SYDNEY – A federal court in Australia has rejected a pioneering legal challenge against energy company Santos, ruling against claims that the firm deceived the public regarding its environmental commitments on Tuesday.
The Australasian Centre for Corporate Responsibility, an advocacy group representing shareholders, filed the legal action in 2021, calling it the world’s first court case to question whether a corporation’s carbon neutrality promises were truthful.
The legal challenge accused Santos of violating Australian business and consumer protection regulations through false and misleading statements when the company claimed it possessed a concrete strategy to cut emissions between 26% and 30% by 2030 while achieving carbon neutrality by 2040.
Judge Brigitte Markovic of the Federal Court of Australia ruled against the plaintiffs and dismissed their case, though her detailed reasoning will not be made public until February 23rd.
Mining giant BHP Group announced Tuesday it has struck a major long-term silver streaming deal with a subsidiary of Wheaton Precious Metals, securing $4.3 billion in upfront cash when the transaction closes.
Under the agreement, BHP will supply silver extracted from its ownership stake in Peru’s Antamina mining operation, where the company holds a 33.75% interest in the facility’s operating company, Compañía Minera Antamina S.A.
“Supported by strong silver market conditions, the agreement maximises shareholder value by unlocking capital from a non-core commodity that can be reallocated to BHP’s high-return growth projects and shareholder returns, consistent with our capital allocation framework,” BHP said.
Once the deal finalizes, Wheaton will obtain rights to a total of 67.5% of Antamina’s entire silver output, representing a significant increase from the current 33.75% portion it receives through an existing streaming arrangement with Glencore.
“Quality silver production is becoming increasingly difficult to source while demand continues to rise for both critical industrial uses and for silver’s safe haven qualities in today’s economic environment,” said Randy Smallwood, chief executive officer of Wheaton Precious Metals.
Mining giant BHP Group announced Tuesday that its half-year earnings exceeded analyst projections, posting strong results thanks to unprecedented iron ore output and surging commodity values.
The Melbourne-based company, which holds the title as the world’s biggest publicly-traded mining operation, extracted a record-breaking 146.6 million metric tons of iron ore from its Australian Western region facilities during the reporting period.
The mining corporation benefited from increased average selling prices across its primary products, with copper values climbing 32% during the first six months when compared to the corresponding timeframe in the previous year.
These favorable market conditions enabled BHP to post underlying attributable earnings of $6.20 billion for the half-year period concluding in December 2025, surpassing the Visible Alpha analyst forecast of $6.03 billion and representing a substantial increase from the previous period’s $5.08 billion.
The company’s board approved an interim shareholder payment of 73 cents per share, which equals a 60% payout ratio of earnings.
A major financial institution predicts that crude oil costs may experience short-term strength as President Donald Trump intensifies diplomatic efforts for peace agreements with Russia and Iran, though successful negotiations could eventually drive energy prices downward, according to a Citi analysis released Monday.
The price of Brent crude has jumped from approximately $60 per barrel to nearly $70 over the last month, driven in part by stricter implementation of American sanctions targeting Russian and Iranian petroleum exports, combined with additional supply interruptions, the financial firm reported.
In recent developments, the European Union put forward a proposal last week to expand its Russian sanctions framework to encompass ports in Georgia and Indonesia that process Russian crude, marking the first instance where the trading bloc would impose restrictions on third-country port facilities, based on proposal documentation examined by Reuters.
According to Citi’s assessment, the United States may influence energy affordability through diplomatic channels, specifically by facilitating peace negotiations between Russia and Ukraine and reducing tensions with Iran, which could help decrease both crude oil and refined product costs.
“It is our base case that both Iran and Russia-Ukraine deals happen by or during the summer of this year, contributing to a decline in prices to $60-62/bbl Brent and lowering diesel and gasoline cracks by $5-10 dollars,” the bank stated.
Should Russian supply disruptions maintain Brent crude within a $65-$70 per barrel price band over the coming months, Citi anticipates that OPEC+ will counter by boosting production from available capacity.
Sources within OPEC+ indicate the organization is considering resuming oil production increases starting in April, as the group prepares for peak summer consumption while price strength receives support from escalating U.S.-Iran tensions.
The banking institution also noted that China continues purchasing Russian and Iranian petroleum at reduced rates compared to international price benchmarks, both for immediate consumption and strategic reserves, with this pattern expected to persist through 2026 while sanctions on Russia, Ukraine, and Iran remain active.
Brent crude futures closed Monday’s trading session at $68.65 per barrel, representing a gain of 90 cents or 1.33%.
Israeli container shipping company ZIM is reportedly on the verge of being acquired by a German-Israeli consortium for approximately $4.2 billion, according to Israeli business publications on Sunday. The proposed transaction has already sparked significant resistance from political leaders and workers concerned about national security and employment impacts.
The deal structure would involve Hapag-Lloyd, a major global shipping operator, managing ZIM’s worldwide operations, while FIMI Opportunity Funds would oversee the company’s domestic Israeli business. This division aims to navigate around Israel’s special “golden share” provision, which grants the government influence over key strategic decisions and could otherwise block a complete foreign acquisition.
Fleet management would be restructured under the proposed agreement. Hapag-Lloyd would control operations of ZIM’s 99 leased ships, while FIMI would gain ownership of the 16 vessels currently flying the Israeli flag and operated by ZIM, media reports indicate.
The acquisition price has reportedly increased from initial expectations. Earlier projections suggested a sale price around $3 billion, roughly matching ZIM’s current market capitalization, before the $4.2 billion figure emerged. Business publication Calcalist reported that ZIM’s board of directors has given approval to the higher purchase price.
Strong resistance has emerged from Haifa, where ZIM maintains its headquarters and employs a significant local workforce. Haifa Mayor Yona Yahav expressed concerns that the sale would undermine Israel’s strategic position and put jobs at risk, stating, “ZIM Shipping Company, headquartered in Haifa, is no longer part of the Israeli economy.”
Yahav emphasized ZIM’s strategic importance, declaring, “The transfer of its ownership to foreign hands, even if an Israeli investment fund is involved, is problematic to say the least and harms national security, and could also lead to the dismissal of thousands of workers.” He further demanded, “I demand that the Israeli government stop the move and prevent the sale—it is impossible for the State of Israel not to have a shipping company in Israeli hands, it is part of its economic and security existence.”
