MONOPOLY CAPITALI$M

NextEra Energy and Dominion Energy agree deal

Monday, 18 May 2026

World Nuclear News

NextEra Energy and Dominion Energy have announced plans to combine in an all-stock transaction valued at about USD66.8 billion that they say will create the world’s largest regulated electric utility business.
 

(Image: NextEra Energy, Dominion Energy logos)

The combined entity will operate under the NextEra name and be 74.5% owned by NextEra Energy shareholders and 25.5% by Dominion Energy shareholders. It will serve around 10 million accounts across Florida, Virginia, North Carolina and South Carolina.

The combined entity will have 110 GW of generating capacity, including considerable nuclear energy capacity - NextEra Energy Resources, along with its affiliate company Florida Power & Light Company, operates seven nuclear units at four sites: Turkey Point and St Lucie in Florida; Seabrook in New Hampshire; and Point Beach in Wisconsin. Additionally, it plans to restart the Duane Arnold plant in Iowa, which ceased operations in 2020. The plant is scheduled to become operational at the beginning of 2029, pending regulatory approvals. A power purchase agreement with Google was announced last October.

In January NextEra Energy said it could add up to 6 GWe of small modular reactor generating capacity at its existing nuclear power plant sites or potential new sites, primarily to meet demand from data centres.

More than 40% of the electricity Dominion Energy generates is from its nuclear plants - Millstone Nuclear Power Station in Connecticut, North Anna and Surry nuclear power plants in Virginia and VC Summer in South Carolina.

John Ketchum, chairman, president and CEO of NextEra Energy, said: "This is a historic moment for our two companies and for the states we are privileged to serve. Electricity demand is rising faster than it has in decades. Projects are getting larger and more complex. Customers need affordable and reliable power now, not years from now. We are bringing NextEra Energy and Dominion Energy together because scale matters more than ever - not for the sake of size, but because scale translates into capital and operating efficiencies. It enables us to buy, build, finance and operate more efficiently, which translates into more affordable electricity for our customers in the long run."

Robert Blue, chair, president and CEO of Dominion Energy, said: "This combination brings together two strong operating platforms and creates an even stronger energy partner for Virginia, North Carolina, South Carolina and Florida, with the scale and balance sheet to deliver the generation, transmission and grid investments our customers and economies need."

The proposal is that Ketchum will serve as chairman and CEO of the combined company and Blue will serve as president and CEO of regulated utilities and as a member of the board of directors. The combined company's board of directors will include 10 directors from NextEra Energy and four from Dominion Energy. The announcement includes a proposal for USD2.25 billion in bill credits for Dominion customers in Virginia, North Carolina and South Carolina over the two years after the deal closes.

The two sides expect the deal to close in 12 to 18 months "subject to customary closing conditions and approvals by the shareholders of NextEra Energy and Dominion Energy, the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, approval by the Federal Energy Regulatory Commission under Section 203 of the Federal Power Act and approval by the Nuclear Regulatory Commission".

NextEra-Dominion Energy Merger To Create World’s Largest Electric Utility

By Alex Kimani - May 18, 2026

Leading clean energy utility, NextEra Energy (NYSE:NEE), has agreed to buy Dominion Energy (NYSE:D) in an all-stock transaction valued at $66.8 billion, marking the largest power utility acquisition on record. The merger unites Florida-based NextEra Energy and Virginia-based Dominion Energy to create the world’s largest regulated electric utility, a power sector titan with an enterprise value exceeding $400 billion including debt.

The historic consolidation is directly driven by the artificial intelligence infrastructure boom, with high-performance AI hardware having triggered a massive surge in electricity demand. NextEra, a global leader in wind and solar power, will leverage its clean energy assets to meet the carbon-free electricity requirements of tech hyperscalers like Alphabet (NASDAQ:GOOG), Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:AMZN) and Meta Platforms (NASDAQ:META).

NextEra previously secured high-profile deals, including an agreement with Google to revive Iowa’s Duane Arnold nuclear plant.

Dominion operates in Virginia and the Carolinas, with Northern Virginia home to the world’s largest concentration of data centers, also known as the “Data Center Alley”.

