Latest News
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ERG will produce the critical mineral gallium next year in Kazakhstan
Eurasian Resources Group announced in a press release that it plans to invest $20 millions in Kazakhstan to produce the critical mineral gallium from the bauxite ores they process to make alumina. Gallium is listed as a critical mineral by the United States and European Union. It is required for the production of semiconductors and radar systems in aerospace and defense. Kazakhstan would become the second-largest gallium producer in the world, after China, if ERG's plan is implemented. ERG CEO Shukhrat Ibragimov stated that "ERG intends to become a major player on the global gallium market, beginning production in 2026, to supply OECD nations, with a goal to expand annual volumes to up to 15 metric tonnes per year." According to the U.S. Geological Survey, global gallium production reached 760 tons in 2013. The majority of the gallium was produced in China, with very small quantities coming from Japan and Korea. In response to Washington's crackdown on China’s chip industry, China banned the import of gallium (gallium), germanium (germanium) and antimony from the United States in December last year. The ban is only applicable to the United States. However, China has been steadily introducing export licensing regimes to these three metals in the 18 months prior to suspension. Aluminium is smelted using alumina. (Reporting and editing by Barbara Lewis; Pratima Deai)
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Brazil's Prio targets doubling of oil production in 2026 and cheers higher prices
Roberto Monteiro, the CEO of Brazilian oil company Prio, said that the company expects its daily production to double next year compared to 2024, due in part, he said, to some offshore fields being developed. Monteiro, Prio's CEO, said that the company expects to produce more than 200,000 barrels a day (bpd), up from 100,000 bpd last year. Prio, an independent oil producer, has grown in recent years by acquiring high-profile assets, such as the Wahoo and Peregrino fields from Equinor, Sinochem, and TotalEnergies. Monteiro explained that the production target reflects development of these assets. The company is currently waiting for approval from Brazil's environment agency Ibama before it can connect wells at Wahoo and start producing. This outlook is a result of increased geopolitical tensions, particularly in the Middle East. These tensions have driven global oil prices up in recent weeks as a result of concerns about potential supply disruptions. The global benchmark Brent price fluctuated on Monday. It reached a five-month peak before dropping more than 1%. Oil and gas were still being transported by tankers to the Middle East following the U.S. air strike against Iran at the weekend. Monteiro, in response to recent increases in oil prices, told reporters: "It is horrible to say a war was a good thing. But that's the reality." "Brazil is generally a stable geopolitical country, and it's a major oil producer." The CEO stressed that while Prio monitors geopolitical events around the world, its strategic decision-making will remain based on operational effectiveness and productivity. He said that the portfolio was created with efficiency in view. Prio shares traded in Sao Paulo rose around 1% Monday, beating the Bovespa index which fell 0.6%. (Reporting and writing by Marta Nogueira, Editing by Margueritachoy)
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Russia and Mali Sign Trade Deals, Eye Nuclear Energy Cooperation
On Monday, Russia signed agreements with Mali to strengthen trade and economic relations. President Vladimir Putin also told the leader of Mali's military junta who was visiting that specific areas could be improved. Russian state media reported that Putin met with Colonel Assimi Gouta at the Kremlin. The two men spoke for about two hours. Putin stated that the relations between Mali and Russia had "a good upward trend", even though bilateral trade is currently "modest", a Kremlin press release said. Putin stated that there are many areas of future cooperation, including geological exploration, the development of natural resources, energy, logistics, and humanitarian aid. The Kremlin reported that one of the agreements Putin and Goita made was about nuclear energy. Mali and Russia discussed in the past what they called a "strategic project" to build a low-power nuclear plant designed by Russia. The construction of a new gold refinery in Mali, backed by Russia, began in the first week of this month. Goita, who came to power in 2020 after coups in 2021 and 2020, said that it would give Mali greater control over its resources. Mali, one of Africa's leading gold producers lacks a globally certified and functional refinery. Russian mercenary units have also provided Goita with fighters, after the Malian military expelled French and U.N. forces that had been fighting Islamist insurgents in Mali for the past decade. The African Corps is still operating in Mali despite the announcement by Russia's Wagner mercenary unit earlier this month that it would be withdrawing.
