Latest News
-
Bloomberg News reports that bidders are interested in Rio Tinto’s California boron assets.
Bloomberg News, citing sources, reported that Rio Tinto’s U.S. assets, which?produce boron, the critical mineral, have attracted interest from more than 12 potential bidders. The assets could be valued as high as $2 billion. According to the report, WE Soda and Magris Resources are interested in purchasing Rio Tinto's boron assets in California. They are expected to make Rio Tinto binding offers by June. The report could not be verified immediately. Rio and the involved companies did not immediately respond to our request for comment. Mineral boron is used as an additive to oil and gas drilling, nuclear energy, windmills, ceramics and specialty glass. The U.S. Geological Survey, the Interior Department and the U.S. Geological Survey added Boron to the U.S. Critical Minerals List last year. This was due to a concern over the supply risks and limited substitutes, as well as the heavy 'concentration' of production outside the U.S. Simon Trott's, the Anglo Australian miner's CEO, announced a plan to generate $5 to $10 billion in revenue by 2025 through divestments, productivity growth and a reduction of its structure. Carlos Mendez, Mexico City, and Anil D'Silva edited this report.
-
US team has low expectations for Iran talks in Pakistan
On Friday, a U.S. delegation led by Vice President JDVance departed for Islamabad for weekend talks with Iran. Both sides have accused the other of violating agreements made to achieve a temporary ceasefire. White House officials expressed skepticism that the talks would immediately reopen Strait of Hormuz. Iran's leading negotiators cast doubt on the talks by saying they couldn't even begin until they made commitments about Lebanon and sanctions. Abbas Araqchi, Foreign Minister of Iran and Speaker of the Iranian Parliament,?Mohammad?Baqer Qalibaf said that Israel's attack on Hezbollah must be included in a ceasefire and that Iranian assets that have been blocked by sanctions should be released. The Saturday talks were not expected to be impacted by these demands, as it would have been the first high-level meeting of the U.S. with Iran since the Islamic Revolution in 1979 that started nearly half a century of antagonistic relations. Vance, President Donald Trump’s special envoy Steve Witkoff, and Jared Kushner's son-in law were on their way to Islamabad when the Pakistani capital, Islamabad was in an unprecedented lockdown. Thousands of paramilitary and army personnel were deployed throughout the city. Pakistan wants to establish itself as a mediator and also project stability. Iran is still capable of striking its neighbors, despite Trump’s declarations of success. It can also disrupt shipping in the Strait of Hormuz. The war caused the largest?oil shock in history, damaging Gulf energy output and leading to inflation worries, warnings about food security and the risk a global economic recession. Trump is under pressure to find a way out of the conflict ahead of the midterm elections in November. He announced the ceasefire just hours before an arbitrary deadline, after which he threatened to destroy Iran’s civilization. WHITE HOUSE - 'SKEPTICAL OVER TALKS' Iran is wary about Witkoff, Kushner and earlier talks mediated through Oman, just days before U.S. & Israel launched a bombing campaign that killed senior officials including the Supreme Leader Ayatollah Khamenei. Vance is a foreign policy novice with limited experience. He has also been skeptical of U.S. intervention overseas. Vance stated that before leaving Washington on Friday morning, the U.S. "would extend the open hand," but would have to determine if the Iranians were willing to negotiate. Two White House officials who spoke under condition of anonymity about administration deliberations said that the mood in the White House before the talks began was sceptical. Officials said that Trump was now accepting the fact that it would be difficult to reopen the Strait of Hormuz, even if there were some success in the talks. They said that the U.S. President was also uncertain if the Iranian delegation had the authority necessary to negotiate meaningfully, and that he believed Iranians view Araqchi's diplomacy as weak. Iran insists on a ceasefire that includes Lebanon where Israel is fighting Hezbollah (an Iranian ally). Iran and Pakistan, the mediators, have both said that they understand that Israel's war in Lebanon will also be included in this temporary pause. Israel refused to stop its attack at first, but on Wednesday it launched a series of attacks that killed more than 250 people. In a Thursday phone call, Trump told Israeli PM Benjamin Netanyahu to ease up on the attacks against Hezbollah. A source familiar with this matter confirmed that. Netanyahu agreed to the talks that will be held next week in Washington. MAJOR GAPS Trump said that an Iranian proposal was the basis of the talks in Islamabad. However, a 10-point plan presented by?Tehran has little overlap with the 15-point 'plan Washington had previously proposed, indicating there will be significant gaps to bridge. Iran's proposals include demands for new concessions. These include the lifting of sanctions which have crippled the Iranian economy for many years. It also includes the recognition of the authority of Iran over the Strait of Hormuz where it wants to collect transit fees and control access. This would be a major shift in regional power. Washington wants Tehran's stockpiles enriched uranium to be disposed of, renounce further?enrichment and give up missiles, as well as ending support for regional allies. A person familiar with this matter said that the U.S. delegation is likely to demand the release of U.S. nationals detained in Iran. At least six Americans, including journalist Reza Vaizadeh and jeweler Kamran Hekmati, are being held in Iran. Barbara Leaf, former career diplomat who served as Assistant Secretary of State overseeing the Middle East under the administration of the?former president Joe Biden, stated that there is a "very large risk" of an escalation between the U.S. She said that the Trump administration will be very aware of pressures from disruptions in energy supplies and rising gas prices in the United States. Leaf said that "time is not on administration's side." "That is what gives (the Iranian government) the high level of confidence it displays." It's certainly not a false confidence. It's not entirely a false swagger."
