Latest News
-
Trump Administration seeks equity stakes in Lithium Americas during loan talks
Two people with knowledge of the talks said that the Trump administration wants to take a 10% equity stake in Lithium Americas when it renegotiates the terms of its $2.26 billion Energy Department Loan for General Motors' Thacker Pass Lithium Project. The Trump administration has intervened directly in American economics by taking stakes in Intel and MP Materials, as well as other U.S. technology and minerals companies to promote industries that it deems critical to national defense. The Thacker Pass Mine, which is expected to be the largest lithium source in the Western Hemisphere when it opens its doors in 2028 with over 600 contractors on the site about 25 miles (40km) south of Nevada’s border with Oregon, has been under construction since nearly a full year. Thacker Pass has been a key component in Washington's efforts to increase the U.S. lithium production, which is used to produce batteries for electric cars and other electronic devices. "President Trump is in favor of this project." "He wants it to be successful and fair for taxpayers", a White House representative told. "But free money doesn't exist." In the aftermarket, shares of Lithium Americas increased by about 80% from $3 to $5.54 per share. Both Republicans and Democrats have long praised the project as a way to increase U.S. production of critical minerals and reduce reliance on China. Albemarle, a Nevada-based company, produces less than 5 metric tons (5,000 pounds) of lithium. Thacker Pass’s first phase will produce 40,000 metric tonnes of battery-quality Lithium Carbonate per year. This is enough to power up to 800,000. China is the world's third largest producer of lithium, after Australia and Chile, with an annual production of more than 40,000 tons. China has a greater influence in the refining process, where over 75% world lithium is converted into battery grade material. Trump approved the $2.93 billion project for Thacker Pass at the end his first term. Biden administration officials closed the loan last year from the Department of Energy’s Loan Programs Office. The loan is for 24 years, and the interest rate will be based on U.S. Treasury rates at each draw. Sources say that Lithium Americas had been scheduled to draw its first loan payment earlier this month, but Trump officials tried to renegotiate the terms due to concerns over the company's inability to repay the loan because of low lithium prices caused by Chinese overproduction. Washington Free Beacon was the first to report on discussions about the potential reevaluation of the loan. The request by the administration for an equity stake was not previously reported. GM has the right, after investing $625 million for a stake of 38% in the mine, to purchase all the lithium produced by the first phase, and a portion of the second phase, for the next 20 years. However, Trump officials want a guarantee from GM that they will buy the material. According to a source, the equity request was made during recent discussions over the loan amortization schedule. Lithium Americas proposed to change the time frame for repayment of part of the principle, but not the timeline or interest total that would be received by the Loan Programs Office. According to a source, Lithium Americas responded to this request by offering the government warrants at no cost that would equal 5% to 10% its common shares. It also offered funds to cover fees that may be incurred if the amortization schedule is changed. According to a source, Trump officials are also pushing for GM to relinquish control of parts of the project to Washington. GM, who relies on Thacker to provide a large portion of its lithium requirements for its electrification drive, called the loan a “necessary component of financing to commercialize an important national resource” and noted that Trump had "strongly supported” the mine during his first term. A GM spokesperson said, "We are confident in this project which supports the goals of the administration." Lithium Americas refused to comment on ongoing negotiations but stated: "We are in active discussions with (Department of Energy), and our partner GM and will provide a further update when appropriate." Washington has put safeguards in place as part of its original loan terms to protect its investment. These include several clauses which give the government an option to take the project over if the project is delayed or suffers major cost overruns. Lithium Americas is one of many companies - such as ioneer, Exxon Mobil and Standard Lithium - that are developing U.S. Lithium projects. (Reporting and editing by Veronica Brown, Michael Learmonth and Jarrett Renshaw)
-
Trump Administration seeks equity stakes in Lithium Americas during loan talks
