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Asia
Champion Iron Reports Higher Fiscal Q4 Iron Ore Concentrate Production
Champion Iron (ASX:CIA) reported fiscal fourth-quarter production of 3.4 million wet metric tonnes of iron ore concentrate, up 8% from about 3.2 million wet metric tonnes a year earlier, according to a Thursday filing with the Australian bourse.The company reported quarterly sales of about 3.5 million dry metric tonnes, almost unchanged from the year-ago period.Champion Iron said commissioning for its Direct Reduction Pellet Feed project in Canada progressed as planned, with initial production tests completed in March and the production of commercially sellable product expected by the end of June.
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BP Signs Offshore Gas Exploration Pact With Venezuela
BP (BP) has signed an agreement with Venezuela to explore offshore natural gas, as the country's energy sector gathers momentum following the US capture of Nicolas Maduro in January, Bloomberg reported on Wednesday.The memorandum of understanding between BP and Caracas outlines "potential areas for co-operation in material gas and future exploration," the company said.The agreement comes amid renewed interest from international energy companies in Venezuela, with an energy conference in Caracas drawing strong participation from global investors.For BP, the move aligns with Chief Executive Meg O'Neill's strategy to rebuild long-term reserves as the company pivots back toward oil and gas after scaling back several low-carbon efforts in recent years.
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African Oil Producers Push To Keep Drilling At Fossil Fuel Phaseout Talks
Oil-rich African nations said they will continue drilling to support economic growth, despite global efforts to phase out fossil fuels, AFP reported from ongoing talks in Colombia.Officials from several producers argued that a rapid transition away from oil and gas is not feasible given their reliance on fossil fuel revenues."Not phasing out - phase down. That is the message," said Onuoha Magnus Chidi, an adviser to Nigeria's regional development minister, to AFP.Delegates warned that an abrupt shift could lead to job losses and economic disruption, calling for financial support and policy flexibility to help manage the transition, AFP said.