-- スパニッシュ・マウンテン・ゴールド（SPA.V）は火曜日、ウィートン・プレシャス・メタルズ（WPM.TO）とスパニッシュ・マウンテン・ゴールド・プロジェクトに関するロイヤルティ契約を締結したと発表した。総額5,500万米ドルの現金収入となる。 この契約に基づき、ウィートンはブリティッシュコロンビア州のスパニッシュ・マウンテン・ゴールド・プロジェクトにおける金と銀の生産量に対し、製錬所からの正味収益の1.5%のロイヤルティを取得する。 ロイヤルティは3回に分けて支払われる。第1回目の2,250万ドルは今後数週間以内に受領される予定。第2回目の1,250万ドルは6万メートルの掘削完了後に支払われる。第3回目の2,000万ドルは、同プロジェクトにおける鉱山の建設、開発、操業に関する承認取得後に支払われる。 スパニッシュ・マウンテン・ゴールド社は、2030年12月31日までに経営権の変更が生じた場合、または鉱山の実際の処理量を目標値と比較した完成度テストを達成した場合のいずれか早い方の時点で、NSRの3分の1を買い戻すことができる。 同社が2030年4月1日までに完成度テストを完全に達成しなかった場合、NSRの割合は最大0.15%まで増加する。ただし、同社がウィートン社に1,600万ドルを支払うことを選択した場合はこの限りではない。
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Sectors
Crude Oil Prices Rise on Stalled U.S.-Iran Peace Talks
Crude oil prices rose on Monday as talks to end the war between the U.S. and Iran remain frozen and flows through the crucial Strait of Hormuz continue to be disrupted.Brent crude at last look gained 2.7% to US$108.17/barrel and West Texas Intermediate crude climbed 2.4% to $96.63/barrel. The U.S. and Iran appear to still be far apart on issues including Iran's nuclear ambitions and the reopening of the strait, Reuters said in a Monday report."The diplomatic stand-off means that every day 10-13 million barrels of oil fail to get to the international market, worsening an already tight oil balance. Therefore, there is only one direction for oil prices to go," Reuters quoted PVM Oil Associates analyst Tamas Varga as saying.Goldman Sachs raised its fourth-quarter oil price forecasts to $90/barrel for Brent and $83/barrel for WTI, citing reduced output from the Middle East, the report said.
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Commodities
Japan Resorts to More Coal, Nuclear During Energy Crisis Sidelines Renewables, Says IEEFA
Japan is leaning on higher nuclear output and ramping up use of coal in power generation as contingency measures in the face of the global energy crisis, but these measures are simultaneously smothering renewables, the Institute for Energy Economics and Financial Analysis said on Monday.Temporary increased use of coal was decided upon to reduce the need for now-scarce LNG while the restart of some nuclear power plants is also providing additional resilience to supply shocks which have hit Asian nations hardest.IEEFA said this risks displacing domestic renewable energy which can supply just as much energy security but lower cost and it could also increase curtailment and undermine investment in more renewables, up-ending progress on decarbonization.Most of Japan's coal imports, about 71%, come from Australia, making it a safe option that reduces exposure to disrupted Middle Eastern logistics, the IEEFA report noted.But a shortage of diesel for plant operations at J-Power's Matsuura 2 gigawatt coal-fired power station slashed its output by 50% while the JFE Steel Fukuyama facility was halted over a shortage of heavy oil, underscoring that coal is not fully detached from oil and gas's geopolitical risk.Japan typically imports 4 million tons of LNG that pass through the Strait of Hormuz each year, representing about 6% of its total imports.As of March, 15 of Japan's 36 nuclear reactors were operating, as that sector recovers from the multiple impacts of the Fukushima disaster.They generate a combined 37 GW. Bringing the remainder online could cut Japan's LNG needs by 12.5 million tonnes, IEEFA said. Regulatory changes in early April were introduced, facilitating more restarts.Backing up its argument that more coal and nuclear, both less flexible power sources, could increase curtailment of renewables, IEEFA said that each nuclear restart in Japan has been followed by a reduction in renewables generation.Curtailments in Japan have risen to 1.9 terrawatt hours by 2023, up from 100 GWh in 2018. In the first half of 2025, curtailments were faster still at 1.7 terrawatt hours for a six-month period.The fact that output from coal and nuclear can not rapidly be increased or slowed means it can be difficult to make room for renewable supply on the grid when its output rises.IEEFA said that limitations in Japan's grid infrastructure is an additional constraint that limits absorption of renewable power and led to a situation in March where it curtailed renewables while importing power from abroad.IEEFA suggests that the addition of battery storage to the grid could go some way to boosting its flexibility.Curtailment of renewables output has another inherent problem in that it leads to a less favourable economic case for later additions of zero carbon generation capacity, the report said, all the more so because Japan does not compensate renewables suppliers for curtailments, a practice common in Europe.Developers are adding battery storage as a work-around to that, securing contracts that remunerate battery-discharged electricity instead of directly generated then consumed electricity.The addition of batteries adds to project costs however at a time when investor interest has yet to turn into large scale deployment, with erosion of revenue support measures a further deterrent, IEEFA said.
Research
UOB Kay Hian Upgrades Hana Microelectronics to Buy from Hold; Price Target is THB38
Hana Microelectronics (BKK:HANA) has an average rating of overweight and mean price target of 25.44 Thai baht, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)
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