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Australia invests $33 million in Liontown's Kathleen Lithium operations
The Australian Government announced on Thursday that it would invest A$50 Million ($32.5 Million) in Liontown Resources in order to ramp up operations at the flagship Kathleen Valley Project and to transition from surface mining to underground mining. This is part of a plan to increase domestic mineral supply. The A$15 billion National Reconstruction Fund Corporation will make the investment. This is part of Prime Minister Anthony Albanese’s effort to support critical mineral projects as well as boost domestic manufacturing. David Gall, CEO of NRFC, said that lithium is a vital mineral and is essential to the decarbonisation effort as well as the Future Made in Australia Strategy. "Australia is well positioned to be a long-term, competitive supplier of lithium for the rest of world. Local lithium production is vital to the nation's resilience and economic security." NRFC has invested A$200m in Arafura Rare Earths in January to develop a mine and processing facility for its Nolans Project in central Australia. According to NRFC, Kathleen Valley will have a mine life of more than ten years and produce 500,000 tons of spodumene per year with the potential for expansion. Liontown is an important lithium supplier for Tesla, Ford and LG Energy Solution. The government investment is part Liontown's A$266million institutional capital raise priced at A$0.73per share. The shares of Liontown were last traded at A$0.845 on Thursday before they were halted pending the announcement. The miner can also use the capital to strengthen its balance sheet. According to LSEG data, Hancock Prospecting, owned by Gina Rinehart, a billionaire Australian, is Liontown's largest shareholder with 18% of the shares. Hancock Prospecting is not expected to participate in the placement as it would dilute their stake. Liontown and Hancock didn't immediately reply to an email asking for a comment.
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Hot South Korean summer drives surge in aircon sales, power demand
South Korea's hot summers are driving a surge in demand for air conditioners, and the electronics giants of the country are promoting home upgrades with power-saving technologies. Samsung Electronics domestic home AC sales increased by 50% during the first quarter 2025, ending in March, compared to last year's same period. LG Electronics also saw a 60% increase in domestic sales over the same time frame ahead of an expected hotter summer. The sales boom is despite the fact that the government estimates 98% of the 51 million households already have air conditioners. Companies are wooing consumers with improved cooling, energy efficiency and AI-powered models. Samsung said in a press release that it expects the positive trend in air conditioner sales worldwide to continue. This is due to an increase in demand for high-efficiency and eco-friendly products as a result of climate change. LG expects to see its air conditioner sales continue to grow this year, as consumers replace their old units with newer models that are more energy efficient. The temperatures in Seoul reached record highs during the summer of this year, with a temperature of 37.8 degrees Celsius (100,4 Fahrenheit) at the beginning July, just before August, which is traditionally the hottest month. AC sales are being driven by longer, stronger heatwaves and cooling will account for much of the growth in global power demand in the next decade. According to the International Energy Agency, cooling systems will require more power globally by 2035. This is a rise of around 1,200 terawatt-hours, which is greater than an increase of 800 TWh in data centre demand. Renub Research projects that the global air conditioner market will grow by an average 6.3% per year through 2032, to reach $257.2 billion. According to the IEA, 50% of homes will have air conditioners in 2035 compared to 36% in 2022. According to their respective websites, LG's air conditioner production line was operating above capacity this year while Samsung began working at full capacity 10 day earlier than usual. The South Korean energy ministry warned that record electricity use was straining the grid. Peak demand could reach a record of 97.8 gigawatts (GW) between 5 pm and 6 pm on weekdays during the second week in August, mostly due to AC usage. South Korea has been forced to increase its power reserves and import coal because of the sticky nature of the air conditioning power demand. It also put on standby power plants that were not being used. Last year, residential air conditioning accounted for 16% of South Korea's annual electricity demand. This is up from 14% prior to the pandemic. The government is also providing energy vouchers to low-income families and lowering tariffs. (Reporting from Sudarshan Varadhan in Singapore and Heekyong Ya in Seoul).
