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☆ Buy these gold and copper stocks to ride AI, China demand and more, say fund managers
▼ + stars: | 2024-04-24 | by ( Weizhen Tan | ) www.cnbc.com time to read: +4 min

Gold and copper have been on fire, as geopolitical tensions mount, central banks buy up gold, and AI demand for copper grows. Copper, too, has done well, with copper futures hitting their highest level since 2022 last weekend. Stock picks He named Australian gold miner Northern Star and copper miner Southern Copper as stocks he's bullish on right now. He said against that backdrop, he's getting back into some gold mining stocks such as Gold Fields and K92 Mining. It said that copper demand will already "significantly exceed" supply starting this year — and that's not even accounting for demand growth from data centers.

Persons: Kingsley Jones, Jevons, CNBC's, Jones, Kamil Dimmich, Dimmich, he's, that's, Jefferies, Teck, Ian Roper, Michael Bloom Organizations: Wall Street, U.S . Federal Reserve, Stock, Northern Star, South, K92 Mining, Jefferies, JPMorgan, Teck Resources, North, Astris Advisory Japan KK, CNBC Locations: USA, Europe, South Capital, East, China, Freeport, McMoRan, Lundin, Teck, North America

Used copper wires are seen in a recycling company in Thoerishaus near Bern July 3, 2011. Copper producers increasingly want to share the risk and costs of projects, and the sector has already seen a jump in M&A activity, which more than doubled year-on-year to $14.24 billion in 2022. Miner and trader Glencore (GLEN.L) has been approached by potential investors in its Argentine copper projects Minera Agua Rica Alumbrera (Mara) and El Pachon, two sources said. According to Argentine government data, the projects could produce a combined 435,000 tonnes of copper a year. Both sources declined to be named because the information is not public.

Persons: Ruben Sprich, Glencore, Mara, El, Canada's Lundin, Jack Lundin, Lundin, Hudbay, EY, Paul Mitchell, Farid Dadashev, Clara Denina, Divya Rajagopal, Julian Luk, Veronica Brown, Jan Harvey Organizations: REUTERS, Sumitomo Metal Mining, Sumitomo, Reuters, BHP Group, BHP, Santo Domingo, Hudbay, Capstone, Taca Taca, Global Mining, Metals, RBC Capital Markets, Thomson Locations: Thoerishaus, Bern, Miner, Agua Rica, Argentine, Josemaria, Chile, Santo, Arizona, Rio Tinto's, Peru, Argentina

☆ TSX slips as yields touch historic highs on interest rate worries
▼ + stars: | 2023-10-03 | by ( Khushi Singh | ) www.reuters.com time to read: +2 min

ET (14:27 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was down 171.91 points, or 0.9%, at 19,005.27. Yields on 10-year and 30-year <US30YT=RR > U.S. government bonds hit their highest since 2007, while the dollar climbed to a more than 10-month peak. The only sector with minor gains was the communications sector (.GSPTTTS), which rose 0.2% in early market hours. In corporate news, Lundin Mining (LUN.TO) shares dropped 4.7% as the company announced insider Jack Lundin would be the new chief executive officer. Reporting by Khushi Singh in Bengaluru; Editing by Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.

Persons: Lundin, Allan Small, Jack Lundin, Khushi Singh, Shweta Agarwal Organizations: U.S, Treasury, Toronto Stock, Allan Small Financial, Federal, Labor, Reuters, Lundin Mining, Thomson Locations: U.S, Bengaluru

STOCKHOLM (AP) — Two executives of a Swedish oil exploration and production company went on trial Tuesday in Stockholm for securing the company's operations in Sudan through their alleged complicity in war crimes in 20 years ago. The two executives are accused of involvement in the Sudanese government's military campaign to clear an area in southern Sudan for oil production. South Sudan gained independence from Sudan in 2011 to become the world’s youngest nation. They also want 1.4 billion kronor ($127 million) confiscated from Lundin Oil because of economic benefits that were achieved from the alleged crimes. In Sweden, the maximum penalty for complicity in war crimes is a life prison sentence, which generally means a minimum of 20 to 25 years.