Two people with knowledge of the talks said that the Trump administration wants to take a 10% equity stake in Lithium Americas when it renegotiates the terms of its $2.26 billion Energy Department Loan for the Thacker Pass Lithium Project with General Motors. This is just the latest instance of the Trump administration directly intervening in the American economy, as it has done with its stakes in Intel and MP Materials as well as other U.S. technology and minerals companies to promote industries that it views as being critical to national safety. The Thacker Pass Mine, which is expected to be the largest lithium source in the Western Hemisphere when it opens its doors in 2028 with over 600 contractors on the site about 25 miles (40km) south of Nevada’s border with Oregon, has been under construction since nearly a full year. Thacker Pass has been hailed as an important part of Washington’s efforts to increase the U.S. lithium production, which is used in batteries for electric cars and other electronic devices. "President Trump is in favor of this project." "He wants it to be successful and fair for taxpayers," said a White House representative. "But free money doesn't exist." Both Republicans and Democrats have long praised the project as a way to increase U.S. production of critical minerals and reduce reliance on China. Albemarle, a Nevada-based company, produces less than 5 metric tons (5,000 pounds) of lithium. Thacker Pass’s first phase will produce 40,000 metric tonnes of battery-quality Lithium Carbonate per year. This is enough to power up to 800,000. China is the world's third largest producer of lithium, after Australia and Chile, with an annual production of more than 40,000 tons. China has a greater influence in the refining process, where over 75% world lithium is converted into battery grade material. Trump approved the $2.93 billion project for Thacker Pass at the end his first term. Biden administration officials closed the loan last year from the Department of Energy’s Loan Programs Office. The loan is for 24 years, and the interest rate will be based on U.S. Treasury rates at each draw. Sources say that Lithium Americas had been scheduled to draw its first loan payment earlier this month, but Trump officials tried to renegotiate the terms due to concerns over the company's inability to repay the loan because of low lithium prices caused by Chinese overproduction. Washington Free Beacon was the first to report on discussions about the potential reevaluation of the loan. The request by the administration for an equity stake was not previously reported. GM has the right, after investing $625 million for a stake of 38% in the project last year, to purchase all the lithium produced by the first phase, and a portion of the second phase, for 20 years. However, Trump officials now want a guarantee from GM that they will buy the material, according to sources. According to a source, the equity request was made during recent discussions over the loan amortization schedule. Lithium Americas proposed to change the time frame for repayment of the principle, but not the timeline or interest rate that would be paid to the Loan Programs Office. According to a source, Lithium Americas responded to this request by offering the government warrants at no cost that would equal 5% to 10% its common shares. It also offered funds to cover fees that may be incurred if the amortization schedule is changed. According to a source, Trump officials are also pushing for GM to relinquish control of parts of the project to Washington. GM, who relies on Thacker to provide a large portion of its lithium requirements for its electrification drive, called the loan a “necessary component of financing to commercialize an important national resource” and noted that Trump had "strongly supported” the mine during his first term. A GM spokesperson said, "We are confident in this project which supports the goals of the administration." Lithium Americas refused to comment on ongoing negotiations but stated: "We are in active discussions with (Department of Energy), and our partner GM and will provide a further update when appropriate." Washington has put safeguards in place as part of its original loan terms to protect its investment. These include several clauses which give the government an option to take the project over if the project is delayed or suffers major cost overruns. Lithium Americas is one of many companies - such as ioneer, Exxon Mobil and Standard Lithium - that are developing U.S. Lithium projects. (Reporting and editing by Veronica Brown, Michael Learmonth and Jarrett Renshaw)
-
Kansas, TerraPower, and Evergy Sign Deal to Explore Nuclear Reactor and Energy Storage Sites
