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NALCO, an Indian company, will invest $3.43 Billion to build a smelter and coal power plant
Brijendra Singh, chairman and managing director of India's National Aluminium Company said that the company will invest $3.43 billion in a new coal power plant and a smelter over the next five-year period. Singh, a New Delhi-based reporter, said that the state-owned aluminium company will spend around 180 billion rupees on the construction of the smelter proposed in Odisha in eastern India. He added that the project would be funded by a combination of internal accruals and debt. Singh stated that the remaining 120 billion rupees would be used for a coal-fired power plant. Coal India and NTPC are in discussions to build this facility. Singh stated that NALCO is also interested in acquiring new mines to extract coal and bauxite ore, from which aluminum can be produced. Odisha is home to a bauxite refinery and a bauxite mining operation. Singh added that the firm also conducts eligibility studies for lithium in five mines located in Argentina, a mineral which is used to make batteries for electric cars. NALCO also looks at investing in Australian lithium assets through its joint venture Khanij Bidesh India Limited, which it has signed with Hindustan Copper and Mineral Exploration and Consultancy Limited. India has formed global partnerships in order to gain access the lithium mines.
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Emma Stone in dark comedy with new Venice collaboration Lanthimos
Emma Stone, the star of Yorgos Lathimos's "Bugonia", a film premiering at Venice Film Festival this week, said that the film presents a "funny, messed up" view of the world today. Lanthimos, Stone and their film "Poor Things" won four Oscars and the Golden Lion in Venice 2023. It was the first time they worked together. Their new film, a dark and comic thriller, offers a brutal vision of the age of paranoia delusion, and decay. Stone told reporters, "It is a reflection of the current state of our world and it's told in a way I found fascinating, moving, funny, fucked-up, and alive." The thriller is about two conspiracist cousins (Jesse Plemons and Aidan Delbis), who kidnap Stone's powerful CEO of a pharmaceutical company, believing that she is an extraterrestrial plotting the destruction of humanity. Lanthimos, despite the film's bizarre plot, said that it was not about a dystopian world but rather a reflection of today's disconnection and catastrophe. Lanthimos stated that "unfortunately, the dystopia depicted in this movie is not very fictional." I don't know how long we have left with all that is happening in the world - with AI, wars, climate changes, and denials of these things. The English version of South Korean director Jang Joon Hwan's 2003 film "Save the Green Planet!" The film asks if there are intelligent beings in the universe that could interfere with Earth's life. Stone stated that she did not believe we are alone. "I believe in aliens, yes." Stone is put under a lot of physical strain in the film, and she has to have her hair cut while she's unconscious. The actor has shrugged it off. She said, "It is so much easier to go bald than any other hairstyle." Stone, who has worked with Lanthimos in at least five different projects, said that the constant overlap between cast and crew of their films fostered a rare feeling of camaraderie. She said, "It feels like a very safe and comforting environment." It does feel that way when you have made so many things with your friends, and you've been through the trenches together. The festival runs until September 6. The festival will run until September 6. Crispian Balmer reports.
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Brazil authorities target organized crime in the fuel sector for billions of dollars
The Brazilian federal police and the revenue service said that they launched operations against money laundering and fraud schemes related to organized crime and fuel sectors on Thursday. According to authorities, the operations are aimed at dismantling schemes that have allegedly moved billions of dollars using investment funds and financial services firms to hide illicit gains, while also undermining Brazil’s fuel industry. Since years, multinational energy companies have struggled to eradicate organized crime from their Brazilian distribution networks. The "Hidden Carbon Operation", raids by the Tax Revenue Service, which the service claimed was the largest action ever against such crimes. Authorities served 350 search warrants in eight states to try and block assets worth over 1 billion reais (184.46 millions dollars). In a press release, the revenue service claimed that these schemes involved fuel imports of more than 10 billion reals, gas station transactions worth 52 billion reals and fintechs transactions worth 46 billion reals between 2020 and 2024. According to a recent court ruling, REAG Investimentos is one of the companies targeted by the warrants. REAG stated in a filing that it "fully cooperated with the competent authority, providing the requested information and documents" as part "of the ongoing investigative procedure." In a separate announcement, the federal police announced that they had launched simultaneously the "Quasar", and "Tank", operations. These were also meant to crack down on schemes allegedly moving more than 23 billion reals in the fuel industry. The government announced that Justice Minister Ricardo Lewandowski and Finance Minister Fernando Haddad, as well as the Chief of Federal Police Andrei Rodrigues, would be commenting on the operation at a later press conference on Thursday.
