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Zimbabwe's Mimosa revives $130 Million platinum project following price rebound
A Zimbabwean executive revealed on Thursday that the Mimosa Platinum Mine, owned jointly by Impala and Sibanye Stillwater in Zimbabwe, has revived its $130m North Hill Life-extension Project after a recovery in metal prices. Mimosa, Zimbabwe’s second-largest?platinum manufacturer after Impala’s Zimplats suspended the project in 2020 as prices plummeted amid destocking and weak automotive demand, with expectations of rapid adoption of electric vehicles. The price of platinum group metals, used as autocatalysts, has recovered since then. This is due to a tight supply coming from the top producer in South Africa. Mimosa is looking at an extension of its mine life, as South Hill ore becomes depleted and more expensive to mine. This was revealed by Stephen Ndiyamba, the general manager, during a mining conference held in Victoria Falls. Ndiyamba stated that "currently, we are working on internal consideration of a mine life extension project. This will require an?capital expenditure of approximately $130 million." He added that "this has the potential to replace our current operations on South Hill, and extend mine life by 15 years." South African miner, who account for about 70% of global production, are cautious in their plans to increase output, despite the recent price rise. Impala, for example, has a preference for life-extension programs to maintain production. Reporting by Chris Muronzi. Nelson Banya is the writer. Mark Potter (editing)
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Russian nuclear chief accuses Ukraine that drone attack killed worker at Zaporizhzhia Power Plant
On 'Thursday, the head of Russia’s state nuclear corporation Rosatom accused Ukraine of killing an important?worker during a 'drone attack on a Russian-controlled Zaporizhzhia Nuclear Power Plant in southeast Ukraine. The statement was not independently verified and there was no immediate reaction from Ukraine. Russia took control of the plant in 2022, shortly after its forces invaded Ukraine. Both sides accuse one another of putting the safety of the nuclear power station at risk through military action. Alexei Likhachev - the head of Rosatom - said in a press release that Ukrainian drones attacked Enerhodar, the city where the majority of station employees reside, on Wednesday. He stated that one employee of the power 'plant working in the central repair workshop at the station had been killed and that doctors were battling for the life of another employee who was injured in the attack. Likhachev stated that "this is the plant's core personnel, who are directly responsible for the safe operation of all equipment at Europe's biggest nuclear power 'plant". In April, Russia claimed that another worker at the plant was killed by a Ukrainian drone. Reporting and Editing by Andrew Osborn
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Gold falls as Fed signals hawkish boost dollar and rate hike bets
Gold prices fell on 'Thursday', despite hawkish signals from the Federal Reserve. A stronger dollar and the U.S. Iran ceasefire agreement, which reduced inflation fears and sent oil markets down, also helped to keep the price of gold stable. At 9:07 am, spot gold was down by 0.2% to $4,249.16 an ounce. ET (1307 GMT). Last week, prices reached their lowest level since November 2025. U.S. Gold Futures dropped 2.6% to $4268.40. The Fed's hawkish stance yesterday was the most important thing. The dollar is at its highest level for the year. This puts gold under pressure, according to Peter Grant, senior metals analyst at Zaner Metals. The Fed held interest rates at the same level on Wednesday. However, nine of 19 policymakers believe that a rate hike is needed later in the year. After the policy announcement, the U.S. Dollar climbed and is now at an all-time high. This makes greenback-priced gold more expensive for foreign buyers. According to the CME FedWatch Tool, markets now price in an 88% probability of a U.S. interest rate increase in December. This is higher than a?61% probability before the Fed's statement. Gold is a non-yielding investment that struggles when interest rates are high. Since the beginning of the Middle East conflict, prices have been under pressure as rising fuel costs stoked inflation fears. On Wednesday, the U.S. released the text from an interim agreement that their presidents had signed to end their conflict. U.S. Donald Trump threatened to resume attacks on Iran and to?kill Iranian officials? if it failed to honor its commitments. Brent futures fell to their lowest level since March 2, the first trading day after 'the initial U.S. - Israeli strikes against Iran. WTI also dropped to its lowest level since March 4. Silver fell by 2% at $66.65 an ounce. Platinum lost 1%, to $1718.78. Palladium dropped 0.9%, to $1300.03. (Reporting by Anjana Anil in Bengaluru; Editing by Tasim Zahid)
