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☆ Bitcoin tries for a winning week as investor worries about GBTC sell pressure subside
▼ + stars: | 2024-01-26 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Bitcoin pushed higher to end the week as investors took some comfort in the idea that outflows from the Grayscale Bitcoin ETF (GBTC) could be starting to taper off. It's on pace, however, to post a nearly 10% decline for the week. If premarket gains hold, Coinbase is is on pace to end the week up 1% for the week. It would mark for its first positive week in five. Bitcoin miner Riot Platforms is set to rise 9% this week and also post its first positive week in five.

Persons: Bitcoin, It's, John Todaro, Nikolaos Panigirtzoglou, — CNBC's Gina Francolla Organizations: Metrics, JPMorgan, U.S, CNBC PRO Locations: GBTC

☆ In Australia's outback, Rio Tinto prepares for a low carbon future
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +3 min

Rio Tinto hosted media to Gudai-darri's mine, plant and 34 megawatt solar farm last week, as well as its Dampier port and rail operations. At Gudai-darri, Rio will not mine below the water table in order to conserve an aquifer important to the Banjima people. Iron ore exports were worth A$124 billion ($78.79 billion) last year. Earlier this month, Aboriginal elders walked off a heritage survey on a Rio Tinto iron ore project over concerns it had played down the harm it caused them after blasting impacted an Indigenous rock shelter in August. Rio, which began shipping iron ore in 1966, shares the region with other iron ore majors including BHP Group (BHP.AX) and Fortescue (FMG.AX).

Persons: Melanie Burton, Fortescue, Rio, Miral Organizations: REUTERS, Rio Tinto, BHP Group, Thomson Locations: Rio, Dampier, Port Dampier, Perth, Australia, DAMPIER, Western Australia, Rio Tinto's, darri, Rio Tinto

☆ Rio Tinto Says No Damage to Aboriginal Rock Shelter Structure From Aug. 6 Blast
▼ + stars: | 2023-10-09 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +2 min

MELBOURNE (Reuters) - Global miner Rio Tinto has found no damage to the structure of a rock shelter at an Aboriginal heritage site in Western Australia that was impacted by blasting at its Nammuldi iron ore operations, it said after a visit over the weekend. Rio Tinto employees and representatives from the Muntulgura Guruma people visited the site last weekend, where a blast on Aug. 6 led to the fall of a Pilbara scrub tree and one square metre of rock from the overhang of a rock shelter estimated to have been inhabited over 40,000-50,000 years. "Assessments found no structural damage to the rock shelter itself, and no damage to cultural materials," Cecile Thaxter, Rio Tinto Iron Ore Vice President said in a webcast on Monday. Rio's destruction of rock shelters at Juukan Gorge in 2020 prompted a global outcry, the departure of top executives and a parliamentary enquiry that recommended an overhaul of Australia's Aboriginal heritage protection laws. Nevertheless, Western Australia is set to overturn its 2021 Aboriginal cultural heritage protection laws, introduced on July 1 after the destruction of the Juukan Gorge shelters.

Persons: Cecile Thaxter, Wintawari, Rio, Melanie Burton, Sonali Paul Organizations: MELBOURNE, Rio Tinto, Tinto, Rio Tinto Iron Ore, Aboriginal Corporation Locations: Western Australia, Rio

☆ Bitcoin miners beef up Texas operations ahead of extinction-level event, exclusive data shows
▼ + stars: | 2023-09-26 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +12 min

Bitcoin miners are barreling toward the "halving" — a major market-making event that some fear will be a death knell to many in the industry. "We're taking a long-term bet on bitcoin and on the fact that bitcoin mining will survive and will bounce back even stronger." Texas has grown to dominate bitcoin mining partly because of support from local authorities and the operator of the Texas energy grid, ERCOT. Even during the bear market, Texas miners are building out, buying new sites and fresh fleets of hardware. The mining company was spun off from Chinese bitcoin mining giant Bitmain and went public via SPAC earlier this year.

