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Copper prices fall after Trump announces steep import tariffs of 50%
The London Metal Exchange (LME) and Shanghai Futures Exchange (SFE) saw a drop in copper prices on Wednesday. Traders may have not had enough time to send much to the United States after Trump's announcement on Tuesday of a 50% tariff on imported copper. The LME's three-month copper fell by 0.57%, to $9,735 a metric ton, at 0109 GMT. On the SHFE, the most traded copper contract dropped by 0.49%, to 79.090 yuan per ton. U.S. President Donald Trump announced he would announce a 50% duty on copper on February 2, hoping to boost U.S. manufacturing of a critical metal for electric vehicles, military equipment, power grids, and many consumer products. U.S. Comex Copper futures then jumped over 12%, reaching a new record high. U.S. commerce secretary Howard Lutnick stated that the tariffs on copper would be likely implemented by the end or August 1st. A metal analyst in Beijing from a futures firm said: "The announcement was like a thunderous boom in the middle night. It came out very suddenly, and the 50% tariff was much higher than expected." Analysts expect that the COMEX/LME premium will continue to rise, possibly to $3,000 per ton in the next few days to reflect the tariff of 50%. However, the window for shipment to the U.S.A. could be extremely tight if traders rush to ship copper there. The analyst in Beijing said that the current pressure on LME and SHFE could result in a higher premium through higher COMEX or lower LME prices. LME nickel dropped 0.18% at $15,015 per ton. Lead fell 0.17% at $2,053, tin rose 0.31%, to $33,500. Zinc increased 0.29% to $2728.5. Aluminium edged up 0.23% to $2592. SHFE nickel dropped 1.04% to an average of 119,340 Yuan per ton. Lead rose 0.85% to 17,260 Yuan. Zinc increased 0.52% at 22,120 Yuan. Aluminium increased 0.22% at 20,540 Yuan. Tin was up 0.2%, to 264 780 Yuan. Click or to see the latest news in metals, and other related stories.
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Investors await clarity on tariffs, which has led to a drop in oil prices from their two-week highs
Investors were trying to assess the impact of new developments regarding U.S. Tariffs. Brent crude futures fell 20 cents or 0.3% to $69.95 per barrel at 0121 GMT. U.S. West Texas Intermediate Crude fell 21 cents or 0.4% to $68.12 per barrel. The latest delay in tariffs by U.S. president Donald Trump gave some hope to the major trading partners Japan, South Korea, and the European Union, that deals could be reached to reduce duties. However, it left some smaller exporters, such as South Africa, confused and without clarity about the future. Trump has pushed the previous deadline of Wednesday back to August 1. He declared on Tuesday that "no extensions will be given." He said that he will also impose a tariff of 50% on imported copper, and introduce soon the long-threatened levies against semiconductors and pharmaceuticals. This will broaden his trade war which has rattled global markets. The tariffs may have caused concern about the oil demand, but the strong demand for travel over the 4th of July weekend has given hope. Last week, AAA data showed that a record number of Americans (72,2 million) were expected to travel over 50 miles (80 kilometers) during their Fourth of July holidays. The Energy Information Administration predicted in its monthly report on Tuesday that the U.S. would produce less oil than expected in 2025 due to the lower oil prices this year. In its report on short-term energy forecast, the EIA stated that it expects to see 13.37 million barrels of oil per day produced by the world's biggest oil producer in 2025. This is compared to last month's estimate of 13.42 millions bpd. The U.S. is expected to produce 13,37 million barrels per day in 2026. This is the same as the previous estimate. Five sources claim that OPEC+ producers will approve a big increase in output for September, as they finish both the unwinding and United Arab Emirates moving to a bigger quota. The group approved an increase of 548,000 bpd for August on Saturday. Analysts said that the actual increase in production has been lower than what has been announced so far, and the majority of the supply comes from Saudi Arabia. Geopolitical tensions continued to exist, which acted as a floor on prices. An official familiar with the matter said that four seafarers aboard the Greek-flagged and Liberian flagged bulk carrier Eternity C died in a drone attack off Yemen. This was the second incident of the day following months of calm. (Reporting and editing by Muralikumar Aantharaman; Arathy S. Somasekhar)
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Mars crude oil prices drop on zinc contamination sources
Six traders and a source in the industry said that the zinc contamination of the Mars crude oil stream has slashed the price of the U.S. flagship coastal crude on Tuesday. Mars, an offshore grade popular with U.S. refining companies, is a grade that has been a major supplier along the U.S. Gulf Coast. This comes at a time of tight supply due to the absence of heavy Venezuelan barrels. Mars was trading at a 10-cents discount to crude oil in the Cushing storage hub, Oklahoma. This is a reduction from a 75 cents premium on Monday. Shell, the company that operates the Mars platform did not respond to a request for comment. Two sources confirmed that the contamination was probably caused by an additive used at the platform. Zinc is not found in crude oil. Zinc in crude oil can cause corrosion and damage to refinery units. According to Energy Aspects, the Mars platform produced around 160,000 barrels a day in the past 12 months. The grade is shipped to Clovelly, Louisiana. Reporting by Arathy S. Somasekhar in Houston, Georgina McCartney and Shariq K. Khan in New York. Editing by Matthew Lewis.