PJM Interconnection, the largest U.S. power grid operator, has projected that summer peak demand in the Dominion Energy zone (encompassing Northern Virginia’s Data Center Alley) to grow by 5.4% annually over the next decade. Because hyperscale data centers run continuously at high load factors, they drive up demand evenly, causing winter peak loads to rise at a 4% annualized rate.

However, the mega-merger faces a complex review process since it requires antitrust clearance and approvals from the Federal Energy Regulatory Commission (FERC) alongside state public utility commissions in Florida, Virginia, and the Carolinas.

Thankfully, Wall Street is generally bullish that the current federal administration’s general openness to corporate mergers may provide a smoother path toward finalization.

By Alex Kimani for Oilprice.com

NextEra to Buy Dominion in Landmark U.S. Utility Mega-Merger

By Charles Kennedy - May 18, 2026NextEra Energy and Dominion Energy on Monday unveiled a blockbuster merger agreement that would create the world’s largest regulated electric utility company by market capitalization, as surging U.S. power demand drives consolidation across the sector.

Under the agreement, Dominion shareholders will receive 0.8138 shares of NextEra Energy for each Dominion share they own, giving NextEra investors roughly 74.5% ownership of the combined company and Dominion shareholders about 25.5%. The transaction is expected to close within 12 to 18 months, pending shareholder and regulatory approvals.

The combined company would serve around 10 million customer accounts across Florida, Virginia, North Carolina, and South Carolina and control approximately 110 gigawatts of generation capacity spanning natural gas, nuclear, renewables, and battery storage. The companies said more than 80% of the merged business would be regulated operations.

The deal comes as U.S. utilities race to secure scale and capital to meet rapidly rising electricity demand driven by artificial intelligence, data centers, industrial reshoring, and electrification trends. NextEra said the combined company would have more than 130 GW of large-load opportunities in its development pipeline.

To ease regulatory and political concerns over customer impacts, the companies proposed $2.25 billion in bill credits for Dominion customers in Virginia, North Carolina, and South Carolina over two years after closing. They also pledged to retain dual headquarters in Juno Beach, Florida, and Richmond, Virginia, while maintaining Dominion’s regional utility brands.

NextEra Chief Executive John Ketchum said the transaction was designed to improve operating efficiency and lower long-term customer costs as utilities face increasingly complex and capital-intensive infrastructure needs. Dominion CEO Robert Blue said the merger would strengthen the companies’ ability to fund new generation, transmission, and grid upgrades.

The companies expect the merger to immediately boost adjusted earnings per share and project more than 9% annual adjusted EPS growth through 2032. They also said the larger balance sheet could improve credit metrics and lower financing costs.

The merger would significantly expand NextEra’s already dominant position in U.S. power markets. The company is currently the largest renewable energy and battery storage developer in the world through NextEra Energy Resources, while Dominion brings major regulated utility operations and one of the largest offshore wind development portfolios in the United States.

The transaction will require approval from the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission, and multiple state utility regulators, including commissions in Virginia, North Carolina, and South Carolina.

By Charles Kennedy for Oilprice.com

GREEN CAPITALI$M

Are solar panel prices about to surge? Why now might be the perfect time to invest

Copyright Copyright 2026 The Associated Press. All rights reserved.

By Liam Gilliver

Published on 17/05/2026 - EURONEWS

Geopolitical uncertainty, supply shortages and China’s recent tax reform are threatening to send the prices of solar panels soaring. But, is it really that severe?

Once an extortionate investment reserved for the ‘eco-elite’, solar has rapidly become one of the cheapest electricity sources in the world. But, are the tables about to turn?

Solar photovoltaic (PV) panels, composed of individual solar cells that convert sunlight into electricity, have plummeted in price by a staggering 90 per cent in the last decade. According to Our World In Data, costs have dropped by around 20 per cent every time the global cumulative capacity doubles.

At the same time, the price of solar batteries, which allow households to store electricity during peak times, have also decreased by 90 per cent since 2010 due to advances in battery chemistry and manufacturing.

The EU now describes solar as a “shining star” of Europe’s clean transition, accounting for almost a quarter (23.4 per cent) of its electricity consumption in 2024. In June last year, the sun was the main source of the electricity generated in the EU.

Amid the war on Iran, solar is helping to cushion households from volatile fossil fuel shocks. Recent analysis found that harnessing sunlight for power saved Europe more than €100 million per day throughout March by reducing gas imports.

