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Alice Queen (ASX:AQX) is a gold exploration company focused on district-scale discoveries and near-term production opportunities. Its flagship asset is the Viani Gold Project in Fiji, where early drilling indicates a major epithermal gold system, comparable to other systems along the Pacific Ring of Fire. Fiji itself hosts the 10 Moz Vatukoula Gold Mine, underscoring the region’s proven prospectivity. With a portfolio spanning both the Pacific Ring of Fire and Australia’s most prolific gold belts, Alice Queen combines strong geological potential with strategic access to capital.

The company’s secondary asset, Horn Island, hosts over half a million ounces of gold in a JORC-compliant resource. A 2021 scoping study indicated an NPV of more than AU$500 million, based on an internal update using AU$5,000/oz gold. Ongoing discussions with development partners aim to unlock value from this project, which has the potential to generate over AU$800 million in free cash flow across an eight-year mine life.

Alice Queen’s shareholder base is anchored by Gage Resource Development (51 percent) and supported by significant, well-funded Australian investors with a long-term outlook. The company is advancing a balanced strategy focused on drilling success, strategic partnerships, and asset-level monetization.

Company Highlights

  • High-impact Discovery at Viani in Fiji: Drilling at the Viani project has confirmed a significant low-sulphidation epithermal gold system with mineralization over a ~5 km strike, with assay results from recent drilling expected imminently.
  • Established Gold Resource at Horn Island: The Horn Island project hosts a 524,000 oz JORC-compliant gold resource and is being advanced through potential development partnerships, offering near-term monetization opportunities.
  • Strategic Financial Backing: Backed by major shareholder Gage Resource Development, a subsidiary of Beijing-based Gage Capital (US$1.6 billion AUM), ensuring access to growth capital and long-term support.
  • Exceptional Leadership: Led by a highly experienced management team with a successful track record in global business and resource development.

This Alice Queen Limited profile is part of a paid investor education campaign.*

Click here to connect with Alice Queen (ASX:AQX) to receive an Investor Presentation

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Copper has become a hot topic due to its role in the green energy transition and its necessity for urbanization. However, the lack of incoming supply in the long term has experts concerned.

Due to its importance in construction, energy transmission and new technologies, copper is a critical metal needed to power the future of our society. However, mined supply has not kept pace with demand, with few new operations coming online, and older mines facing decreasing grades and lower outputs.

The term “peak copper” was coined because some experts believe that copper reserves may be diminishing. According to the US Geological Survey (USGS), more than 700 million metric tons of copper have been mined throughout history, and current economic global copper reserves stand at 980 million metric tons.

Nearly all of that mined copper is still in circulation, as the red metal’s recycling rate is higher than that of any other engineering metal, but it is still not enough to keep up with escalating demand. As a result, it’s prudent to know the top copper reserves by country, especially when considering investing in the copper mining industry.

Reserve data for this article was sourced from the USGS’s 2025 Mineral Commodity Summary and supplemented with datasets from Mining Data Online (MDO) and the UN Comtrade Database.

Top 5 copper reserves by country

The countries with the largest copper reserves are Chile, Australia, Peru, the Democratic Republic of Congo (DRC) and Russia. These five countries hold more than 55 percent of the world’s total copper reserves and will be critical to a world with soaring demand for copper.

Read on to learn about these copper kingpins.

1. Chile

Copper reserves: 190 million metric tons

Chile holds the largest copper reserves globally at 190 million metric tons, nearly as much as Australia and Peru hold combined. Additionally, Chile is also the world’s top copper producer, with its 5.3 million metric tons of copper in 2024 representing nearly a quarter of global output.

The mining industry is essential to the Chilean economy, making up more than 50 percent of the country’s exports and contributing US$40 billion of its GDP in 2023. Copper alone accounting for more than US$29 billion of that total.

Due to the sheer quantity of copper in the country, it should come as no surprise that Chile is home to the world’s largest copper mine, Escondida. According to MDO, Escondida produced 927,000 metric tons of copper in concentrate in 2024 and sits atop proven and probable copper reserves of 37.62 million metric tons. The mine is a 57.5/30/12.5 joint venture between BHP (ASX:BHP,NYSE:BHP,LSE:BHP), Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) and Japan’s JECO.

