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Sources say that China Rare Earth Group is in negotiations to purchase MP Materials' shareholder Shenghe Resources.
Two sources familiar with the matter said that the state-owned China Rare?Earth?Group was in negotiations to buy Shenghe Resources. This would consolidate Beijing’s control over the rare earth sector, and give Beijing a stake in Washington’s rare Earth play. The deal, if successful, would transfer control of Shenghe’s stakes in foreign companies, including a 3 percent share of US company MP Materials. This firm counts the US Department of Defense, its largest shareholder, after an investment made last year. Shenghe Resources confirmed that it had been made aware of "false reports" in overseas media about a rare earth enterprise group allegedly planning to buy a majority stake in a company, and indirectly own interests in its overseas assets. Shenghe Resources filed a statement to the Shanghai Stock Exchange late on Sunday. "Upon written request by the company, its controlling shareholder Institute of Multipurpose Utilization of Mineral Resources responded in writing explicitly stating there are no plans for the company's control stake to be transferred to external parties." Sources who spoke under the condition of anonymity due to the sensitive nature of the issue said that talks between the two companies began earlier this year. One person said that China Rare Earth Group wanted to acquire a controlling interest. Sources did not know the exact date of announcement or completion. China Rare Earth would gain control of one of the few remaining Chinese rare earth mining companies with private ownership. This would bring to an end a decade-long effort to consolidate this sector under state control. Beijing would also have a tighter grip on elements vital to electric vehicles, windmills, electronics, and the defence sector. This control has been used to great effect by China in its trade dispute with the US. Shenghe purchased Australia's Peak Rare Earths last year. The deal could be affected by the possibility of a state-owned Chinese rare earth company sharing space with the US Department of Defense on a registry of shareholders. Sources did not know what was going to happen with Shenghe's stakes and assets overseas. MP has said that neither Shenghe or the Chinese government have any control over its operations. China Rare Earth Group, and the Ministry of Commerce have not responded to requests for comment. According to one source, a deal would also give Shenghe better acces to the quotas Beijing uses to control supply. Beijing gives quotas to the state-owned companies, and then they are allocated to subsidiaries. China has not made public the quotas set for mining, smelting, and separation. They are closely watched as a barometer of global rare earths supplies. China Rare Earth Group is the largest supplier of rare earth heavy elements in China. It was formed in 2021 following a reorganization between five state-owned rare-earths companies.
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Drones strike oil refinery in Russian Capital, killing two people
Authorities said that two people were killed in one of the largest drone attacks by Ukraine on the Moscow Region and an oil refinery was also hit. This comes as Russia is entering the final day of its parliamentary election. Ukraine and Russia continue to attack each other's infrastructure, despite a Monday announcement by US President Donald Trump that they would stop. Sergei Sobyanin, the Moscow mayor, said in his Telegram channel, that the largest Ukrainian drone attacks were thwarted. Russia had downed more than 1,600 unmanned aircraft since Saturday, among them 450 drones headed to Moscow. Sobyanin stated that several drones had reached the premises of a?oil refinery, and one of them hit an apartment. He added that there were "no injuries" in the city. He said: "The unprecedented attack was clearly designed to disrupt the elections." "The enemy failed to achieve that." Witnesses heard explosions in Moscow, and saw smoke plumes billowing out of the site of the Moscow Refinery. It was not immediately clear how much damage had been done to the facility. Ukrainian strikes have knocked out an important part of Russia's refining capacity. This has led to oil shortages and fuel price hikes in many regions, across all 11 time zones. According to the latest data, the Moscow?plant that has been?targeted multiple times processed 11.6 millions metric tons in 2024. It produced 2.9 million tonnes of gasoline and 3.2 million tons diesel. Ukraine has not yet commented on these attacks. Both sides claim they don't target civilians. The governor of the greater Moscow region, Andrei Vorobyov, stated that in addition to two deaths, 400 people including 70 children were evacuated from a 21 storey apartment building located in the Ramenskoye District and several homes were damaged.