If prices remain high, due to Iran’s stranglehold on the Strait of Hormuz, experts say these savings could reach €67.5 billion by the end of the year.

The ongoing conflict in the Middle East has also bolstered interest in household electrification, with multiple energy firms across Europe reporting a recent spike in solar panel and solar battery inquiries.

However, as demand for solar panels soars, foreign tax policy, the price of silver and other influences could soon ignite a price surge.

Where does Europe get its solar panels from?

While the EU describes solar as having a “significant role in its transition towards cleaner, more affordable and secure” energy, it remains heavily reliant on countries outside of the bloc to make PV panels.

In 2024, the EU imported €14.6 billion in green energy products, including €11.1 billion worth of solar panels. China was by far the largest supplier of these panels, accounting for 98 per cent of all imports.

According to the International Energy Agency (IEA), China has invested more than $50 billion (€43 billion) in new PV supply capacity – 10 times more than Europe – and created more than 300,000 manufacturing jobs across the solar PV value chain since 2011. Today, the country’s share in all of the manufacturing stages of solar panels exceeds 80 per cent globally.

Related

• ‘Significantly lower energy bills’: How do solar batteries work and are they worth the investment?
• Blocked sunlight and changing clouds: How coal pollution is damaging our solar potential

“Chinese manufacturers have reached scale and cost levels that cannot be matched outside of China,” Jannik Schall of clean tech startup 1KOMMA5° tells Euronews Earth.

“There are factories in other countries, even in Europe, but they only focus on the final assembly of solar panels and cannot compete with China from a cost perspective.”

China’s monopoly on solar panels hasn’t been a clear victory for the country, with tight competition pushing companies to sell below cost. An IEA report from last year found that China-based solar companies had made cumulative net losses of around $5 billion (€4.3 billion) since the beginning of 2024.

This led to China’s Ministry of Finance and State Tax Administration announcing major reform to its generous renewables subsidies, which were originally designed to support foreign trading.

From 1 April 2026, the nine per cent VAT export rebate on solar products was eliminated, while the nine per cent VAT export rebate on battery products was reduced to six per cent. The VAT rebate on battery products will be completely scrapped from 1 January 2027.

Graph detailing China's solar exports. Ember

Just before the tax reform came into place, Chinese solar exports skyrocketed as countries scrambled to beat the price hike.

Energy think-tank Ember found that during March 2026, several European countries, including France, Italy, Poland and Romania, hit all-time records for the number of Chinese solar imports.

Will China’s VAT reform increase the cost of solar?

“The elimination of China’s VAT export rebates alone will cause module prices to rise by around 10 per cent,” Schall tells Euronews Earth. Solar modules is the standard-industry term for a single PV unit.

British newspaper The i has warned that one national solar installer has been forced to charge £800 (€918) more for an average rooftop installation.

So is a blanket price rise expected across the board? It’s not that simple.

Experts say that the market does not react this quickly, and the increasing price of solar panels won’t bite straight away.

Analysts do not expect the rise in cost to limit demand for solar, given its competitive pricing, either. However, it does demonstrate that even renewables are not completely shielded from the intricacies of geopolitics – an argument that frequently arises when speaking about fossil fuel shocks.

InfoLink Consulting, a Taipei-based firm that provides market intelligence, price forecasting and supply chain analysis for solar PV, says that while ground-mounted projects (often used in large-scale solar farms) have edged up in recent weeks, high order volumes have constrained any rise in average prices.

Meanwhile, the price of small-scale or ‘distributed’ solar power systems, like those installed directly on rooftops or carports, has continued to fall marginally, InfoLink said earlier this week (13 May).

How silver became solar’s crux

To understand why solar costs fluctuate, it’s important to understand how PV panels are designed.

Solar panels are predominantly made of glass, plastic polymer and aluminum. Silver, which is the most effective metallic conductor of electricity and heat, is also a key material for PV panels.

Despite representing less than five per cent of a total PV panel in terms of weight, silver paste accounts for up to 30 per cent of total solar cell costs, analysts at German technology group Heraeus state.

According to the Silver Institute, around 4,000 tonnes of silver, equivalent to 14 per cent of global silver consumption, were used for PV panel production in 2023 alone. Researchers warn this share is expected to increase to 20 per cent by 2030, a fourfold increase since 2014.