Persons: Kevin Zhang, Jihan Wu, Bitmain, Kevin Zhang Crypto, He's, China — he's, Zhang, bitcoin, Barry Silbert's, Foundry's, —, Chad Harris, ERCOT, Nic Carter, Shaun Connell, Brad Jones, Brandon Arvanaghi, Jason Les, Navarro, Les, hashrate, Morgan, Bitdeer Organizations: Foundry, Mining, CNBC, U.S, Riot, Cipher Mining, Georgia, Securities Exchange Commission, JPMorgan Chase Locations: Sweden, Republic of Georgia, China, America, Beijing, Shenzhen, Montana, North America, Texas, Wyoming, New York, United States, U.S, . Texas, Castle, Rockdale, Austin, Milam, Odessa , Texas, Minden , Nebraska, , Texas, New Hampshire, Pennsylvania, Nebraska, North Carolina , Kentucky , Oklahoma, Washington

☆ Decarbonisation in mining still a long way off
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +3 min

Engineering student Mark Peirce from the School of Mines poses for a portrait in the college's experimental mine in Idaho Springs, Colorado, U.S., December 9, 2021. As metals are used across many different industries that serve customers across various geographies, it is difficult for mining companies to account for the whole supply chain. The International Council on Mining and Metals , whose members include around 25 mining companies, on Thursday published guidance for all mining companies on how to account and report their Scope 3 - or indirect - emissions "to try and answer the problem of patchy data to make companies report consistently," its CEO Rohitesh Dhawan said at the conference. Scope 1 refers to a company's direct emissions, Scope 2 to indirect emissions from purchased energy while Scope 3 refers to all other indirect emissions, for example from a company's third-party suppliers. Mining companies have set targets to decarbonise and mostly aim to reach net zero by 2040 and 2050, but some are struggling to keep up.

Persons: Mark Peirce, Kevin Mohatt, Virginia Dundas, Dundas, Rohitesh Dhawan, Rio, Adam Matthews, Clara Denina, Elaine Hardcastle Organizations: School of Mines, REUTERS, Reuters IMPACT, Council, Mining, Metals, Rio Tinto, Church of, Pensions, Thomson Locations: Idaho Springs , Colorado, U.S, Virginia, London

During the crypto boom of 2021, Riot Platforms was raking in cash from bitcoin mining. Now the company is losing so much money that it's counting on energy credits from selling power back to the Texas grid to keep its costs under control. Riot said on Wednesday that it earned $31.7 million in energy credits last month from Texas power grid operator ERCOT. "August was a landmark month for Riot in showcasing the benefits of our unique power strategy," said Jason Les, CEO of Riot, in the company's press release. It's a dramatic strategy shift for Riot, whose revenue soared almost 8,000% in 2021 from booming demand for bitcoin.

Persons: Riot, Jason Les Organizations: Riot, JPMorgan Chase Locations: Texas, U.S

☆ Western Australia to overturn 2021 Aboriginal heritage protection laws
▼ + stars: | 2023-08-08 | by ( Melanie Burton | ) www.reuters.com time to read: +1 min

Aboriginal groups' members take part in a protest against what they say is a lack of detail and consultation on new heritage protection laws, after the Rio Tinto mining group destroyed ancient rock shelters for an iron ore mine last year, in Perth, Australia August 19, 2021. Courtesy Gabrielle Timmins/Kimberley Land Council/Handout via... Read moreMELBOURNE, Aug 8 (Reuters) - Western Australia will overturn its 2021 Aboriginal cultural heritage protection laws, set out after the destruction of the 46,000-year-old Juukan Gorge rock shelter after community uproar, the state's premier said on Tuesday. Instead, the state government will restore and amend 1972 legislation to ensure the protection of important sites, Cook said. "These are simple and effective amendments that will prevent another Juukan Gorge from happening," he said. Reporting by Melanie Burton; Editing by Kim Coghill, Robert BirselOur Standards: The Thomson Reuters Trust Principles.

