Latest News
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Australia and the US increase support for critical minerals by $3.5 billion
Canberra announced 'on Sunday' that Australia and the U.S. had committed a total of more than A$5 Billion ($3.5 Billion) to a number of important mineral projects. This is nearly twice the amount pledged six months ago when the two countries signed a cooperation agreement. The funding is intended to?support Australian ventures that develop and refine metals vital to industries such as defence, advanced manufacturing, and energy transition. This market has been long dominated by China. The funding will help reindustrialise America's high tech manufacturing base while also helping to "counter China’s export dominance" and ensuring Western supply-chain reliability, the two countries said in a framework agreement last October. Australia and the U.S. committed to investing at least $1 billion each in a $8.5 billion pipeline for priority critical minerals projects between the two countries within the next six months. Australia is a rich source of rare earth minerals, but China is the master of the environmentally and technically challenging refining process. In a press release, Resources Minister Madeleine King stated that "Australia and the U.S. deliver on the White House commitments with priority projects in Australia which?support the production of rare Earths and critical minerals". "Australia is leading the world in diversifying supply chains of critical minerals and rare Earths that are essential to Australia's economic and national security and to our trading partners. Refinery Project Backed Export Finance Australia and the U.S. Export-Import Bank will be responsible for funding A$5 billion of critical Australian mineral projects. EFA and EXIM issued letters of interest and support for a project to build a rare earths refining plant owned by Tronox Holdings. The investment is worth a total of A$849 million. King explained that Tronox with operations in Western Australia as well as the U.S. would use its existing mining and process capabilities to create mixed rare earth carbonate, which contains both light and heavy elements of rare earth. The agencies also committed to a combined support of up to A$1 Billion for Ardea Resources’ Kalgoorlie Nickel project in Western Australia. The framework also supports Alcoa’s Gallium Recovery Project and Arafura’s Nolans Rare Earths Project, as well as graphite ventures. King stated that additional projects for minerals such as vanadium, scandium, and graphite have received support.
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Philippines: any energy deal with China must respect Philippine sovereignty
The Philippines announced on Sunday that any decision regarding oil and gas cooperation with China will be made in strict accordance with its constitution. The Department of Foreign Affairs stated that it had taken notice of various public statements made by groups regarding the proposed reopening of talks between the Philippines and China about oil and gas collaboration in the South China Sea where both countries have been involved in maritime disputes for a long time. The Chinese Embassy in Manila didn't immediately respond to a comment request. * Any decision to pursue, structure or conclude an agreement on oil-and-gas cooperation with China, or any other government, would be made in full accordance with Philippine Constitution, laws, jurisprudence, and regulations. * The Philippines and China re-started a series of 'talks' late last month over the disputed South China Sea. They explored preliminary steps towards oil and gas cooperation and addressed energy and fertilizer?supply?issues resulting from the Middle East conflict. * Philippine President Ferdinand Marcos Jr. has stressed the need to ensure stable and affordable energy supplies. Reporting by Karen Lema and Khanh Vu from Manila, Hanoi, and Christina Fincher.
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After days of gridlock, Irish police clear fuel protesters out of central Dublin
Irish police cleared trucks and tractors?on Sunday? that had been 'blocking traffic? in central Dublin? for five days?in protest?against?surging fuel prices?as government moves to minimize the economic fallout of a wave?of blockades? This week, protesters angry by the more than 20 percent increase in diesel prices following the start of the U.S./Israeli war on Iran used tractors and trucks to block an oil refining plant, two ports and fuel terminals, as well as a number roads throughout the country. The protests led to major disruptions in Dublin's?transport system and about a third of?petrol stations across the country were without fuel. Finance Minister Simon Harris called it a "very danger moment" for Ireland. On Saturday, the police cleared the blockade at the only oil refinery in the country. They also announced on Sunday that they have begun an operation to remove a "blockade" of Galway Port. The government refused to negotiate with the protesters who included farmers and drivers. The government is in 'talks' with groups from the agricultural and transport industries about measures to reduce fuel costs. The Sunday Independent published a poll that showed 56% of respondents supported the protesters. However, the majority of supporters of both the ruling parties were against them. Conor Humphries, David Holmes and Conor Humphries are the authors.
