Latest News
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First Quantum supports Panama's plan for stockpile processing to be allowed at a closed copper mine
First Quantum Minerals, a Canadian mining company, welcomed the plan announced by Panama's President Jose Raul Mulino earlier this month to allow for the processing and removal of ore stockpiled at its closed Cobre Panama coppermine. The company stated that processing the ore stocks will allow them to mitigate environmental and operational risks associated with acid-rock drainage, and to ensure a supply of feed materials to the leftovers or 'tailings' management facility. First Quantum awaits formal approvals before implementing these 'activities' in coordination with the government of Panama. The mine Cobre - Panama, the largest open-pit deposit of copper in the world, closed its doors to local residents after protests over environmental impact and tax contributions. In a press release, the company stated that the processing of stockpiles does not constitute the reopening of the mine and will not involve any new drilling or blasting. First Quantum and Panama both suffered a financial impact when the mine closed. Mulino said earlier on Thursday that the government hopes to reach a decision by June on the future of copper mine. (Reporting from Bengaluru by Pooja menon; Editing by Sahal Muhammad)
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Silver trade crowded as retail investors pour record amounts of cash into the market
Vanda Research published a report on Thursday that stated individual investors are buying silver at such an accelerated pace, it's now the most popular commodity in the market. Vanda Research calculated that individual investors bought $921.8 in exchange-traded funds backed by silver, such as the iShares Silver Trust. iShares ETF saw retail purchases of $69.2 million on Wednesday. This was the second largest day for retail purchasing, after 2021 when retail investors drove prices sky high. The ETF has gained 31.3% this year, and 210.9% over the last 12 months. Silver has reached new heights. Silver prices rose to $91.90 per ounce on Thursday afternoon. This is up from $72.62 in the first year of trading, but still below the intraday record of $93 set by LSEG. The MSCI Select Silver Miners Index, which tracks the stock prices of mining firms with shares that are particularly sensitive to changes in metal price, has surged by 225% over the past 12 months. The 2021 silver bull market was part of a larger retail speculative boom, which included meme stocks such as GameStop and AMC Entertainment. Vanda says that this time there are concrete reasons for the rally. Vanda said that this is not just a speculative bet, but a "structural accumulation" that has now exceeded the heights reached by the 'Silver Spike 2021'. It is now time to consider silver as a "core macro-trading asset" rather than a mere speculative investment, Vanda said. Some people are more cautious. Kathy Kriskey is the head of Invesco's alternative ETF strategy. She said, "We have waited for 45 years to see silver break above $50 per ounce. Now we've seen its price zoom past $80 an ounce in less than 3 months." (Suzanne McGee, Providence RI. Editing by David Gregorio.)
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Israel's strikes on Gaza have killed 10, including Hamas and Islamic Jihad leaders
Local sources report that a Hamas senior leader, a Hamas policeman and a militant from Islamic Jihad were among the 10 people who died in an Israeli strike on Gaza. Local medics and residents confirmed the death of Ashraf al-Khatib, a senior Islamic Jihad operative in Nuseirat. A Hamas officer was also killed in Gaza City. Hamas sources said local commander Mohammed Al-Holy had been killed earlier in the day in Deir al-Balah. The Israeli military didn't immediately respond to inquiries about the incident. Hamas has condemned the attacks on the Al-Holy Family in a public statement, but did not mention Mohammed or his role within the group. Israel was accused of violating a ceasefire agreement in place since October and trying to "reignite" the conflict. Officials from the Department of Health confirmed that one 16-year old was among those who died. The Israeli strikes come a day after the United States announced that the second phase of the ceasefire agreement had begun on Wednesday. Israel and Hamas are far apart on major issues and have blamed each other for violating the ceasefire. Since the ceasefire came into effect in October, more than 400 Palestinians as well as three Israeli soldiers were reported dead. Israel has ordered the residents of Gaza to leave more than half of Gaza, where it still has troops. More than two million Gazans now live in damaged or makeshift buildings, in an area where Israeli troops are no longer present. Hamas is in control. On?Tuesday, the United Nations Children's Agency said that more than 100 children had been killed in Gaza since the ceasefire. This includes victims of quadcopter and drone attacks. Israel began its operation in Gaza after an attack in October 2023 by Hamas-led militants that killed 1,200 people according to Israeli statistics. According to the health authorities of Gaza, Israel's attack has left Gaza in ruins and killed 71,000 people. Reporting by Nidal al-Mughrabi, Writing by Pesha Magd, Editing by Peter Graff & Alistair Bell
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Brazil closes Sigma Lithium waste heaps due to safety concerns