Persons: Gabrielle Timmins, Read, Rio, Cook, Melanie Burton, Kim Coghill, Robert Birsel Organizations: Kimberley Land, ., Rio Tinto, Thomson Locations: Rio Tinto, Perth, Australia, Kimberley, MELBOURNE, Western Australia, . Farmers

☆ UK's FTSE 100 slips on dour earnings; NatWest falls
▼ + stars: | 2023-07-26 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

The FTSE 100 index (.FTSE) lost 0.2%, while the more domestically focussed FTSE 250 midcap index (.FTMC) was flat. UK earnings season picked up pace with Lloyds Banking Group(LLOY.L), Britain's biggest mortgage lender, posting a pre-tax first-half profit below analysts' forecast compiled by the bank. The lender fell 2.7%, while the UK banks index (.FTNMX301010) slipped 0.9%. Rolls-Royce (RR.L) soared 19.3%, to hit its highest level in over three years after the aero-engineering company raised its full-year operating profit forecast. Reporting by Shashwat Chauhan in Bengaluru; editing by Eileen Soreng and Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

Persons: Royce, Aston Martin, Alison Rose, Nigel Farage, Georgina Cooper, Aston, Shashwat Chauhan, Eileen Soreng, Sohini Organizations: HY, U.S, Fed, Lloyds, NatWest, NatWest Group, BBC, Lloyds Banking Group, BNY, Equity, Rio Tinto, Royce, Dunhill, Tobacco, Aston Martin Lagonda Global Holdings, U.S . Federal Reserve, Thomson Locations: Rio Tinto, London, Rio, Bengaluru

☆ Rio Tinto sets up battery testing plant in Melbourne
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

BRISBANE, June 28 (Reuters) - Global miner Rio Tinto (RIO.AX) is setting up a battery test plant at an Australian research hub to better understand how its minerals can work for battery makers, an executive said on Wednesday. Rio set up its battery materials business in 2021 before buying the Rincon lithium mine in Argentina the following year. It has put on ice its plans to develop a large lithium mine in Serbia, for which research and development was centred at its Melbourne research hub, due to community opposition. Kaufman said demand for lithium is expected to grow five-fold out to 2030, with a significant supply-demand deficit expected from the second half of this decade. The battery plant is expected to be operational by November.

Persons: Rio, Sinead Kaufman, Kaufman, Melanie Burton, Sonali Paul Organizations: BRISBANE, Rio Tinto, Thomson Locations: Australian, Rincon, Argentina, Serbia, Melbourne, Bundoora

☆ Rio Tinto reopens iron ore rail line in Western Australia after derailment
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

MELBOURNE, June 21 (Reuters) - The world's biggest iron ore miner Rio Tinto (RIO.AX) said on Wednesday that it had reopened a rail line at its Western Australian operations after a train carrying iron ore near the port of Dampier derailed at the weekend. The line will remain subject to speed restrictions while a clean up of the site is underway and an investigation into the cause of the derailment is ongoing, a Rio Tinto spokesman said via email. The incident on Saturday was the second such event in recent years after peer BHP Group (BHP.AX) derailed a runaway iron ore train in the same region in late 2018. The loaded train with some 30 wagons would have been carrying around 3,900 to 4,500 metric tons of iron ore, according to one estimate. Rio Tinto has not said what the impact on its customers would be, if any, and declined any further comment.

Persons: Rio, Melanie Burton, Shri Navaratnam, Jamie Freed Organizations: MELBOURNE, Rio Tinto, BHP Group, Tinto, Thomson Locations: Rio, Dampier

☆ Stocks making the biggest moves midday: Dollar Tree, Amazon, FedEx and more
▼ + stars: | 2023-06-21 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

People walk by a Dollar Tree store on December 11, 2018 in the Brooklyn borough of New York City. FedEx — The delivery company fell 1.7% after quarterly revenue missed expectations and announced CFO Mike Lenz would retire on July 31. Adjusted earnings were better than expected at $4.94 per share against the anticipated $4.89, while forward guidance was around flat. Advanced Micro Devices — Shares of the chipmaker pulled back nearly 5%, on track for their biggest intraday loss in two weeks. Dollar Tree — Shares of Dollar Tree popped more than 3% after the discount retailer reiterated its fiscal second-quarter 2023 earnings guidance.

