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Codelco Chile halts El Teniente expansion due to new seismic risks
Codelco, the state-run copper mining company in Chile, has suspended one of its expansion projects for its flagship El Teniente Mine a year after a fatal 'collapse. Recent studies have shown a greater seismic risk than originally thought. Six workers were killed in an accident that occurred on July 31, 2025. This forced Codelco, the world's largest underground copper mine at the time, to stop production across various sections. Codelco said it chose to put expansion work within the Andes Norte?section of the'mine on hold in order to ensure worker safety. Citing analyses conducted over the last six months, which 'point out seismic risks related to depth of deposit, that are different from those previously identified and monitored. Codelco stated in a press release that the available evidence supports the possibility of an emerging risk related to the deeper depth of the Andes Norte Project. The company added that they would continue studying the issue. Codelco said that the analyses had revealed the existence of a new seismic phenomenon, with different characteristics from those risks which have been managed and known historically. Andes Norte is located near the Andesita section and Teniente 7 section that was most affected by this collapse. The impact of the collapse was equivalent to a magnitude 4.2 earthquake. Codelco is facing criminal, regulatory and technical investigations. It's still investigating what caused the disaster. In order to increase production, mining companies are turning more and more to deep underground operations. El Teniente is a more than 100-year-old tunnel system that spans over 4,500 km (2,800 mi) of?tunnels in the Andes Mountains. About 75 kilometers (47miles) south of Chile's capital Santiago, it is located. Reporting by Daina Solomon in Mexico City, Fabian Cambero from Santiago and Inigo Alexander.
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Gold prices rise on lower oil prices, US jobs data and Fed rate outlook to be released
Gold prices rose 1% on Monday, supported by a?decrease in oil 'prices, which tempered inflation concerns?and lowered bets that the U.S. would raise interest rates. Gold spot was 0.8% higher at $4.086.36 an ounce at 2:20 pm EDT (1820 GMT) while U.S. gold futures were 1.5% higher at $4,515.60. Oil prices dropped more than 5%, to a three-week low. This was after remarks by Qatari officials and U.S. officials that raised hopes of a diplomatic solution to the 'Iran war' which could improve oil flow through the Strait of Hormuz. Bart Melek of TD Securities said that lower oil prices are probably a major factor in the rise of gold. He added that the decline has also contributed to the outlook for interest rates, with short-term 'rates' falling a bit. The Fed's expectation that it will maintain higher interest rates to combat inflation is reinforced by the high?energy price. This puts pressure on non-yielding gold. John Williams, Fed's New York president, said earlier on Monday that he was optimistic about the gradual easing of inflation pressures, but warned that if this did not happen, then the U.S. Central Bank would not hesitate to raise rates. The market is now pricing in a 57% probability of a rate increase at the central bank's September meeting, after a divided Fed left rates unchanged during its last policy meeting. The market is now waiting for a series U.S. job reports, including ADP's employment report on Tuesday and the nonfarm payrolls on Friday. Silver spot gained 2.8%, to $59.82 an ounce. Platinum rose 7.1%, to $1.742.63, while palladium increased 7.1%, to $1.354.27. Ross Norman, an independent analyst, said that the Platinum Group Metals were 'getting full effect from a probable de-escalation of tensions in Iran. As industrial metals, they are dependent on a possible recovery in conventional demand. Reporting by Sukanya Mitra in Bengaluru, and Polina Devitt in London. Editing by Shailesh Kumar and Joyjeet Das.
