Latest News
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Perpetua Resources wants $2.7 billion EXIM Loan for Idaho gold-antimony Project (March 31).
Antimony -and- gold miner Perpetua Resources announced on Tuesday that U.S. Export-Import Bank's board unanimously agreed to inform Congress about a proposed $2.7billion loan to finance the Stibnite Project -in Idaho. The proposed financing includes $2.2 billion in direct loans for?construction and exploration costs as well as corporate costs. The remainder will cover interest?and fees. The loan, along with the $714 million cash available on hand would cover the estimated cost of $2.576 billion to build the Stibnite Gold Project. The Canadian shares of the company closed at C$39.20 C$ on Tuesday. Perpetua Resources' CEO Jon Cherry stated that today's decision marked the final stage in EXIM approval process, and put the company on the right track to a Final Investment Decision this year. The proposed loan is part of the Export-Import Bank’s Make More in America Program, which aims to boost domestic production and industrial development in the United States. The project has gained in importance because the United States is seeking a domestic supply of antimony after China last year restricted exports. Perpetua began early construction work in October 2025, after obtaining all federal and state permits. Agnico-Eagle Mines and JPMorgan Chase are among the company's investors. Varun Sahay, Bengaluru Reporting; Tasim Zahid, Editing
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Sources say that Rodriguez is preparing to take over Citgo's board.
Four sources familiar with the preparations say that Delcy Rodriguez, the interim president of Venezuela, is preparing to take control of the U.S. subsidiaries of the state oil firm PDVSA, including Citgo Petroleum. The?move?could escalate a tug-of-war for control of the U.S. refiner that is the seventh largest. Washington recognized Rodriguez in March as Venezuela's president following the capture and detention of Nicolas Maduro. This opened the door for her to reopen U.S. embassies, consulates and to regain control over Venezuelan-owned businesses abroad that Maduro lost to the opposition. Citgo, Venezuela's crown jewel in foreign assets, is now run by supervising board members appointed by a no-longer-active opposition-led congress. Two sources claim that Rodriguez is still working on her list of board members to be approved by the Treasury. Some?names' suggested in Washington were not well-received, they said. The sources stated that if the executives were approved, Treasury's Office of Foreign Assets Control would have to issue specific licenses. One source said that Treasury officials had already spoken to members of Citgo’s board and informed them of their 'expectation to authorize the new board members appointed by Rodriguez, if they have been cleared by Washington. Another source stated that the U.S. State Department must also?follow up on the appointments? and provide OFAC with?policy direction? Sources claim that Rodriguez's envoys told some law firms who represented Venezuela, PDVSA, and its subsidiaries before U.S. federal courts in the past that their contracts were being reviewed and that they could be terminated. Requests for comments from the Venezuelan ministries of oil, communications and PDVSA as well as the U.S. Treasury Department and State department did not receive a response. Citgo's supervisory boards declined to comment. Changes in Slow Motion Asdrubal Chavez, a cousin to the late Venezuelan President Hugo Chavez, was ratified by PDVSA in March as head of its U.S. subsidiary. Chavez hasn't effectively led the companies for more than seven year, despite being denied a U.S. Visa to lead Citgo out of Houston. PDVSA added Ricardo Gomez and Nelson Ferrer to its board as part of the March appointments. These executives were close to Rodriguez, who had previously worked at Citgo for Chavez. It wasn't immediately clear whether these executives would be approved by the Treasury. As the Houston refiner continues its fight in U.S. courts to overturn the sale of PDV Holding, it's parent company, to an affiliate of hedge fund?Elliott Investment Management. The refiner is fighting in the?U.S. courts to reverse the sale of PDV Holding to an affiliate hedge fund Elliott Investment Management. Citgo said that in court, the auction ordered to pay creditors billions of dollars for debt defaults in Venezuela and expropriations was unfair. It was plagued with conflicts of interest. The complex auction was concluded last year, after a Delaware court?approved of a bid of $5.9 billion by Elliott's subsidiary Amber Energy. But the final transfer of ownership is now pending a green light from the U.S. Treasury, which has protected Citgo from creditors since it severed ties with Caracas-headquartered PDVSA in 2019 amid U.S. sanctions. Elliott declined to make a comment. Reporting by Marianna Pararaga in Houston, and Deisy buitrago in Caracas. Editing by David Gregorio.
