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Indigenous protesters defend summit intrusion as climate talks continue
On Wednesday, indigenous protesters defended the charging of the gates at Brazil's COP30 summit on climate change and the clash with security a few days earlier. They said the action was meant to demonstrate the desperation in their fight for the protection of forests. The protesters said they were mainly concerned about having their voices heard. They had been inside the compound listening to negotiators discussing the changing world as the temperatures increase. Auricelia is a member from the Arapiun tribe in Para state, Brazil, which hosts the Belem summit. She said that the protest was aimed at attracting the attention of government officials and U.N. representatives who were in the area. Indigenous leaders are appalled by the current industry and development taking place in the Amazon. The COP compound in an old airport was the venue for Wednesday's third day of talks on a wide range of topics. Climate finance is one of the topics discussed. It's used to fund clean energy transitions and prepare for climate impacts that will worsen in developing countries. In the COP negotiations the issue has grown more tense as funds are not flowing in sufficient amounts to meet the demand, despite the rising costs and damages from extreme weather events. In a report commissioned by the COP, independent academics said on Wednesday that reaching COP29's goal of scaling yearly climate funding to $1.3 trillion in 2035 is still "entirely possible" with the correct combination of national policy, regulatory standards and bank reforms. The report stated that "failure of these goals will put the world in danger". AL GORE RAISES THE ALARM AGAIN Former U.S. vice president Al Gore gave his annual climate presentation at the summit. The United States ignored this presentation despite being the largest historical polluter in the world since the Industrial Revolution. Gore, who rattled off a list of recent disasters that have been made worse by climate changes, asked the summit "How much longer are we going stand by while we keep increasing the thermostat so that these types of events become even worse?" Gore won the 2007 Nobel Peace Prize with his environmental advocacy. The splintering of the global consensus on climate change has caused concern among many delegates. They have targeted the U.S. for its reversal. Brazil, Canada France and Germany joined an initiative to combat special interests spreading climate misinformation. This included promoting evidence-based assessments of climate change. Before the United States fired its entire team and removed the website of the federal agency in April, many countries wanted to copy the way U.S. climate assessments are produced and peer reviewed. COP HELD IN HEART OF FOREST' On Wednesday, two Brazilian navy ships escorted an Indigenous leader and environmental activist protest flotilla around Guajara Bay in Belem. Participants held up signs that read "Save the Amazon", or called for land rights. The waterfront was crowded with hundreds of people, including Indigenous leaders, residents and members of the COP. Carolina Pasquali is the executive director of Greenpeace Brazil. She said, "We will bring climate negotiators to the forest so they can experience what it's like to live there." Scientists warn that if global warming increases beyond 1.5 degrees Celsius, we may be able to unleash extremes. Scientists warned last month that the Amazon rainforest would begin to shrink and turn into a savanna if deforestation continued at a rapid rate as global temperatures crossed 1.5 C. This is expected to happen around 2030. Margareth, of the Maytapu Community said that the Brazilian government was not concerned at all about the Lower Tapajos. This is a tributary to the Amazon located several hundred miles away from Belem. They don't care about our fight. "They say that we are against the government," said he. "On the contrary, we are not against the Government. We need government to be with us. "But it must be honest to everyone." Reporting by William James in Belem Brazil, Leonardo Benassato, and Simon Jessop; editing by Katrina Daigle and Philippa Fletcher.
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PLS CEO says government support can boost lithium supply chains
Dale Henderson said that collaboration between governments could improve global supply chains of lithium, but any intervention in prices must be carefully handled, he added. China is the world's largest producer of lithium, a key component in batteries for electric vehicles and renewable energy storage. Prices have fallen from their peak in 2022 due to weaker demand and slower growth than expected for the EV sector. Henderson stated that the futures market, which is a trading mechanism, should help to regulate the prices of the industry. Australia is the top lithium producer in the world, followed by Chile, China and Australia. In an interview, he stated that if the government were to intervene in the market and support prices, it would be important to carefully consider the implications, as this could support the wrong projects. He urged governments to increase support for supply chains that are not in China. "It's about the government-to-government collaboration to support industrial parks and other trade agreements to bring forth and accelerate these new supply chains," he said. PLS (formerly Pilbara Minerals) expects to release its exploration studies for the Colina Lithium project in Brazil by the second quarter next year. Henderson explained that the company will then make an investment decision "depending on where the market is at the time", Henderson.