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The White House is set to extend Jones Act exemption as Trump searches for cheaper fuel
Sources say that the White House will extend a waiver to the century-old Jones Act within the next few days. This is one of its few tools, which it can use if necessary, in order to?try and lower gasoline prices, as President Donald Trump intensifies his attacks against Exxon Mobil, Chevron, and other oil companies for "making too much money." The Jones Act mandates that cargo between U.S. port must be transported on vessels built in the U.S. and owned by U.S. firms, with crews made up of American workers. This waiver is intended to reduce gas prices by increasing the shipping flexibility and decreasing transport bottlenecks. Oil industry representatives had anticipated an extension to be granted by the end July. Three people who were familiar with the discussions said that administration officials continued to meet with maritime industry representatives as well as?lawmakers to discuss potential changes. The goal was to reduce the scope of waiver, while still preserving the flexibility to move essential fuel supplies. The Jones Act rules will be suspended for the longest time in program history on August 16. According to U.S. Government data, the exemption was used more than 200 times in four-and-a-half months up until the end of July. Trump has run out of options to reduce gasoline prices, which are currently averaging $4 per gallon in the U.S. ahead of November's midterm elections. The administration is already pushing for measures such as increased oil supply and regulatory flexibility. Meanwhile, Trump escalated rhetorical pressure on Exxon & Chevron on Monday by saying that they should refund money to customers at the pump. Bob McNally, President of Rapidan Energy Group said that the best option for a U.S. President would be to pressure Saudi Arabia to increase its oil production. However, this option is not possible because the disruptions in the Strait of Hormuz due to the Iran conflict have limited exports. McNally stated that other potential measures such as a windfall profit tax, gasoline price control or legal action against oil firms are either politically unrealistic, economically risky, or unlikely to reduce prices in a meaningful way. McNally stated that the Jones Act waiver would increase the availability of fuel tankers but reduce the price by pennies a gallon. WAGE WAIVER CRITICS PURSUIT LIMITATIONS Critics of this extension are pressing for geographical limits and stricter scrutiny on every shipment. The White House Energy Dominance Council and White House Trade Advisor Peter Navarro were among those involved in the discussions about the waiver extension. Sources said that details and final decisions are still subject to change. House Speaker Mike Johnson, and House Majority leader Steve Scalise have called on the administration to limit this exemption. They warned that a broad use of waivers would weaken the US fleet and undermine national security goals set forth by the Jones Act. An official at the White House said that the administration continues to monitor the use of the waiver and is in constant discussion. The official stated that any further announcements will come directly from either the President or the administration. Maritime groups are escalating the campaign against extending Jones Act 'waiver. The American Maritime Partnership has resumed advertising on CNBC, Fox?News, and AMP as well as the American Waterways Operators have run digital ads. Jennifer Carpenter, President of AMP, argues that the waiver benefits foreign operators and energy firms more than consumers. Carpenter stated that the waiver had shifted domestic commerce from U.S. companies to foreign entities, including those linked to China and Russia. It also undermined the U.S. marine industrial base. (Reporting and editing by Nathan Crooks, Deepa Babington and Sheila Dang. Additional reporting by Jarrett Renshaw; and Arathy Sommesekhar.
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Stocks soar to record highs after positive company forecasts. Oil, yen and soaring stock prices.
The Dow and S&P 500 indexes reached record highs on Tuesday following positive forecasts by?Caterpillar, among others, and oil prices extended recent sharp declines. Global stock indexes also reached a record intraday. The Japanese yen fell, but it held onto most of the gains made by Tokyo and Washington last week to support its currency. Qatari and U.S. official comments that encouraged hope for a diplomatic solution to the Iran War that could improve oil flow through the Strait of Hormuz weighed on oil. U.S. State Secretary Marco Rubio stated on Tuesday that there had been progress in the "talks" with Iran and Oman regarding moving more ships through strait. However, a final deal has yet to be reached. Treasury Secretary Scott Bessent said earlier that an agreement with Iran could be reached as early as Tuesday or even Wednesday. U.S. crude dropped 5.43%, to $75.98 per barrel. Brent fell to $79.38 a barrel, down by 5.24% for the day. Caterpillar shares, which are often viewed as a bellwether of the global industrial market, rose as the company raised its revenue growth forecast. It benefited from the buildout of AI-based data centers. Palantir Technologies's shares also surged after it increased its revenue forecast. Oliver Pursche is a senior vice president at Wealthspire Advisors, based in Westport, Connecticut. He said that investors are reacting to "stronger expectations and higher earnings." "There is a general feeling of optimism and it's being reflected." According to LSEG, more than 80% S&P 500 companies beat analysts' expectations in the last quarter. The Dow Jones Industrial Average grew by 933.95, or 1.76% to 54,112.36, while the S&P 500 grew by 115.96, or 1.53% to 7,716.66, and the Nasdaq Composite climbed 548.22, or 2.12% to 26,462.11. MSCI's global stock index rose 12.87 points or 1.14% to 1,143.88. The pan-European STOXX 600 rose by 0.73%. YEN RAISES AFTER INTERVENTION DRIVEN RALLY. The Japanese yen weakened 0.18% to 157.45 dollars per yen after a coordinated intervention by U.S. authorities and Japanese authorities last week to support the yen. The Japanese yen is still stronger than the greenback, compared to levels from a week ago. This prompted the official support of the Japanese exchange market and marked the U.S.'s first intervention in the Japanese forex market in 15-years. Some market participants have warned that the Bank of Japan’s gradual rate increases and Japan's expansive fiscal policy could be a drag on the yen. The dollar index (which measures the greenback against a basket currencies) fell by 0.1%, to 99.91. Meanwhile, the euro rose 0.11%, to $1.152. U.S. Treasury rates fell on the back of falling oil prices and hopes that a deal would be reached to end the Iran War. This led traders to re-price their positions for a lower probability of a Federal Reserve rate hike in September. The majority of analysts believe Fed chair Kevin Warsh doesn't want to raise rates and that the new data may be enough to convince him to remain put. The yield on the benchmark 10-year U.S. notes dropped 4.91 basis points, to 4.635%. Reporting by Caroline Valetkevitch and Stefano Rebaudo in New York. Jamie Freed and Mark Potter edited by Deepa Babington.