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UniCredit used the brother of CEO Orcel to broker Russia deal
Riccardo Orcel - a former senior banker of the Russian state-backed VTB Group, and brother to UniCredit's CEO Andrea Orcel – helped broker a deal for UniCredit to sell its Russia business. His involvement, which was previously unknown, provides insight into the way Italy's second largest bank negotiated a deal with Russia. He drew on the expertise of the former VTB executive - who was one of the most well-known Western bankers working in Moscow. Riccardo orcel left VTB in the past, and it is now subject to Western sanctions. In a press release, the bank stated that "UniCredit?confirmed" that Riccardo?Orcel had presented a proposal pertaining to their Russian business. He was also appointed by UniCredit?Board as an independent advisor in relation to the execution of this process. "The successful outcome was the transaction announced last month." Riccardo orcel has declined to comment. REGULATORY SPRESSURE UniCredit has been one of the largest Western banks in Russia for many years. It continued to operate after the invasion of Ukraine, despite the pressure from regulators. In May, the bank announced that it had reached a non-binding agreement to sell portions of its Russian bank in order to "well-established investors" in the United Arab Emirates. It retained only its payments business within Russia. The buyer is unknown beyond the UAE. Dubai has become a major hub for doing business with Russia, since the sanctions have closed down traditional centres like Vienna. Riccardo Orcel was Andrea Orcel’s younger brother. He served as vice-chairman of VTB Capital, the investment banking arm of VTB, Russia’s second largest bank. He left Russia in 2022 and joined agricultural traders Quanton Commodities, then gold producer Polymetal International. VTB, which is controlled by the Russian state, remains a major player in Russia. Andrey Kostin, its chairman, is an ally of Vladimir Putin. To stop a corporate exodus after its invasion of Ukraine Russia tightened exit regulations for Western companies, and imposed steep discounts to foreign asset sales. Any UniCredit agreement would need a presidential decree and central bank approval. The?Milan lender is under regulatory pressure to reduce its Russian operations. In 2022, it was ranked as one of the top 15 banks in the country. Reporting by Valentina Z and Elvira pollina in Milan, and John O'Donnell from Frankfurt. Elisa Martuzzi, Tommy Reggiori Wilkes, and Mark Potter edited the story.
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Giants sweep Atlanta with offense-driven play
The San Francisco Giants, in search of their first road sweep over the Atlanta Braves since 2008, will take their newly-found offensive success into Thursday's finale of a 3-game series. The Giants have won three consecutive?games. They scored 14 runs over two wins (7-2 and 7-5) against the?Braves. San Francisco is looking to achieve a four-game winning streak and a series sweep for the first time in 2026. Landen Roupp (5-7, 4.24 ERA), a right-hander from the United States, will be looking to improve on a mediocre start to June. He is scheduled to start Thursday. He has a 8.16 ERA and is 0-2 in his last 3 starts. Roupp failed for the second consecutive time to finish five innings in his three previous starts. He gave up four runs on four hits over 4 2/3 inning of a Chicago Cubs 5-1 defeat. Tony Vitello, the manager of San Francisco's football team, said that Roupp had a difficult time. It seemed that once he was ahead, things didn't get better. Roupp was 5-1 with a 2.55 ERA in April, before losing six consecutive decisions. Roupp explained: "I get guys 0-2 but then I look up to see that it's now 3-2." "I need to get better at getting guys out and also not strike out so much. First-pitch strikes are great and I need to be able to compete better in the 'zone. Roupp has a 2-0 record with a 2.45 ERA in four career appearances against the Braves. Atlanta is struggling through its worst stretch this season. The Braves lost six out of seven games in their last week, and the Phillies, who are currently second in the National League East have closed the gap to 6 1/2 game. On May 22, the division lead was 10 1/2 game. Martin Perez, a veteran left-hander (5-3, 2.90), will be looking to win his fourth consecutive game for Atlanta on