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Australia's MinRes sells 30% stake in a lithium joint venture to POSCO for $765 million
Mineral Resources, Australia's miner, will sell a 30 percent stake in its lithium operations to POSCO Holdings of South Korea for $765 millions after placing the business under a joint venture. The new entity, which will be owned by MinRes, will own 50% of each project. POSCO's indirect interest is 15% in both projects. MinRes continues to be the operator of the mines under the existing agreements it has with its partners. POSCO will receive spodumene concentrated in proportion to 30% of its interest, supporting new downstream processing facilities. MinRes stated that the partnership will build on their existing Onslow Iron JV, and help meet increasing demand for Australian Lithium. Wodgina, Mt Marion and other mines in Western Australia are important. Albemarle and Wodgina operate Wodgina, which is one of the largest lithium hard-rock deposits in the world. Mt Marion is a joint venture between China's Ganfeng and Albemarle. The deal approved by both boards is still subject to approvals from regulatory bodies, including Australia's Foreign Investment Review Board. (Reporting and editing by Sriraj K. Kalluvila; Reporting by Rajasik Mukherjee)
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US Arctic policy overhauled by Trump sees departure of US Arctic research official
A senior Alaska Native official, who was responsible for overseeing the federal agency that is in charge of U.S. Arctic research policy, quietly left her position in the last few days. This information comes from a source with knowledge of the issue and documents seen. The departure of Elizabeth Qaulluq Cravalho who was a member of the U.S. Arctic Research Commission (USARC) until earlier this month is the latest indication of the turmoil in the Arctic research community and the policymaking process since Republican U.S. president Donald Trump assumed office in January. Sources say that the exact nature of Cravalho's departure, after she was appointed by former Democratic president Joe Biden to this post in 2021, is not yet clear. However, they do confirm the fact that the administration has dismissed her. Cravalho has left the U.S. as Trump prioritizes military and energy security over climate change research in the Arctic. He has also re-initiated his long-standing attempt to wrestle Greenland from Denmark while taking concrete steps to secure access Arctic critical mineral deposits. Alaska Natives – as the indigenous peoples in Alaska are commonly referred to – have also expressed public discontent about a partnership between an Alaska Native-owned company and U.S. Immigration and Customs Enforcement. Cravalho, vice president for lands at NANA Regional Corporation is an Inupiat-owned community entity which was established in the 1970s in order to administer the indigenous land claims of the Arctic. NANA's role in overseeing detention centers for immigrants generates significant revenue despite its core mission. As a result, the corporation is given preferential access to federal contracts. Media reports published in the last few weeks indicate that some NANA shareholders are still concerned about these contracts despite their age. Bloomberg Businessweek published a feature in late October in which Inupiat NANA shareholders said that the ICE contracts were in conflict with their communal values. It was not possible to determine if Cravalho’s departure had anything to do with the increased media attention given by Inupiats about the ICE contract. Requests for comment from the Trump administration, USARC or Cravalho were not answered. Cravalho updated her LinkedIn profile with the news of her dismissal. Her profile was also removed from USARC's website on Tuesday. ARCTIC FLUX RESEARCH The exact impact of Cravalho’s dismissal was unclear. According to its website, ARCUS is an independent federal agency that still has eight commissioners. The administration could theoretically replace Cravalho by a person who adheres closely to its line on climate change or the need to incorporate Greenland. It is not the first instance that a USARC Commissioner has left or been terminated prior to the expiration of their official term. The Biden administration defied decades of precedent when it removed several members of Trump's 2017-2021 commission. Despite this, the individuals in question had little to no obvious connection with the Arctic. Jon Harrison was briefly the Navy Chief of Staff during Trump's current tenure before being dismissed. Julia Nesheiwat briefly served as Trump’s Homeland Security Advisor during his first term. In May, the administration took out references to climate changes in a major Arctic planning document promulgated by the Biden administration. The National Science Foundation cut funding to the Arctic Research Consortium of the United States in September. The administration announced in late October a number of steps that would open the Alaskan wilderness for energy and infrastructure development
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Gold prices rise as traders expect delayed U.S. rate cuts