Persons: Ian Lundin, Alex Schneiter, Omar al, Bashir, Lundin, ”, Schneiter “ Organizations: STOCKHOLM, Sudanese, Court, Petronas Carigali Overseas, Sudapet Ltd, Lundin Oil, Prosecutors Locations: Stockholm, Sudan, Darfur, OMV, Austria, Sudanese, Swedish, Lundin, Sweden

Copper M&A more than doubled in 2002 to $14.24 billion from the previous year, according to an S&P Intelligence report. "So the large miners are saying it is difficult to build new supply, so let's just buy companies," McDonald said. Copper prices have been gradually losing steam since hitting their strongest levels in over seven months in January when optimism abounded about the reopening of China. The lower copper price presents M&A opportunities for Hudbay, Kukielski said, but it will also get "squeezed" if the price of copper falls below $3.50. With lack of large mines up for grabs, he is expecting that large miners will be looking to expand their production by acquiring smaller mines.

Persons: Lundin, Newmont, Stuart McDonald, Taseko, McDonald, Antaike, Peter Kukielski, Kukielski, Minto Metals, Aaron Colleran, Colleran, David Lennox, Divya Rajagopal, Melanie Burton, Denny Thomas, Marguerita Choy Organizations: TORONTO, Reuters, Nippon Mining, Metals, P Intelligence, Taseko, London Metal Exchange, Reuters Graphics Reuters, Hudbay, Japan's Sumitomo Corp, Minto Metals, Yukon, Royal Bank of Canada, Quantum Minerals, Ivanhoe Mines, Capstone, Barrick Gold, Bloomberg News, Barrick, AIC Mines, AIC, Sydney, Thomson Locations: SYDNEY, Toronto, Chile, Vancouver, Arizona, China, Hudbay, Canada, Yukon, Ivanhoe, Australia, Queensland, Melbourne

☆ Red metal rising: Argentina sets lofty sights on global copper top 10
▼ + stars: | 2023-05-08 | by ( Lucila Sigal | ) www.reuters.com time to read: +4 min

The South American country has a pipeline of copper projects that could produce 793,000 tonnes a year by the end of the decade, government forecasts show, well below neighboring No. Reuters GraphicsBRIDGING THE DEMAND GAPSan Juan is home to five of Argentina's eight main copper projects that have a total capex of $22 billion, a recent government report shows. Argentina has an estimated 65 million tonnes of copper reserves, according to a 2022 government report, some 3% of the global total. "The projects we have are of global importance and relevance because it's estimated that demand for copper between now and 2050 could be multiplied," he said. Copper demand is forecast to double to 50 million tonnes by 2050 from 2020 levels.

Barrick has been building its copper business organically and said it is exploring copper drilling opportunities in countries such as Chile and Argentina. "We have always said that if you want to be relevant as a gold miner you have to be in copper business," Bristow added. Gold is often a byproduct of copper, a critical metal required for electrification and the transition to a greener economy. Teck last month withdrew its plan to split its coal and metals business after it failed to secure shareholders' approval. Bristow said Glencore's proposal made a "lot of sense" as Glencore could handle Teck's debt and had offered a clean split of Teck's business.

☆ Canadian dealmakers expect low-carbon shift will drive mining M&A
▼ + stars: | 2023-04-20 | by ( Maiya Keidan | ) www.reuters.com time to read: +3 min

TORONTO, April 20 (Reuters) - Canadian advisors to mergers and acquisitions (M&A) expect a shift toward low-carbon technologies and government subsidies for them will spur dealmaking in mining for years to come and some are already gearing up for it. Clients are hiring mining people within dealmaking teams, and boutique M&A advisory firms are adding talent, mostly in mining, he said. Canada this year expanded an investment tax credit to equipment needed by mining companies - and any other companies in the EV supply chain - to extract or process critical minerals. For copper and nickel deals, it was the best quarter on record since at least 1990, the data showed. "Mining is one of those sectors where you really want to be prepared for the inevitable market pickup."