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SpaceX's IPO: The Road to Success
SpaceX, Elon Musk's company, has filed a confidential application for its highly anticipated U.S. Initial Public Offering, according to a source familiar with the matter. This will make space exploration a mainstream investment topic, rather than a speculative one. Here's a timeline for SpaceX’s path to a blockbuster IPO. Elon Musk launched SpaceX in March 2002 using the money he earned from selling PayPal. SpaceX failed to launch its first rocket, the Falcon 1 in March 2006. SpaceX Falcon 1 successfully launched for the first launch in September 2008. It was the first liquid-fuel rocket developed by a private company to reach Earth orbit. SpaceX signed its first major contract in December 2008 with NASA for the transportation of cargo and supplies to International Space Station. May 2012 - SpaceX Falcon 9 rockets launched a Dragon capsule into space, becoming the first private spacecraft docked at the ISS. June 2015 - Falcon 9 rocket exploded in mid-air. December 2015 – First successful vertical touchdown of Falcon 9 rocket. This was the first large rocket to achieve a controlled recovery after it had delivered a payload in orbit. In February 2018, the first Falcon Heavy launch sent Musk's Tesla Roadster into space, along with its mannequin, Starman. April 2019 - The capsule of the crew?Dragon vehicle exploded on the ground during a test. May 2019 - SpaceX launched Starlink satellites. This constellation is capable of beaming high-speed internet signals from space to customers all over the world. October 2020 - SpaceX has completed its 100th successful Falcon rocket flight since Falcon 1 flew into orbit for the first time in 2008 SpaceX Crew-1 mission, November 2020. This is the first operational mission under NASA's Commercial Crew Program. NASA awards SpaceX the contract to build the first commercial human landing vehicle as part of the Artemis program in April 2021. SpaceX launches the first ever all-civilian crew to orbit the Earth in space on September 20, 2021. NASA's Double Asteroid Redirection Test mission (DART), launched by SpaceX into an interplanetary transfer space, marks the first ever test of a planet defense system to prevent a possible asteroid impact with Earth. April 2023: First Starship Rocket explodes after losing control. November 2023: Starship launch fails minutes after reaching the space. November 2023: A U.S. Judge blocked the U.S. Department of Justice's pursuit of an administrative case accusing Elon Musk’s SpaceX of refusing to illegally hire refugees and asylum seekers. September 2024: The SpaceX Polaris Dawn spacewalk was the first privately-managed spacewalk. SpaceX's Starship broke apart in space minutes after it launched from Texas, forcing airlines to change course over the Gulf of Mexico so as to avoid falling debris. Starship explodes during a test on the ground in June 2025. February 2026 - SpaceX acquired Musk's artificial-intelligence startup xAI ?in a record-setting deal worth $250 billion, unifying the world's richest man's AI and space ambitions by combining the ?rocket-and-satellite company with the maker of the Grok chatbot. Musk stated that SpaceX will shift its focus in February 2026 to the construction of a "self growing city" on moon. NASA official stated that the Starship has accumulated at least 2 years of development delays since NASA selected the rocket as an astronaut lander on the moon in 2021. It is expected to take more time before clearing remaining hurdles to land on the moon. SpaceX files its U.S. initial IPO in secret on April 20, 2026, setting the stage for the largest stock market flotation to date. (Reporting and editing by Leroy Leo, Anil D'Silva and Arasu Kanagi Basil in Bengaluru)
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SpaceX is seen as a test that will determine whether mega-IPOs succeed or fail
Elon Musk's spaceX could be the break-through that global IPO market needs. Saudi Aramco was the last company to debut on the market with a valuation of over one trillion dollars in 2019. SpaceX has all the ingredients the IPO market?has been looking for to end a long-term drought of mega-deals. It is a company with a valuation over "trillion dollars", a CEO who enjoys cult like retail support, and exposure to a?high-growth?industry. Investors' appetite for an IPO of this magnitude is still uncertain. Analysts and experts say that the company's success is unique, so it could only have a limited impact on broader market sentiment. Brian Jacobsen is the chief economist at Annex Wealth Management. Here are some charts that show the market's current status and SpaceX IPO's potential: WORLD'S BIGGEST IPO ON THE HORIZON The rocket startup has confidentially filed for a blockbuster listing,?looking to raise $50 billion or more, which could value it at $1.75 trillion, potentially dethroning oil giant Saudi Aramco as the