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Texas nuclear project talks with "hyperscalers"
In documents released on Tuesday, Fermi, an Texas-based company that wants to build four nuclear reactors next to the U.S. Nuclear Weapons Complex, stated it was in talks with large data managers about leasing agreements for this project. Fermi is a company co-founded Rick Perry, a U.S. former energy secretary. It wants to build 4 AP1000 reactors in a facility that it calls a "hypergrid." The 11 gigawatt facility, powered by nuclear energy, natural gas and renewables, will be built in Amarillo, near the Department of Energy Pantex nuclear weapons factory and in partnership with Texas Tech University. Fermi stated in its application to the Nuclear Regulatory Commission that the regulator made publicly available on Tuesday that it was in discussions with many Big Tech firms, also known as "hyperscalers", on letters of intention and term sheets or preliminary documents which are normally non-binding. According to the application, hyperscalers will be tenants and not owners of any part of the plant. Fermi didn't immediately respond to questions about the financial arrangements that are being discussed with Big Tech companies, or who or how many Hyperscalers they is in discussions with. The two last reactors in the U.S. built were AP1000 in Vogtle in Georgia. According to the U.S. Energy Information Administration, they cost a combined total of $30 billion. These plants were years behind schedule and cost billions more than projected. Nuclear supporters say that lessons learned will reduce the construction time and costs for future AP1000 reactors. Fermi stated in his application that the Donald J. Trump Generating Plant nuclear complex, also known as the Donald J. Trump Generating Plant will be eligible for funding from the Department of Energy Loan Programs Office. In his first term, the only time that the president used the LPO was to finance the Vogtle plant. Other plans for financing construction and operations include equity contributions from institutional investors in infrastructure and real estate, structured bond offerings and clean energy tax credit.
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US expedites permit for proposed Tennessee coal mining
The Trump administration announced on Tuesday that it had approved a coal mine proposal in Claiborne County Tennessee under a process expedited to speed up federal environmental reviews for energy projects. The Department of the Interior announced in a press release that it had granted Hurricane Creek Mining LLC approval to mine coal at Bryson mountain, located in Claiborne County Tennessee. The agency stated that the mine would produce up to 1 million tons of coal in the next decade. The site has been mined in various periods between 1950 and 2010. The rush permit aligns with the goal of President Donald Trump to increase coal mines as part his energy dominance agenda. Although the project is located on private property, it must still be approved by Interior's Office of Surface Mining Reclamation and Enforcement. Hurricane Creek Mining was not available for immediate comment. Interior announced in April that it would implement a process of emergency permits for energy and mining project approvals, which typically takes months or even years. This week, the department has taken another step to support coal. Interior's Bureau of Land Management announced on Monday that it will be taking public comments on the opening of coal leasing in the Powder River Basin of Montana and Wyoming. The public can comment on the opening of lands that were off-limits for leasing by former president Joe Biden until August 7. Reporting by Nichola groom, Editing by Chizu nomiyama and Daniel Wallis
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Where does the US obtain its copper?