Persons: Mike Lenz, MicroStrategy, Tesla, Rivian, Goldman, OneSpaWorld, Walt Disney, Needham, Laura Martin, Bob Iger, Raymond James, Uniqure, hemophilia, Yun Li, Michelle Fox, Jesse Pound, Sarah Min, Brian Evans Organizations: Federal Trade Commission, Amazon, FedEx, Securities and Exchange Commission, Barclays, GlaxoSmithKline —, Petrobras —, Walt Disney —, AMD Locations: Brooklyn, New York City, bitcoin, Netherlands

The U.S. Securities and Exchange Commission sued Coinbase, accusing it of illegally operating without registration with the regulator. That happened a day after the SEC filed a lawsuit against Binance and its CEO, Changpeng Zhao. Coinbase shares were down 13.4% at $50.81 after earlier hitting their lowest level since January. Also, after falling earlier, Bitcoin , the world's biggest cryptocurrency, was up 1.4%. Coinbase had disclosed in March that it received a "Wells notice" from the SEC threatening a potential lawsuit over certain products.

Persons: Coinbase, Changpeng Zhao, Matt Stucky, Shannon Stapleton, Binance's cryptocurrency, Paul Grewal, we'll, Grewal, Manya Saini, Shristi, Sinéad Carew, Paul Simao Organizations: Coinbase, U.S . Securities, Exchange Commission, SEC, Binance, Global, Northwestern Mutual Wealth Management Company, Coinbase Global Inc, Nasdaq, Times, REUTERS, Mining, Marathon, Thomson Locations: Manhattan, New York, U.S, Bengaluru

June 5 (Reuters) - Cryptocurrencies and shares in crypto and blockchain-related companies tumbled on Monday after the U.S. securities regulator sued crypto exchange Binance, another blow to the industry. The SEC crackdown has prompted some crypto companies to increase compliance, spike products, and expand overseas, moves that some marketwatchers said would likely be accelerated by this latest action against the world's largest crypto exchange. In April, the SEC charged crypto exchange Bittrex Inc with operating an unregistered securities exchange, broker and clearing agency, and settled with Kraken in February for $30 million over the exchange's U.S. crypto staking service. Shares of Coinbase (COIN.O) were down 9.1% on the news of the SEC's charges against Binance. Both Coinbase and crypto exchange Gemini launched international exchanges for crypto derivatives in May.

Persons: Binance, Changpeng Zhao, Binance's cryptocurrency, Gary Gensler, marketwatchers, John Reed Stark, Kraken, Bittrex, James Angel, Gemini, Rajeev Bamra, Sinéad Carew, John McCrank, Manya Saini, Hannah Lang, Michelle Price, Leslie Adler, Lisa Shumaker Organizations: U.S . Securities, Exchange Commission, Reuters, SEC, Washington , D.C, Internet, Coinbase Global Inc, Georgetown University, Binance, Inc, Marathon, Mining, Moody’s Investors Service, Thomson Locations: Washington ,, U.S, New York, Bengaluru, Washington

☆ Crypto shares tumble after U.S. SEC charges Binance with securities law violations
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +2 min

June 5 (Reuters) - Cryptocurrencies and shares in crypto and blockchain-related companies tumbled on Monday after the U.S. Securities and Exchange Commission sued crypto exchange Binance and its founder, Changpeng Zhao, alleging violations of securities laws. The SEC's complaint against the world's biggest cryptocurrency exchange listed 13 charges. Bitcoin , the world's biggest cryptocurrency was down 5.3% after falling to its lowest level since mid-March following the news. In a blog post, Binance said: "We intend to defend our platform vigorously," adding that "because Binance is not a U.S. exchange, the SEC's actions are limited in reach." Shares of rival crypto exchange Coinbase Global (COIN.O) were down 11.6%, while Blockchain farm operator Bitfarms Ltd stock was down 5.8%.