The Kansas Department of Commerce and TerraPower, a Bill Gates-backed company, signed a Memorandum of Understanding on Tuesday, to explore possible sites for an energy storage facility and a nuclear reactor. This is in response to the soaring need for electricity. After decades of stagnation in the U.S., nuclear power is on the rise again. This is due to the surge in electricity demand for energy-hungry computer centers as well as electrifications of manufacturing and transportation industries. Donald Trump was elected President of the United States in late May. Sign up for our Newsletter Executive orders directing U.S. Nuclear Regulatory Commission (NRC) to streamline regulations and accelerate licensing processes for power plants and reactors. The companies will assess the site-specific characteristics of a possible advanced nuclear power plant, and evaluate TerraPower's flagship technologies including their ability to support Evergy customers. Evergy provides electricity to 1.7 million customers in Kansas and Missouri. TerraPower's Natrium is a fast reactor with a sodium cooling system that produces 345 megawatts of electrical power (MWe). It also includes a storage system based on molten salt. The storage system allows the reactor to increase its output up to 500 MW in times of high demand, while maintaining a constant base output. TerraPower received $650 million from Bill Gates, the founder of Nvidia, and their venture capital arm. (Reporting and editing by Shinjini Ganuli, Mohammed Safi Shamsi and Katha Kalia from Bengaluru)
-
Brazil's Lula announces a $1 billion investment to the Global Forest Fund
At a United Nations conference in New York, Brazil's president Luiz Inacio Lula Da Silva announced a $1 billion investment into the Tropical Forests Forever Facility. This multilateral funding mechanism has been proposed to support the conservation of endangered forest. Brazil is the first country in the world to make a commitment to the Forest Fund. The announcement confirmed an earlier report citing sources. Lula stated that Brazil will be the first to set an example by investing $1 billion in the forest fund. He added that he expected other countries to announce similar contributions. Sources said the move was intended to encourage contributions from wealthy economies and developing countries, who have had disagreements about funding global climate policies. According to those involved in the talks, nations like China, United Kingdom, France Germany, Norway Singapore and United Arab Emirates have shown initial support for the TFFF. The TFFF is envisioned as a $125-billion fund that combines contributions from the private and sovereign sectors. It would be administered like an endowment. Countries would receive annual stipends based upon how much of their rainforests remain standing. According to preliminary estimates, Brazil will need governments and major philanthropies, who can contribute $25 billion. This could attract $100 billion in private investment. Reporting by Lisandra paraguassu from Brasilia, writing by Manuela andreoni, editing by Brad Haynes. Nia Williams & Chizu Nomiyama.
-
A man found guilty of attempted murder in plot to kill Trump on Florida golf course
U.S. Attorney Pam Bondi announced on social media that a man who was found with a firearm near Donald Trump's Florida Golf Course last year, had been found guilty of the attempted assassination a major candidate for president. Ryan Routh (59) was found guilty of attempting to murder Trump, who at the time was a Republican presidential candidate and former U.S. President, by pointing a rifle into a fence as Trump played golf in West Palm Beach. He was found guilty of the other four charges, including impeding federal agents and weapons offenses. He could face a life sentence in prison. According to testimony, Routh did not fire a single shot when a U.S. Secret Service Agent patrolling ahead of Trump saw Routh with the rifle. The agent then opened fire. John Shipley, the prosecutor, said that the plot was "carefully crafted" and "deadly serious". He added that, without the Secret Service agent's intervention, "Donald Trump wouldn't be alive." Trump was the target of two assassination efforts, one of which wounded him in his ear. This occurred during the 2024 campaign for the presidency, when he returned to the White House. Bondi stated in a X statement that "Today's conviction of would-be Trump killer Ryan Routh demonstrates the Department of Justice’s commitment to punishing individuals who engage in political violent acts." This attempted assassination wasn't just an attack against our President but also an insult to our nation. Recent political violence has also targeted Democrats. An arsonist set fire to the home of Pennsylvania Governor Josh Shapiro in April while his family was there. In June, an arsonist posing as police in Minnesota killed state legislator Melissa Hortman along with her husband. He also shot state senator John Hoffman