According to documents obtained by the. Sigma continues to struggle to restart Brazil's largest lithium mine with a capacity of 270,000 tons of lithium concentrate per year. The documents indicate that it has not been active since October. Sigma said in a press release that the restrictions would not impact its ability to continue operations or affect its timeline for restarting production. The miner said that there were no safety risks, and the piles contained only soil. In a statement the ministry stated that the piles are still a concern despite the closure. It added that an erupted waste pile could spill over nearby homes or into the Piaui River. SHARES DROP AFTER DOWNGRADE In November, during a conference call to discuss earnings, the company said that production would resume in the mine within two or three weeks. Bank of America downgraded shares of the company last week, when the mine was still 'non-operational'. They cited a lack of clarity about the date of production. Their assessment sent shares plummeting 15% in just one day. The Toronto-listed company announced on Tuesday that it is advancing with its plan to restart production. On December 5, the Labor Department issued a decision that the piles would be closed to access. They rejected the appeal of the company on Tuesday. Sigma is unsure if it could produce lithium in the Grota do Cirilo, its sole productive asset, if the miner did not use the three prohibited heaps where they stack waste after processing. Documents show that Sigma informed inspectors of the "significant economic and operational impacts" of losing access to the piles, as well as the risk to the continuation of mining activities. INDUSTRY LEADER NOW IN TROUBLE Sigma, once the largest player in Brazil's fledgling industry for lithium, has been struggling with lower lithium prices since 2023 and difficulties expanding its mining operations. Sigma has also had a tiff with Calvyn Gardner's ex-husband, the current CEO Ana Cabral. Gardner has filed a lawsuit against the company for mining rights, and expressed concerns about safety in Grota do Cirilo. According to a Labor Ministry report, Sigma must present documentation proving that it has corrected the issues identified by inspectors before they can resume using the prohibited waste piles. On November 12, a labor inspector visiting the mine site reported a "partial fracture" of one of a piles near an?academy in the small village of Poco Dantas. He cited this as evidence of structural problems. In a report dated January 6, a labor inspector dismissed Sigma's claim that the piles were safe. Sigma has confirmed that the piles meet the safety standards established by the authorities. It is showing this to the Ministry. (Reporting and editing by Brad Haynes, Rod Nickel and Fabio Teixeira)
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South Africa's Kruger National Park shuts after severe floods
Authorities in South Africa closed Kruger National Park to day visitors on Thursday after heavy rains caused a number of rivers to burst their banks. South African National Parks stated that tourists already staying in lodges within the park could stay there, except for areas around the Letaba?river, which were evacuated. The TV footage showed a vast area of the park being submerged in fast-flowing floodwater, with hippos swimming and trees poking through. Roads were closed. Climate change has made storms in Indian Ocean, which is adjacent to southeastern Africa, more powerful. This has led to more flooding in this region. Reynold Thakhuli, Kruger's spokesperson, told reporters on the spot that the water was moving fast. The road had been closed and half-submerged in water. Authorities had also shut down the Phalaborwa Gate, near the Kruger Airport. We'll shut it down for 24 hours to?monitor the situation." He said: "We're not worried about the animals" because they tend to move higher up in such situations. South African tourist Gerhard Ackerman was sitting on the veranda overlooking the flooding with a glass of wine in his hand. He said, "It is God's way to put water back in the earth." "We are enjoying it." (Writing and editing by David Gregorio; Tim Cocks).
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NATO Secretary General: Zelenskiy discussed Russia's attacks with NATO Secretary general
Mark Rutte, NATO Secretary-General, spoke with Ukraine President Volodymyr Zelenskiy Thursday about the latest Russian attacks in Ukraine that have caused widespread power outages. "Spoke to @ZelenskyyUa on the energy situation in Ukraine. Russia's attacks are causing horrific human suffering. Also,?on ongoing efforts to end the war." Rutte wrote on X Thursday. "We are committed to ensuring that Ukraine receives the 'crucial support it needs to defend itself today and secure a lasting peaceful future." Zelenskiy reported that he and Zelenskiy discussed "serious issues" raised by the recent Russian strikes, as well as the need to strengthen Ukraine's air defenses. Zelenskiy wrote on Telegram that he hoped the amount of supplies sent to Ukraine by its European allies through PURL (Prioritized Ukraine Needs List) would increase in January. Zelenskiy stated that "considerable progress" had been made in diplomatic efforts to resolve the war, which has lasted for nearly four years. He also pledged to not "ease up the pace". (Reporting and editing by Benoit van Overstraeten, Ron Popeski, and Sudip Kar Gupta)
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Gold falls as US job data boosts the dollar and Trump's rhetoric on Iran is softer
Gold prices fell on Thursday, as weaker than expected U.S. weekly jobless claims data increased the dollar. U.S. president?Donald? Trump's more moderate tone towards Iran also weighed on the demand for gold as a safe haven. As of 01:30 pm, spot gold was down by 0.1%, at $4,614.93 an ounce. ET (1830 GMT). On Wednesday, gold reached a new record of $4,642.72. U.S. Gold Futures for Delivery in February settled at $4,623.70, a 0.3% decrease. The dollar index rose to its highest level in December 2, and bullion became more expensive for overseas buyers, according to data showing that new claims for U.S. unemployment insurance unexpectedly dropped last week. "Recent data keeps expectations for Fed on hold for perhaps the first half of the year. The dollar index is at an all-time high, and this is causing a little headwind for gold at this point," said Peter Grant. Trump said Wednesday that he has no plans to terminate Jerome Powell, despite an investigation by the Justice Department into the Federal Reserve Chair. However, it is "too soon" to predict what he will do. Trump has called for interest rate cuts, but the Fed is expected to keep rates steady