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Gold prices rise on lower oil prices, US jobs data and Fed rate outlook to be released
Gold prices rose 1% on Tuesday, supported by the decline in oil prices, which tempered inflation fears and lowered U.S. rate hike bets. Markets awaited more clues about the Federal Reserve’s policy direction. Spot gold increased 1% at $4,092.43 an ounce as of 12:50 pm EDT (1650 GMT), and U.S. gold futures rose 1.5% to $4149.50. The oil price fell to its lowest level in three weeks after remarks by officials from?Qatari, the United States and other countries raised hopes of a diplomatic solution to the Iran War that could improve the?oil flow through the Strait of Hormuz. Brent crude futures fell over 4% in response to the news. Bart Melek said that lower?oil prices are probably one of the factors supporting gold price. He added that this decline has in many ways contributed to interest?rates outlook, with short-term rates a little bit falling. The Fed is expected to keep rates high for longer in order to combat inflation. This will put pressure on bullion that does not yield. John Williams, New York Fed President, said earlier on Monday that he was optimistic about the gradual easing of inflation pressures. If they don't, however, then the U.S. central bank will not hesitate to raise rates. After a divided Fed left rates unchanged at its last policy meeting, traders are now pricing about a 57% probability of a rate increase in the central bank's September meeting. The market is now waiting for a number of U.S. jobs reports, including ADP's employment report on Wednesday and nonfarm payrolls data due Friday. Silver spot gained 2.8% per ounce to $59.82, platinum rose 7.1% at $1,745.42, while palladium rose by 7.1% at $1,355.13. The Platinum Group Metals are getting the full impact of a probable de-escalation, as they are industrial metals. Their fortunes will be tied to a potential recovery in conventional offtake, said independent analyst Ross Norman.
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Brazil Steelmaker CSN launches new bid round for Cement Unit
Two people with knowledge of the negotiations said that a Brazilian steelmaker,?CSN, is planning a second round of bidding this week for its cement division. The deal could be worth more than 10 billion reais (1.95 billion dollars). Sources said that the top contenders were China's Huaxin, a consortium?formed by Brazil's Votorantim, and Italy's Cementir. Both proposals will?exceed 10 billion reais. Sources claim that the Brazilian group Polimix is also involved in the process. It is one of the largest cement companies in the country. The first newspaper to report the new round of bidding was Valor Economico, a Brazilian publication. Votorantim refused to comment. CSN, Huaxin Cementir, and Polimix have not responded to our requests for comment. CSN is divesting key assets in order to reduce its debt burden. Conglomerate hired advisers to sell CSN Cimentos and a stake in CSN Infrastructure which runs its railways and logistics assets. In April, Chief Financial Officer Marco Rabello said that deals would be closed by the end of the year. However, final approval might take longer as the Brazilian antitrust regulator CADE will need to approve them. Reporting by Luciana Magnhaes, Editing by Brad Haynes & Rod Nickel
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Lockheed is seeking U.S. minerals after Trump's supply-chain push.