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Oil prices drop as shares rise, markets ignore Iran conflict
The global equity markets rose on Monday, despite a drop in oil prices. However, they still traded at multi-month highs. This was because markets ignored the impact of U.S. strikes on Iranian nuclear sites to support an Israeli military offensive. All of Wall Street's major indexes traded higher. Nine out of eleven of the benchmark S&P 500 sectors also advanced. The session's biggest losers were energy equities. The Dow Jones Industrial Average rose by 0.17%, to 42279.55. The S&P 500 gained 0.48% at 5,996.40. And the Nasdaq Composite grew 0.61% at 19,565.74. European shares fell by 0.2%. Overnight, MSCI's broadest Asia-Pacific index outside Japan dropped 0.66%. MSCI's global stock index rose by 0.28%. Israel bombed Evin Prison in northern Tehran, a powerful symbol of Iran's ruling system, as well as the Revolutionary Guard command centres responsible for internal security within the Tehran region on Monday. Iran reiterated earlier threats of retaliation against the United States. The Strait of Hormuz was closed by its parliament, which is a key shipping lane for the global oil industry. "The market's higher price signals a risky sentiment, which is surprising given the volatile events that occurred over the weekend, including the U.S. bombing of Iran with Israel," explained Andrew Wells at SanJac Alpha, Houston. The lesson that we learn is that headline events have less impact on the market now since tariffs were implemented - so-called Liberation Day, which was the biggest volatile event. Brent crude futures dropped 0.83% to $75.37 a barrel. U.S. West Texas Intermediate Crude fell by 0.88% to $75.14. Brent crude and WTI crude benchmarks reached five-month highs at $81.40 and $79.40 respectively. At its narrowest, the Strait of Hormuz measures only 33 km (21 mi) in width. Around a quarter of all global oil trade as well as 20% of liquefied gas supply passes through this narrow stretch. Michelle Bowman, Vice Chair of the Federal Reserve's Supervision Department, said that she felt it was time to lower interest rates as she was more concerned about risks in the labor market and less worried about high import taxes causing an inflation problem. The dollar gained 0.41% against the Japanese yen, and fell 0.39% against the Swiss Franc. The euro rose 0.09% to $1.1532, recovering from previous losses after Bowman's remarks. The dollar index fell by 0.19%. It measures the greenback in relation to a basket of currencies, including the yen, the euro and the yen. Gold prices fell. Gold prices fell. U.S. Gold Futures increased 0.5% to $3.385.10 per ounce.
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UN Mission says Israeli strike on Iran could have violated international laws
An investigation by the United Nations found that Israel may have violated international humanitarian law in some cases, citing the deaths of three aid workers and civilians in an apartment building in Tehran. Israel launched airstrikes against Iran on 13 June in a surprise assault that resulted in the deaths of many top Iranian commanders. Since then, Israel has intensified its attacks and prompted an exodus out of Tehran. On Sunday, the United States also joined in by attacking Iran's nuclear underground sites. The Iranian Red Cross and several residents of a Tehran apartment complex were among those killed, as well as three Iranian Red Cross workers. A clinic for children with Autism and a hospital, in Kermanshah, was also damaged, according to a press release from the investigating body. The principles of proportionality and distinction in international humanitarian law are seriously concerned by this, as well as the reported lack effective of advance warning from Israel which could affect the ability of the population to reach safety. Mission said that so far millions have fled the capital. Lack of warning systems and shelters, and internet restrictions increased the dangers. After Israel struck a notorious On Monday, experts expressed concern over detainees near bombing sites. The statement stated that "the experts urge the Iranian authorities" to move prisoners from areas at risk of airstrikes. The report also expressed concern about reports of Iranian authorities arbitrarily arresting activists, journalists, and social media users who are accused of spying with Israel. This crime is punishable by In Iran. Reporting by Emma Farge Editing and Topra Chopra by Ludwig Burger
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Trump urges everyone to lower oil prices after Iran attack
Donald Trump, the U.S. president, expressed his desire to keep oil prices low on Monday amid fears they could spike after the attack on Iran's nucleonic facilities. "Everyone keep oil prices low, I am watching!" Trump wrote, in capital letters on his Truth Social platform: "You're playing right into the enemy's hands. Don't do it!" Trump then sent a second post to the U.S. Department of Energy encouraging them to "drill baby, drill", and adding, "I'm talking now." Chris Wright, the U.S. Energy secretary responded: "We're working on it!" In a post at X. The energy department was not clear on what it could do to increase oil and gas drilling which reached record levels during the former administration of President Barack Obama. Joe Biden Trump wants to push it even higher. The Energy Department didn't immediately answer a question about Wright's comments. The global benchmark Brent oil price fluctuated on Monday. It reached a five-month peak before dropping more than 1%, to $76.10 per barrel. Oil and gas transit from the Middle East continued via tankers after U.S. aerial strikes against Over the weekend United States In the event of severe disruptions, you could tap into the Strategic Petroleum Reserve (SPR), the world's largest reserve of emergency crude oil. The Trump administration has criticised Biden's usage of the SPR following the Russian invasion of Ukraine in 2022.
