UN to Start Taking Deep-sea Mining Applications This July
irresponsible outcome is a wasted opportunity to send a clear signal ... that the era of ocean destruction is over", said Louisa Casson of Greenpeace, which opposes the practice due in part to concerns it could harm whales and other wildlife.The Metals Co, which has a deal to supply metals to Glencore Plc, is one of the most prominent voices advocating for the practice. Its executives have repeatedly said they believe deep-sea mining would have less impact than traditional mining for battery metals on land.China is a leader in deep-sea mining exploration, but Chile, France, Palau and Fiji, among
Subsea Miner DeepGreen to Go Public Via $2.9 Billion SPAC Deal
on Thursday that it will be acquired by blank-check firm Sustainable Opportunities Acquisition Corp in a $2.9 billion deal.The deal will consist of a $330 million private investment from investors along with Allseas, adding to the list of existing strategic investors such as Maersk Supply Service and Glencore.Vancouver-based DeepGreen intends to produce metals from polymettalic rocks, found in deep oceans, for use in batteries that will power electric vehicles.The company’s partners include Danish shipping company Maersk and Swiss offshore drilling company Allseas Group SA.Sustainable, a so-called
China Plumbs Ocean Depths for Cobalt
of shipping company Maersk, is working with Canada's DeepGreen to harvest metallic rocks from the ocean floor."It is a promising business area with the potential for significant future growth," Maersk Supply Service said in an email. "Production is a few years away."Miner-trader Glencore has a stake in DeepGreen which would eventually give Glencore 50 percent of any copper and nickel output.Glencore declined to comment and DeepGreen had no immediate comment.So far only Canadian-listed firm Nautilus Minerals has gone beyond the exploration stage to try and mine off the coast of Papua
Glencore's Rosneft Investment
Glencore's decision to acquire a stake in Russian state oil giant Rosneft is not financially risky, Moody's credit ratings agency said, and does not mark any shift from the miner-trader's new policy of limiting its debt levels. Russia said on Wednesday it had sold a 19.5 percent stake in Rosneft to Qatar and Glencore for a total of 10.5 billion euros ($11 billion). Glencore is financing part of the deal with 300 million euros of its own equity, with the rest financed by the Qatar Investment Authority and non-recourse bank financing. "Looking at the preliminary terms of the Rosneft
Woodside's Farm in Agreement for Cameroon
Woodside has finalised an agreement with Noble Energy and Glencore to farm in to the Tilapia Production Sharing Contract (PSC) off the coast of Cameroon. The 3875 km² block is located within the Douala Basin, offshore southwest Cameroon in water depths ranging from the shoreline to 1100 m. Under the agreement, Woodside will acquire a 30% non-operating interest. Noble Energy will retain a 46.67% interest and will continue to operate the PSC. Glencore will retain a 23.33% interest. The Joint Venture plans to drill the Cheetah exploration well in 2015. Woodside CEO Peter Coleman
Foster Wheeler Contracted For Terrace WallTM Steam Reformer Heater
Foster Wheeler AG (Nasdaq:FWLT) announced today that a subsidiary of its Global Engineering and Construction Group has been awarded a contract by Glencore Oil Projects AG for the engineering and material supply of a steam reformer heater for hydrogen production for the Orsknefteorgsyntez Refinery at Orsk, Russia. The value of Foster Wheeler’s contract was not disclosed and was included in the company’s first-quarter 2014 bookings. The heater will be based on Foster Wheeler's Terrace WallTM design. Foster Wheeler’s scope of work is scheduled to be completed in the second
Arctic Energy Exploration Efforts Heat Up
to Yamal LNG, the Sabetta seaport— which is ice-bound nine months of the year—will be protected by a pair of anti-ice barriers to manage ice jams and drifting ice blocks. The Sabetta seaport will also have six icebreakers to keep the port navigable in ice conditions. Glencore Xstrata Nickel’s Raglan Mine is located on the Ungava Peninsula in the Nunavik region of northern Quebec. Milled ore is trucked north to Deception Bay for shipment by sea to a railhead in Quebec City for further transportation to smelting facilities in Ontario. Ice capable bulk
Med Crude Urals Weaken on April Cargo Overhang
delivery, some 20 cents weaker than previous price estimates. Also in the Baltic, Vitol sold an early May cargo to Shell at dated Brent minus $1.35, traders said. In the Med, Eni sold a 80,000-tonne, April 26-30 cargo to Total at dated Brent minus 65 cents and Tenergy sold an April 22-26 cargo to Glencore at dated Brent minus 70 cents, traders said. That was 50-60 cents weaker than previous price estimates. "There was clearly a certain overhang of Urals in the market but maybe the weakening is a bit overdone now," said a trader with a major. "I'm sure that in the next few days
February 2024
