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VEB, a Russian copper mining company, will invest $13.4 billion in the country's Far East
The Russian government announced on Saturday that the state-owned development bank VEB would invest over 1.1 trillion Russian roubles (about $13.40 billion) in order to develop a mine of copper in Chukotka, in the extreme east of the nation. A government press release stated that the development of Baimskaya, which was discovered in 1972, will create 6,000 jobs, and generate tax revenues in excess of three trillion roubles. Chukotka, the easternmost federal subject in Russia, is a mountainous area. Around half of the region is above the Arctic Circle. Once operational, the deposit will increase Russia's gold production by 4% and copper production by 25%. "We continue to build not just a mining and processing plant, but a powerful and technologically-advanced industrial complex that will strengthen Russia's position in the global market and become a new point of growth in the Arctic," said Georgy Fotin, general director of the Baimskaya Management Company LLC. Vladimir Putin named the Arctic region as one of Russia’s most important economic interests. He has also increased commerce through the Northern Sea Route, as Moscow has shifted trade away from Europe and towards Asia due to Western sanctions. The government announced on Saturday that the development of the Baimskaya deposit would increase the annual cargo traffic along NSR by two million metric tonnes. $1 = 82.1000 Russian Roubles (Reporting and editing by Kirby Donovan; Lucy Papachristou)
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At least 17 people killed in Nigeria by suspected herders
Police said that at least 17 people died when suspected cattle-herders attacked Benue State in central Nigeria on Thursday. This was amid an increase of violent clashes between farmers, herders and others. Food supplies in north-central Nigeria have been disrupted by years of conflict. This is a major agricultural area. Two days earlier, 11 people had been killed in Otukpo in Benue. A week before that, gunmen killed over 50 people when they attacked villages in Plateau State. According to SBM Intelligence, since 2019, more than 500 people have died in the region as a result of the clashes. 2.2 million others were forced to flee their homes. Police said that a separate group of suspected cattle herders killed five farmers early Friday morning in the Ukum Local Government Area of Benue, near Gbagir. Police spokesperson Sewuese Aene stated that the attackers fired as police moved in to confront them. Police said that while officers were engaged in the attack at Ukum another 12 people died in an attack 70 km away in Logo local council. (Reporting and writing by Camillus Eboh, Ben Ezeamalu and Andrew Heavens; editing by Andrew Heavens).
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Toronto FC wins rare road game at Real Salt Lake
Toronto FC hasn't beaten Real Salt Lake in Utah for nearly 18 years. Real Salt Lake is 10-0-2 against Toronto FC at home since their first ever meeting. They will look to add to that record when they meet in Sandy, Utah on Saturday. Toronto defeated Real Salt Lake 2-1 on July 4, 2007, in a match held on the University of Utah's campus in Salt Lake City. RSL has dominated home matches since then with an unbeaten streak, which includes a win in the 2010 CONCACAF Champions League. Toronto's first-year coach Robin Fraser stated, "It is a difficult place to play." They have played well there in the past. Toronto's results there haven’t been great over the years because it’s a difficult place. Toronto FC hasn't had a good season so far (0-4-4, four points). Toronto was 0-4-1 in its first five games before it played three consecutive draws. The club was held scoreless at Minnesota United last week. Deandre Kerr, a Toronto player, will miss his third consecutive game due to an injury to his ankle. Federico Bernardeschi and Deandre Kerr are tied with two goals each for the team's lead. Fraser believes Kerr will be out for at least another month. Real Salt Lake (3-5-0, 9 points), has lost three of its last four matches. The result last week was a painful one. Nashville's Sam Surridge scored in the first minute after the second half's stoppage time the decisive goal that sent visiting Salt Lake down 2-1. Diego Luna, who scored three of the team's best goals, sees a team in progress that is yet to find its full stride. "We're playing well," Luna said. The team is improving, we are growing, and the chemistry is developing, but there are still little things to fix to bring it all together. RSL coach Pablo Mastroeni said: "We made some good progress in the past couple of weeks and played good stuff in our last game." We want to dial in some moments where we were a little naive. Salt Lake's Javain Brown has retired from the league after having surgery on Wednesday to repair an ACL tear and meniscus damage to his left knee. Brown injured his knee during a training session. Field Level Media
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Indonesian woman uses mangroves to fight rising tides
