Latest News
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Report: Chile copper mining is the most expensive in America, and this will discourage new investment.
According to a report published by the Chilean Copper Commission on Monday, Chile's copper industry has significantly higher operating costs than its?regional rivals, which could limit its ability to attract new investment, despite having?strong? geological resources. The study examined 67 greenfield copper project across the Americas and found that Chile has the highest capital intensity of all the countries studied for medium-capacity processing facilities, while ranking second for large-scale operations. Chile's energy costs for grinding range between $2.4 and $3 per metric ton processed. This is the highest cost in the region. * Labor costs in the country are lower than all regional competitors, with an average of $0.90 per tonne in medium-sized plants and $1.08 in large facilities. * The lower ore grade in Chilean deposits requires processing greater?mineral volume, increasing energy consumption as well as operational costs. * Chile's electricity rate is 31.3% more expensive than Peru's, and 35.2% higher than the United States. This is due to Chile's dependence on thermal power and its high transmission costs. According to the employment data in the report, there are 6,000 technical professionals affected by the?labor shortage every year. Reporting by Fabian Cambero, Writing by Kylie Madry
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Health ministry reports that Israeli forces killed a Palestinian teenager in West Bank.
According to the Palestinian Health Ministry, an Israeli soldier shot and killed a 16-year old Palestinian on Monday during a raid in the town of 'Tuqu'. This is the latest fatal incident in the recent violence that has erupted in the Israeli-occupied West Bank. According to a report from the Palestinian state-run news agency WAFA, citing the Tuqu' Town Council's head, the boy was shot after Israeli forces gathered late Monday in the town centre and started firing "indiscriminately". According to the report, Ammar Yaser Sabah was shot by the military with a live bullet in the chest. The report said that he was taken to hospital, but sadly he did not survive. The Israeli military informed? The Israeli military told? that soldiers used riot dispersal methods and then responded with fire after being pelted with rocks. The military said that the incident is being reviewed. Since the beginning of the two-year Gaza war in October 2023, violence has increased in the West Bank. Israeli settler attacks against Palestinians have 'increased sharply', while the military has tightened movement restrictions and conducted sweeping raids across several cities. According to the United Nations, more than 1,000 Palestinians were killed in the West Bank from October 7, 2023 until November 14, 2025. In the West Bank, 59 Israelis were killed over the same time period. According to official Palestinian statistics, 53 Palestinian minors were killed by Israeli forces this year in the West Bank. The West Bank is home for 2.7 million Palestinians, who enjoy limited autonomy under the?Israeli occupation. There are hundreds of thousands of Israelis who have settled in the West Bank. Many world powers consider Israel's settlements, which are located on land that it captured during a war in 1967, illegal. In addition, numerous U.N. Security Council Resolutions have called for Israel to cease?all settlement activities. Israel denies that the settlements are illegal, citing historical and biblical ties to the land. Israeli forces have cleared refugee camps forcing thousands of Palestinians to leave their homes. They are also maintaining the longest presence they've had in certain West Bank cities since decades. Human Rights Watch charged Israel with war crimes and crimes of humanity in November over forced expulsions it claimed to have occurred in the West Bank. Israel denies that it has committed such crimes. Reporting by Ali Sawafta, Pesha Magd and Aidan Lewis; writing by Pesha Magd. Editing by Aidan Lewis.
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US and Mexico sign new agreement regarding Tijuana river sewage crisis.
U.S. Environmental Protection Agency released a statement Monday announcing that the United States and Mexico have signed a new agreement to address 'the ongoing Tijuana river sewage crisis. Mexico and the U.S. have been at odds for decades over the issue of Mexican sewage flowing across the border into the Tijuana River and then into the Pacific Ocean. The EPA stated that the 'new agreement' saw the U.S. - and Mexican Sections - of the International Boundary and Water Commission, agree on infrastructure projects, research and enhanced monitoring. "And planning for the operation and maintenance" of critical systems and sites, which will 'account for the future population growth in Tijuana, the EPA stated. Earlier this summer, EPA Administrator Lee Zeldin signed a Memorandum of Understanding with Mexican Environment Minister Alicia Barcena in which Mexico 'agreed' to spend $93 million on improvements to Tijuana sewage systems and commit to a number of projects that would account for population growth and maintenance. (Reporting and writing by Ryan Jones; Editing by Franklin Paul).
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Gold gains are reduced as peace talks with Ukraine progress. US jobs data is the focus.
Spot gold retreated from its earlier gains after progress was made in the crucial?talks' between U.S. officials, and Ukrainian President Volodymyr Zelenskiy?aimed at ending?the war. Traders awaited important U.S. employment data. By 01:55 pm, spot gold had risen 0.2% to $4,309.82 per ounce. ET (18:55 GMT), following a rise of more than 1% in the earlier session. U.S. Gold Futures closed 0.2% higher, at $4335.2 per ounce. Jim Wyckoff, senior analyst at Kitco Metals, says that the progress in Russia-Ukraine talks appears to be dampening demand for safe-haven gold. He also added that the gold market is under pressure due to profit-taking, and liquidation of futures contracts by traders who purchased them earlier. Steve Witkoff, the U.S. Special Envoy to Ukraine, said that "a lot of progress has been made in Ukraine discussions," while an?U.S. Officials from both sides said that they have made progress in reducing the differences between Russia, Ukraine and other countries. The Federal Reserve will release its non-farm payrolls and retail data on Tuesday. This information could provide traders with more clues about the direction of the Fed's policy. According to CME FedWatch Tool, the markets are pricing in 78% of a rate reduction in January 2026. Gold is traditionally seen as a safe haven asset. It tends to do well in times of geopolitical or economic uncertainty. Silver spot rose 2.6%, to $63.61, from a record high of $64.65 reached on Friday. It is still within striking distance of the $65/oz mark. Silver is the most popular precious metal. Bob Haberkorn, senior market strategist at RJO Futures, said that by the end of next year we could be trading above $65 and as early as quarter one of the following year I could see up to $70. While spot platinum rose 2.5%, to $1.788.55, its highest level since Sept. 2011, palladium also reached a new two-month high with a nearly?5% increase to $1.560.25 an ounce. Nornickel of Russia, the largest palladium producer in the world, stated that the market for palladium could be deficient by 0.2 million ounces, including investment demand.
