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ENAMI, a Chilean lithium company, says that a joint venture with Rio Tinto will begin production in 2032.
Ivan Mlynarz, the company's chief, said that ENAMI, Chile's state-owned mining firm, aims to start production of its new Rio Tinto Lithium partnership at Altoandinos in 2032, with 35,000 metric tonnes per year. Production will then increase over three years, to 75,000 tons. Rio Tinto will play a key role in the lithium industry of Chile with the Altoandinos and Maricunga projects, which it spearheaded this week alongside the state-run copper manufacturer Codelco. Rio Tinto is committing $425 million initially to the project. ENAMI estimates that a total of $3 billion will be required. Estimated previously Altoandinos' project capacity was initially estimated at 60,000 tons per year. However, new studies revealed that there were more resources available than anticipated, especially on the La Isla flat of salt. Mlynarz stated that ENAMI intends to begin the project with direct lithium extraction, a method that is yet to be tested in Chile and that Rio Tinto has been testing at its Rincon Project in Argentina. ENAMI is testing DLE solutions from various companies. Mlynarz says that early results for Rio Tinto’s technology are promising and pave the way for the potential use of this technology on the project. Mlynarz stated that the results with Rio Tinto were encouraging, and the operator was able to use its own technology. He said that the partnership needs approval from international regulatory bodies, but in the interim, ENAMI will continue exploration studies in the hopes that Rio Tinto takes the lead in 2026. Mlynarz stated that both ENAMI Rio Tinto understand the importance of timing.
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Southern California Edison pays $82.5 Million for Bobcat Fire Damages
The Justice Department announced on Friday that Southern California Edison had agreed to pay the U.S. Government $82.5 million in order to cover costs for fighting the 2020 Bobcat Fire as well as repairing damages to the Angeles National Forest. According to the Justice Department, this is the largest settlement related to wildfires ever reached in California's Central District. SCE has not responded to comments immediately. The Bobcat Fire began in September 2020, and it burned over 114,000 acres (approximately 180 square miles), nearly 100,000 of which were in the Angeles National Forest. In September 2023, the U.S. filed suit on behalf of Forest Service against SCE & Utility Tree Service in order to recover the costs incurred by the Forest Service fighting the Bobcat Fire as well as the extensive damage it caused to Angeles National Forest. The federal government stated that the fire was caused by trees that were not properly maintained coming into contact with electricity lines. SCE agreed to the settlement agreement without admitting any fault. The amount must be paid within 60 days after the May 14 agreement. Jason Kuiken, acting Regional Forester for the Pacific Southwest Region of the U.S. Forest Service, said that these settlements were essential to restoring landscapes following wildfires. SCE announced last week that it had submitted to California's Office of Energy Infrastructure Safety a plan for wildfire mitigation over a period of three years.
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Trump approves Nippon Steel’s bid to acquire US Steel and blesses the 'planned partnership.'
Donald Trump, the U.S. president, appeared to have given his approval on Friday to Nippon Steel’s $14.9 billion offer for U.S. Steel. He said that the "planned partnership between the two" would create jobs and benefit the American economy. Investors interpreted Trump's post on Truth Social as a sign that Nippon Steel had cleared the final major hurdle in its takeover of U.S. Steel. In a Truth Social post, Trump stated that the planned partnership between United States Steel (USS) and Nippon Steel would create at least 70.000 jobs and add 14 Billion Dollars in revenue to the U.S. economy. Trump stated that the majority of this investment will occur within the next 14-month period. He said he will hold a protest at U.S. Steel, in Pittsburgh on Friday. Two companies didn't immediately respond to requests for comments. The White House didn't immediately respond to questions regarding the announcement. This week, it was reported that Nippon Steel had said that if the merger were approved, they would invest up to $14 billion into U.S. Steel operations. That includes $4 billion for a new mill. (Reporting and editing by Jasper Ward, Steve Holland and Anna Driver.