Pasijah is a 55-year old housewife from Indonesia's Central Java Province. She wakes every morning with the sound of waves. It's not as idyllic as it sounds. It is the last remaining house in this area of Rejosari Senik. This small village, located on Java's north coast, was once dry land and is now under water. Pasijah and her family are not planning to leave. She said in February that she had "every intention" to remain at the house and her feelings towards it remained. Pasijah, who has lived in her house for 35 years, is soaked by water when she steps out. The floor inside has been raised above the water level by using a power pole and bamboo arranged in haphazardly. Demak is 19 km away. The closest land is 2 km (1.24 miles). Only by boat can you get to the island. Indonesia is an archipelago made up of thousands of islands with a coastline of 81,000 km. This makes it vulnerable to erosion and rising sea levels. Kadarsah, an official with Indonesia's Meteorology, Climatology, and Geophysical Agency, said that sea levels along the coasts of the country rose by 4.25 millimetres per year on average between 1992 and 2024. However, the rate increased in recent years. He said that rising sea levels were a sign of climate change, and added that small islands had vanished. Kadarsah pointed out that increased pumping has also exacerbated the land subsidence along Java’s northern coast. Jakarta, Indonesia's largest city, is especially affected by the problem. It is home to 10 million people. Indonesian authorities are turning to mega-projects for a solution. One of these is a 700-kilometre sea wall along the northern coastline between Banten province and East Java. Pasijah, her family and friends have also turned to the natural world. Over the last two decades, she has planted around 15,000 mangroves trees per year. She paddles in a boat that is made of a blue barrel every day to plant saplings and tend to bushes. Pasijah explained that the flood waters came in waves and not at once. "I realized that I had to plant mangroves after the water began rising. They would spread and protect my house from the wind and waves. Her family and she survive by selling fish that her sons have caught in the market closest to them. They said they would stay until the tide was held back. Pasijah explained, "I don't care about my feelings about being isolated here anymore since I've decided to stay. We'll just take one obstacle at a time." (Reporting and writing by Ajeng dinar Ulfiana; Budi Purwanto and Johan Purnomo. Additional reporting and writing by Stanley Widianto. Editing and editing by Gibran peshimam and Kate Mayberry.
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Sources say that KKR is among the asset managers competing for Abu Dhabi district cooling business.
Three sources confirmed that KKR, I Squared Capital and other global asset managers are bidding to buy a district cooling company owned by Abu Dhabi’s Multiply Group. The business is part of a $1.5 billion empire run by one of UAE's most powerful sheikhs. As an environmentally-friendly and more cost-effective alternative to air conditioning, district cooling plants deliver chilled water through insulated pipes in order to cool buildings such as offices, factories, and residences. Three people familiar with the situation, who declined to be identified because the details were not public, said that Investcorp is one of the possible suitors. According to the sources, CVC, which is backed by Engie, and National Central Cooling Co (also known as Tabreed) are in a race for a deal worth up to $1 billion. The Abu Dhabi energy and utility firm TAQA also has its eye on the deal. It is nearing its second round, with potential buyers expected next month to submit binding bids. Multiply Capital, I Squared Capital and Tabreed did not respond to requests for comment. Last month, it was reported that Tabreed worked with Citi to develop a possible bid. PCH's interest shows how local investment opportunities are being sought by buyout groups in the Gulf, as governments implement ambitious programs to diversify economies away from oil. Previously, equity firms raised money in the Gulf to invest elsewhere. Last week, KKR was the latest asset manager who announced plans to create a team to pursue Gulf deals in the region. Multiply is owned by IHC. Its chairman, Sheikh Tahnoon Bin Zayed Al Nahyan is the UAE's National Security Advisor and brother of its president. He controls an expansive business empire, including two sovereign funds. S&P Global Market Intelligence reported in January that private equity funds raised $680 billion worldwide in 2024. This is a decrease of 30% from the $966 billion raised by 2023.
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Trump will expedite the permitting process for 10 mining projects in the US
The White House announced on Friday that it would expedite the permitting process for 10 mining projects in the United States, as part of President Donald Trump’s efforts to increase critical minerals production. These projects, which will supply copper, antimony, and other minerals, have been given FAST-41 status. This is a federal initiative that was launched in 2015 for streamlined approvals of critical infrastructure. The White House announced that it would add more projects. The first 10 are listed publicly on a U.S. Federal website, where the progress of their permits can be tracked. This is part of a Trump administration push for greater transparency. The White House issued a statement saying that "this transparency leads to greater responsibility, ensuring an efficient process." This move will boost a number of projects, including a proposed Idaho gold and antimony mine by Perpetua Resources; a proposed Arizona mine from Rio Tinto; a proposed Montana silver and copper mine by Hecla Mining; an expansion of Albemarle’s Nevada lithium project, a direct lithium extraction project in Arkansas from Standard Lithium and a metallurgical coking coal project in Alabama from Warrior Met Coal. Steel is made from metallurgical coal. Former President Joe Biden has accelerated the Hermosa zinc and manganese project of South32 in Arizona, making it the first mine that received the FAST 41 treatment. Trump ordered earlier this week a probe of potential new tariffs for all U.S. imports of critical minerals, a major escalate in his dispute against global trading partners and an effort to pressure the industry leader China. (Reporting and editing by Lisa Shumaker; Ernest Scheyder)
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Sources confirm that Petrobras has approved the tender for restarting fertilizer plants in Brazil’s northeast.