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Sibanye Stillwater reduces losses on restructuring and US production credits
Sibanye Stillwater announced a smaller first-half loss Thursday as credits from its U.S. Palladium business, and restructuring of its South African Mines partially offset large writedowns in its U.S. The Johannesburg-based mining company posted a loss for the six-month period ending June 30 of $211 millions, down from $372 million the previous year, when it booked an impairment of $407 million on its U.S. operation after cutting its palladium price forecast. The U.S. will offer credits to encourage the production of palladium and other critical minerals in the United States under the Inflation Reduction Act, which is set to be enacted by 2022. In a press release, Sibanye stated that the Section 45X credits under the Inflation Reduction Act had boosted the positive financial results from solid operations management and the restructuring of the company. Sibanye reported that a combined estimate of $285 million in credits for the financial year 2023 had been recognized, which boosted profitability for the first six months of 2025. It added that cash payments will be made in 2026. The company stated that the credits for production would be phased-out from 2031, and then terminated in the year 2034 as part of President Donald Trump’s signature spending bill. Sibanye had to write off 3.8 billion rand of its U.S. operations due to the anticipated decrease in cash flow. Sibanye has also written down 5.4 billion rand in value from its Keliber Lithium project in Finland. The company cited a decline in the price forecasts for lithium battery minerals over the long term. The diversified mining company said that record-high bullion prices helped boost its income, even though its South African goldmines recorded a 14% drop in production primarily due to increased earthquakes and infrastructure problems at its Kloof Mine. Sibanye's South African Platinum operations, which were closed due to loss-making shafts last year, are now in a position to benefit from a rebound in metal prices.
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Global MARKETS - Global shares stable, dollar falls as focus shifts to Fed policy
The dollar fell as traders bet that the Federal Reserve would cut interest rates in the next month. Equity futures indicate a steady start to the S&P 500, and tech-heavy Nasdaq, despite a sway in Asian and European stocks after Nvidia reported its results. Nvidia shares fell around 1.5% during pre-market U.S. trading, as concerns over the company's China operations clouded an otherwise better-than expected revenue forecast for next quarter. Semiconductor shares in Europe fluctuated as investors analyzed the company's outlook, which also affected tech stocks in Asia. Taiwan Semiconductor Manufacturing Company shares fell 2.5%. Nvidia's forecast was higher than the consensus of analysts, but disappointed investors used to big results. The Stoxx 600, the pan-European stock index, was down 0.3% and reversed early gains. Futures that track the rate-sensitive Russell 2000 index of small-caps in the United States were up by 0.7%. Money markets have priced in a probability of over 85% that the Federal Reserve will cut rates next month. This month, the rate-cut bets have caused the dollar to fall 2% against other currencies. Last seen at 97.9, it was down 0.2%. Lee Hardman is a senior currency analyst with MUFG. He said, "Unless we have a very robust report on employment in early September, the Fed will start cutting rates." Donald Trump announced earlier this week that he was firing Federal Reserve Governor Lisa Cook. This accelerated his campaign to exert influence over the central bank, which worried some investors about the political influence. Cook will file a The following are some of the reasons why you should consider hiring someone else A lawyer for the embattled official of the central bank said that she was trying to stop President Donald Trump from dismissing her. Philip Marey is a senior U.S. Strategist at Rabobank. He said that this week's events confirm his view that FOMC will continue to resist the rate cuts President Trump wants for this year. But next year, it will become increasingly difficult to separate White House influence from rate decisions. Concerns over France's fiscal trajectory are likely to remain in the forefront of regional markets after Prime Minister Francoise Bayrou's gamble on winning support for his deeply unpopular plan to reduce debt via a vote of confidence next month. The yield on France's 10-year Government Bonds eased a little bit Thursday, but it remained near its highest level since march. The spread between the benchmark 10-year bund and the French counterpart has eased after reaching a seven-month high of almost 83 basis points during the previous session. Hardman stated that the developments in France "put a little damper on the upside potential of euro-dollar, but for us, the bigger story was what could happen at the Fed." The euro rose 0.2% to $1.1667 on Thursday while the pound sterling gained 0.1% to $1.3515. The dollar fell 0.3% against the Japanese yen to 146.93yen. The interest-rate-expectation sensitive 2-year U.S. Treasury yield was at 3.6290%, down 6 basis points on the week and hovering close to its lowest level since late-April. On the commodities market, spot gold remained near its two-week high on Thursday, and last rose 0.2% to $3,405.56.
