IMF Relaxes Argentina's Reserves Target by $5 Billion in 2025
Argentina will now need to raise net hard-currency reserves to negative $2.6 billion by the end of this year to unlock the next tranche of IMF funds, about $5 billion lower than the earlier target. The figure is currently at negative $6.4 billion, in part because of a sovereign bond payment last month.
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7 minutes ago
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BP makes its biggest oil and gas discovery in 25 years
BP has hailed its biggest oil and gas discovery in over a quarter of a century as the oil giant renews its focus on fossil fuels. The FTSE 100 group revealed the find after drilling a well off the coast of Brazil, in the Bumerangue oil field, just over 400 kilometres offshore from Rio de Janeiro, spanning more than 300 square kilometres. It said the discovery was its tenth to date in 2025 and estimated to be its largest since the discovery of Shah Deniz gas field in the Caspian Sea in 1999. Gordon Birrell, BP's executive vice president for production and operations said: 'We are excited to announce this significant discovery at Bumerangue, BP's largest in 25 years. 'This is another success in what has been an exceptional year so far for our exploration team, underscoring our commitment to growing our upstream. 'Brazil is an important country for BP and our ambition is to explore the potential of establishing a material and advantaged production hub in the country.' Shares in the group lifted around 1.5% higher in Monday trading after the announcement. It comes ahead of half-year results on Tuesday, which are expected to show a big fall in BP's second quarter earnings. BP – like its rival Shell and other peers – has shifted away from net zero ambitions to focus on extracting more oil and gas, following pressure from some investors to boost its profits. Activist investor Elliott Management has taken a 5% stake in BP and is reportedly also putting pressure on the energy giant to cut costs. BP recently said that quarterly earnings would be weighed down by lower oil and gas prices. But last month it raised its oil and gas production guidance for the second quarter, compared with the previous three months. However, the oil business said lower prices received for its oil production were expected to impact results by up to 800 million dollars (£602 million). Victoria Scholar, head of investment at interactive investor, said cost cutting efforts and shareholder returns will be in sharp focus when BP reports on Tuesday. It is expected to deliver 1.8 billion dollars (£1.4 billion) in underlying replacement cost profits for the second quarter, according to Ms Scholar. This will be higher than the 1.38 billion dollars (£1.04 billion) reported for the first quarter, which was a 49% year-on-year slump due largely to weaker oil prices. But it would mark big drop from the 2.8 billion dollars (£2.1 billion) reported in the second quarter of last year. Ms Scholar said: 'Weaker refining margins and lower volumes have been a mainstay of performance over recent quarters. 'The weakening macroeconomic backdrop and OPEC+'s strategy shift towards boosting production are expected to keep a lid on oil prices and are key headwinds for BP.' She added: 'Oil trading will also be in focus for BP after rival Shell reported a disappointing trading performance in the quarter – it struggled to deal with the speculative market volatility over the period. 'All eyes will be on any changes to cash returns for shareholders after BP lowered its share buyback in April.' Shares in BP are down by nearly 7% over the past year. The stock has also been buffeted by reports that Shell was exploring a possible offer to buy BP, only for the speculation to be quashed in June – with Shell telling investors that no talks had taken place and it had 'no intention' of putting forward a bid.
Entrepreneur
8 minutes ago
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India's EdTech Sector Rebounds as VC Activity Regains Momentum
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37 minutes ago
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McEwen Mining to complete Argentina mine feasibility study in two months, executive says
By Lucila Sigal SAN JUAN, Argentina (Reuters) -McEwen Mining expects to complete a feasibility study for its Los Azules copper mine in Argentina in two months, paving the way for the Canadian miner to seek $600 million in financing needed to build infrastructure next year, a top executive said in an interview. McEwen's copper division has spent $300 million on the project in the Andes mountains that will ultimately require about $3 billion, Michael Meding, vice president of McEwen Copper, told Reuters. The company is aiming to secure 20% of the total investment, the equivalent of $600 million, as soon as possible next year, he said. Los Azules expects to produce between 180,000 and 200,000 metric tons of copper annually by 2030, one of the eight major copper projects hoping to benefit from projections of soaring demand for the red metal in the coming years. Argentina's substantial copper deposits are largely untapped, and the country has not produced any copper since the Bajo de la Alumbrera mine, then operated by Glencore, closed in 2018. In the coming year, Los Azules plans to expand the on-site encampment, build roads and erect electricity lines. Mine construction is slated to begin in 2027, with production starting in late 2029 or early 2030. "Our main challenge isn't engineering ... it's mobilizing the necessary funding so we can move at the pace we'd like," Meding said. The project also hopes that $277 million of the investment will qualify for an incentive program launched under President Javier Milei known as the Incentive Regime for Large Investments, or RIGI, meant to light a fuse under major investments. McEwen Mining is the biggest owner of Los Azules with a 46.4% share, followed by automotive company Stellantis and global miner Rio Tinto's leaching technology unit Nuton. McEwen recently announced it has produced laboratory-scale cathodes, which Meding called an "important test" for the mine's plans to exclusively produce cathodes. The mine will use a heap leach production method that will allow it to use five-sixths less water than the traditional flotation and concentrate process, along with other techniques that will reduce its environmental impact, Meding said. Los Azules has also committed to becoming carbon neutral by 2038, and plans to use renewable energy, mostly solar, from Argentina's state-owned YPF Luz. Meding noted that McEwen was competing with other industries, not just mining, to secure funding. "We need to convince big capital now,' he said.
