Key Takeaways PBA targets 2026 adjusted EBITDA of C$4.1B-C$4.4B, with fee-based growth due to higher volumes across assets.PBA plans C$1.6B in 2026 capital spending, with pipeline, facilities and Peace Pipeline system expansions.PBA plans C$1.6B in 2026 capital spending, with pipeline, facilities and Peace Pipeline system expansions.Pembina Pipeline Corporation (PBA) , a leader in North America's energy infrastructure, has outlined an ambitious growth strategy for 2026. This includes an increase in fee-base ...

First Li-NCA Cathode Materials Manufacturing Plant Outside of China Is On Track for Commissioning by Q2 2027  Adelaide, Australia, Atlanta, GA and Reno, NV, Dec. 16, 2025 (GLOBE NEWSWIRE) -- M2i Global, Inc. (“M2i,” the “Company,” “we,” “our” or “us”) (OTCQB: MTWO), a company specializing in the development and execution of a complete global value supply chain for critical minerals, along with Volato Group, Inc. (“Volato”) (NYSE American: SOAR), a technology-driven company, and Next-Gen Energy Technology, t ...

TORONTO--(BUSINESS WIRE)--Sherritt International Corporation ("Sherritt†or the "Corporation†) (TSX:S) today announced that it has entered into a collaboration agreement (the "Agreement†) with Pala Assets Holdings Limited ("Pala†). Under the terms of the Agreement, Pala has withdrawn its requisition for a special meeting of shareholders, agreed to customary standstill and voting covenants, and Sherritt has made certain board and committee changes that will support the leadership transition and executio ...

Core Viewpoint - EDF intends to redeem hybrid bonds issued in January 2014 and January 2013, totaling €1 billion and £1.25 billion respectively, as part of its financial strategy [2][3]. Group 1: Hybrid Bonds Redemption - The company will redeem €282.8 million and £159.6 million of outstanding hybrid bonds on their respective First Early Redemption Dates, which are set for January 22, 2026, and January 29, 2026 [3]. - The hybrid bonds were subject to tender offers launched on September 10, 2024, and September 29, 2025 [3]. Group 2: Recent Financial Activities - Since June 30, 2025, EDF has completed private bond placements totaling €750 million, along with an additional €50 million issuance related to bonds from December 9, 2019, which have a fixed coupon of 2.000% and an initial maturity of 30 years [4]. Group 3: Company Overview - EDF is a significant player in the energy transition, focusing on power generation, distribution, trading, and energy services, with a strong emphasis on low-carbon energy [7]. - The company generated 520 TWh of energy in 2024, with 94% being decarbonized, and maintains a carbon intensity of 30gCO2/kWh [7]. - EDF serves approximately 41.5 million customers and reported consolidated sales of €118.7 billion in 2024 [7].

Core Insights - The world's largest single photovoltaic power station has achieved full capacity grid connection, marking a significant milestone in the clean energy transition [1][3]. Group 1: Photovoltaic Power Station Overview - A single photovoltaic power station is defined as a concentrated solar power system built and operated by a single investment entity, typically located in areas with abundant sunlight and low land costs [3]. - The newly connected photovoltaic power station occupies an area equivalent to tens of thousands of standard football fields and consists of millions of solar panels, achieving industry-leading efficiency in converting solar energy into electricity [3]. Group 2: Technological Advancements - The operation of modern photovoltaic power stations has been enhanced through intelligent maintenance technologies, including drone inspections and AI diagnostic systems, significantly improving operational efficiency and reliability [3]. - The power station is expected to reduce carbon dioxide emissions by millions of tons annually, equivalent to the environmental benefit of planting hundreds of millions of trees [3]. Group 3: Ecological and Economic Benefits - The construction of large-scale photovoltaic power stations often integrates ecological restoration, where the shading effect of solar panels can reduce soil moisture evaporation, facilitating vegetation recovery [5]. - Innovative practices such as "power generation on panels, planting beneath panels, and farming between panels" have been explored, achieving a win-win situation for both economic and ecological benefits [5]. Group 4: Future of Clean Energy - With continuous advancements in photovoltaic technology and decreasing generation costs, clean energy is transitioning from a supplementary source to a primary energy source [5]. - The completion of the world's largest single photovoltaic power station not only represents a milestone but also showcases the immense potential of renewable energy and provides feasible solutions for global climate change [5].

Key risks: With the BCOM Precious Metals Index up 66% and Industrial Metals up 13% (copper +35%), prices have already moved a lot, bringing demand destruction risks and disconnecting from cost curves. Chinese copper demand has slowed recently, while central bank gold buying has also slowed at higher prices. A more sustained global growth slowdown would weigh on prices, while energy price weakness and elevated by-product credits could drag down cost curves. | M December 15, 2025 09:00 PM GMT | | Foundation | ...

