Latest News
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France's Orano expands its uranium exploration in Botswana
Orano Mining, a French-owned state-owned firm, has been granted three more uranium exploration licences by Botswana. This is in addition to the 15 already held by the company. The southern African nation is looking to diversify beyond diamonds. Uranium fuel is used primarily in nuclear power plants. Botswana is home to significant uranium reserves and exploration projects but no active uranium mining. Namibia, a neighbouring country, is the world's third-largest uranium producer. Botswana has long been hailed as an African success story. However, the country is now being hit by a downturn on the global diamond market due to the increasing popularity of lab-grown gemstones. The southern African nation now "seeks to exploit its other mineral resources including copper and uranium." Orano's centralised licensing portal in Botswana shows that it has been granted uranium, pitchblende and prospecting licenses for three blocks within the central Kalahari desert measuring approximately 970 hectares. The mining cadastre indicates that the three-year licenses expire on March 2029. Orano's licenses are adjacent to 15 licences awarded in October 2025 by its subsidiary, Compagnie Francaise de Mines et Metaux. The Companies and Intellectual Property Authority (CIPA), Botswana’s official business registration portal, shows that Orano registered a subsidiary in Botswana on 10 April 2026. This was a few weeks after President Duma?Boko met with French President Emmanuel Macron, and Orano officials, on 'April 8?in France. "We're?looking to accelerate the process so they can get on to extraction." Boko stated in?May that we can then?develop nuclear reactors and generate power. Orano is searching for uranium on the Botswana after Niger’s military junta nationalised Orano’s SOMAIR uranium mining company, which owned 63.4% of it. They also revoked their cooperation in 2023 following a coup. Niger accused Orano of unfair practices and exploitation, which led to the complete nationalisation and Orano’s exit from operations in June 2025. (Reporting and editing by Nelson Banya, Louise Heavens, and Brian Benza)
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Xpeng Robotics Unit valued at more than $6.3 billion following record funding round
Xpeng, a Chinese automaker, announced 'on Monday that its robotics unit raised more than $900m in its initial 'funding round. This is a record in China for a single private financing. Xpeng, in a press release, said that the funding round led by IDG Capital, and backed up by strategic investors Tencent, and Alibaba, valued the robotics business more than $6 billion. The company stated that the proceeds would be used to develop robotics hardware and software, refine AI physical models, collect data of high quality, build end-to-end production facilities, and support international expansion. Xpeng will begin mass production of its humanoid robotic, Xpeng IRON by the end of this year, and deploy it initially in its retail stores, industrial campuses, and other locations. Commencement of commercial sales and deliveries to China and other overseas markets is scheduled for 2027. He Xiaopeng, CEO of He Xiaopeng, announced in June that he will personally lead the robotics 'business as the electric car maker, considered as one of leading automaker-backed humanoid robot developers,?pushes toward mass production. Automakers are increasingly interested in robotics, as they see similarities with the development of intelligent vehicles, such as expertise in sensors and software, batteries, and supply chain management. TARS Robotics, a Shanghai-based embodied AI startup, raised $455 million as part of a pre A funding round in April. At the time, this was billed as 'the largest private financing in China’s embodied AI industry. Reporting by Qiaoyi Li and Xiuhao chen; editing by Susan Fenton, Mark Potter and Ryan Woo
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As markets await US inflation figures, gold reaches a three-month high.