Thursday. Since being reinserted into the rotation on May 19, Perez has pitched at least five innings each of his five previous starts. Last time, he went 5 1/2 innings and allowed just one run while striking out four. He won 3-1 on the road against the New York Mets. Walt Weiss, Braves manager, said that Perez's latest performance was "outstanding". "He has been fantastic. He is a master at carving up lines. He can get out of trouble when he gets into it. "He's one of our best starters." Perez had been designated for assignment by Atlanta on 12 April before being resigned. Perez has responded by posting a?second-best starting ERA in the staff, behind only Chris Sale's 2.30. Weiss is a former Braves' player who says Perez represents the way in which the franchise maximizes players' talent. Weiss stated that "even in the past, when I played for Atlanta, they always got the best out of the guys." "I think it has to do with winning culture, and I believe that elevates the game of a player." "We've won a lot here over the past few decades. I think that when guys come in, it's infectious." Perez has a 1-1 record with a 2.51 ERA over five career starts against the Giants. Field Level Media
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US signs loan agreement with Energy Fuels worth $725 million to boost domestic rare-earth production
The U.S. government signed a $725 million conditional loan commitment with Energy?Fuels on Thursday to boost domestic?processing of 'rare -earth elements as part of its efforts to reduce reliance on China. The?U.S. Energy Fuels will expand operations in rare earth separation and metalization. This is a crucial step for permanent magnet production. The Office of Strategic Capital of the Department of War (OSC) released a press release. Donald Trump has renamed the U.S. Department of Defense to "Department of War". In the past?year several countries have increased their investments in rare-earth mining and processing after China decided to restrict exports of rare-earth magnets. Magnets like these are used in?electrical vehicles, windmills, hard disks and medical devices, such as MRI machines. Energy Fuels must meet financial, legal and technical due diligence requirements as part of the conditional lending agreement, according to the OSC, without going into detail about the requirements. OSC stated that the company's increased production will "directly support permanent magnets across the U.S. industrial base" and improve supply chains for other specialized defense and industrial products. Reporting by Mike Stone from Washington, and Nandan Mandayam from Bengaluru. Editing by Shinjini Ganuli.
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China will open its lithium futures market to foreign traders in the next month
China's Guangzhou Futures Exchange (GFEX), will begin opening its?lithium-carbonate futures and options for overseas traders on July 3. This gives global investors direct access in the largest lithium market of the world and strengthens China's control over pricing. The announcement of Thursday follows that made in April by the Shanghai Futures Exchange, which internationalised the main Chinese futures contracts for nickel, another battery metal. The domestic launch of the lithium contract was in July 2023. China's securities regulator has designated both contracts as internationalisations at the start of this year. Beijing is pushing for a wider use of yuan, and wants to have a greater influence on commodity prices. RELEVED PRICE The exchange announced that overseas traders would be able post U.S. dollars as margin on the?yuan denominated lithium futures. However, they will have to pay a 5% cut, which means only 95% will count as collateral. Foreign investors will have access to contracts for delivery starting in July, as well as options based on those contracts. GFEX is quickly becoming a?reference price for the market of lithium, since China is the largest consumer and producer in the world. Tiger Shi, CEO of Bands Financial, said that the opening up of the lithium 'carbonate contract not only strengthened (GFEX)'s role as a benchmark for global pricing, but it also gave international companies the opportunity to hedge their exposure directly on the largest market in the world. Bands is one of the overseas intermediaries which allows overseas investors to trade on GFEX. The London Metal Exchange and the U.S. COMEX offer lithium hydroxide contracts that are based on price assessments from Fastmarkets. COMEX has a contract for lithium carbonate. (Reporting from Dylan Duan and Lewis Jackson. Tom Daly contributed additional reporting. Mark Potter and Philippa Fletcher edited the article.