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After Nvidia, copper prices rise on increased risk appetite
The copper price edged up on Thursday. This was supported by the weaker dollar, and an increased appetite for risky investments after Nvidia's results reassured the markets about AI boom. The benchmark three-month copper price on the London Metal Exchange rose 0.3% in open-outcry official trading to $9,789 per metric ton after falling 0.8% the previous session. LME copper has gained 11% in this year but has been stuck in a range of $9,500 to $9,900 since early July, when it failed to break through the $10,000 barrier. Ole Hansen is the head of commodity strategy for Saxo Bank, Copenhagen. He said: "Metals are currently in a holding pattern, but today's main driver is probably heightened risk appetite after the Nvidia announcement last night." It highlights the impact of the AI craze on the market, and the wider appetite for investment. European and Chinese stocks rose, in part because Nvidia’s strong results eased concerns about a cooling of artificial intelligence demand. The market also benefited from a weaker US dollar, as traders increased their bets on the Federal Reserve of the United States cutting interest rates next month. Dollar-priced goods are cheaper for foreign buyers when the dollar is weaker. The market was weighed down by rising inventories, particularly on the U.S. Comex. The price of copper has nearly tripled in the first half of this year. Copper poured into the U.S. in large quantities before the announcement last month of 50% tariffs on copper. Hansen stated that there is a large overhang of supplies in the U.S. It really depends on if the demand outside the U.S. will be strong enough to cause this to begin to shift. LME copper inventories Data released on Thursday added an additional 1,850 tonnes to the three-month record of 157.950 tons. The Shanghai Futures Exchange's most traded copper contract eased by 0.5%, to 78.930 yuan (11,034.69) per ton. Other metals such as LME aluminium, zinc, lead, and nickel all saw increases in official activity. Nickel rose by 0.4%, while tin increased by 0.4%. Click here to see the latest news in metals.
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Chinese lithium prices fall to almost three-week lows on the back of easing supply concerns
The prices of lithium carbonate in China fell to their lowest level in almost three weeks on Friday, as concerns about possible production suspensions were eased after a miner in Yichun, in the south of China, obtained a safety licence. The Guangzhou Futures Exchange's most active futures for lithium carbonate reached their lowest level since 8 August at 75,740 Yuan ($10589) per metric ton. The price of lithium, the material used in electric vehicle batteries, has risen this month. This is because Contemporary Amperex Technology (CATL), halted its production at a mine located in Yichun after a mining license expired on August 9. This stoked concerns of a wider suspension of production in the hub of lithium production of Yichun, in Jiangxi Province, where other mines are facing licence issues. According to Qichacha, a company that tracks information about companies, and Mysteel, a consultancy, a lithium mine owned by Yongxing Special Materials, has secured a renewal of a licence for safe production. The original licence was due to expire September 6. The market was previously skeptical that the mine would be able to renew its licence. A success, and especially one which came earlier than anticipated, exceeded expectations, temporarily alleviating supply concerns, said Jinyi Su. Analyst at consultancy Fubao. Analysts warned, however, that the supply risk persists and market participants are monitoring whether seven additional mines will be forced to halt production after September 30, 2010. Mysteel analysts stated that the risk of production being suspended in Jiangxi is not eliminated, as the mineral type approved remains ceramic clay. Analysts said that some mines which had obtained licences for ceramic clay but produce lithium in fact could be uncertain about their licence renewal.
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Harmony's profits jump on record gold prices and copper plans
Harmony Gold reported a 26% increase in its annual profit, which was largely boosted by the record high prices of gold. The company reported headline earnings per share ($1.33) for the year ending June 30, and said that a 27% rise in average gold prices along with better grades at their South African mines helped offset a drop of 5% in production. Harmony Gold reported that the company's gold production fell to 1.48million ounces during the 2025 fiscal year due to poor weather conditions and safety-related stops. The company announced a dividend per share of 1.55 rand, up from 0.94 last year. This is a record return to shareholders, 2.4 billion rand. Harmony has increased its plans to diversify its business into the copper sector, which has seen its outlook boosted by its significance in the global shift to cleaner energy technologies. Harmony announced in May that it had agreed to purchase Mac Copper, an Australian miner. The deal was worth $1.03billion. Harmony anticipates that the Australian company's shares will vote on this transaction on August 29, which Harmony hopes to close in October of this year. Mac Copper is Harmony’s second copper acquisition after buying the Eva Copper Project in Queensland in 2022. The mine will produce 55,000 to 60,000 metric tonnes per year by 2028. In an interview, Harmony CEO Beyers Nel said: "We see copper as a catalyst to ensure that we are sustainable and add higher margin products to our portfolio." Mac Copper's CSA Mine, located in New South Wales produced 41,000 tonnes of copper last fiscal year. Harmony said that acquiring this producing asset would result in immediate cash returns. Copper brings counter-cyclical diversity to Harmony's portfolio. We know that gold has a cycle, so copper provides this protection." Nel said.
The key facilities of Iran's nuclear program

Donald Trump, President of the United States, said that on Saturday, U.S. forces had carried out a "very succesful attack" against nuclear sites in Iran. This included a facility located deep within a mountain in Fordow, South of Tehran.