-
Italy sets new restrictions on Sinochem to resolve Pirelli governance dispute
Italy has placed new restrictions on Sinochem in an effort to stop a slap on Pirelli's governance, according to people familiar with the matter. Pirelli's largest shareholders Sinochem, a Chinese state-owned company, with 34% of the shares, and Camfin (the investment vehicle of Marco Tronchetti Provera as Executive Vice President), with 26% of the shares, have been involved in a long-running dispute. Tensions grew ahead of the new U.S. regulations that would restrict the use of "Chinese" technologies in the automobile sector. Both Pirelli & Camfin called for "curbs" on Sinochem's ownership, stating that this would complicate Pirelli expansion plans in 'the United States', a critical market for their premium tyre business. Sources who asked not to be identified said that under a decree passed by the Italian cabinet but not made public on Thursday, Sinochem had the right to submit a list for the renewal of Pirelli's board of directors, consisting of a maximum three members. Two of them should be independent. The board of Pirelli currently has 15 members. Eight of them are from its Chinese investor. Sources said that Sinochem board members would not be allowed to hold top corporate positions such as chief executive or chairman, but there are no restrictions on their nationality. Sinochem and Pirelli both declined to comment. Italy issued a first set of prescriptions to limit Sinochem’s influence over Pirelli in June 2023, stating that Sinochem should not exert any influence over the group. Sources said that these curbs will remain in place. Reporting by Giuseppe Fonte and Giulio Pieovaccari, edited by Gavin Jones.
-
Americans give economy record low marks, a sign of doom for Republicans
Americans have a sour view of the U.S. Economy to a level 'never seen before. The stiffest inflation for four years has exacerbated the political risk facing President Donald Trump. Some administration officials are concerned that he is focusing on the affordability issues for voters while he focuses on the war on Iran. Price increases are a major issue for U.S. citizens. The latest inflationary surge is causing concern among White House officials who worry about the Republican Party's chances in the upcoming midterm elections. Republican lawmakers and senior White House staff have been urging Trump for months to focus on the economy. This is the number one concern of voters. Trump, on the other hand, has been unable to demonstrate that he understands Americans' concerns and has declared victory against inflation despite data that shows otherwise. The Labor Department released data on Friday showing that inflation rose in March, the first month of the U.S.-Israeli war against Iran which began on February 28. This resulted in Tehran blocking a fifth of world oil supplies from flowing through the Strait of Hormuz. Data from the Bureau of Labor Statistics showed that the resulting spike in crude oil costs drove an unprecedented increase in gasoline prices across the U.S. This 'pushed headline inflation to its highest level since June 2022, when the post COVID pandemic surge in price that devastated former President Joe Biden’s political prospects reached its peak. The University of Michigan's Consumer Sentiment Index, which is a benchmark for the state of the economy, fell to a new record low in early April. In a press release, survey director Joanne Hsu stated that "demographic groups of all ages, income levels, and political parties have experienced a decline in their sentiment. This reflects the widespread nature of the fall this month." Not only Trump's Democrats critics, but also other Democrats gave low grades to the current state of the economy and its future prospects. Self-identified Republicans showed the biggest drop in sentiment scores, with their score nearing its lowest level since Trump's return to office after regaining the White House in January 2025. Trump had won back the White House by promising to lower high prices that plagued Biden for most of his tenure. Some top Trump officials, such as White House Chief Staff Susie Wiles have grown increasingly concerned that not enough effort is being made to bring down high prices. Wiles privately asked advisers to be more explicit about the economic and political downsides the war. A White House official said this week, under condition of anonymity in order to discuss sensitive discussions. Public opinion polling, beyond the University of Michigan survey, shows Americans losing faith in Trump's economic management. This, according to political analysts, could harm?his Republican Party, as it fights to maintain a slim majority in Congress during the November midterm elections. The White House tried to divert attention from the high price of gasoline by releasing a statement on Friday. The price of dairy, eggs, beef, prescription drugs and other essentials is falling or staying the same thanks to President Trump’s policies. Trump often cites the fact that food prices have remained unchanged in the past month, and that egg prices are down 45% over the last 12 months, the biggest drop ever. The economists are concerned that if energy costs remain high for a long time, they could feed into an inflationary breakout. Diesel fuel prices that are now within 20 cents of their previous record high could be passed on to consumers as higher food prices.
