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Ukraine says it wants to conclude mineral deal negotiations within a week
Kyiv announced on Friday that it hopes to conclude talks with Washington by the end next week on a deal on joint exploiting of Ukrainian mineral resources. Ukrainian officials hope this agreement will help to soften U.S. backing for their war against Russia. Washington has indicated that, even though the final terms aren't set in stone, it will have access to Ukraine’s natural resources as a form of compensation for its military support of the country for the past three year. The U.S. government and the Ukrainian government signed a letter of intent late on Thursday night, indicating their intention to finalise a deal involving minerals. The memorandum was a positive step in repairing the ties that were hanging by a thin thread between Kyiv, Ukraine and Washington when a February meeting between U.S. president Donald Trump and Ukrainian president Volodymyr Zelenskiy descended into an ugly shouting match. According to the text published by the Ukrainian Government on Friday, both parties aim to finish discussions on the final agreement by April 26 and sign it shortly after. The memo stated that Ukrainian Prime Minister Denys Schmyhal would travel to Washington, D.C. at the beginning of next week in order to meet U.S. Treasury Sec. Scott Bessent to work together on the deal. Yulia Shvyrydenko said, "We're happy to announce that we signed a memorandum with our American partners" on Thursday on social media. She was referring to a memorandum. She said that the document "testifies the constructive work of our teams, and our intention to finalise an agreement which will benefit both our peoples." The text of the Memorandum paves way for a deal on economic partnership and the creation of an investment fund to rebuild Ukraine. The text didn't give any details on the final deal, such as what access the United States will have and how much revenue they would gain. In Washington, Trump said to reporters: "We've got a mineral deal that I think will be signed Thursday." Trump has criticized the billions in aid that Joe Biden gave to Ukraine. He said it was a bad bargain for the United States. He also said he wanted closer ties to Moscow, who launched a full scale invasion of Ukraine in the year 2022. The White House has not responded to a request from a journalist for more information on the timing of the agreement and its contents. PRIZED RESERVES According to a source familiar with the matter, a draft of the mineral deal under discussion this month would grant the U.S. exclusive access to Ukraine's minerals and require Kyiv place all the income generated by Ukrainian state-owned and private companies from the exploitation and exploitation of natural resource in a joint fund. Source: The draft agreement included mineral deposits and infrastructure for natural gas transit in Ukraine. However, the proposed deal would not include U.S. guarantees of security for Ukraine, a priority for Kyiv, in its fight against Russian forces that occupy about 20% of its land. Inna Sovsun is a Ukrainian member of parliament who said that she was grateful for Washington's aid, but expressed concern about a proposed mineral deal. "It feels to us, as Ukrainians, like another country uses our vulnerability which we did not create." She said, before the memorandum had been signed: "It is also crucial that we design the future with the people who will be living here in the future in mind." The Ukraine is rich in natural resources including rare earths, which are highly prized for their use in electronic devices. The country has deposits of lithium, uranium and graphite among others. The road to a mineral deal has been bumpy. In February, Zelenskiy was at the White House meeting Trump and a previous version of the deal had been ready to sign. Washington briefly halted the intelligence sharing with Ukraine which is crucial in its efforts to resist Russian invasion. Then, Kyiv began to try to save the relationship and started talking with U.S. officials about natural resource cooperation. (Yulia Dysa, Angelo Amante, Trevor Hunnicutt and Kirby Donovan contributed additional reporting from Kyiv; Angelo Amante in Washington. Kirby Donovan edited the article.
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What are the critical minerals of Ukraine and why is Trump interested in them?