world’s largest IPO. Here are charts showing the current market status and SpaceX's IPO potential: Samuel Kerr is the global head of equity markets at Mergermarket. He said that SpaceX would be the largest ever IPO. It will be a test of public market capability in a period of real market turmoil. SpaceX is probably the only business that can list on this market given its tremendous hype. SpaceX registered confidentially for an IPO - on Wednesday, according to a report citing a reliable source. PIVOTAL TESTING SpaceX's listing - could serve as a bellwether of the IPO market. A positive reception could indicate the long-awaited return of big-ticket deals. Issuers waited for years as markets were volatile, driven by inflation fears, rising interest rates and geopolitical tensions. Industry hopes that 2026 will see a resurgence of market debuts. Kat Liu is vice president of IPOX, a research firm that specializes in IPOs. It would show that the public markets are able to accept large, high-value offerings and validate late-stage pricing on the private market. TRILLION DOLLAR CLUB Several high profile startups, such as SpaceX, ChatGPT maker OpenAI, and TikTok owner ByteDance have blurred lines between public and private companies with valuations that are comparable to those of the top-tier S&P500 firms. SpaceX's listing will put it on par with mega-cap giants like Microsoft and Apple, which attract the majority of retail and institutional investor flows. Elon Musk announced in February that SpaceX acquired his artificial-intelligence startup xAI, in a deal of unprecedented proportions. SpaceX was valued at $1 trillion, and xAI, at $250 billion. This is what a report citing a reliable source said. The recent xAI integration allows Musk to bundle Starlink, launch and AI into a scarce, mega-story that can support a higher valuation than what the businesses could achieve separately, said Minmo Gahng. Assistant professor of finance, Cornell University. SpaceX reported that it generated an $8 billion profit last year on revenues between $15 billion and $16 billion, according to a January report citing sources familiar with the issue. Current State of Play An index that tracks major listings underperformed the equities benchmark in the last 12 months. Analysts believe that a successful SpaceX debut could help to reopen the door for large, delayed listings, especially in capital-intensive industries which have struggled with attracting public market investors. Some have a more conservative view of the market's future. Kerr, from Mergermarket, said that "(SpaceX could) take up so many capacity that other mega issues might decide to wait and not test the same window."
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Gold continues to rise on the back of a weaker dollar, but Iran remains in focus
The U.S. Dollar?slipped? and traders watched developments in the Middle East. Gold spot was up 2.2% to $4,774.25 an ounce at 1510 GMT. This is the highest price since March 19. U.S. Gold Futures rose 2.6% to $4800.40. Dollars of other currencies are more attracted to greenback priced bullion after the U.S. currency fell for a second day. Bob Haberkorn is a senior market strategist with RJO Futures. He said that gold prices could rise above $5,000 an ounce, if we are on a path of?de-escalation', and rate-cutting expectations may creep back into the market. He added: "The focus is on Iran and the Strait of Hormuz - the way this conflict develops and what the future looks like." Trump stated in a Truth Social posting that Iran requested a ceasefire and that the United States would consider it when the Strait of Hormuz is open. "A conflict-free world could be a double edged sword for gold." A lasting peace agreement will remove the geopolitical safe haven bid which supported gold prices prior to the conflict, said Tony Sycamore, IG's market analyst. Sycamore said that lower oil prices, a easing of inflation, and expectations for 2026 Fed reductions could all help to boost prices. Spot gold fell more than 11% during March, as the higher energy prices resulting from the war in Iran fueled inflation fears and caused markets to reduce expectations for rate cuts. Bullion is often seen as a safe haven during times of geopolitical unrest and inflation. However, high interest rates can reduce its appeal. ADP's National Employment Report showed that private payrolls in the United States increased steadily during March. Retail sales in the U.S. rose strongly in February. However, rising gasoline prices as a result of 'the war' could have a negative impact on spending in months to come. Silver spot rose 0.6% per ounce to $75.56, platinum gained 1.5% at $1,977.96, and palladium increased 1.3% to $1495.50. (Reporting and editing by Paul Simao, Diti Pujara, and Ashitha Shivaprasad from Bengaluru)
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Sources say that Rodriguez is preparing to take over Citgo's board.