-
Analysts say that the shock of the Iran war will cause the market to go into deficit by 2026.
Analysts predict that the sharp drop in?global production due to the Iran War will cause the oil market to experience a deficit this year. This is a dramatic change from previous forecasts, which predicted a comfortable supply. The conflict that began on February 28th with U.S.-Israeli strikes against Iran has effectively stopped oil flows through the Strait of Hormuz. This passageway accounts for about one fifth of global consumption. Attacks on energy infrastructure and production shutdowns have also severely reduced output. Eight analysts polled predict that oil demand will exceed supply by an average of 750,000 barrels a day this year. In a similar poll conducted in September, a 1,63 million bpd excess was predicted for 2026. This was primarily due to OPEC+'s decision to unwind some of their output cuts and the strong production of other producers such as the U.S. Brazil and Guyana. According to the International Energy Agency, the war has reduced?oil supplies by approximately 11 million bpd at the end of march. In a note dated April 9, ANZ Bank estimated that around 9 million bpd crude?supply was effectively eliminated. According to the IEA, global oil supply in January was 106.6 million bpd. Analysts in the survey said that these immediate shocks will translate into an annual average loss of production of 2,13 million?bpd. Analysts expect the market's steepest deficit to occur in the second quarter, averaging 3 million bpd. Then the fourth quarter will see a return to a surplus of around 1.4 million. Analysts warn that the projected deficits may increase depending on how long the Strait of Hormuz remains blocked. The flow of goods through the Strait remains constrained. Traders have reported no signs that shipments will resume in full force since Tuesday's ceasefire announcement. Vikas Dwivedi is a global energy strategist for Macquarie Group. He estimates that 136 million barrels (of crude oil and other products) are still stuck in the Gulf as a result of the conflict. It will take some time to clear up the backlog. Even though the ceasefire has been declared, many?shippers are still facing challenges. There have been reports that Iran plans to charge fees for ships to transit the Strait of Hormuz. Dwivedi stated that "issues include insurance, and the risk (of) violating sanctions by transacting with Iran when tolls are being paid." Expect bumpy ride when restoring production Last month, analysts raised their Brent price forecasts for '2026 by about 30% to $82.85 per barrel. Oil prices have risen by around 50% due to the war. It will take several months to restore oil production levels prior to the conflict, depending on damage sustained by oilfields in attacks and shutdowns and how easily shipping can flow through Hormuz. Analysts at ANZ say that even under a 'constructive security scenario,' output will only partially recover in the short term. Around 2 to 3 million bpd could return in the first quarter as export flows resume, and 2 to 3.5 millions bpd - or more - may come back in the second quarter. They said that despite the fact that recovery will not be easy, it is likely to be hampered by operational friction, damaged infrastructure, and export bottlenecks. ANZ also said that there is a possibility of around 1 to 2 million bpd capacity being permanently lost or restricted even after the war. This would lead to a tighter and more volatile market. (Reporting and editing by Nia William; Anjana Anil and Kavya Balaraman)
-
Vale, a Brazilian company, will build a processing plant for iron ore that will focus on tailings
Vale, a Brazilian mining company, announced on Friday that it will start building a processing plant for waste rock and tailings in the southeastern state of 'Minas Gerais this year. The plant will be able to produce 2 million metric?tons per year and is expected to start operations in the next year. It is part of?Vale’s goal to reuse previously discarded materials. First reported the plan. Vale is able to extract iron ore commercially from waste rock and tailings due to the technological advancements that have transformed a previously uneconomical process. The plant is part a project that aims to demolish a tailings?dam?in Minas Gerais. Vale, the largest iron ore producer in the world, has more than doubled last year's production of iron ore that is derived from waste rock and tailings. Around 80% of this?volume was produced in Minas Gerais. By 2030, the company anticipates that?10% of its annual?iron ore production will be derived from reclaimed materials.