Kyiv announced on Friday that it hopes to conclude talks with Washington by the end next week on a deal on jointly exploiting Ukrainian minerals resources. Ukrainian officials hope this agreement will help to soften U.S. backing for their war against Russia. U.S. president Donald Trump said that he wanted Ukraine to provide the United States rare earth minerals in exchange for financial support of the country's efforts against Russia. Here is a list of critical minerals in Ukraine, including rare Earths and other natural resources that may be of interest to other partners and the U.S. What are rare earths and what do they serve for? Rare earths is a grouping of 17 metals, used in the production of magnets for electric cars, cell phones and missile systems. There is no substitute. The U.S. Geological Survey considers rare earths, such as nickel and lithium, to be crucial. Minerals are vital for industries like defence, high-tech appliances and aerospace, as well as green energy. What mineral resources does Ukraine have? According to Ukrainian data, Ukraine has 22 of the 34 critical minerals that the European Union identified. These include ferroalloys, non-ferrous and precious metals, industrial and construction materials and rare earth elements. According to the Institute of Geology of Ukraine, the country has rare earths like lanthanum, cerium and neodymium. These are used for wind turbines, electric vehicles and batteries. Erbium and yttrium can be used to produce lasers, nuclear power and other applications. EU-funded research indicates that Ukraine also has scandium deposits. All data is classified. World Economic Forum said that Ukraine is a major potential supplier of lithium as well as beryllium and other metals such as gallium, zirconium. State Geological Service of Ukraine said that Ukraine has one Europe's largest lithium reserves estimated at 500,000 tons - essential for batteries, ceramics and glass. Titanium reserves are located mainly in the northwestern and central parts of the country, while lithium deposits are found in the east, centre and southeast. The graphite reserves in Ukraine, which are used to make electric vehicles batteries and nuclear power reactors, account for 20% of the global resource. Deposits are located in the west and centre. Ukraine has also significant coal reserves. However, most of them are under Russian control in the occupied territories. What has Ukraine said about rare earths? Volodymyr Zelenskiy, Ukrainian president, said on 7th February that he is ready to make a deal with Trump which includes U.S. participation in developing Ukraine’s vast deposits of essential minerals including rare earths. Zelenskiy first presented the idea to Kyiv’s allies in his “victory plan” strategy last autumn. The Ukrainian government published a memorandum on intent on 18 April, which paved the way for a deal for economic partnership with the U.S. as well as the creation of an investment fund to rebuild Ukraine. According to mining analysts and economists, Ukraine does not currently have any rare earth mines that are commercially active. China is the largest producer in the world of rare earths, as well as many other essential minerals. Which Ukrainian resources are under Kyiv's control? The war in Ukraine has left a lot of damage, and Russia controls about a fifth. The majority of Ukraine's coal reserves, which powered the steel industry in Ukraine before the war, is concentrated to the east. According to We Build Ukraine, and the National Institute of Strategic Studies in Ukraine, data from the first half of the year 2024 shows that about 40% of Ukraine's metallic resources are under Russian occupation. The think-tanks did not provide a detailed breakdown. Since then, Russian troops continue to make steady progress in eastern Donetsk. In January, Ukraine shut down its sole coking coal mine near the city of Pokrovsk that Moscow is trying to seize. Russia occupied two Ukrainian lithium mines during the war, one in Donetsk, and the other in Zaporizhzhia in the southeast. Kyiv controls the lithium deposits of central Kyrovohrad. What mining opportunities does Ukraine offer? Oleksiy Sbolev said that in January, the government was working with Western allies, including the United States of America, Britain, France, and Italy, on projects relating to the exploitation of critical materials. The government estimates that the total investment potential in this sector will be around $12-15 billion between 2033 and 2033. The State Geological Service stated that the government is preparing 100 sites for joint licensing and development but did not provide any further details. Investors have highlighted a number barriers to investment, despite the fact that Ukraine has an extremely qualified and inexpensive workforce and developed infrastructure. Investors have highlighted a number of barriers to investment, including inefficient and complicated regulatory processes and difficulties obtaining geological data or land plots. They said that such projects would require years of development and a large upfront investment.