On Tuesday, U.S. president Donald Trump said that he would be announcing a new initiative. Imports of copper are subject to a 50% tariff Later in the day, a global industry, whose output is crucial for electric vehicles, military equipment, semiconductors, and a variety of consumer goods, was surprised. Trump had a February election. Ordered a Probe As part of efforts by the United States to rebuild its production of copper, there is a deadline of November for possible tariffs. The investigation, which was meant to evaluate the imports of copper concentrates, copper scrap, and copper alloys, was still ongoing. The U.S. Commerce Department's Howard Lutnick announced on Tuesday that the duties will likely be implemented by the end or August 1 of this year. What you should know about U.S. Copper Imports US IMPORTS Just over half of the refined copper that is consumed in the United States each year is produced domestically. Over two-thirds are mined in Arizona where the construction of a new massive mine has been held up for over a decade. The remainder of refined copper is imported, which amounts to just under 1 million metric tonnes per year. The White House has framed these new tariffs to counter China's dominance on the global market. However, in reality the United States imports the majority of its refined copper products from the Americas. According to the United States Geological Survey, more than 90% (90%) of copper refined imports were made by Chile, Canada, and Peru last year. GLOBAL PRODUCTION China is the world's largest copper refiner, but it gets most of its ore from Latin America. According to the USGS, Chile and Peru mined a combined third of global cobalt last year. China, however, is increasing its influence over the world copper mining industry through its major investment in mines located in the Democratic Republic of the Congo. Due to massive Chinese investments in the African nation's mining industry, the DRC has now overtaken Peru as the second largest copper producer in the world. The Chinese copper sector dwarfs the rest. Last year, the country operated dozens of copper-smelters. According to the USGS, there are only two primary copper-smelters in the United States.
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Stocks almost flat, yen continues to fall; Trump expands trade war
The major stock indexes showed little change on Tuesday, as investors digested Donald Trump's latest tariff announcement. Meanwhile, the yen continued to fall against the dollar due to planned 25% duties for goods coming from Japan. Trump expanded his global trade battle on Tuesday by announcing a tariff of 50% on imported copper and announcing that long-threatened duties on semiconductors, pharmaceuticals, and other goods would be coming soon. Freeport-McMoRan shares were up by 4%. Trump wrote to 14 countries on Monday, including Japan and South Korea. He warned that the United States would impose a sharply increased tariff rate for imports starting August 1. The market has not reacted as strongly as it did in the wake of Trump's announcement on tariffs in April. Market watchers predict that countries will seek to reach trade agreements with the United States prior to the new deadline. Sources said that European stocks held steady, and the European Union would not receive a letter outlining higher tariffs. The EU could also reach a deal with the United States by Wednesday. It's a slow day. Yesterday (Monday), people digested tariff news, and we noticed weakness. "People are on hold until second-quarter earnings start," said Peter Tuz of Chase Investment Counsel, Charlottesville, Virginia. S&P 500 companies are soon to report results for the quarter ending June 30. The Dow Jones Industrial Average dropped 156.46, or 0.35% to 44,249.90. The S&P 500 fell by 2.88, or 0.05% to 6,226.88. And the Nasdaq Composite grew by 13.72, or 0.07% to 20,426.23. The MSCI index of global stocks rose by 0.03 points, to 919.96. The pan-European STOXX 600 ended the day up by 0.41%. The hope of trade agreements boosted risk appetite on Tuesday, as MSCI’s broadest Asia-Pacific index outside Japan rose by 0.5%. Japan’s Nikkei recovered from its early losses and ended the day 0.26% higher. Southeast Asia's largest economies are facing some of the highest U.S. Tariffs. South Korean shares posted their biggest daily gain in the past two weeks, and the won strengthened by 0.4%. Since Trump in April capped what he termed reciprocal tariffs for trading partners to 10% for three-months, allowing for negotiation, the lack of progress has been a looming shadow over the markets. Two agreements have been made, with Britain, and Vietnam. In June, Washington and China reached an agreement on tariff rates. The minutes of the Federal Reserve's last meeting will be published on Wednesday. The central bank is taking a wait and see approach to monetary policies. The export-dependent Japanese currency, the yen, has fallen to a two-week-low of 146.65 against the dollar. It also fell against other currencies. The dollar gained 0.46% against the Japanese yen to reach 146.69. The Australian dollar rose as the central bank of Australia defied expectations by keeping its cash rate at 3.85%. The yield on the benchmark U.S. 10 year notes increased by 2.2 basis points to 4.417% from 4.395% on Monday. U.S. crude oil rose by 40 cents, settling at $68.33 per barrel. Brent settled at $70.15 a barrel, an increase of 57 cents.
