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Anfield wants approval to restart Colorado's uranium-vanadium mine
Anfield Energy announced on Wednesday that it had applied to the state for approval to restart the JD-8 uranium-vanadium mine, which was previously producing in Colorado. This will allow the company to resume production in the second quarter of 2026. Due to the poor market conditions that made production uneconomical, JD-8's uranium-vanadium project is currently inactive. The Burnaby-based Canadian company has submitted its application at a time when the Trump administration is intensifying efforts to boost U.S. security of energy by reducing reliance on imported Uranium and revitalising nuclear sector. The federal government has increased its support for restarting nuclear reactors and for accelerating the permits for new uranium project due to an increase in power demand related to AI-related data centers and other infrastructure. Anfield CEO Corey Dias said, "This JD-8 permitting milestone is a crucial step in Anfield’s strategy to restore U.S. uranium capacity." JD-8, with its strong market fundamentals and rising demand in the United States, is well positioned to supply high-grade uranium for the American fuel cycle. The Shootaring Canyon Mill is one of the only three conventional uranium-milling facilities in the U.S. The Trump administration approved Anfield’s proposed Velvet-Wood Uranium Mine Project in Utah after a rapid environmental review of 14 days as part of a process to speed up permitting for energy and mining projects. The Trump administration announced on Tuesday that it had loaned Constellation Energy $1billion to restart its reactor at the Pennsylvania plant, formerly known by the name Three Mile Island. This was the site of the 1979 nuclear accident which caused the worst commercial nuclear power disaster in U.S. History. (Reporting from Sumit Saha, Bengaluru. Editing by Tasim Zaid)
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Saudi Arabian crude exports reach a seven-month high during September
Saudi Arabian crude oil exports reached a record high of seven months in September, according to data released by the Joint Organizations Data Initiative on Wednesday. The world's biggest oil exporter has increased its crude exports to 6,460 million barrels of oil per day (bpd), a slight increase over August's 6.407 millions bpd and the highest level since February. Saudi Arabian crude production, on the other hand, reached a peak of nearly 2.5 years, 9.966 millions bpd, in September. This was its highest level since April 2023. In August, the output was 9.722 millions bpd. JODI publishes the monthly export figures of Saudi Arabia and its other OPEC member countries. JODI data showed that the refinery crude throughput rose by 1.3% to 2.940 millions bpd during September. Direct crude burning fell by 122,000 to 485,000 bpd. "OPEC+ Group of Eight decided in September to unwind its production cut, with Saudi Arabia increasing production by 244,000 bpd but with crude oil and refined products exports only up by a fraction of that," said UBS Analyst Giovanni Staunovo. The difference in inventory must have been consumed by domestic consumers. OPEC+ increased its production targets by 2.9 million barrels a day, or 2.7% of the global supply. However, the group agreed to pause the increase in the first quarter next year, as it moderates plans to regain the market due to growing fears of a glut. OPEC+ pumped a total of 43.02 millions barrels per day during October, OPEC announced last week. This is down 73,000 bpd compared to September. According to a report, if OPEC+ continues pumping at the same rate as in October, the world's oil market will have a surplus of 20,000 barrels per day. Last week, the International Energy Agency (IEA), said that there will be a surplus of up to 4,09 million barrels a day on the market next year. Saudi Arabia will export crude oil worth at least 36,000,000 barrels to China by December. (Reporting and editing by Alexandra Hudson in Bengaluru, Noel John is in Bengaluru.
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Novak: Russia will reach OPEC+ quotas by the end of 2025, or early 2026.