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Ukraine hopes to conclude mineral deal negotiations within a week
Kyiv announced on Friday that it hopes to conclude talks with Washington by the end next week on a deal on joint exploiting of Ukrainian mineral resources. Ukrainian officials hope this agreement will help to soften U.S. backing for their war against Russia. Washington has indicated that, even though the final terms aren't set in stone, it will have access to Ukraine’s natural resources as a form of compensation for its military support of the country for the past three year. The U.S. government and the Ukrainian government signed a letter of intent late on Thursday night, signaling their intention to finalise a minerals deal. The memorandum was a positive step in repairing the ties that were hanging by a thin thread between Kyiv, Ukraine and Washington when a February meeting between U.S. president Donald Trump and Ukrainian president Volodymyr Zelenskiy descended into an ugly shouting match. According to the text published by the Ukrainian Government on Friday, both parties aim to finish discussions on the final agreement by April 26 and sign it shortly after. The memo stated that Ukrainian Prime Minister Denys Schmyhal would travel to Washington, D.C. at the beginning of next week in order to meet U.S. Treasury Sec. Scott Bessent to work together on the deal. Yulia Shvyrydenko said, "We're happy to announce that we signed a memorandum with our American partners" on social media, on Thursday. She was referring to a memorandum. She said that the document "testifies the constructive work of our teams, and our intention to finalise an agreement which will benefit both our peoples." The text of the Memorandum paves way for a deal on economic partnership and the creation of an investment fund to rebuild Ukraine. The text didn't give any details on the final deal, such as what access the United States will have and how much revenue they would gain. In Washington, Trump said to reporters: "We've got a mineral deal that I think will be signed Thursday." Trump has criticized the billions in aid that Joe Biden gave to Ukraine. He said it was a bad bargain for the United States. He also said he wanted closer ties to Moscow, who launched a full scale invasion of Ukraine in the year 2022. Scott Bessent said, "We are still working on the specifics," seated next to Trump in the Oval Office. He added that the signing may happen as soon as Friday. The White House has not responded to a request from a journalist for more information on the timing of the agreement and its contents. PRIZED RESERVES According to a source familiar with the matter, a draft of the mineral deal under discussion this month would grant the U.S. exclusive access to Ukraine's minerals and require Kyiv place all the income generated by Ukrainian state-owned and private companies from the exploitation and exploitation of natural resource in a joint fund. Source: The draft agreement included mineral deposits and infrastructure for natural gas transit in Ukraine. However, the proposed deal would not include U.S. guarantees of security for Ukraine, a priority of Kyiv, in its fight against Russian forces that occupy about 20% of its land. The Ukraine is rich in natural resources including rare earths, which are highly prized in electronic applications. The country has deposits of lithium, uranium and graphite among others. The road to a mineral deal has been bumpy. In February, Zelenskiy was at the White House meeting Trump and a previous version of the deal had been ready to sign. Washington briefly halted the intelligence sharing with Ukraine which is crucial in its efforts to resist Russian invasion. Then, Kyiv began to try to save the relationship and started talking with U.S. officials about natural resource cooperation. (Additional reporting in Kyiv by Yulia Dysa, Angelo Amante in Washington and Trevor Hunnicutt; editing by Kirby Donovan).
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Iron ore to suffer second weekly decline as Trump tariffs weigh
Iron ore futures fell on Friday, heading for a second consecutive weekly loss, weighed down by lingering Sino/U.S. Trade tensions. However, resilient demand, positive economic data, and the hope of further stimulus from China, the top consumer, cushioned this fall. On China's Dalian Commodity Exchange, the most traded September iron ore contract dropped by 1.76% to $699 ($95.80) per metric ton. This is its lowest price since April 11. The weekly decline was 0.7%. As of 0706 GMT the benchmark May ore price on Singapore Exchange dropped 0.88%, to $96.95 per ton. This is a decline of 0.2% for this week. While U.S. president Donald Trump has signaled a possible end to the titt-for-tat hikes in tariffs between China and the U.S. that shocked the markets, all eyes will be on signs more progressive of easing the trade tensions between these two superpowers. Goldman Sachs analysts predict iron ore prices will fall to $90 in the fourth quarter, and to $80 in the fourth quarter 2026. They cite a return of surplus from the second part of the year. They said that they expected tariffs to have a negative impact on China's domestic demand as well as steel exports for the rest of the year, and lowered their forecast growth in ex-China seaborne iron ore to 3% from 5%. The near-term demand for ore remained strong, which limited the price decline. Mysteel's survey on Thursday showed that the average daily hot metal production, which is a measure of iron ore use, was at its highest level in nearly 17 months. The sentiment was also boosted by a number of Chinese data that were better than expected, and the hope that Beijing would unveil more measures to counteract the U.S. Tariff shocks. Coking coal and coke, which are both steelmaking ingredients, were down by 0.68% and 0.35 percent, respectively. The SHFE saw a decline in most steel benchmarks. Rebar fell by 0.81%. Hot-rolled coils dropped by 0.66%. Stainless steel declined by 0.62%. Wire rod increased by 0.48%. ($1 = 7.2961 Chinese Yuan) (Reporting and editing by Amy Lv, Lewis Jackson)
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Sources say that India is planning to relax nuclear liability laws in order to attract foreign companies.