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Rescue teams find three additional bodies following central Texas flooding
According to Kerr County officials, the death toll has risen to 87 as three more bodies were recovered by search and rescue teams in the hills of central Texas that had been ravaged by floods. Teams from the federal government, states adjacent to Kerr County, and Mexico have joined efforts in search of survivors. The local effort has been hampered by downpours and thunderstorms. The teams are working through the missing persons lists and have yet to find a survivor since Friday. At least 109 people, including dozens children, have died in the floods. At a press conference, Lieutenant Colonel Ben Baker from the Texas Game Wardens stated that the work was extremely dangerous and time-consuming. It's dirty. "The water is still there." The Guadalupe River was flooded by torrential rains that began before dawn Friday. It burst through its banks, killing dozens of people and leaving behind piles of trees, debris and cars. The local and federal emergency officials were questioned for days about whether or not they could have warned the flood-prone Texas Hill Country residents sooner. Sheriff Larry Leitha announced at a Kerr County press conference that 56 adults and 30 kids have died in the county. More than two dozen other victims are still unidentified. Authorities are still unsure if the 87th person is an adult or a child. Some flood victims slept at Camp Mystic near Hunt, a riverside Christian summer camp for girls. Five children and one counselor were still missing on Tuesday. The sheriff refused to answer questions regarding emergency management and preparedness in the county. He also declined to reveal who was responsible for monitoring weather alerts, issuing flood warnings or evacuation orders and distributing a flood order. He said that his office began receiving 911 calls at 4 am and 5 am on Friday morning, several hours after a local National Weather Service station had issued a flood alert. Leitha explained that they were in the process "of trying to put together" a timeline. According to local media and sheriffs, the floods have killed another 22 people. Seven of them were in Travis County; seven in Kendall County; five in Burnett County; two in Williamson County; and one in Tom Green County. A spokesperson for Republican President Donald Trump confirmed that he plans to visit the region devastated by flooding this week. Democrats in Washington are calling for an investigation to determine if the Trump administration's cuts at the National Weather Service impacted the agency's response. (Reporting from Jonathan Allen in New York, Rich McKay and Deepababington in Atlanta. Editing by Rod Nickel & Deepababington).
Carbon credit projects in Brazil are a source of income for illegal loggers
Carbon credits have been issued to companies around the globe in exchange for their investments in conservation projects in Brazil. These projects aim to protect the Amazon Rainforest.
Many of these projects benefit people and companies fined by Brazilian authorities because they destroyed the rainforest.
Reporters examined 36 conservation projects in Brazil's Amazon that offered voluntary carbon offsets to the world's largest registries. The Brazilian environmental agency Ibama has punished landowners, developers, or forestry companies for their involvement in illegal deforestation.
Offenses included clear-cutting rainforests without authorization, transporting trees felled without valid permits, and inputting false information into a government tracking system for timber. These infractions, according to government officials and experts, reflect the wide range of roles played in the illegal timber trade that is destroying the rainforest.
Ibama fined 20 conservation projects for deforestation, before the carbon credits registry was created. In seven cases, fines were continued for deforestation committed by project backers after registration.
Raoni Rajao said, "The whole concept is a failure." She was the head of the Brazilian Environment Ministry program to combat deforestation from December until now. He said that by paying people who have a history of breaking environmental laws, the carbon markets may be funding illegal deforestation groups.
They might reduce deforestation one place but increase emissions in another with the same resources," said Rajao. He is now a professor of environmental policy at the Federal University of Minas Gerais.
Brazil has fined people who violate laws that limit deforestation in the Amazon rainforest. The Amazon is the largest rainforest on earth, and it's lost a fifth of the original tree cover within the last half-century. Scientists warn that further deforestation will release large quantities of carbon dioxide which accelerates climate change.
According to market watcher AlliedOffsets, the Amazon has become an important part the voluntary carbon markets, which was valued at $7.6 billion in the global market over the past five years.
Carbon credits are generated by projects that reduce greenhouse emissions, such as avoiding deforestation of rainforests. Each carbon credit is equal to one metric ton saved of carbon dioxide. Polluters may then buy carbon credits in order to offset their own emissions.
Referees who set standards on the global market accredit firms like Verra (a non-profit) and Cercarbono, its Colombian competitor. They have systems that verify whether a project reduces emissions in the way it was promised.
The documents relating to 36 conservation projects in Brazil's Amazon, which were certified by Verra and Cercarbono as of the beginning of the year, numbered thousands of pages. Both keep public records on the project's boundaries, designs and credits. The reporters identified the key players, and compared them with Ibama’s database of fines.
