Chevron wins arbitration against Exxon over Hess deal, according to analysts.

Chevron completed its $55 billion purchase of Hess last Friday, after winning a landmark court battle against Exxon Mobil. This was to gain access the largest oil discovery of the past decade - the Stabroek Block offshore of Guyana. It contains more than 11 billion gallons of oil. This project will drive significant growth in production for the next 3 to 5 years. It will also add new weight on the liquids front from Guyana, Permian and Gulf of Mexico. CVX and XOM have to put the legal dispute behind them in order to move forward with their planned development phases.
KoBold Metals, supported by Bezos and Gates and secured a deal for disputed Congo Lithium deposit
KoBold Metals - the mining company owned by U.S. billionaires Jeff Bezos & Bill Gates - has signed a deal with the Democratic Republic of Congo. This agreement allows the U.S. company to purchase the controversial Manono Lithium deposit and begin large scale critical mineral exploration. The deal is a dramatic increase in the fight for Manono, a lithium deposit in northern Congo that is considered to be one of the largest in the world, and crucial for batteries for electric vehicles. AVZ Minerals, a company based in Australia, has been involved in a long-running legal dispute over Congo's mining rights.
Santos adjusts its 2025 production forecast in response to the Cooper Basin Floods

Santos, Australia's largest oil and gas company, tightened its production forecast for the full year on Thursday in order to take into account flood-related disruptions. It also reported a decline of more than 2% in its second-quarter revenue. In 2025, the country's second largest gas producer is expected to produce 90 million to 95 million barrels equivalent oil (mmboe), compared with an earlier forecast of 90-97 million mmboe. Kevin Gallagher, the Chief executive officer of South Australia's Cooper Basin said that flooding submerged over 200 wells, causing a 15% drop in production.
BHP: Australian green iron is too expensive despite joint China agreement

BHP, a major miner, said that it would be too expensive for Australia to develop a "green-iron" industry. This is despite the fact that Australia and China had agreed to work together this week to decarbonise steel supply chains, which are responsible for almost a tenth percent of global emissions. BHP Australia's Geraldine Slattery said the costs of producing low-carbon steel products "just don't stack up" when she attended a session in China on green steel this week with Prime Minister Anthony Albanese and Australian miners, as well as Chinese steelmakers.
BHP: It is too expensive to build an Australian green iron industry, as PM calls for China collaboration
BHP, a major miner in Australia, has stated that it would be too expensive for Australia to develop a "green-iron" industry. This comes after Australia and China decided to work together this week to decarbonise steel supply chains. These are responsible for almost a 10th of all global emissions. BHP Australia's Geraldine Slattery said the costs of producing low-carbon steel products "just don't stack up" when she attended a business round table with Australian and Chinese leaders this week in China.
Australia declares World Heritage Listing to Protect Indigenous Carvings
The government announced on Saturday that securing World Heritage status for Australia’s Murujuga Rock art will help to protect the ancient Indigenous carvings located in an industry hub. The art is thought to be at least 50,000 years old and lies on a peninsula with gas and explosives factories, which highlights the delicate relationship between the nation’s Indigenous culture, and its vital resource industries. UNESCO awarded World Heritage status on Friday to the site located in the Burrup Peninsula after a "tireless nominating process" that began in 2023. Environment Minister Murray Watt said.
Andy Home: Metal smelting will be the next major mineral crisis for the West.
The impact of China’s export controls on rare earths has already caused global supply chains to reel, but a more critical mineral threat is imminent. Western metal smelters face a crisis. China's rapid expansion in processing capacity is reducing margins for all metals. Recently, copper smelters located in Namibia and Philippines were placed under care and maintenance because their processing fees had fallen. There are more at risk. Glencore warned that the Mount Isa Copper Smelter in Australia was no longer financially viable after mining activities stopped this month.
Australia's Santos signs LNG deal with QatarEnergy unit
Santos, an Australian oil and natural gas producer, announced on Friday that it had signed a long-term contract for the supply of liquefied gas with QatarEnergy Trading. This is a unit owned by QatarEnergy which is the largest LNG exporter in the world. Santos has agreed to supply 0.5million tonnes of LNG annually over a two-year period starting in 2026. In a statement, the company said that it would supply the commodity from its wide portfolio of LNG assets. Qatar is the third largest liquefied gas exporter in the world after the U.S.A. and Australia.
Andy Home: Metal smelting will be the next major mineral crisis for the West.
The impact of China’s export controls on rare earths has already caused global supply chains to reel, but a greater threat from critical minerals is imminent. Western metal smelters face a crisis. China's rapid expansion in processing capacity is reducing margins for all metals. Recently, copper smelters located in Namibia and Philippines were placed under care and maintenance because their processing fees had fallen. There are more people at risk. Glencore warned that the Mount Isa Copper Smelter in Australia was no longer financially viable after mining activities ceased this month.
Users of rare earth magnets are compelled to pay premium prices for ex China supply
Rahim Suleman has been reaching out to automakers, and other potential customers, for years to sell the rare earth magnets produced by the factory his company is building in Estonia. It's one of only a few outside the dominant producer China. Suleman's sales pitch was retired after Beijing placed new restrictions on super-strong magnets in wind turbines and electric vehicles, effective April 4. He no longer needed it. Since China's export controls have tightened up some rare earth exports in the middle of a trade dispute with the U.S.
Report: Trade risks are reducing Australia's resource earnings.
A government report released on Monday said that Australia's mining exports and energy earnings will continue to decline over the next two-years due to increased risks of trade barriers and falling bulk commodity prices, as well as a weakening global economy. According to the June-quarter report of Australia's Department of Industry, Science and Resources, uncertainty over U.S. president Donald Trump's policy has disrupted international trade, forcing companies to delay investment decisions. The increased caution has led to a further decline in activity.
Report: Trade risks are reducing Australia's resource earnings.
A government report released on Monday said that Australia's mining exports and energy earnings will continue to decline over the next two-years due to increased risks of trade barriers and falling bulk commodity prices, as well as a weakening global economy. According to the June-quarter report of Australia's Department of Industry, Science and Resources, uncertainty over U.S. president Donald Trump's policy has disrupted international trade, forcing companies to delay investment decisions. The increased caution has led to a further decline in activity.
Sources: Canadian funds pull out of $6 billion deal with renewables company Cubico
Three people with knowledge of the situation said that LONDON/NEWYORK on June 26th, two Canadian pension funds halted an auction they were running for renewable energy developer Cubico Sustainable Investments, which was valued at over $6 billion including debt. Nearly two years ago, the Montreal-based Public Sector Pension Investment Board and Ontario Teachers' Pension Plan decided to investigate a possible sale of a company that operates solar and wind farms in Europe, North America, South America, and Australia. This was during a time when low-carbon companies enjoyed a period of increasing valuations.
Industry body: China is on track to surpass 2030 pumped-storage hydro target by 8 percent