Three government sources have said that India plans to relax its nuclear liability laws in order to cap the penalties for equipment suppliers who are involved in accidents. This is a move to attract U.S. companies which were holding back because of the potential risk. The government of Prime Minister Narendra Modi has proposed to increase nuclear power production by 12 times, to 100 gigawatts in 2047. This will also give India a boost in its trade and tariff talks with the U.S. Three sources confirmed that a draft law prepared the Department of Atomic Energy removes an important clause from the Civil Nuclear Liability Damage Act of 2010, which exposes suppliers unlimited liability for accidents. The Indian atomic energy department and finance ministry have not responded to requests for comment. Debasish Mishra is the chief growth officer of Deloitte South Asia. He said, "India needs nuclear energy, which is clean, essential and necessary." A liability cap will alleviate the main concern of suppliers of nuclear reactors. The amendments comply with international standards that place the responsibility for safety on the operator, not the nuclear reactor supplier. New Delhi hopes the changes will alleviate concerns from mainly U.S. companies like General Electric Co. and Westinghouse Electric Co. that have been on the sidelines due to the unlimited risks of accidents for years. Analysts believe that the passage of this amended law will be crucial in the negotiations between India and America for a deal to increase bilateral trade from $191 billion to $500 billion dollars by 2030. Sources say that Modi's government is confident about getting approval for amendments during the monsoon sessions of Parliament, which will begin in July. According to the proposed amendments the operator's right to compensation will be limited by the value of the contract. The contract will specify a time period for the compensation. The law currently does not specify a maximum compensation amount that an operator may seek from suppliers, nor a period of time for which the supplier can be held responsible. LAW GREW OUT OF BHOPAL DISASTER The 2010 Indian nuclear liability law was influenced by the Bhopal Gas Disaster of 1984, which is the deadliest industrial disaster in the world. It occurred at an American multinational Union Carbide Corp factory, where more than 5,000 workers were killed. Union Carbide settled out of court for $470 million damages in 1989. Since the two countries reached a nuclear cooperation agreement in 2008, the current liability law has strained U.S. and Indian relations. This also put U.S. companies at a competitive disadvantage with Russian and French firms whose governments underwrite their accident liability. Three sources confirmed that the draft law would also lower the liability cap for small reactor operators to $58 million. However, it is unlikely to change the cap of $175,000,000 currently in place for large reactor operators. India has a big bet on nuclear energy to meet its growing energy demand. It does not want to compromise on its net-zero commitments so it is allowing private Indian companies to construct such plants. Indian conglomerates such as Reliance Industries and Tata Power have been in talks with the government about investing around $5.14billion each into the sector. Reporting by Sarita Chantanti Singh and Editing by Raju Gopikrishnan.
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Shanghai copper gains after Trump signals end to China tariff increases
The copper prices in Shanghai increased on Friday, as the possibility of an end to the titt-for-tat tariff increases between the U.S. As of 0355 GMT, the most traded copper contract at the Shanghai Futures Exchange rose 0.3%, to 76.040 yuan (10,421.58) per ton. Good Friday is a holiday in London. The London Metal Exchange will be closed. Trump said on Thursday that he did not plan to increase tariffs on Chinese imports. In response to Beijing counter-measures the U.S. has increased rates on Chinese imports. The latest White House factsheet states that China faces a tariff of up to 245%. Last week, China indicated that it would not "respond" to a "numbers-game with tariffs", hinting at the fact that rates across the board wouldn't increase further. Trump stated that China has been in contact since the tariffs were imposed and expressed his optimism about a possible deal. China's central banks pumped 250.5 billion Yuan through reverse repurchase agreement (7-day) at 1.5%. Data from the National Bureau of Statistics revealed that in March, the country's refined production of copper increased 8.6% on an annual basis to 1,25 million metric tonnes. SHFE aluminium rose by 0.2%, to 19,670 Yuan per ton. Zinc gained 0.4%, to 22,055 Yuan. Nickel fell 0.1%, to 125530 Yuan. Lead gained 1%, to 16,890 Yan, while tin dropped 0.3%, to 256040 Yuan. ($1 = 7.2974 Yuan) (Reporting and editing by Sumana Aich and Rashmi Anil, Bengaluru)
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Saipem Renews Offshore Activities Agreement With Saudi Aramco
Saipem has signed a renewal for its framework agreement with Saudi Aramco. The Long-Term Agreement (LTA) now extends until the end of 2027.With the renewal of the LTA, Saipem is reconfirmed in the exclusive list of contractors selected by Saudi Aramco who are eligible to bid for work orders, known as CRPOs (Contract Release Purchase Orders). These contracts may relate to both the construction of new investment projects and any projects aimed at maintaining production capacity from Saudi Arabia’s offshore fields.Should Saipem be awarded contracts for activities within the Kingdom under the LTA, these will be carried out by a consortium between Snamprogetti Saudi Arabia (a subsidiary of Saipem SpA) and STAR (Saipem Taqa Al-Rushaid Fabricators Co.), which aims to maximize local activities leveraging the local fabrication yard, established in Saudi Arabia in 2008.Saipem and Saudi Aramco have a long history of collaboration on onshore, offshore and drilling project.The renewal of the LTA confirms the trust in Saipem’s services, technology and expertise, reaffirming the company’s role and presence in the Kingdom of Saudi Arabia’s offshore oil and gas sector.