Alexander Novak, Deputy Premier of Russia, told reporters that the country will reach its OPEC+ production quota at the end or beginning of 2026. I think it will happen in the next few weeks, or maybe even by the end of this year or the beginning of next year. Novak replied, "We'll see what the companies do," when asked about when Russia will reach its quota. The Russian quota is around 9.5 million barrels of oil per day for November. Novak stated that Russia increased its oil production steadily in November, and the rate of growth was slightly higher than October when the country missed its quota for 70,000 barrels a day. Novak stated that Russia's liquid hydrocarbon production for this year has not been changed. It remains at 510 millions tons. He claimed that the U.S. sanctions imposed on Rosneft in October as a result of the failure to reach a peace agreement in Ukraine have not affected oil production in Russia. He stated that Russia had fully compensated for its previous overproduction of oil under the OPEC+ agreement and that it did not intend to voluntarily lower output. Novak said that domestic fuel prices are stabilising thanks to the export restrictions, lower demand, and refineries coming back from maintenance. Retail prices are also beginning to fall. Reporting by Olesya Almakhova; Writing by Felix Light, Editing by Mark Trevelyan
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UK declares'military option ready' after Russian ship uses lasers to target RAF pilots
British Defence Minister John Healey stated on Wednesday that "military alternatives" were ready in the event the Russian spy vessel Yantar became a threat. The ship had directed lasers towards British pilots who were sent to monitor it. Since the Russian invasion of Ukraine in 2022, Britain's Royal Navy (RN) and Royal Air Forces (RAF), regularly shadow potential threats to national safety. Such missions to monitor Russian vessels or submarines are becoming more frequent. Healey stated that aiming lasers at RAF aircraft was "deeply hazardous" and Britain would react based on the Yantar’s next move. Healey stated that "we have military options available should Yantar change its course." He said that the Yantar, which is designed to gather intelligence and map undersea cables, was currently located on the British coast, north of Scotland. This is the first time that Yantar has taken this action against the British RAF. Healey stated that they take the matter very seriously. I have changed the rules of engagement for the navy so that we can monitor and follow the Yantar's activities more closely when it is in our larger waters.
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As stocks stabilize, copper prices rise amid supply concerns
The copper price recovered on Wednesday, as some investors saw the recent pullback as a good entry as stock markets stabilized and amid persistent concerns about supply. By 1030 GMT, the benchmark three-month price of copper at the London Metal Exchange had risen by 0.9% to $10.812 per metric ton. LME copper fell nearly 5% on Tuesday, when it reached a low of about two weeks after hitting a record high of $11,200 on October 29. Ole Hansen is the head of commodity strategy for Saxo Bank, Copenhagen. "I think that there is some positive sentiment in the metals markets as well," he said. "In copper we are seeing higher lows in the corrections. This indicates that there are buyers waiting to get into the market and they aren't prepared to wait for an even bigger drop." The European share market hovered around a month-low, but didn't extend its losses following the largest one-day decline in over three months. Investors were cautious before a high-stakes report on Nvidia's AI poster child. The Shanghai Futures Exchange's most active copper contract closed the daytime trading at 86,080 Yuan ($12106.72) per ton. The stronger Chinese currency helped stabilize the market, as it made dollar-priced goods cheaper for Chinese investors. Supply concerns were also a factor, as mine closures around the world sparked concern. Freeport-McMoRan announced on Tuesday it will resume production in Indonesia's Grasberg Mine by July 2026. This is in line with its previous guidance. The mine was shut down after a mudslide that claimed the lives of seven workers. Other LME metals saw aluminium rise 1% to $2.808.50 per ton. Zinc gained 0.8% at $3.014, while lead fell 0.1% to $2,000, nickel climbed 0.2% to $14,560, and tin rose 1.7% to $35,505. ($1 = 7.7101 Chinese yuan Renminbi)
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Gold gains on risk aversion before US data
Investors sought out safe-haven assets on Wednesday, and the Federal Reserve minutes of its latest meeting as well as a delayed U.S. employment report were viewed for clues about future rate movements. As of 0915 GMT, spot gold rose 0.5% to $4,088.03 an ounce. U.S. Gold Futures for December Delivery gained 0.5% per ounce to $4,087.90. Lukman Otunuga is a senior research analyst with FXTM. He said, "Gold has glistening slightly this morning, despite the cautious mood, after rebounding from $4,000 in the previous session." Investors will be watching the minutes of the Federal Reserve's meeting on October, which is due later that day, and the September jobs report. The economists polled expect that the September employment report will show 50,000 new jobs added in the month. If the incoming U.S. statistics support a lower rate, then gold prices could push towards $4,130 or $4,200. However, more hawkish remarks by Fed speakers, coupled with stronger-than-expected data could drag prices back toward $4,000 as traders slash expectations around lower U.S. rates," Otunuga said. Separately on Tuesday, data revealed that the number Americans receiving unemployment benefits reached a two-month-high in mid-October. The minutes of the Fed meeting will shed light on policymakers' disagreements over how to deal with inflation and changing labour trends. The CME FedWatch tool revealed that traders reduced their bets on a rate reduction next month from 63% to just under 46%. Gold that does not yield tends to perform well in low interest rate environments and times of economic uncertainty. Zain Vawda is an analyst at MarketPulse, and he believes that weak labour data may lead to a gold rally. However, stronger data or signs of labour market strength could pressure prices, leading to a possible break below the psychological support level of $4,000 per ounce. Other metals rose as well. Spot silver increased 1.5% to $51.44 an ounce. Platinum gained 0.7% to reach $1,544.72, while palladium climbed by 1% to $1414.68. (Reporting from Noel John, Bengaluru. Editing by Kate Mayberry.)
