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Zijin begins Congo lithium exports, according to sources
Five sources with knowledge of the matter said that China's Zijin had begun exporting lithium concentrate from its Manono Project in Democratic Republic of Congo. A source with first-hand knowledge of the situation said that "exports began in June, as planned." "They are shipping all of their products to China." These shipments are Congo's very first lithium exports. They extend China's dominance in the critical minerals?sector of the country, where CMOC, Huayou Cobalt and other major players already play a significant role. Zijin's and Congo's Mines Ministry did not respond immediately to requests for comment. Manono Lithium, a company that acquired a portion of the project from AVZ Minerals, has been at the center of a dispute since Congo revoked the permit of Australian miner AVZ. Zijin owns?54.9% of the venture, while Cominiere, the state-owned miner, holds 35.1%. The Congolese government has 10%. The U.S.-backed KoBold Metals which holds the adjacent Manono licence has stated that it will not move forward with the development of the project until all legal disputes regarding the project have been resolved. SHIPPING IN TRANSIT TO CHINA An executive in the mining industry said that initial exports are likely to be trial shipments, after technical problems delayed commissioning of a processing plant. Exports started in June, but were limited. One trader estimated volumes of just a few thousand metric tonnes. The project, according to a second trader, has already produced thousands of tons of concentrated oil. However, much of the concentrate is still?likely in transit' and may not arrive in China until October. A source who visited the site in June reported that trucks were transporting concentrate from Manono, to the lakeside town of Kalemie to be shipped to China via Tanzania. In a notice dated July 9, the?company stated that Manono’s processing plant?started producing in May 2026 - a full month ahead of schedule. The smelter, and other downstream facilities, are expected to be online by December, speeding up the project’s ramp-up. Zijin targets 30,000 metric tonnes of lithium carbonate equivalent from Manono by 2026. According to the company, this project will process about 5 million tons ore per year and produce 1 million tonnes of spodumene. (Reporting from Maxwell Akalaare Adombila and Amy Lv)
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As US interest rate hikes are boosted by Middle East tensions, gold falls 2%
Gold dropped 2% on?Thursday as Middle East tensions increased oil prices, U.S. Treasury yields, and inflation concerns. Gold spot was down as much as 2.5% earlier, at $4,001.17 an ounce, by 926 am EDT (1326) GMT. U.S. Gold Futures fell?1.1% at $4,005.20. Oil prices increased by over 1% after concerns about Middle East energy supplies grew. Iran had asked Yemen's Houthis if they were ready to shut down the Red Sea oil routes if the U.S. attacked Iranian power infrastructure. The higher oil prices fuel inflation fears, increasing expectations of high interest rates. Gold's appeal as an asset that doesn't yield returns is also diminished. Bart Melek is the global head of commodity strategies at TD Securities. He said that gold prices are under pressure because "oil prices have yet again moved up." With Brent?levels higher than before, there's a continued expectation that U.S. rates will go higher. According to CME FedWatch Tool, traders are pricing in a 56% probability that the Federal Reserve is going to raise rates in September. The yields on the benchmark U.S. Treasury 10-year note have been moving higher. The U.S. Dollar gained 0.2% making gold more expensive for overseas buyers. Fed Chair Kevin Warsh declared this week his determination to bring down?inflation without?specifically indicating how. Data released Tuesday revealed that U.S. consumer prices fell in June. Meanwhile, Wednesday's data showed a decrease in the producer price index. Even if the Fed adopts a more dovish position, the persistently high price of energy would make it hard for them to do so. Investors are also choosing the dollar over zero-yielding metals, according to Fawad Rasaqzada of Forex.com. Silver spot fell 2.8%, to $56.17 an ounce. Platinum dropped 0.9%, to $1.658.65. Palladium was down 2.7%, to $1.279.25. (Reporting and editing by Diti Pjara in Bengaluru)
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Five people have been killed in Gaza by escalating Israeli attacks, say medics