Gold prices reached a three-week high Tuesday. This was boosted by the expectation that the U.S. Government shutdown could be over and the Federal Reserve would reduce interest rates in the next month. At 3:13 pm, spot gold was up by 0.3% to $4,126.77 an ounce. ET (2013 GMT) after earlier reaching its highest level since October 23. U.S. Gold Futures for December Delivery fell by 0.1%, to $4116.30 an ounce. As gold is not a yielding asset, it tends to do well in environments with low interest rates. Jim Wyckoff is a senior analyst at Kitco Metals. He said: "Traders are expecting weaker economic data to prompt the Fed in December to lower interest rates. This will likely encourage the bulls of the gold and silver markets today." The U.S. Senate approved a compromise on Monday that will end the longest shutdown in government history. The shutdown has caused a blackout of data, which leaves policymakers and the markets without important indicators about jobs and inflation. Jerome Powell, the chair of the central bank, said that another rate cut is not certain this year. CME's FedWatch Tool shows that the markets see a 64% probability of a December rate cut. Last week, data showed that the U.S. economy lost jobs in October. Consumer sentiment also fell to its lowest point in over three-and-a-half years at the beginning of November. Stephen Miran, the Fed governor, suggested on Monday that a 50-basis-point reduction in December might be appropriate, given a softening of the labor market and declining inflation. UBS stated in a report that gold demand is expected to be at its highest level since 2011. They added that "any significant increase in political and financial markets risks could push the gold towards our upside target of US $4,700/oz". Silver spot gained 1.2%, reaching $51.12 an ounce. This is its highest level since the 21st of October. Palladium rose 2% to 1,442.75, while platinum rose 0.4% to 1,583.72. Reporting by Noel John in Bengaluru, Pablo Sinha, and Kavya Baliaraman; Editing by Leroy Leo & Tasim Zaid
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Gaza residents still without electricity, despite ceasefire
Hanan al-Joujou is a Palestinian mother of three who has to feed them in the dark using a flashlight. There is still no electricity in Gaza, even after the ceasefire between Israel and Hamas last month. They go hungry when they can't afford to charge their flashlight. Al-Joujou, speaking of the Muslim sunset devotion, said: "We remain in darkness once the sun has set and the Maghrib Prayer is called." If the flashlight is handy, we will light it. We go to bed without food or light if we don't have electricity. Since the war began, her family has lived without electricity. They relied on candles to get by when they first moved into the city of Rafah at the southern end of the Palestinian enclave. They eventually gave up on that too, for fear of a fire in their tent. "We tried to use a simple LED lamp, but it was broken. We don't have the money to repair it. "We tried to buy a battery but it was expensive and not available," al-Joujou explained. Gaza was mainly dependent on electricity imported from Israel before the war. However, supplies were unstable. Gaza received 120 megawatts of electricity from Israel, while its lone power station supplied 60 MW. Israel placed Gaza under "total seige" shortly after the October 7, 2023 attack by Hamas militants on south Israel that killed 1,200 according to Israeli statistics. After its power station ran dry of fuel in a matter of days, Gaza lost electricity. The Israeli military responded to questions submitted for this article by saying that civilian infrastructures, such as electrify installations, are not military targets in and of themselves. It also said that it takes measures to minimize harm done to "civilians" and "civil structures", and asserted that Hamas operates from civilian areas. In a camp for displaced persons in the Nuseirat neighborhood in Gaza, family activities are mostly over when the sun sets. Al-Joujou’s children use a torch for their homework whenever it is possible to charge the device. Ahmed, Hanan's 35-year-old husband, said: "We barely make enough money for our daily needs." Some residents have set up charging stations, powered by private generators or solar power. This is because the war destroyed Gaza's electric grid and cables. Mohammed al-Hor and his family run a charging business that uses solar power. The family installed it at their home, which was struck by an Israeli attack. The 32-year old said that the charging point had also been bombed and his brother was killed inside. PUNISHMENT Israeli Minister Eli Cohen stated in March this year that he had instructed the Electric Corporation not to sell electricity to Gaza, as a punishment against Hamas. Even after the ceasefire is reached, rebuilding Gaza's infrastructure -- which was reduced to rubble by Israeli bombing -- will require massive investment. Gaza's media director, who is also the company's head of communications, said that the war had already destroyed over 80% of Gaza's electrical distribution networks. Initial estimates of losses to the infrastructure and machinery were estimated at $728 million. "For the last two years, no electricity reached the Gaza Strip." Mohammed Thabet said that the amount of electricity in Gaza was zero, whereas pre-war requirements were 600 megawatts. COGAT, an arm of Israel's military that supervises the aid flow into the Gaza Strip said Israel was fully committed to fulfilling its obligation to allow the entry of trucks carrying humanitarian aid, including fuel for electricity. This is in line with the terms and conditions of the ceasefire accord. COGAT also added that two desalination plants were supported by the Kela electricity line, which was installed in Israel. Israel connected a powerline to a U.N. managed desalination facility in Khan Younis, a southern Gaza city located near the border with Egypt. This was done to provide more drinking water for Palestinians. (Reporting and writing by Mahmoud Alwazeer and Haseeb Abdallah; editing by Andrew Cawthorne, Nick Zieminski and Nayera Addallah)
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Energy Minister: Romania must take over Lukoil, a local Russian company.