2. Australia

Copper reserves: 100 million metric tons

Australian copper reserves are pegged at 100 million metric tons, tying it for the second largest country by copper reserves. The resource industry is an essential sector in Australia, contributing AU$385 billion during the 2024/2025 fiscal year. Of that, copper was the sixth largest contributor with AU$13.2 billion, a AU$1.8 billion increase over 2023/2024.

While Australia hosts significant copper reserves, it lags the other countries on the list with similarly sized reserves in terms of production at 800,000 metric tons in 2024. More than a quarter of that came from BHP’s Olympic Dam mine in South Australia, which produced 216,000 metric tons of copper cathode. The polymetallic mine contains substantial proven and probable copper reserves totaling 10.68 million metric tons.

Another significant operation in Australia is Newmont’s (TSX:NGT,NYSE:NEM,ASX:NEM) Cadia Valley mine, which hosts probable reserves of 3.1 million metric tons of contained copper. Cadia Valley produced 87,000 metric tons of copper in concentrate in 2024.

2. Peru

Copper reserves: 100 million metric tons

Copper reserves in Peru stand at 100 million metric tons, tying it with Australia for the second largest copper country. Much like its neighbor Chile, copper is an essential part of Peru’s economy, accounting for 49 percent of the value of its US$47.7 billion in mining exports.

Peru is home to some of the world’s biggest mining operations, and produced 2.6 million metric tons of copper last year. Two mines accounted for a third of the country’s total output.

The top producer in the country is the Cerro Verde Complex, a 55/21/19.6 venture with Freeport-McMoRan (NYSE:FCX), Sumitomo Metal Mining (TSE:5713) and Minas Buenaventura (NYSE:BVN). Cerro Verde hosts hosts proven and probable reserves of 11.45 million metric tons of copper and produced 949 million pounds of copper metal in concentrate in 2024.

Not to be outdone, the second highest is Antamina, a 33.75/33.75/22.5/10 joint venture between BHP, Glencore (LSE:GLEN,OTC Pink:GLCNF), Teck Resources (TSX:TECK.B,TSX:TECK.A,NYSE:TECK) and Mitsubishi (TSE:8058). Last year, output at the mine fell just short of Cerro Verde’s at 941 million pounds of copper in concentrate. Antamina hosts a proven and probable reserve of 4.53 million metric tons of contained copper.

The mine with the largest copper reserves in Peru is Southern Copper’s (NYSE:SCCO) Toquepala mine, home to 13.79 million metric tons of copper in proven and probable reserves. The mine produced 496 million pounds of copper in concentrate last year.

4. Democratic Republic of Congo

Copper reserves: 80 million metric tons

Copper reserves in the Democratic Republic of Congo stood at 80 million metric tons in 2024, making it the fourth largest country by copper reserves. The DRC’s economic copper reserves have seen a staggering rise in recent years, climbing from an estimated 19 million metric tons in 2019.

The mining sector has been critical to GDP growth in the DRC, with copper being the largest contributor. World Bank reports that the extraction sector has outpaced other segments of the DRC’s economy, increasing 12.8 percent in 2024, while non-mining sectors grew by only 3.2 percent.

According to data from the United Nations, in 2023 the DRC exported US$17 billion in refined copper and unwrought alloys, a large jump from US$7.34 billion in 2019. The country’s copper ore exports contributed US$2.16 billion in 2023, nearly double the US$1.11 billion four years prior.

Among the contributing factors in the rise in mining and export activity has been the development of the Lobito Corridor, which connects mineral-rich regions in Zambia, the DRC and Angola to the port at Lobito in Angola.

This link allows greater access for large-scale operations like Ivanhoe Mines (TSX:IVN) and Zijin Mining’s (HKEX:2899,SHA:601899) Kamoa-Kakula complex in the Southern DRC. One of the largest copper operations in the world, Kamoa-Kakula hosts a probable reserve of 17.69 million metric tons of contained copper and produced 964 million pounds of copper in concentrate in 2024.

4. Russia

Copper reserves: 80 million metric tons

Russia’s copper reserves are estimated to be 80 million metric tons, tying it with the DRC. While commodities are important to the Russian economy, contributing US$417 billion in 2024, the metals sector represented 15 percent of that total at US$60 billion.

