Latest news with #powerSupply
Zawya
9 hours ago
- Business
- Zawya
Canada's Allied Gold could look at options for power supply deal at Sadiola mine
TORONTO - Canadian miner Allied Gold could look at alternative options for a power supply deal at its Sadiola mine in Mali following a surge in gold prices and the emergence of new opportunities, its CEO told Reuters in an interview on Monday. The gold miner signed an agreement in February with UAE-based Ambrosia Investment, giving Ambrosia a 50% stake in the mine in return for installing a new power supply system that would have improved the mine's costs. Allied Gold was also supposed to receive $500 million, with approximately $250 million in upfront cash consideration from Ambrosia. The deal is yet to close. Allied Gold CEO Peter Marrone said the deal may close in June, but if it does not, it is because other options have become available to the company. "Our position in the country has changed dramatically along with gold prices," Marrone said. "The world has changed since we put the deal together." Gold prices have surged nearly 30% this year to date and hit a record $3,500.05 per ounce on April 22. Ambrosia Investment did not immediately respond to a request for comment. Marrone said the universe of power solutions for the company changed dramatically after Allied Gold signed a new mining convention with the Mali government last year. Mali is Africa's third-largest gold producer and the military-led government wants to increase revenue from the mining sector. The government believes current arrangements are unfair and has said that foreign multinationals must comply with its demands if they want to continue operating. The country is in dispute with another Canadian miner, Barrick Mining, which is the only gold miner that has not signed Mali's new mining code. Allied Gold said it took a pragmatic approach to settling with the government. "We looked at how best we can deliver returns to our investors, and came to the conclusion that let's take an action based on cooperation and support," Marrone said. Allied Gold, already listed in Toronto Stock Exchange, began its dual listing on Monday on the New York Stock Exchange.
Reuters
a day ago
- Business
- Reuters
Canada's Allied Gold could look at options for power supply deal at Sadiola mine
TORONTO, June 9 (Reuters) - Canadian miner Allied Gold could look at alternative options for a power supply deal at its Sadiola mine in Mali following a surge in gold prices and the emergence of new opportunities, its CEO told Reuters in an interview on Monday. The gold miner signed an agreement in February with UAE-based Ambrosia Investment, giving Ambrosia a 50% stake in the mine in return for installing a new power supply system that would have improved the mine's costs. Allied Gold was also supposed to receive $500 million, with approximately $250 million in upfront cash consideration from Ambrosia. The deal is yet to close. Allied Gold CEO Peter Marrone said the deal may close in June, but if it does not, it is because other options have become available to the company. "Our position in the country has changed dramatically along with gold prices," Marrone said. "The world has changed since we put the deal together." Gold prices have surged nearly 30% this year to date and hit a record $3,500.05 per ounce on April 22. Ambrosia Investment did not immediately respond to a request for comment. Marrone said the universe of power solutions for the company changed dramatically after Allied Gold signed a new mining convention with the Mali government last year. Mali is Africa's third-largest gold producer and the military-led government wants to increase revenue from the mining sector. The government believes current arrangements are unfair and has said that foreign multinationals must comply with its demands if they want to continue operating. The country is in dispute with another Canadian miner, Barrick Mining, which is the only gold miner that has not signed Mali's new mining code. Allied Gold said it took a pragmatic approach to settling with the government. "We looked at how best we can deliver returns to our investors, and came to the conclusion that let's take an action based on cooperation and support," Marrone said. Allied Gold, already listed in Toronto Stock Exchange, began its dual listing on Monday on the New York Stock Exchange.
Bloomberg
29-05-2025
- Business
- Bloomberg
Hydro for Data Centers Beats Gas From Alberta, Says Bell AI Boss
Oil and gas hub Alberta made a big pitch in 2024 to supply power for AI data centers. It didn't convince BCE Inc., which is setting up one of the first major systems in the country. 'I don't think it makes sense when we have such strong access to hydroelectricity in many provinces,' said Dan Rink, president of Bell AI Fabric, a new artificial intelligence data-center network announced Wednesday and a subsidiary of Canada's largest telecom company by revenue.