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US purchases 900,000 barrels for strategic oil reserve
The U.S. Energy Department announced on Wednesday that they had purchased 900,000 crude oil barrels for almost $56 million. This is a small step towards replenishing the Strategic Petroleum Reserve. Energy Department documents stated that Trafigura Trading would supply 600,000 bbls and Energy Transfer Crude Marketing would supply 300,000 bbls. An Energy Department document stated that the solicitation for up to one million barrels was made in October. Energy Department announced that the oil would be delivered to Bryan Mound SPR in Texas in December and early January. The SPR is a reserve that has been hollowed out in salt caverns along the Texas and Louisiana coastlines. Pumps, pipes, and other SPR infrastructure above ground are continuously exposed to corrosive air. Trump's tax bill and spending bill included $171 million in order to purchase and maintain SPR oil, a much smaller amount than the original $1.3 billion. New legislation will be needed to purchase more oil for SPR. Former President Joe Biden's administration sold record quantities of oil from SPR. This included a 180 million barrel sale in 2022, after Russia invaded Ukraine, one of world's largest oil producers. The reserve has a capacity of 700 million barrels, but now holds more than 410 millions. (Reporting and editing by Ismail Shakil, Timothy Gardner)
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US criticises Britain over nuclear reactor proposals
The U.S. Ambassador to London attacked Britain's nuclear policy on Wednesday in a rare and strong criticism, just before a decision is expected on the development of the site in North Wales. The UK is expected to announce on Thursday that its first small modular reactor nuclear power plant will be located on Anglesey Island, a North Wales island, where an old nuclear station closed in 2015. The United States was pushing for an extensive nuclear project. On Wednesday, Ambassador Warren Stephens made a strong rebuke to Britain's decision. Stephens stated that he was "extremely disappointed" by the decision. "There are already approved, cheaper, faster and more efficient options for providing clean, safe energy in this location," he said. He added that while wishing to make Britain the strongest ally of the United States, the "high energy prices are a hindrance to that." "If you're looking to put shovels into the ground and make a major step to address energy prices and availability there are other options. We look forward to making decisions on large-scale nuclear projects soon." Keir starmer, British Prime Minister, has said that his close relationship with U.S. president Donald Trump helped on many fronts. From securing the deal to reduce some U.S. Tariffs to working on conflicts in Ukraine or the Middle East together. Trump has criticised Britain's energy policies and its efforts to achieve net zero by the year 2050. He has called on the government for more drilling in the North Sea, and criticized the country's wind farms. (Reporting and editing by Nick Zieminski, Alistair Smout)
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Sources say that Lukoil wants to extend the grace period for US Treasury sanctions.
Three sources with knowledge of the situation said that the Russian energy giant Lukoil had requested an extension of the U.S. Treasury deadline, which prevents transactions with Russian companies after November 21. Last month, the U.S. Treasury Office of Foreign Assets Control announced new sanctions against Rosneft and Lukoil. This increased pressure on Russian president Vladimir Putin to end Moscow’s war in Ukraine. OFAC issued a license to all companies that allowed them until the 21st of November to finalize their deals with Lukoil. This included any purchases of international assets owned by the oil company headquartered in Moscow. Sources said that Lukoil wants an extension because it needs time to complete existing commitments, and study offers, for its vast global network of oil, gas, and trading assets. Lukoil and OFAC didn't immediately respond to comments. Lukoil - which is responsible for 2% of world oil production - confirmed on October 27 it was looking for buyers for its foreign assets. It could also seek an extension to the OFAC licence if needed. Gunvor, a Swiss commodities trader, had been approached by the Russian company to sell its international assets. However, this deal fell through earlier in the month when Washington signaled their opposition. Lukoil has faced increasing disruptions in its international operations since then. The company was forced to declare force majeure on Iraq's West Qurna 2 Oilfield, which is the largest asset it owns internationally.