-
Weekly gain on gold heads, US-Iran truce at the forefront
The gold price held steady but was headed 'for a gain for the week as the U.S. Dollar weakened after 'the iran truce. Market participants continue to assess whether it will last and what its implications are for interest rates. By 1:40 pm, spot gold was steady at $4.761.79 an ounce. ET (1740 GMT). This week, it has gained almost 2%. U.S. Gold Futures closed 0.6% lower, at $4,787.40. Gold buyers are carefully reclaiming narrative this week, with higher lows each day. The tentative ceasefire is helping. "There will be a major battle ahead of $5,000. A break above that level could reignite the bull market," independent metals traders Tai Wong stated. The 'ceasefire', which has been in place for two days, has stopped a U.S.-Israeli air campaign against Iran. However it has not eased the 'blockade of Strait of Hormuz nor quellen a parallel conflict that has broken out between Israel and Hezbollah-allies of Iran located in Lebanon. David Meger is director of metals at High Ridge Futures. Gold priced in greenbacks was cheaper for those who hold other currencies. The data showed that U.S. consumers prices rose the most since?nearly 4 years in March, as oil prices rose and tariffs continued to be passed through. A persistently high level of inflation restricts central banks' ability cut interest rates. Although bullion can be used as a hedge to protect against inflation and geopolitical uncertainties, its appeal diminishes when rates are high due to the lack of yield. Gold demand has also increased in India this week, ahead of an important?festival. However, high prices have dampened the mood, while premiums in China have narrowed. Silver spot rose by 1.6% per ounce to $76.26, platinum dropped 2.3% to 2,053.81, while palladium also fell 1.9% to $1,527.44. All three metals are expected to post gains this week. Ashitha Shivprasad, reporting from Bengaluru. Niall Williams and Alan Barona edited the article.
-
USA Rare Earth CEO defends Trump Administration investment amid congressional questions
CEO Barbara Humpton said that shareholders of 'USA Rare Earth' should not worry about the terms of a pending investment by the U.S. Department of Commerce in the company. The deal gives Washington equity even if the funding falls through, she added. The $1.58-billion debt-and equity funding package announced in January is the latest in the Trump administration's?string? of critical-minerals investment. It was part of an effort to boost U.S. production for the building blocks of electronics, weapons, and other products. Some lawmakers are concerned about the terms of the USA Rare Earth agreement and how it was negotiated. The close relationship between Cantor Fitzgerald and the former Commerce Secretary Howard Lutnick, now headed by his sons, is one issue. In a letter sent to Lutnick, a top House Democrat called this deal "highly disturbing" and said that it was "deeply odd" that the government retains its equity stake if the deal is not funded or if funding is reclaimed. Humpton responded "Not at any time" when asked by an interviewer if the structure of the deal should worry shareholders. Humpton, who was speaking for the first time publicly about Democrats' concerns over the deal that is scheduled to close by the end the month, said: "With all the work we have done to show our shareholders their future path and value creation, we will be delighted to have had this engagement." Humpton forwarded any questions about the congressional letter Lutnick received to the Commerce Department. The department did not respond to requests for comments. The letter is viewed as a preview for the type of investigations Democrats will pursue after they win power in Washington following the midterm elections. They are looking at the use of federal funding and equity stakes as a way to reshape mineral supply chains. The funds will be used to develop a mine at Sierra Blanca in Texas that is expected to open in 2028 and a magnet plant in Stillwater in Oklahoma. CEO DISMISSES MINING ECONOMICS CRITICS Humpton, a former executive at Siemens, defended USA Rare?Earth’s work with Cantor during the Commerce Department negotiations, and noted that the financial firm assisted the company in going public in March 2025. Humpton said, "Our best decision was to choose a team that knew us." The company acknowledged that while the Texas mine was central to its magnet plans, it had a low grade of rare Earths in comparison with other peers. This is a geological factor that has been described by some as an economic risk. However, the mix of rare Earths in the deposit tends to be heavy rare earths which are used in applications with extremely high heat and are therefore more attractive?to certain customers. The mine's preliminary feasibility study, which is usually required by investors, will not be completed until the end of the year. This raises more questions about the mine's economics. Humpton cited pop singer Taylor Swift in response to a question about the negative reactions of some people towards its Texas plans. "Haters will hate." Humpton stated that "simple grade" is not the determining factor. The true factor is the recoverable heavy rare-earth component. The mine will produce yttrium which is used to make special alloys. It's also one of the rare earths that China has restricted exports. Humpton stated, "We didn't realize the importance of yttrium before we worked with the Department of Commerce." Commerce made it clear this was the top demand in the semiconductor industry. Reporting by Ernest Scheyder, Houston; Editing and Veronica Brown by Matthew Lewis
Philippines uses mangrove buffer zones to protect its coasts
Negros Occidental is the first to introduce a coastal greenbelt
Natural protection against storms, flooding and erosion
The Senate is currently considering a bill to create a national coastal greenbelt.