Israeli strikes in Gaza Strip killed 'at least five Palestinians on Thursday, according to Palestinian health officials. Meanwhile, a U.S. research group reported an increase in Israeli attacks that was unprecedented since the last truce came into effect in October. Two people were killed by an Israeli airstrike near the Tuffah neighborhood in the northern part of the enclave. A third was killed when Israeli tanks shelled the Zeitoun area in eastern Gaza City. A medic said that an airstrike on a tent camp for displaced persons in west Gaza City killed a person and injured several others, while a car in Khan Younis in the south was attacked, killing another. Witnesses reported that an attack on a building in Nuseirat Refugee Camp in central Gaza caused damage to many nearby homes. The Israeli military did not comment immediately on the incidents. Gazan health officials report that the deaths bring to more than 1,100 Palestinians killed in Israeli attacks, mostly civilians. Hamas doesn't usually reveal its losses. "The people of Gaza as a whole have never experienced a moment or day of ceasefire. Jibril Khattab, the relative of one of those who died, said in Gaza City's Al Shifa Hospital that this ceasefire was an illusion. "Nowhere in Gaza is safe," added Khattab. RISE OF ATTACKS The ceasefire has stopped major fighting but not the near-daily Israeli attacks. In the same time period, militants have killed four Israeli soldiers in Gaza. ACLED, a conflict monitor that tracks Israeli attacks on Gaza, reported an increase in airstrikes in June of more than 40, the highest total since the ceasefire. Nasser Khour, ACLED Middle?East's Assistant Research Manager, said that Israeli Prime Minister Benjamin Netanyahu was under increasing pressure from within his own country to adopt a more aggressive security posture against Hamas. He was referring to the Israeli legislative elections in October. Israel claims that its strikes are aimed at stopping attacks by militants in Gaza. Hamas controls a small strip of land along the coast where nearly all Gaza's two million residents live, mostly in tents or damaged buildings. According to Israeli statistics, Hamas-led fighters killed 1,200 people in their attack on Israel on October 7, 20,23. Gaza's health ministry reported that Israel's offensive following the Gazan invasion killed over 73,000 Palestinians. Nidal al Mughrabi reports and writes from Cairo. Dawoud Alkas contributed additional reporting from Gaza. Editing by Andrei Khalip.
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Gold prices fall as inflation worries are revived by tensions in the Middle East
Gold prices fell on Thursday, as tensions in the Middle East increased inflation concerns and added uncertainty to 'the trajectory of U.S. Interest Rates. Spot gold dropped 0.8% per ounce to $4.026.71 by 1132 GMT. U.S. Gold futures fell 0.5% to $4.032.00. "Gold is still a geopolitical and inflationary product." The continued U.S. attacks against Iran, and the disruptions of the Strait of Hormuz are supporting oil prices and maintaining inflationary risks," said Nikos Tzabouras a senior analyst at Jefferies owned Tradu.com. After reimposing its naval blockade, the U.S. launched a second wave of attacks against Iran's missile and coastal defense sites. Meanwhile, Iran struck back at U.S. military bases in neighboring countries. The latest escalation follows a fragile ceasefire that collapsed days ago, fueling concerns about the Strait of Hormuz. Crude oil is set to rise by a significant amount each week. Energy prices are rising, which is fueling inflation fears. This will lead to higher interest rates. Gold's appeal as an asset that does not yield returns will be diminished. Data from the CME FedWatch Tool shows that traders are pricing in a 51% probability of a rate increase in September. Fed Chair Kevin Warsh declared this week his determination to bring down inflation without specifying how. Data released on Tuesday revealed that U.S. consumer prices fell in June. This prompted spot gold to rise?more than 2 percent immediately following the report. The producer price index also declined according to data released on Wednesday. The Fed can now relax its policy because the CPI and PPI are no longer as high. This will allow bullion to resume its recovery. This 'cooling of inflation' may be short-lived, as oil prices are expected to rise again. Tzabouras said that a de-escalation of the (peace) negotiations or re-starting them would be best for gold. Market participants are now awaiting remarks from Dallas Fed president Lorie Logan and Fed vice chair Philip Jefferson. They will speak later today. Silver spot fell 2.2%, to $56.55 an ounce. Platinum dropped 1.3%, to $1.652.61, while palladium declined 2.3%, to $1.283.63. (Reporting by Sukanya Mitra in Bengaluru; Editing by Diti Pujara)
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Sources say that Iran has told the Houthis they must close their Red Sea Gateway if US strikes power grid.
