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UK accelerates clean-energy to protect from fossil fuel price shocks
The government announced that Britain would launch a 'package of measures' on Tuesday in order to increase the use of renewable energy and to reduce its reliance on fossil fuels, whose prices have risen due to the conflict with Iran. The government will also announce measures to address the link between the gas and electricity price, which is a feature of energy markets that has been blamed for Britain's high electricity prices. The British Labour government says it views the energy transition in a positive light, as it will help fuel economic growth. It is also under pressure to keep its election promise to reduce household energy costs. The era of fossil fuel security is over According to excerpts of his speech, released by his ministry, "As we face the second fossil-fuel shock in less than 5 years, the lesson is clear for our country: the era 'of fossil fuel security has passed, and the age of clean energy is upon us." As the regulator's "price cap" enters a new quarter of pricing from July to Septembre, domestic energy prices will swell. This is due to the surge in wholesale gas costs which are 30% higher now than they were before the Iran conflict started. The government plans to announce plans for boosting renewable energy generation, such as solar panels or wind turbines, on public land. It said that this could release up to 10 gigawatts (or enough electricity to power 5 million homes). The aim is to simplify the rules for renewable energy projects to connect to the grid, and explore ways that companies can build their own grid connections. The program will also make it easier to install solar panels, electric vehicle chargers and heat pumps in homes. DECOUPLING ELECTRICITY PRICES OFF GAS The government has said that Miliband and Finance Minister Rachel Reeves are planning to announce measures to "delink" electricity prices from gas prices. Every 30 minutes, the wholesale price is determined by the last energy source that was used to meet demand. Even if wind and solar?provide 99%, if gas-fired plant is needed to make up?the?last 1% then gas sets price for all buyers and sellers. The country's largest source of electricity is gas-fired power stations. Because they can respond quickly to the demand for electricity, the plants set the price the majority of the time.
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Texas Environmental Network plans to protest SpaceX analyst meeting
Environmental activists will protest outside SpaceX Starbase launch 'facilities' on Tuesday, ahead of the highly-anticipated IPO 'of Elon Musk’s company. They'll be pressuring public pension funds to reject the deal because they're worried about safety and pollution issues. The South Texas Environmental Justice Network has announced that its members will protest Tuesday outside the main entrance of SpaceX as it begins three days tours and meetings with Wall Street analysts. Bekah Hinojosa, co-founder of Network, has urged investors to boycott the IPO. She also lobbied against the purchase of shares by the New York City Comptroller Mark Levine for the pension plans in the city. Hinojosa said that her apartment in Brownsville, Texas was shaken by the company's rocket launches from Starbase in Boca Chica. Hinojosa also expressed concern that the fires caused by the rockets might ignite the landscape of South Texas. Hinojosa, in an interview on Monday, said: "It's not great to feel that we're being bombarded by Elon Musk." She also said that she had multiple conversations about SpaceX with Levine's Office. A representative of the comptroller's office declined to comment. SpaceX has not responded to comments immediately. Hinojosa’s concerns highlight a dilemma that potential investors face in what could be history’s largest IPO. Shareholders in Democrat-leaning states, and especially pension fund managers, are often proponents of conservation. They have also spent years trying to convince Musk that he needs more supervision at the helms of Tesla and his social media platform?X. Now, some of those same funds could back Musk's upcoming venture by 'buying into the IPO directly or if the company is included in indexes which guide their investment. SpaceX launched its Starship spacecraft from Starbase starting in 2019. It has also become the company's manufacturing center for the Super Heavy Booster rocket and Starship spacecraft. A 2023 explosion at the launch site caused a fire and a cloud of pulverized cement to be sent over a nearby?small village. Since then, the company upgraded its launch pad by installing a water cooling system. However, it was concerned about the permit. (Reporting and editing by Dawn Kopecki, David Gregorio and Ross Kerber)