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Three people are killed in Gaza by Israeli strikes, say medics
Health officials reported that Israeli airstrikes in Gaza Strip killed at least 3 Palestinians on Saturday. Basir al-Bursh was killed in an air strike near the Jabalia Refugee Camp, a north-east Gaza refugee camp, according to medics and relatives. Munir al-Bursh is the director-general of the health ministry for the territory. Israel's military did not provide any further details about the strikes on Basir al-Bursh or other militants. Hamas, a militant Palestinian group which runs Gaza, has not yet commented. Munir al-Bursh, according to his family and doctors, lost a child?in a December 2023 Israeli airstrike. He was injured in the?attack. Al-Bursh, a father, was seen in video footage obtained by carrying his son, wrapped up in a blanket and accompanied by other mourners, as the ambulance rushed it to hospital. Al-Bursh said in the video: "I was in the tent with him, and he told me, Dad, that they would target us both, you and I together. I said it's fine, we can 'go to heaven together. Al-Bursh added, "He was beaten and martyred when he went outside the tent. May God have mercy on his soul." Al-Bursh, who was a patient at Al Shifa Hospital when mourners paid their respects to Al-Bursh, could barely stand. Civil defence and medics confirmed that a strike in Shejaia east of Gaza City killed a man, while another struck a vehicle in the Sheikh Radwan area of Gaza City killing a person. This brings Saturday's death count to at least 3. The?Israeli army said that the Sheikh Radwan attack targeted a Hamas terrorist. The explosion?turned the vehicle into a mangled wreck. Palestinian authorities claim that more than 73,000 Palestinians have died in Israel's attack on Gaza. The assault was launched after Hamas fighters killed about 1,200 Israelis in southern Israel back in October 2023. The US-brokered ceasefire agreement of last year called for the eventual reconstruction and rebuilding of the territory. However, negotiators failed to agree on terms for Hamas's?disarmament and Israel's withdrawal. According to Gaza's health officials more than 1,300 Palestinians have died in Gaza, mostly civilians. The Israeli military claims that four Israeli soldiers were killed.
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Ravindra, Cricket-New Zealand’s Ravindra is doubtful for the India series following an injury sustained in a promotional shoot
Rachin Ravindra, an all-rounder for New Zealand, dislocated his left shoulder while filming a diving catching during a promotional shoot. This puts him in doubt if he is selected to play next month's Twenty20 series against India. New Zealand Cricket released a statement saying that Ravindra suffered an injury to his right shoulder during a Sky commercial shoot on Wednesday. It said that "Ravindra's return to play will be determined by the progress he makes during his first few weeks of rehabilitation." Ravindra is a 26-year-old left-handed finger-spinner who has played for New Zealand across?115 matches in all formats. He is a versatile 'batter,' who can fit?into either the middle or top order. New Zealand's top run-scorer at the 50-over World Cup 2023, and highest wicket-taker at the T20 World Cup this year where they reached the final. Mike Sandle, New Zealand's performance manager, said: "We are devastated for Rachin." As with all commercial shoots that involve our players, safety measures were in place and agreed upon by all parties. The accident was a bit of an accident and we'll review our procedures in the future. New Zealand will host India in five T20 matches starting October 22. Then, five One-Day Internationals followed by two tests and five T20 matches the following month.
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Trump and Thune discuss bill to reduce data center electricity costs
Donald Trump stated on Friday that he is 'engaging with Republican Senate Majority leader John 'Thune about bringing a bill to the floor to protect households from rising electricity costs tied to the expansion data centers. "Well, I am talking to him about that." Trump said to reporters on Friday: "We'll see what happens." Both parties are facing constituents' growing concerns about rising electricity costs due to the industry’s increasing power demand. The Republican-majority House of Representatives passed the Ratepayer Protection Act 417-3 earlier this week. This act would force state utility regulators, to determine whether or not large electricity consumers, such as data centers, are responsible for the incremental costs of building power infrastructure to serve them. The Senate Republicans' attempt to pass the bill quickly failed on Thursday. Senator Martin Heinrich, top Democrat on Senate Committee on Energy and Natural Resources blocked the 'proposal' after its sponsor, Republican senator Jon Husted requested unanimous consent for a voting without a rolling call. Heinrich stated that the bill was not far enough because it relied on voluntary commitments from states and data centre developers. Trump is a strong supporter of data center development, believing it to be critical for leadership in artificial intelligence. Trump said that data centers are the "oil" of the next 20 to 25 years, and they make people and countries wealthy. According to a poll conducted by the University of Massachusetts Amherst, only 11% of Americans support building an AI data center in their locality.