Chinese manufacturers have therefore been boosting efforts to tackle this, by replacing silver with cheaper metals such as copper. Experts predict switching from silver to copper-based metallisation could save the solar industry roughly $15 billion (€12.8 billion) per year globally.

However, the price of copper has also increased in recent years, albeit at a slower pace than silver.

“Driven by geopolitical uncertainty, supply shortages and increasing demand from AI data centres, prices for copper, aluminum and lithium have increased significantly since Q4 of 2025,” Schall explains.

“Silver prices have reached 150+ per cent increases within a few weeks in the beginning of 2026, making silver the biggest cost contributor in solar panels. These cost increases on the raw material side need time to trickle down through the value chain and are expected to reach end consumers this summer

1KOMMA5° forecasts that the additional high raw material costs, alongside China’s VAT elimination, could cause price increases of 15 to 20 per cent for individual components.

Schall adds that while residential customers will be affected by this in the “medium term” those wanting to install PV panels can still benefit from “more favourable prices” right now.

Euronews Earth reached out to two energy firms in Europe to ask whether they intend to raise their solar panel prices following China’s tax reform and the increasing price of silver. Both declined to comment.

Despite uncertainty, experts point out that solar prices are still around 50 per cent down compared to 2023, making it one of the cheapest sources of electricity in the world.

STATE MONOPOLY CAPITALI$M

Zijin Gold acquires control of rival Chifeng in $2.6B deal

Cecilia Jamasmie | March 23, 2026

Porgera gold mine, acquired from Barrick in 2020. (Image courtesy of Zijin.)

Zijin Gold is acquiring a controlling stake in Chifeng Jilong Gold Mining for 18.26 billion yuan ($2.64 billion), reinforcing its position as China’s largest gold producer.

The unit of Zijin Mining Group (HKG: 2899) will purchase existing mainland-listed shares and newly issued Hong Kong shares, lifting its interest to nearly 26% and securing effective control with full financial consolidation, the companies said. Chifeng sold about 14.4 tonnes of gold last year from operations in China, Ghana and Laos, compared with Zijin Gold’s 46.6 tonnes.

Zijin will assume operational control of Chifeng, “further solidifying its position as China’s top gold miner,” Bloomberg Intelligence analysts said in a note on Monday. They added the target will benefit from improved efficiency under Zijin’s management.

The deal follows Zijin Gold’s C$5.5 billion ($4 billion) acquisition of Allied Gold (TSX, NYSE: AAUC) and reflects a broader push by Chinese miners to expand output and secure overseas assets amid strong bullion prices and constrained global supply.

Zijin Gold and other Chinese bullion miners including Shandong Gold Mining are poised to outperform global peers after a record 2025, driven by higher prices and rising production, even as gold retreats more than 10% from late-February highs above $5,000 an ounce.

Ongoing geopolitical tensions and safe-haven demand continue to underpin the market, while international rivals face declining output and thinner project pipelines.

CRIMINAL  MONOPOLY CAPITALI$M

Ticketmaster parent execs privately laugh over price-gouging: 'These people are so stupid'

Matthew Chapman
March 12, 2026
RAW STORY




Vancouver, CANADA - Dec 3 2022 : Twitter account of popular US singer-songwriter Taylor Swift in Twitter website seen in iPhone on Live Nation logo background. (Photo: Koshiro K/Shutterstock)

Newly revealed internal communications show a pair of executives at entertainment venue giant Live Nation laughing about how much they are able to gouge people for concert tickets.

"In a series of chats from 2022, Ben Baker and Jeff Weinhold, two regional directors of ticketing for Live Nation amphitheaters, boasted about their ability to raise so-called 'ancillary fees' – like parking, lawn chair rentals and VIP access – and still get concertgoers to pay for them," reported Bloomber News. "In one exchange, Weinhold gloated about raising VIP parking costs at a Virginia concert venue to $250. 'These people are so stupid. I almost feel bad taking advantage of them,' Baker wrote, adding later, 'I gouge them on ancil prices.' In another exchange, he bragged about charging '$50 to park in the grass' and '$60 for closer grass.'"

“Robbing them blind, baby, that’s how we do it,” Baker wrote.