Russia has been under significant sanctions since it invaded Ukraine in February 2022. According to the UN Comtrade Database, Russia’s copper exports from in 2021 were valued at US$5.98 billion.

In 2024, Russia produced 930,000 metric tons of copper, an increase from the 890,000 metric tons produced in 2023. Among the main contributing factors was a ramp-up in production at Udokan Copper’s Udokan mine in Siberia, which was expected to produce 135,000 metric tons in 2024 and, according to the mine’s website, hosts a JORC-compliant copper resource of 26.7 million metric tons.

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

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The latest addition to the pool of Democrats seeking to challenge Sen. Susan Collins, R-Maine, is doubling down on Zohran Mamdani-style socialism, says the chief of Maine’s Republican Party.

Democrat Graham Platner launched his campaign highlighting his history as an Army and Marine veteran as well as an oyster farmer, but state GOP chief Jason Savage told Fox News Digital that rural accolades aren’t policy positions. He pointed to Platner’s hiring of a top Mamdani adviser, Morris Katz, to produce his campaign launch video.

In that video, Platner rails against the ‘oligarchy’ and endorses universal healthcare. His website features messaging that claims the U.S. has a ‘billionaire economy,’ and that – if elected – Platner would view it as a key part of his job ‘to dismantle’ it.

‘Graham Platner is Maine’s Mamdani,’ Savage told Fox News Digital in an interview. ‘He brought in the Mamdani team to support his campaign. He’s out doing a lot of work with socialist groups.… He’s a Bernie bro.’

‘What we’re seeing here is the exporting of the Mamdani ideology to the state of Maine because they think that they can gain ground in a small state where things aren’t as expensive,’ he added.

‘You can look through Graham Platner’s donor history, and you can see that he donated to Harris for President, Bernie Sanders, Ilhan Omar,’ he continued, arguing that far-left candidates are a major threat to the Democratic Party.

Platner’s campaign did not immediately respond to a request for comment from Fox News Digital.

‘If common-sense Democrats, and then the leadership like [Sen.] Chuck Schumer don’t do something and say that isn’t the future of our party, then they’re gonna run in a bunch of these races. and we’re gonna beat them,’ he said.

Savage argued that the Democratic Party’s embracing of the far-left is a ‘double-edged sword.’ He said Democratic candidates can’t succeed without the ‘extreme wing’ of the party, and now ‘they’ve created a monster that they don’t have the ability to control.’

‘In the long run, it’s going to be catastrophic for them. I mean, Graham Platner advocates for allowing men to be in girls’ and women’s sports,’ Savage said. ‘He advocates for all sorts of policies that are very, very unpopular, and the Democrats can’t say anything to stop that.’

The Democratic challenger list against Collins is growing, and reports say those already in office are trying to tap Janet Mills, the state’s 77-year-old Democratic governor, for the seat.

Republicans currently control the majority of the Senate by a 53-47 margin. Democrats would need to flip four seats in the 2026 midterm elections to take the majority. 

A spokesperson for Collins told Fox News Digital that Platner is ‘just another progressive entering the race.’

Fox News’ Pilar Arias contributed to this report 

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A judge on Thursday found that Alina Habba was unlawfully serving in the role of acting U.S. attorney of New Jersey after President Donald Trump sidestepped typical processes to keep her in charge.

Judge Matthew Brann said Habba has not been the rightful temporary U.S. attorney for New Jersey since July 1, a ruling that follows two criminal defendants in New Jersey challenging her appointment in court, alleging it was unconstitutional.

‘Faced with the question of whether Ms. Habba is lawfully performing the functions and duties of the office of the United States Attorney for the District of New Jersey, I conclude that she is not,’ Brann wrote in a 77-page order.

Habba, Trump’s former personal defense lawyer, had been serving as interim U.S. attorney, but when her term expired last month, Trump and Attorney General Pam Bondi used loopholes in federal vacancy laws to install her as ‘acting’ rather than ‘interim’ U.S. attorney.

One of the defendants in the district, Julien Giraud, alleged that the moves violated his constitutional rights because of the string of unconventional actions it took to attempt to keep Habba in the role.

