Key transactions & industry news Weekly Update 12/19/2025

Metals & Mining

Jubilee continues to progress Zambian copper strategy. Zambia-focused copper producer Jubilee Metals says it has continued to advance its copper growth strategy through a structured investment program aimed at laying the foundation for long-term expansion.

America’s largest landowner bets it can replace met coal with pine trees. Weyerhaeuser, America’s largest private landowner, said it has launched a venture to turn runty trees and sawdust from its fleet of mills into a replacement for metallurgical coal used in steel making.

Mozal aluminum operations to be suspended owing to power deal deadlock. After months of prolonged struggle to secure a long-term power supply at Mozal Aluminum Smelter in Mozambique, South32 Limited has finally decided to halt its operations.

Rhodes Ridge JV approves $191M feasibility study. The Rhodes Ridge joint venture (JV) has approved a $191M feasibility study to progress the first phase of development at the Rhodes Ridge iron-ore project, one of the world’s largest undeveloped iron-ore deposits, in Western Australia’s Pilbara.

Russian court rules in favor of Rusal in $1.32B lawsuit against Rio Tinto. A Russian court has ruled in favor of Rusal in the aluminum giant’s $1.32B lawsuit against global mining and metals company Rio Tinto, according to court documents.

EGA and Sunstone to begin construction of anode manufacturing plant in UAE in 2026. Emirates Global Aluminum and Sunstone, the world’s largest independent pre-baked anode producer, announced that construction of an anode manufacturing plant in the United Arab Emirates will begin in 2026.

SolGold board backs Jiangxi Copper’s sweetened takeover bid. Chinese state-owned miner Jiangxi Copper has won the support of SolGold’s board, after making a sweetened bid for the U.K.-listed company backed by BHP and Newmont.

Transportation & Logistics

UP, NS: Merger will create 10,000 single-line service lanes, shift 105k truckloads to rail. Executives from Union Pacific and Norfolk Southern said their historic merger would help stem the loss of rail market share which declined nearly 10% over the past decade, as single-line service levels the playing field with trucks.

Unions oppose historic transcontinental rail merger. Two of the largest U.S. railroad unions won’t back the proposed merger of Union Pacific and Norfolk Southern over concerns the first transcontinental rail system would increase safety risks, push up consumer prices and disrupt the supply chain.

Truck transportation jobs last month were the lowest in years: BLS. The number of people working in the segment that the Bureau of Labor Standards calls truck transportation was at its lowest level in November since the first post-pandemic months.

Mt. Rainier Railroad seeks to acquire, operate Tacoma Rail line. Mt. Rainier Railroad LLC, a Washington state-based noncarrier operator of a scenic railroad, has applied to the Surface Transportation Board for approval to assume common-carrier operations over a rail line in the state.

New Prime faces almost $40M nuclear verdict from fatal Texas wreck. A massive Texas wreck involving more than 130 separate collisions has led to a $44.1M nuclear verdict that will mostly hit truckload carrier New Prime.

Energy

Oil prices rise after Trump says he won’t rule out war with Venezuela. U.S. crude oil prices rose after President Donald Trump told NBC News that he will not rule out war with OPEC member Venezuela.

BP CEO Murray Auchincloss resigns; Woodside Energy CEO Meg O’Neill named successor. Woodside Energy now faces its own leadership transition, with an acting CEO stepping in while the board searches for a permanent replacement through early next year.

UK firm Awendio Solaris plans $725M solar plant with indigenous groups in Canada. UK company Awendio Solaris said that it ​plans to invest $725.6M to develop a solar cell and module ‌manufacturing facility and global R&D center in Canada.

For first time in months, BLM advances solar power project. After the Bureau of Land Management signed off on changes to a Nevada solar farm approved during the Biden administration, construction may start next month.

Acciona Energia to sell assets to MIP in U.S. and Mexico for $1B. Acciona Energia has reached an agreement ‍with Mexico Infrastructure Partners (MIP) to sell wind and solar assets in the U.S. ‌and Mexico for $1B, the Spanish power company said in a regulatory filing.

Vedanta Aluminum powers India’s energy goals, consuming 1.57B units of green energy in FY25. Vedanta Aluminum, India’s largest aluminum producer, announced that it consumed 1.57B units of renewable energy in FY25, marking a major step forward in its 2030 decarbonization roadmap.

Sumitomo plans $1.3B renewable energy expansion in India as demand surges. Japan’s Sumitomo Corporation is preparing a major scale-up of its clean-energy footprint in India, with plans to invest $1.3B in renewable power projects developed through its joint venture with Indian startup Ampin Energy Transition.

Others

The $8B black market for Venezuelan oil is suddenly closing down. Venezuela has long used the same playbook as Russia and Iran to get around crippling American sanctions on its oil industry, tapping a shadowy fleet of aging vessels to carry crude to customers.

Warner rejected Paramount’s tender offer. Warner Bros. Discovery recommended shareholders reject Paramount’s unsolicited bid for the company, questioning the funding structure for the deal.

E.W. Scripps rejects Sinclair’s acquisition offer. E.W. Scripps’ board rejected an unsolicited acquisition bid from Sinclair, which proposed buying the media company for $7 a share.

Panama ports deal hits impasse as China makes new demands for its approval. President Trump’s push to loosen China’s influence in the Panama Canal has hit a wall now that Beijing is demanding that China’s largest shipping company get a controlling stake in a deal to sell dozens of ports to a BlackRock-led group.