The Energy Minister Bogdan Bogdan Ivan stated on Tuesday that Romania must control the Romanian subsidiary of Russian Lukoil in order to protect jobs, enforce international sanctions, and ensure a stable national energy system. Lukoil operates 320 petrol stations across Romania, is the third-largest refinery in the country and has offshore exploration rights for a part of the Black Sea. Ivan didn't elaborate on which assets or how the state should take control. The U.S. imposed sanctions on Lukoil and Rosneft in connection with the war that has raged for more than three-and-a-half years in Ukraine. These sanctions will take effect on 21 November, and Ivan stated that Romania would not ask for an extension. Ivan wrote in a late-night Facebook post that he would not ask for an extension to the deadline of Nov. 21, given by U.S. officials. "I will also support the full application of sanctions imposed by the United States to the whole European Union." Petrotel, a refinery owned by Lukoil, accounts for roughly a quarter (25%) of the Romanian market. Former energy ministers said that the country's fuel reserves could cover any shortages until new supplies are found. Ivan stated that the Energy Ministry was creating legislation to ensure sanctions were enforced, while activities at the Petrotel Refinery and commercial fuel sales continue without affecting the supply of fuels on the national market. He did not specify which laws need to be amended. Experts say that Romania lacks the institutional strength to run a refinery. The country also struggles to reduce the largest budget deficit within the European Union. (Reporting and editing by Chris Reese, Leslie Adler and Luiza Ilie)
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Sources: Novonor is close to a deal with IG4 to sell Braskem to them.
Four sources familiar with the matter said that Brazilian engineering group Novonor was close to reaching a deal to sell its majority controlling stake in petrochemical company Braskem to IG4 Capital. The Braskem stock in Sao Paulo rose more than 17% following a Bloomberg News article on the possible deal. It was the largest gainer of the Bovespa benchmark index, which rose by 1.5%. Sources who spoke under condition of anonymity said that Braskem's largest shareholders, state-owned oil company Petrobras and conglomerate Novonor, were negotiating with asset management firm IG4 and a deal may be completed in the coming days. According to two sources, IG4 could buy the debt of Novonor while the conglomerate retains a small stake. Braskem executives refused to comment when they spoke to journalists about the company's results for the third quarter. They also said that they weren't involved in any ongoing discussions. Petrobras currently owns 48.0% of Braskem voting shares while Novonor holds 50.1%. reported In August, IG4 announced that its talks with key stakeholders have progressed after signing exclusive rights to purchase billions of reais in debt of Novonor from Brazil's biggest banks, including the state development bank BNDES. A deal could also settle the outstanding debt that has been hanging over Novonor (formerly Odebrecht), which was inflated during the Car Wash scandal about a decade back, when the group pledged Braskem shares to secure 15 billion reais of bank loans. Since then, the debt has grown to nearly 20 billion reais. Braskem could be given new life by a new controlling shareholder and an injection of new capital. The company has been struggling with low margins and lingering debt. You can find out more about the liabilities of From neighborhoods affected by its salt mining operations beneath the northeastern city Maceio. Braskem announced on Tuesday that it had a net loss of 26 million reais (4.81 million dollars) for the period July-September, a smaller loss than the net loss of 592 million euros reported a year ago.
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Ukraine charges seven people in $100 million energy fraud scandal
Seven individuals were charged by Ukrainian authorities on Tuesday for an alleged $100-million kickback scheme that involved senior energy officials. The scandal has caused anger in the public and brought attention to Kyiv's fight against corruption. Ukraine faces pressure to clamp down on corruption as it pursues membership in the European Union and courted critical financial support from Western Partners while fighting off massive Russian attacks against its energy system. The public is sensitive to accusations of kickbacks, especially when they are faced with daily blackouts that last for hours in many parts of the country before winter arrives. In a press release, the National Anti-Corruption Bureau of Ukraine stated that five suspects had been detained and two other individuals identified in an attempt to control procurement in state enterprises, namely Energoatom. No names were given. Sources familiar with the case said that the suspect named by NABU as chief organizer is Timur Mindich. He was a former business partner of Volodymyr Zelenskiy. Mindich didn't immediately respond to an inquiry for comment that was sent to Kvartal95, the production studio which he owns and where Zelenskiy began his career in comedy before he won his election. Other suspects in the investigation include an ex-adviser to the Energy Minister, Energoatom’s head of Security and four so called back office workers. NABU identified an ex deputy prime minister as a second suspect. AUDIT ORDERED Yulia Yurydenko, Prime Minister Yulia's Svyrydenko, said that the government has dismissed Energoatom’s Supervisory Board. She said that an urgent audit would be carried out of the agency, including its procurement activities. She wrote on Telegram: "We are expecting the audit results as quickly as possible." The data will be given to anti-corruption and law enforcement bodies. His ministry announced on Tuesday that investigations were being conducted into the former Energy Minister, Justice Minister German Galushchenko. The ministry did not specify if this was related to the NABU investigations. According to a source with knowledge of the matter, the voice of Galushchenko was recorded in a recording with some suspects in the NABU case. Galushchenko didn't immediately respond to an inquiry for comment. NABU, a law enforcement agency independent of the government, announced its investigation on Monday, as Ukraine prepares for yet another winter with widespread power outages. In Ukraine, nuclear power is the main source of electricity. NABU reported that the investigation took 15 months and involved more than 70 searches throughout the country. (Reporting and editing by Alexandra Hudson, Bill Berkrot and Dan Peleshchuk)
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Raoni, an indigenous leader from the Amazon region, says that Brazil's infrastructure plans are a threat to the Amazon forest.