Live Nation has been accused in a series of lawsuits of holding a monopoly over venues, that squeezes both performers and ticketholders alike — resulting in people being charged hundreds or thousands of dollars more than reasonable to see concerts, shows, and performances around the country. They also own the booking platform Ticketmaster, which has infamously hiked booking fees to higher and higher levels over the years, and can often be the only way to book tickets for Live Nation owned venues. The fiasco surrounding tickets for Taylor Swift's Eras Tour brought many of these issues into national focus.

The company has also been accused in litigation of stonewalling congressional investigators.


This comes as the Trump administration Justice Department's antitrust division reached a settlement with Live Nation, which requires them to pay $200 million to several states, allow third-party sellers access to Ticketmaster, limit their exclusivity agreements, divest 10 of its amphitheaters, and cap service fees for amphitheater tickets to 15 percent of ticket price.

This settlement has been rejected by over two dozen state attorneys general as inadequate to resolve Live Nation's monopoly power, since it doesn't require Ticketmaster to be divested altogether, and state-level litigation is expected to continue.

MONOPOLY CAPITALI$M

Live Nation settles antitrust case with US Justice Dept, states object


By AFP
March 9, 2026


Live Nation has reached a tentative settlement with the Justice Department in the antitrust case brought against the US entertainment giant - Copyright AFP/File Giuseppe CACACE

Live Nation reached a tentative settlement with the US Justice Department on Monday in the federal antitrust case brought against the entertainment giant, a senior official said.

The settlement, which still requires the approval of a judge, comes just days after the start of an antitrust trial against Live Nation in New York.

The case was initiated under then-president Joe Biden when the Justice Department labeled Live Nation a monopolist that controlled virtually all live entertainment in the United States.

The settlement requires Live Nation, which owns Ticketmaster, to open up the ticketing platform to competitors and to allow other concert promotors to stage events at certain Live Nation venues, the official said.

Live Nation will also divest up to 13 amphitheaters and pay $280 million in damages to the nearly 40 states that were parties to the antitrust lawsuit against the California-based company.

New York and a number of other states declined to join the settlement, however, and said Monday that their litigation would continue.

“For years, Live Nation has made enormous profits by exploiting its illegal monopoly and raising costs for shows,” New York Attorney General Letitia James said.

“The settlement recently announced with the US Department of Justice fails to address the monopoly at the center of this case, and would benefit Live Nation at the expense of consumers,” James said in a statement.

“We will keep fighting this case without the federal government so that we can secure justice for all those harmed by Live Nation’s monopoly.”

Live Nation is a behemoth in its industry: in 2025 it organized more than 55,000 events worldwide, drawing 159 million attendees.

Beyond promotion, it holds stakes in 460 venues and, since 2010, has controlled Ticketmaster, the world’s leading ticket seller.

The Justice Department had accused Live Nation of abusing its dominant position to pressure artists and venues into signing with it, stifle competition, and impose excessive fees on fans.

The Trump administration’s decision to press forward with the case against Live Nation had surprised many observers, who had interpreted last month’s resignation of Justice Department competition chief Gail Slater as a sign the case would be dropped.

‘While No One’s Looking,’ Trump DOJ Settles Antitrust Case With Live Nation-Ticketmaster

“This settlement is the clearest sign yet that this administration serves big business, not the people.”

The Ticketmaster logo appears on a smartphone screen in the Apple app store on on March 6, 2026.
(Photo by Thomas Fuller/NurPhoto via Getty Images)

Jake Johnson
Mar 09, 2026
COMMON DREAMS

 Trump Justice Department on Monday reportedly reached a tentative deal with Live Nation—the owner of Ticketmaster—to settle a Biden-era antitrust lawsuit that aimed to break up the company, accusing it of illegally monopolizing the live entertainment industry.

News of the settlement, which would not require a breakup of Live Nation, came days after the trial began, with a lawyer for the Trump Justice Department’s decimated antitrust division saying last week that the company abuses its market power and earns its massive profits “through illegal action.” The antitrust division’s counsel in the case, David Dahlquist, was apparently not made aware of the settlement until he appeared in court Monday morning.

Lee Hepner, senior legal counsel at the American Economic Liberties Project, said it is “highly unorthodox for the Justice Department’s lead litigator to be left out of the loop on the settlement and highly prejudicial to the jury’s deliberations.”

