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The EU must reserve over 10 billion Euros for key minerals, according to the agency's head
The European Union must create funds worth more than 11 billion euros to encourage investment in exploration, mining, and recycling of key raw materials. This is what the head of a EU-funded agency on key minerals told me on Wednesday. The bloc has set 2030 goals for 34 minerals, such as copper and lithium, that are required for its green transformation - to mine 10% and recycle 25% of its needs and process 40% in Europe. The directive also stipulated that no single country could supply more than 65 percent of any given mineral. The EU is more dependent on China than this for many minerals. Bernd Schaefer of EIT RawMaterials said that the bloc should set aside money for mining and recycling in its budget for the next seven years, starting 2028. In an interview, he said that the project should start off with at least 2 or 3 billion euros. It has the potential to grow significantly. Schaefer said that the EU needed a fund for exploration of about 10 billion euro to find out what minerals it could mine. Combining private funds with public investment, the total amount of money invested could reach around 100 billion euro. Schaefer stated that the bloc must assess future demand and supply of each mineral, and translate general alliances with partners internationally into tangible volumes in a time when geopolitical tensions are increasing. Schaefer stated that "the Americans are very hands-on in getting things on the road." It should be a warning to Europe that it must act immediately. He said that the EU's raw material targets were not taken into account when EU countries planned to increase their defence spending. This meant Europe needed more minerals like vanadium and titanium. The volumes aren't huge but the sourcing is more sensitive and there is an increased sense of urgency compared to raw materials for energy or mobility.
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Uniper's executive believes that a gas price of 25 euros/Mwh would boost investment.
A senior executive from Germany's Uniper utility said that gas prices of around 25 euros ($28.13), compared with 34 euros at present, may be required to stimulate future investment in the European Economy. Gas prices reached a peak of nearly 350 euros per Megawatt Hour (MWh) in 2022. Since then, dozens of companies across Europe have shut down factories and reduced activity and job opportunities as high gas costs undermined their ability to compete. Carsten Poppinga said, "I am optimistic that gas prices of around 25 (euros/MWH), might stimulate some investments in the European Economy going forward if you can show that this price level can be stable", at the Flame Gas Conference in Amsterdam. Many businesses continue to maintain their lower demand and manufacturing activity. This has negative implications for Europe’s sluggish economic growth. Poppinga stated that Europe would continue to require liquefied gas (LNG), even if the demand decreased. He added that, while the continent was trying to diversify its supply, it is expected that a large part of the supplies will come from the United States. He said that U.S. LNG is the most cost-effective way to get gas into the European Union. ($1 = 0.8889 euro) (Reporting and editing by Louise Heavens, Elaine Hardcastle and Marwa Rashed)
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Congo may impose more cobalt curbs after four-month export ban
On Wednesday, the head of an agency of government said that when its current four-month ban on cobalt exports ends, it may be necessary to impose strict limits on exports. Congo, world's largest producer of cobalt imposed an export ban on the metal in February, to try and revive the prices. The metal is used to make batteries for electric cars and mobile phones. Patrick Luabeya said at a conference held in Singapore, that the Congo will implement more restrictions due to the high stock levels in the country and elsewhere. He claimed that the stocks which have pushed down prices "haven't yet been exhausted, although they have been reduced significantly". Luabeya stated that the next government decision "will invariably imply a strict restriction of exports, in whole or part, until market equilibrium is achieved with respect to supply and demand for cobalt." He added that the agency will consult with industry participants in June about the ban. Kizito pakabomba, the Mines Minister, said earlier in a speech that he was reviewing the ban on exports of cobalt. He did not provide any further details. He said that the country was in discussions with key stakeholders, such as miners Glencore and ERG, about its next steps. Congo banned cobalt exports for four months in February to combat the oversupply on the international battery metal market. The country's premier announced in March that it would impose export quotas for cobalt after the ban on exports. He also plans to partner up with Indonesia, a major producer, to manage the global supply and price. Hongmei Li reported from Singapore, Felix Njini from Johannesburg and Tony Munroe edited the story.