According to four sources with knowledge of the matter, the board of Brazilian state oil company Petrobras approved plans on Thursday to select a new partner to restart its fertilizer factories in northeastern Brazil. Sources who asked to remain anonymous because the decision had not been made public said that the move hinged on the resolution of ongoing disputes with the current leaseholder, Unigel. The chemical company Unigel demanded compensation from Petrobras, according to previous reports. This impasse marked a setback in President Luiz-Inacio Lula's plan to reduce Brazil's dependence on imported fertilizer. Brazil, a major agricultural powerhouse in the world, is one of the top importers of fertilizers. It purchases more than 80%. Petrobras has leased to Unigel the two nitrogen fertiliser plants located in Bahia State and Sergipe State in 2019. The agreement is for 10 years. Both facilities were shut down in 2023. Unigel cited unfeasible conditions of operation due to the high price of natural gas in Brazil. Sources claim that Unigel has not yet responded to Petrobras after the board's decision. Petrobras refused to comment upon being contacted by. Unigel didn't immediately respond to our request for comment. Both companies are involved in arbitration related to their lease agreement, which includes disagreements about the shutdown of the operations, Unigel’s investments and gas supply terms. Sources said that a formal tender could only be advanced if an agreement was reached. The arbitration must be completed before the process can proceed. We can't go forward without it," a company source stressed. Second source: If the dispute is fully resolved, Unigel could participate in the next bidding process for the plant to resume operation. (Reporting and writing by Rodrigo Viga Gaier in Rio de Janeiro, Marcela Ayres in London; Editing by Matthew Lewis).
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Sources diplomatically confirm that Rwanda will allow Southern Africa troops to pass through Congo to Tanzania.
Three diplomatic sources confirmed on Friday that Rwanda had agreed to allow troops sent by the Southern Africa group to fight rebels fighting in eastern Democratic Republic of Congo through its territory, to Tanzania. The 16 member Southern African Development Community announced in mid-March that it had terminated its mandate and was beginning a phased removal of the SAMIDRC force from Congo. Three diplomats who were aware of the ongoing discussions between Rwanda and SADC confirmed that Rwanda accepted the request to allow the troops to travel through the country on land. Two diplomats said that they were informed by the regional force that its weapons would be sealed, for security purposes, but that it will leave Rwandan soil with the troops. When asked to comment, neither the SADC nor the Congolese or Rwandan government spokespeople responded immediately. On Thursday, General Rudzani Maaphwanya of the South African National Defence Force said that a team of technical experts was working in Tanzania on the finer points of their troop removal. In December 2023, SAMIDRC was dispatched to help Kinshasa fight rebel groups in Congo’s war-ravaged eastern borders. Since January, M23 has taken control of east Congo's largest cities. This is an expansion of a long-running war that began with the Rwandan genocide of 1994 and the struggle to control Congo's rich mineral resources. Reporting by Sonia Rolley, Nairobi Newsroom and Paris; Writing by Hereward and George Obulutsa and Editing by Kirby Donovan
China's hydro generators wait for the rains to come: Kemp
China's hydro generation has been essentially flat for the last three years, in spite of commissioning several big brand-new power plants, as a prolonged drought has greatly decreased river flows in the southwestern part of the nation.
Since the dry spell began in the middle of 2022, China has been forced to turn back to coal to meet electrical energy consumption, while wind and solar have actually helped fulfill some of the growth in demand.
Set up hydro capacity had actually climbed up 18% to 422 million kilowatts (kW) by the end of 2023 from 358 million kW at the end of 2019, according to the National Bureau of Statistics (NBS).
However the amount of hydro electricity produced fell 1% to 1,141 billion kilowatt-hours (kWh) in 2023 from 1,153 billion kWh fours years previously ( Output of energy products, NBS, March 2024).
Based on the previous trend, dry spell cut generation by about 190 billion kWh (-14%) in 2023 compared with what it may have been under typical river conditions based on capacity additions.