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China's steel exports rose in July despite protectionist backlash
China's steel imports increased in July. This continued a record-breaking trend despite countries erecting trade barriers to prevent a flood of Chinese products. Data from the General Administration of Customs on Thursday showed that steel exports rose by 1.7% in July from June, to 9.84 metric tons. This brings total exports for this year to 67.98 metric tons. The total for the year is at its highest level since 1990. Steel exports by the largest steel producer in the world have led to a global protectionist backlash. Since January of last year, almost 40 countries have launched anti-dumping investigations. Vietnam and South Korea, two of the world's largest trading partners, have both imposed tariffs on steel imports from China. They claim that cheap Chinese steel is hurting their domestic producers. As a result, Chinese steelmakers are now exporting semi-finished goods, which have lower tariffs. IRON ORE The data showed that imports of iron ore, the main ingredient in steelmaking, fell 1.3% to 104.62 millions tonnes in July as prices rose. Iron ore price Prices rose by nearly 7% on July bets that they would be tolerated. Beijing's promise to clamp down on price wars had sparked hopes of a new wave of supply side reforms in the steel industry, which is plagued with overproduction. Analysts said that higher prices have dampened the appetite of some steelmakers who are cost-sensitive and suffered losses in 2023 and 2024 due to a faltering market. Imports also decreased as miners sent less shipments in the wake of a rush to meet quarterly targets. Cao Ying is an analyst with broker SDIC Futures. She says that some cargoes have also been delayed due to Typhoon Wipha. Even so, China's monthly imports of iron ore from China have remained above 100 million tonnes for the third consecutive month in July. Imports in July were down on the six-month peak of 105.95 millions tons in June but higher than 102.81 in 2024. Chu Xinli is an analyst with China Futures. "Despite a decline in imports, the iron ore production was relatively high, driven by increased steel profitability, and thus, the imports remained high," he said. China's imports of iron ore in the first seven months 2025 totaled 696.57 millions tons, a 2.3% decrease from the same period a year ago.
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Standard Chartered signs deal with Brazilian forest credit authority
Standard Chartered will sell millions of credits to protect the Amazon rainforest for the Brazilian state Acre, as part of its efforts to expand the carbon credit business and build trust in a nascent industry. Standard Chartered said that its agreement with Acre to sell exclusively forest carbon credits over a five-year period is the first time a major international financial institution has worked in such a way to support the conservation of forests. The involvement of the bank could give legitimacy to a market that has been struggling in recent months, after Brazilian prosecutors sought to cancel a similar $180m carbon offset scheme due to concerns over forward contracts and rights of local communities. Chris Leeds, the head of development of carbon markets at the bank said: "We do everything we can to make sure that these credits are of high quality and reduce a tonne carbon." It is a complicated process. The project will generate up to five million credits by 2026 and bring in up to 150 million dollars. Carbon credit projects which claim to prevent deforestation were scrutinized in the past due to the difficulty in proving the number of trees that the projects prevented from being cut down. Forest carbon credits generated at the national or state level are aimed at reducing deforestation-related emissions. These credits are specifically designed to reduce the possibility that projects will overstate their carbon-reduction benefits. Local and indigenous community are to receive 72% net funds generated by state. They have participated in a consultation process whose main phase began in May 2025. Leeds said that unlike Para's agreement, Acre's does not involve a sale in advance. Leeds added that "there is no obligation on our part to buy the credits today." This is the difference. In July, several Brazilian states signed agreements with the State of Piaui to protect large swathes of forests in exchange for investment. (Reporting and editing by Virginia Furness)
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China's crude oil imports in July are up 11.5% on a year-on-year basis
China's crude oil imports in July rose by 11.5% compared to the same period a year earlier, as state-owned refining facilities maintained high operational rates. However, inbound shipments have slowed down month-on month after reaching their highest level in almost two years in June. Data from the General Administration of Customs on Thursday showed that the world's biggest crude oil importer imported 47.2 million tons of oil in June, which is equivalent to 11,12 million barrels a day. Data showed that the volume of oil imported in July was 5.4% less than 49.89 millions tons in June. Muyu Zhu, a senior crude oil analyst with Kpler, said that independent refiners purchased heavily in June and built up inventory, which explains why their demand for crude in July was lower. Customs data showed that total crude oil imports between January and July were 326.57 millions tons or 11,25 million bpd. This was an increase of 2.8% compared to the same period in the previous year. According to Oilchem, the country's refinery utilization rate increased to 71.84%, an increase of 1.02 percentage points over June and 3.56 points over a year ago. Oilchem reported that state-owned refiners have increased their production rates while independent refiners have decreased them. It said that maintenance had reduced the overall refining output by 79 millions tons in July. However, three refineries, with a total capacity of 28,7 million tonnes, completed their maintenance and returned to service. The data released on Thursday also showed that China's refined oil exports increased by 7.25% to 5.34 millions tons in July from the same period a year ago. The data shows that natural gas imports, including piped gas as well as liquefied gas, fell by 2.1% on an annual basis to 10.63 millions tons. The data showed that natural gas imports, including piped gas and liquefied natural gases, fell 2.1% year-on-year to 10.63 million tons.