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Lukoil attracts buyers for its foreign assets
The foreign assets of Russian oil giant Lukoil, which are located in Egypt and Kazakhstan, are attracting bidders. Time is running out for the deals to be completed before U.S. sanctions can be enforced. As part of their efforts to get the Kremlin into peace talks on Ukraine, the U.S. has imposed sanctions on Lukoil. They have already blocked Lukoil’s attempts to sell foreign assets before the deadline of November 21, sanctions. Lukoil has also been affected by the sanctions in Iraq, Finland at pump stations and Bulgaria in a refinery. Governments and partners want to buy its foreign assets cheaply as its empire crumbles. Lukoil did not respond to comments. CIRCLE OF BIDDERS KazMunayGas, the state-owned firm of Kazakhstan, is examining a bid to acquire Lukoil assets in the country. Two sources with knowledge of the matter confirmed this. Lukoil, Eni, Shell, Chevron, and KazMunayGas all have a stake at Karachaganak - one of the largest gas and condensate field in the world. Kazakhstan's Energy Ministry said that any new partnership would be decided by project participants taking into consideration the sanctions. Two other sources have confirmed that Shell is interested Lukoil’s deepwater blocks located in Ghana and Nigeria. Shell has declined to comment. A fifth source with knowledge of the situation reported that Lukoil had indicated to the Egyptian government its potential plans to sell. Lukoil has three concessions in Egypt. Egypt's Petroleum Ministry did not respond to a comment request. Serdgiu Spoiala, director of the Chisinau Airport, said that the government of Moldova had begun talks to nationalize Lukoil’s infrastructure. Bulgaria is getting ready to take over Lukoil’s Burgas Refinery. Azerbaijani state company Socar and Cengiz Holding from Turkey bid jointly for the refinery prior to the sanctions. Turkish media this week reported that Cengiz intends to move forward with the deal. Cengiz did not immediately respond to an inquiry for comment. LUKOIL'S OPTIONS Lukoil is faced with difficult decisions, according to Sergey Vakulenko. He was a former director of strategy for Russian oil company Gazprom and a senior fellow in the Carnegie Russia Eurasia Center. The U.S. Treasury could freeze the proceeds if the company sold its assets. Vakulenko and Igor Yushkov, from the Financial University of Russian Government, both said that delaying action could result in the state taking over some assets or freezing them. "There is no need for Lukoil's to hurry," said Yushkov. If assets are frozen then they will remain frozen. Wait until the conflict in Ukraine is over, then perhaps sanctions will be lowered. "That's probably the lesser of two evils." Lukoil could try to copy the strategy of Rosneft - a Russian oil company whose three refineries were placed under German trusteeship by 2022. Berlin controls the plants, but Rosneft owns them. Vakulenko explained: "Either sell the item yourself and hope to get the proceeds or try to keep ownership." Reporting by Anna Hirtenstein in London and Enes Tunagur in Moscow. Mohamed Ezz is Cairo. Shariq Khan is New York. Isaac Anyaogu is Lagos. Alexander Tanas, Chisinau. Tamara Vaal, Astana. Dmitry Zhdannikov, Mark Potter and Dmitry Zhdannikov edited the article.
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Carbon tax and Iceland's outage threaten to cause panic among EU aluminium buyers
After an outage in Iceland at a major smelter, European importers of aluminium are scrambling to secure supplies before the new carbon tax is implemented. This has pushed premiums up to their highest level in nine months. The European Aluminium Duty-paid Premium, which buyers pay on the physical market over the London Metal Exchange to cover taxes and freight, is currently $324 per ton. On November 3, it reached $330, the highest level since late January. Due to electrical failure, the 320,000-ton per year Grundartangi Smelter, owned by Century Aluminum in Iceland, reduced production by two thirds at the end of October. Century CEO Jesse Gary stated on a recent earnings call that it will take approximately 11-12 months to manufacture, ship and install replacement transformers. He also said the potline can be restarted earlier if the transformers are repaired. Iceland, with 241,412 tonnes of aluminum shipped in the first eight-month period of the year, was the second largest supplier of the EU. Mozambique was the top supplier, supplying 337.670 tons of aluminium to the EU. Importers of aluminum into the European Economic Area will begin paying a carbon tax under the EU’s Carbon Border Adjustment Method (CBAM), after a two-year period. However, they won't have to pay until 2027. IMPORTERS FRONT-LOADING ALUMINIUM AHEAD OF CBAM Edgardo Gelsomino of Wood Mackenzie Aluminium Research, in a conversation with traders, stated that importers were front-loading aluminum ahead of CBAM. He added that "along with avoiding carbon costs they also aim to reduce the burden of administrative work associated with the new regulations." CBAM charges, which are based on emissions from the aluminium smelter that produces the metal behind it, aim to set a fair price for carbon released during production. The CBAM charge will be applied to EU imports for iron and steel as well as cement, electricity and hydrogen. The metal produced by Norsk Hydro and Icelandic smelters, both part of the EEA region, will be exempt from the tax. Nick Ogilvie is the CBAM Lead at CarbonChain, a software provider that provides carbon accounting. He said that aluminium produced by Middle Eastern and Canadian Smelters will have a low cost per ton of between 10 euros ($11.66), to 50 euros, because they emit fewer direct emissions. Ogilvie continued, "But there are smelters that are using old technology and their products will not be entering the EU any time soon." ($1 = 0.8575 euros)
