Latest News
-
Lithium Americas makes final investment decision on Thacker Pass mine
Lithium Americas announced on Tuesday that it had reached a Final Investment Decision (FID) to construct the first phase for the Thacker Pass Lithium Mine in Nevada. Thacker Pass is a joint project between Lithium Americas, a subsidiary of General Motors in the United States. The first phase of the project should be completed by late 2027. Jonathan Evans, CEO of Lithium Americas, said: "Together we will develop an American-produced lithium supply to reduce American dependency on foreign suppliers for essential minerals." Lithium Americas of Vancouver and General Motors have both contributed $192 million in cash each to the JV. This has allowed it to reach a fully-funded status for the first phase of the project. The U.S. Department of Energy approved a loan of $2.26 billion for Lithium Americas last year to help build the project. The company had also accessed $650 million through its joint venture with General Motors. Thacker Pass will produce enough lithium carbonate for 800,000 electric cars in the first phase. Reporting by Vallari Shrivastava, Bengaluru. Editing by Alan Barona
-
GRAINS-Chicago soya beans rise at biofuel coalition meeting
Chicago soybean futures rose Tuesday, ahead of a discussion between the U.S. Environmental Protection Agency and a coalition representing oil and biofuels groups to raise federal mandates on biomass diesel blends. Analysts say that corn futures gained support due to wet forecasts for the U.S. Delta, Ohio Valley and Midwest, while wheat futures grew on the back of reduced acreage, as reported in a U.S. Department of Agriculture (USDA) report on Monday. The Chicago Board of Trade's most active soybean contract settled at $10.34-1/4, its highest level since March 6, and CBOT corn finished up 4-1/2cents at $4.61-3/4, while wheat rose 3-1/2 cents to $5.40-1/2 per bushel. Jim McCormick of AgMarket.net, a founding partner, stated that the news that a newly-formed coalition of oil groups and biofuel groups including the American Petroleum Institute was meeting with EPA representatives on Tuesday drove soybean oil futures higher on Tuesday. The coalition wants to see biomass diesel blend mandates raised from 5.5 billion up to 5.75 billion. McCormick said that the new mandate would represent a dramatic increase from the current 3,55 billion. McCormick said that the forecast of heavy rains in the U.S. Delta region and Ohio River Valley will also support corn production. He said, "It isn't a big problem yet but we won't be planting very quickly in that part of the country." The futures for wheat continued to rise as a result of the USDA's release on Monday of prospective planting data. The USDA's planting forecast for 2025 showed that the U.S. area of wheat would be lower than analyst expectations. McCormick reports that the grain markets are still bracing themselves for President Donald Trump to announce tariffs on 2 April. This prospect continues to raise concerns about retaliation by other countries against U.S. agricultural exports. Renee Hickman reported from Chicago. Reporting in Paris by Gus Trompiz, and Ella Cao, Mei Mei Chu and Mei Mei Chu from Beijing. Editing by Aurora Ellis.
-
EnerSys moves production from Mexico to the US
EnerSys, a provider of energy services, announced on Tuesday that it will close its lead-acid manufacturing plant in Mexico due to flooding and move production to a US facility. The announcement coincides with the preparations of U.S. president Donald Trump to impose reciprocal duties on countries that impose tariffs on U.S. products, beginning on April 2, a day he has called "Liberation Day". A pre-tax charge in the amount of $20 million would be incurred in the first half 2025 due to the closure of the Monterrey plant in Mexico, and the subsequent transfer of production from that facility to the Richmond, Kentucky, plant. EnerSys said that the restructuring will result in an estimated annual pre-tax profit of $19,000,000, starting with fiscal year 2027. Shawn O'Connell said, "The transition will allow us to optimize our costs structure, maximize IRC 45X near-term tax benefits, mitigate future risks associated to potential tariffs, while strengthening our commitment to improve domestic industrial security." O'Connell will assume the role as chief executive officer by May. Reporting by Vallari Shrivastava from Bengaluru, editing by Maju Sam
-
Trump Administration weighs new coal leasing at North Dakota mine
The Trump administration took a major step on Tuesday in leasing new areas for a North Dakota mine that plans to operate until 2045. Why it Matters The publication of an environmental draft analysis of the new lease areas of North Dakota's Freedom Mine aligns with President Donald Trump’s goal of increasing U.S. fossil-fuel production and reviving coal for electricity production. The United States' electricity supply, formerly dominated by coal, is now only about 16 percent, as natural gas and renewable energy are cheaper. By the Numbers Freedom Mine is owned by a NACCO division and produces between 11.5 to 13.5 million tonnes of lignite annually in Mercer County. The company has requested the lease of tracts covering 1,350 acres, which contains approximately 24 million tonnes of mineable coal. The owner of the mine was not immediately available to comment. Key Context Freedom Mine, which supplies coal to Basin Electric Power Cooperative power plants, first applied for the lease of the new areas in 2019. The company submitted an emergency application that would require a portion coal from the new lease area to be mined in three years. Leases consist of a mix of surface land owned by private and federal owners, and subsurface coal. What's Next? The Bureau of Land Management is seeking public feedback on the proposed leasing until May 2. The Interior Department's Bureau of Land Management, a division, is evaluating a variety of options including leasing less land. The assistant secretary of Interior for Land and Minerals must approve the company's modification to its mining plan. (Reporting and editing by Nichola Grroom)