Lockheed Martin is in discussions to purchase two vital minerals from U.S. mining companies, according to two sources who are familiar with the talks. This comes as President Donald Trump "pressures" defense contractors to reduce their reliance on China. Sources said that the world's largest defense contractor, Lockheed Martin, is in talks with NioCorp Developments to supply scandium and?Teck Resources for germanium. Both minerals are used by military equipment, from aircraft components to sensors for infrared, according to these sources. The deals are a major step forward in the U.S. effort to build up domestic mineral supply chains. However, there are obstacles: Chinese suppliers offer cheaper prices and U.S. processing and mining capacity is limited. Lockheed manufactures the F-35 Lightning II jet fighter, Patriot interceptor missiles, and other weapons for the U.S. Government. Trump has pressed Lockheed, and other companies in the industry to provide long-term support for U.S. mines. China has tightened its controls on minerals exports over the past few years. He signed an executive directive last month that made it more difficult for defense contractors, who had been allowed to purchase minerals from China or other banned foreign suppliers for many years, to get waivers. This?order shows how far behind U.S. miner and processors in the race to compete with China's dominance of the market, even though dozens of U.S. mineral projects are currently under development. According to a source who is familiar with the agreement and its details, Colorado-based 'NioCorp developments' has signed a preliminary contract to supply Lockheed 15 metric tonnes of scandium per year. Scandium is one of 17 rare earths which can be used in the manufacture of lightweight, corrosion resistant alloys for aircraft. The details of this agreement were not previously known. NioCorp is supplying the metals from its Nebraska mine. The mine is scheduled to open in 2028 and produce?100 tons of metal per year. The agreement will need to be "finalized", although there is already a relationship between the two companies as part of a Pentagon funded research program. The contract volume would represent about a quarter the global scandium market, which is estimated by the U.S. Geological Survey at 60 metric tonnes and growing. Mark Smith, NioCorp CEO said that both companies recognized how scandium was becoming an important part of the future American defense technology. Lockheed expressed its appreciation for "the work NioCorp does to establish a source of domestic scandium." Since 1969, scandium hasn't been mined in the United States. Rio Tinto, the only North American producer of scandium with a capacity to produce approximately nine metric tonnes annually, is the sole North American manufacturer. GERMANIUM NEGOTIATIONS A second person with knowledge of the negotiations revealed that Lockheed and Teck Resources are in separate talks for a supply germanium used to manufacture?infrared sensor's and other military equipment. Teck produces a concentrate of zinc and germanium from its Red Dog Mine in Alaska. The concentrate is then melted in British Columbia, and the two metals separated. Teck doesn't break down its annual production of germanium but calls itself the fourth largest global producer. USGS estimates global germanium consumption at 60 metric tonnes annually, and growing. The U.S. imports more than half of its germanium needs. The?U.S. imports more than a half of its germanium needs. Second source: Lockheed also has discussions with 5N Plus in Quebec, which received Pentagon funding earlier this year to process recycled feedstock into germanium in Utah. According to the second source, "Lockheed wants a long-term security of supply chain,"? They are under pressure so they want to know whether the supply comes from China or somewhere else. The negotiations?with Teck and 5N?have been ongoing for over a year. According to the source, the sticking points were the pricing and the lengths of the contracts. 5N representatives were not available for comment. Teck declined comment on specific commercial agreements but stated that it had agreed to work with the Canadian Government to increase Germanium processing in British Columbia. Lockheed responded that it constantly assesses the "global critical minerals supply chain" to ensure its customers have access to materials to support their missions. Chinese critical minerals have been cheaper for many years than those from Western suppliers due to differences in the mining practices, regulations standards and other factors. Reports from earlier in the year suggested that Western governments were trying to free regional minerals prices of Chinese influence. Reporting by Ernest Scheyder and Divyarajagopal, both in Houston; editing by Veronica Brown and Sanjeev Miklali)
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Mass escape of inmates from western Libya during armed clashes
Libyan police reported that inmates staged an 'escape from a prison on Tuesday?, while armed clashes broke out in two cities to the west of Tripoli. In a press release, the?Tripoli Judicial Police Authority?stated that the mass escape took place at Surman prison and that they had opened an investigation. The police did not disclose the exact number who had escaped. They said that they formed a committee "to identify them and take the necessary legal actions against them." Salem Bahr - a local leader from the town of Zawiya - appealed to Libya Al-Ahrar, a TV channel based in Turkey, for an end in the fighting, because "everyone loses in this situation." Bahr stated that the clashes killed three civilians, and injured many others. No one was able to immediately say who took part in the violence, or why. Since the overthrow Muammar Gadhafi in 2011, Libya has experienced unrest. Clashes took place between rival armed factions in Zawiya, and Surman. Zawiya is located 40 km (25miles) west of Tripoli and hosts Libya's largest Azzawiya Refinery with a daily capacity of 120,000 barges. Azzawiya oil company issued a Facebook statement urging employees to "take maximum precautions" and to "completely avoid areas of clashes, and roads leading there." Unverified footage from the internet and local television?channels shows large plumes black smoke rising into the sky. Other clips show heavy gunfire in Surman and Zawiya. The mayor of Surman Mohamed 'Abu Snina described the humanitarian crisis as'very bad. He said that the clashes caused severe damage and that the relative calm returned to the city following the deployment of neutral forces. Ahmed Elumami, Alistair Bell and Ahmed Elumami contributed to this report.