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Steel Dynamics' quarterly profit increases on the back of higher steel prices and robust demand
Steel Dynamics' profit for the first quarter rose Monday. This was largely due to higher steel prices, which were a result of tighter supplies caused by mill?outages. Imports also fell to multi-year lows. In aftermarket trading, the?company shares rose by 1.2%. U.S. imports of steel remained at multiyear lows amid trade tariffs and domestic actions. Manufacturing onshoring, regionalized supply chains and continued to support the demand. The energy sector was the primary driver of steel demand in the first quarter, followed by non-residential building, automotive, and other industrial markets. The company reported a first-quarter revenue of $5.20 billion. This compares to $4.37 billion from a year ago. According to LSEG data, analysts on average?expected $5.10 billion in revenue for the quarter. Steelmaker also benefitted from lower scrap prices. Scrap is an important feedstock for their electric-arc furnace mills. Mark Millett, CEO of Mark Millett Corporation, said: "We are?confident that the market conditions will be in place to ensure domestic steel and aluminium consumption is strong until 2026 and for years following." Millett stated that two of its three cold mills planned by the company are already ramping up operations, and the third will be completed in the 'third quarter of 2026. The company, which is based in Fort Wayne, Indiana, reported a $2.78 profit per share, up from $1.44 per share a year ago. (Reporting by Megavarshini G. Somasundaram in Bengaluru; Editing by Vijay Kishore)
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BHP Vicuna spokesperson: Police blocking access road to Argentina Copper Project
A spokesperson for Vicuna Corp said that police in Argentina's La Rioja province had blocked access to the?roadway leading a a copper megaproject?in the neighboring San Juan province citing a court order. The spokesperson for Vicuna Corp. said that the company, which is a joint venture between BHP Australia and Lundin Mining Canada, had not received official notification of the court order. According to the company, the project, which spans?the Argentina and Chile border, includes the Filo del Sol mine and Josemaria Mine, which 'together form the Vicuna District', one of the largest undeveloped copper, silver and gold deposits in the world. Vicuna estimates that the investment is around $5 billion. However, local officials and industry sources estimate the total to be as high as 15 billion dollars. The'spokesperson' said that the police in 'La Rioja' had blocked the provincial route, claiming that they were obeying a court order. However, the justice system hadn’t notified them yet. (Reporting and Writing by Lucila SIGAL; Editing by Cassandra Garrison).
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South America could increase oil production by as much as 2.1 million barrels in the mid-2030s
Rystad Energy, an energy research company, said that a sustained oil price of 100?a barrel would unlock?2.1million barrels of crude supply per day in South America by the mid-2030s. Rystad's 2026 Brent average price forecast was revised to $89 per barrel in January due to the closure of the Strait of Hormuz. By the Numbers Over the next decade, offshore?developments could produce more than 1 million barrels of oil-equivalent per day in Brazil. * In a scenario where oil costs $100 per barrel, Venezuela would be able to add 910,000 bpd in 2035. 57% of this could come from existing fields, where the cost for medium crude is $7-$8 a barrel. The Vaca 'Muerta crude oil production in Argentina is expected to increase from the current 600,000 bpd level by the end of this decade. The $89 per barrel forecast is expected to increase government revenues in?South America? by $43 billion. * According to Radhika Bansal of Rystad Energy, "South America has now become the world's largest source of incremental oil supply." (Reporting and Writing by Kylie Madry; Editing by Brendan O'Boyle).