-
China to sell its first green sovereign bond Wednesday
China will finalise the long-awaited global green sovereign bonds on Wednesday. This is expected to mark the beginning of a series that will increase its market share at a crucial time. The signal was sent to indicate that the vehicle was ready Last month Top Chinese Finance Ministry officials laid out the detail at a meeting in London with investors on Tuesday. The 6 billion yuan bond ($825 millions) is scheduled to be listed on the London Stock Exchange. Green bonds have grown to a market value of $3 trillion over the past few years. China's state-run firms have made a significant contribution to this growth. However, international investors have been waiting years for the government to act. Director General Yu Hong of the Chinese Finance Ministry and his Deputy, Xing Chaohong, explained that it will be in two parts – one with a maturity of 3 years and another with a maturity date or deadline of 5 years. Both will have fixed rates. The interest rates are expected to be below 2%, but it depends on the demand during formal sales which will be overseen by eight banks in both China and Europe. The size of China has made it a long-anticipated country to issue a global bond. China's plan was finally revealed earlier this year, after British Finance minister Rachel Reeves and Vice Premier He Lifeng met in Beijing to discuss pragmatic co-operation on financial services. China, the largest emitter of climate-warming gases, has stated that it will peak its carbon dioxide emission before 2030 and be carbon neutral by 2060. The Finance Ministry published its framework for green bonds in February. It was described as an attempt to "attract foreign funds to support low-carbon and green domestic development". Climate Change Mitigation and Climate Change Adaptation were listed as the five main priorities. An investor who attended the meeting on Tuesday said that the money raised will be used to fund the electric vehicle charging networks and national parks of the country.
-
Former world leaders call on EU to maintain a firm stance on climate
Mary Robinson, former president of Ireland, said on Tuesday that a group of former leaders from around the world are urging Europe not to let trade wars or defence spending divert attention away from climate change issues. The Elders, the group created by Nelson Mandela as former South African president, will meet with EU and NATO in late this month to discuss ways to soften upcoming corporate climate disclosure regulations to address concerns about competitiveness. Robinson, Ireland's former president from 1990-97, said that she was concerned about the plans, but that the bloc has an opportunity to seize the leadership of the United States on the fast-growing clean technology market and climate policy in general. She said: "The crisis that has arisen in the United States due to a federal retreat from climate science and everything related is an opportunity for Europe, the United Kingdom and the rest of world." It's important that Europe adheres to its principles and sticks to the green industrial policy. International Energy Agency said that the global market for clean technology such as solar photovoltaics and wind turbines, could grow from $700billion in 2023 to over $2 trillion in 2035. This is close to the value of the crude oil market in the world. Robinson warned Brussels to not let the war between Russia and Ukraine, trade wars or anti-climate rhetoric from U.S. president Donald Trump dictate long-term thinking about climate issues. She also said that many businesses across the EU were willing to and able support the green shift. Robinson will join former Norwegian Prime Minister Gro Harlem-Brundtland, international human rights activist Denis Mukwege and others to urge Brussels to take a leadership role in tackling some of the biggest threats to the world. They will encourage the EU to develop a timely climate action plan. The Elders was founded in 2007. They are advocates for peace, justice and human rights, as well as a sustainable world. Former U.N. secretary general Ban Ki-moon, and former New Zealand prime minister Helen Clark are members of the group. Reporting by Virginia Furness, London. Editing by Matthew Lewis
-
Four missing US Army soldiers found dead in Lithuania
The bodies of a fourth U.S. Army Soldier, along with three other soldiers, have been discovered, U.S. officials and Lithuanian officials announced on Tuesday. Three other soldiers were discovered dead after rescuers found the armoured vehicles of the four missing soldiers near the border to Belarus. The body of a fourth U.S. Soldier, who was in Lithuania for training, has been discovered, wrote Lithuanian President Gitanas Nuseda on social media platform X. He offered condolences. White House Press Secretary Karoline leavitt confirmed the fourth death. She told reporters during a White House briefing that U.S. president Donald Trump and his Administration were praying for the victims and families. Nauseda thanked all those who "helped find the last soldier missing in such difficult conditions." Rescuers had spent days Digging to recover The M88 Hercules armored recovery vehicle was used by the soldiers as part of a training exercise at Pabrade, where U.S. troops have been rotating in since 2019. Reporting by Stine Jacobsen and Steve Holland in Copenhagen, and Gram Slattery and Mark Porter in Washington. Editing by Gareth Jones and Susan Heavey.
