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Orion to invest $1.8 Billion with US and Abu Dhabi governments in critical minerals
The U.S. government and Abu Dhabi will invest $1.8billion in mining and refining project across the globe, with Orion Resource Partners. This investment is to improve Western access to rare earths, lithium and other essential minerals. The plan was announced on Thursday as China, the world's largest mineral producer, is limiting access to essential minerals, even though demand has risen across the globe. This forces manufacturers to compete for new supplies. The U.S. International Development Finance Corp. (DFC), controlled by Washington and Orion, as well as the Abu Dhabi sovereign fund ADQ have each contributed $600 million to the newly-formed Orion Critical Mineral Consortium. The consortium hopes to reach $5 billion in funding from other countries around the world. It aims to get minerals to market quickly and avoids exploration projects. Frank Fannon, managing partner of the consortium and former U.S. Assistant Secretary of State for Energy Resources during President Donald Trump’s first term, said: "We're focused on projects that are currently in production or could be put into production very soon to bring material back to the U.S. Fannon stated that Orion will seek out other potential investors who have a "shared understanding and shared value" about the need to increase Western access to essential minerals. Orion announced its announcement two days after Appian Capital Advisor and the International Finance Corporation. Launch of their own $1 Billion Fund Invest in mineral projects in Africa and Latin America Fannon stated that Orion intends to "go where rocks are" by investing in mines around the world as well as processing facilities required to turn metals into building blocks for batteries, other equipment and other devices. Oskar Lewnowski is the founder and CEO of Orion. He said, "We are committed to funding supply chains to the extent needed to ensure end-stage products for our customers and consumers." Both executives stated that Orion would focus its investment on copper and uranium as well as minerals deemed critical by the U.S.A., Canada, Europe and Australia. The DFC also owns a stake in a mining company TechMet The executives stated that the government will be involved with investment decisions. This involvement is expected to reduce geopolitical risks associated with any project. Lewnowski stated that "the (U.S. government) certainly brings a great deal to bear, especially in emerging market situations, and this makes investments much more tenable" for us. Orion's interest in the topic was a no-brainer. Ukraine's mining industry Lewnowski stated: "Ukraine is home to some interesting rocks." Let's just leave it there. The Trump administration has taken equity stakes Washington is increasingly willing to get involved in the mining industry directly. The U.S. government has also increased lobbying efforts by critical mineral companies, in an effort to gain a share of the investments Trump has promised to firms that are deemed vital to national security. (Reporting from Ernest Scheyder, Houston; additional reporting from Brijesh Pate in Bengaluru; editing by Stephen Coates).
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Newmont's profit beats expectations as gold prices record offsets output decline
Newmont, world's biggest gold miner, beat Wall Street expectations for the third quarter profit on Thursday, as record gold prices helped to offset a decline in its production. The gold price has repeatedly broken records this year, as investors have sought out the safe-haven investment amid the uncertainty caused by U.S. president Donald Trump's policies on tariffs and the escalating tensions in the geopolitical world. Newmont reported that it achieved an average gold price per ounce of $3,539 in the three-month period ended September 30. This is up from $2 518 a year ago. The gold price rally has helped to cushion a decline of 15% in the output of gold during the third quarter, which fell to 1,42 million ounces. Lower ore grades, planned maintenance and the completion of mining in the Subika pit in Ahafo South led to a decrease in production. Following the announcement, shares of the company fell 2.5% on extended trading. Newmont sold non-core assets in order to reduce its debt after acquiring Australian miner Newcrest for $17.14 billion. Gold's all-in-sustaining costs fell by 2.8% in the third quarter to $1,566 an ounce, due to improved pricing and operational efficiency. Newmont anticipates that capital expenditures will increase in 2026, as it progresses its key projects. These include tailings work at Cadia, and a possible expansion at Red Chris. Last month, the company appointed Natascha Vijoen as its first female CEO to succeed Tom Palmer. According to data compiled and analyzed by LSEG, the gold miner reported a quarterly profit of adjusted $1.71 per stock, exceeding analysts' average estimates of $1.43. (Reporting and editing by Shreya Biwas in Bengaluru)