The National
29-05-2025
- Business
- The National
Syria signs $7bn Qatari-led deal to double power supply
Syria on Thursday signed a $7 billion deal with a Qatar -led business group aimed at doubling the country's power supply in the latest move to boost its postwar economy. The Syrian government signed an agreement with a consortium of companies led by Qatar 's UCC Holding to add 5,000 megawatts to the national grid. The country is being battered by a severe power crisis. 'Today, we are witnessing a historic moment that marks a turning point in Syria's energy and electricity sector, as we work to rebuild the crumbling infrastructure of this vital sector,' Syria's energy minister Mohammad Al Bashir said in a speech during a signing ceremony at the Syrian presidential palace in Damascus. 'This memorandum strengthens regional co-operation and integration in the energy sector and helps us promote clean and renewable energy projects,' he added. The Syrian state is able to supply only two to three hours of electricity per day in most areas – a crisis that interim President Ahmad Al Shara has pledged to address. The lifting of sweeping sanctions on Syria has rekindled interest among global investors, with several major companies already establishing a foothold in the war-ravaged economy. The agreement includes the development of four combined-cycle gas turbine (CCGT) power plants, in Deir Ezzor, Mhardeh, Zayzoun in Hama province, and Treifawi in Homs province, with a total capacity of about 4,000 megawatts. It also covers a 1,000-megawatt solar power plant in Wadyan al-Rabee in southern Syria. The deal has been spearheaded by the Qatari energy and construction company UCC Holding and involves the US company Power international USA, and the Turkish companies Cengiz Enerji and Kalyon Enerji. UCC chief executive Ramez Al Khayyat praised the agreement, which he said 'marks a new phase of joint work to rebuild Syria by achieving self-sufficiency and ensuring sustainable development'. 'We will use the latest equipment in the energy sector, and the project will create over 50,000 direct jobs and 250,000 indirect jobs, contributing to the support of Syria's labour market,' he added. Fourteen years of war have decimated Syria's electricity network, reducing its capacity from 9.5 gigawatts in 2011 to 1.6 gigawatts today. The United Nations estimates that billions of dollars will be needed to rebuild it. US President Donald Trump announced the lifting of sanctions during his recent Gulf tour, a day before the historic Trump-Al Shara meeting in Riyadh. The US President said he wanted to give the new regime a "chance at greatness". The EU on Wednesday formalised its own decision to begin lifting economic sanctions, while leaving some in place related to the former regime of Bashar Al Assad.
Associated Press
28-05-2025
- Business
- Associated Press
Ascend Analytics Releases New ERCOT Market Report, Forecasts Ongoing Scarcity Conditions in 2027 and Beyond
Ascend to Explore Implications of Growing Gap Between Projected Power Supply and Demand in Texas During Webinar on May 29th BOULDER, Colo., May 28, 2025 /PRNewswire/ -- Ascend Analytics ('Ascend'), the leading provider of market intelligence and analytics solutions for the energy supply, announced the publication of its new ERCOT Market Report, Release 5.2. The most recent release in its series of proprietary power market forecasts, Ascend's updated ERCOT Market Report projects that ERCOT's load growth forecasts are unlikely to be met due to practical limitations to supply buildout. ERCOT will ride a weather-dependent knife's edge as tension between load growth and power supply additions bites in the late 2020s, resulting in increased electricity scarcity and heightened price volatility. Tension between potential load growth and the rate of plausible supply buildout will lead to a market with a very sensitive reserve margin. To help developers, financiers, and energy market stakeholders navigate the structural changes underway in the unique and rapidly expanding ERCOT market, Ascend is hosting a webinar, " ERCOT Market Outlook: Power Generation Resources, Assemble! " at 11am MT on Thursday, May 29th. In addition to exploring implications of the firm's proprietary load growth and supply projections, which are grounded in Ascend's Opportunity Cost Forecasting Framework, the webinar will discuss how: 'ERCOT continues to undergo rapid change, and supply additions will have a difficult time keeping up with demand growth,' said Brent Nelson, Managing Director of Markets and Strategy at Ascend Analytics. 'With scarcity conditions ongoing and weather-dependent, expect a volatile market with boom years and bust years, and forward markets that reflect this asymmetric price risk. With limited supply available for new gas generation, storage is well-positioned as a capacity resource under these conditions, as long as state and federal policies remain conducive.' About Ascend Analytics Ascend Analytics is the leading provider of market intelligence and analytics solutions for the energy supply. The company's offerings enable decision makers in power supply, procurement, and investment markets to plan, operate, monetize, and manage risk for renewable energy and storage assets. From real-time to 30-year horizons, their forecasts and insights are at the foundation of over $50 billion in project financing assessments. Ascend provides energy market stakeholders with the clarity and confidence to successfully navigate the rapidly shifting energy landscape. View original content to download multimedia: SOURCE Ascend Analytics