“According to every observer, this trial was already going well for the Justice Department and states,” said Hepner. “They had just won summary judgment and a jury had already heard evidence of Live Nation’s longstanding pattern of retaliation against venues who had attempted to open the market to competition. State AGs are once again left to clean up the mess left by this Administration’s incompetence.”

Under the settlement, which must be approved by a judge, Live Nation “would pay a fine of up to $280 million and divest itself of at least 13 amphitheaters across the country as it opens up its ticketing processes so that competitors can share in the sale of tickets,” the Associated Press reported.

The National Independent Venue Association (NIVA), a trade group representing thousands of independent live entertainment venues, festivals, and promoters, noted in a statement that the reported $280 million settlement amount “is the equivalent of four days of [Live Nation’s] 2025 revenue, which means they could potentially make it back by this Friday.”

“The reported settlement does not appear to include any specific and explicit protections for fans, artists, or independent venues and festivals,” said Stephen Parker, NIVA’s executive director. “Reported details also indicate that ticket resale platforms could be further empowered through new requirements for Ticketmaster to host their listings, which would likely exacerbate the price gouging potential for predatory resellers and the platforms that serve them.”

“If these facts are true,” Parker added, “NIVA views this as a failure of the justice system.”

The antitrust lawsuit against Live Nation was filed in 2024 after a nearly two-year investigation launched amid mounting public outrage aimed at Ticketmaster, spurred in part by its botched presale of Taylor Swift concert tickets in 2022. Then-President Joe Biden’s Justice Department filed the complaint in partnership with 30 state attorneys general, most of whom vowed Monday to continue the fight without the Trump administration’s support.

“For years, Live Nation has made enormous profits by exploiting its illegal monopoly and raising costs for shows,” said New York Attorney General Letitia James. “My office has led a bipartisan group of attorneys general in suing Live Nation for taking advantage of fans, venues, and artists, and we are committed to holding Live Nation accountable.”

The settlement deal comes weeks after Gail Slater, the former head of the Justice Department’s antitrust arm, was pushed out by DOJ leadership. Prior to Slater’s removal, Live Nation executives and lobbyists had reportedly been negotiating the terms of a possible settlement with senior Justice Department officials outside of the antitrust office, heightening corruption concerns.

Emily Peterson-Cassin, policy director at the Demand Progress Education Fund, said in a statement that “this settlement amounts to a slap on the wrist that tinkers around the edges of the real problem: Live Nation’s monopoly.”

“Instead of breaking up Live Nation and Ticketmaster, Live Nation will now get to continue forcing the vast majority of live venues to use Ticketmaster,” said Peterson-Cassin. “Following the ousting of Gail Slater and the gutting of the government’s antitrust enforcement capabilities, this settlement is the clearest sign yet that this administration serves big business, not the people.”

AU

 

Poland has more gold than the European Central Bank and has no intention of slowing down

Copyright Narodowy Bank Polski

By Glogowski Pawel

Published on 20/01/2026 - EURONEWS

The National Bank of Poland has increased its bullion reserves to around 550 tonnes, valued at more than €63 billion.

The President of the National Bank of Poland (NBP), Adam Glapiński, has emphasised for years that gold plays a special role in the structure of reserves.

It is an asset free of credit risk, independent of the monetary policy decisions of other countries and is resistant to financial shocks.

High gold reserves also contribute to the stability of the Polish economy.

The bank's ambitions are far-reaching: the target is to have 700 tonnes of gold and the total value of bullion reserves to be around PLN 400 billion (€94 billion).\\

As recently as 2024, gold accounted for 16.86% of Poland's foreign exchange reserves. Estimates at the end of December 2025 showed a jump to 28.22%, marking one of the fastest changes in the structure of reserves among central banks worldwide.

The largest transactions were carried out in the final months of 2025, during a period of heightened market volatility and geopolitical tensions.

Poland is steadily increasing its gold reserves. Euronews/Paweł Głogowski

On the initiative of Glapiński, the NBP's management board has decided to further strategically increase the share of gold.

Glapiński announced earlier in January that he would ask the board to adopt a resolution to increase reserves to 700 tonnes of bullion.

Investing in gold

According to analyses by the World Gold Council, 2025 brought a continuation of the global trend of gold accumulation by central banks. With few exceptions, most countries increased their holdings, treating bullion as a strategic hedge against currency and financial crises.