Raoni Metuktire, a 93-year-old indigenous leader, has urged Brazil to empower natives in order to preserve the Amazon rainforest. She also warned that the plans to build infrastructure are a direct danger to the forest and the people who live there. In an exclusive interview with The Telegraph on Tuesday, Chief Raoni, a leader widely known as the chief of the Raoni tribe, warned that the proposed rail projects, oil wells and highways will harm people around the world. "These projects continue to destroy rivers and land. It's not good. Raoni, who spoke in his native Kayapo language with his grandson translating, said: "I had already said that there would be many very negative consequences for us." "It's going to be bad for us." You too. You're bringing your own consequences on yourself." The Luiz Inacio administration did not respond immediately to a comment request. Raoni was one of dozens Indigenous leaders who participated in the U.N. Climate Summit, COP30 this year, and demanded that they have more say on how forests are managed around the world. He criticised several Brazilian projects, in particular a plan to pave through the forest and a licence granted just a few weeks back allowing Brazil's Petrobras, the state-run oil firm, to explore offshore oil 500 km from the mouth the Amazon River. He said that none of these projects will be beneficial to the local population. Raoni, who is known for his distinctive yellow feather headdress and lip plate, has urged Lula da Silva's government to provide legal protection to tribal lands. He said, "I spoke to Lula before he became president and told him it was important to make it happen so that my people, my family, would finally have their land by right." He praised the early efforts of the government to demarcate certain Indigenous territories, and called for further action: "It's very important for protecting the lands." Lula's goal was to promote tropical forests around the world and the indigenous people of Brazil. He put them in the spotlight at this year's COP30, and held the event on the coast of rainforest city Belem. Raoni stated that the controversial projects, such as the proposal to blast an Amazon tributary, have alarming Indigenous groups. The chief attended Earth Rio Summit in 1992, which led to the creation of the U.N. Climate Treaty. This treaty helped launch the current climate negotiations. He stated that he had not seen any positive changes since 1992. "I went to the meeting to speak about the forest when there were forests all around. I told them that we must protect our forest. Raoni said that they destroyed everything, but continued to do so. "You non-Indigenous, you might have thought more about your children and grandchildren so that the forest could live and contribute to your grandchildren's lives." (Reporting and editing by Lisandra paraguassu, Leonardo Benassatto and Aurora Ellis.
Minister: Nuclear power projects supported by the US in Romania should not be included in election disputes
Romania's Energy Minister said that recent criticisms from members of the Trump administration regarding a cancelled elections should not affect Romanian nuclear projects supported by U.S. firms.
The Romanian top court annulled the presidential elections in December on the suspicion of Russian interference, which Moscow denied.
Elon Musk, a tech billionaire and vice president of the United States, singled out Romania in a broader criticism of Europe that points to possible policy shifts.
Nuclearelectrica, a Romanian nuclear power company owned by the Romanian government, signed a 3.2-billion euro contract for main engineering to build two nuclear reactors of 700 MW each before 2032. The consortium included four companies including U.S. Fluor Corporation as well as Sargent & Lundy.
Nuclearelectrica plans to build a small modular nuclear reactor (SMR) by 2029, possibly for the first time ever in Europe. The technology will come from NuScale Power. The U.S. EXIM Bank, and International Development Finance Corporation committed funding for the project.
When asked if the criticism from the United States of Romania would affect ongoing projects, Energy minister Sebastian Burduja replied: "Not in our view."
He said: "These projects are involving large American companies, and we believe it's in the best interest of the United States to continue these projects regardless of any political context."
Burduja announced that Romania will hold a second auction for 3.5 GW solar and wind projects, funded by a Contract for Difference (CFD) scheme supported by European Union funds. The tender is expected to take place in the first six months of this year.
The Modernisation Fund is a program under the European Green Deal that supports 10 EU member states with lower incomes to upgrade their energy systems. (Reporting and editing by Kirby Donovan; Luiza Ilie is the reporter)
(source: Reuters)