2025-03-31 23:41

March 31 (Reuters) - First Quantum Minerals (FM.TO) , opens new tab said on Monday it had agreed to discontinue two arbitration proceedings related to its Cobre Panama copper mine, raising the prospect of negotiations to resume production at the troubled facility. The arbitration proceedings were filed by the Canadian miner against the government of Panama after the country decided to shut down the company's flagship mine following public protests in 2023. First Quantum was seeking $20 billion in compensation from Panama. Sign up here. This move from the miner would open the doors for a possible resumption of talks with the Panama government over the future of the shuttered mine. "Following engagement with the Government of Panama’s legal counsel, First Quantum has agreed to discontinue the ICC arbitration proceedings. The Company has also agreed to suspend the FTA arbitration," said a statement from First Quantum. The closure of the Cobre Panama mine, which had contributed 1% to global copper production, has impacted both Panama's and the company's financial prospects. In March, Panama's President Jose Raul Mulino said the country would come to the table with First Quantum only if the company dropped the arbitration proceedings. The Panama government could not be immediately reached to respond to queries. https://www.reuters.com/markets/commodities/first-quantum-discontinue-two-cobre-panama-arbitration-proceedings-2025-03-31/

2025-03-31 23:34

Shell, ExxonMobil, Chevron warn against government intervention in energy market Gas reservation plan would not solve domestic supply shortfall, they say Chevron says energy security has become a 'political football' SYDNEY, April 1 (Reuters) - Global gas giants said on Tuesday an election campaign proposal by Australia's opposition coalition that would force producers to direct more export gas into the domestic market would deter investment without tackling looming shortages. Energy has emerged as a major campaign issue ahead of the May 3 general election, with the conservative Liberal-National coalition pledging to bring down power bills through a gas reservation scheme. Sign up here. The centre left Labor government of Prime Minister Anthony Albanese introduced a price cap on gas wholesale prices in 2022, and has implemented regulatory and other measures to meet domestic energy needs and reduce emissions. At a conference in Sydney, Australian executives of Shell (SHEL.L) , opens new tab , ExxonMobil and Chevron (CVX.N) , opens new tab pushed back on the coalition's proposal, arguing more government intervention would hamper the development of gas supply. Cecile Wake, chair of Shell Australia, which exports gas from the Queensland Curtis LNG project in the state of Queensland, said export controls were not the solution. "The fact that the easiest lever the federal government now has to solve the southern gas problem is export controls, is not a reason to pull that lever harder," she said. "This does not increase supply; it simply redistributes it and when coupled with price caps and other market interventions, it can impede investment and exacerbate the challenge." Australia exports more gas than it consumes, but its major reserves are located mostly in the northwest, far from the southeast where most people live and demand is highest. The competition regulator has warned eastern states could face a gas shortage by 2027. Opposition leader Peter Dutton’s plan would force exporters on the east coast - mainly QCLNG and Australia Pacific LNG operated by ConocoPhillips (COP.N) , opens new tab - to direct 10% to 20% more product into the domestic market, with the extra supply coming from uncontracted gas sold on international spot markets. Chevron Australia managing director Mark Hatfield contrasted Dutton’s proposal with a gas reservation scheme in the state of Western Australia, where Chevron is a major producer. Its prospective application allowed the company to assess the policy before signing long-term contracts, which was “quite different” to Dutton's plan, he said. “Energy security is an easy target to be a political football ... some of the things we're seeing right now is maybe some short-term fixes that could have long-term implications with negative outcomes,” Hatfield said. ExxonMobil Australia, which produces gas in the Bass Strait, the main supply source for the eastern states, said expanding production was “the key to ensuring reliable and affordable gas”. “Regulatory restrictions that prevent or impede development of new gas supply have become worse and risks that are normal in oil and gas markets such as geologic and engineering risk have been replaced by government policy and regulatory risk,” commercial director David Berman said. https://www.reuters.com/business/energy/shell-warns-australias-gas-reservation-plan-could-worsen-shortages-2025-03-31/