Persons: Changpeng Zhao, Bitcoin, Binance's cryptocurrency, Binance, Zhao, Sinéad Carew, Manya, Leslie Adler Organizations: U.S . Securities, Exchange Commission, SEC, Bitfarms, Inc, Marathon, Mining, BTC, MicroStrategy, Ebang, Canaan Inc, U.S . Commodity Futures, Commission, Manya Saini, Thomson Locations: U.S, Binance, New York, Bengaluru

☆ Google leads funding round for Indian space startup Pixxel
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +3 min

BENGALURU, June 1 (Reuters) - Alphabet Inc's (GOOGL.O) Google is leading a $36 million funding round for Bengaluru-based Pixxel, a satellite-image startup, in the first major investment in the Indian space sector since the government launched its privatisation policy in April. Pixxel did not specify how much Google had invested or the valuation it reflected. Founder and Chief Executive Awais Ahmed said Pixxel would be "the most valued space tech company in India after this investment". Space startups, in particular, have come under pressure after the bankruptcy of Richard Branson's Virgin Orbit launch company. Ahmed has said he was inspired to launch a space startup from a visit Elon Musk's SpaceX as part of a student competition to build a demonstration "hyperloop" transport pod.

Persons: Pixxel, Awais Ahmed, Ahmed, Richard Branson's Virgin, Kshitij Khandelwal, Nivedita, Kevin Krolicki, Christopher Cushing Organizations: Google, Miner Rio Tinto Ltd, Accenture PLC, Skyroot Aerospace, Reuters, Space, Richard Branson's Virgin Orbit, Elon, SpaceX, Thomson Locations: BENGALURU, Bengaluru, Miner Rio, India

☆ Indigenous Australians file human rights complaint with pension funds over Santos gas projects
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, April 26 (Reuters) - A group of Indigenous Australians on Wednesday filed a human rights complaint against 20 large Australian pension funds for investing in Santos Ltd's (STO.AX) two gas projects, putting pressure on the funds over their fossil fuel investment plans. Three traditional landowners, in the complaint filed directly with the superannuation funds, alleged the funds had an "obligation to prevent adverse human rights impacts of companies in which they are invested". Commonwealth Super Corp, AustralianSuper, Australian Retirement Trust, Aware Super and AMP - the five largest pension funds - did not immediately respond to requests seeking comment. An appeal by Santos to resume drilling on its A$3.6 billion Barossa gas project off northern Australia was rejected by the federal court in December after indigenous groups raised objections. Santos then said it would apply for fresh approvals for its biggest project in line with the court's order.

☆ Rio Tinto boosts FTSE 100, worries of recession fade
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies FTSE 100 up 0.1%, FTSE 250 flatMarch 31 (Reuters) - UK's FTSE 100 inched up on Friday as miner Rio Tinto rose after signing a partnership to develop a copper project, while relief that the domestic economy avoided a recession last year also aided sentiment. Data by the Office for National Statistics showed UK's economy grew in the fourth quarter as the country narrowly avoided a recession. Anglo-Australian miner Rio Tinto (RIO.L) rose 0.9% after signing a joint venture with Canada's First Quantum Minerals Ltd (FM.TO) to develop the La Granja copper project in Peru. Industrial metals miners (.FTNMX551020) housing Rio Tinto added 0.3% by 0721 GMT. The commodity heavy FTSE 100 (.FTSE) was up 0.1%, while the FTSE 250 (.FTMC) was flat.

☆ Mercuria leads funding round for engine tech firm ClearFlame
▼ + stars: | 2023-03-09 | by ( Simon Jessop | ) www.reuters.com time to read: +3 min

[1/2] A flag with the logo of Mercuria commodity trading house is pictured in Geneva, Switzerland, October 11, 2016. ClearFlame, whose technology allows diesel engines to run on more climate-friendly fuels, said the Series B round was also backed by WIND Ventures, the venture arm of Chile's COPEC (COPEC.SN), and existing investor Breakthrough Energy Ventures. To help accelerate the shift to a low-carbon economy, ClearFlame modifies the engine design by switching out 10-15% of the engine parts to allow it to run on a variety of fuels, including ethanol and ammonia. Diesel accounts for around 26% of carbon emissions from the transport sector, ClearFlame said, and is also responsible for particulates and black soot. Mercuria's Boris Bystrov said in a statement that its investment reflected a belief that ClearFlame's technology can "economically decarbonise the heavy-duty industry".

