2025-10-23 20:18
Oct 23 (Reuters) - Newmont (NEM.N) , opens new tab beat third-quarter profit estimates on Thursday, as record-high gold prices helped offset its weaker production, but warned that fourth-quarter free cash flow would take a hit due to higher spending. The world's largest gold miner said free cash flow in the ongoing quarter would be "adversely impacted" by rising costs tied to construction of water treatment facilities at Yanacocha and planned severance payments accrued in the third quarter. Sign up here. Shares of the company fell 2% in extended trading following the results. "Expectations were high. Free cash flow was slightly below Q2, which had a lower average gold price even though it was still a record third quarter," said Tracey Ryniec, stock strategist at Zacks Investment Research. "Now Newmont is warning Q4 cash flow will be weaker, which is disappointing when gold is above $4,000 an ounce. The Street is asking, if you're not crushing it now, when will you?" Newmont said its 2026 gold production is expected to be toward the lower end of 2025's forecast. Gold prices have repeatedly set new records this year as investors flocked to the safe-haven asset amid U.S. President Donald Trump's trade policies and geopolitical tensions. The company realized an average gold price of $3,539 per ounce in the quarter ended September 30, up from $2,518 a year earlier. The price rally helped cushion a 15% decline in output to 1.42 million ounces, hit by lower ore grades and maintenance at its Penasquito and Lihir mines and the completion of mining at Subika in Ghana. The decline follows restructuring after the company's $17.14 billion acquisition of Australian miner Newcrest, as Newmont trims non-core assets to reduce debt. All-in sustaining costs fell about 2.8% to $1,566 per ounce, reflecting stronger pricing and operational efficiencies. The company expects higher capital spending in 2026 as it advances tailings work at Cadia and considers a Red Chris expansion. Newmont last month appointed Natascha Viljoen as its first female chief executive, succeeding Tom Palmer. https://www.reuters.com/business/gold-miner-newmont-beats-quarterly-profit-estimates-2025-10-23/
2025-10-23 20:06
Oct 23 (Reuters) - U.S. railroad operator Norfolk Southern (NSC.N) , opens new tab beat Wall Street estimates for third-quarter profit on Thursday, aided by strong volumes in its merchandise segment in its first earnings report since the merger announcement aimed at creating the nation's first transcontinental freight rail with Union Pacific (UNP.N) , opens new tab. "While not big in the third quarter, we started to see some of the revenue erosion from competitor reactions to the merger announcement," CEO Mark George said on an earnings call. Sign up here. The deal, which drew a positive response from U.S. President Donald Trump, is still subject to regulatory clearance from the Surface Transportation Board. Norfolk reported weaker quarterly volumes in its intermodal and coal segments. Trump's tariffs have resulted in a slowdown in freight and softer consumer markets, affecting railroads. Company executives flagged in the earnings call that coal prices have remained pressured with significant uncertainty around export trade, and that they expect utility demand to see continued support from growing electricity consumption and lower existing coal stockpiles. Railroad operators' volumes of coal shipments have lagged due to weak demand as consumers turn to cheaper natural gas for energy. Atlanta, Georgia-based Norfolk reported an adjusted profit of $3.30 per share for the quarter, compared to analysts' estimates of $3.19 per share, according to data compiled by LSEG. Its total operating revenue for the quarter rose 2% to $3.1 billion, which came roughly in line with analysts' expectations. On an adjusted basis, the company's operating ratio — a key metric for efficiency — was 63.3% for the quarter, a 10-basis-point improvement from the same period last year. Earlier on Thursday, Union Pacific topped Wall Street's profit estimates on strong coal volumes. Last week, peer CSX beat quarterly estimates on improving intermodal volumes and higher pricing in its merchandise segment, offsetting lower coal prices. https://www.reuters.com/business/norfolk-southerns-quarterly-profit-rises-2025-10-23/
2025-10-23 19:49
Oct 23 (Reuters) - Rare earths miner NioCorp (NB.O) , opens new tab said on Thursday it is working with U.S. defense contractor Lockheed Martin (LMT.N) , opens new tab to develop a scandium and aluminum alloy for use in military equipment as part of a Pentagon‑funded program. Colorado-based NioCorp received $10 million from the Pentagon in August to develop a Nebraska mine that will produce scandium, one of the 17 rare earths. Lockheed is a key supplier to the U.S. military, including for fighter jets and other weaponry. Sign up here. A portion of that funding is being used by NioCorp and Lockheed to develop an alloy of scandium and aluminum, with tests slated for 2027 for use in a range of equipment. An alloy of aluminum and scandium appeals to the Pentagon because it is lightweight, conducts electricity well, is corrosion-resistant, and holds all of those characteristics at a range of temperatures. Scandium is already used widely for defense, aerospace and energy applications, but nearly all supply comes from China, Russia and Ukraine. The U.S. has not mined scandium since 1969. NioCorp plans to extract the scandium from the Nebraska deposit and process the metal into an ingot form that a third party would use to create a powder that can be used in 3D printing to make replacement parts for Lockheed. NioCorp expects to open its Nebraska mine by 2028. The project is under consideration for an $800 million loan from the U.S. Export-Import Bank. https://www.reuters.com/business/aerospace-defense/niocorp-lockheed-partner-pentagonfunded-scandium-alloy-work-2025-10-23/
2025-10-23 19:47