2025-03-31 22:38

March 31 (Reuters) - President Donald Trump signed an executive order on Monday setting up a new entity to take over the CHIPS Act program and speed up corporate investments in the United States. The United States Investment Accelerator within the Commerce Department will oversee implementing the CHIPS and Science Act, a 2022 law that made $52.7 billion in subsidies available for semiconductor chips manufacturing and production. Sign up here. Trump has repeatedly criticized the bipartisan CHIPS Act, signed by former President Joe Biden in August 2022. Earlier in March he said U.S. lawmakers should get rid of it and instead use the proceeds to pay debt. The new office will be responsible for "negotiating much better CHIPS Act deals than the previous administration," the White House said, without providing further details on what would be negotiated. The Investment Accelerator will also encourage companies to make large investments in the U.S. by reducing regulatory burdens, speeding up permitting, coordinating with federal agencies and states, and increasing access to national resources, according to a fact sheet released by the White House. https://www.reuters.com/world/us/trump-signs-order-aimed-attracting-corporate-investments-more-than-1-bln-2025-03-31/

2025-03-31 22:16

March 31 (Reuters) - Miner Freeport-McMoRan (FCX.N) , opens new tab lowered its forecast for first-quarter gold sales on Monday, after shipment timing issues in Indonesia led to a deferral of a portion of its quarterly production to future periods. Freeport operates Indonesia's Grasberg, one of the world's largest gold and copper mines, and had been building a smelter in the country as part of an operating agreement with Jakarta officials. That smelter was damaged by a fire last year and was shut down. Sign up here. However, Freeport said it received regulatory approvals on March 17, and had resumed concentrate export shipments from Indonesia, which had been temporarily restricted. The company said it expects first-quarter gold sales to be roughly 100,000 ounces below its prior forecast of 225,000 ounces. Freeport added that the average realized price for copper is expected to be roughly $4.40 per pound in the first quarter, compared with $3.94 per pound it realized a year earlier. The miner will release its quarterly results on April 25. Analysts expect the company to post an adjusted profit of 22 cents per share for the first quarter, according to data compiled by LSEG. https://www.reuters.com/markets/commodities/miner-freeport-mcmoran-lowers-first-quarter-gold-sales-forecast-2025-03-31/

2025-03-31 22:07

NEW YORK, March 31 (Reuters) - Making sense of the forces driving global markets Jamie is enjoying some well-deserved time off, but the Reuters markets team will still keep you up to date on what moved markets today. Sign up here. Today's Key Market Moves Wall Street shakes off tariff trepidation Investors' aversion to uncertainty was the theme across global markets on Monday in the run-up to U.S. President Donald Trump's promised April 2 "Liberation Day" tariff announcements. After sharp share falls in Asia and Europe, the risk-off contagion hit Wall Street in early trade, while safe-haven Treasuries were bought and gold topped $3,100 an ounce for the first time. However, the S&P 500 and the Dow clawed their way back into the green even as Treasury yields stayed slightly lower on the day amid worries about how Trump's trade war will impact U.S. and overseas growth. Goldman Sachs increased the probability of a U.S. recession this year to 35%, also lowering its U.S. GDP growth forecast and year-end target for the S&P 500, establishing itself as the most bearish big firm so far. Month-end and quarter-end adjustments were also afoot, so the choppiness was not a surprise. What could move markets tomorrow? If you have more time to read today, here are a few articles I recommend to help you make sense of what happened in markets today. Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles , opens new tab, is committed to integrity, independence, and freedom from bias. Trading Day is also sent by email every weekday morning. Think your friend or colleague should know about us? Forward this newsletter to them. They can also sign up here. https://www.reuters.com/markets/global-markets-trading-day-2025-03-31/

2025-03-31 21:43

March 31 (Reuters) - U.S. utility Duke Energy (DUK.N) , opens new tab said on Monday the Nuclear Regulatory Commission (NRC) has approved the license renewal of its Oconee nuclear station in South Carolina for another 20 years. The U.S. nuclear industry has garnered renewed interest in recent times after decades of stagnation, supported by a surge in power demand propelled by power-hungry data centers and as businesses look for cleaner sources of energy. Sign up here. The renewed licenses will allow Oconee to operate through 2053 and 2054. The license was set to expire in 2034. Oconee also became Duke Energy's first nuclear facility to reach the milestone of receiving approval to operate for 80 years. All Duke Energy nuclear plants have received initial license renewal to achieve up to 60 years of operation, and subsequent license renewal allows up to 80 years of operation, the company said. The utility said it is also planning to submit a license renewal application for its Robinson nuclear plant located in Hartsville in South Carolina. https://www.reuters.com/business/energy/duke-energy-receives-approval-extend-operations-oconee-nuclear-plant-2025-03-31/