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Ford reduces its annual guidance citing a fire at a supplier's aluminium plant
Ford Motors cut its profit forecast on Thursday. The company cited the fallout of a fire that occurred at an aluminum supplier, which will affect production of some its most profitable vehicles until the end of the calendar year. Ford Motor said that a fire in September at Novelis's Oswego factory, which supplies materials for F-150 trucks, will cost it between $1.5 and $2 billion, before taxes and interests. It expects to offset around $1 billion next year. Ford CEO Jim Farley stated in a press release that he was on site with Novelis, working to source aluminum for parts of the plant which were still operating. Farley stated that "we have made significant progress in a very short period of time in order to minimize the impact on 2025 and restore production in 2026." Ford announced its results after the close of the stock exchange. Shares in the automaker rose about 5% following the closing bell. Novelis didn't immediately respond to an inquiry for comment Thursday afternoon. It had previously stated that it anticipated production at the affected area of the plant to resume by the first quarter 2026. Ford reported revenue of $50.5billion for the third quarter. This is up 9% compared to a year ago. The company reported a profit per share of 45 cents for the quarter, exceeding the 36 cents expected by LSEG analysts. Detroit Three automakers cut their annual forecast for the second year in a row, from $6.5 to $7.5 billion to earnings before taxes and interest of $6.0 to $6.5 Billion. Ford had previously reduced its guidance due to tariffs. Many U.S. automobile manufacturers will soon be relieved after President Donald Trump signed an order expanding credits for U.S. engine and auto production. This allows companies to receive a tax credit of 3.75% on the suggested retail price of U.S.-assembled vehicles until 2030, to offset import duties on parts. Ford stated in July that Trump levies could cost as much as $3 billion, of which $1 billion it intended to offset. Executives said that the recent relief from tariffs has resulted in a net impact of $1 billion. Sherry House, Ford's Chief financial officer, said that if it weren't for the fire at Novelis, Ford would have increased its guidance. Executives said that the automaker was buying aluminum from Novelis' other facilities. Novelis also supplies Toyota and Stellantis. Ford, however, is a big consumer, as its F-150 trucks are primarily aluminum-bodied. General Motors said Tuesday that the fire has only "minimally" affected them. Ford announced that it will increase production at its Michigan and Kentucky plants by 50,000 trucks next year in order to recover losses. The production of the F-150 Lightning EV will be halted indefinitely so that the company can focus on the more profitable gasoline versions. Beyond the fallout of the Novelis Fire, there are several other potential disruptions in global supply chains that could affect the auto industry. China has recently tightened export controls on battery materials for electric vehicles and rare earths that are extensively used inside cars. Separately, an intellectual-property dispute between the Netherlands and China over computer chips has auto-industry groups warning of potential factory disruptions. GASOLINE-FUELED TRUCKS POWER PROFITS Detroit's profits continue to be fueled by sales of gasoline-fueled SUVs and trucks, even though Ford and GM both retreated from their plans for electric vehicles to focus on traditional core products. The third quarter saw a surge in EV sales as consumers rushed to get the $7,500 tax credits that were ending at the end September. Analysts and automotive executives predict that EV sales will decline through the end the year but gradually recover in 2026. GM's shares soared by 15% on Tuesday, after the company reported results for its third quarter that exceeded Wall Street expectations. The company also provided a positive outlook for 2026 and a reduced impact of tariffs. Tesla's stock fell about 4% on Wednesday after it reported revenue that exceeded forecasts but missed profits on tariff and research expenses. Ford's EV losses, and its quality issues have been the biggest challenges it has faced for several quarters. The automaker predicted earlier this year that it would lose up to $5 billion in its EV business and software by 2025. This segment recorded an operating loss of $1.4 billion for the third quarter. Reporting by Nora Eckert, Nathan Gomes and David Gregorio; editing by Mike Colias & David Gregorio