Putin: U.S. sanctions will lead to higher oil prices Putin: Russia will endure Putin: Trump proposed the now postponed summit Putin: response to strikes will be serious and overwhelming MOSCOW, Oct 23 (Reuters) - President Vladimir Putin said on Thursday that Moscow would never bow to pressure from the United States or any other foreign power, and cautioned that it would deliver an "overwhelming" response to any military strikes deep inside Russia. U.S. President Donald Trump on Wednesday hit Russia's two biggest oil companies with sanctions in a sharp policy shift on Moscow's war in Ukraine, prompting global oil prices to rise by nearly 5% on Thursday and India to consider cutting Russian imports. Sign up here. Putin told reporters that U.S. and Western sanctions were an "unfriendly" act and "will have certain consequences, but they will not significantly affect our economic well-being". Russia's energy sector feels confident, he said. "This is, of course, an attempt to put pressure on Russia," Putin added. "But no self-respecting country and no self-respecting people ever decides anything under pressure." Putin, after joking with reporters about how sanctions might prevent the West importing Russian toilets, recalled that Trump during his first term imposed tough sanctions on Russia. He warned that disrupting exports from Russia - the world's second largest oil exporter - would lead to a sharp rise in the price of oil, including at U.S. gas stations. This could be politically uncomfortable for Washington, he said. While the extent of the financial hit on Russia may be limited in the short term, the new sanctions are a powerful signal of Trump's intent to squeeze its finances and try to force the Kremlin towards a peace deal, though it is still unclear if India will actually cease buying Russian crude. Trump said during the U.S. election campaign that he would swiftly end the Ukraine war which his administration has cast as a "proxy war" between Washington and Moscow. After leaning heavily on Ukrainian President Volodymyr Zelenskiy, he has recently expressed disappointment and frustration with Putin. Trump, who has described Russia as a "paper tiger", said on Wednesday he had cancelled a planned summit with Putin. The U.S. Treasury slapped sanctions on two of Russia's biggest oil companies. Putin said that the summit and venue - Budapest - had been proposed by Trump. "What can I say? Dialogue is always better than some kind of confrontation, than some kind of dispute or, even more so, war," Putin said. Asked about a Wall Street Journal report that the Trump administration has lifted a key restriction on Ukraine's use of some long-range missiles provided by Western allies, and remarks by Zelenskiy about domestic missiles with a range of 3,000 km (1,900 miles), Putin said: "This is an attempt at escalation." "But if such weapons are used to attack Russian territory, the response will be very serious, if not overwhelming. Let them think about it," he said. https://www.reuters.com/world/china/putin-says-russia-will-never-bow-us-pressure-2025-10-23/
2025-10-23 19:39
GOMA, Oct 23 (Reuters) - The M23 armed group on Thursday denied accusations that its fighters had looted at least 500 kilograms of bullion from Twangiza Mining's gold concession in eastern Democratic Republic of Congo The firm operating in South Kivu province, much of which is under M23's control, said this week that M23 had "secretly transported (the gold) through underground channels." Sign up here. It also accused the rebels of using Rwandan technicians to extract geological data to resume and expand mining. Rwanda has consistently denied backing M23 rebels, despite repeated allegations from U.N. experts and Western and regional governments. At a press conference on Thursday, Corneille Nangaa, leader of a rebel alliance that includes M23, said the mine was not in operation and that only artisanal miners were working there. He said M23 did not have the necessary equipment to operate a mine. Nangaa has also accused Congolese government forces of attacking the site including with aerial bombing. He said civilians had been killed in those attacks but did not provide a death toll. A drone strike on October 15 destroyed power generation infrastructure at the mine, the company said. It is not clear who was responsible for the drone strike. Congo's government did not respond to a request for comment on the allegation. M23 staged a lightning offensive this year that allowed them to seize more territory in eastern Congo than ever before. The group seized the mine in May. Twangiza said it had lost over 100 kg of gold a month since the takeover, in addition to $5 million worth of equipment and materials. The company is preparing to file a formal complaint with international arbitration and Congolese authorities, and has declared force majeure. Armed groups have seized several mining sites in mineral-rich eastern Congo, according to U.N. investigators. A U.N. Security Council briefing last year said M23 rebels were earning around $300,000 monthly from mineral taxes in the coltan-rich Rubaya region. https://www.reuters.com/world/africa/m23-rebels-reject-accusations-gold-theft-eastern-congo-mine-2025-10-23/
2025-10-23 19:26
MEXICO CITY, Oct 23 (Reuters) - Mexico's agriculture minister will travel to Washington next week with the aim of reaching an agreement on the reopening of the border to Mexican cattle amid an outbreak of the flesh-eating screwworm parasite, President Claudia Sheinbaum said on Thursday. Mexican Agriculture Minister Julio Berdegue will meet with U.S. Secretary of Agriculture Brooke Rollins to discuss plans for the border, which the U.S. has kept closed to Mexican cattle imports since May. Sign up here. "We hope he can return with an agreement on the border opening," Sheinbaum said in her regular press conference. The screwworm, a pest that burrows into the flesh of warm-blooded animals, often killing livestock if left untreated, has moved northward through Central America since late last year and deep into Mexico, straining relations with the United States, Mexico's biggest trading partner, and rattling the livestock sectors of both countries. Rollins has publicly criticized Mexico's response to the outbreak. Mexico confirmed its first cases of screwworm infections in animals in the state of Nuevo Leon, which borders the U.S., in recent weeks but has said they were contained and resolved. Meanwhile, the administration of U.S. President Donald Trump is urging U.S. cattle ranchers to lower beef prices while several agencies announced an effort to rebuild the country's decimated cattle herd. The White House also said on Thursday that Trump is quadrupling the country's low-tariff imports of Argentine beef in his attempt to lower grocery store beef prices, angering U.S. ranchers. https://www.reuters.com/business/healthcare-pharmaceuticals/mexican-ag-minister-discuss-with-us-counterpart-opening-border-cattle-amid-2025-10-23/
