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Vulcan Elements, a rare earth magnet company, will build a $1 billion North Carolina facility
Vulcan Elements of North Carolina, a rare earth magnet manufacturer, announced on Tuesday that it would build a $1 Billion manufacturing facility in the state to supply U.S. electronic and military customers. The facility is slated to be built in Benson, about 30 miles (48km) south of Raleigh. It is partially funded by grants from Pentagon. This would increase U.S. accessibility to magnets which convert power into motion in electric vehicles, mobile phones, fighter planes, and thousands of products. These magnets are the focus of a global trade dispute as China is using them to leverage negotiations with the Trump Administration. John Maslin, CEO of the company, stated that North Carolina was chosen over other states because it has a workforce that is focused on engineering and offers economic incentives. The plant is located in North Carolina's "Research Triangle" near universities, military bases and laboratories. The workforce is the most important thing to us. Maslin explained that the key was to find PhDs, engineers and technicians from complementary industries. There is no large magnetics workforce in the United States, because it has been hollowed-out. We need to rebuild this muscle. North Carolina estimates that the facility will boost North Carolina's economy by $2.6 Billion. Vulcan would be eligible to receive $17,6 million from the state if that were to happen. Vulcan signed an agreement with ReElement Technologies in August to supply rare earth oxides. Vulcan would have to convert the oxide into a metal first before turning it into magnets. Maslin stated that the metallization will take place in the Benson facility. He declined to state if Vulcan, or another party would be responsible for this step. Vulcan's target is to produce 10,000 tons of magnets per year, and a "significant amount" of this production will be online by 2027. This is about the same amount of magnets that MP Materials plans to produce at its Texas magnet plant. (Reporting and editing by Lincoln Feast; Ernest Scheyder).
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After protests, Peru lawmakers extend mining permits
The Peruvian Congress approved on Tuesday a bill that would extend temporary permits to informal miners through the year 2027. This was done as over a thousand protesters gathered outside the legislative building against the impending expiration of the permits. The bill is now going to be discussed in full plenary sessions of Congress before it can be approved. The REINFO program, which provides a temporary legal status and has been extended multiple times, is set to expire on December. The day before, miners protested again because they felt that the government's efforts to force them into formalizing their claims were too complicated and expensive. Most of these gold miners want an additional five years to leave the temporary system. Mining companies and professionals in the industry have expressed concern that another extension would increase illegal activity. The REINFO scheme, they say, has allowed illegal miners to profit, sometimes working alongside criminal gangs. This debate is just five months away from general elections, in which many lawmakers are running for re-election. Maximo Franco bequer, a union leader, said that he had met with Jose Jeri on Friday. Jeri took office in the month of January. Bequer reported that the president had "promised" to assess the situation with informal miners before he took a position regarding any possible decision made by Congress. Peru is one of the world's leading mining countries, and it exported gold worth $15.5 billion in 2024. According to data from the sector and the country's financial regulator, an estimated 40% of this gold is illegally sourced. (Reporting and Additional Reporting by Anthony Marina, Writing by Natalia Siniawski, Editing by Brendan O'Boyle & Lincoln Feast.