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Two dead and seven injured after Russian glide bomb strikes apartment in Sumy, Ukraine
President Volodymyr Zelenskiy, along with other officials, said that a Russian glide bomb struck an apartment building on Friday in Sumy, in northern Ukraine, killing two and injuring seven. Three of the injured were in a serious condition. Zelenskiy denounced "absolutely the inhuman strike" on Telegram, the messaging app. He claimed that emergency crews rescued four victims after the attack, and warned that others may still be under rubble. The third and fourth floor were directly?hitted by an aerial blast. He wrote that four people, including a young child, had already been rescued. "There may still be people underneath the rubble." Regional Governor Oleh Hryhorov stated that three of the seven injuries were in a serious state. A 13-year old girl was among the injured. Zelenskiy said that Russian forces had also?hit a clinic in Pavlohrad, a city located centrally, and a logistic centre just outside Kyiv. However, he did not provide any details about casualties. Vitali Karabanov said that an earlier Russian attack on the northeastern Ukrainian town of Balakliia resulted in the deaths of two people and the injuries to two others, Vitali Karabanov was the head?of the city’s military administration. Sumy near the Russian border has been a Russian target frequently in an area where Moscow claims it wants to create a buffer zone. Balakliia in the?Kharkiv Region was taken by Russian forces during the first weeks of the full-scale Russian invasion in February 2022. However, Ukrainian troops later recovered the area in a massive counteroffensive. Mayor Vitali Klitschko said that the Ukrainian capital Kyiv was hit by a Russian missile earlier in the evening. However, there were no reports of injuries or damage. Both Russia and Ukraine deny that civilians are being targeted in this war.
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As central banks intensify their fight against inflation, global shares are on the rise.
The global equity index edged up on Friday as losses in Europe and Wall Street were partially offset. This was the end of a volatile week that saw a global push from 'central banks' to curb inflation. After reversing early losses, the benchmark S&P500 and Nasdaq ended higher. The Dow finished down. The declines were led by materials, utilities, and real estate while gains came from technology and industrials. The S&P and Dow posted weekly losses while the Nasdaq recorded a gain. The Dow Jones Industrial Average rose 0.40%, the S&P 500 increased 0.17%, and the Nasdaq Composite increased 0.40%. Stocks in Europe dropped 1.1%, and the week ended with a loss. MSCI's index of global stocks rose by 0.07%, but posted a loss for the week. This week's focus has been on monetary policy, because the Middle East war is approaching the seven-month mark and shows few signs of ending. The conflict in the Middle East keeps oil prices over $100 per barrel, fueling inflation fears. This has led to an increase in the yields on major government bond markets. Kieran Osborne is the chief investment officer of Mission Wealth. He said that "the market has come to realize a higher interest rate environment going forward." The Fed has clearly stated that it will likely raise rates again and central banks around the world are on a path to try and rein in inflation. The Middle East situation does not appear to be easing anytime soon. CENTRAL BANK MOVES After the Bank of Japan increased rates to a record high of 1.25 percent, the?yen fell and Japanese government bonds declined. Two board members dissented from the decision. The Japanese yen fell 0.50% to 156.76 dollars per dollar. The Japanese yen has gained 1.8% this month due to expectations that the BOJ will increase interest rates faster and signs of early repatriation by Japanese investors. The BOJ's decision concludes a series of meetings at which central bankers have increased their hawkish rhetoric. The Federal Reserve raised interest rates on Wednesday for the first time since?three years and adopted a more aggressive approach to inflation. This knocked down the yen which is now on track for its worst performance in the last two years against the dollar, falling 2%. The Bank of England left UK interest rates unchanged on Thursday, but warned that?it might have to raise them if the Iran War drags on. Last week, the European Central Bank also emphasized that it was necessary to tighten up further as they raised interest rates. The top Australian central banker said on Friday that some of the inflation risks that policymakers had flagged were now becoming real. The euro dropped 0.10% to $1.1488. The dollar index (which measures the greenback versus a basket of currencies, including the yen, the euro and others) was unchanged at 100.19. OIL PRICES RETREAT Brent crude futures dropped nearly 1%, settling at $103,87 after a report that China had asked Tehran to rein in the Houthis following their military offensive over the last week. This, along with the hope that Gulf exporters might find alternate routes to ship oil, set crude futures on a course for a weekly decline. After another brutal sale this week, bond yields have edged upwards after reaching their highest levels since 2007. The last increase was 5.73 basis points to 5%. In the past week, yields in Britain and the Eurozone also reached multi-year highs. However, by Friday they were just a little lower. Spot gold increased by 0.98%, to $4382.59 per ounce.