Four sources said that Delcy Roddez, interim president of Venezuela, is preparing to take control of the U.S. subsidiaries owned by state oil company PDVSA, including Citgo Petroleum. The move could exacerbate a tug-of-war for control of the seventh largest U.S. refiner. Two sources claim that Rodriguez is still working on her list of board members to be approved by the Treasury. Some names were not received well in Washington. The sources say that if the executives are approved by the Treasury, then the Office of Foreign Assets Control would issue a license. One of the sources said that Treasury officials had contacted members of Citgo’s board and informed them of their expectations. They would be able to authorize new board members appointed by Rodriguez, if they were cleared?by Washington. Another source stated that the U.S. State Department must also be in sync with OFAC's policy and follow its appointments. Sources say that Rodriguez's envoys also informed some law firms who represented Venezuela, PDVSA, and its subsidiaries before U.S. court in the past years, that their contracts were being reviewed and they could be terminated. Washington recognized Rodriguez in March as Venezuela's president - following the capture of Nicolas Maduro. This opened the door for her government to reopen U.S. embassies, consulates and take back control of Venezuelan companies in other countries that Maduro lost -to the opposition. Citgo, Venezuela's crown jewel in?foreign assets?, is now run by supervisory boards appointed by the opposition-led congress, which is no longer active. The Venezuelan ministries of 'oil and communication, PDVSA and Citgo, and the United States. Treasury and State departments have not responded to requests for comments. Citgo's supervisory boards declined to comment. Reporting by Marianna Pararaga, Caracas and Deisy Bütrago; editing by David Gregorio
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SpaceX's IPO: The Road to Success
Bloomberg News reported that Elon Musk’s SpaceX filed confidentially for its highly anticipated U.S. IPO, bringing the billionaire closer to having a publicly traded company within his empire. Here's a timeline of SpaceX’s journey towards its blockbuster IPO. Elon Musk founded SpaceX in March 2002 using the money he earned from the sale of PayPal. SpaceX launched its first rocket in March 2006, but it failed. September 2008 - Falcon 1 was launched successfully by SpaceX for the first launch and became the world's first liquid-fuel rocket. SpaceX signed its first major contract in December 2008 with NASA for the transportation of cargo and supplies to International Space Station. May 2012 - SpaceX Falcon 9 rockets launched a Dragon capsule into space, becoming the first private spacecraft docked at the ISS. Falcon 9 Rocket explodes in mid-air on June 15, 2015. December 2015 –?First successful landing vertical of Falcon 9 rocket. This was the first large rocket to successfully recover from a soft landing after it had delivered a payload into space. In February 2018, the first Falcon Heavy launch sent Musk's Tesla Roadster into space, along with its mannequin, Starman. April 2019 - Crew Dragon Test Vehicle?capsule exploded on the ground during a test. May 2019 - SpaceX launched Starlink satellites. This constellation is capable of beaming high-speed internet signals from space to customers all over the world. October 2020 - SpaceX completed its 100th successful Falcon rocket flight since Falcon 1 flew into orbit for the first time in 2008. November 2020: SpaceX Crew-1 mission, the first mission of the Commercial Crew Program. NASA awards SpaceX the contract to build the first commercial human landing vehicle as part of the Artemis program in April 2021. SpaceX launches the first ever all-civilian crew to orbit the Earth in space on September 20, 2021. NASA's Double Asteroid Redirection Test mission (DART), launched by SpaceX into an interplanetary transfer space, marks the first ever test of a planet defense system to prevent an asteroid impact with Earth. April 2023: First Starship Rocket explodes after losing control. November 2023: Starship launch fails minutes after reaching the space. November 2023: A U.S. Judge blocked the U.S. Department of Justice's pursuit of an administrative case accusing Elon Musk’s SpaceX of refusing to illegally hire refugees and asylum seekers. September 2024: The SpaceX Polaris Dawn spacewalk was the first privately-managed spacewalk. SpaceX's Starship broke apart?in space? minutes after it launched from?Texas. This forced airline flights flying over the Gulf of Mexico, to change course in order to avoid falling debris. Starship explodes during a test on the ground in June 2025. February 2026 - SpaceX acquired Musk's artificial-intelligence startup ?xAI in a record-setting deal worth $250 billion, unifying the world's richest man's AI and space ambitions by combining ?the rocket-and-satellite company with the maker of the Grok chatbot. Musk stated that SpaceX will shift its focus in February 2026 to the construction of a "self growing city" on moon. NASA official stated that the Starship rocket has been delayed by at least two years since NASA selected it as an astronaut moon lander back in 2021. It is expected that the remaining hurdles will need to be cleared before the launch on the moon. April 2026: SpaceX files its U.S. initial IPO, which could be the largest stock market flotation in history. (Reporting from Prakhar Srivastava in Bengaluru and Arasu Kanagi Basil; editing by Leroy Leo).