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Ukraine to sue Russia for $44 billion in wartime emissions
A government minister said that Ukraine will seek $44 billion in damages from Russia to compensate for damage caused by the war's increased emissions of greenhouse gases. This is the first time that a country has sought damages from Russia for an increase in climate-warming emissions from a war. The increased emissions include those from fossil fuels, steel, cement, and other materials used to fight the conflict, as well as the fires caused by the burning of trees. Pavlo Karashov, deputy minister of economy, environment and agriculture, said that "a lot of damage had been done to the water, land, and forests." Kartashov said in an interview at the sidelines of COP30 Climate Summit in Brazil that "we have enormous amounts of CO2 emissions and other greenhouse gases." A member of Russia's delegation at COP30 refused to comment. Lennard de Klerk, a Dutch expert in carbon accounting, estimated that the war generated 237 millions tons of CO2-equivalent additional emissions since Russia invaded Ukraine in February 2022. This is nearly the same as the annual emissions of Ireland, Belgium, and Austria combined. De Klerk said he helped Ukraine calculate the damages figure, based on an article in Nature from 2022 that estimated the social cost of CO2, or the estimate of damages caused to society by CO2, to be about $185 per ton. He said that Ukraine was preparing a claim under a new compensation procedure being established by the Council of Europe, which has already received around 70,000 claims from Ukrainians for damages caused by war. A claims commission will decide on all claims, even those filed by legal entities like companies. Uncertainty remains about the source of compensation. De Klerk said that billions in frozen Russian assets might be used to cover the claims. Reporting by Simon Jessop, Sebastian Rocandio and Nia William; Editing by Katy Daigle & Nia Williams
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Five tourists are killed by a snowstorm in Chilean Patagonia
Authorities said that five tourists died in a powerful storm in Chile's Torres del Paine National Park in the southern region Patagonia. They also reported that four other tourists who had gone missing were found alive. Jose Antonio Ruiz said that talks have begun with representatives of the victims' home countries to repatriate their bodies. Authorities said that two Germans, one Briton, and two Mexicans were killed. They added that the weather conditions made it difficult to recover bodies. In a social media message sent to the families of victims, President Gabriel Boric expressed his deepest condolences. Know that Chilean institutions and authorities are at your side in these trying times. Guillermo Ruiz is the delegate of the president for the province Ultima Esperanza. He told reporters that the tourists got lost near Los Perros Camp, which can only be reached by walking four to five hours from the nearest accessible point. A snowstorm caused whiteout conditions, with wind speeds exceeding 193 kmh (12 mph), which is equivalent to a category 3 hurricane. Torres del Paine National Park is a vast area of about 1,810 km2 (700 sq mi) that attracts hundreds of thousands of tourists each year. Reporting by Sarah Morland in Santiago and Fabian Cambero Editing by Rod Nickel & Alistair Bell
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Peru's informal miners protest against the end of temporary permits at Congress
On Tuesday, more than 1,000 informal miners from the mining-powerhouse Peru protested against government attempts to regularize their status. The Peruvian government wants to stop a temporary permit for small-scale mining known as REINFO. This has sparked violent protests from miners who say that full regularization would be too complicated and expensive. The majority of gold-mining miners want to stay on the temporary scheme for up to five years. It is set to expire by the end the year. Peru's government has already extended the deadline multiple times. Maximo Franco Bequer, the union leader, said on Tuesday that there are some who would be willing to find "a middle-ground" with Congress. On Tuesday, a congressional mining committee was getting ready to discuss the extension of the temporary permits program until 2027. This debate is taking place five months before the general elections, in which many lawmakers from both left and right are seeking reelection. The formal mining companies fear that Congress may concede to protesters. This, they claim, could increase illegal activities in the sector. The process of formalizing informal mining status is a complex one, with many bureaucratic obstacles. However, Peruvian police and industry experts say that the REINFO scheme allows illegal miners to work, sometimes alongside criminal gangs. In July, more than 50,000 small scale miners were removed from REINFO. About 31,000 are responsible for updating their status. Bequer says he's pushing the government to let the expelled small-scale miners return to REINFO. He estimates that around 10,000 of them will be able to return. The union leader told reporters that he had met with Jose Jeri on Friday, the president who assumed office in December. Bequer stated that "he promised us he would assess the situation of informal miner before deciding on any possible decision by Congress." In 2024, Peru will export $15.5 billion in gold. This is a huge jump from the $11 billion exported last year. According to local financial regulator and sector data, it is estimated that 40% of the gold in Peru is illegal. (Reporting and Additional Reporting by Anthony Marina, Writing by Natalia Siniawski, Editing by Brendan O'Boyle).