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NioCorp and Lockheed Partner on Pentagon-funded Scandium Alloy Work
NioCorp, a rare earths miner in Colorado, said Thursday that it was working with Lockheed Martin - a U.S. defence contractor - to develop an alloy of scandium and aluminium for military equipment. The program is funded by the Pentagon. NioCorp, based in Colorado, received $10 million in August from the Pentagon to develop a Nebraska mining facility that will produce scandium - one of 17 rare earths. Lockheed is an important supplier of weapons and fighter jets to the U.S. Military. NioCorp, Lockheed and other companies are using a portion of this funding to develop an aluminum and scandium alloy. Tests for the 2027 equipment range are scheduled. The Pentagon is interested in an alloy made of aluminum and scanningium because it is lightweight and conducts electricity very well. It is also corrosion resistant and can withstand a wide range of temperatures. Scandium has been used for many years in defense, aerospace, and energy applications. However, the majority of its supply comes from China. The United States hasn't mined scandium in the country since 1969. NioCorp intends to extract scandium from Nebraska's deposit and then process it into ingot form. A third party will use this ingot to create powder which can be used to 3D print replacement parts for Lockheed. NioCorp plans to open the Nebraska mine in 2028. The U.S. Export-Import Bank is considering a $800 million loan for the project. Reporting by Dharna Baffna from Bengaluru, and Ernest Scheyder from Houston; editing by Tasim Zaid and David Gregorio
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The FOREX-Yen falls as traders look at new US sanctions and CPI data
The dollar was higher against the Japanese yen as traders awaited the delayed release on Friday of U.S. consumer price inflation data and considered the new U.S. sanctions imposed on Russian oil companies that boosted oil prices. The U.S. Dollar Index, which measures the greenback in relation to a basket, was almost flat last week at 98.925. The main focus of the week is on the release of inflation data despite the U.S. government shutdown. This will help the U.S. Social Security Administration calculate its annual cost-of living adjustment for 2026. The Federal Reserve will closely monitor the numbers, even though its policy focus has shifted away from inflation and towards the U.S. labour market. The data will be important for slightly different reasons than normal. Nick Rees is the head of macro-analysis at Monex Europe. YEN SLIDE - YEN ON SLIDE The new U.S. sanctions against major Russian suppliers Rosneft, and Lukoil for Russia's involvement in the war in Ukraine have sent oil prices up by nearly 5%. This follows British sanctions last week on these two companies. The U.S. Treasury Department announced that it was ready to take additional action, as it called upon Moscow to immediately agree to a ceasefire. Several trade sources reported that Chinese state oil companies had stopped buying seaborne Russian crude oil from two companies. This boosted prices. Marc Chandler, Bannockburn Capital Markets' chief market strategist, stated that the new sanctions had a negative impact on the yen and other currencies linked to oil imports. He said that Japan is a large oil importer and that higher oil prices are hurtful. The yen was also affected by domestic factors. It was headed back to last week's seven month low of 153.29 per dollar. This was the level it reached this week, after Sanae Takaichi was selected as Japan's new ruling party leader. Takaichi is widely considered a fiscal dove and a monetary dove. The market is eagerly awaiting the details of Takaichi's stimulus package now that he is in office as Prime Minister. Yutaka Miura is a senior technical analyst with Mizuho Securities. He said that buying based on the hopes of a Takaichi-led government had already reached its end. The market has reached a stage where it must assess the feasibility of concrete policies. OIL PRICE RISE The Norwegian crown appreciated on Thursday due to the increase in oil prices. The dollar fell 0.42% against the Norwegian crowns at 9.9717, dropping below the 10-crown mark for the first two weeks. Meanwhile, the euro reached a new low of 11.568 crowns in a month. Sterling was also down 0.25% to $1.332, having recovered from its recent fall. This was due to weaker than expected consumer inflation data which caused the markets' bets for another Bank of England rate reduction this year. The euro rose 0.06% to $1.162. The Swiss National Bank published its first meeting minutes on Monday. It did not move the Swiss Franc. It was at 0.7949 to the dollar. Hannah Lang reported from New York, with additional reporting from Alun John and Kevin Buckland in London; editing by Jacqueline Wong and Kim Coghill; Barbara Lewis, Alison Williams, and Diane Craft.