On 'Monday, gold rose to its highest level in more than three months, building on gains made last week, as a softer dollar increased appeal. Investors awaited U.S. Inflation data and remarks by Federal Reserve Chairman Kevin Warsh, this week, for any indications on interest rate path. Spot gold rose 1% to $4,649.08 an ounce at?1004 GMT. This is the highest price since May 15. U.S. Gold futures also increased 0.6% to $4,706.20. Bullion prices rose by more than 5% in the last week, after the U.S. Treasury Department’s buyback plan?pushed down the dollar and made greenback-priced gold more affordable to foreign investors. "The consolidation and potential 'for further gains of gold prices over $4,600 will depend in large part on the U.S. -dollar remaining under pressure -and Treasury yields stabilizing or decreasing further," ActivTrades Senior Analyst Ricardo Evangelista stated. On Monday, the dollar fell to a multi-month low. Market participants will now be awaiting Wednesday's release of the Personal Consumption Spending Price Index and Warsh’s speech at the Jackson Hole Symposium, which is scheduled for Friday. This information will help them gauge policymakers' views on interest rates. According to the CME FedWatch Tool, traders are pricing in a 36% probability of a September rate hike, and a 64% likelihood of the Fed keeping rates the same. Gold is often seen as a hedge against inflation, but higher interest rates tends to reduce its appeal because of its non-yielding nature. The U.S. warned Iran of the "greatest financial offensive" it had ever launched as it was preparing to impose economic sanctions on?Iran’s trading partners. Oil prices have 'fallen more than $1 per barrel as investors take profits before an announcement is expected from Washington. Spot silver remained at $68.93 an ounce. Platinum gained 0.1%, to $1.880.17. Palladium fell 0.4%, to $1.344.35.
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Chief supervisor candidate: Indonesia will build a trustworthy commodity exchange
The upcoming Indonesian minerals and strategic commodities exchange will be built with infrastructure that is trustworthy, said the president's nominee for commodity trading on Monday. The commodity bourse will begin operations on January 1 and is part of a government effort to exert greater influence over its commodities' prices, which are some of the most dominant in the global market. The resource-rich Indonesia exports the most thermal coal, nickel and palm oil in the world. Indonesia is a major exporter of tin and copper. It also produces bauxite and coffee beans. Sarjito stated that people will always judge the market based on whether or not it is transparent, fair and orderly. Sarjito (also known as Sarjito) said that traders and industry players would not be able to trust the market if it was not deep or had no integrity. He is the only candidate of President Prabowo for the post of chief supervisor of commodities trading at the Financial Services Authority, locally known as OJK. Sarjito, a former OJK deputy commissioner for consumer protection who retired in 2024, needs parliamentary approval before he can be appointed to the position. The big-tent coalition that controls the Parliament is likely to approve his appointment. This is especially true after the Financial Committee endorsed him following the hearing on Monday. Sarjito said that OJK and the bourse must work immediately to build trust in the market. He said that the exchange doesn't have to be huge from its first transaction, but must be trusted. FAIR PRICES Prabowo launched a series policies to tackle what he called commodity shipment leakages. He accused exporters of under-invoicing and transfer pricing in order to shift profits overseas. In May, Prabowo announced a controversial policy to centralise exports under the sovereign wealth fund Danantara. This policy roiled commodity markets. Later, he softened the plan by saying that commodity exports will be monitored and not controlled. Sarjito stated that the country is pursuing its goal to become the price maker of its major commodities. However, the prices on the exchange should be fair. Sarjito said that a presidential regulation would be released detailing commodities which'must be traded at the exchange. He did not provide any additional details. He said that trading through the exchange will be mandatory. However, he didn't specify whether this would apply to domestic or export sales. Two privately-owned commodity futures exchanges are already operating in the country, which handle transactions on commodities such as gold, tin, palm oil, and forex. Sarjito stated that he believes there should be only one commodity exchange in Indonesia. He also said he will evaluate the future of current bourses. (Reporting and writing by Bernadette Cristina and Stefanno sulaiman, Gayatri suroyo and editing by David Stanway & John Mair).
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As markets await US inflation figures, gold reaches a three-month high.