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HitecVision acquires a 50% stake in TotalEnergies' Polish biogas company
TotalEnergies announced on Wednesday that it has signed an agreement with Norwegian investment company HitecVision to sell 50% of Polish producer Polska Grupa Biogazowa. The French energy company stated that the agreement represents a value of 213.6 million euros (190 million Euros). Stephane Michel, TotalEnergies' President of Gas, Renewables & Power, said that the deal would help Polska Grupa Biogazowa continue its growth in Poland, where biogas development is booming. Erlend Elliottsen, CEO of HitecVision and Managing Director, said that the companies have complementary skills which they will use to "scale" PGB in the coming years, through greenfield projects, as well as M&A. The European Union allows countries and companies, including transport sectors, to use biogas in conjunction with wind and solar energy and to mandate its usage via quotas. Crystal Union, a sugar producer, bought a 10% stake from Total in its BioNorrois unit last year. The French company plans to produce 100 Terawatt Hours (TWh), up from 1.2 in 2024. Biogas has a similar chemical composition to the natural gas that is drilled from the ground, but it is produced by animal wastes and crop residues. The HitecVision agreement is subject to government and regulatory approvals.
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Base metals are firmer on the back of a weaker dollar and easing US-China tensions.
The copper price rose on Wednesday, as investors gained confidence that a global economic recession can be avoided and the demand for metals dependent on growth will continue. The benchmark copper price on the London Metal Exchange was up 0.2% to $9,618 per metric tonne by 0955 GMT, after reaching $9,642 at its highest level since April 3. Tom Price, Panmure Liberum's analyst, said that investors have shifted away from gold and other safe-havens to the industrial sector. "However they do not engage the market vigorously at this stage, but remain very cautious for the time being." "They are curious to see what (U.S. president Donald) Trump will do next," said he. The U.S. Dollar extended its losses after overnight experiencing its largest decline in over three weeks, as weaker than expected U.S. consumer price inflation data strengthened the case for Federal Reserve ease. Other currency holders will find metals priced in dollars more affordable, and the prospect of lower interest rates will support demand for industrial metals. Market attention is still focused on the U.S. investigation into possible new tariffs on imports of copper that has been ongoing since February. The premium of COMEX Copper Futures over the LME Benchmark is high and deliveries have already been made to COMEX Copper Stocks. The premium peaked at 18% in March and is now down to 10%. Copper inventories have risen 77% to 165 112 tons since the end of February. Morgan Stanley stated in a report that "this reflects both tariff timing uncertainty and front-loading." The U.S. imported 180,000 extra tons of copper in the past seven weeks. Only 65,000 of those have been recorded on the COMEX inventories. "With more to come" says the report, "leaving a buffer of tariff-free metal". Other metals include aluminium, which rose by 1.3%, to $2.521.5 per ton. Zinc also increased, adding 1.9%, to $2.754. Lead gained 0.2%, to $1.992.5. Tin climbed 0.4%, to $32,805, and nickel grew 0.9%, to $15,860. Reporting by Ashitha Shivprasad and Polina Devitt in London, Editing by Barbara Lewis
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Spot prices fall on increasing renewable supply
The European spot electricity prices for Thursday dropped on Wednesday as the wind supply in Germany is expected to increase sharply while demand is set to decline. German baseload for the day ahead fell by 2.9%, to 65.90 Euros per megawatt-hour (MWh), at 0948 GMT. The French baseload for the day ahead has fallen by 63.2%, to 13.25 Euro/MWh. LSEG analyst Florine Engl stated that the residual load in Germany is decreasing on Thursday as a result of an increase in the wind power supply. Forecasts indicate imports into the country all day long, she said. LSEG data indicated that German wind power production was expected to increase by 6.3 gigawatts to 17.7 GW. French wind power is projected to rise by 4.5 GW and 6.1 GW. LSEG data shows that solar power production in Germany has decreased by 2.9 GW and now stands at 16.5 GW. LSEG data shows that the power demand in Germany is expected to drop 440 MW on Thursday from its level of Wednesday to 53.6 GW. The French consumption will increase 1 GW to reach 42.5 GW. The German baseload for the year ahead was down 0.6% at 89.60 Euros/MWh. Baseload for French 2026 was 0.5% lower at 59.50 euro/MWh. Benchmark European carbon permits fell 0.6% to 72.45 Euros per metric tonne. Sara Aagesen, energy minister, said that the massive grid disruption in Spain and Portugal began on the 28th of April in southern Spain, around Granada and Badajoz, and Seville. This was the first time specific locations were identified. Forrest Crellin, Krishna Chandra Eluri and Krishna Chandra Eluri are responsible for reporting.
