Latest News
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First Quantum anticipates an increase in Cobre Panama Maintenance Costs
First Quantum Minerals, a Canadian mining company, said that it expects the costs of maintaining its copper mine in Panama to increase from $17 to $18 millions per month. Panama approved in May the company's Preservation and Safe Management Plan (P&SM), allowing it to export the copper concentrate that was stored on the site, as well as restarting a power station at Cobre Panama. After massive protests by local residents, the site was shut down in 2023. The mine, which contributed 1% of global copper production to the world, was shut down in 2023, and this had a negative impact on Panama's as well as the company's finances. First Quantum has begun shipping the 120,000 tons of copper that were left on the site in June. The company announced on Wednesday that the final shipment will be sent soon. This should put an end to the uncertainty surrounding the copper stockpiled. The maintenance costs for the Cobre Panama Mine averaged around $15 million per year during the second quarter. The plan allows imports of fuel for Cobre Panama to restart its thermoelectric power station, which is anticipated in the fourth quarter 2025. First Quantum stated that the increase in P&SM cost of up to $3,000,000 could be offset by selling excess power for Panama's grid. (Reporting and editing by Alan Barona in Bengaluru, Vallari Srivastava from Bengaluru)
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Texas lawmakers investigate flash flooding as death toll reaches 137
Texas lawmakers held a special meeting on Wednesday to discuss for the first-time the deadly floods which hit the Texas Hill Country in this month and killed at least 137. Senator Charles Perry is the chairperson of the joint Senate and House committee that investigated the preparations for and responses to the floods. The committee does not wish to place blame but instead seeks "constructive policies which will reduce future deaths." Texas Governor Greg Abbott put the investigation at the top of the agenda for a special session of the legislature that began on Monday. Abbott announced on his social media accounts that the death count from the flash floods of July 4, 2014, had reached 137. A man and a young girl were still missing. Nim Kidd was the first to be called as a witness by the lawmakers. He called the state's vast emergency response system fragmented. Each of the 254 counties has control over evacuating their residents. This order was not issued in the worst-hit areas of the country earlier this month. Kidd said that he would need better radar systems in his home, better communication systems to alert local leaders and residents and more resources to help residents evacuate or stay put. This high death toll is one of the most deadly U.S. flooding events in recent decades. It raises questions about the absence of flash flood warning sirens, especially in the hardest-hit Kerr County. Many people have expressed concerns about the vacancies in National Weather Service offices as a result of staffing reductions under President Donald Trump. The next meeting of the legislative committee to investigate the floods is scheduled for July 31st in Kerr County. The committee will prepare a report that will be sent to the Texas Senate and House for consideration in drafting legislation during the special session of a month. (Reporting from Brad Brooks, Colorado; editing by David Gregorio.)
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White House selects mining expert as head of National Security Office, sources say
Three sources confirmed that the White House has appointed a former mining executive as head of a National Security Council office focused on strengthening supply chain. A pared-down NSC is focusing on President Donald Trump's top priorities. Sources who spoke on condition of anonymity in order to discuss personnel matters that are not public have confirmed that David Copley is now a senior Director at the NSC. Copley was selected earlier this year to be the top mining official for the U.S. National Energy Dominance Council (NEDC), an interagency group chaired the Interior Secretary. The White House is intensifying its efforts in an arms race against China over critical minerals that affects a wide range of industries around the world. China has recently shown its power by withholding rare earth magnets from export, causing global markets to be upset and forcing U.S. government officials back at the negotiation table. Two sources stated that Copley's focus at the NSC will be on improving U.S. supply chain and increasing U.S. accessibility to critical minerals, which are vital components in advanced military technology. Unknown to the White House, Copley will oversee "international economics", a component of the NSC. Copley did not respond when asked for comment. Copley's exact title and if he had officially left the NEDC were not clear. The appointment of a mining expert to a key NSC post offers an insight into the shift in national security priorities under U.S. president Donald Trump. In recent months, the NSC was drastically reduced. The offices that oversee Africa and international organisations have also been downgraded or closed, reflecting the administration's distrust of multilateral institutions. Recently, a special forces veteran has been appointed to lead the Latin America office. This comes at a time when Trump is openly considering unilateral action against Mexican drug gangs. Trump has always been focused on obtaining vital minerals such as cobalt and Nickel. China's near total control over the industry of critical minerals has also long irked the president. Copley, a member of a group of officials, was reported to have been involved in plans to bring Greenland closer to America, primarily to gain access to its vast reserves of rare earths. One source said that Copley's mandate is "geostrategic matters" in general. Geostrategy, as a branch of international relations, is concerned with the interaction between resource wealth and security. This has particular relevance to an administration which places securing foreign resources at the center of its foreign policies. In April, the U.S. signed a massive deal with Ukraine to grant the United States privileged access to Ukrainian mineral resources. Copley, an economist by trade, is a U.S. Navy Reserve intelligence officer. He worked for the State Department on Iraq-related matters during Trump's initial term. He held previous roles at U.S. Silica, a minerals producer. Copley was a consultant for Boston Consulting Group and served as a Defense Intelligence Agency officer. Copley, who worked for Newmont in Denver until recently as a strategic developer, was the company's world-leading gold producer by production. The market value is $54 billion. (Reporting and editing by Jarrett Renshaw, Gram Slattery)