at its meeting on January 27-28. The markets, however, expect at least two 25 basis-point rate cuts later in the year. Trump said that he was told the killings were easing in Iran's crackdown against protests and that he did not see any immediate plans for large-scale executions. This is a sign of a wait-and -see attitude after previous threats of intervention. Grant stated that easing geopolitical pressures had a slight impact on gold prices. However, he viewed the move of gold as a corrective one and predicted traders would treat any downturns as opportunities to buy. Gold is a safe-haven asset that tends to do well in times of economic and geopolitical uncertainty as well as low interest rates. Adam Glapinski, the governor of Poland's central banks, said that by 2025 they will have 550 tons gold and want to increase their reserves to 700 tonnes. Silver spot fell 0.3%, to $92.50 an ounce. It had earlier reached a session high of $93.57. The spot platinum price fell 0.8%, to $2,404.18 an ounce. Palladium remained at $1,826.32 an ounce. (Reporting and editing by Sharon Singleton, Shalesh Kuber and Anmol Choubey from Bengaluru)
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Spain launches sovereign wealth fund in order to extend the benefits of EU funds expiring
Pedro Sanchez, the Prime Minister of Spain, announced on Thursday that Spain would create a sovereign wealth fund owned by the state to boost various sectors such as housing and national security. The "Spain grows" fund aims to extend a?economic stimulus provided by the NextGenerationEU Funds of the European Union, which played an important role in helping the country recover from the COVID-19 Pandemic, beyond 2026. Sanchez added that more details will be revealed next week. The initial drawdown from EU funds is 10.5 billion euro ($12.2 billion). Sanchez stated that the fund would prioritise investment in housing, renewable energies, digitalisation and AI, industrialisation, infrastructure, water, health, circular economy, security, and?infrastructure. Sanchez stated that "this fund will not only serve as an exercise in national sovereignty, but it will also prove that there are other ways to do things when a narrative is being pushed that challenges diversity, equality and commitment to sustainability." He said that not only would the large cities benefit from these investments, but so too would those areas which had been left out of industrialisation. Spain was one of the major recipients of EU pandemic relief funds. It received about 160 billion euro - approximately half as grants and half as loans. According to the latest figures released by the Economy Ministry in mid-December, the country has issued tenders worth?86.6 billion euro, allocated 79.8 milliards euros and paid 62.9 billion according. The country has also requested loans of 22.8 billion euro. It renounced?loans of around 66 billion euro in December. This decision was attributed to the strong position it has on capital markets, which allows it to raise funds independently. Daniel Calleja, an official of the European Commission, said that the decision was due to the failure of the Commission to implement certain reforms.
Judge rules that Trump administration illegally cancelled disaster prevention program
On Thursday, a federal judge ruled that the U.S. President Donald Trump's Administration unlawfully terminated an Emergency Management Agency grant programme designed to?protect communities and states against natural disasters? before they happen. U.S. District judge Richard Stearns, in Boston, sided with the majority of Democratic-led states and found that the Republican administration's decision to terminate the Building Resilient Communities and Infrastructure program and to use the money Congress authorized to support it to other purposes was illegal.
The agency, part of the U.S. Department of Homeland Security (DHS), announced that it would terminate the program in April, describing it as wasteful, ineffective, and politicized.
Stearns was appointed by Democratic President Bill Clinton. He said that the action of the administration amounted "to an unlawful executive encroachment upon the prerogatives of Congress to 'appropriate funds for specific and compelling purposes.
Stearns wrote that the BRIC program was designed to save lives and protect against natural catastrophes. It is obvious that bureaucratic obstacles do not stop disasters from happening. Stearns, at an earlier stage in the case back in August, prevented?FEMA spending more than $4 billion that was allocated to BRIC on other purposes.
He blocked the cancellation of the program without Congress' approval and ordered FEMA take immediate steps to reverse the termination.
In a press release, Massachusetts Attorney General Andrea Joy Campbell (a Democrat) who led the case said: "Today's order will save lives because it prevents the federal government to terminate funding that helps prepare communities for and mitigate natural disasters."
In a statement, a spokesperson for the Department of Homeland Security said that BRIC had not been terminated and "any suggestion of the contrary is a falsehood." BRIC had been used as a "Green New Deal slushfund" by Democratic President Joe Biden, according to a spokesperson.
The spokesperson for the Department said, "It is unfortunate that a judge who was an activist either did not understand or didn't care."
The BRIC program is the largest program for disaster mitigation offered by FEMA. It assists state and local governments to 'protect major infrastructure like roads and bridges prior to the occurrences of disasters such as floods, hurricanes, and other natural disasters.
According to the lawsuit FEMA approved approximately $4.5 billion for nearly 2,000 project, mainly in coastal states over the past four years.
In July, Washington and Massachusetts, along with other states, sued the BRIC program, claiming that it had caused communities to cancel, delay or scale back hundreds of disaster mitigation programs. (Reporting and editing by Aurora Ellis, Stephen Coates, and Nate Raymond from Boston)
(source: Reuters)