By Mariejo Ramos
Local leaders, instead of relying on man-made barriers, have re-established natural barriers, such as 100-metre wide strips of vegetation. These include coastal mangroves, beach forest species, and other plants that can protect against storms and erosion.
Negros Occidental started establishing its "coastal Greenbelt" in 2022. It was the first network of its kind to be established in the Philippines.
The project led to the creation and protection of over 1,000 hectares in Negros Occidental of mangroves and beach forests, as well as wetlands, which serve now to protect against typhoons and coastal erosion, and to reduce the risk of disasters.
Negros Occidental's coastal greenbelt can serve as a model to protect the thousands of kilometers of coastline in Indonesia, which is threatened by deforestation, urbanization and climate change.
Gloria Estenzo Ramos Vice President of Oceana Philippines, a group dedicated to ocean conservation, said: "Local governments are aware of the benefits that coastal greenbelts can provide in saving lives and property from destruction."
According to her organization, more than 90 local governments have passed policies or ordinances designating certain areas of their area as greenbelt zone.
Negros Occidental also contains the 89,000-hectare Negros Occidental Coastal Wetlands conservation area, which is home to several endangered species such as turtles and Dolphins. This wetland was declared of international importance by 2016
According to a study conducted by British scientists in 2012, a 100-metre mangrove strip can reduce waves' energy by as much as 66%.
Wetland experts have been pushing for similar measures nationwide, and legislators have introduced legislation to create national coastal greenbelts zones. 60% of Filipinos live in coastal areas that are vulnerable to climate catastrophes.
The Philippines House of Representatives passed a coastal-management bill unanimously in 2023, which would require coastal towns across the country to establish 100-m greenbelts similar to Negros Occidental.
The bill has yet to be approved by the Senate, as it was not deemed a priority.
THREATS TO COASTAL Ecosystems
According to Wetlands International Philippines, coastal ecosystems such as mangroves, seagrasses and corals are beneficial for both rural and urban Filipinos.
These coastal protections have been under threat for many decades.
In the 1990s, nearly half of the 450,000 hectares (or 1.2 million acres) of mangroves in Philippines were gone. Kisha Murana, Wetlands International Philippines' policy and advocacy officer, stated that mangroves were cut down because of "destructive coastal projects like reclamation".
Muana said that the bill will help the government to monitor the greenbelts and identify areas where they could be restored.
She said that there are some areas of the Philippines where mangroves do not cover the required 100 metres to block wave energy. The law could force these territories to add beach forests to make up the difference.
Julie Ann Bedrio is the provincial environmental officer for Negros Occidental. She said that proposed developments such as land reclamation projects and wind power had a greater impact on coastal areas than individual vegetation cutting.
Bedrio also said that coastal areas had suffered from a lack of enforcement of coastal laws, as well as pollution caused by marine litter. This includes plastics wrapped around mangrove stems or trunks.
Bedrio added that the establishment of a greenbelt zone network in Negros Occidental helped to encourage dialogue between local leaders, NGOs, and environmental experts, so they could monitor and, if necessary, block projects which might harm coastal environments.
First Line of Defence
Greenbelts were recognized by the International Union for Conservation of Nature (a conservation group) as an important solution to some coastal problems including wind and sea erosion as early as 2007.
The proposed policy in the Philippines would require the creation of coastal greenbelts that are based on the vulnerability to storms surges, tsunamis, and other threats. It would also create a plan for protecting coastal biodiversity.
Oceana's Ramos, who is a member of Oceana, said that she believes the bill will be passed quickly as soon as the Senate resumes its session in June. Oceana has been invited to join the technical working group which will examine the current version.
Bedrio stated that local governments are using limited funds to implement policies for coastal greenbelts. It would be helpful if they were supported by the national government with financial or technical support.
The environmental officer is still haunted by thousands of deaths caused by Yolanda or Haiyan in 2013. He hopes that coastal greenbelts become a legislative priority.
(source: Reuters)