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IIR: Nigeria's Dangote Oil Refinery cancels maintenance for June at its gasoline unit
According to IIR, Nigeria's Dangote Oil refinery has cancelled maintenance for June at its 204,000 barrels of gasoline per day unit because it completed planned work during an unplanned shut-down from April 7 to 11th. According to Kpler, a shipping trade analytics company, during the unplanned outage the Dangote Refinery increased its exports for residual products, such as straight-run fuel oil, but decreased exports for finished products, such as jetfuel and gasoil. Kpler data shows that Nigeria's fuel imports increased by 24% in April, to 157,000 barrels per day. Dangote originally planned to close its gasoline-making residue liquid catalytic Cracking (RFCC), unit in June for a 30-day maintenance period. In January 2024, the 650,000 bpd Nigerian billionaire Aliko Dagote's refinery in Lagos started processing crude oil into products such as gasoil and naphtha, and began producing gasoline in September. A Dangote refinery executive, referring specifically to the RFCC Unit, said: "We've completed the maintenance. We have begun." Reporting by Robert Harvey in London and Enes Tunagur in Lagos. Mark Potter and Louise Heavens edited the story.
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Sources say that Indian billionaire Ambani will meet Trump and Qatar's emir at Doha
Mukesh ambani, the Indian billionaire, will meet with Donald Trump, President of the United States, and Qatar's emir in Doha, according to two sources. His company, Reliance Industries, is looking to strengthen ties between authorities in both countries. Qatar's sovereign fund, QIA has invested in Reliance over the years. Ambani is Asia's wealthiest man and has many business relationships with U.S. technology giants like Google and Meta. Ambani is attending a state dinner in Doha for Trump, but he does not intend to have any business or investment discussions. This was confirmed by the first source who has direct knowledge of this matter. Both sources confirmed that another Indian businessman based in London, close to the Trump administration and the Qatari government, will attend. They did not identify the individual. Ambani did not provide any further details about his agenda. Reliance didn't immediately answer'questions. Qatar's Emir, Sheikh Tamim bin Hamad Al-Thani, visited India in February. His country had committed to investing $10 billion in various industries. Trump will leave Qatar for the United Arab Emirates on Thursday, a trip which is more focused on investments than on security issues in the Middle East. (Reporting Aditya Kalra, Editing Clarence Fernandez).
Trump's job cuts undermine black lung protections as he targets coal revival
Josh Cochran has been working in West Virginia coal mines since he was 22, earning a six-figure income that enabled him to purchase a house with his wife Stephanie, and go hunting and fishing in his free time.
He was diagnosed with advanced lung disease at 43 years old. He is now awaiting a lung donation, uses an oxygen tank to breathe, and requires his wife's help with basic household tasks.
He says that his saving grace is the fact that he still has a job. Part 90, a federal program administered by the Mine Safety and Health Administration and National Institute for Occupational Safety and Health, allowed him to be relocated to a desk-based job at the same company when he received his diagnosis. He retained his salary.
"Part 90 is all you have," he said, while signing documents for the transplant. It was a simple job that left him exhausted. "You can make what you have made and they won't be able to get rid of you." This program, which relocates black lung coal miners to safer jobs with the same pay, is coming to an end due to the mass layoffs, office closures, and other measures imposed by Donald Trump's Department of Government Efficiency and Elon Musk's Department of Government Efficiency.
Interviews with over a dozen individuals involved in medical programs for the coal industry and an examination of NIOSH internal documents show that three federal programs in this area have ceased to operate in recent weeks. NIOSH has suspended a decades-old lung disease detection program for coal miners. As well, related programs that provided x-rays at mine sites and lung tests have been shut down. It is also unclear who will enforce safety rules like the new limits on exposure to silica dust after nearly half of MSHA's offices were scheduled to be terminated.
The government's mass cuts and funding cuts led to the cancellation of the black lung program. Details about this had not been previously reported.