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White House selects mining expert as head of National Security Office, sources say
Three sources confirmed that the White House has appointed a former mining executive as head of a National Security Council office focused on strengthening supply chain. A pared-down NSC is focusing on President Donald Trump's top priorities. Sources who spoke on condition of anonymity in order to discuss personnel matters that are not public have confirmed that David Copley is now a senior Director at the NSC. Copley was selected earlier this year to be the top mining official for the U.S. National Energy Dominance Council (NEDC), an interagency group chaired the Interior Secretary. The White House is intensifying its efforts in an arms race against China over critical minerals that affects a wide range of industries around the world. China has recently shown its power by halting exports of rare-earth magnets. This has upset global markets, forcing U.S. officials to return to the negotiation table before changing course. Two sources stated that Copley's focus at the NSC will be on improving U.S. supply chain and increasing U.S. accessibility to critical minerals, which are vital components in advanced military technology. Unknown to the White House, Copley will oversee "international economics", a component of the NSC. Copley did not respond when asked for comment. Copley's exact title and if he had officially left the NEDC were not clear. The appointment of a mining expert to a key NSC post offers an insight into the shift in national security priorities under U.S. president Donald Trump. In recent months, the NSC was drastically reduced. The offices that oversee Africa and international organisations have also been downgraded or closed, reflecting the administration's distrust of multilateral institutions. Recently, a special forces veteran has been appointed to lead the Latin America office. This comes at a time when Trump is openly considering unilateral action against Mexican drug gangs. Trump has always been focused on obtaining vital minerals such as cobalt and Nickel. China's near total control over the industry of critical minerals has also long irked the president. Copley, a member of a group of officials, was reported to have been involved in plans to bring Greenland closer to America, primarily to gain access to its vast reserves of rare earths. One source said that Copley's mandate is "geostrategy" in general. Geostrategy, as a branch of international relations, is concerned with the interaction between resource wealth and security. This has particular relevance to an administration whose foreign policy places a high priority on securing foreign resources. In April, the U.S. signed a massive deal with Ukraine to grant the United States priority access to Ukrainian mineral resources. Copley, an economist by trade, is a U.S. Navy Reserve intelligence officer. He worked for the State Department on Iraq-related matters during Trump's initial term. He held previous roles at U.S. Silica, a minerals producer. Copley was a consultant for Boston Consulting Group and a Defense Intelligence Agency officer in the early years of his career. Copley, who worked for Newmont in Denver until recently as a strategic developer, was the company's world-leading gold producer by production. The market value is $54 billion. (Reporting and editing by Jarrett Renshaw, Gram Slattery)
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US EPA approves dicamba weedkiller for use on cotton and soybeans
U.S. Environmental Protection Agency proposed Wednesday approvals for products that contain the weedkiller, dicamba. Its use was stopped by a Federal Court in 2024. The agency argues it poses no significant risk to human health or the environment. Farmers of cotton and soybeans sprayed the herbicide dicamba to control tough weeds on crops genetically modified to resist it. Environmental groups have criticised the chemical for its ability to drift and harm nearby plants. In a 2024 ruling of the U.S. District Court, the EPA was found to have violated the public input procedure in the approval of three dicamba-containing products. The product registrations were subsequently revoked. Farmers were not able to spray dicamba onto crops this year as a result. In regulatory documents, the EPA announced that it had received new approval applications from Bayer AG BASF and Syngenta. Bayer, the company that sold XtendiMax dicamba herbicide, was happy to see the EPA open a period for public comments on its proposal. Bayer stated that the low-volatility herbicide dicamba, when used in accordance with the label, could be used safely on target. BASF has said that it will work with regulators in order to ensure that farmers are able to use dicamba. Syngenta didn't immediately respond to an inquiry for comment. In a press release, the EPA said that despite the fact that there was no risk for human health, certain plants were at risk. The agency proposes restrictions on the amount of chemical that can be used and when to mitigate this risk. Kyle Kunkler was the top pesticides official in the EPA Office of Chemical Safety and Pollution Prevention. He previously worked as a Lobbyist for the American Soybean Association. The American Soybean Association has supported allowing soybean farmers to spray dicamba. The association stated that it was reviewing EPA's proposed dicamba and that dicamba was a crucial tool for farmers.