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Hezbollah leader killed in Beirut attack, says group
Israel's military said Wednesday that it had killed senior Hezbollah commander Haj Youssef Ismail Hashem, the group's biggest blow since a new round of fighting broke out with Israel early last month. Avichay Adraee, Israel's military spokesman, said that Israel's navy slain Hashem, Hezbollah’s commander for the southern?front. Hezbollah confirmed the death of Hashem in a later statement, calling him a “beacon of Islamic Resistance.” His death was considered to be one of the greatest setbacks for the group since the murder of Haytham Ali Tabtabai, the chief of staff in November 2025. SENIOR COMBINER Hezbollah has lost the majority of its senior leaders following its last war with Israel, which raged between October 2023 and November 2024. Hashem inherited Ali Karaki's position, who was killed along with Hassan Nasrallah and the group's former leadership in a September 2024 Israeli attack. He was a top-tier commander, and the death of Tabtabai is the "harshest" blow that Hezbollah has suffered since Tabtabai's assassination. Haytham Ali tabtabai became chief of staff after?the 2024 war between the group and Israel. He was killed in an operation on the outskirts Beirut, targeting the group after it had reached a ceasefire agreement with Israel. Violence ceased for a short time. Israel continued to target Hezbollah leaders and operatives in Lebanon throughout the ceasefire. Hezbollah fired rockets into Israel, triggering a retaliation which escalated to a full-scale war. More than 1.2 millions people have fled their homes since then in Lebanon, and Israeli attacks are believed to have killed more than 1,260 individuals, according the Lebanese government. Hezbollah has killed more than 400 fighters since March 2, according to two sources who are familiar with the Hezbollah count. The Israeli military says that ten Israeli soldiers have been killed in southern Lebanon between March 2 and now. According to Lebanese officials, Israel's attack on Hashem killed seven people and injured?26 more. MEETING with fellow commanders The official stated that Hashem had been meeting with senior officers when he died. "... the team was "monitoring the skies for war planes or drones" and the strike had come from warships. This attack, however, had not been accounted for. "A group second-tier and a third-tier of commanders, as well as some escorts, were killed along with him." Talal Atrissi is a Hezbollah-affiliated analyst and professor of sociology at the Lebanese University. He said that Hashem's death was unlikely to affect the group on the battlefield. He said: "It's a loss of course for Hezbollah, and they can replace it with a number 2 or a number 3."
Texas power demand breaks May tape once again as costs soar in heat wave
Power need in Texas broke the record for the month of May for a second time today on Friday as prices soared ahead of the U.S. Memorial Day long weekend with homes and companies cranking up their air conditioners to leave a heat wave.
The Electric Dependability Council of Texas (ERCOT), which operates most of the state's power grid for 27 million clients, stated the system was running generally with enough supply available to satisfy anticipated demand over the next week.
ERCOT stated power need soared to an initial 72,695 megawatts (MW) on Friday, which would top the current record for the month of May of 72,261 MW set last Monday.
ERCOT projected use would break that new record on Monday, Memorial Day, when it anticipates a peak above 76,500 MW.
The grid's all-time peak was 85,508 MW on Aug. 10, 2023.
Analysts anticipate ERCOT electrical usage will top that all-time high this summer season with economic and population development in Texas and need for power from information centers, artificial intelligence and cryptocurrency mining rising quickly.
One megawatt can generally power about 800 homes on a regular day however as few as 250 on a hot summer season day in Texas.
In the area market, next-day power rates at the ERCOT North Hub << EL-PK-ERTN-SNL >, which includes Dallas, skyrocketed to a. two-week high of$ 141 per megawatt hour( MWh )for Friday, up. from$ 21 for Thursday, according to prices information on the LSEG. terminal. That compares to an average of$ 31 per MWh
up until now this. year,$ 80 in 2023 and $66 over the previous five years( 2018-2022). Day-ahead rates on the ERCOT website, meanwhile, skyrocketed to.
$ 654 per MWh for one hour on Friday evening. May-to-date real-time pricing is 50% greater than in any.
year considering that 2010 (other than for the 2022 gas price blowout ). This results in more inefficient natural gas generators chewing. through more gas ... to keep the lights on, experts at. consultancy EBW Analytics Group said in a note. RECORD-TYING HEAT High temperatures in Houston
, the state's greatest city
, will. hold at 95 degrees Fahrenheit( 35 Celsius) on Friday and. Saturday before rising to 96 on Memorial Day Monday, according. to meteorologists at AccuWeather. The typical high in Houston at this time of year is 88 F( 31.
C). AccuWeather said the projection high of 95 F for Friday would. tie the record for the day embeded in 1955. ERCOT predicted products would surpass demand by 5,400 to.
42,300 MW over the next week with the 5,400 MW low anticipated. during one hour in the evening of May 26 after the sun goes down. and solar panels quit working. That comfortable level of supply is higher than ERCOT. forecast earlier on Friday
and assumes absolutely nothing modifications. However things constantly change- power plants and transmission. lines shut and go back to service, weather report modification and. storms trigger failures.
(source: Reuters)