☆ Goldman Sachs has added 3 stocks to its conviction buy list, giving one 100% upside
▼ + stars: | 2023-03-06 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

Goldman Sachs has this year added a number of stocks to its conviction list — buy-rated stocks it expects to outperform — giving them further share price upside. Rio Tinto Its most recent addition was Australian miner Rio Tinto on March 3. It comes as Goldman Sachs turns bullish on commodities such as iron ore on the back of an expected recovery in China. It gave Rio Tinto a price target of $140, or upside of 10% from the Friday close. Goldman also raised the price target for Alibaba to $138, giving it over 50% potential upside from its U.S.-listed stock's Thursday close.

☆ Mongolia calls on Rio Tinto to keep budget for giant copper mine in check
▼ + stars: | 2023-01-26 | by ( Clara Denina | ) www.reuters.com time to read: +3 min

LONDON, Jan 26 (Reuters) - Mongolia has asked Rio Tinto (RIO.L)(RIO.AX), its partner in the huge Oyu Tolgoi copper and gold mine in the Gobi desert, not to further increase its estimated $7.06 billion budget for the project's expansion, its mining minister told Reuters. "The government has asked Rio Tinto to not increase the budget," J. Ganbaatar, the minister for mining and heavy industries, told Reuters on Jan. 16 in a video interview. Rio Tinto declined to comment. Mongolia owns 34% and Anglo-Australian miner Rio Tinto 66% of Oyu Tolgoi, one of the world's largest known copper and gold deposits, which is slated to eventually produce more than 500,000 tonnes of copper a year. However, when the price of copper exceeds $9,000 a tonne, a 20% royalty is imposed on copper concentrate.

☆ Rio Tinto reaches historic agreement with Juukan Gorge group
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +3 min

Courtesy Gabrielle Timmins/Kimberley Land Council/Handout via REUTERS/File PhotoMELBOURNE, Nov 28 (Reuters) - Global miner Rio Tinto Ltd (RIO.AX) has reached a restitution agreement with an Aboriginal group whose rock shelters in Western Australia it destroyed two years ago for an iron ore mine, the groups said on Monday. "Nothing can compensate for or replace the loss suffered at Juukan Gorge, so this is an outcome orientated legacy to ensure something positive will come from it for years to come," PKKP Aboriginal Corp Chairperson Burchell Hayes said. The two groups are in advanced talks about a co-management of mining agreement, the PKKP added. "We fell far short of our values as a company and breached the trust placed in us by the PKKP people by allowing the destruction of the Juukan Gorge rock shelters," Rio Tinto Chief Executive Jakob Stausholm said. As well as the legacy foundation, remedy discussions have centred on ongoing rehabilitation of the rock shelters and their surrounds at Juukan Gorge, Rio said.

Nov 14 (Reuters) - UK-founded law firm Linklaters on Monday said it has hired a finance-focused partner from Sidley Austin in New York to head its energy and infrastructure practice in the Americas. Ron Erlichman specializes in the financing and development of infrastructure projects, particularly renewable energy and carbon neutral projects, according to an archived profile on Sidley Austin’s website. Prior to Sidley, Erlichman co-chaired the project finance group at Houston-headquartered law firm Bracewell. Erlichman’s experience in the renewable energy and project finance practices “will be invaluable as we guide domestic and international clients through the rapidly changing and complex U.S. energy and infrastructure market,” Linklaters global energy and infrastructure group leader Daniel Tryer said in a statement. A Sidley Austin spokesperson did not immediately respond to a request for comment on Erlichman’s departure.

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