Israel has struck Iranian nuclear sites after launching its attacks on Iran in June. These include Natanz, the centre of Iran's uranium-enrichment programme, as well as Khondab, an incomplete heavy-water research reactor.
Here are some of Iran’s most important nuclear facilities.
Where are Iran's nuclear facilities?
The Iranian nuclear programme is spread out over many different locations. Although the threat of Israeli aerial strikes has been looming for decades, only a few of the sites are underground.
IRAN HAS A NUCLEAR WEAPONS SYSTEM?
The United States, as well as the U.N.'s nuclear watchdog, believe that Iran had a secret and coordinated nuclear weapons program which it stopped in 2003. The Islamic Republic has denied ever possessing or planning one.
Iran agreed to limit its nuclear activities as part of a 2015 agreement with world powers. In exchange, the deal lifted international sanctions. The pact collapsed after Trump, during his first term in office, pulled out the United States in 2018. Tehran began to abandon the restrictions the following year.
IS IRAN INCREASING ITS URANIUM ENRICHMENT?
Yes. Since the deal fell apart, Iran has expanded its uranium-enrichment programme. The "breakout time", or the amount of time needed to produce weapons-grade uranium to make a nuclear weapon is now days or a little more than one week instead of at least a full year as it was under the 2015 agreement.
It would take more time to actually make a bomb using that material. The exact time is not known and the debate continues.
Iran enriches uranium up to 60% fissile purity, which is close to 90% weapons grade, at two locations. In theory, it has enough material to make six bombs if enriched any further.
NATANZ
Complex at the centre of Iran's nuclear enrichment program, located on a plain bordering mountains south of Tehran in the Shi'ite holy city of Qom. Natanz is home to two enrichment facilities: the huge, underground Fuel Enrichment Plant as well as the above-ground Pilot Fuel Enrichment Plant.
In 2002, an exiled Iranian group revealed that Iran was building secretly Natanz. This sparked a diplomatic standoff with the West over Iran's nuclear intentions. The standoff continues to this day.
The FEP is a facility designed for commercial enrichment, with a capacity of 50,000 centrifuges. Around 16,000 centrifuges had been installed, and 13,000 were in use, refining the uranium up to 5% purity.
The FEP is described by diplomats who are familiar with Natanz as being three floors underground. It has been long debated how much damage Israeli aircraft could cause to the building.
Other means of damage have been used to destroy centrifuges in the FEP, including an explosion that occurred and a power outage in April 2021 which Iran claimed was an Israeli attack.
The PFEP above ground only houses hundreds of centrifuges, but Iran enriches up to 60% purity in this area.
FORDOW
Fordow, on the other side of Qom is a site for enrichment dug into the mountain. It's probably better protected against potential bombardment as the FEP. Trump tweeted on social media that "Fordow has been destroyed."
Iran was not allowed to enrich in Fordow under the 2015 agreement with major powers. The facility was equipped with around 2,000 centrifuges, most of which were advanced IR-6 machines. Of these, up to 350 of them could enrich up to 60%.
In 2009, the United States announced that Iran had secretly built Fordow for many years without informing the IAEA. Barack Obama, then-President of the United States, said that "the size and configuration is inconsistent with a peace programme."
ISFAHAN
Iran's second-largest city, Isfahan has a major nuclear technology center on its outskirts.
The facility includes the Fuel Plate Fabrication Plant as well as the Uranium Conversion Facility that converts uranium to uranium Hexafluoride, which is then fed into centrifuges.
Diplomats claim that Iran stores uranium enriched at Isfahan.
There is equipment at Isfahan to make uranium metal, a process that is particularly proliferation-sensitive since it can be used to devise the core of a nuclear bomb.
Isfahan will be a new location for 2022, according to the IAEA. It has machines that can make centrifuge components.
KHONDAB
Iran has a heavy-water reactor that is partially constructed. It was originally named Arak, and it's now called Khondab. Heavy-water research reactors are a risk to nuclear proliferation because they produce plutonium easily, which can be used, just like enriched Uranium, as the core for an atomic weapon.
The 2015 agreement saw construction halted and the core of the reactor removed, then filled with concrete, rendering it useless. The reactor would be redesigned to "minimize the production of Plutonium and to not produce weapon-grade Plutonium during normal operation". Iran told the IAEA it intended to begin operating the reactor by 2026.
TEHRAN RESERVE CENTRE
The Iranian nuclear research facilities at Tehran include a reactor for research.
BUSHEHR
The only nuclear power station in Iran, located on the Gulf Coast, uses Russian fuel, which Russia takes back after it has been used, reducing proliferation risks.
(source: Reuters)