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VHM, an Australian rare earths mining company, cancels offtake agreement with China's Shenghe Resources
VHM, an Australian rare earths mining company, announced on Monday that it has terminated the?offtake contract with China's Shenghe Resources in relation to its Goschen rare Earths project? after conditions precedent were not met. If current trends continue, shares of?VHM could rise as much as 12.1% in early trading to A$0.465. This would be their best day since the 10th November. VHM stated that the decision was a sign of its intention to reach out to a larger pool of buyers, as global demand for minerals critical is increasing from buyers outside China. Macquarie Capital was hired by the company to help with its Goschen project, located in Victoria, Australia. VHM's flagship project, the Goschen?project, focuses on extracting minerals, such as rare earths and titanium minerals, that?power clean power systems, electric mobility and advanced defence applications, and modern digital technology. The agreement with Shenghe announced in 2024 set forth terms for the initial supply of 6,400 tons of rare earth mineral concentrate per year, including other valuable minerals, from VHM’s Goschen Project, for a three-year period. The company stated that the project was to begin producing rare earths, mineral sands, and concentrates by the end of 2027. In 2025, the Melbourne-headquartered ?firm secured up to $200 million in funding from the U.S. Export-Import Bank (EXIM) to support development ?of the Goschen project. Shenghe is expanding its presence in the rare earths industry in Australia. In 2022, Shenghe will purchase nearly 20% of Peak Rare Earths and sign a contract to buy products from Peak’s Ngualla Project in Tanzania. Shenghe, a Chinese rare earths producer owned by Shenghe, acquired Peak in September after the firm approved a $130 million purchase offer from Peak. The deal was struck as Australia looked at a price floor in order to support important minerals projects, and to position itself as a viable alternative to China as the dominant supplier. (Reporting and editing by Deepa Babington, Jamie Freed, and Rajasik Mukherjee)
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Trump warns Cuba about oil and suggests a deal between the US and Cuba
Donald Trump, the U.S. president, suggested on Sunday that Cuba make a 'deal' with Washington. He warned that the island nation would no longer be receiving oil or money from Venezuela. Venezuela is Cuba's largest oil supplier. However, since U.S. forces captured Venezuelan President Nicolas Maduro, Trump has successfully pressured interim president Delcy Rodrguez to send Venezuelan crude oil to the United States. "THERE WON'T BE ANY?MORE?OIL OR MONEY GOING CUBA – ZERO!" Trump said on Sunday that he strongly suggested they "make a deal" BEFORE it is too late. Trump stated that "Cuba has lived for many years on large amounts OIL and MONEY coming from Venezuela." U.S. Intelligence has painted a 'dark picture' of Cuba's political and economic situation. However, the assessments do not support Trump's claim that the island was "ready to collapse", reported on Saturday. According to the CIA, blackouts and trade sanctions are causing major problems in key sectors of Cuba's economy. These include agriculture and tourism. Venezuela's potential loss of oil imports, and other support, which has been a key ally for decades, could make it more difficult to govern Cuba. The loss of Venezuelan crude oil for Cuba is devastating. Venezuela sent an average of 27,500 barrels of oil per day (bpd), covering about 50% of Cuba's deficit in oil, between January and November last year.
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Queensland tropical cyclone leaves thousands of Australians powerless
On Sunday, thousands of people in Australia’s northeastern state?of Queensland lacked power after a tropical cyclone swept across the coast and brought heavy rains and destructive winds. The nation's forecaster said that Koji, a Category One cyclone, made its landfall between Ayr, and Bowen (about 500 km / 310 miles north of the state capital Brisbane) before fading to a Tropical Low. It said that the storm with its wind gusts up to 95 km/h (59mph) and heavy rain hit coastal towns, including Mackay. Mackay is a tourist destination, as well as the gateway to 'Great Barrier Reef. Queensland Premier David Crisafulli stated that around?15,000 homes had lost electricity due to Koji. The storm also damaged boats and property, and closed the roads. Crisafulli stated that Koji, which brought rains of up to 200mm (7.8") to some areas over night, was expected to bring 'heavy downpours' in the next 24 to48 hours. In televised remarks, he stated that Queenslanders would be able to handle the flooding. Prime Minister Anthony Albanese had earlier described flash floods as a major risk along a large stretch on Queensland's coastline. The?weather report said that the severe weather would likely continue through Sunday, before possibly abating on Monday. Koji follows the March storm Alfred which brought heavy rains and damaging winds to the state, cutting off power for hundreds of thousands.