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Gulf fears US-Iran discussions could cement Tehran's "golden" grip on Hormuz
Former Russian President?Dmitry Medvedev's warning has crystallised Gulf state fears that reopening of the Strait of Hormuz could be all the Iran-U.S. negotiations can achieve and fall short of a?broader deescalation? they consider vital. Analysts and officials expect that the next round, which is due to take place in Islamabad on November 30, will be more focused on the uranium enrichment limit and the way Iran can exert influence over the Strait of Hormuz, the most important oil shipping route on the planet. Gulf?officials warn that the approach could entrench Iran's grip over Middle East energy by managing its leverage rather than dismantling it,?prioritising the global economic stability while leaving the most vulnerable countries to energy and security implications outside of formal decision making. Gulf sources claim that U.S. diplomacy with Iran is now focused less on Iran's missile program and more on enrichment rates and accepting Tehran's leverage on Hormuz which transports about a fifth the world's oil supply. Gulf officials are concerned about the new priorities in the Gulf, despite the fact that negotiations over enrichment remain stuck, as Iran refuses to enrich at all and also demands to export its stockpiles. One Gulf source, close to the government, said: "Hormuz is the redline." It wasn't a problem before. Now it is. "The goalposts have been moved." The Gulf Arab governments did not immediately respond to our requests for comments on the topics raised in this article. Iran's threats against Gulf shipping during wartime have broken longstanding taboos around the Strait. This has made its disruption a real lever in negotiations for first time. Medvedev - the deputy chairman of Russia’s Security Council - outlined Hormuz’s central role in a blog post on X, on April 8, 2008. Medvedev stated that it was not yet clear how Washington and Tehran would come to an agreement. "But there is one certainty -- Iran has tested nuclear weapons. The Strait of Hormuz is the name of this area. "Its potential is unending." The comment portrayed Hormuz in a way that Iran could raise costs and influence rules without going over the nuclear threshold. HORMUZ IS a 'GOLDEN ASSSET', SAYS AN IRANIAN SECURITY RESOURCE Iranian security officials?echoed that view in private, describing Strait of Hormuz not as an emergency but as a deterrent instrument prepared for years. A senior Iranian source said that Iran had planned every step for years to prepare for a scenario where the Strait of Hormuz would be closed. Today, it's one of Iran’s most powerful tools - a form geographic leverage that acts as a powerful threat. The source described the Strait as "a golden, invaluable asset rooted within Iran's geography - one that the world cannot remove precisely because it flows out of Iran's location." Another Iranian source close to the Revolutionary Guards went even further and suggested that the long-standing taboo around the use of Hormuz had now been broken. This source referred to Hormuz, as a "sword drawn from its sheath", that the U.S.A. and the regional states couldn't ignore. It gave the region leverage against external powers. Analysts say that what most alarms Gulf Arab countries is the fact that, despite Iranian missiles, drones, and proxies repeatedly attacking their region, discussions are increasingly focused almost exclusively on Hormuz due to its global economic impact. This marginalises Gulf security concerns. Gulf sources claim that the core of the Hormuz dispute has less to do with who controls the Strait and more to do with who sets the rules for passage. This reflects a wider shift away from international norms towards power-based arrangements. Ebtesam al-Ketbi is the president of the Emirates Policy Center. He said that this exposes a disparity between those who set the rules and those who suffer the consequences when they are broken. Al-Ketbi said that "what is taking shape is not an historic settlement, but a deliberate engineering for a sustainable conflict." She added, "Who is suffering because of missiles and proxy states?" "Israel and the Gulf States. We would benefit from addressing missiles, proxies and Hormuz. "It seems that they are not interested in the missiles, or the proxies." WARNING: SANCTIONS RELIEF Analysts warn that such an approach to the talks will not resolve tensions so much as stabilize them at manageable level. This outcome may suit Washington and Tehran, but risk entrenching instability for Gulf States living under the missile threat. Gulf economies are already feeling the effects of the U.S. and Israeli war against Iran that began on 28 February. This includes attacks on energy infrastructure, as well as rising insurance and export costs. Alternative export routes increase costs and are still exposed to Iranian missile threats. Diplomats claim that Gulf officials have asked Washington to refrain from lifting all sanctions, urging a "phased" approach in order to test Iran's behavior. They claim that the core threats are still unaddressed. This includes missiles capable of hitting Gulf capitals, and Iran's armed proxy forces used as extensions to the Iranian state. The Arab Gulf is now awash with a range of feelings toward Washington, from a quiet resentment all the way to frustration and confusion about unilateral U.S. decisions. Abdulaziz Sager of the Gulf Research Center in Saudi Arabia said that dealing with the Iran problem required a "different approach". He added that "the U.S. was part of the regional security ..."