In 2025, as many as 95% of central banks surveyed expect global gold holdings to increase over the next twelve months.

The reasons why central banks invest in gold are explained by Marta Bassani-Prusik, director of investment products and foreign exchange values at the Mint of Poland.

A worker lays out one kilogram gold cast bars at the ABC Refinery in Sydney, 30 April, 2025 AP Photo

"One of the key motivators for central banks is the independence of the gold price from monetary policy and credit risk. Equally important is asset diversification and reducing the share of the dollar and other currencies in reserves," she explains.

Experts point out that not all central banks report the full scale of their purchases. China or Russia are often pointed to in this context. Some market observers interpret these actions as part of preparations for an alternative money model, in which gold could play a much greater role than before.

More gold than the ECB

The information that Poland now holds more gold than the European Central Bank (ECB) is not only symbolic. The ECB manages the monetary policy of the eurozone, but its own gold reserves are relatively limited and the burden of owning bullion lies mainly with the national banks of the member countries.

The ECB's gold reserves amount to around 506.5 tonnes. Against this background, the scale of the NBP's holdings - 550 tonnes - is impressive and strengthens Poland's position in the European financial architecture.

However, critics of the NBP's extensive acquisition of gold point out that the funds earmarked for the purchase could be placed in bonds, which generate interest income. Indeed, gold does not provide current income.

The US Depository at Fort Knox opened for inspection for members of Congress, 24 September, 1974 AP Photo

Record prices and forecasts for 2026

The NBP's purchases have coincided with historic records for gold prices. Although the rate of listing growth may slow down in 2026, forecasts from major financial institutions remain optimistic. ING estimates an average price of around $4,150 per ounce, Deutsche Bank says $4,450 and Goldman Sachs raises its forecast to $4,900. In a scenario of strong global demand, J.P. Morgan allows for as much as $5,300 per ounce.

"Rising demand from central banks is a response to economic tensions and dynamic geopolitical changes. Although institutional purchases do not directly translate into prices, they indirectly influence the decisions of individual investors," Bassani-Prusik emphasises.

Relate

Gold returns to the favour of investors

For the NBP, gold is an element of the country's long-term financial security strategy.

As Mint of Poland experts note, the greater the uncertainty in the markets, the greater the interest in assets perceived as a "safe haven." There is also a growing awareness among retail investors of the role of gold in long-term capital protection.

However, some economists oppose this thesis and feel that a high proportion of gold may not meet the needs of flexible reserve management in a modern economy and funds could be better allocated in other, more productive investments.

Reaching 550 tonnes is an important milestone, but announcements of further purchases suggest that Poland has not yet said its last word. In a world of rising geopolitical tensions and a changing financial order, gold is once again becoming one of the key assets and Poland wants to be at the forefront of this game.

MONOPOLY CAPITALI$M

Barrick’s North America spin-off hinges on Newmont’s approval

Reuters | January 24, 2026 | 

Nevada Gold Mines is a joint venture between Barrick and Newmont. (Image courtesy of Barrick Mining.)

Canadian miner Barrick’s efforts to spin off its North American assets will hinge on the company’s joint venture partner Newmont, according to documents seen by Reuters and former Barrick executives that demonstrate a reversal of fortunes for two global mining companies.

Denver-based Newmont’s power over Barrick’s strategy is a significant change from a few years ago when the Canadian miner had hoped to buy Newmont’s minority stake in the Nevada mines. A decade earlier, Barrick tried to acquire Newmont.

Newmont has the first right of refusal if Barrick tries to sell its stake in Nevada Gold Mines (NGM), the company’s main North American asset, the documents show. Barrick owns 61.5% and Newmont 38.5% in the mine.

Last year, Barrick announced a restructuring of operations to carve out the North America business from riskier operations in the rest of the world, following former CEO Mark Bristow’s departure.

Barrick’s proposed initial public offering of North American assets includes NGM, Pueblo Viejo mine in the Dominican Republic and the underdeveloped Fourmile mine, also in Nevada.

In filings made with the US Securities and Exchange Commission, the joint venture agreement between Barrick and Newmont specifies that either party must offer its Nevada joint venture interest to the other member before it considers selling to a third party. Any transfer of shares requires the consent of the other party, the documents seen by Reuters show.