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Wildfire in central Turkey kills 10, injures 14, minister says
Ibrahim Yumakli, Minister of Agriculture and Forestry in Turkey, said that ten firefighters died and 14 others were injured while battling to control a wildfire. Since Tuesday, firefighters and rescue teams are battling to put out a wildfire that has erupted in the Seyitgazi District of Eskisehir. Yumakli, a reporter, said that on Wednesday, 24 firefighters had been trapped in a fire when suddenly the wind changed directions and blew them flames. The firefighters were taken to the hospital immediately, but 10 died and 14 were still being treated. Ihlas News Agency quoted firefighter Ercan Tmel as saying, "They were fighting fires above the hill while we were fighting them at the bottom." He said, "They tried to run uphill to escape the flames but couldn't do it." Justice Minister Yilmaz Tunc stated in a posting on X, that prosecutors have launched a legal probe into the incident. Yumakli reported that seven wildfires still burned in five provinces of central and western Turkey on Wednesday. Reporting by Huseyin Haatsever, Ali Kucukgocmen and David Gregorio
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Argentina rejects Ganfeng Lithium but approves Galan Lithium as part of its incentive scheme
The Argentine government approved the $217 million project by Australian miner Galan Lithium in Catamarca for a new incentive program called RIGI. However, it rejected a bid from China's Ganfeng to build its Mariana lithium project. Why it's important Last year, the Incentive Regime for Large Investments (RIGI) was implemented as part of President Javier Milei’s efforts to encourage investments in the troubled economy. The RIGI offers benefits such as tax breaks and access international dispute courts for eligible projects. Global mining companies have been watching closely to see if the scheme will encourage investment in the copper industry that has stagnated for years, and if it can help lithium projects during a period of low prices. By the Numbers Caputo stated that the project of Galan Lithium at the Hombre Muerto Salt Flat is the sixth approved investment for RIGI. This brings the total planned expenditure under the regime up to $12.8 billion. Rio Tinto’s Rincon Lithium project is the only other mining project approved to date. CONTEXT Argentina is the fourth largest producer of lithium in the world, which is a critical component for batteries used in electric vehicles and storage systems that use renewable energy. THE RESPONSE Galan Lithium and Ganfeng did not respond to comments immediately. Caputo claimed that Ganfeng’s Mariana project was not eligible because the miner began work prior to applying for RIGI. Caputo stated that the company did not meet all the requirements to enter the regime. This included the requirement to make the minimum investment required over the next two-year period. (Reporting and Editing by Daina Bet Solomon, Editing by David Gregorio).