-
Mercedes denies that it may withdraw cheaper cars from the US
Mercedes-Benz has denied a report published by Bloomberg News Tuesday, which claimed that the automaker had considered withdrawing its lowest models from the U.S. in anticipation of a 25% additional tariff on imports. "This report is without merit. Mercedes-Benz is committed to increasing sales of its high-end vehicles, a spokesperson for the company said in an email in response to this report. Bloomberg reported that the automaker is considering removing more entry-level cars from sale in order to prepare for tariff contingencies. Experts in the industry have warned that tariffs to be implemented on April 3 will likely lead to higher prices for consumers and fewer models available. There is not enough margin to absorb tariff costs, especially when it comes to more affordable vehicles targeted at first time buyers. Mercedes-Benz executives said on a Monday investor call that they were building up their inventory in the U.S. wholesale and dealer levels to be ahead of the tariffs. They also discussed further mitigation measures. Reporting by Gursimran in Bengaluru, and Victoria Waldersee. Writing by Maria Martinez. Editing by Shinjini Ganuli and Jan Harvey.
Winds, heat and ruthless dry spell fueled Los Angeles fires, researchers say
Researchers said the windwhipped wildfires tearing throughout the arid Los Angeles landscape mark the most current in climatefuelled weather extremes that are most likely to intensify even more as worldwide temperatures continue to climb up.
Erupting well outside of the traditional wildfire season, the California blazes were spreading rapidly on Wednesday.
For California, researchers now think about fire to be a. yearlong risk. The western U.S. state has actually likewise seen progressively. massive blazes over the last few years, with more acreage burned. amidst drying conditions and moving weather condition patterns.
Environment modification is improving the programs - the. particular patterns of wildfire in a region, stated Kimberley. Simpson at the School of Biosciences at the University of. Sheffield.
Within hours of weather condition informs warning of severe winds and. dry conditions in the L.A. area Tuesday night, parts of the. iconic desert city were ablaze.
Sparks leapt highways and set roofs alight. Palm trees. flared like matchsticks against the night sky. By Wednesday. early morning, tens of countless individuals were fleeing their homes as. the fires stressed out of control.
WIND ELEMENTS
Los Angeles, spanning a corner of the Southern California. desert, is no stranger to wild winds and warm, dry weather, with. its famous Santa Ana winds blowing routinely throughout the landscape. towards the coast. In the middle of dry winter season conditions, it is not unusual. for rapid winds to establish, said Brent Walker with Britain's Met. Office.
Nevertheless, the climatic event sustaining the L.A. fires isn't. a normal Santa Ana downslope occasion. Rather, anomalously strong. winds are blowing off the back of an oddly shaped storm. system over the lower Colorado River Valley and being enhanced. by what researchers call a mountain wave occasion.
A mountain wave phenomenon takes place when there are particular. temperature levels above a mountain range and specific winds passing. over those mountains.
When those conditions line up perfectly, it does behave. just like a wave in the ocean, when the winds circulation over the. mountains and then come crashing down on the other side, stated. scientist Paul Schlatter with the National Weather Condition Service in. Boulder, Colorado.
Simply the strength of those (storm system) winds and a. little bit of the mountain wave improvement is truly what's. fuelling those fires, Schlatter stated.
A comparable mountain wave happened around Colorado's. fast-moving Marshall Fire on Dec. 30, 2021, which was fanned by. downslope winds gusting at approximately 115 mph and eliminated thousands. of homes and organizations before being dispatched by snowfall the. following night. Any fire under those conditions is going to go. quickly out of control, Schlatter stated.
Today's snowstorms over the San Bernardino Mountains,. roughly a two-hour drive from Los Angeles, might likewise be. contributing to the regional wind characteristics.
Meanwhile, location forecasters anticipate a Santa Ana wind occasion. later today.
FUEL MATTERS
Ahead of the fires, the U.S. National Weather condition Service released. a number of notifies for the heavily populated area-- caution of the. fire risk and critically dry fuels, suggesting the arid landscape. of shrubs, palms, yards and woods was all set to burn.
As California's average temperature level has warmed by approximately 1. degree Celsius (2.5 degrees Fahrenheit) given that 1980, the number. of days with dry vegetation-- susceptible to fire-- has doubled,. stated fire management professional Lindon Pronto at the European Forest. Institute.
Ultimately you have a compounding effect where you see much. more severe fire behaviour at various times of the year ... whether it remains in December or January, he said.
Beyond the chaparral and eucalyptus trees, Los Angeles'. largely populated metropolitan landscape also includes flammable. product with hanging power cable televisions, wood utility pole and. homes developed with wood in accordance with earthquake codes.
Wood building was likewise a significant consider the rapid. spread of the 2023 fire in Hawaii's historical city of Lahaina and. the enormous destruction in its wake.
Scientists cautioned of other dangers in the middle of the fire, including. the danger of rockslides from steep slopes after vegetation burns. away, or blowing up propane tanks, gas lines or other dangerous. material as fire moves into people's storage areas and. industrial areas.
There's, there's an enormous quantity of simply dangerous. material in all of these homes which are on fire, Pronto stated.
(source: Reuters)