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Solvay signs two contracts to supply rare Earths to US magnet manufacturers
Solvay, a French chemical company, announced on Wednesday that it has signed two agreements to supply rare-earths to U.S. magnetic makers in order to expand its processing facility. Solvay is one of only a handful of companies outside China that can perform the difficult rare earths separation. In April, it began processing minerals for permanent magnets in its French facility. However, commercial production will depend on government and customer support. Separate statements stated that Solvay has concluded agreements to supply rare-earth oxides with U.S. firms Noveon Magnetics & Permag. In order to reduce dependence on China, the United States, Europe, and their allies are racing to develop domestic industries that can produce super-strong rare earth magnetic materials, which are vital to defence, electronic devices, wind turbines and electric vehicles. The private-held Noveon company has agreed to purchase elements NdPr, DyTb, and praseodymium from the privately-held firm. These are four of the key rare earths required for permanent magnets. An Nuyttens said that this collaboration was part of Solvay’s commitment to secure and sustainable rare earth supply chains in Europe and beyond. Texas-based Noveon started selling sintered neodymium, iron-boron (NdFeB), magnets in 2023. DEAL WITH PERMAG TO SUPPLY SAMARIUM OXIDE Less Common Metals, a British company, will convert the samarium oxide supplied by Permag into samarium alloy. Samarium can be used to create a magnet that is resistant to high temperatures and retains its magnetic properties. It is commonly used in nuclear reactor components and defence applications. Solvay CEO Philippe Kehren stated that although the agreements concerned "limited quantities", the plant at La Rochelle, where the company is located, could quickly increase production levels. Solvay is already able to produce NdPr, and will begin supplying these materials very soon. The CEO stated this on a conference call with journalists. "DyTb will take a few more months but we'll start around 2026," the CEO said. Kehren stated last week that Solvay was interested in building an ultra-rare earths processing facility in the United States where financial support would be stronger than in Europe. From our perspective, we can see that customers in the U.S. are ready to sign contracts today. Kehren, a reporter on Wednesday, said that Europe is not yet complete. "We're working to make it happen," he added. Customers in Europe understand the need for a long-term independent supply chain of rare earths in Europe. Nuyttens continued, "How and when this will happen will also be determined by the European Commission." (Reporting and editing by Ed Osmond; Tom Daly contributed additional reporting).
Central Europe factories and sellers shut in flood-hit areas
Factories and stores throughout main Europe shuttered assembly line and closed their doors on Monday due to flooding that has eliminated at least 10 individuals, forced 10s of countless evacuations and submerged towns from Poland to Romania.
In Ostrava - an industrial city of 290,000 individuals in northeast Czech Republic - BorsodChem chemical plant has been shut, a spokesperson for the business, partially owned by China's. Wanhua Chemical Group, said.
Coking plant OKK Koksovny - among the biggest producers of. foundry coke in Europe - has stopped chemicals production but. was continuing to keep coking batteries warmed to minimum. levels, representative Jindrich Vanek told Reuters.
There is water that has actually started rising and there should be a. breach of the flood barriers, he said. We are without. electricity and we are heating our batteries with coking gas,. keeping them at technological minimum.
Border locations between the Czech Republic and Poland were hit. hard over the weekend, following days of heavy rain. Some. bridges collapsed and homes were destroyed, while towns and. towns in eastern Romania were immersed.
While rivers in the Czech-Polish border location were beginning. to recede on Monday, flooding was widening to more locations and. leaving bigger cities in both nations on alert.
Veolia Energie has shut its Trebovice electrical energy and. heating plant, which has actually cut warm water and heating materials to. big parts of Ostrava following flood damage, the business said. in a declaration.
At the minute, the supply of heat and warm water in Ostrava. is interrupted, the company stated. The crucial innovations. stayed undamaged and therefore if the scenario establishes. favourably we estimate the remediation of materials in a few. days.
The Czech Confederation of Industry said some business not. straight affected by the flooding still needed to stop production. in hard-hit regions since or issues carrying materials. by rail.
Power utility Tauron said 6 of its hydroelectric. plants in southern Poland were not working due to the floods.
More than 60,000 people were left without power on Monday. morning, its press service stated.
Polish seller Zabka said around 80 outlets were currently. closed, primarily in the location around the southwest town of Klodzko. The stores were closed due to flooding, lack of electrical power or. evacuation ordered by the emergency services, its press service. informed Reuters via email on Monday.
The retailer, owned by personal equity fund CVC Capital. Partners, added that it had actually supplied water, arrangements and. transport support to its franchisees and was gathering. information on their needs.
(source: Reuters)