and his spouse. Routh chose to fire his attorneys and defend himself in court, even though he had pleaded guilty to all the charges. He defended himself by describing his non-violent and gentle nature. However, his long opening statement was cut short by the federal judge. Routh lived most recently in Hawaii. He was a roofing contractor who led a erratic lifestyle. He also became involved in pro-democracy campaigns in Taiwan and Ukraine where he travelled twice after Russia's invasion. Sara, his daughter, told us that he initially stayed in Ukraine for ten months. He slept in a tent and helped recruit volunteers as well as source supplies. Routh's trips were part of an ongoing pattern of large gestures he made to help people he deemed vulnerable or defenseless. However, these plans often met with practical obstacles. They were about to start a war. Sara Routh stated that they had nothing with which to fight. "He thought he could change things." The prosecution alleged Routh had arrived in South Florida a little over a month prior to the incident on September 15, 2024. Routh allegedly stayed at a truckstop and tracked Trump's schedule and movements. Routh was alleged to have used six cell phones, and he also used fake names in order to hide his identity. Prosecutors claim that he waited in thick brush for almost 10 hours the day before the incident and concealed himself there. Investigators found an SKS style rifle, two bags with metal plates similar to those used for body armor and a small camera pointed towards the course. Routh's discovery was made a few hundred feet away from Trump, on the fifth green. Routh was arrested by police later that afternoon, after being stopped along a Florida road. (Reporting and editing by Scott Malone, Daniel Wallis, and Andrew Goudsward)
-
A man found guilty of attempted murder in plot to kill Trump on Florida golf course
Fox News reported that a man who was discovered with a firearm near Donald Trump's Florida Golf Course last year, was found guilty of the attempted assassination a major candidate for president. Ryan Routh (59) was found guilty by a jury of attempting to murder Trump, who at the time was a former U.S. President and Republican candidate for president, with a rifle he pointed through a fence as Trump played golf in West Palm Beach. He could face a life sentence in prison. According to testimony, Routh did not fire a single shot when a U.S. Secret Service Agent patrolling ahead of Trump saw Routh with the rifle. The agent then opened fire. John Shipley, the prosecutor, said that the plot was "carefully crafted" and "deadly serious". He added that, without the Secret Service agent's intervention, "Donald Trump wouldn't be alive." Trump was the target of two assassination plots, one of which wounded him in his ear. This occurred during the 2024 campaign for the presidency, when he returned to the White House. Recent political violence has also targeted Democrats. An arsonist set fire to the home of Pennsylvania Governor Josh Shapiro in April while his family was there. In June, an arsonist posing as police in Minnesota killed state legislator Melissa Hortman along with her husband. He also shot state senator John Hoffman and his spouse. Routh chose to fire his attorneys and defend himself in court, even though he had pleaded guilty to all the charges. He defended himself by describing his non-violent and gentle nature. However, his long opening statement was cut short by the federal judge. Routh lived most recently in Hawaii. He was a roofing contractor who had a erratic career and participated in pro-democracy groups in Taiwan and Ukraine. Sara, his daughter, said that Routh initially stayed in Ukraine for ten months. He slept in a tent and recruited volunteers while sourcing supplies. Routh's trips were part of an ongoing pattern of large gestures to help people who he deemed vulnerable or defenseless. However, these plans often met with practical obstacles. They were about to start a war. Sara Routh stated that they had nothing with which to fight. "He thought he could change things." The prosecution alleged Routh had arrived in South Florida a little over a month prior to the incident on September 15, 2024. Routh allegedly stayed at a truckstop and tracked Trump's schedule and movements. Routh, according to prosecutors, used fake names and carried six cellphones in order to hide his identity. Prosecutors claim that Routh hid in thick bushes and waited for almost 10 hours the day before the incident. Investigators found an SKS style rifle, two bags with metal plates similar to those used for body armor and a small camera pointed towards the course. Routh's discovery was made a few hundred feet away from Trump, on the fifth green. Routh was arrested by police later that afternoon, after he had been stopped along a Florida road.