Barrick will also need Newmont to fund the capital for Fourmile, according to a person aware of the development which the miner has been touting as its future flagship asset and will also become part of the IPO. During a call with analysts in October 2025, Newmont’s incoming CEO Natasha Viljoen said the company was waiting for some information from Barrick before committing additional capital.

Barrick’s effort to restructure, potentially by splitting into two entities, is one of the most anticipated mining stories of 2026, given strong investor interest in gold bullion with prices hitting successive record highs. The company is expected to outline its plans in February during its Q4 earnings.

In an email response, Barrick said it respects the joint venture with Newmont and abides by all the terms. Newmont spokesperson said the company’s Nevada Gold Mines joint venture agreement has not changed from what is publicly available.

“Regarding Barrick’s potential IPO of its North American gold assets, Newmont does not have any information above and beyond what is in the public domain,” Newmont spokesperson said. The company did not comment on whether it will fund the Fourmile expansion.

Although Barrick shares jumped 130% in 2025, the company’s returns have been lower than its peers in the last five years, gaining 52% over the period while rival Agnico Eagle jumped 142%. Barrick is still considered undervalued.

Newmont’s say over the sale of the Nevada mines despite having only a minority stake in them is unusual, according to three executives aware of the restructuring efforts. The current contract was set up after years of back and forth between the companies, where Barrick in 2019 was keen to buy Newmont. The merger did not happen, and both companies struck a joint venture for Nevada.

“Newmont has done a really good job of being able to call the shots, it was not long ago that Barrick wanted to buy Newmont,” said a former executive of Barrick aware of the joint venture details.

Barrick had a tumultuous year in 2025. Mali’s military government seized its mine there and incarcerated its employees before the company negotiated a deal to get the mine back and its employees released. Barrick’s CEO left, and the company is looking to restore investor confidence under the leadership of chairman John Thornton.

Interim CEO Mark Hill is running the company while Barrick hunts for a new CEO, who must deal with large institutional investors such as BlackRock and activist firm Elliott. This month, Barrick appointed Helen Cai as new chief financial officer. The North America business is valued at around $42 billion and analysts expect the new company could trade better than the current combined entities.

On Friday shares of Barrick were trading up by 1.90% at the Toronto Stock Exchange and Newmont shares were trading up 1.52% at New York Stock Exchange.

(By Divya Rajagopal; Editing by Caroline Stauffer, Veronica Brown and David Gregorio)

Mali’s president tightens direct control over key mining sector

Reuters | January 22, 2026 | 

Colonel Assimi Goïta. (Image:f Mali’s Presidence Office.)

Mali’s military leader has created a new ministerial-level role to oversee the mining sector, strengthening the presidency’s direct oversight of the critical gold industry, and appointed a former Barrick Mining executive to fill it.

Legal documents governing the role show the minister will have powers to supervise mining policy implementation, monitor compliance with the mining code, and review reports submitted by title holders – responsibilities previously handled by the mines ministry.

According to a January 19 presidential decree, Hilaire Bebian Diarra, an earth-science specialist who switched from Barrick to the government last year while leading negotiations for the company over control of the Loulo-Gounkoto complex, has been appointed to the role.

The Malian national was named special adviser to the presidency during the bitter dispute over Mali’s top industrial gold mine, as Assimi Goita’s government pushed for higher taxes and greater state participation in mining projects.

The move was widely seen as a strategic blow to the Canadian miner.

Diarra was not immediately available for comment.

Stronger structures to oversee mining

Mali is one of Africa’s biggest gold producers, and several national mining forums in recent years have urged the creation of stronger structures to oversee security, compliance, and community impacts in its mining industry.

A senior government official said the presidency has assumed the lead on mining oversight, with key exploitation permits decided by the presidency and contract talks – including the Barrick dispute – also run from the presidential palace.

The finance ministry meanwhile now fronts fiscal matters, and the mining ministry focuses on regulation.

Diarra’s elevation comes as Mali tightens its grip on the mining sector, its biggest revenue generator, under a 2023 mining code that helped recover 761  billion CFA francs ($1.2  billion) in arrears, the government said in December.

The tougher code rattled miners and triggered a two-year standoff with Barrick, pushing industrial gold output down by 23% in 2025, provisional mines ministry data showed.

(By Tiemoko Diallo; Editing by Maxwell Akalaare Adombila, Jessica Donati and Jan Harvey)