Legal questions arise from Trump's withdrawal of the UN Climate Treaty
Some legal experts believe that the Trump administration's decision, made by the Trump Administration, to withdraw from the U.N. Climate Treaty, which was unanimously adopted in the U.S. Senate more than 30 year ago, could be illegal. They say Congress would have to approve the withdrawal.
On Wednesday, President Donald Trump announced that the United States will withdraw from dozens international and U.N. organizations. This includes the U.N. The Framework Convention on Climate Change and the scientific Intergovernmental Panel on Climate Change are both "opposed to U.S. National Interests" by focusing on oil, gas, and mining development.
Trump, who is a vocal opponent of renewable energy and has called climate change "a con job" and hoax, went further than his previous actions of withdrawing the U.S., the world's largest historical emitter of greenhouse gases, from the Paris Climate Agreement by removing the nation from the UNFCCC.
He also removed the U.S. from the Intergovernmental Panel on Climate Change, a key scientific body that deals with climate change, and other U.N. organizations focused on the environment, arts, health and women's right.
Some experts question the President's power to withdraw
International law experts have said that the president's move on Wednesday, which was unprecedented,?raises significant legal questions. Case law is not clear as to whether a President can unilaterally withdraw a country from a ratified treaty by a Senate majority.
Jean Su, director of energy justice at the Center for Biological Diversity, said that the U.S. must exit the UNFCCC using the same procedure as it entered. The Center for Biological Diversity's energy justice director Jean Su said that if this lawless act is allowed to stand, it could permanently exclude the U.S. from climate diplomacy.
Su stated that the CBD is evaluating whether it should take the U.S. Government to court over this.
White House officials weren't immediately available to answer questions about the legality.
The U.S. would then 'withdraw' from all global climate talks, including the Paris Climate Agreement.
Last year, the U.S. skipped the annual U.N. climate summit in Belem in Brazil for the very first time in 30 years. Trump also announced his withdrawal from the Paris Climate Accord a year earlier. It is the only nation to leave the UNFCCC.
UNFCCC requires wealthy industrialized nations to adopt policies to limit greenhouse gases emissions, report publicly their emissions and provide funding for poorer countries to address climate change.
Curtis Bradley is a professor of law at the University?of Chicago Law School. He said that while the rules for ratifying treaties are clearly defined, those for withdrawing from them are not.
Some presidents have used this authority to withdraw from international treaties and agreements without Congressional approval. Ronald Reagan, a Republican president, withdrew America from UNESCO over concerns of perceived politicalization.
Bradley said Congress can pass legislation to prevent a president unilaterally withdrawing a treaty. Congress passed a law to prevent a future administration withdrawing from NATO in 2023.
He said that given the polarization of climate change policy within Congress, it was unlikely for this to happen.
HOW EASY IS THE RE-ENTRY INTO A TREATY?
The legal experts also differ on how difficult it will be to rejoin UNFCCC.
Some?legal organizations believe that in order for a future administration to return, they would have to start anew and get the two-thirds of support required by the U.S. Senate to ratify a treaty.
Some experts believe that the U.S. could easily rejoin the EU after 90 days if it uses the same "advice and consent" method that was used by the Senate to unanimously ratify this treaty in 1992, under Republican President George H.W. Bush.
Recent years, achieving a majority of two-thirds in the highly polarized U.S. Congress was near impossible, particularly on issues that divide people.
The U.S. entered into over 90% of international agreements using different mechanisms, which rely on executive power or existing domestic laws.
Sue Biniaz is a former deputy special envoy on climate change under the Biden administration. She said that she was in the camp of scholars who believed that joining the UNFCCC would be "seamless", because it had been unanimously approved by the Senate in 1992.
She said that there are many future paths for joining the important climate agreements. (Reporting and Editing by Frances Kerry, Valerie Volcovici)
(source: Reuters)