-
Trump's combative UN speech tells world leaders that their countries are going to hell
Donald Trump, the U.S. president, argued on Tuesday for a reduction in global migration levels and called for a shift away from climate-change policies. He also criticized world leaders harshly during a wide-ranging combative speech at the U.N. General Assembly. The 56-minute address was both a rebuke of the world body, and a return to Trump's old ways. He had regularly criticized the U.N. in his first term as President. When he left the chamber, he was greeted with polite applause by leaders. He rejected allies' attempts to endorse a Palestinian State amid Israel's recent Gaza offensive, and urged European nations adopt the same economic measures that he proposes against Russia to end the war in Ukraine. His speech was dominated largely by his two biggest complaints: immigration and climate changes. Trump used his U.S. crackdown on immigration as a model for what world leaders could do to stop mass migration, which he said was changing the fabric of countries. Human rights activists argue that migrants are looking for better lives. Trump stated, "I am really good at these things." "Your countries are in hell." Trump, who last week met with Britain's environmental-conscious King Charles at Windsor Castle called climate change "a con job" and encouraged a return of a greater dependence on fossil fuels. The majority of scientists agree that climate change is caused by humans. Trump stated that "Immigration, and their suicidal ideas about energy will be the end of Western Europe." RUSSIA: TARIFFS & CRITICISM for Allies The European Union has spent months trying their best to maintain a stable relationship with President Trump, focusing on securing U.S. backing to end the conflict in Ukraine. Trump and European leaders lavished praise on each other at a NATO summit held in June. In his speech on Tuesday, Trump mocked NATO for not stopping purchases of Russian crude oil. He also said that he would take strong economic measures against Moscow should they follow suit. They're financing the war against themselves. Who in the hell has ever heard about that? "If Russia does not agree to an end to the war, the United States will be ready to impose very powerful tariffs," said he. "But in order for these tariffs to have any effect, European nations, you all are gathered right here, would need to adopt the exact same measure." He didn't specify the measures but was considering a package of sanctions that would include countries like India and China that do business in Russia. Hungary, Slovakia and Turkey are the main European buyers of Russian crude oil. Trump was to meet with Ukrainian President Volodymyr Zelenskiy later that day. He has been pressing the U.S. for greater support in resisting Russian advances. Trump has rejected the efforts of world leaders to create a Palestinian state. This is a move which Israel strongly opposes. He said that the rewards for Hamas terrorists would be too high for their atrocities. He repeated his call for the release of the hostages held by the Palestinian militants group. Trump said the United States wants a ceasefire-for-hostages deal that would see the return of all remaining hostages, alive and dead. We must stop the Gaza war immediately. He said, "We must immediately negotiate peace." He would discuss the future Gaza with Gulf leaders in an afternoon meeting. Trump, who has portrayed himself as a peacemaker to win the Nobel Peace Prize in his bid to win, complained that the United Nations didn't support his efforts to stop conflicts around the globe. He paired his complaint with personal criticisms of the U.N.'s infrastructure. He said he and Melania Trump, first lady of the United States, were temporarily marooned in a malfunctioning U.N. elevator and that his Teleprompter did not work at first. Trump stated that he received two bad things from the United Nations: a bad elevator and a poor teleprompter. Melania Trump almost fell off the escalator when it suddenly stopped. (Reporting and editing by Don Durfee, Alistair Bell and Alistair Bell; Additional reporting and writing by Michelle Nichols; Writing by Daniel Trotta; Steve Holland and Daniel Trotta).