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Documents show that multiple unions have threatened strikes at Barrick’s flagship Mali Gold Mine.
Documents seen on Friday show that unions representing the workers at Barrick Mining's Loulo-Gounkoto Gold Complex in Mali have issued a series strike notices to management. This raises the risk of disruptions of work starting September 28th at one of Mali’s largest gold producing operations. Unions representing the workers of SOMILO SA (which operates the mines in the complex) and GOUNKOTO SA (which operates the mines within the complex) filed the notices. Separate notices of strike were filed by Barrick’s contractor for catering and support staff, Food & Events Africa (FEA), and workers at Mali's mining regulatory and other mining administration offices. The unions announced that they would start a strike at the end of this month if their demands for overtime pay, reimbursements of mission expenses, and implementation of labor agreements are not met. Barrick and Mali’s Mines Ministry did not respond immediately to requests for comments. MALI TIGHTENS GRIPS ON MINING SECTOR Mali is one of Africa’s biggest gold producers. It has tightened its grip on mining as it seeks to increase revenues. After a dispute lasting almost a full year, the military-led government handed back operational control to Canadian miner Barrick. The mining process has begun again, but the ramp-up is gradual. According to Barrick, the complex will produce about 190,000.00 ounces in the first half 2026. This is well below the pre-dispute level. SOMILO SA (which operates the Loulo Mine) and GOUNKOTO SA (which operates the Gounkoto Mine, located nearby) have both called for four-day strike action from September 28 until October 1. They cited management's failures to respond to demands made in February. Separately unions representing FEA workers, who provide catering and support services in Loulo and Gounkoto have called five-day strike from September 28 to October 2. They accuse management of not honouring agreements on overtime pay and benefits. The unions that represent workers at Mali’s mining regulator, the National Directorate of Geology and Mines and other mining administration organizations have also called a 72-hour walkout from September 29 until October 1, over unpaid wages, allowances and bonuses in the mining sector. Mali is reopening its mining licensing regime following a two-year-long freeze, which was tied to the cleaning up of the mining cadastre. According to decrees, the authorities have renewed 14 exploration permits for gold and lithium since August 21. These permit holders include units of First Lithium as well as Cora Gold.
Ten lions suspected of poisoning found dead at Tanzania wildlife reserve
The area's management authority reported that ten lions were found dead this week in Tanzania's Ngorongoro wildlife reserve. Initial findings suggest they may have been poisoned.
The deaths have raised concerns about the conservation of lions within one of Africa's best-known wildlife ecosystems. The poisoning of large carnivores in East Africa is a "recurring" threat. It's often linked to conflicts involving predators and livestock owners.
In a late-Saturday statement, the Ngorongoro Conservation Area Authority said that the lions had been discovered on 18 September in Ndutu?area in Endulen Ward of Arusha Region.
The authority stated that preliminary findings suggested the animals died after ingesting a poison. It added that they had launched an investigation to identify the cause and those responsible.
Ngorongoro Conservation Area, a UNESCO World Heritage Site located in northern 'Tanzania is one of the top tourist attractions. The area is home to a variety of wildlife, including lions. elephants. buffaloes. and endangered black rhinos.
Four suspects were arrested last month in an investigation into the deaths of 18 elephants that occurred across the border in Kenya.
(source: Reuters)