Gold reached its highest level in more than three months on Monday. A muted dollar helped to boost appeal. Investors awaited U.S. data on inflation and comments from Federal Reserve chairman Kevin Warsh, this week, for clues on interest rate path. Gold futures in the U.S. rose?0.2%, to $4,691.10, while spot gold gained 0.7%, reaching its highest level since 15 May. Bullion prices rose by more than 5% in the last week, after the U.S. Treasury Department’s buyback plan pushed down the dollar and made greenback-priced gold more affordable to foreign investors. The?U.S. dollar will remain under?pressure and Treasury yields will either stabilize at current levels or continue to decline," said ActivTrades senior analyst Ricardo Evangelista. "The dollar will remain under 'pressure, and Treasury yields will stabilize at current levels or decline further," ActivTrades Senior Analyst Ricardo Evangelista stated. On Monday, the dollar fell to a multi-month low. Market participants will now be awaiting Wednesday's release of the Personal Consumption Spending Price Index and Warsh’s speech at the Jackson Hole Symposium, which is scheduled for Friday. This information will help them gauge policymakers' views on interest rates. According to the CME FedWatch Tool, traders are pricing in a 36% probability of a September rate hike, and a 64% likelihood of the Fed keeping rates the same. Gold is often seen as a hedge against inflation, but higher interest rates can reduce its appeal because it doesn't yield any income. The U.S. is preparing to impose economic sanctions against Iran's trading partners on Monday, which it has called the "greatest financial offensive" ever. Oil prices dropped by more than $1 per barrel as investors took profits before an announcement expected from Washington. Spot silver dropped 0.2%, to $68.81 an ounce. Platinum gained 0.1%, to $1877.84. Palladium fell 0.9%, to $1337.23.
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Sources say that Pakistan's Munir talked to Trump before the Tehran visit
According to three pakistani sources, U.S. president Donald Trump met with Pakistani army chief Asim Munir in the last week, a few days before Munir was scheduled to visit 'Tehran' on Monday. One of these sources said that the U.S. wanted to use Pakistan to influence Iran to return to negotiations. Trump warned last week that any country providing "any kind of lifeline" to Iran would face economic consequences as he sought to isolate the Islamic Republic. Iran, in turn, has promised to stop all oil exports out of the Gulf. According to two Pakistani source, Trump initiated the call last week, which was not previously reported. The White House Office of the Press Secretary didn't immediately respond to an inquiry for comment. Uncertain was what Munir discussed with Trump in detail. Pakistan's army confirmed that Munir and Mohsin Naqvi arrived in Tehran with Munir on Monday. They said it was "part of Pakistan’s efforts to promote peace and stability in the region." Pakistan has been a major trading partner for Iran during the recent conflict. One Pakistani source claimed that Munir would meet on Monday with close associates of Iran's Supreme leader Ayatollah Khamenei. A second source in the Pakistani government said that while U.S. - Iran tensions would be a major focus of Munir's visit, he was also expected to talk about recent attacks by Iran-aligned Houthi Fighters against Pakistan's ally Saudi Arabia, as well as -the recently signed mutual -defence agreement - between Pakistan, Turkey, and Saudi Arabia. In June, an interim peace agreement was signed between the U.S.A. and Iran as a result of Pakistan's mediation efforts. The Islamabad Memorandum was quickly shattered amid new fighting between Iran, the U.S. and other regional powers in recent weeks. A third?Pakistani said that there was a lack of trust between the U.S.A. and Iran. Munir, he added, wanted to alleviate the lack on mutual trust by Monday. Reporting by Asif Shahid, Ariba Shehid and Mubasher Bukhari; Editing and production by Rick Noack & Hugh Lawson
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Thames Water's creditors form new board as part of proposed rescue deal
Senior creditors of Thames Water announced Monday the first set of directors who will oversee a decade long overhaul of Britain's struggling water utility, if its plan for rescue is approved. The group includes a turnaround expert and a retired civil servant. The UK's biggest water company, which is saddled with a debt of around PS20 billion ($27billion), has been struggling to survive after its owners have failed to adequately invest in the aging?infrastructure. Public anger has also been directed at the company over sewage spills into rivers. In July, the senior creditor consortium known as London & Valley Water proposed a revised plan of rescue that included a 10-year programme of transformation and a potential 'golden stake' for?the Government in an attempt to prevent the company from being taken under?public ownership by Prime Minister Andy Burnham's administration. The plan is designed to address critical issues like pollution and leakage by investing in Thames Water’s infrastructure. The appointments are dependent on the turnaround plan being approved, the water regulator Ofwat clearing all directors, and the new capital structure through a court sanctioned restructuring. The 'creditors', who hold PS17 billion in debt for the utility, have proposed that Openreach chair Mike McTighe be appointed to the board of 'Thames Water.' Other candidates include former Yorkshire Water CEO Liz Barber and ex-CEO Clive Selley. McTighe, the man who will lead the new Thames Water board and oversee the overhaul of the governance, said, "It's going to take some time for us to fix Thames Water. But we are committed to restoring trust with our customers -and the public that Thames Water serves." The group of directors collectively has experience in turning businesses around and running regulated utilities. In an emailed message, a spokesperson from the utility stated that Thames?Water is working constructively in order to?reach a long-term agreement which will support its financial stability.