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EU Industry Chief Says Raw Materials Recycling is Solution to China Dependency
Stephane Sejourne, the EU's industry chief, said that recycling could be the answer to the EU's dependence on China for critical raw material imports. The Critical Raw Materials Act, which entered into force in 2013, has set the EU a recycling target of 25% by 2030 to meet the demand for critical minerals. Less than 1 percent of rare earths are recycled in the EU. Sejourne, speaking at a Brussels conference, said that the EU should also speed up the process of negotiating deals for raw materials critical to its economy instead of waiting to sign multi-year agreements. Sejourne stated that the EU's 17 strategic metals, minerals and alloys identified by Sejourne will need to be accelerated to increase the production of gallium and rare-earth permanent magnets by sixfold. Sejourne stated that the process of obtaining permits should be simplified, as "too many" projects have been abandoned in the past. The Commissioner stated that part of the blame lies on the shoulders of companies, as a U.S. China deal to defer new restrictions on rare-earth exports is unlikely to last. Sejourne added that "Companies need to also reevaluate the risk they are taking and stop purchasing 100% Chinese". "The United States has signed a stop the clock deal with China and Europe has benefitted but I doubt that it will last for 12 months". Sejourne will present the EU’s new economic security and resource package to be presented on December 3. Reporting by Julia Payne, Alessandro Parodi and Sudip Kar Gupta; Editing by Elaine Hardcastle and Sudip K. Gupta
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Greek utility PPC plans an investment of $12 billion in energy transition
Public Power Corporation, Greece's largest utility firm, announced on Wednesday that it plans to invest between 2026-2028 10.1 billion Euros ($11.70 billion), to accelerate its energy transformation. The group also targets earnings before interest taxes, depreciation, and amortization (EBITDA), which will be 2.9 billion euro by 2028. This is up from 1.3 million euros in 2023. Dividends are expected to increase by nearly fivefold, reaching 1.2 euros for each share, by 2028. By 2028, the plan will include 6.3 gigawatts of new renewable energy in Greece and Southeastern Europe. This will bring its total installed renewable power to 12,7 GW or 77%. To ensure the stability of power grid supply, the utility plans to invest 1.5 GW in flexible assets such as batteries, gas-fired plants, and hydropower units. PPC stated that it will maintain a net debt to EBITDA ratio below 3.5, and about 70% of its investments will be funded by cash flow. The group also targets a 85% reduction in greenhouse gases in 2028, compared to 2019 levels. PPC's total installed capacity is expected to reach 16.6 GW in 20 28 GW, up from the 12.4 GW predicted in 2025.
Police raid in Rio de Janeiro leaves at least two dead
In a statement, the civil state police reported that at least two people died and eight were arrested during a police raid in Rio de Janeiro's Vila Kennedy district on Wednesday.
The operation is followed by
Deadliest police raid
Last month, 121 people were killed in Brazil including four police officers.
Both operations were aimed at the Comando Vermelho, a gang that controls drug trafficking in the favelas, the densely-populated, poor neighborhoods that are woven into the hills of the city.
The civil police released a statement saying that "this is another stage in the 'Operation Containment,' which highlights the fight against Comando Vermelho and its criminal activities." They also said that "a large amount of drugs" was found.
In a separate press release, the military police confirmed that four criminals had been injured during the confrontation between the police and the criminals in the raid on Wednesday. Reporting by Luciana and Isabel Teles Editing and production by Ros Russell, Raju Gopalakrishnan
(source: Reuters)