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Bob Weir died aged 78.
Bob Weir was a veteran rock musician who played rhythm guitar for the Grateful Dead. He helped guide the band through decades of change and success. A statement on his verified Instagram page said that he died at the age of 78. The statement stated that he was diagnosed with lung cancer in July. He died surrounded by his loved ones. The statement did not specify when or where he died. Weir, along with late Grateful Dead co-founder and lead guitar Jerry Garcia who was the center of the?universe of Deadheads, was one of?two main vocalists and frontmen for the majority of the band's existence. Weir sang the verses of the trademark boogie song, "Truckin'." He also wrote key songs like "Jack Straw," "Playing in the Band," and "Sugar Magnolia." "Bobby", a young, ponytailed singer who grew up to be an eclectic songwriter with a handsome appearance and varied musical influences?helped widen the appeal of the band. The Independent newspaper in Britain called?Weir?rock's greatest rhythm guitarist, even if it was eccentric. Weir, who died in 1995 at the age of 53, had a 'interesting but somewhat neglected solo career. He spent most of his time with his band RatDog and took part in various reunions between surviving Dead members. (Reporting and writing by Steve Gorman, Los Angeles; Additional reporting by Matthew Lewis, Chicago; Editing by Diane Craft).
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US may lift more Venezuela sanctions next week, Bessent says
U.S. Treasury secretary Scott Bessent told reporters that additional sanctions against Venezuela could be lifted as soon as next week to facilitate oil sales. The sanctions against Venezuela could be lifted next week in order to promote oil sales. Bessent stated in an interview late on Friday that the IMF Special Drawing Rights (money assets) currently frozen by Venezuela could be used to rebuild its economy. Bessent, during a tour of a Winnebago Industries facility for engineering, said: "We are de-sanctioning oil that is going to be purchased." Treasury is examining ways to facilitate the return of oil sale proceeds from ships to Venezuela. How can we help them get back to Venezuela to run the government and security services, and to get that to the Venezuelans? He was referring to the Treasury's analysis of sanctions. Bessent, when asked about the removal of more sanctions from Venezuela, said that it could happen as early as next week, but he did not specify which sanctions. The move is part of the Trump?administration’s effort to stabilise Venezuela and encourage U.S. producers of oil to return to the country. This comes a week after U.S. troops captured Venezuelan President Nicolas Maduro and brought him to New York for?drug-trafficking charges. U.S. sanctions prohibit international banks and creditors from dealing with Venezuelan officials without a license. This is cited by the institutions as a barrier to a $150 billion debt restructuring, which many believe will be key to?the return private capital to Venezuela. Donald Trump signed a presidential executive order on Friday evening that prohibits courts or creditors from seizing Venezuelan oil revenues held in U.S. Treasury accounts. Treasury accounts and declared that these funds were to be "safeguarded" in order to help Venezuela achieve "peace, stability, and prosperity." IMF and World Bank Re-engagement Bessent, the U.S. shareholder who controls the IMF and World Bank's dominant shareholding, has said that both institutions have already contacted him regarding Venezuela. The Treasury chief stated that the U.S. Treasury is willing to convert Venezuelan Special Drawing Rights at the Fund into dollars to be used in rebuilding Venezuela. Venezuela has 3.59 billion SDRs worth $4.9 billion, according to Friday's exchange rates, but cannot access them. SDRs can be made of dollars, euro, yen sterling, Chinese yuan, and yen. Last year, the Treasury agreed to support a $20 billion swap line with Argentina's SDRs. This was done to stabilize Argentina's peso as well as help Javier Milei win the parliamentary elections. A spokesperson for the IMF said that it was closely watching developments in Venezuela, and declined to comment on Bessent’s reference to a meeting next week. Venezuela hasn't had any IMF engagement for over two decades. The last IMF assessment of Venezuelan economy was completed in 2004. Venezuela repaid its last World Bank loan when Maduro’s predecessor, Hugo Chavez, declared that Venezuela “will no longer need to go to Washington” for funding. Source familiar with World Bank internal discussions about Venezuela stated that the development lender was exploring ways it could help Venezuela. They noted that the bank acted quickly to provide assistance to Afghanistan and Syria following regime changes, and that they provided early support to Gaza as well as Ukraine. FAST MOVERS Bessent stated that he believes that smaller, privately-held companies will move quickly back into Venezuela's petroleum sector, despite the reluctance expressed by some oil majors, including Exxon Mobil whose previous Venezuelan assets have been nationalized twice. "I believe it will be a typical progression, where private companies are able to move quickly and come in very fast. Bessent stated that they haven't discussed financing at all. "Chevron is there for a long time, and they will remain there. I think that their commitment will increase." Bessent also said that he thought the U.S. Export-Import Bank could play a role in guaranteeing finance for Venezuela's petroleum sector, echoing comments made by U.S. Secretary of Energy Chris Wright. (Reporting and editing by Andrea Ricci; Reporting by David Lawder)