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US approves Utah Uranium Mine after Two-Week Environmental Review
Anfield Energy’s proposed Velvet Wood uranium mining project in Utah was approved by the Trump administration on Friday following a rapid environmental review of 14 days. This is part of a process designed to speed up permitting for energy and mining projects. These studies can take many years to complete due to the potential environmental impact of uranium mining. The Canadian project is the first to be approved under an emergency process Interior Department must permit energy installations on federal land. The new procedures were created in response to the national energy emergency declared by President Donald Trump on his first official day of office in January, in an attempt to increase domestic energy supplies, lower fuel prices, and strengthen national security. According to documents posted on the Interior Department website, Anfield filed their plan of operation for the mine on 1 April. In a press release, Interior Secretary Doug Burgum stated that "this approval marks a pivotal moment in the way we secure America's future mineral resources." By streamlining the review processes for important mineral projects such as Velvet-Wood we are reducing our dependence on foreign enemies and ensuring that our military, energy and medical sectors have the resources needed to thrive. Mineral security in action. Anfield wasn't immediately available to comment. The Velvet-Wood Mine Project in San Juan County produces uranium for both nuclear energy production and nuclear weapons, as well vanadium which can be used to strengthen steel or other alloys, or in batteries. The site is the former location of a mining operation. (Reporting and editing by Leslie Adler, Cynthia Osterman, and Nichola Groom)
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Southern California Edison pays $82.5 million in settlement claims for 2020 Bobcat Fire damage
Southern California Edison, a division of Edison International, has agreed to pay $82.5 Million to the U.S. Forest Service to settle claims for damages and costs resulting from Bobcat Fire 2020. In 2023, the U.S. Government filed a lawsuit against SCE, alleging that negligence caused the wildfire. The fire burned almost 180 square miles (466,2 square kilometers), making it one of the biggest wildfires to ever occur in Los Angeles County. The government claimed in a complaint filed at the federal court of Los Angeles that the wildfire started on September 6, 2020 when a tree poorly maintained contacted powerlines, igniting the vegetation on a limb, which fell to the floor and spread the flames. Bill Essayli, United States Attorney, said: "This settlement is a record for Southern California Edison and provides taxpayers with a meaningful amount of compensation for the costs incurred in fighting the Bobcat Fire as well as for damage done to public lands." According to the U.S. Attorney's Office in Los Angeles, the company has agreed that it will pay the settlement within sixty days from the date the settlement agreement became effective, which is May 14. The company did not admit any wrongdoing. The utility did respond immediately to a comment request. (Reporting and editing by Mohammed Safi Shamsi in Bengaluru)
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Canada's new Energy Minister vows to accelerate permitting and reset industry relations
In a speech Friday, Canada's new Natural Resources minister Tim Hodgson promised to speed up the approval process for major energy projects. The announcement was welcomed by oil and natural gas executives who wanted to see Ottawa rethink its regulatory approach towards energy development. Hodgson gave his first speech since joining the new Cabinet of Prime Minister Mark Carney in Calgary, Alberta. Carney, Canada's top exporter of energy, has promised to diversify markets for the sector amid a dispute over trade with Canada. The United States is Canada's No. 1 customer. Hodgson, speaking at an event organized by the Calgary Chamber of Commerce, said, "In the new economic system we are creating, Canada won't be defined anymore by delays, but by delivery." Hodgson, a former Goldman Sachs Banker elected to a Toronto riding in 2010, pledged to speak for Western Canada and improve the relationship between Ottawa and Canada's energy industry. He stated that he would work to identify projects of national importance and accelerate them in order to help the country become a superpower for conventional and clean energy. Canada is the fourth largest oil producer in the world. "No more 5-year reviews." Hodgson stated that decisions will be made in two years on all projects. Hodgson stated that responsibly produced Canadian oil can replace oil produced by authoritarian regimes. However, the country needs infrastructure to transport its energy to ports to export it to markets outside the U.S. Recently, the major Canadian oil pipelines faced regulatory delays and legal challenges that led to cancellations of some projects, and spiraling costs in others like the Trans Mountain Expansion. Hodgson’s finance background and the tone of his remarks, which were pro-development, encouraged many of Canada’s largest oil and gas companies. After the speech, John Whelan said, "The renewed spirit of collaboration is welcome and truly appreciated." Hodgson said that the Alberta government, the federal government and the industry leaders need to work together in order to develop a proposed project for oil sands CO2 capture and storage. Negotiations with the two levels of government are stalling. Six of Canada's biggest oil sands firms have proposed a C$16-billion carbon capture network in order to reduce emissions. Kendall Dilling is the president of the Pathways Alliance consortium, which is behind the proposed project. He said that he was optimistic about the project's progress under the new Canadian government. Dilling stated, "I think it's time."