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Kevin who? MoU trumps Federal
Anna Szymanski is the Editor-in Charge of Open Interest. The markets reacted to the Federal Reserve's hawkish stance - but for a short time. As expected, the U.S. central banks kept interest rates at 3.5%-3.75%. However, their messaging indicated a tightening of monetary policy, which initially drove up bond yields and sparked a Wall Street'selloff' that Elon Musk's SpaceX could not escape. But global equities shrugged off that news on ?Thursday ?morning, as the signing of the memorandum of understanding between the U.S. and Iran sent oil prices tumbling to a three-and-a-half-month low. Below, I'll go into more detail. Listen to the Morning Bid podcast. Subscribe to the Morning Bid daily podcast and hear journalists discussing the latest news in finance and markets seven days a weeks. KEVIN WHO MOU TRUMPS THE FED On Wednesday, the S&P 500 closed down by more than 1% and Nasdaq fell over 1%. Short-term Treasury yields also rose to their highest level in 16 months. Both the Fed's policy statement and its press conference appeared to indicate a hawkish stance, which prompted futures markets price in an increased chance of a rate increase as early as September. Warsh said that the central banks would "deliver price stability", and new quarterly projections, which he didn't participate in, showed that nine out of 19 policymakers expect a rate increase by the end 2026. Donald Trump, who had previously criticized former Fed Chair Jerome Powell's refusal to lower rates, seemed to be taking this news in stride. He said on Wednesday that Warsh would guide him. Trump has signaled in recent weeks that he will give Warsh some breathing space. The markets also got a glimpse of the more relaxed Fed that we can expect under Warsh with a streamlined?Fed announcement, which did not include any forward guidance. Investors' expectations of what will happen in the Middle East are what ultimately drives the markets. The U.S. released their 14 point memorandum on Wednesday. It was signed by both President Trump and Iranian president Masoud Pesekhkian. The MoU calls for an immediate end to all wars, including in Lebanon, the full resume of maritime traffic “without charge” in the Strait of Hormuz and the lifting of the U.S. port blockade, the removal of U.S. sanction on Iran, unfreezing its assets, as well as a $300 billion fund of investment for the reconstruction of the Islamic Republic after the war. Although it is unclear whether the Strait of Hormuz will remain free after the 60-day period, the energy markets appear to think that energy shipments are soon to flow at high levels along the narrow waterway. Brent crude dropped early on Thursday, to around $78 per barrel. The positive investor sentiment was evident on Thursday as major Asian stock indices reached record highs. Wall Street futures are also up before the bell. Bank of England will likely hold its rates at 3.75% as it evaluates the impact of the U.S./Iran agreement on inflation in the UK. UK May CPI?surprised yesterday to the downside. Chart of the Day UK CPI held steady at 2.8%, a low for 13 months. Lower food prices offset higher airfares. The BoE policy decision is due on Thursday and rates are expected to remain at 3.75%. Watch today's events * U.S. Weekly Jobless Claims (8:30 a.m. ET), Philadelphia Fed?Business Index (8:00 a.m. ET), 5-year TIPS Auction (1 p.m. *?Bank of England's interest rate announcement (7 am EDT) Want to receive a copy of the Morning Bid every morning in your email? Subscribe to the newsletter by clicking here. Follow us on LinkedIn, X and ROI. The opinions expressed by the author are their own. These opinions do not represent the views of News. News is committed to independence, integrity and freedom from bias, as outlined in the Trust Principles. (By Anna Szymanski, Additional Writing by Al Reed and Editing by Jan Harvey.)
Hitachi Energy India aims to grab a bigger share of the data centre boom by implementing 'grid-to rack'
Venu Nuguri, the CEO and Managing Director of Hitachi Energy India, told?that they plan to capture 30% of the data centre industry's overall spending, up from their previous goal of 10-15%.
According to consulting firm IMARC Group, India's data center market is expected to grow from $5.55 billion to $13.11 billion between 2025 and 2034. This growth will be driven by digitalization, cloud adoption, and increasing AI workloads.
Hitachi Energy India is a subsidiary of Hitachi Energy in Zurich. It manufactures and supplies power equipment, grid technology, and data center solutions for several industries. It controls about half the high-voltage direct-current (HVDC), or bulk electricity, market in India.
The company had previously estimated that it could reach between 10%-15% (of the total data center spending) in the country through its equipment and software offerings.
Nuguri's "grid to rack" solution integrates power infrastructure from grid level connection to server rack distribution.
Nuguri stated that the solution would increase the market addressable by the company by 10%-15% from the total data centre segment.
Hitachi Energy India announced this week a 20 billion-rupee investment ($210.53 millions) in a?large greenfield power transformer facility located in Gujarat in western India. This brings the company's cumulative capex up to 40 billion rupees, spread across 19 factories in eight locations.
The company ended 2026 with an order backlog of 296 billion rupees, a record.
Nuguri stated that the firm was "actively" looking at acquisitions, including data centres, digital layer, power consulting and others, to fill in capability gaps.
According to the Ministry of Power, India's peak?power?demand reached a record 270.8 Gigawatts in may, an increase of 68% over 148 GW from 2014. Data showed that demand?is expected to double to 458 GW in 2032. Nuguri, the CEO of Nuguri, said this is a structural tailwind which the company considers to be one of its main growth drivers. $1 = 95.0000 Indian Rupees (Reporting and editing by Abhinav Paramar in Bengaluru)
(source: Reuters)