Latest Commodity News
Rising Operating Costs Challenge Trucking Industry in 2023
oilprice.com
2024-06-30 17:00:00 UTCThe trucking industry faced a challenging operating environment in 2023, according to a recent study by the American Transportation Research Institute (ATRI).
Overall trucking costs per mile reached a record high of $2.270, driven by increases in various expense categories such as driver wages, truck payments, and insurance premiums.
The study highlights the impact of the soft freight market on operational efficiency, resulting in higher deadhead mileage and driver turnover.
Consequently, average operating margins fell across most fleet sizes and sectors, straining profitability in the industry.
B2Gold Invests in Troilus Gold, Boosting Exploration at Yukon's ML Project
mining.com
2024-06-30 16:25:03 UTCTroilus Gold Corp, listed on the TSX as TLG, reported B2Gold's investment in the company by purchasing 4.77 million additional shares.
This investment gives B2Gold a 19.9% ownership stake in Troilus Gold.
The funds raised will be used to explore and develop Troilus's flagship ML gold project in Yukon, Canada.
The ML property, covering 47.6 km2 of the Tintina gold belt, holds significant potential for intrusion-related gold exploration.
Prospector Metals, CEO Rob Carpenter, expressed enthusiasm for the partnership, emphasizing B2Gold's technical expertise and its endorsement of their exploration methods.
Perceptions of Extreme Inequality in Canada on the Rise: Cost of Living and Political Divisions Play a Role
financialpost.com
2024-06-30 15:00:42 UTCA study conducted by the University of Toronto's Canadian Quality of Work and Economic Life Study reveals a significant increase in the perception of extreme inequality in Canada.
From 2019 to 2024, the proportion of Canadians who believe that Canada has the most extreme level of inequality (Type A) has risen from 19% to 38%.
Political orientation plays a role in perceptions, with Conservative voters exhibiting a 24-point increase in perceiving extreme inequality compared to 2019.
Meanwhile, Liberal and NDP voters also experienced an increase in such perceptions.
The rising cost of living, viewed as "much worse" by a growing share of respondents, particularly Conservative voters, is identified as a key reason for this shift.
The authors caution that this trend may persist due to the psychological impact of the cost-of-living crisis and the need for significant improvements in this area to alleviate the perception of inequality.
Kazakhstan Unveils Roadmap to Honor Methane Pledge at COP29
oilprice.com
2024-06-30 15:00:00 UTCKazakhstan is preparing to present its methane emission reduction program at COP29 in Baku in November, a significant step in the country's commitment to the Global Methane Pledge.
Aiming to reduce methane pollution by at least 30% below 2020 levels by 2030, Kazakhstan targets a 4.9% reduction or 2 million metric tons.
This requires an investment of at least $1.4 billion.
However, the country faced challenges in 2023 with the second-largest anthropogenic methane leak recorded.
As a response, strategies like the Leak Detection and Repair program are being implemented to prevent future incidents.
Additionally, Kazakhstan is actively seeking partnerships and funding for infrastructure upgrades and degassing techniques to achieve its methane reduction goals.
ExxonMobil's Confidence in Lithium's Long-Term Demand Despite Market Challenges
oilprice.com
2024-06-29 23:00:00 UTCDespite a rough patch with declining lithium prices and accumulating stockpiles, ExxonMobil and other substantial lithium manufacturers maintain an upbeat outlook for the long-term demand for this crucial mineral.
ExxonMobil's optimism is based on the consistent demand for EVs and lithium-ion batteries.
They acknowledge that the current market scenario is bearish, but they also see this as an opportunity to position themselves as leading EV battery suppliers, targeting the production of enough lithium to meet the manufacturing requirements of over a million EVs per year by 2030.
Labour's Net Zero Pledge: A Path to a Green Economy or an Unrealistic Ambition?
oilprice.com
2024-06-29 17:00:00 UTCLabour's net zero scheme, aiming to decarbonise the electricity grid by 2030, has sparked controversy and debate.
While Labour believes it's achievable and necessary for a green economy, critics like Javier Cavada of Mitsubishi Power argue it's unrealistic and could lead to energy crises.
Concerns have been raised about the financial viability and potential job losses in sectors like oil and gas.
The Conservatives present a slower transition to renewables by 2035 with a more gradual approach to cutting costs.
China's Rising Energy Consumption: A Global Challenge, Not Just a Chinese Issue
oilprice.com
2024-06-29 15:00:00 UTCChina's energy consumption has skyrocketed, surpassing Europe's for the first time.
While investments in renewable energy have mitigated emissions growth, China's manufacturing-dependent economy contributes to global emissions.
However, blaming China alone oversimplifies the issue as global demand drives much of the manufacturing.
This highlights the need for a collaborative global approach to address climate change, as outsourcing emissions to poorer countries won't solve the problem.
Navigating Economic Tides: Deloitte Economist Offers Insights on Interest Rates and Market Trends
financialpost.com
2024-06-29 13:00:18 UTCIn an interview with the Financial Post, Dawn Desjardins, Deloitte Canada's chief economist, discusses the potential trajectory of the Bank of Canada's interest rates, as well as the outlook for the Canadian economy and housing market in the upcoming years.
Desjardins predicts that the central bank will likely hold off on further rate reductions until September, prioritizing a cautious approach.
Growing Commitment to Nature-related Disclosures: Mining and Metals Sector Takes the Lead
mining.com
2024-06-28 23:04:09 UTCAn increasing number of companies, now totaling 416, have committed to disclosing their material nature-related issues to investors and other stakeholders based on the Taskforce on Nature-related Financial Disclosures (TNFD) recommendations.
These publicly listed companies, representing over $6 trillion in market capitalization, have joined the TNFD initiative to enhance transparency and address nature-related risks and opportunities.
ICMM, as the official piloting partner for the mining and metals sector, collaborated in developing TNFD's sector guidance and reporting metrics, supporting companies in integrating nature-related issues into their governance, strategic planning, risk management, and disclosures.
Environmental Incident at Yukon's Eagle Gold Mine Raises Concerns
mining.com
2024-06-28 23:03:00 UTCVictoria Gold's Eagle gold mine in Yukon, Canada, has been suspended after a heap leach pad failure caused an accident and spill.
The extent of the damage and environmental impact is still being investigated, but cyanide contamination is a concern.
Water samples have been taken and sent for testing, with results expected in five to seven days.
The company faces looming debt payments and cleanup costs, and its shares have lost 84% of their value this week.
The Yukon government and nearby First Nations are expressing concern and calling for action to address the potential environmental consequences.