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Trump wants to speed up the process of obtaining new nuclear licenses and overhaul regulatory agencies
Donald Trump, the U.S. president, ordered on Friday that the independent nuclear regulatory agency of his country reduce regulations and expedite new licenses for power plants and reactors. He hoped to shorten a lengthy process to just 18 months. This requirement is part of an executive order signed by Trump last Friday to increase U.S. production of nuclear energy amid a surge in demand for data centers and artificial intelligent. The licensing process for nuclear reactors can sometimes take more than a decade in the U.S. This is a system designed to prioritise safety, but has also discouraged new projects. Michael Kratsios is the director of the White House Office of Science and Technology Policy. He said that President Trump's actions are a message to the world, letting them know that America will rebuild and that the American nuclear revolution can begin. A senior White House official revealed that the moves included a major overhaul of the Nuclear Regulatory Commission, which includes a look at the staffing levels and directing Energy and Defense departments work together to build nukes on federal lands. The administration envisages that the Department of Defense will play a major role in ordering and installing reactors on military bases. Senior White House officials said that the orders are also intended to revitalize uranium enrichment and production in the United States. Trump declared an energy emergency as his first act in office in January, stating that the U.S. lacked enough electricity to meet its growing needs, especially for data centers running artificial intelligence systems. Trump has focused his actions on fossil fuels such as coal, oil, and natural gas. However, administration officials are also in favor of nuclear energy, which is gaining bipartisan support. Despite environmentalists' concerns over radioactive waste, some Democrats support nuclear power because it does not emit greenhouse gases that are harmful to the planet. Republicans who are not as concerned with global warming support nuclear power because they believe it could improve the energy security of the United States. (Reporting by Jarrett Renshaw, Washington; Editing and proofreading by Nill Williams)
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Top EU exports most at risk from Trump's new duties
U.S. president Donald Trump threatened again on Friday to intensify his trade war. He recommended a 50% tariff for goods from the European Union starting on June 1, sending European stock prices crashing. Eurostat reports that the United States will be the bloc's largest export partner by 2024, accounting for 20,6% of all exports. According to data, the most important export group of the EU to the U.S. in 2024 was pharmaceuticals, followed by motor cars, aircrafts, and related equipment. Germany was the third largest exporter to the United States of the EU, with 161 billion euro worth of goods. Ireland came in second at 72 billion euros and Italy at 65 billion. Here is a breakdown of the largest EU exports by sector to the U.S. MEDICATION and PHARMACEUTICALS Eurostat data shows that the EU will export pharmaceuticals and medicines worth 120 billion euros to the U.S. by 2024. After Trump's Friday statement, it wasn't immediately clear whether the industry will continue to be protected from the reciprocal tariffs. Some of the EU’s leading pharmaceutical companies are - Novo Nordisk Bayer - Roche Novartis AUTOMAKERS According to figures released by the auto industry group ACEA, according in 2024, the U.S. will be the second-largest market for EU vehicle exports. Mercedes-Benz and Volvo Cars, among others, have withdrawn their financial guidance for 2025, citing uncertainty caused by U.S. Trade Policy. The German Volkswagen Group faces a high level of tariff exposure, since its premium brand Audi is not manufactured in the U.S. AIRCRAFT AND EQUIPMENT FOR AIRCRAFT Cirium data shows that Airbus, based in Toulouse, is France's number two exporter. It delivers 12% of its jets, including some assembled locally, to the United States. CFM International is the largest supplier of engines to Airbus and Boeing. It's owned by France's Safran and GE Aerospace. ENGINES AND MOTORS FOR MOTOR VEHICLES MTU Aero Engines is one of the companies that could be affected by tariffs. They manufacture military aircraft engines and also repair and maintain commercial engines. Some European car manufacturers, including those who manufacture engines and motors include: Steyr Motors - MTU Aero Engines DEUTZ ALCOHOL According to spiritsEurope, of the 9 billion euros in alcoholic beverages the EU exports to the U.S. by 2024, European spirits will make up 2.9 billion euro. SpiritsEurope, a group that represents the European spirits industry, had warned in March that it was dangerous to harm U.S. companies because they are invested throughout Europe and in all sectors of its supply chain. Some of the largest European alcohol producers include - Dutch brewer Heineken Diageo is a British spirit maker and owner of several European brands - Beer maker Carlsberg COSMETICS According to the United Nations Comtrade Database, the exports of toiletries, cosmetics and essential oils to the United States will be $10.47 billion by 2024. Exports of French cosmetics from L'Oreal to the U.S. are about 2.5 billion euros a year. LUXURY Sector's largest groups are selling roughly a quarter to U.S. customers, while exposure for smaller brands can vary, from 14% in the case of outerwear maker Moncler, to 46% with sandals manufacturer Birkenstock. The economy ministry has revealed that France's luxury sector, the largest in the world, employs more than 600,000 workers. Both countries are major exporters of luxury goods to the United States. In a recent report, S&P analysts identified the luxury sector as one of the most vulnerable to U.S. Tariffs due to companies' limited ability to shift production to the United States. ($1 = 0.8816 euros)
Climate modification financing talks stuck ahead of COP29 summit
With just 5 months to go before this year's U.N. environment summit, nations can not concur on the size of a global funding costs to help the establishing world battle environment change not to mention how to divide it.