Three sources said that Iran had asked the Houthi movement in Yemen to be ready to shut down the Red Sea Oil Route if?the United States struck Iranian power infrastructure. This poses a powerful new threat to global oil supplies. Two senior Iranian sources, as well as a'regional source' familiar with the issue, said that the idea was discussed within the Islamic Republic leadership and the message had been'sent' to Iran's Houthi ally. Sources said that the Houthis were recently informed of Tehran's request. This was not previously reported. They didn't give any further details about how the message was delivered or if it came after U.S. president Donald Trump's Tuesday threat to attack Iranian energy infrastructure. The Iranian foreign ministry as well as a Houthi spokesperson were not able to immediately respond to the request. HOUTHIS DEPLOY DRONES NEAR BAB EL-MANDEB, SAYS SOURCE A source close the Houthis claimed that the group was ready to launch an attack on shipping near Bab el-Mandeb strait in Yemen's mountains overlooking Hodeidah, and the Gulf of Aden. They were awaiting orders to start. A threat to the Red Sea, and the Bab el-Mandeb entrance it contains, could exacerbate the 'global energy crisis' triggered by Iran closing the Strait of Hormuz. It also highlights the explosive dangers of a new war. The Hormuz Strait is already closed, so any Houthi attack on vessels or ports located in the Red Sea would disrupt both of the Middle East's main oil export routes at the same time, opening up a new front for the Middle East energy crisis as well as Iran's larger conflict with the United States. Sources close to the Houthis claim that representatives of Iran's Islamic Revolutionary Guard Corps will?control decisions on when the Bab el-Mandeb strait is closed. The Houthis have fired missiles towards Saudi Arabia in a sign that tensions are rising in the region. They accused the kingdom of bombing a?airport?under their authority on Monday. This broke a four-year ceasefire in the conflict between Saudi Arabia and the group. Torbjorn Solvedt is the principal Middle East analyst at Verisk Maplecroft. He said that the recent flare-up in the Middle East between Saudi Arabia and the Houthis came at the wrong time. He said that if fighting intensifies, and spills into the Red Sea export infrastructure or shipping, the only alternative route to export oil from the region will be threatened. Two sources in the region close to Riyadh have said that the kingdom takes the threats of Iran and the Houthis seriously. They also stated that Riyadh is aware that the Yemeni group has been closely coordinating with Iran on the Red Sea. The conflict began February 28 when Israel and United States attacked Iran. This led Tehran to close the Strait of Hormuz. It was the main route for energy supply before the war, which accounted for around one-fifth of the global total. Since the fragile truce that was signed between Washington and Tehran in June, tensions have risen. This has rekindled fears of a full-scale conflict and disrupted energy flows across the Strait. Source: Closure of the Red Sea would not be difficult. Since then, a significant amount of Gulf Oil has been diverted into the Red Sea via a Saudi pipeline. The waterway now transports?around 7 percent of the world's energy supply. During the Gaza War, when the Houthis attacked the shipping, major shipping companies diverted cargoes onto the longer and more expensive route around Africa. Saudi Arabia diverts 70% of its energy through the port of Yanbu on the Red Sea. Any direct attacks there could also cause a major problem for oil markets. According to a regional source, Iran's clerical leaders are trying to put pressure on the United States by raising the cost of global trade, and threatening the Red Sea shipping, as well as the flow of Saudi Arabian oil exports along the waterway. This is part of what the source called "Iranian Thinking." Source: Closing the strait wouldn't be difficult. "Anyone?with a rifle firing can interrupt the ship." You don't need sophisticated missiles in order to disrupt the shipping. Iran sees the Houthis in its "Axis of Resistance", a regional alliance that includes Hezbollah, Lebanon and Iraqi Shiite armed group that has already joined the conflict between Tehran and Washington. The Houthi rebels are not yet a part of the fight. The United States claims that Iran provided weapons, training and funding to the Houthis, including through Hezbollah. Tehran has denied this accusation. Reporting by Parisa hafezi in Dubai; Samia Nakhoul and Mohammed Ghobari, in Beirut; Jonathan Saul, in London. Writing by Parisa hafezi. Editing by William Maclean.