Ibama held the backers of five projects responsible for illegal logging within the boundaries of the conservation projects they were supporting, and not elsewhere.
The study did not find any evidence that individual carbon credit projects were failing to meet their commitments to reduce deforestation compared to a projected baseline.
A spokesperson for Verra confirmed that the registry would "take any allegations of illegal activity related to a registered project in one of our programmes seriously" and conduct a review on all projects flagged during the analysis.
Cercarbono announced that it has opened a formal inquiry into projects flagged as illegally deforested by anyone who is familiar with the issue.
A Cercarbono spokesperson stated that "there is no indication" that the integrity or the projects you mentioned has been compromised.
Multinationals like the U.S. aircraft manufacturer Boeing, Spanish telecom Telefonica, and Colombian oil producer Ecopetrol are among those who have purchased credits for projects. Accrediting companies are often relied upon by buyers to ensure quality.
Boeing announced that it has acquired carbon offsets which meet widely accepted science-based standards. Telefonica is a member of a corporate group that seeks to improve the integrity of voluntary carbon credits. Ecopetrol declined comment. Brazil's Environment Ministry overseeing Ibama said that the agency's database of enforcement offers a reliable record of environmental violations, which can and should be used to verify effectiveness of conservation projects sold as carbon credits.
A DOCTOR WHO TURNED INTO A LOGGER
Ricardo Stoppe Junior was one of the most prominent names on the Brazilian carbon credits market in the last five years. In June 2024 he was arrested as part of an investigation by the federal police called "Operation Greenwashing" and accused of being in charge of a massive illegal logging scheme.
Stoppe has been promoting himself as the world’s top carbon credit entrepreneur for many years. A Brazilian doctor, he claimed to have put his life on hold in order to save 10,000 square kilometers (40 sq mi) of Amazon rainforest. According to AlliedOffsets' public transaction data and price tracking, he sold $15 million in credits since 2020.
Stoppe's success in the carbon market came despite public records showing Ibama fines against him and his partners since 2014 for deforestation-related offenses.
A confidential 302-page report by the police, reviewed and analyzed by, documents how authorities determined that he used his Carbon Projects to fund a criminal plan to bribe public officials in order to forge land title and launder over a million cubic metres of illegally felled rainforest timber.
Last year, a federal judge ordered Stoppe's arrest and the freezing of $300 million in assets of Stoppe and his four associates for their alleged involvement in a criminal group responsible for illegal land grabs and logging.
All five lawyers disputed the accusations of federal police and denied that their clients had done anything wrong. Since then, they have been placed under house arrest while awaiting charges from prosecutors. The prosecutors declined to comment about the case.
Stoppe denied participating in criminal activity in his first interview following five months behind bars. He said his projects had brought environmental protection and legal rigor to a part the rainforest that was plagued by illegal land grabs.
There's no such thing as a state. No police. "Nothing," Stoppe replied. "It is like the Wild West."
He blamed the accusations against him on a lack of oversight by his business partners, and on investigators' bad faith. He denied participating in illegal deforestation.
History of Fines
Stoppe purchased a tract of land in the southern Amazonas State, which was named "Our Lady of the Ituxi Waterfalls" after cascades that were considered sacred by the neighboring Indigenous community.
Stoppe stated that his plan was to clear the land and raise cattle.
After a near-death encounter in the jungle when a branch knocked off his horse, he said that changed. He said that after nearly a week of being in a state of coma he realized he didn't want to destroy the rainforest.
Stoppe transformed the forest surrounding the ranch into "Fortress Ituxi," his first carbon-market conservation project, which he will register in 2020 with the global certification body Verra. Ibama fined him at the time twice for falsifying data in Brazil's Timber Tracking System, totaling over 125,000 reais (approximately $23,000).
Two years later he recruited ranchers from the surrounding area for a new project called "Unitor", which aimed to protect a large tract of rainforest that stretched between the Iquiri National Forest Territory and the Kaxarari Indigenous Territory. Stoppe, along with two other landowners, had already racked up Ibama penalties totaling over 8,6 million reais by the time they registered their second project. This included fines for clearing native forest and grazing cows on land that was deforested.
The Brazilian Environment Ministry has not commented on specific cases that involve Stoppe and landowners.
Stoppe's proposal for Unitor, which he submitted to Verra, highlighted its benefits. It warned against "criminal groups that invade federal public lands to deforest them and to commercialize wood illegally harvested."