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As anger grows, a corruption case in Ukraine causes a standoff in the parliament
On Tuesday, one of Ukraine's major opposition parties physically prevented lawmakers from voting in parliament to dismiss two Ministers due to a corruption probe. They demanded the removal of the whole cabinet. The standoff in parliament is the latest manifestation since Ukraine's largest wartime corruption scandal broke out last week. Ukraine's antigraft bureau has revealed that it is investigating a $100-million pay-to play scheme at the state-run nuclear power company run by the Energy Ministry. Two suspects are still at large. One of the former business associates of President Volodymyr Zelenskiy, who fled Ukraine last week, is one. The parliament was to vote Tuesday on the dismissal Svitlana Svitnchuk, Energy Minister and her predecessor German Galushchenko who is now minister of Justice. WAR'S FINAL WINTER IS APPROACHING AND ALLEGATIONS ARE CAUSING FURY The vote did not take place because the European Solidarity Party, the main opposition party, blocked the access to the podium. Members of parliament held cardboard signs with slogans like "What is darkness' price?" The session was halted by Ruslan Stefanchuk, the Speaker. A member of the opposition said that a new vote was likely to be held on Wednesday. Both cabinet members deny wrongdoing. Hrynchuk offered to resign, and Galushchenko was suspended pending the results of the investigation. Zelenskiy is in favor of removing them both. The European Solidarity party, led by the ex-president Petro Petroshenko, said that it would try to remove the entire cabinet. This measure has now little support in Parliament. Members of Zelenskiy’s Servant of the People accused the opposition of grandstanding, and of preventing the parliament from taking any action. "While some thieves hide and run, other populist politicians put on a display," said Danylo Hentmantsev a Servant of People senior lawmaker. The anti-corruption court in Ukraine ordered Oleksiy Cernyshov to be held under bail of 51,6 million hryvnias ($1.23 million), equivalent to the former prime minister. Interfax Ukraine reported that Chernyshov’s lawyers requested during a two day hearing to have the order thrown out. They said the evidence against him was inadequate and the bail stipulations were inappropriate because all of his assets had already been frozen. As the fourth winter of the war nears, the allegations made by the National Anti-corruption Bureau of Ukraine have caused widespread anger. Most Ukrainians are living with daily power outages caused by Russian bombardment of their grid. Timur Mindich is the co-owner, along with Zelenskiy, of the TV studio in which he began his career, as a star of a sitcom, before becoming president of Ukraine in 2019. Zelenskiy imposed financial sanctions against Mindich, and the studio stated that Mindich no longer plays a decision-making role. Ukraine is being pressed by the international community to address its corruption issues, which have been a problem for many years, as it attempts to join the European Union. It has received support worth tens and tens billions of dollars from its allies ever since Russia invaded Ukraine in 2022. Zelenskiy attempted to curtail some of the powers of NABU, an anti-corruption organization earlier this year. However, he backed down following an outcry by the public and European Allies. He claimed that his changes would make government more efficient. He denied accusations that he tried to shield his associates from investigation. (Reporting and additional reporting by Anastasiia malenko and Yuliii Dysa.)
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Jamaica asks for $9.5 billion to rebuild after Melissa
Jamaica has spent many years building up a fund to deal with climate-driven disasters. The money was only enough to cover 5% of a storm's cost. Matthew Samuda, Jamaican cabinet Minister, said that Hurricane Melissa left the island with bills of $10 billion. Of this amount only $500 million could be covered by climate-preparation reserve funds. Jamaica has asked wealthy nations to offer urgent grants, investments and concessional financing at the COP30 Climate Summit in Belem. It does not want commercial rate loans, which would burden the country with additional debt, as it faces an uncertain future that is expected to bring more severe climate impacts, such as heatwaves and droughts. "We are not mendicants. In an interview given at the summit Samuda stated that Jamaica was a victim of other people's actions. He was referring to the fact that Jamaica had done little to contribute to the global warming emissions which are driving the climate change. He said Jamaica spent the last three decades working to improve its financial standing and get closer to a credit rating that is investment-grade. It is difficult to accept that a storm, which was more intense, lasted for longer, occurred at an unusual time of the year, and brought in more rain, due to others' actions, could wipe out a large part of this success within a 24-hour period. The COP30 summit will focus on securing funding to help developing countries prepare and adapt for the climate extremes that are coming. U.N. estimates that they will require at least $310 billion per year by 2035. "COP30 can't end without a bold outcome (on adaption)," Ana Mulio Alvarez said, policy adviser at climate think tank E3G. CATEGORY 5-STORM HAVOC Melissa, a powerful Category-5 hurricane, hit Jamaica on October 28, bringing with it a 17-foot storm surging along with strong winds and 30 inches of rainfall that led to landslides. Scientists found that climate change made the storm 30% more powerful than it would otherwise have been. It also increased its likelihood of hitting six times. Samuda called the damage "seismic", with 192,000 damaged buildings and the key tourism and agricultural sectors of the country hampered. He suggested that the storm be reclassified as Category 6. He said the economic damage was much greater than the COVID-19 Pandemic when the island lost 10% of its GDP. Samuda stated that the pandemic did not "wash away bridges, destroy road, or disrupt the water supply the way this particular incident had," Jamaica was preparing for such an event before Melissa struck. This included a World Bank catastrophe bond that distributed $150 million, and a parametric scheme that netted another $90,000,000. The self-help measures raised about $500 million, before Melissa's estimated $10 billion damages, or just under 30% of Jamaica's total economic output. Samuda stated that the $9.5 billion deficit was still there. (Reporting and editing by Simon Jessop, Sebastian Rocandio and Nia William)