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Minister says that Cameroon's mining revenues surpass oil revenue at $1.75 billion
Cameroon's mines minister stated that the country expects its gold sector and newly restructured mining projects to generate annual revenues of 1 trillion CFA Francs ($1.75billion) within the next few years, surpassing the oil sector. Cameroon relies on crude oil exports to generate revenue and foreign currency. In its efforts to diversify its economy, the government is stepping up efforts to attract foreign investment to the largely untapped sector of mining. Fuh Calistus Gentlery, Mines Minister, said at a Wednesday press conference that five major projects had been put into production or commissioning. The Minim-Martap bauxite project, the Bipindi-Grand-Zambi and Kribi-Lobe Iron Ore?projects and the Bidzar Marble Project, as well as the Colomine Gold Mine, are all included. Gentry stated that additional iron ore projects at Mbalam, Nkout, and Ngovayang as well as the Mborguene, and Bibemi, gold projects are expected to progress in 2026. African countries such as Ivory Coast, Senegal and others are turning more and more to mining to diversify their economies and boost exports. They also want to attract investment from other sectors. The revenue forecast for Cameroon is also driven by the sweeping overhaul that has been made to the gold sector. This is aimed at capturing large volumes of production which authorities discovered had bypassed official systems. Gentry claimed that 80% to 90% of the gold produced by semi mechanised miners escaped state collection prior to the reform drive. The authorities have taken 137 companies before the courts and revoked semi-mechanised mine permits while they conduct compliance reviews. He said that the government is expecting tax and customs reassessments of 95 billion CFA Francs for 2025 output and about 300 billion CFA Francs for 2026 production, and joint enforcement operations to begin on August 1. In the long term, 'Gentry' said that planned development of rare Earths and other critical minerals would double the?annual contributions from the mining sector to around 2 trillion CFA Francs. This would position mining as the key growth engine for the Central African Economy.
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Five people have been killed in Gaza by escalating Israeli attacks, say medics
At least five 'Palestinians' were killed by Israeli strikes in the Gaza Strip, Palestinian officials reported. A U.S. research group also reported an increase in Israeli attacks, to levels that had not been seen since the last truce was implemented in October. Two people were killed by an Israeli airstrike near the Tuffah neighborhood in the northern part of Gaza City, and a third person was killed when Israeli tanks shelled the Zeitoun area in eastern Gaza City. One person was killed and several others injured in an airstrike on a tent camp for displaced persons in western Gaza City, while a vehicle attack in Khan Younis in the south killed another. Witnesses reported an airstrike on a residential building at?Deir Al-Balah, in central Gaza. Israeli military officials did not comment immediately on any of the incidents. Gazan health officials say that the deaths bring to more than 1,100 Palestinians killed in Israeli attacks, mainly civilians, since an October ceasefire agreement between Israel and Hamas was signed to end war. Hamas doesn't usually reveal its losses. Despite the ceasefire, Israeli attacks continue to occur almost daily. In the same time period, militants in Gaza have killed four Israeli soldiers. ACLED, a conflict monitor that tracks Israeli attacks on Gaza, reported an increase in air-and drone strikes against Hamas, and other militants, to more than 40 in the month of June. This is the highest total monthly since the ceasefire. Nasser Khour, ACLED Middle East's Assistant Research Manager, said that Israeli Prime Minister Benjamin Netanyahu was under increasing pressure from his own people to adopt a more aggressive security posture against Hamas. He was referring to Israel’s legislative elections in October. Israel claims its strikes are aimed at stopping attacks by militants in Gaza. Hamas controls a tiny strip of land on the coast where nearly all Gaza's two million residents live, mostly in tents and damaged buildings. According to Israeli statistics, Hamas-led fighters killed 1200 people in their attack on Israel's border on October 7, 2023. Gaza's health ministry reported that Israel's offensive following the Gazan invasion killed over 73,000 Palestinians. (Reporting and editing by Nidal Al-Mughrabi)
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Syria's state news agency reports that it has foiled an attempt to smuggle arms to Hezbollah in Iraq.