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Niger miners say production will continue at nationalised Uranium Mine
The Niger's biggest mine workers' union has pledged its support to the military government in their plan to nationalise Somair, the largest uranium mining operation in the world. They say production will continue despite the tensions between Orano and the French. Last week, Niger, who seized the Somair Mine in December, announced their plan to nationalise them, accusing Orano for taking a disproportionate part of production. The move is in line with other West African governments who have taken similar measures to boost the revenue from their natural resources. Orano, a French state-owned company, did not reply to a comment request on allegations that the company had taken more than it should have. The EU has said that it is opposed to the Niger plan and reserves the right of legal action. In a statement released on Saturday, the National Union of Niger Mine Workers (SYNTRAMIN) said that it supported the "sovereign decisions" of Niger's military leaders, who took power through a coup 2023. It added that "for more than 50 year...the benefits of this strategic richness have never fairly benefitted Niger", denouncing decades of "plundering organised for the advantage of foreign interests" without providing any evidence. Orano owns 63% of Somair while the rest is owned by Niger's Sopamin, a state-owned company. Orano has taken 86.3% between 1971 when the mine opened and 2024. The government did not elaborate. SYNTRAMIN has also committed to "mobilise in order to ensure continuity of production and the optimal valorisation our resources" as part of a new state management. Niger is home to the seventh largest uranium production in the world. Somair, a nuclear fuel supplier in Niamey, plays an important role. Reporting by Portia Corey in Dakar, and Boureima Balima in Niamey. Writing by Maxwell Akalaare Adombila. Editing by Robbie Corey Boulet and Barbara Lewis.
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Gold gains as tensions between Iran and Israel offset dollar strength
The gold price edged higher on Monday as the escalating tensions between Iran and Israel outweighed the pressure of a stronger dollar. Markets are closely monitoring Iran's next moves. As of 1339 GMT, the spot gold price was up by 0.2% to $3,375.79 per ounce. U.S. Gold Futures rose 0.2% to $3,391.70. The U.S. Dollar index increased by 0.5%. Gold becomes less affordable to other currency holders when the U.S. dollar is stronger. Israel bombed the Evin prison, a powerful symbol of Iran's ruling system in the north of Tehran. Israel described the attack as its most intense yet in the Iranian capital, just a day after America joined the war. Iran has also repeated its earlier threats of retaliation against the U.S. "If we do not see significant inflation, on top of the tariffs we are already experiencing, this will lead to more risk appetite." Bart Melek is the head of commodity strategy at TD Securities. He said that gold purchases as a safe haven may be reduced, at least temporarily. He added, "I believe prices will remain fairly stable and may even move up or down around $75." Gold has traditionally been seen as an inflation hedge and a safe place to invest in times of uncertainty. Gold's appeal is reduced by higher interest rates, since it does not generate any return. Investors are also awaiting the U.S. The Personal Consumption Spending data is due this week. Last week, policymakers hinted at possible rate reductions later this year. However, Chair Jerome Powell expressed his uncertainty over tariff policy and the economic response. Spot silver rose 0.4% to $36.14 an ounce, while platinum rose 2.1% at $1,291.50. Palladium rose 2.0% to $1,070.09 reaching its highest since June 12. (Reporting by Sarah Qureshi in Bengaluru; Editing by Shailesh Kuber)
Israel says it has launched its biggest ever strike on Tehran after hitting Iran's Evin Prison
Israel bombed the Evin prison, one of Iran's most powerful symbols, on Monday in the Iranian capital. This was the "most intense" attack Israel has ever made, and it came a day after US nuclear sites were also destroyed.
Iran reiterated earlier threats of retaliation against the United States. It had not done so in any meaningful way after more than 24 hour since U.S. Bombers dropped 30,000-pound bunker busters on its underground nucleus sites. Meanwhile, U.S. president Donald Trump publicly mused about toppling the Iranian government.