." "But this does not mean going all-out without involving the regional." Although Gulf leaders resent being ignored, they acknowledge that U.S. superiority in military capability continues to influence?outcomes. Abdulkhaleq Abdulla, a UAE academic, said Gulf Arab states survived the war largely due to their defences and sophisticated U.S. weapons such as THAAD and Patriot. A ANALYST SHOWS THE LIMITATIONS of relying on a single protector Abdulla said that while America is indispensable, it's also fallible. He cited what he called its underestimation on the likelihood of a confrontation over Hormuz. The U.S. repeatedly committed to?defending its Gulf Allies during the War via air and missile defense cooperation, naval safety and protection of critical infrastructure. The Gulf states believe that one of the lessons of the war is to limit reliance on an external protector. Mohammed Baharoon said this, the director of Dubai's B'huth research center. Gulf Arab leaders say that they have warned Washington for years against a conflict with Iran. Yet, they have been silent since the war began. Restraint is not only a reflection of diplomacy, but also of uncertainty about a conflict that they are paying for with economic costs and defense costs, but cannot control. As Washington and Tehran continue to negotiate, Gulf officials claim that their exclusion is not a regional matter but rather a global issue, given the international importance of Hormuz. (Samia Nakhoul and Parisa Hafezi contributed additional reporting from Dubai. Editing was done by William Maclean.
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Cuba praises the'respectful meeting' with US officials at Havana
?U.S. An official from the Cuban Foreign Ministry confirmed in an interview with state-run newspaper Granma that officials recently met their 'Cuban counterparts' in Havana. Axios reported Friday that an important U.S. delegation visited the island a week earlier, saying Cuban authorities have a limited window of time to adopt reforms backed by the U.S. before conditions worsen. Alejandro Garcia del Toro is the Cuban foreign ministry's?U.S. The Cuban Foreign Ministry's Alejandro Garcia del Toro, who handles?U.S. Garcia del Toro stated that "eliminating energy embargo" against Cuba was a top priority for his delegation. Axios reported that the U.S. officials asked the Cuban government, in addition to compensating for the assets and properties confiscated following the?1959 Revolution, to release political prisoners, and to ensure greater political freedoms. Axios reported that the U.S. delegation also offered to establish Starlink satellite services in the country. Garcia del Toro stated that Cuba was represented at the "level of deputy foreign minister" and the U.S. by deputy officials from the State Department. Axios reported that Raul Guillermo Rodrguez Castro was involved in the talks. He is 94-year-old grandson of former Cuban President Raul Castro.
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US Project Vault is aiming to close the first funding tranche as soon as possible, an official has said.
John Jovanovic, President and Chairman of the U.S. Export-Import Bank, said that Project Vault, which is the U.S. Government's vital?minerals reserves, will close its first funding tranche soon and begin helping manufacturers to manage supply, processing and storage challenges and supply-chain issues. Project Vault, announced by Donald Trump in February, aims to stockpile essential minerals and alleviate supply constraints for manufacturers who have been overly dependent on Chinese supplies for years. The U.S. policy on critical minerals is centered around securing emergency supplies, but the industry's constraints go far beyond simply keeping metals in reserves. Jovanovic stated that Project Vault is designed to address the broader market weaknesses, including a lack capital, too few creditworthy counterparties, and a need for flexible arrangements which can support long-term commitments in processing. Jovanovic said, "It wasn't designed to be just a stockpile." "What was intended was to solve the problems that the market faces." Project Vault combines private funding of $2 billion with a loan of $10 billion from the EXIM Bank. Jovanovic, without naming this entity, said that it will be run by an independent, separate entity. Its management team would oversee storage and logistics, in consultation with the manufacturers. What we want to achieve is to make it dynamic, and to help solve some of these problems. Project Vault, unlike a traditional reserve is built to store both raw materials and processed products. The independent entity will be working closely with the manufacturers. Project Vault was designed to?allow companies to convert stockpiles of raw materials into products. Jovanovic stated that material could be removed from Vault and sent to a facility for processing, before being returned back to the system in a refined form. This allows the manufacturers to "think ahead" and to start "to provide demand signals to refineries and processing assets." Balance-sheet constraints are a major problem for many companies. Project Vault can be used by manufacturers who want to make long-term commitments and off-take deals. Jovanovic suggested that you could use Project Vault for this?commitment. He refused to name additional participants, beyond those who have already been identified. However, he said that more suppliers had signed on and "every major supplier" of manufacturers in the United States has discussed participating. He said that the United States may not have enough warehouses, storage facilities, or bonded inventories. "But if there is a creditworthy company that wants it, you can invite them to develop, build, and expand more storage facilities."
