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Tag: resources discovery

  • Alaska’s New Mining Rush Chases Something More Coveted Than Gold

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    ESTER, Alaska—At a mining site here, Rod Blakestad cracked open a shiny rock with his pick. He found quartz, a sign that the rock may contain gold.

    But Blakestad, a veteran gold hunter, tossed the rock aside. He and his team of geologists were searching for something even more sought-after: antimony, an obscure element widely used in the defense industry that is now at the center of the bitter U.S.-China trade fight.

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    Jon Emont

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  • Shale Is Keeping the World Awash With Oil as Conflicts Abound

    Shale Is Keeping the World Awash With Oil as Conflicts Abound

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    Updated Jan. 1, 2024 12:05 am ET

    A surprise surge in American oil and gas production and exports is helping to keep the world stocked, blunting the impact of widening conflict in the Middle East that has crimped key shipping lanes. 

    When Iranian-backed Houthi militants began launching missiles and drones at ships crossing the Red Sea near Yemen in October, many feared disruption to the vital shipping lane would drive up energy prices. But oil and gas prices this past month have sunk about 5% and 23%, respectively. 

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  • U.K. fracking stocks slump after Sunak reinstates ban

    U.K. fracking stocks slump after Sunak reinstates ban

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    Shares in London-listed fracking companies slumped on Wednesday after new U.K. Prime Minister Rishi Sunak said he would stick by his party’s manifesto pledge to ban the shale gas extraction process in Britain.

    IGas Energy stock
    IGAS,
    -27.66%
    dropped 28% and the equity of Egdon Resources
    EDR,
    -18.21%
    slumped 11%. The shares of AJ Lucas
    AJL,
    +2.99%    ,
    which owns nearly 50% of U.K. fracker Cuadrilla, are quoted on the Australian stock exchange, which was closed.

    The fracking sector is tiny in the U.K. — the two U.K.-quoted companies have a combined valuation of less than £60 million — with few suitable sites for the process to be viable.

    But the industry’s practices are highly controversial, with campaigners arguing it causes small earth tremors, pollutes water tables and is not compatible with lower carbon production targets.

    The shares of IGas Energy had jumped around ninefold since the start of the year, getting an extra recent boost from previous Prime Minister Liz Truss’s decision to go against the Conservative Party’s wishes and allow fracking.

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