-
Nigerian regulator withdraws approval of TotalEnergies’ $860 million asset sales to Chappal Energies
TotalEnergies hoped to sell the oil assets onshore that were prone to spills last year The deal between Chappal Total and Chappal has not been closed despite multiple deadline extensions Total relied on the cash generated from sales to reduce debt Isaac Anyaogu & America Hernandez LAGOS/PARIS - TotalEnergies has failed to sell a minority stake to a Nigerian oil producer, Nigerian regulators announced on September 23. This is a blow to the French oil giant's strategy of selling mature, polluting oil assets to pay off debt. Total agreed to sell 10% of its Shell Petroleum Development Company of Nigeria Limited to Mauritius based Chappal Energies in July 2024. This was part of the wave of divestments of oil majors from onshore Nigerian assets in recent years. According to Eniola Akinkuoto of the Nigerian Upstream Petroleum Regulatory Commission, the regulatory approval granted in October for the sale has been withdrawn as the two parties have not met the financial commitments needed to close the deal. The ministerial approval was accompanied with certain financial obligations towards the Nigerians, which had strict deadlines. Both parties did not meet their financial obligations after multiple extensions, which forced the commission to annul the deal", Akinkuoto stated on Tuesday. Chappal Energies and TotalEnergies have declined to comment. A source with knowledge of the negotiations stated that Chappal had failed to raise $860 million and, as a consequence, Total was unable to meet its obligation to pay regulatory fees or cover future liabilities and funds for environmental rehabilitation. Total is left with its stake in an oil company that has been plagued by hundreds of oil spills due to theft, sabotage, and operational problems. These issues have led to expensive repairs and high profile lawsuits. Shell sold 30% of SPDC in March to a group of mostly local companies. The deal was worth up to $2.4billion. In recent years, Exxon Mobil and Equinor, both of which are owned by Exxon Mobil in the United States, have sold their Nigerian assets to concentrate on more profitable, newer operations. Chappal Energies - a company that specializes in producing oil and natural gas from distressed and mature upstream assets located in the Niger Delta - successfully purchased Nigerian assets last year from Equinor. The purchase was backed by the Mauritius Commercial Bank, Trafigura and the commodities trading firm Trafigura. Chappal did not disclose its financial supporters for the proposed acquisition from TotalEnergies. The Nigerian National Petroleum Corporation (55%), Eni (5%), and other SPDC shareholders are also included. Total's failed exit is a blow to its plan to sell more polluting, high-cost assets and to pay off some of its debt. This debt jumped 89% in one year, to $25,9 billion. In July, CEO Patrick Pouyanne informed investors that the Nigerian deal was one of three transactions expected to bring in $3.5billion before the end of the year and reduce the company's ratio of debt-to equity. This had reached 28% at the mid-year mark including hybrid debt and leases. Total still holds 15 licenses, mostly in oil fields. These fields are expected to produce 14,000 barrels oil equivalent per day by 2023. Total also has three gas licences that represent 40% of its Nigerian LNG gas supply. Reporting by America Hernandez and Isaac Anyaogu, both in Lagos. Mark Potter is the editor.
Sources say Brazil will invest $1 billion into the Global Forest Fund
Two people familiar with the plans said that Brazil would announce a $1billion investment in the Tropical Forests Forever Facility. This multilateral funding mechanism is intended to help conserve endangered forests.
Sources say that the investment will be announced later Tuesday by Brazilian President Luiz inacio Lula da So at an event hosted by the United Nations in New York. Brazil is the first country to make a commitment to the Forest Fund. Sources say the move is intended to encourage contributions from wealthy economies and developing countries, who have had disagreements over funding global climate policies. According to those involved in the talks, nations like China, United Kingdom, France Germany, Norway Singapore and United Arab Emirates have shown initial support for the TFFF. The TFFF is envisioned as a $125-billion fund that combines contributions from the private and sovereign sectors. It would be administered like an endowment. Countries would receive annual stipends based upon how much of their rainforests remain standing.
According to preliminary estimates, Brazil will need governments and major philanthropies contributing the first $25 billion in order to attract private investors who could contribute another $100 billion. (Reporting and writing by Lisandra paraguassu, Brasilia) Editing by Brad Haynes, Nia Williams and Manuela Andreoni
(source: Reuters)