South Africans fight against mine rush in biodiversity hotspot
The West Coast of South Africa is facing a mining boom
Rare earth minerals are needed for renewable energy
* Locals protect the environment through legal means (adds details on permit applications in paragraph four).
By Kim Harrisberg
Mining is already taking place on large parts of the coast.
According to civil society group Protect The?West Coast, South Africa's West Coast has been mined and prospected by mining companies for?minerals such as diamonds and rock phosphate. 48 new mining requests were submitted in 2026.
Department of Mineral and Petroleum Resources, DMPR, said that these figures were not the same as its own and stated that it received six applications for prospecting and two applications for mining permits in Western Cape Province. It did not provide figures for the remainder of the West Coast.
In recent months, local groups, including artists, indigenous leaders, and scientists, have launched petitions, legal actions, and campaigns citing the risks associated with mining in the area.
The West Coast is nearing a tipping-point. Mike Schlebach, PTWC's managing director, said that we risk losing birds, wildlife and ecosystems which cannot be recovered.
Solar panels and windmills can use heavy minerals such as zircon and rutile.
According to the International Energy Agency, the demand for these green minerals required in the energy transformation is expected to triple by 2030.
According to PTWC, inland 1,800 square kilometres are reserved for diamond mining. In the Western Cape, up to 2,900 sq kms can be used for prospecting.
A PTWC report stated that the West Coast has been mining for decades and the land equivalent to 5,000 football pitches - or 37.5 square kilometres – is not in an 'environmentally-healthy state.
The sand slopes and open pits are evidence of decades of diamond mining in the region.
The DMPR stated that it couldn't confirm this figure and that certificates of closure were only issued after mining companies completed rehabilitation following an inspection.
According to PTWC, only 10% of the area is protected at present and it is home to over 6,300 endemic animal and plant species.
According to the department, expert studies and recommendations were used to determine if and under what conditions mining companies would be granted an environmental permit.
Peter Carrick, University of Cape Town restoration plantist, said: "We must be very careful with the type of development that occurs and its manner of implementation."
He said, "This is an incredibly beautiful and fragile landscape."
NATURAL HERITAGE
The West Coast is not only rich in biodiversity but also has a lot to offer indigenous groups, small-scale fishermen, and archaeological sites.
Over 200 protesters met this month to oppose the boom in mining in the area. A five-metre-long driftwood sculpture of the gannet bird, made by a local sculptor to represent the fragility and diversity of native bird species.
More than 60,000 people have signed a petition to prevent mining in the area.
Gaob Martinus Fredericks is the leader of indigenous!Ama people (Nama).
"We want to protect our children's livelihoods and our own as well as the natural heritage of our country."
Fishermen's groups reported that they have seen a decline in fish populations over the years as mining has become more common.
You can see the damage this has done to our ecosystems. Carmelita 'Mostert is the chairperson of Coastal Links South Africa small-scale fishermen organisation. She said that snoek (a type of mackerel found in southern hemisphere) runs were fewer.
LEGAL CHALLENGES
According to the constitution of South Africa, any mining company is required to consult with local communities before launching a project. A legal dispute can result if you fail to comply.
In October 2024, PTWC released an app named Ripl to enable people to send their comments, appeals and objections related to mining projects directly to the government and to the mining companies.
They call for an immediate moratorium on any mining that is planned until a complete social and environmental evaluation of the coast has been completed.
(source: Reuters)