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Minister: South Korea is close to securing oil from Kazakhstan
South Korea has a good chance of obtaining crude oil from Kazakhstan, said the Industry Minister on Sunday. The?country is looking for alternative energy sources amid the Middle East war. Kim Jung-kwan, Industry Minister at KBS, said: "There have been (some) significant progresses. We should be able announce specific amounts and detail?early the next week." Kang Hoon Sik, the presidential chief of staff, travelled to Saudi Arabia, Oman, and Kazakhstan with Kim earlier this month to secure supplies of crude oil and naphtha due to disruptions in shipping through Strait of Hormuz. Kim explained that the visit to Kazakhstan was part of a long-term strategy to diversify oil supplies. South Korea is almost completely dependent on importing oil, with 70% of its purchases coming from Middle East. Last month, the United Arab Emirates also pledged to provide 24 million barrels. (Reporting and editing by Raju Gopalakrishnan; Jihoon Lee)
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New Zealand's North Island is ravaged by a cyclone, and hundreds of people are evacuated
On Sunday, a cyclone hit New Zealand's North Island, cutting off power to thousands of residents. Officials warned that conditions would continue to worsen throughout the day. MetService, the national weather provider, reported that Cyclone Vaianu had brought destructive winds exceeding 130 kph 81 mph (and heavy rain) even before it expected to land in the afternoon. The authorities have declared several areas to be in an emergency and issued wind warnings of "red" levels, reserved only for the worst weather conditions. Emergency Management Minister Mark Mitchell stated that the cyclone was "more towards" the fringes of the North Island and would spare Auckland, the most populous city in the country, from the worst conditions. Mark Mitchell, Minister of Emergency Management, said that stronger winds and waves were expected as the cyclone crossed the coast. "It has moved more towards the edges and to the east. This means that we haven’t seen the intensity we had prepared for, or that we expected to be hit with. Mitchell stated that this is "good news". "What we can expect in the next 12 to 24 hours is a little more intensification as the cyclone begins to descend and gets closer." Mitchell warned that the combination of high tide in the afternoon and the large swells caused by the storm could cause coastal flooding. He said that the most dangerous time was from 2 pm this afternoon, when there were high tides and big swells. He said that the cyclone forced hundreds of residents from their homes and knocked off electricity to 5,000 homes. New Zealand Defence Force personnel and heavy equipment has also been deployed in order to assist with the evacuation. MetService reported wind gusts in excess of 130 kph and rainfall totals exceeding?100 mm (3.92 inches) over the course of 24 hours in Whangarei. Vaianu brings to mind 2023's Cyclone Gabrielle. This storm killed 11 people and caused thousands of New Zealanders to be displaced. It was one of the worst natural disasters in this century. (Reporting from Sydney by Christine Chen; Additional reporting in Wellington by Lucy Craymer; Editing by Thomas Derpinghaus).