The decision is set to control the COP29 climate talks in Azerbaijan in November, where almost 200 nations need to concur on a brand-new yearly funding target for assisting poorer countries cut their emissions and safeguard their societies in a harsher, hotter world.
The new target will replace the annual $100 billion that abundant nations had vowed in climate finance from 2020. That objective was fulfilled two years late.
However preliminary talks today in Bonn, Germany, have yielded no significant developments. Rather, the talks ending on Thursday have actually again exposed the unyielding rifts amongst the world's greatest economies over who need to be paying most to battle climate modification-- and how much.
Representatives from climate-vulnerable nations said it was hard enjoying wealthy countries fall late with past payments of environment financing while quickly approving new funds for military reactions to war or costs billions subsidising CO2-emitting energy sources.
It looks like money is constantly there when it's a more 'real'. national priority for the country, Michai Robertson, mediator. for the Alliance of Small Island States, told .
It's truly difficult to see that, he stated.
GETTING THE NUMBER RIGHT
The new funding target is the core tool that global. climate talks can deliver to money tasks that decrease. planet-warming emissions - such as renewable energy or. low-carbon transportation.
With all nations due to update their national environment. targets next year, arbitrators fear failure might cause weaker. efforts.
How are you going to progress if there's no funding?. said South African climate mediator Pemy Gasela. Her nation. is among many developing countries warning they can not pay for to. cut emissions quicker without more financial support - in South. Africa's case, to switch a heavy dependence on CO2-emitting coal for. clean energy.
Yet wealthy nations are wary of setting a target too high. and risking it going unmet. The missed out on $100 billion target. became politically symbolic in recent U.N. climate talks,. stiring mistrust in between countries as developing nations argued. the world's economic powers were abandoning them.
Diplomats in Bonn have circled around the concern of how much money. to put on the table.
While countries agree $100 billion is too low, there is. long shot they would accept summon the $2.4 trillion per. year that the U.N. environment chief in February said was needed to. keep the world's environment objectives within reach.
Neither the European Union or the U.S. have actually suggested a. number for the objective, although both acknowledged today that. it needs to surpass $100 billion. The 27-country EU is currently the. most significant supplier of climate finance.
The elephant in the negotiation rooms, some diplomats informed. , was the approaching U.S. presidential election, in which. Donald Trump is looking for to go back to workplace.
The previous Trump administration pulled the world's greatest. economy out of the Paris environment agreement. Mediators stated. they stress a future Trump administration could stop U.S. climate. financing payments, leaving it to other rich nations to meet. the annual promise.
However some countries in Bonn have actually made recommendations.
India, and a group of Arab nations consisting of Saudi Arabia,. the UAE and Egypt, have said the general financing target should. go beyond $1 trillion annually, to show the spiralling requirements of. poorer nations as environment modification worsens.
The Arab nations propose that rich countries supply $441. billion in public funding each year in grants, to take advantage of a. overall $1.1 trillion each year from more comprehensive sources.
Small island nations susceptible to climate change have. likewise pushed for stricter rules on what counts toward the target,. recommending avoiding loans with rates of interest above 1%, to. prevent contributing to bad countries' already-high financial obligations.
A lot of public environment funds offered by established nations are. loans, according to the OECD.
CHOOSING WHO OUGHT TO PAY
Countries are also at odds over who ought to contribute.
There have to do with 2 lots, long-industrialized nations. presently required to contribute to U.N. climate financing. That. list was decided during U.N. environment talks in 1992, when China's. economy was still smaller sized than Italy's.
The EU wants China - now the world's greatest CO2 emitter and. second greatest economy - and high wealth-per-capita Middle. Eastern countries to contribute for the brand-new goal. The U.S. has. likewise argued for adding more nations in the donor base.
However, the Arab countries and China securely opposed this. concept, with Beijing reiterating China's status as a developing. nation under the U.N. climate convention.
We, the establishing countries, have no intent to make. your number look great or become part of your responsibility, as we. are doing all we can do to save the world, China's arbitrator. told other diplomats throughout settlements on the financing target. in Bonn on Tuesday.
Neither camp of nations has jeopardized on who ought to pay,. said Joe Thwaites, who tracks environment finance negotiations for. the non-profit Natural Resources Defense Council.
Negotiations were difficult and things are moving slowly,. he stated.
As talks continue beyond Bonn, some negotiators stated. federal government ministers could raise the issue at higher level. conferences such as G20 ministers' events in Brazil ahead of. COP29.
(source: Reuters)