Many of the carbon credit projects we reviewed were based on a similar sales pitch. According to common methods of generating credits through conservation, the more serious the threat is, the higher the value of the avoided deforestation.
Police claim that Stoppe sold the solution to a problem he created.
The federal police report describes the alleged scheme, using wiretaps, land titles and permits, satellite images, and bank records.
The police report alleges that Stoppe and his accomplices bribed officials to create land claims in national forests and other public lands, converting them into private estates which they then grouped together into carbon credit projects.
According to a police report, these conservation projects were also a way to easily cover up massive illegal logging. The group registered their "forestry management plans" under a program of the state that allows selective logging in order to thin out a forest.
Police say that Stoppe and his partner used state-issued logging permits for their project area to wash wood they had illegally extracted elsewhere. Lumber in the Amazon with legal permits is worth many times more than undocumented lumber.
Thiago scarpellini, the lead investigator at the police department, said in an interview that Stoppe was the leader of a scheme to facilitate illegal logging on nearby public lands like the Kaxarari Reservation. He stated that Stoppe is "the subject of this investigation but he is not the only person working in this manner." He didn't elaborate.
According to the report, Scarpellini’s team of investigators had compared the logging permits with satellite images of Stoppe’s projects. They found that they had created enough fraudulent permits to wash more than 1.1 millions cubic meters of illegal wood.
Stoppe claimed he would prove to the court all land claims made in his name, and denied any involvement in illegal logging.
Verra Registry put Stoppe's projects on hold after his arrest.
The President Luiz inacio Lula da silva is trying to position Brazil as the global leader for "green" development. This will be on display when Brazil hosts the United Nations Climate Summit in November.
Brazil, in an effort to meet its climate change commitments made under the Paris Agreement of 2016, passed a law in 2017 to create a carbon market regulated by the government, similar to those found in Europe, China, and California.
The law, when it comes into effect, will require Brazilian industries to reduce greenhouse emission or pay for them to be offset in a regulated marketplace, which includes conservation projects that sell carbon credits.
The government also encourages carbon credit projects which actively restore damaged biomes instead of paying landowners to avoid deforestation. The findings regarding Brazil's voluntary market are "very grave" and highlight challenges facing regulators in setting up a new market. Cristina Reis is the deputy secretary of sustainable economic development for Brazil's Finance Ministry.
"SOMETHING WRONG"
Ibama fined Stoppe and his partner 18 additional times for, among other things, razing 42 sq km of rainforest and falsifying 180,000 cubic meters in timber.
According to an analysis of Ibama’s fines that were independently levied from the police investigation, some of these offenses fell within the scope of Stoppe’s carbon credit project.
Edivan Kaxarari is a leader in the local Indigenous community. He said that some locals were hesitant about Stoppe's promise to protect the forest. They turned down the chance to work on a project to create carbon credits.
The documentation for Stoppe's Carbon Credit Projects filed with Verra shows that he and partners staked a claim on land along Bull Road, which is a local road that passes by other ranches as well as the Kaxarari Reservation.
Edivan, a reporter and Edivan drove down the dusty roads to Stoppe's Ituxi Ranch for two hours. He surveyed the disappearing forests of his ancestral lands. Edivan surveyed the vanishing forests on his people's ancestral lands as he drove with reporters down a dusty road to Stoppe's Ituxi ranch.
Ibama’s enforcement database revealed that the agency had penalized Stoppe and his partner at least six different times for illegally deforestation on Bull Road.
Edivan, who had been watching illegal logging for many years, said he was on his guard when "white men" came to the reservation two years ago and preached the environmental benefits Stoppe's projects of carbon credits. They also proposed a project in Kaxarari territory.
Stoppe confirmed that he has begun discussions with Kaxarari regarding a partnership on a project involving carbon credits.
Edivan, a participant in the meeting, said "They brought this carbon project proposal and mentioned what had already been done on the Ituxi Ranch with Dr. Ricardo." They didn't give much time for us to accept.
Edivan and other leaders of the community expressed concerns over the proposal.
Why is someone deforesting if they are working on a carbon project? He said. There's something wrong." (Reporting and editing by Claudia Parsons; Additional reporting by Marcela Parsons; Additional reporting by Brad Haynes; Jackie Botts, Ricardo Brito, and Jake Spring)
(source: Reuters)