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Iron ore to gain weekly on strong demand despite Trump tariff shock
The price of iron ore fell on Friday but was headed to a weekly increase due to strong demand, positive economic data, and the hope for more stimulus coming from China, its largest consumer. However, the Sino-US trade tensions continued to limit gains. The most traded September iron ore contract at China's Dalian Commodity Exchange closed morning trade 0.84 percent lower, closing at 705.5 yuan (96.69 dollars) per metric ton. This is the second week in a row that this contract has gained. As of 0334 GMT the benchmark May iron ore traded on Singapore Exchange had fallen 0.16%, to $97.65 per ton. However, it has risen 0.5% this week. The price of the main ingredient in steel production was supported by a firming demand. Mysteel's survey shows that the average daily hot metal production, which is a measure of iron ore use, reached a 17-month high on Thursday. The sentiment and price of commodities were also boosted by a number of Chinese data that was better than expected, as well as the hope that Beijing would unveil more measures to counteract the U.S. Tariff shocks. Goldman Sachs analysts, however, forecasted that iron ore would fall to $90 in the fourth quarter of fiscal 2026 and to $80 in the fourth quarter, citing the return of surplus from the second part year. We expect tariffs will weigh on China's domestic demand as well as steel exports for the rest of the year. While U.S. president Donald Trump has signalled that the U.S.-China tit-fortat tariff increases, which shocked the markets, may be ending soon, all eyes will be on signs of progress in easing the trade tensions. Coking coal and coke, which are used to make steel, also fell, by 3.13% and 2.08 percent, respectively. The SHFE steel benchmarks have declined. Hot-rolled coil, stainless steel and rebar fell by 0.66%. Wire rod increased by 0.57%. Reporting by Amy Lv, Lewis Jackson and Sumana Nandy; editing by Sumana Niandy.
US Government forecaster expects neutral weather to persist
The United States Climate Prediction Center announced on Thursday that neutral conditions caused by the El Nino Southern Oscillation (ENSO) are likely to persist and develop through the summer in the Northern Hemisphere, with more than 50% probability through August-October.
Why it's important
La Nina is a part of the El Nino-Southern Oscillation climate cycle, which affects water temperatures throughout the Pacific Ocean.
ENSO neutral is when the water temperature stays near average and the crop yields are more stable.
CONTEXT
The Japanese weather bureau stated earlier this week that there are no signs yet of El Nino or La Nina occurring and they will not be during the summer in the Northern Hemisphere.
The Tropical Storm Risk forecast a hurricane season in 2025 similar to climate norms from 1991 to 2020, with the tropical waters of the North Atlantic Ocean and Caribbean Sea expected to be at or slightly above average by September 2025.
KEY QUOTES
Jason Nicholls, AccuWeather’s international lead forecaster, said that the transition from La Nina into neutral is usually accompanied by a decrease in rainfall in India. This is especially true in parts of central and western India.
"Southwest Europe and Southeast Europe will trend dryer heading into summer, but the soil moisture that was provided by a rainy winter and spring is likely to limit any negative impact on crops in Spain and Portugal... Over the next few months, Brazil's croplands are expected to be dry." (Reporting by Rahul Paswan in Bengaluru; editing by Barbara Lewis)
(source: Reuters)