE 250 growth shares to consider in an ISA appeared first on The Motley Fool UK. More reading 5 Stocks For Trying To Build Wealth After 50 One Top Growth Stock from the Motley Fool HSBC Holdings is an advertising partner of Motley Fool Money. Royston Wild has positions in HSBC Holdings. The Motley Fool UK has recommended HSBC Holdings and Lloyds Banking Group Plc. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Motley Fool UK 2025 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