Brann, an Obama appointee serving in the Middle District of Pennsylvania, agreed and found Habba could not prosecute Giraud or another defendant who challenged Habba’s position.

Brann is presiding over the matter after the chief judge of the Third Circuit Court of Appeals, which covers New Jersey and Pennsylvania, decided the case presented too much of a conflict for New Jersey’s federal judges.

The New Jersey judges made the rare decision to decline to extend Habba’s term and instead appointed career attorney Desiree Grace to the job. Trump and Bondi fired Grace, withdrew Habba’s nomination as permanent U.S. attorney and then reinstated Habba as acting U.S. attorney, which they said kept Habba in charge for at least another 210 days under federal statute.

Fox News Digital reached out to a spokeswoman for Habba for comment.

This is a developing story. Check back for updates.

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The Pentagon has created a new medal for service members who’ve deployed to the southern border to assist federal law enforcement with President Donald Trump’s crackdown on illegal immigration. 

The Pentagon unveiled plans for a Mexican Border Defense Medal for U.S. troops serving with Joint Task Force Southern Border, according to a new memo the Pentagon released Aug.13 that was shared on social media. 

A U.S. defense official confirmed the authenticity of the memo to Fox News Digital Wednesday. 

Now, service members will receive the Mexican Border Defense Medal (MBDM) instead of the Armed Forces Service Medal (AFSM) like they previously earned for supporting Customs and Border Protection at the border, the memo said. 

The Armed Forces Service Medal, originally created in 1996 by former President Bill Clinton, is awarded to troops who have participated in a military operation with ‘significant activity,’ but didn’t encounter foreign armed opposition or imminent hostile action, according to a U.S. Army description of the medal. 

The Pentagon said in July that approximately 8,500 military personnel are assigned to Joint Task Force Southern Border, and have been tasked with responding to security threats there. The task force got underway in March and completed approximately 3,500 patrols between then and July, according to the Pentagon. 

Those eligible for the award must have deployed since Jan. 20 to support Customs and Border Protection, and served within 100-nautical miles from the international border shared with Mexico in either Texas, New Mexico, Arizona or California. 

Those who’ve also served in adjacent waters up to 24 nautical miles away from the border also are eligible. 

‘Service members must have been permanently assigned, attached, or detailed to a unit that deployed to participate in a designated DoD military operation supporting CBP within the (area of eligibility) during the (period of award) for 30 consecutive or nonconsecutive days,’ the memo said. 

Those who already have received the Armed Forces Service Medal for service at the southern border may appeal to receive the new award but are ineligible to receive both, according to the Pentagon. 

‘Service members and Veterans previously awarded the AFSM for DoD support to CBP may apply to their respective Military Service for award of the MBDM in lieu of the AFSM previously awarded to recognize such service; however, no Service member or Veteran may be awarded both the AFSM and the MBDM for the same period of qualifying service,’ the memo said. 

The Pentagon, per the direction of the president, has established four national defense areas along the border, bolstering U.S. troops’ capacity to assist Customs and Border Protection under the task force. 

The national defense areas operate under military jurisdiction, paving the way for U.S. troops to detain trespassers. Without placing these stretches of land under military jurisdiction, U.S. troops were barred from doing so under existing federal law. 

‘Through these enhanced authorities, U.S. Northern Command will ensure those who illegally trespass in the New Mexico National Defense Area are handed over to Customs and Border Protection or our other law enforcement partners,’ Air Force Gen. Gregory Guillot, commander of U.S. Northern Command, said in an April statement. ‘Joint Task Force Southern Border will conduct enhanced detection and monitoring, which will include vehicle and foot patrols, rotary wing and fixed surveillance site operations.’

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Ukrainian President Volodymyr Zelenskyy said he wants a ‘strong reaction’ from the U.S. government if Russian President Vladimir Putin does not sit down with him for a bilateral meeting.

This comes as U.S. President Donald Trump is seeking to broker a peace agreement between the two countries that have been at war since Moscow’s February 2022 invasion of Ukraine, although Trump has conceded that Putin may not be prepared to make a deal.