☆ Big copper deals to take centerstage in Santiago as demand heats up
▼ + stars: | 2023-04-16 | by ( ) www.reuters.com time to read: +4 min

Lundin Mining Corp (LUN.TO) is paying nearly $1 billion for control of Chile's Caserones copper mine despite ongoing political uncertainty in the country. "The green transformation theme remains a strong tailwind for copper, the king of green metals," Saxo Bank strategist Ole Hansen told Reuters. Global copper demand expected to reach 53 million tonnes annually by 2053 - more than double current levels - but supply is still expected to fall short, according an S&P Global (SPGI.N) study. And Hudbay Minerals Inc (HBM.TO) last week said it would pay $439 million for rival Copper Mountain Mining Corp (CMMC.TO). Neighboring Peru, the world's second-largest copper producer, also expects to boost production this year.

[1/2] A train loaded with copper cathodes travels along a rail line inside the Chuquicamata copper mine, which is owned by Chile's state-run copper producer Codelco, near Calama city, Chile, April 1, 2011. Lundin last month agreed to pay $950 million for 51% control of the mine, calling the deal "an endorsement that we believe the mining royalty and taxation discussions are trending in the right direction." In the past 18 months, mining giants have been vocal about concerns in Chile. BHP Group Ltd (BHP.AX) said it might reevaluate its investments depending on new tax plans by the government, while Freeport-McMoRan Inc (FCX.N) has said it would pause expansion plans in Chile, citing political uncertainty. Lundin remains confident in the future of the Caserones project, which began operations in 2014 and has annual output of 100,000 tonnes of copper.

☆ Unstable markets drag Canadian M&A, debt issuance to four-year low
▼ + stars: | 2023-04-06 | by ( Maiya Keidan | ) www.reuters.com time to read: +3 min

The collapse of regional banks Silicon Valley Bank and Signature Bank in the U.S. tightened credit market making funding difficult for deals. As the banking crisis abate and many global central banks move to the sidelines to assess the impact of rapid interest rates hikes, bankers are, however, betting that appetite for dealmaking would return. Canadian M&A volumes totalled $34.7 billion in the first quarter, down 52.3% from a year ago, with dealmaking off to the worst start since the same period in 2020. Some market participants noted the second quarter is already off to a stronger start, with the mining sector gathering momentum. Abeed Ramji, head of Canadian Debt Capital Markets at TD, said the lack of issuance from banks impacted the corporate debt market, adding that global markets had become more expensive for financing.

☆ Energy, industrial stocks lift TSX; Lundin Mining jumps
▼ + stars: | 2023-03-28 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

"But here it seems the market likes the deal and is giving a thumbs up with respect to the acquisition." ET (14:10 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 61.34 points, or 0.31%, at 19,686.08. Energy stocks (.SPTTEN) added 0.8%, tracking oil prices amid supply disruption risks from Iraqi Kurdistan. Still, the bourse is up for the quarter underpinned by gains from January as equities bounced back from previous year's losses. Reporting by Johann M Cherian in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

[1/2] The processing facility at an oil sands operations near Fort McMurray, Alberta, September 17, 2014. The company joins Canada's biggest oil producers in urging policymakers to boost public funding for the costly technology that is seen as key to cutting emissions from the carbon-intensive oil sands. Until then, the company will pay Canada's carbon tax, set to rise to C$170 a tonne by 2030, Nicholson said. Canada's oil sands produced a record 3.15 million bpd in 2022 and are forecast to hit 3.7 million bpd by 2030, according to S&P Global. "The oil sands are long-life, low-decline assets," said Wood Mackenzie analyst Scott Norlin.

☆ Norway naval officer goes on trial over oil tanker collision
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +2 min

OSLO, Jan 16 (Reuters) - A Norwegian naval officer stands trial on Monday accused of negligence that led to the 2018 collision between a warship he commanded and an oil tanker in which the military vessel sank. The early-morning crash between the Ingstad and the fully loaded Sola TS crude carrier near a major North Sea oil export terminal also triggered shutdowns of parts of Norway's petroleum production. There was no leak from the oil tanker. A commission investigating the collision later said the brightly lit Sola TS may have been difficult to distinguish from the nearby terminal from where it had set off, confusing the Ingstad crew. The collision exposed safety gaps in the Norwegian navy, including inadequate training and risk assessment systems.

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