SOUTHWEST CHINA
Most of the nation's hydro generation comes from a string of enormous waterfall dams and power stations situated on the Yangtze and its tributaries, which drain pipes the Tibetan plateau and other parts of the southwest.
The neighbouring provinces of Sichuan and Yunnan alone accounted for 48% of the nation's total hydroelectric generation in 2020.
If the downstream province of Hubei, home to the huge Three Gorges Dam, is included, the generation share reaches 60%.
Other southwestern locations drained pipes by the Yangtze and smaller sized rivers, including Guizhou, Guangxi, Guangdong and Chongqing, take the share to 75%.
Chartbook: China dry spell and hydro generation
Southwest China gets the majority of its annual precipitation in between June and August throughout the East Asian Monsoon, with a. smaller amount between March and May during the spring rains,. while fall and winter season are very dry.
Because the middle of 2022, however, much of the region has. been grasped by a dry spell that has actually dramatically lowered river flows.
In most of Tibet and parts of Sichuan and Yunnan, rainfall. has actually been 50% or more second-rate considering that the middle of 2022.
The city of Yibin, situated on the border between Sichuan and. Yunnan, received simply 663 millimetres (26 inches) of rain in. 2023 and 1,024 millimetres in 2022 compared to an average of. 1,225 millimetres annually in between 2014 and 2021.
LOWER RIVER FLOWS
China gathers substantial information on rainfall, river circulations and. the volume of water seized behind the nation's hydroelectric. and watering dams.
Numerous nationwide and provincial government firms are. included, however the information is notoriously tough to gain access to in. real time, or perhaps at all ( Making China's water data. available, usable and sharable, Lin et al, 2023).
However, some indication of the drought's early effect can. be determined from the China Statistical Yearbook published by the. NBS.
Nationwide surface area water resources were examined as 2.60. trillion cubic metres in 2022, the most recent year for which data is. presently available.
Surface resources were 7% listed below the 10-year average for. 2012-2021 and the most affordable for any year because the serious drought. of 2011. The existing drought has most likely cut surface area resources. even further in 2023.
Additionally, the surface water data is for the nation as a. whole, and the deficit in southwest China is likely. far more serious.
Tibet's surface area resources had actually fallen by 10% in 2022 compared. with the flood-hit year of 2020, while Sichuan's were down 32%.
TURNING TO COAL
China's electricity consumption has actually risen after the country. raised social distancing controls and emerged from the exit wave. of the COVID-19 pandemic in early 2023.
Wind generation increased by 122 billion kWh (+18%) while. solar generation increased by 65 billion kWh (+28%) in 2023.
However with hydro output down 61 billion kWh (-5%), the nation. increased thermal generation by 379 billion kWh (+6%) to satisfy. growing demand.
Most of the extra thermal generation was from coal-fired. systems, though small quantities likewise originated from gas-fired power. plants, specifically in Guangdong and the southern province of. Hainan.
Lots of coal-fired generators act as reliability reserve units. to satisfy day-to-day and seasonal demand peaks along with back up in. case of variations in river flows and hydro generation.
The dry spell most likely cut hydro generation by around 190. billion kWh in 2023, however this is also an indication of just how much. additional hydro could be created when river streams go back to. normal.
It also gives a concept of just how much mainly coal-fired thermal. generation could be avoided when the dry spell ends and rainfall. returns to more normal levels.
WAITING FOR RAIN
Southwest China is coming to the end of the dry season and. waiting on the arrival of the spring rains and the primary summer. monsoon. River levels stay low.
As a result, thermal generation was up 104 billion kWh. ( +11%) in the first two months of 2024 compared to the exact same. duration in 2023. On the other hand, hydro generation was up by simply 2. billion kWh (+2%).
If the drought continues for a third consecutive summer,. hydro generation will remain depressed and the nation will have. no option however to increase coal firing again this year.
If the dry spell ends, nevertheless, the combination of a rise in. hydro generation with the rapid release of wind and solar. capacity will produce a sharp slowdown in coal-fired growth and. possibly even a small decline in 2024.
Related columns:
- China's renewables rollout indicates future peak in coal. ( January 19, 2024)
- China braces for record winter season electricity need. ( November 24, 2023)
- China's rains remains in the incorrect place for hydropower. ( August 22, 2023)
- Besieged by dry spell, China turned to coal to keep lights on. ( July 21, 2023)
John Kemp is a market expert. The views expressed. are his own. Follow his commentary on X https://twitter.com/JKempEnergy.
(source: Reuters)