Zelenskyy has said he has already agreed to a proposed meeting with Putin.

‘I responded immediately to the proposal for a bilateral meeting: we are ready. But what if the Russians are not ready?’ Zelenskiy said at a news briefing in Kyiv on Wednesday.

‘If the Russians are not ready, we would like to see a strong reaction from the United States,’ he added.

Trump separately met with both leaders in the past week, with Zelenskyy visiting the White House along with other European leaders earlier this week and the U.S. president meeting Putin in Alaska last week.

The White House has said Putin was willing to meet with his Ukrainian foe after a phone call this week with Trump.

‘President Trump spoke with President Putin by phone, and he agreed to begin the next phase of the peace process, a meeting between President Putin and President Zelenskyy, which would be followed, if necessary, by a trilateral meeting between President Putin, President Zelensky and President Trump,’ White House press secretary Karoline Leavitt told reporters on Tuesday.

The path toward peace between the two sides remains uncertain despite U.S. efforts for diplomacy, as the U.S. government and its allies attempt to work out potential security guarantees for Ukraine.

Zelenskyy said it was unclear what concessions about territory Russia was willing to make to end the conflict. Trump has previously said Kyiv and Moscow would both need to cede territory.

‘To discuss what Ukraine is willing to do, let’s first hear what Russia is willing to do,’ Zelenskyy said. ‘We do not know that.’

Reuters contributed to this report.

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The Trump administration scored a major victory in the Supreme Court Thursday as the justices, in a 5-4 order, cleared his administration to slash more than $783 million in National Institutes of Health (NIH) research grants tied to diversity, equity and inclusion initiatives, LGBTQ issues and other hot-button topics.

The unsigned majority order said NIH ‘may proceed with terminating existing grants’ while leaving in place a partial block on issuing new directives. 

The move delivers a political win for Trump’s broader push to roll back DEI programs across the federal government.

The decision overturns rulings by lower courts that had blocked the cuts. In June, U.S. District Judge Angel Kelley of Massachusetts called the administration’s actions ‘arbitrary and capricious’ and said NIH had ‘failed to provide a reasoned explanation’ for cutting grants midstream. The 1st Circuit upheld her injunction in July, setting up Trump’s emergency appeal to the Supreme Court.

The Justice Department argued in its July 24 filing that leaving the injunction in place ‘forces NIH to continue funding projects inconsistent with agency priorities’ and warned the order ‘intrudes on NIH’s core discretion to decide how best to allocate limited research funds.’

Opponents framed the cuts as ideological. The American Public Health Association warned that ‘halting these grants would devastate biomedical research across the country, disrupting clinical trials and delaying urgently needed discoveries’ and said ‘the administration has offered no scientific basis for these cancellations — only ideology.’ 

A coalition of Democrat-led states led by Massachusetts argued that ‘patients should not be collateral damage in a political fight.’

News outlets stressed the stakes of Thursday’s decision. 

The Associated Press described the ruling as the court letting Trump cut $783 million in research funding ‘in an anti-DEI push.’ 

Reuters reported that ‘the Supreme Court in a 5–4 order cleared the way for the Trump administration to cut diversity-related NIH grants, though it left in place part of the ruling blocking new restrictions.’

Research groups warned of the cuts’ fallout. The Association of American Universities said the cuts ‘risk chilling scientific inquiry by discouraging researchers from pursuing politically sensitive topics.’ 

Scientists cautioned the decision could derail progress on diseases such as cancer and Alzheimer’s, even as the broader legal fight continues in the 1st Circuit and may return to the Supreme Court.

The Associated Press contributed to this report.

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A ticket-reselling operation used a network of fake accounts to bypass Ticketmaster’s security protocols to grab hundreds of thousands of tickets to hugely popular tours for artists like Taylor Swift and Bruce Springsteen and then re-sold them for millions, federal regulators said Monday.

The Federal Trade Commission alleges the operation used illicit software that masked IP addresses, as well as repurposed credit cards and SIM phone cards, as part of the scheme. It was run through various guises, like TotalTickets.com, TotallyTix and Front Rose Tix, but was run by three key individuals, the agency said.