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Wall Street closes higher as gold retreats, trade talks advance boosts markets
U.S. stock prices rose on Wednesday, and Treasury yields reversed a three-day decline after news of a deal between the United States with Japan. Meanwhile, a report about a similar agreement with the European Union gave welcome signs of progress for President Donald Trump's multiple-fronted tariff negotiations. The three major U.S. indexes ended in positive territory, ahead of the eagerly anticipated quarter reports from Alphabet. The gold price has fallen from its five-week-high as investors have shifted away from this safe-haven. Trump signed a deal with Japan just a little over a week before the August 1 deadline. In exchange for $500 billion in investment and loans destined for the United States, the deal spares Japan new tariffs on autos. It is the largest trade agreement to have emerged since Trump's market rumbling "liberation day", tariff announcement from April. According to European Commission officials, the European Union and United States are close to an agreement on a trade deal which would impose 15% on European imports while waiving duty on certain items. The deal follows one with the Philippines and gives hope that there could be more to come. Sam Stovall is the chief investment strategist at CFRA Research, based in New York. He said that "the storm clouds are parting and macro-situation looks to be improving." Investors are optimistic about the announcement of more trade agreements before August 1st or a postponement. The second-quarter earnings season has begun, and 23% of companies in the S&P 500 have already reported. LSEG data shows that 85% of those companies have beaten Wall Street's expectations. Analysts predict that S&P 500 earnings will grow 7.5% on average from July 1 to the current year. This is a significant improvement over estimates of 5.8%. Investors will closely monitor the high-profile results of Magnificent Seven members Alphabet, and Tesla. They are particularly interested in any guidance on future expenditures or payoffs related to Artificial Intelligence. Wall Street will test its reliance on momentum stocks as major tech and tech related megacaps report results. The Dow Jones Industrial Average climbed 507.85 points or 1.14% to 45,010.29. The S&P 500 gained 49.35 points or 0.78% to 6,358.97. And the Nasdaq Composite jumped 127.33 or 0.61% to 21,020.02. The rally was led by automakers, who were buoyed by optimism over a possible U.S. EU trade agreement. If the talks fail, then the European Union will be launching retaliatory actions. The MSCI index of global stocks rose by 10.16 points or 1.09% to 939.94. The pan-European STOXX 600 rose by 1.08% while the broad FTSEurofirst 300 rose by 23.70 points or 1.10%. Emerging market stocks increased by 19.23 points or 1.54% to 1,267.28. MSCI's broadest Asia-Pacific share index outside Japan closed up by 1.53% at 666.81. Japan's Nikkei gained 1,396.40 or 3.51% to 41,171.32. The yields on U.S. Treasury bonds rose after three days of declining rates, as optimism about trade fueled risky sentiment. The yield on the benchmark 10-year U.S. notes increased 5.2 basis points from late Tuesday to 4,388%. The 30-year bond rate rose by 4.1 basis points, from 4.903% to 4.944% late Tuesday. The yield on the 2-year bond, which is usually in line with expectations of interest rates for the Federal Reserve (Federal Reserve), rose by 5.5 basis points, to 3.886% from 3.831% at late Tuesday. As trade negotiations continued, the dollar weakened as the yen gained strength. The euro also increased. The dollar index (which measures the greenback in relation to a basket of currencies, including the yen, the euro and others) fell by 0.27%, while the euro rose 0.18%, reaching $1.1774. The dollar fell 0.1% against the Japanese yen to 146.48. Bitcoin fell by 1.08% in cryptocurrencies to $118 485.91. Ethereum fell 2.99% to $3.596.61. As trade uncertainty waned, oil prices fell. U.S. crude fell 0.09%, to $65.25 a barrel. Brent ended the day at $68.51, down 0.12%. Spot gold dropped 1.19% to $3.390.12 per ounce. U.S. Gold Futures fell by 1.29% to $3395.00 per ounce.
GE Vernova raises annual forecasts, beats second-quarter profit estimates
GE Vernova, a maker of power equipment, raised its forecast for free cash flow and beat Wall Street expectations for the second quarter profit on Wednesday. Its shares rose more than 13% at an all-time record.
GE Vernova became independent after a three way split from General Electric last year. It raised its target for free cash flow (FCF), which was previously forecast between $2 billion and $2.5 billion. They also expect 2025 revenues to be at the upper end of a range between $36 billion and $37 billion.
The current tariff policy of U.S. president Donald Trump is expected to have an impact on the forecast in the range of $300-400 million.
GE Vernova said that it also expects the tariff cost outlook for the remainder of the year to remain unchanged.
The analysts at Jefferies said that the FCF target increase of more than 44% was a positive surprise.
The positive forecasts are coming at a moment when the power sector is bracing itself for the impact of Trump's changing tariffs and policies. These have disrupted the supply chain, increased costs, and threatened the future offshore wind projects.
GE Vernova reported a second-quarter adjusted net profit of $1.77 a share, exceeding analysts' estimates of $1.51. This was due to GE Vernova's strong performance in the power and electrification divisions.
The U.S. Energy Information Administration predicts that power consumption in the United States will reach record levels in 2025 and in 2026. This is due to rapid expansions of AI and cryptocurrency datacenters, as well as an increase in demand from businesses and households.
The core profit of GE Vernova’s power segment, which produces steam and gas turbines jumped 27%, to $778.8 million. Meanwhile, the electrification division's profit nearly doubled, to $332.8 million. (Reporting and editing by Shinjini Ganuli and Pooja Deai in Bengaluru)
(source: Reuters)