Summary of Mining Equities Conference Call Industry Overview - **Sector Performance**: In 2025, mining equities outperformed equity benchmarks, primarily driven by gold and copper, while ferrous metals and energy remained flat or declined [1][15] - **2026 Outlook**: Expectations for copper, aluminium, and lithium to outperform due to supply constraints and energy transition, with a cautious view on traditional end markets in developed economies [2][15] Key Commodities Insights Copper - **Market Dynamics**: The medium-term outlook for copper remains bullish, with expectations of market tightness in 2026 due to limited growth in global mine output and a deficit in refined output [3][4] - **Investment Opportunities**: Freeport is highlighted as a top pick due to its discounted valuation and expected production recovery at the Grasberg mine [4][23] Aluminium - **Demand vs Supply**: The outlook for aluminium is mixed; while demand holds up, supply constraints are expected, particularly from China and developed markets [5][24] - **Investment Recommendation**: A buy recommendation for Norsk Hydro is reiterated, with expectations of stable operations and potential cash returns [8][24] Gold - **Market Sentiment**: Gold remains a consensus macro trade, with equities delivering strong returns in 2025. However, valuations are less compelling than at the start of the year [9][22] - **Top Picks**: Barrick and Newmont are identified as top picks, with potential for further catalysts in 2026 [10][22] Iron Ore - **Price Forecast**: The medium-term outlook for iron ore is bearish, with prices expected to stabilize around $100/t in the short term and decline to $90/t by 2027 due to increased supply from Simandou [11][20] Coal - **Market Conditions**: Met coal prices have risen above $200/t due to demand and supply disruptions, while thermal coal remains stable at $110/t [12][20] Diversified Miners - **Performance Comparison**: Vale outperformed in the bulks sector, while RIO and BHP performed in line with benchmarks. A preference for RIO over Vale and BHP is noted due to better growth prospects [13][25] Earnings and Price Target Changes - **Adjustments**: Earnings estimates and price targets have been adjusted based on commodity price forecasts, with notable upgrades for copper miners like FCX and KGHM [28][29] Conclusion - **Investment Strategy**: The report emphasizes a selective investment approach in mining equities, focusing on commodities with strong fundamentals and potential for price gains, particularly copper, aluminium, and gold [2][15][22]

Core Insights - Equinor ASA, in partnership with Vår Energi and Petoro, has committed approximately $395 million (NOK 4 billion) for a new subsea project linked to the Johan Castberg field, expected to yield around 46 million barrels of recoverable oil [1][9] Investment and Development - The new subsea project is set to commence production in Q4 2028, following the Johan Castberg field's production start in March 2025, which currently outputs nearly 220,000 barrels per day [2][9] - Equinor plans to leverage standardized solutions from the Johan Castberg field to expedite the development of the new subsea project, as the new reservoir shares similar properties with previously developed discoveries [3][9] Strategic Positioning - The Johan Castberg field is positioned as a future production hub in the Barents Sea, with the Isflak discovery in 2021 marking the beginning of a series of developments aimed at resource extraction in the region [4] - The development plan for the Isflak discovery includes drilling two new wells that will connect to existing subsea production facilities, enhancing the overall infrastructure within the Johan Castberg license [4] Regulatory and Environmental Considerations - Equinor has submitted an application to Norway's Ministry of Energy to confirm compliance with impact assessment obligations for the new developments and seeks an exemption from outlining a development and operation plan [5] Exploration and Future Potential - A recent discovery, Drivis Tubåen, made in 2025, enhances the potential for further development within the Johan Castberg license, with partners aiming to expedite its production [6] - The current recoverable volumes in the Johan Castberg license are estimated between 450 million and 650 million barrels, with significant upside potential of an additional 250 million to 550 million barrels from new finds in the region [7] Ownership Structure - Equinor operates the Johan Castberg field with a 46.3% interest, while Vår Energi holds 30% and Petoro has 23.7% [8]

Core Insights - SPIE has signed a three-year European framework agreement with Tesla for battery energy storage system (BESS) projects, enhancing collaboration based on previous projects in Belgium, the Netherlands, and France [1][2][4] Group 1: Agreement Details - The framework agreement standardizes legal and operational conditions for all European Megapack projects installed by SPIE, facilitating future opportunities in countries like Poland and Germany [3] - The agreement aims to support the growth of energy storage in Europe, which is essential for integrating renewable energy sources and ensuring grid stability [2] Group 2: Technical Services and Expertise - SPIE will utilize Tesla Megapack solutions to provide high value-added technical services, including engineering, Balance of Plant (BoP) work, and installation of auxiliary equipment [2] - The company has already participated in significant energy storage projects, positioning itself as a key player in the European energy storage sector [4] Group 3: Strategic Goals and Vision - By standardizing practices at the European level, SPIE aims to enhance its support for customers in decarbonizing infrastructure and developing a more flexible energy mix [5] - The collaboration reflects confidence in SPIE's technical skills and pan-European organization, emphasizing the importance of shared experiences among subsidiaries [5] Group 4: Company Overview - SPIE is an independent European leader in multi-technical services, with 55,000 employees dedicated to energy transition and digital transformation, achieving consolidated revenues of €9.9 billion and EBITA of €712 million in 2024 [6]

Core Points - SPIE has signed a three-year European framework agreement with Tesla for battery energy storage system (BESS) projects, enhancing collaboration based on previous projects in Belgium, the Netherlands, and France [1][2][3] - The agreement aims to standardize legal and operational conditions for all European Megapack projects, facilitating future opportunities in countries like Poland and Germany [3][4] - SPIE's involvement in significant energy storage projects positions it as a key player in the European energy storage sector, ensuring compliance with international standards [4][5] Company Overview - SPIE is an independent European leader in multi-technical services, focusing on energy and data transmission, with 55,000 employees dedicated to energy transition and digital transformation [6] - In 2024, SPIE reported consolidated revenues of €9.9 billion and EBITA of €712 million, reflecting its strong market position [6] Project Highlights - SPIE is engaged in several notable BESS projects, including a 50MW/200MWh system in Belgium, the largest BESS site in the Netherlands with 1.4 GWh capacity, and a 100 MW/200MWh unit in France scheduled for commissioning by the end of 2026 [8]