In total, the group is accused of buying 321,286 tickets to 3,261 live performances from June 2022 to December 2023, in bunches of 15 or more tickets to each event at a total cost of approximately $46.7 million and then reselling them for $52.4 million, netting approximately $5.7 million.

Taylor Swift.Lewis Joly / AP file

That includes $1.2 million from reselling tickets in 2023 for Taylor Swift’s record-breaking “The Eras Tour.” In one instance, the suspects used 49 different accounts to purchase 273 tickets for Swift’s March 2023 tour stop in Las Vegas, vastly exceeding Ticketmaster’s six-ticket limit, which they then sold for $120,000, the FTC alleges.

Another part of the alleged scheme involved using friends, family and paid strangers to open Ticketmaster accounts. The FTC says the defendants at one point printed up flyers in places like Baltimore claiming that participants could “make money doing verified van sign ups” in just “3 easy steps,” earning $5 for the account creation and $5 to $20 each time they received a Verified Fan presale code.

Ticketmaster came in for heavy criticism after fans complained of faulty technology and eye-watering prices for 2022 sales for Taylor Swift and Bruce Springsteen’s tours. The Verified Fan pre-sale for Swift’s tour crashed its site, which it blamed on “bot attacks” and bot fans who didn’t have invite codes. It was subsequently forced to postpone the sale date for the general public seeking tickets to Swift’s tour “due to demands on ticketing systems and insufficient remaining ticket inventory.”

In response, Swift alluded to broken “trust” with Ticketmaster, though she didn’t name it directly.

“It’s really difficult for me to trust an outside entity with these relationships and loyalties, and excruciating for me to just watch mistakes happen with no recourse,” she wrote in an Instagram message in 2022, adding: “I’m not going to make excuses for anyone because we asked them multiple times if they could handle this kind of demand and we were assured they could.”

Springsteen said in a statement at the time that “ticket buying has gotten very confusing, not just for the fans, but for the artists also” but that most of his tickets are “totally affordable.”

In March, President Donald Trump signed an executive order focused on curbing exploitative ticket reselling practices that raise costs for fans.

On Monday, FTC Chairman Andrew N. Ferguson said Trump’s order made clear ‘that unscrupulous middlemen who harm fans and jack up prices through anticompetitive methods will hear from us.”

“Today’s action puts brokers on notice that the Trump-Vance FTC will police operations that unlawfully circumvent ticket sellers’ purchase limits, ensuring that consumers have an opportunity to buy tickets at fair prices,” he said in a statement.

Ticketmaster itself has remained under federal scrutiny for violating a prior agreement to curb what regulators said was anti-competitive behavior. In 2024, the Justice Department and FTC under President Joe Biden opened a lawsuit against Ticketmaster’s parent company, LiveNation, that accused it of monopolizing the live events industry.

It was not immediately clear whether that suit is still active. In July, the parent company of the alleged operation charged Monday by the FTC, Key Investment Group, sued the agency to block its pending investigation into its sales practices, saying that ticket purchases on its site did not use automated software, or bots, and did not violate the 2016 Better Online Ticket Sales (BOTS) Act.

Representatives for the FTC and Justice Department did not respond to a request for comment. Ticketmaster is not accused of wrongdoing in the latest suit. It did not respond to a request for comment.

Strangely, in the latest complaint, the FTC includes a slide from an internal Ticketmaster presentation from 2018 that suggests the company was weighing the economic impact of imposing stricter purchasing caps that would curb bots but potentially hurt its finances. On a page labeled “evaluating potential actions” a data table is shown under the heading “serious negative economic impact if we move to 8 ticket limit across the board.”

It also includes an email from one of the defendants in which he “owns up” to having exceeded the ticket-purchase limit for a May 2024 Bad Bunny show in Miami and offers to have the orders canceled, to which a Ticketmaster rep simply responds that “as long as the purchases were made using different accounts and cards, it’s within the guidelines.”

Efforts to reach the three defendants — Taylor Kurth, Elan Rozmaryn and Yair Rozmaryn — named in the suit announced Monday were unsuccessful. In 2018, Kurth signed a deal, or consent decree, with regulators in the state of Washington that committed him to not use software designed to circumvent companies’ security policies.

The FTC is seeking unspecified damages and civil penalties against the defendants.