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China's July coal imports drop 23% due to abundant domestic supply
Data from the General Administration of Customs showed that China's coal imports in July fell by 23% compared to a year ago, due to a limited demand for imports. The imports of coal in July were 35.61 millions metric tons. Although down on the previous year, this was a rebound from June's two-year-low as the hotter weather prompted higher air conditioning demands, which supported electricity consumption. The market will be watching to see if China takes concrete steps in the future to reduce production and curb oversupply at home. The National Energy Administration issued a document on July 20 calling for inspections of coal mines located in eight provinces. This led to the coking coal price rising by the limit each session, as traders hoped that these inspections would cause supply disruptions. LSEG coal analyst said that if the NEA were to take such a step, it would present a substantial risk for domestic coal prices, given the possibility of a decrease in local production. This in turn presents upside risk for seaborne coal prices due to the import price arbitrage dynamics, which is the primary determiner of China's desire for imports. In a recent report, analysts at the data analytics firm Kpler stated that the NEA Directive had only temporarily boosted imports and prices while the broader fundamentals were pointing in the opposite direction. The outlook is still negative due to the continued growth of domestic production, increasing renewables and the weakening demand for steel. Customs data revealed that coal imports for the first seven month of this year were down by 13%, at 257.3 millions tons. (Reporting and editing by Colleen Schmollinger; Christian Schmollinger is the editor)
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China's rare earth exports fell in July, after reaching a peak the previous month
Customs data released on Thursday showed that rare earth exports from China fell 23% in July, after reaching a record one month earlier. However, the data is still too preliminary to make any firm conclusions regarding Beijing's intention to accelerate shipments. Data from the General Administration of Customs revealed that the world's leading producer of rare Earths exported 5,994.3 tons of the material in July. This was a 23% drop from June when exports reached their highest level at least since 2014. China's rare-earth exports are under close scrutiny after Beijing signed a series deals with the United States of America and Europe in order to increase shipments. The agreements also eased the export licensing system, which was imposed by Beijing in April as retaliation to U.S. Tariffs. It is hard to draw any conclusions from the data released on Thursday, as it does not differentiate between rare earths, and other products that are not restricted. Data is volatile, with swings of up to double digits. On August 20, a fuller breakdown including exports of rare-earth magnets will also be released. Magnet exports to Germany and the U.S. grew last month. Magnets are vital to the automotive, electronic and defence industries. China quietly tightens its grip on the rare earth sector, even as the United States and Europe consider or introduce financial support to alternative producers. Last month, it was The first 2025 mining and smelting quotes were issued without the usual public announcement. China's exports of rare earths for the first seven month of this year totaled 38.563.6 tons. This is up 13% compared to the same period in 2024. Reporting by Amy Lv in Beijing and Lewis Jackson; editing by Kim Coghill
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Oil prices rise 1% as US demand remains strong, but macroeconomic uncertainty persists