The International Hydropower Association (IHA), which represents the hydropower industry, said that China will surpass its 2030 target for pumped-storage hydropower by more than 8 percent and could reach 130 gigawatts by the end decade. In a press release, the IHA stated that in 2024, the world's second largest economy will add 7.75 GW to its installed pumped-hydro capacity, bringing it up to 58.69GW. It added that more than 200 GW worth of these projects are currently under construction. This represents a third the total number of projects of this type under development worldwide.
Thermal Coal May Offer An Affordable Solution As LNG Prices Rise

Thermal coal may end up as a major beneficiary of escalating hostilities in the Middle East, as the fuel used to generate electricity becomes cheaper than one of its main competitors liquefied natural gas (LNG).Much of the focus of the potential fallout from the conflict between Israel, and now the United States, and Iran is the threat to crude oil and refined fuels shipped through the Strait of Hormuz.But all of Qatar's LNG also goes through the narrow waterway separating the gulfs of Persia and Oman…
Russell: Iran tensions are a factor in making thermal coal more affordable than LNG.

The escalating conflict in the Middle East may result in thermal coal being a major winner, since the fuel used for electricity generation is now cheaper than its main competitor, liquefied gas (LNG). The threat of crude oil and refined fuels being shipped through the Strait of Hormuz is a major concern of those who are concerned about the possible fallout of the conflict between Israel and the United States and Iran. All of Qatar's LNG is also transported through the narrow waterway that separates the Gulfs of Persia & Oman. This amounts to nearly 20% of global seaborne supplies of super-chilled diesel fuel.
Russell: Iran tensions are a factor in making thermal coal more affordable than LNG.

The escalating conflict in the Middle East may result in thermal coal being a major winner, since the fuel used for electricity generation is now cheaper than its main competitor liquefied gas (LNG). The threat of crude oil and refined fuels being shipped through the Strait of Hormuz is a major concern of those who are concerned about the possible fallout of the conflict between Israel and the United States and Iran. All of Qatar's LNG is also transported through the narrow waterway that separates the Gulfs of Persia & Oman. This amounts to nearly 20% of global seaborne supplies of super-chilled diesel fuel.
JERA and Woodside Energy reach agreement on winter supply during the winter months

The companies announced on Friday that Japan's largest power generator, JERA and Australia's Woodside Energy, have signed an agreement for Woodside Energy to supply JERA only with liquefied gas during the winter. The Heads of Agreement were signed in Tokyo at the LNG Producer-Consumer Conference. This event was co-hosted jointly by the Japanese industry ministry and International Energy Agency. A JERA spokesperson confirmed that Woodside would supply approximately 200,000 metric tonnes of LNG per year during the period December to February, beginning in the fiscal year 2027. The deal will last for five years.
Glencore asks government for help after claiming that the copper smelter in Australia is unviable

Glencore said that its Mount Isa copper-smelter is unviable, and it's waiting for the response to its requests from the state and federal governments in order to keep this facility open despite tough global conditions. The UK-listed company has been alarming local media regarding its Mount Isa Smelting Business in Queensland State as its mining operations will close next month. The company will have to purchase copper concentrates to process once global processing costs are at historic lows due to excess global smelting capacities.
INSIGHT-Oklahoma! How America hopes it can compete with China on critical minerals

A two-story warehouse nestled under Oklahoma's Wichita Mountains contains the only machine capable of refining Nickel, an important energy transition metal that is now dominated by China. The facility, which is owned by Westwin Elements a startup, hopes to make Oklahoma the epicenter of critical minerals processing in the United States, a field that was largely abandoned a few decades ago. To get there, the state must overcome many obstacles, such as a lack in major mineral deposits and a weak educational system, not to mention its central location, far from the international shipping routes.