The Syrian authorities announced on Thursday that they had foiled a smuggling attempt of advanced weapons and missiles from Iraq across the border. According to an Interior Ministry official quoted by the state news agency SANA, the shipment seemed to be destined for the militant group Hezbollah. General Authority of Ports and Customs in Syria said that the shipment of drones and rockets was hidden inside one of the oil tanker trucks heading to Baniyas. The shipment was discovered during routine inspections at the al-Tanf crossing between Syria, Iraq and Syria. Customs officers then conducted a thorough search of the suspected vehicle. Hezbollah didn't immediately respond to a comment request. The Baniyas Route has become a?more important?corridor between Iraq and Syria for fuel movement. Last month, it was reported that Iraq is preparing to expand its exports to Syria to include crude and naphtha. This would build on the existing arrangement whereby fuel oil can be transported by land to Baniyas to be exported. Iraqi officials said that the initiative was part of the government's strategy to diversify export routes beyond the Gulf. Donald Trump, the U.S. president, said that he spoke to Syrian President Ahmed al-Sharaa in June about fighting Hezbollah which is currently fighting Israel in Lebanon. Former rebels now running Syria fought against Hezbollah during a civil conflict when it sent fighters to Syria's former president, Bashar al-Assad. Lebanese President Joseph Aoun’s office said Sharaa assured him that Syria would not interfere in Lebanon's domestic affairs. (Reporting and editing by Kevin Liffey, Sharon Singleton and Feras Daatey)
US retail sales increase marginally in June
Retail sales in the United States increased slightly in June, as lower gas prices affected receipts at service stations. However, bargain-hunting shoppers continued to drive spending.
The Commerce Department's?Census Bureau reported on Thursday that retail sales increased?0.2% in June after an upwardly-revised 1.0% increase in May. The economists who were surveyed predicted that retail sales - which are mainly goods and not adjusted for inflation - would rise by 0.2% in June after an earlier reported 0.9% increase. Estimates ranged between a 0.4% decline and a 1.0% rise.
The average gasoline price dropped to $4.18 per gallon from $4.61 a month earlier, according to data from the U.S. Energy Information Administration.
The modest reduction in gas prices, which was due to a decline in oil prices, as a tentative ceasefire between Iran and the United States took hold, allowed money to be spent elsewhere. The truce broke down last week, and renewed hostilities between the United States and Iran have caused oil and gasoline to rise again.
Retail sales excluding automobiles and gasoline, building materials, food services, and other items rose 0.5% in June, after a 0.8% increase in May, which was revised upwards. Core retail sales, also known as core retail sales, are the most closely related to consumer spending in terms of gross domestic products. They were reported previously to have increased by 0.7%.
Amazon Prime Day, which took place at the end of this month, was likely to have boosted core retail sales. Other retailers also offered competing promotions.
It is also possible that the FIFA World Cup helped boost receipts in restaurants and bars.
In a report released on Wednesday, Bank of America Institute said that an analysis of card data revealed that spending at value grocery stores and discount clothing retailers had begun to increase again in the early part of this year. They added that "price conscious consumers are increasingly turning to general merchandise shops for discounts and deals."
The 'Middle East conflict' and higher import tariffs have put pressure on household budgets. Higher-income households continue to drive spending, as their wealth has been boosted by the stock market rally.
Bank of America Institute reported that lower-income families were the ones who had spent more at discount clothing stores, with five times as much spending in 2026.
The Federal Reserve's Beige Book Report on Wednesday said that consumer spending had increased in early July. It also noted that "several district reported declines in discretionary purchases or trading down to cheaper varieties."
Economists expect consumer spending to pick up in the second quarter, after nearly stalling during the quarter January-March. According to the Atlanta Fed model, GDP growth is expected at a rate of 1.3% annually in the quarter April-June. The economy grew by 2.1% in the first three months. (Reporting and editing by Chizu Nomiyama; Lucia Mutikani)
(source: Reuters)