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In Haiti, a stampede has killed at least 30 people in the historic Laferriere Citadel
Authorities warned that the death toll may rise. Jean Henri Petit is the head of Civil Protection for Haiti’s Nord Department. He said that the stampede happened at the Laferriere Citadel. This was a?fortress from the early 19th century, built soon after Haiti gained independence from France. The fortess, one of 'Haiti’s most popular tourist attractions was packed - with students and visitors - on Saturday, who came to celebrate the yearly celebration of the UNESCO World Heritage Site, 'Petit said. In a statement, Prime Minister Alix Fils-Aime stated that he had "extended his sincere condolences and assured them of his deep solidarity?during this period of mourning and suffering." The prime minister said that "many youths" were present at the Citadel celebrations. However, he did not provide a death toll estimate. Petit stated that the stampede happened at the site's entrance, and that the rain "further exacerbated" the disaster. Reporting by Harold Isaac from Port-au-Prince in Haiti; writing by Laura Gottesdiener from Monterrey in Mexico; editing by Daina Beth Solon)
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Health officials confirm that Israeli strikes have killed seven people in Gaza
Officials in Gaza's Health Ministry said that two?Israeli airstrikes on Gaza Saturday killed?at least 7 people and injured several others. Officials said that an 'airstrike' hit a police checkpoint at Bureij Camp in central Gaza Strip on Saturday morning, killing six people. A second airstrike was also reported to have killed one person in Beit Lahiya. The number of police officers killed in the first attack was not immediately known. Israeli military claimed that the'strike was carried out in Bureij after Hamas militants approached the yellow line delineating the half of Gaza occupied by Israel. It did not comment immediately on the Beit Lahiya strike. Israel has fired at civilians in the area around the yellow lines several times since the ceasefire agreement was reached in October. They often claim that militants are trying to?cross the line or attack troops. According to medical and police sources, a series of Israeli strikes have killed dozens Hamas-led members of the police force since October. Israeli 'airstrikes' have killed 25 people or more in Gaza over the past week. Last October, Israel and Hamas signed a deal that was brokered by the United States. The agreement was meant to stop violence in Palestinian territory. According to health officials in Gaza, Israeli attacks since then have killed at least 700 people. Israel claims that militant attacks in Gaza have resulted in the deaths of four soldiers. Reporting by Nidal al-Mughrabi and Hatem Maher; editing by Sam Holmes
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Trump claims US forces have cleared the Strait of Hormuz
U.S. President Donald Trump posted on his social media account on Saturday that the U.S. military had'started to clear a strait of Hormuz and that all of Iran’s minelaying vessels have been sunk. Trump said in a post on social media that he was "starting the process of clearing the?Strait of Hormuz". He added that "all 28 of Iran's mine dropper boats" were also at the bottom of sea. Trump has repeatedly claimed that American forces destroyed the?Irani navy and air force, while crippling their ballistic missiles and nuclear programs. Fear of Iranian attacks against shipping in the last few weeks has closed the 'Strait of Hormuz', an important conduit for oil supplies worldwide. The global energy market has been disrupted by the closing of the?strait. The price of gasoline in the United States has risen despite the fact that most oil flowing through the waterway doesn't go to the United States. On?Saturday, representatives from the U.S.A. and Iran began talks in Islamabad hosted by Pakistan amid a fragile truce. (Reporting and editing by Jan Harvey, Sergio Non, and Jason Lange)
Reeves, UK's Reeves, to present plan to assist businesses with energy costs
In a piece in 'The Sunday Times,' British Finance Minister Rachel Reeves said that she would be presenting her plan to help businesses who are struggling with high energy prices in the wake of ongoing conflict in Iran. Reeves expressed frustration at the U.S.'s and Israel's lack of action to address Iran's closing of the Strait of Hormuz, a crucial waterway that is used by crude oil markets. Reeves announced that she would provide more information on how businesses can be assisted with costs as the talks in Pakistan over a peaceful settlement ended without agreement. The government previously pledged to ?cut some green levies ?and lower bills for some electricity-intensive firms, but Reeves said that nevertheless the "UK's manufacturing sector... has faced uncompetitive energy prices for too long."
She wrote in the Sunday Times: "So, later this week, I will set out the next stage of our plans to increase Britain's Competitiveness." "I will also lay out the principles which will guide our support for businesses in the months to come."
Reeves will attend the International Monetary Fund meetings in Washington, D.C. this week. She said she would meet with her allies to discuss ways to ensure freedom of navigation through the Strait of Hormuz.
She said that the?war in Iran would cost British families and businesses. "We do not yet know the exact cost, but the immediate priority is to ensure the ceasefire lasts." Reeves has previously stated that any assistance for household bills which are expected rise in July will be targeted and based upon household income.
(source: Reuters)