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M23 rebels deny accusations of gold theft at eastern Congo mine
The M23 group denied on Thursday that its fighters looted 500 kilograms of gold from Twangiza Mining’s concession in eastern Democratic Republic of Congo. This week, the firm that operates in South Kivu, a province that is largely under M23 control, claimed M23 "had secretly transported (the) gold through underground channels." The rebels were also accused of utilizing Rwandan technicians in order to extract geological information to resume and expand their mining. Rwanda has denied supporting M23 rebels despite claims from U.N. officials and Western and Regional governments. Corneille Nangaa said at a Thursday press conference that the mine is not operational and only artisanal mining workers are working there. He claimed that M23 lacked the equipment necessary to operate a landmine. Nangaa also accused the Congolese government of bombing the site, including from above. He claimed that civilians were killed during these attacks, but did not give a number. The company reported that a drone strike on 15 October destroyed the power generation infrastructure of the mine. The drone strike's perpetrator is still unknown. The Congo government has not responded to a comment request on this allegation. M23 launched a lightning-fast offensive in this year, which allowed them to capture more territory than ever before in the eastern Congo. The group took the mine in May. Twangiza reported that it has lost more than 100 kg of gold per month since its takeover. It also said $5 million in equipment and materials had been lost. The company has declared force majeure and is preparing to make a formal complaint before international arbitrators and Congolese officials. According to U.N. investigators, armed groups have taken over several mining sites located in the mineral-rich eastern Congo. According to a U.N. Security Council report last year, M23 rebels earn around $300,000.00 per month from mineral taxes. This is in the rich Rubaya region. Reporting by Congo Newsroom; writing by Anait Miridzhanian, editing by Rob Corey-Boulet & Daniel Wallis
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Stocks and US yields increase after sanctions against Russia
The oil prices rose more than 5% Thursday, after Washington announced sanctions against major Russian companies for the Ukraine War. Major stock indexes also rose as gains by U.S. energy stocks and European energy shares offset some disappointing earnings reports. The sanctions were announced on Wednesday night and targeted major Russian suppliers Rosneft, Lukoil. The European Union approved the 19th set of sanctions against Moscow, which included a ban on Russian gas imports. Britain imposed sanctions on Rosneft & Lukoil last week. Wall Street stocks rose with indexes picking up momentum following the White House You can also check out our other articles. Next week, Donald Trump will visit Asia and meet with Chinese President Xi Jinping. The S&P 500 index saw energy as the sector that gained the most, with a gain of 1.6%. Stocks also benefited from a number of positive earnings reports. Honeywell shares gained 7.6% following the company's revised profit forecast for 2025. International Business Machines' shares dropped 1.2% as the company reported a slowdown of growth in its cloud software segment. "In general the (stock market) is responding to earnings which are for the most part continuing to be good. The market is also applauding Trump's severe sanctions against major Russian oil companies. "You can see it in the energy industry," said Peter Cardillo. Chief market economist at Spartan Capital Securities, New York. The Dow Jones Industrial Average rose by 185.84, or 0.39 percent, to 46.774.16, while the S&P 500 gained 47.28, or 0.70 percent, to 6,746.56, and the Nasdaq Composite advanced by 239.21, or 1.05 per cent, to 22,979.60. The MSCI index of global stocks rose by 5.10 points or 0.51% to 995.87. STOXX 600 index closes at record high, boosted by gains in energy shares. The pan-European STOXX 600 Index advanced 0.37%, reaching 574.43. Kering shares rose 8.7%, also helping to boost sentiment. The Gucci owner revealed that sales for the previous quarter were lower than analysts expected. Chinese stocks recovered from a drop of 1.1% to close at 0.3%. Sources said that the White House is considering a plan of reducing software exports to China as a retaliation to Beijing's recent round of export restrictions on rare earths. After the latest Russia sanction news, oil futures became a hot topic. The U.S. announced it was ready to take additional action, as it called upon Moscow to immediately agree to a ceasefire. U.S. crude rose 5.6% to $61.79 per barrel. Brent closed at $65.93 last up 5.4%. U.S. Treasury Yields rose as well following the news of sanctions, and investors prepared for Friday's key inflation reading in the United States. The yield on the benchmark U.S. 10 year notes increased 4.2 basis points from 3.953% at late Wednesday. Geopolitical risks have renewed demand for gold as a safe-haven, after it had dropped earlier this week following its recent strong rally. Spot gold increased 1.04% to $4136.34 per ounce. Investors' firm belief that the Federal Reserve is going to continue cutting U.S. rates of interest helps offset some of their anxiety over geopolitical tensions and trade conflicts. dollar The index that measures the dollar against a basket including the yen, the euro and other currencies rose by 0.06%, to 98.99. In recent months, the index has been moving higher as investors became more confident that the Fed would act to protect the economic system. The yen fell to its lowest level in a week. The dollar gained 0.41% against the Japanese yen to reach 152.6.