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Fico: Slovakia will sign a nuclear energy agreement with the US
Slovakia will sign a nuclear cooperation agreement with the United States next week, Slovak PM Robert Fico said on Saturday. The country is moving towards a deal for a new nuclear unit to be built with U.S. assistance. Since last year, Slovakia has been in discussions with Washington to build a large nuclear plant with the U.S. company Westinghouse. Fico stated on Saturday that the plant would have a capacity of nearly 1,200 megawatts, larger than existing units. He said that "in cooperation with our 'American partners,' we would like to build a?new huge block?under purely state ownership, on the site of the nuclear power plant at Jaslovske bohunice." Fico stated that he would like to attend the signing of a more "general agreement" on U.S.Slovak nuclear cooperation on Friday in Washington. He did not provide any further details about the signing. In October, the Slovak Government approved an intergovernmental agreement with the U.S. for the construction of a new nuclear power unit. Fico said in December that U.S. president Donald Trump invited him to sign a nuclear deal in the United States during the World Cup this year.
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FOCUS: Rio Tinto's bid to buy Glencore puts pressure on BHP
Rio Tinto's plans to acquire Glencore, and thus create a global leader in the mining industry, could spur consolidation efforts throughout the copper-hungry sector, and put pressure on BHP to react. The 'bid' could be among the top 10 M&A transactions ever, depending on the final price. It reflects the appetite for scale, which bankers say could lead to mega-deals by 2026. Mark Kelly, CEO of advisory firm MKI Global said, "This is another example that mining is consolidating, and big firms are forced to take corporate action to generate value." Anglo American, a London-listed company, announced in September last year what was at the time the second largest M&A deal for that sector. The plan was to merge with Canada’s Teck Resources, and create a global heavyweight focused on copper. The deal is awaiting regulatory approval. BHP is under pressure to act, say some analysts BHP's $161 billion market capitalisation is most likely to sabotage Rio's talks with Glencore. This could result in a company worth almost $207 billion. BHP may look at another deal if it decides to stay out of current negotiations. Unnamed banking sources said this was the most probable outcome, as the company believes Glencore's portfolio to be too diverse, and that asset sales would benefit the company. To ease competition concerns, regulatory authorities would most likely require some dispositions. BHP has declined to comment. Richard Hatch, an analyst at Berenberg, said that BHP is the most likely to interfere in this deal. BHP, who is primarily interested in copper, could bid to buy Glencore, keeping the copper and selling the rest. The talks between Rio and Glencore are in a preliminary phase. Rio has until the 5th of February to submit a formal proposal, but this deadline could be extended. Both sides have failed to reach an agreement in previous talks. George Cheveley is the Natural Resources Portfolio Manager at Ninety One. Ninety one, a Glencore shareholder, stated that BHP might feel compelled to intervene but may also find it emotionally difficult, given its repeated failures to purchase Anglo American. BHP attempted to buy Anglo American for months in 2024 to try and reinforce its declining dominance in the copper industry. In November of last year, it briefly revived the effort. Sources say that BHP is also preparing to name a new CEO. It will most likely be an internal candidate, who will have to bring about change. BHP has declined to comment about its CEO succession. SIZE DOES MATTER AND SO DOES COPPER Copper is the main reason for mining tie-ups, aside from the desire to scale up and increase margins while containing costs. Copper is the most cost-effective conductor of electricity. Mergers can be an advantage because they provide access to assets that are producing, and avoid the long, expensive, and uncertain process of searching for new reserves. Kelly said, "The copper deal was the real takeaway from this deal and Anglo-Teck. We know that copper is appealing and buyers want to access it." There are alternative targets that could be considered if it fails to bid for Glencore. Kelly said that "Vale and Freeport will both be on the agenda - but it is unlikely they are for sale." Analysts say that BHP could decide to do nothing. Kaan Peker is an analyst with RBC. She said that BHP had a better growth profile for copper than the merged Rio/Glencore, so she didn't believe they needed to do anything. "That being said, if this transaction is successful you may get some pressure from shareholders who will ask: 'How did Rio pull it off when you couldn't do the same with Anglo ?'."?' Reporting by Anousha Saoui in London, Clara Denina and Melanie Burton in Sydney. Charlie Conchie contributed additional reporting. Editing by Veronica Brown (and Barbara Lewis).