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UK informs energy chiefs of cyber attacks linked to Iran
Britain briefed the 'chiefs' of energy companies on Monday on how to protect their assets, after reports that Iran-linked hackers had allegedly'shut down a small energy facility. The Telegraph and Financial Times both reported that a cyber-attack, which they said occurred?in July? and was attributed to hackers with Iranian links, forced a small British generator off line for four days. Michael Shanks, Minister for Energy, did not say who or where the incident occurred, but he said that the government and industry took the incident very seriously. They were working with regulators and National Cyber Security Centre in order to assess threats and improve protections. Shanks, in a blog post on X, wrote: "To be clear: There was no threat to the wider grid and no one lost power." The generator is small, especially when compared to?what many of us would consider a "power station/plant". A spokesperson from Britain's energy department stated that there is no risk to the system as a whole, and added that the country has a "highly-resilient" energy network. The?Iranian Embassy in?London didn't immediately respond to an inquiry for comment.
China's oil purchases are put in the spotlight by US sanctions against Iran
China has been buying Iranian oil for many years. The U.S. is threatening heavy economic sanctions against Tehran.
The Treasury Secretary,?Scott Bessent, was to hold a media conference on Monday at 1 pm EDT (1700 GMT).
According to Kpler, a ship-tracking company, the following are some key facts about?China?s oil trade with Iran.
How much oil does China currently buy from Iran?
It's less than it used be. On July 13, the U.S. re-imposed its blockade on Iran's ports and ships in an effort to stop oil sales, as a deal aimed at ending their war fell through. This slowed down Iranian exports.
According to Kpler, there haven't been any visible crossings of the Strait of Hormuz in recent years, even though many vessels turn their transponders off, making them difficult to track.
Kpler's preliminary data shows that the number of barrels shipped per day has fallen to 534,000 in August, down from the previous month when it was 785,000.
Who are the Chinese buyers? Chinese independent refiners are the biggest Iranian crude buyers. They're attracted to what is typically a steep discount compared to mainstream barrels.
China's state-owned refiners have avoided?Iranian crude since the U.S. reinstated sanctions against Tehran in 2019. China's customs data shows no purchases of Iranian oil.
Refinery sources and traders in the industry have confirmed that Iranian oil is delivered to China under the Malaysian and Indonesian names, and settled in Chinese currency. The trade involves a complex network of intermediaries who are difficult to track.
HAD PREVIOUS U.S. SANCTIONS BEEN "EFFECTIVE"? Since President Donald Trump's return to the White House in early 2018, Washington has increased its efforts to crack down on Chinese purchases Iranian oil. It has imposed sanctions on smaller Chinese refiners and others in the supply chain. These sanctions have been disruptive in some cases.
The?U.S. The Treasury Department has warned two large Chinese banks that they may face secondary sanctions should Iranian funds be found in their systems. However, it has not designated them. Washington imposed sanctions in April on Hengli Petrochemical Dalian refinery and about 40 shipping firms and vessels. Washington accused Hengli to have bought billions of dollars of Iranian oil. Hengli denies 'buying Iranian oil.
The sanctions have not been able to significantly reduce the overall flow of Iranian oil into China.
Kpler data shows that China's imports of Iranian oil stood at 1,24 million and 1,58 million bpd respectively in January and Februar.
What does China say?
China, who has rejected unilateral sanctions, called for a solution through diplomatic and politic means.
(source: Reuters)