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Gold prices rise on weak US economic data, traders consider Fed rate cuts
The gold price rose on Tuesday from its one-week low, supported by weak U.S. job numbers. Investors also assessed the probability of a Federal Reserve rate cut in December, ahead of further delayed U.S. statistics this week. At 2 p.m. (EST) (1900 GMT), spot gold rose 0.4% to $4,072.37 an ounce after falling as low as it had been since November 10, earlier in the day. U.S. Gold futures for delivery in December settled at $4,066.50 an ounce with a 0.2% decrease. The number of Americans who received unemployment benefits reached a two-month peak in mid-October. In the week ending October 18, the claims for continued benefits rose to 1.9 millions. The data is slightly increasing market expectations for a rate cut in December. The data is helping silver and gold, which are trying break a 3-day losing streak," said Tai Wong an independent metals dealer. CME Group’s FedWatch tool shows that the markets now expect a nearly 50% chance of a rate reduction at the Fed’s meeting on December 9-10. This is up from the 46% seen earlier Tuesday but down from the 67% last week. Gold is a non-yielding investment that tends to perform well when rates are low. Investors reduced their bets that the U.S. would cut interest rates again this year, causing prices to fall more than 3% Friday and 1% Monday. The markets are now awaiting the minutes of the Fed's meeting on October 28-29, to be released Wednesday, as well as the U.S. Labor Department monthly employment report for the month of September, to be released Thursday, after the recent U.S. Government shutdown. The elevated official demand for Gold is expected to continue in the near future. "This supports a strategic bullish bias, and upside to our price forecast average of $4,000/oz next year," Deutsche Bank analyst said in a report. Other metals saw a 1.2% increase in spot silver at $50.78 an ounce. Platinum rose by 0.5% to 1,541.57 and palladium jumped 1.1% to 1,408.52. (Reporting from Pablo Sinha and Kavya Baliaraman in Bengaluru. Additional reporting by Sarah Qureshi. Editing by Ed Osmond and Alan Barona. Paul Simao is the editor.)
US lends Constellation $1 Billion for Three Mile Island Reactor Reboot
The Trump Administration announced on Tuesday that it had loaned Constellation Energy Corp. $1 billion in order to restart the nuclear reactor of a Pennsylvania facility formerly known by the name Three Mile Island. Constellation and Microsoft signed a contract in 2024 to restart an 835 megawatt reactor that shut down in 2019. This would offset Microsoft’s data center energy use. The plant's other unit, now called the Crane Clean Energy Center after a 1979 accident that froze the nuclear industry, was shut down in 1979.
The U.S. is experiencing its first increase in power demand since the 1990s, thanks to technologies such as artificial intelligence. The use of nuclear energy, which emits virtually no carbon, is now an option for companies that have a constant need for power and are committed to climate change. The critics point out that America has not found a permanent solution for radioactive waste.
Greg Beard, the head of Energy Department's Loan Programs Office (LPO), said that the restart will support the PJM Regional Grid. Beard, who spoke to reporters, said that this type of energy was important because it is a large, stable and affordable base-load power.
Constellation says the loan will lower its cost of financing, and help leverage private investment in order to restore electricity to the grid. Beard stated that the LPO had more than $250 billion of capital. "We expect a large part of this to be used to reinvigorate large-scale reactor development," he said. Chris Wright, Energy Secretary, said in a statement this month that most of the LPO funds would be used for nuclear projects. Constellation had accelerated the restart of the reactor in June by about a decade to 2027, after PJM accelerated its review process for connecting the project to grid.
Constellation has ordered major equipment and hired hundreds of employees. It also completed inspections of the infrastructure. The reactor will require a new cooling tower, a new main power transformer, among other items, as well as refueling before electricity can be produced.
Beard stated that this was the first instance the LPO had declared a company to have met all the conditions for a lending and then closed the loan at the same moment. He said Constellation was guaranteeing the loan and this loan structure would protect the taxpayers in the event the project did not succeed.
Beard stated that Constellation was an established "investment grade" nuclear operator who could have obtained a bank loan even without government assistance. "But we are showing our support for reliable, affordable, stable and secure energy in the U.S. as directed by (Donald Trump)."
Constellation announced this year that the plant needs to be approved by both the U.S. Nuclear Regulatory Commission as well as water related permits.
(source: Reuters)