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Gold prices rise on renewed geopolitical risk; US inflation data is in focus
After two sessions of declines, gold prices rose by over 1% Thursday as investors awaited Friday's key U.S. Inflation data. As of 01:49 pm, spot gold was up by 1% to $4,132.76 an ounce. ET (1748 GMT), following a fall to a nearly two-week low during the previous session. U.S. Gold Futures for December Delivery settled 2% higher, at $4.145.60 an ounce. The prices reached a record-high of $4,381.21 in the first session, but then experienced their steepest fall in five years during the second. This year, the value of gold has soared. All the fundamentals that drove gold higher in this year are still very much present. "There was some opportunistic purchasing on the dip, and perhaps an uptick in geopolitical and trade tensions which are driving today's bid," Peter Grant said. The gold price has risen by 57% in the past year. This is due to geopolitical tensions and economic uncertainty as well as central bank purchases. U.S. president Donald Trump imposed sanctions against Russia on Wednesday, the first in his second term. The oil companies Lukoil & Rosneft were targeted. In response to Beijing’s recent restrictions on rare-earth-exports, the administration is also considering restricting a wide range of software exports to China. The Federal Reserve is now focusing on the U.S. Consumer Price Index report due out Friday, which could be its clearest inflation signal before next week's policy meetings. Data is expected to indicate that core inflation remained at 3.1% in the month of September. The markets have already priced in the 25 basis-point cut and another in December. In low-interest rate environments, gold, which is a non-yielding investment, tends benefit. JP Morgan predicted that gold prices would average $5,055/oz in the fourth quarter 2026. This was based on an assumption that central bank purchases and investor demand will average 566 tonnes each quarter. Other metals rose in price as well. Spot silver increased by 1.1%, to $49.07 an ounce. Platinum gained 0.5%, to $1.629.44. Palladium climbed 0.4%, to $1.453.90.
Putin: Russia will not bow to U.S. Pressure
Vladimir Putin warned on Thursday that Russia will not bow to the pressure of the United States, or any other country. He also said that any attacks deep inside Russia would receive a very serious and overwhelming response.
Putin stated that the U.S. Sanctions are "unfriendly". They "will have certain effects, but will not affect our economy in a significant way," he said. He said that the Russian energy sector is confident.
Putin stated that "this is, ofcourse, an attempt at putting pressure on Russia." "But no country or people with any self-respect ever makes a decision under pressure."
Putin said that a disruption of the global energy market could result in a price hike, which would be unwelcome for some countries like the United States. This is especially true given the political calendar within the United States.
When asked about a Wall Street Journal article stating that the Trump Administration has lifted a restriction on Ukraine using some long-range rockets provided by Western Allies and comments by Ukrainian President Volodymyr Zelenskiy regarding domestic missiles capable of reaching a distance of 1,900 miles (3,000 km), Putin replied: "This is a deliberate attempt to escalate."
"But, if these weapons are used against Russian territory, then the response will not only be severe, but also overwhelming. Putin said, "Let them think about it." (Reporting and editing by Guy Faulconbridge).
(source: Reuters)