The oil price rose by 1% on Friday, ending a five-day decline, as the U.S. remained the world's largest oil consumer. However, uncertainty over the macroeconomic effects of U.S. Tariffs limited gains. Brent crude futures increased 62 cents or 0.9% to $67.51 per barrel at 0342 GMT, while U.S. West Texas intermediate crude rose 68 cents or 1.1% to $65.03 per barrel. After Donald Trump's comments about the progress of talks with Moscow, both benchmarks fell about 1% on Wednesday to their lowest levels in eight weeks. A White House official stated on Wednesday that Trump could meet Russian President Vladimir Putin by next week. The U.S. is still preparing secondary sanctions to be imposed, possibly on China, in order to pressure Moscow into ending the war in Ukraine. The United States is the second largest producer of crude oil in the world. Oil markets were still supported by a larger-than-expected decline in U.S. crude stocks last week. Energy Information Administration reported on Wednesday that U.S. crude stockpiles dropped by 3 million barrels, to 423.7 million in the week ending August 1. This was more than analysts expected in a poll which predicted a draw of 591,000 barrels. The United States crude exports and refinery runs increased, with the West Coast and Gulf Coast reaching their highest levels since 2023. JP Morgan analysts said that through August 5, global oil demand averaged 104.7 millions barrels per day. This represents an annual increase of 300,000. However, this is 90,000. bpd less than their monthly forecast. The analysts stated that despite a somewhat soft start for the month, relative our expectations, the high frequency indicators of global oil demand suggest the consumption will improve sequentially in the next few weeks. Jet fuel and petrochemicals are expected to drive this growth. Price gains were capped by global macroeconomic uncertainties after the U.S. imposed a new set of tariffs against Indian goods. Trump imposed a 25% additional tariff on Indian products on Wednesday, citing the continued imports from Russia of Indian oil. The new import tax is set to take effect 21 days following August 7. Priyanka Sahdeva, senior market analyst at Phillip Nova, said that markets have already priced in the downstream effects of the new tariffs (on India) by the U.S. in just three weeks. Trump said that he would also announce additional tariffs against China, similar to the 25% tariffs announced earlier against India for its purchases of Russian crude oil. Sachdeva of Phillip Nova said that tariffs will harm the global economic system, and this will affect fuel demand. He added that the markets are overlooking that the impact on the U.S. inflation rate will be greater. (Reporting and editing by Yuka Yap, Trixie Yap)
At Tahiti's Olympic browsing place, Polynesians fight for a reef and a way of life
On the remote south coast of Tahiti, its Jurassic peaks and azure lagoon available just by boat, Patrick Rochette is discussing how centuriesold Polynesian conservation traditions are being restored to secure this distinct environment.
Joined gruesome tales of the island's history of tribal wars and the roots of wave-riding, it's a compelling account that resonates with the school kids that the Tahitian older has given this picturesque area near to the Olympic browsing venue of Teahupo'o.
Amongst the interconnected Polynesian concepts lost or repressed during Tahiti's French colonisation that Rochette explains: respect for tupuna, the ancestors; mana, the spiritual power of people and places; tapu, that which is sacred; rahui, a constraint or restriction; and the guardians - the whales, sharks, turtles.
It depends on the children to go home with this information and describe it to their parents, says Rochette, a burly 63-year-old.
For Rochette and others, countering the pressures of over-exploitation and climate change go hand-in-hand with a. cultural renaissance in the Pacific island group, an unique. Polynesian identity that covers the world's biggest ocean.
We Polynesians, in 15 or 20 years, if we do not do anything,. there'll be absolutely nothing left, Rochette said in a boat, speeding. down the jungle-clad coast. We have to do it together, not simply. here, but the Pacific neighborhood needs to do all of this together.
The Polynesian Triangle incorporates some 10 million square. miles of the Pacific Ocean with Hawaii, New Zealand (Aotearoa). and Easter Island (Rapa Nui) at its corners. Its people, who. trace their lineage back to a spiritual homeland, are closely. connected by language, culture and their seafaring history.
As ideas of sustainability and preservation develop momentum. all over the world, the adoption of traditional and culturally. appropriate methods is becoming more popular among Indigenous. neighborhoods.