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Yemen's main separatist groups denies disbanding
The Southern Transitional Council (Yemen's largest separatist group), denied on Saturday that it was disbanding. This contradicted a statement made by one of its members who claimed the group had dissolved itself. The conflicting statements show a split within the STC. This group, supported by the United Arab Emirates, took over parts of the southern and eastern Yemen last December, in an advance that increased tensions between Saudi Arabia and another Gulf power. Saudi Arabia and UAE used to?work together in a coalition battling Iran's backed Houthis during Yemen's civil conflict, but the STC?advances revealed their rivalry. Saudi-backed fighters largely retook the southern and eastern Yemeni areas that the STC had seized. An STC delegation travelled to the Saudi capital Riyadh, for talks. STC leader Aidarous al-Zubaidi, however, skipped the meetings planned and fled Yemen Wednesday. The Saudi-led coalition then accused the UAE for helping him escape via a flight tracked to Abu Dhabi's military airport. One of the members of the STC announced that the STC has decided to dissolve in an announcement broadcast by Saudi state media on Friday. In a statement released on Saturday, the STC stated that it held an "extraordinary" meeting following the announcement made in Riyadh. It declared it to be "null and void", stating it was made "under pressure and coercion". The group said that its members in Riyadh were also detained and "forced" to make statements. The STC called for a mass protest in southern cities this Saturday and warned against any attempts to target its "peaceful" activities. According to an official directive, authorities in Aden who are aligned with Yemen’s Saudi-backed Government on Friday banned demonstrations in southern city, citing safety concerns.
After the Russian strike, a thousand Kyiv apartment buildings still lack heating
Local authorities in Kyiv, Ukraine's capital city, said that more than 1,000 apartment blocks are still without heating after a Russian attack this week. Since the Russian invasion of Ukraine in 2022, Russia has intensified its bombardment of Ukraine's power system.
Volodymyr Zelenskiy, the President of Ukraine, said that Russia has launched over 1,100 drones as well as more than 890 guided aerial weapons and 50 missiles against Ukraine in the last week. These include?ballistic and cruise missiles',
A missile strike on Kyiv, Ukraine, left the city virtually without electricity and heat during a cold snap. It wasn't until Sunday, however, that the authorities were able to partially restore power and heating.
GRAID SUFFERING ACCUMULATED DAMAGE
Zelenskiy stated that "Russia deliberately waited until freezing weather occurred to make the situation worse for Ukrainians, and it was a cynical Russian terror against civilians." Moscow made no immediate response.
This winter's war could be the darkest and coldest ever. The accumulated grid damage has brought utilities to the edge, and the temperatures are set to drop to minus 20 (-4 F) by the end of this week. "Restoration works are ongoing." Vitali Klitschko, Kyiv mayor, said on Telegram that the situation with energy in the capital is still very difficult.
Forecasts indicate that the severe 'frosts' are unlikely to abate in the next few days. The difficult situation in the capital will continue, he said.
This week, there has not been a single day without an attack
The Ukrainian energy ministry reported that Russian forces attacked Ukraine's power system during the night and briefly cut off electricity in the south-eastern Dnipropetrovsk region and Zaporizhzhia.
"This week, not a single day went by without an attack on critical infrastructure and energy facilities. "A total of 44 incidents were reported," Ukrainian Prime Minster Yulia?Svyrydenko stated on Telegram.
Svyrydenko noted that the restoration of heat, electricity and water supplies in Kyiv was progressing at a record speed. He added that significant improvements would take time but could occur by Thursday. (Reporting and editing by David Holmes; Pavel Polityuk)
(source: Reuters)