Anita Wolfe said, "It will be devastating for miners," a veteran of NIOSH with 40 years' experience who is still in contact with the agency. Nobody will be monitoring mines. Trump has voiced support for the domestic industry of coal, which historically supported him.
Trump signed an executive order to promote the coal industry at a White House event flanked by hard-hatted coal workers earlier this month. This included extending the life expectancy of coal-fired plants that are aging.
Jeff Crowe said, "Coal has been a dirty term that many are afraid to use," Trump identified him as a West Virginia coal miner. Crowe is superintendent of American Consolidated Natural Resources (ACN), the successor to Murray Energy.
Trump declared during the ceremony, "We will put the miner back to work." "They're great people with great families and come from areas that we love and respect."
Andrew Nixon, a spokeswoman for the Department of Health and Human Services (HHS), which oversees NIOSH said that streamlining government would better position HHS so it can carry out its Congressionally-mandated work to protect Americans.
MSHA representatives and White House representatives did not respond to comments.
The incidence of black lung has increased over the past two decades. This is despite the fact that coal production has declined.
NIOSH estimates 20% of coal miner in Central Appalachia suffers from black lung disease. This is the highest rate in 25 years. Workers in these aging mines blast rock to reach diminishing coal deposits. According to the Bureau of Labor Statistics, the coal industry employs around 43,000 people.
MORE MINING, MORE RISE
Three sources within NIOSH claim that around 875 employees of the roughly 1,000 strong NIOSH workforce were terminated across the nation as a result of HHS's sweeping job cuts this month. According to an email from NIOSH dated April 4, the flagship black lung program of the department, the Coal Workers' Health Surveillance Program has been put on hold.
We will continue to process all the information we have as long as possible. The email states that "we have no more information regarding the future of CWHSP."
According to sources familiar, the CWHSP has also stopped its regular black lung screenings. These tests were conducted on site by mobile trailers in coal mines. There was no money for fuel or to pay epidemiologists to review on-site lung tests or x-rays.
According to NIOSH veteran Wolfe, for many miners this program is their only source of medical checksups.
The loss of NIOSH staff has also affected the ability of black lung infected miners to receive relocation with pay under the Part 90 program.
NIOSH will only accept lung x-rays that reveal black lung. Scott Laney who was laid off as an epidemiologist at NIOSH in West Virginia, said that all NIOSH employees required to review x-rays had been fired.
Laney said he, his laid-off colleagues and a "war room" informal in his living room have been working to bring attention to this issue among Washington legislators.
"I want them to be protected while they are working, if they are sent into mines by executive order or any other mechanism," he said.
Sam Petsonk is a West Virginia lawyer who represents black lung sufferers. He said that relocating sick miner's to other areas where there are less dusty conditions was crucial, because of the severe risks associated with continuing to work while ill.
He said, "It's getting to the point where days and months are important for this program."
SILICA THREAT MSHA finalized a regulation last year that would reduce by half the permissible limit of exposure to crystalline silicon for miners and workers - a move to combat the increasing rates of black lung.
Chris Williamson said that the Trump administration pushed the implementation of the rule back to August from April, and it may be difficult to enforce, given the planned office closures and staff reductions at MSHA. Williamson was a former assistant secretary of labor for mine safety and health under the Biden Administration.
He said that there were still 20 unfilled mine inspector positions when he left MSHA. After Trump's election, 90 people who had been offered MSHA inspector jobs had their offers rescinded, and 120 others took buyouts.
Mine inspectors have the responsibility of ensuring safety standards in mines to reduce accidents, illnesses and deaths.
The loss of resources and staff could make black lung more prevalent among Appalachian miners, especially if mining activities increase, said Drew Harris a black-lung specialist in southern Virginia.
He said, "It's difficult for me to cut back on resources to prevent this disease after seeing hundreds of mine workers with it."
Kevin Weikle is a 35-year old West Virginia miner who was diagnosed in 2023 with advanced black lung during a screening. He said that the cuts are not logical at a time when the administration wants coal production to increase and will push safety standards back by decades.
"Don't get me wrong, I mean, I'm Republican," Weikle said. "But I believe there are safer ways to produce coal without compromising safety." (Reporting and editing by Richard Valdmanis, Anna Driver, and Valerie Volcovici)
(source: Reuters)