In Polynesia, an intimate understanding of the moana, the ocean,. and the concept of guardianship is resonating as pressures on. reefs and lagoons from both development and climate modification grow.
WAVE OF MANA
Tereva David is likewise working with the regional Teahupo'o. community to embrace the Polynesian lifestyle in consistency. with the environment.
One of the very best to ride the Paris Olympic's ferocious wave. in front of his town, David has run camps for appealing young. French Polynesian surfers for the previous years.
David, 35, teaches them regard - not simply for the wave, but. for themselves, for each other and for their culture and. environment.
My mom, when she was a little woman, she was prohibited to. speak Tahitian, he stated. For a while there, it wasn't looking. excellent when you speak Tahitian - 'Oh, you're too impolite, or you're. from the street, or from Teahupo'o, in the bush.'
Now, Tahitian language and culture is a source of pride in. Teahupo'o, where clear rivers go through the village to the. black sand beach and the lagoon.
Olympic gold for 22-year-old regional internet user Kauli Vaast also. created great mana, spiritual power or cultural pride.
Only kings were able to surf here before, David said. For. us, browsing is sacred, it's the culture - like dancing, like. canoe paddling, like singing, like making food for everybody.
David stated the community had worked to ensure having one of. the world's most effective and alluring waves on their doorsteps. fully benefited the town. Locals now provide surf camps,. electronic camera operators, taxi boats, and water security patrols when top. internet users come for big swells.
It took us a long time however we lastly did it. Now, nobody. is available in and does it like the circus - we manage, states David.
For us, it was the important things to do, to represent our mana, to. represent our tupuna, our ancestors.
The Olympics brought fresh challenges, with locals fighting. to reduce the impact of new Games infrastructure, consisting of. insisting that a brand-new tower on the reef to judge the surf contest. be downsized to minimize its environmental impact.
RESTORE THE RAHUI
The reef - the oxygen we breath, states David - is at the. heart of the surf and the town, a distinct, living structure. that not just produces the best waves, but is a larder, a. play ground and a workplace for almost everybody who lives there.
10 years back, however, the reef was struggling.
Pestered by over-fishing and struck more frequently by damaging. storms, a decision was made by the community to reintroduce a. rahui over a 768-hectare area south of the village, banning. fishing and other activities.
In the older culture, it was the king who chose these. things and you could not go against it, you would be killed, and. many individuals were afraid of the idea, said Rochette, who. manages the Teahupo'o rahui.
The method has been modernised and democratised, with the. neighborhoods throughout French Polynesia now initiating rahui and. choosing how to run them to sustain their environment and. resources.
South of Teahupo'o, buoys are set out to mark the rahui. limits, and residents monitor the zone to make sure compliance. They. state the effect has actually been mainly positive, with the reef growing. and fish stocks improving.
Rushing over streams and paths of broken coral, Rochette. informs the story of a spiritual rock and its role in ancestral. fishing routines, states battles that turned the lagoon red. with blood and information how surfing was introduced here by twin. brothers.
While the cultural aspects have been considerable, ascribing. an economic value to the environment has likewise been essential.
Cliff Kapono, a Hawaiian coral researcher, web surfer and. Polynesian activist, worked with locals to map and value the. economic effect that works around the Olympics might have on the. reef and lagoon utilizing a recognized formula.
Kapono's MEGA Laboratory approximated a direct economic impact of. $ 170,000 for disturbing and destroying corals at the judging. tower website and $1.3 million in total for the larger reef. interruption around Teahupo'o from digging up and other works.
Beyond the economics, the idea of being guardians of the. ocean was intrinsic to the Polynesian viewpoint, Kapono stated.
There are individuals and neighborhoods throughout Polynesia that are. safeguarding their reefs. Whether they get struck by the Olympic. individuals, or over-fishing, or nuclear testing, there are people. that are going to stand up in these communities.
For us in Polynesia, that's who we are, that's our roots,. says Kapono. This is now the war we fight. We fight for our. environment..
(source: Reuters)