Oil prices barely moved on the first day of trading after the U.S. entered the war. This suggests traders do not believe Iran will follow through with its threats to disrupt Gulf oil supplies.
The Mizan news outlet, which is part of the Iranian judiciary, confirmed that the prison was hit. The news outlet said that part of the prison was damaged, but the situation had been under control.
Video posted by Israeli Foreign Minister Gideon Saar to X shows an explosion at a structure with a sign identifying the building as an entrance into Evin prison, located in northern Tehran. The accompanying words are: "Viva La Libertad!" Spanish for "Long live freedom." Could not verify the video immediately.
Evin is the main prison in Iran for political prisoners and security detainees, especially since the 1979 Revolution. It has also been the site of many executions, which remain powerful symbols for the Iranian opposition. It is also where several high profile foreign prisoners are held.
Israel Katz, the Israeli Minister of Defence, made it clear that Israel would no longer limit its attacks on Iran to their initial targets like its nuclear program and missiles. Instead, Israel would target Tehran's ability maintain power.
In a press release, he stated that "the IDF is striking with unprecedented force regime targets and government repression organs in the heart Tehran".
Iranian media reported conflicting information about the extent of the strikes in Tehran, a 10 million-person city where a large part of the population fled after 10 days bombing.
Tasnim reported that a strike had occurred at a feeder station for electricity in the neighbourhood of Evin. Tavanir, the power company in Tehran, reported that some parts of the capital experienced electricity outages.
Iran's Student News Network reported that Shahid Beheshti University was also affected. The university's Public Relations office denied the report.
Limited Options
Since Trump joined Israel’s campaign and dropped massive bunker-buster weapons on Iranian nuclear sites,
Has repeatedly threatened to retaliate.
While it continues to fire missiles against Israel, the United States has not taken action, either by shooting at U.S. base or by targeting 20% of global oil shipping that passes near its coast, at the mouth the Gulf.
In a video recorded on Monday, Ebrahim Zalfaqari, a spokesperson for Iran's Khatam al-Anbiya Central Military Headquarters, stated in English that "Mr Trump the gambler may have started this war but we will end it."
Trump's administration repeatedly stated that it is only interested in destroying Iran's nuclear program, and not to start a larger war. In a Sunday social media post, Trump talked about toppling hardline clerical leaders who have been Washington’s main enemies in the Middle East ever since Iran’s 1979 revolution.
It's not politically correct for the phrase "Regime Change" to be used, but if Iran's current Regime is incapable of making IRAN GREAT AGAIN why wouldn't a Regime Change occur? MIGA!!!" He wrote.
Experts examining commercial satellite images said that it appeared the U.S. strike had caused severe damage to the site of Iran’s Fordow nuclear power plant, which is built into a mountain.
Trump called the strike "Bullseye !!!"
He wrote that "monumental damage was done to all Nuclear Sites in Iran."
ISRAELI STRIKES AGAIN
Israel's airstrikes against Iran have been met with little resistance by Iranian defences, since Israel launched their surprise attack on Iran on June 13th, killing many of Iran’s top commanders.
Iran has been releasing few pictures of the damage in an apparent attempt to reduce panic since the first days of the attack. Since the bombing, there has been a major disruption in internet access. This makes it difficult to spread information both within Iran and internationally.
Israeli defenses intercepted a missile fired by Iran on Monday morning. Overnight, air raid sirens were heard in Tel Aviv as well as other areas of central Israel.
Iran's ability for retaliation is much more limited now than it was a few month ago. Israel has defeated Iran's most fearsome regional proxy force in Lebanon, Hezbollah. Iran's most powerful client, Syria's Bashar Al-Assad, was overthrown shortly after.
Oil prices are not at crisis levels, but that is the most effective way for Iran to harm the West.
Brent crude futures, which briefly jumped above $80 per barrel at the opening, were only up 0.5% at $77.38 on Monday morning, after even being down at one point.
Prices are still higher than before Israel launched its attacks in this month. Even that premium, traders said, could diminish.
Ole Hansen is the head of commodity strategy at Saxo Bank. He said: "It is worth noting that a geopolitical premium now exceeding $10 per barley cannot be sustained without a tangible disruption in supply."
Although no final decision has been made, Iranian lawmakers have discussed closing the Strait of Hormuz which leads into the Gulf. Marco Rubio, the U.S. Secretary for State, played down this threat.
It's economic murder for them to do so. "We have options to deal that", he said.
(source: Reuters)