CORRECTION (Aug. 19, 2025, 11:41 a.m. ET): An earlier version of this article incorrectly named a party suing the FTC and which investigation it was suing over. Key Investment Group, the parent of the alleged operation cited in the suit filed Monday by the FTC, sued the agency in July to halt an investigation into its practices. Ticketmaster and its parent, Live Nation, are not directly involved in that investigation or Key’s suit against the agency.

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Best Buy is launching a third-party marketplace, as it tries to bulk up the variety of merchandise it offers and reverse slower sales.

Starting on Tuesday, shoppers who go to Best Buy’s website and app will see products and brands that weren’t available there before, including more tech-related accessories like custom video game controllers and some nontech items including seasonal decor and sports collectibles.

The company’s online marketplace riffs off those of other retailers, such as Amazon and Walmart, by relying on third-party sellers to stock, sell and ship inventory and taking a cut of their sales in the form of a commission.

“Everything we do is really centered around the customer and their technology needs, and we do see customers actually doing a lot of consumer electronics transactions through marketplaces,” Chief Customer, Product and Fulfillment Officer Jason Bonfig said. “And as a result of that, we need to make adjustments to be where the customer’s at.”

He said Best Buy noticed gaps in its assortment that the new platform will help it fill. For instance, Bonfig said the company didn’t carry batteries for some older cameras or cases for older smartphones. And it didn’t offer some items that complement Best Buy purchases, such as furniture that goes around a big-screen TV or cookware to use with a new kitchen appliance.

Along with adding those items, the marketplace makes it possible for smaller vendors with innovative products to sell on Best Buy’s website when they’re not yet big enough to make or distribute the volume needed for its stores, he added.

Best Buy’s marketplace launches at a time when its business could use a boost. Its annual sales have declined over the past three years as the company contends with a sluggish housing market, selective consumer spending and a decline in device replacements after a spike in tech purchases during the Covid pandemic.

The company cut its sales outlook in May and said it expects full-year revenue to range from $41.1 billion to $41.9 billion. That would be similar to Best Buy’s annual revenue of $41.5 billion in the most recent fiscal year, but below the numbers it posted in the years leading up to and during the pandemic.

Best Buy will share its most recent earnings results and sales forecast on Aug. 28.

Tariffs have complicated the backdrop for Best Buy, too, since the higher duties have added costs for consumer electronics vendors and distracted them from other priorities like research and development that leads to new and innovative products, said Jonathan Matuszewski, a retail analyst at Jefferies. He said Best Buy tends to win sales instead of big-box or online competitors when there’s a leap forward in technology.

With the platform’s launch, Best Buy joins other retailers that have jumped on the trend of introducing or expanding third-party marketplaces. Lowe’s and Nordstrom started marketplaces last year. Ulta Beauty plans to launch its own later this year. And Target said it will expand its existing marketplace, Target Plus.

On Best Buy’s earnings call in May, CEO Corie Barry described the third-party marketplace as one of the company’s strategic priorities for the year. She said that new profit stream “is even more important in this environment” and will provide greater flexibility with the range of items and price points.

Plus, she said the marketplace supports the company’s growing advertising business. Sellers can buy ads for their products, including by paying for better placement in search results.

Marketplaces and the advertising opportunities that come with them tend drive higher profits for retailers, said Justin MacFarlane, a managing director for the global retail group of AlixPartners. Sellers buy, stock and ship products instead of the retailer, and take on both the expense of buying inventory and the risk that they may have to mark down unwanted items, he said.

Yet the business model comes with risks, too, he said. For instance, sellers may not have the same standards as a retailer and it could anger a retailer’s customers if they send products in torn boxes, with missing pieces or days later than expected. And he said retailers can flood their websites with so many different categories, brands and products that they overwhelm customers with choices that seem irrelevant to their company’s identity.

“You get addicted to the growth and more is more until it’s not,” he said.

At launch, Best Buy’s marketplace will have about 500 sellers, Bonfig said. He said the company vetted applicants and whittled them down to the ones who can provide a high-quality customer experience. The sellers must match Best Buy’s return policy, he added.

Customers can return purchases either directly to the seller or to Best Buy stores, he said.

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