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Sources: U.S. Treasury rejects Xtellus' bid for Lukoil Assets
Four people familiar with the matter said that the U.S. Treasury rejected an 'offer' from a group headed by U.S. Bank Xtellus Partners to buy foreign assets of Russian Oil Company Lukoil. Xtellus was in a race with Exxon Mobil, Chevron and Abu Dhabi Group International Holding Company. MOL from Hungary and the U.S. Private Equity firm Carlyle are also still involved. The U.S. Treasury declined comment. Lukoil was willing to sell its assets in October after the U.S. sanctioned it and Kremlin controlled rival Rosneft to encourage Russia to reach a peace deal with Ukraine. Over a dozen companies bid on the assets of Lukoil, valued at approximately $22 billion. The assets include upstream gas and oil projects, refinery and more than 2,00 filling stations in Europe, Central Asia and the Middle East. Sources said that Xtellus offered to arrange a swap between Lukoil securities owned by U.S. 'investors, in a cashless transaction? to return them to Lukoil for the Russian firm's global assets. Sources said that Lukoil preferred the Xtellus offer, but that it was difficult to implement. Xtellus advises bid partners Todd Boehly, an American billionaire, and Allied Investment Partners, a group of Emirati investors. According to one source, Lukoil has already signed a purchase agreement with the Xtellus led group. Source: The Treasury informed the group it didn't have permission for them to use sanctioned security in a transaction. This was the reason their proposal was turned down. The plan now is to take?their proposal to a senior decision maker and try to reverse the rejection. They said the group would also apply for a licence to access these securities. U.S. investment fund owners have large Lukoil?shares which were written off and frozen after Russia's invasion of Ukraine in 2022, costing them billions of dollars. The plan was to sell the assets and then pay investors, or to return the shares to Lukoil as an exchange for the assets. The U.S. last week extended the deadline to negotiate with Lukoil until January 17. Reporting by Jarrett Renshaw and David Gauthier Villars, Writing by Dmitry Zhdannikov, Editing by Tomasz and David Goodman
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Sources: U.S. Treasury rejects Xtellus' bid for Lukoil Assets
Three people familiar with the matter said that the U.S. Treasury 'has rejected the offer of a group led U.S. -based Xtellus Partners to purchase the foreign assets owned by Russian oil.company Lukoil. Xtellus was competing with U.S. oil giants Exxon Mobil, Chevron and Abu Dhabi Group International Holding Company. Hungary's MOL, and U.S. Private Equity firm Carlyle are also still in the race. The U.S. Treasury declined comment. Lukoil was willing to sell its assets after the U.S. sanctioned it in October, along with the Kremlin controlled rival Rosneft to try to?push Russia towards a peaceful deal with Ukraine. Over a dozen companies bid on the assets of?Lukoil, valued at approximately $22 billion. Assets include upstream oil and gas projects, refining, and more than 2,00 filling stations in Europe, Central Asia and the Middle East. Sources said that Xtellus offered to arrange a swap between Lukoil securities owned by U.S. shareholders and the Russian?company’s global assets in exchange for a cashless transaction. Sources said that Lukoil preferred the Xtellus offer, but execution was difficult. Xtellus advises bid partners Todd Boehly, an American billionaire, and Allied Investment Partners of Emirati investors. U.S. investment fund owners have large amounts of Lukoil stock that was frozen and written off?after Russia’s invasion of Ukraine in 2022, resulting in a loss of?billions? of dollars. The plan was to sell the assets and then pay investors. The U.S. last week extended the deadline to negotiate with Lukoil until January 17. Reporting by Jarrett Renshaw and David Gauthier Villars, Writing by Dmitry Zhdannikov, Editing by Tomasz and David Goodman
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Gold gains are reduced as peace talks with Ukraine progress. US jobs data is also being watched.
Spot gold pared gains made earlier on Monday, despite progress in crucial talks between U.S. officials &?Ukrainian President Volodymyr?Zelenskiy to end the war. Traders awaited important U.S. employment data. Spot gold was steady at $4,295.20 per ounce as of 12:16 pm. ET (17:16 GMT), following a rise of more than 1% in the earlier session. U.S. Gold Futures dropped 0.1% to $4325.60 per ounce. Jim Wyckoff, senior analyst at Kitco Metals, says that the progress in Russia-Ukraine talks appears to be dampening demand for safe-haven gold. He also added that the gold market is under pressure due to profit-taking, and a week-long liquidation of some traders who have bought?futures in the past. Steve Witkoff, the U.S. Special Envoy to Ukraine, said that "a lot of progress has been made in Ukraine discussions," while an official from the U.S. told reporters that both sides are moving closer to reducing differences between Russia and Ukraine. The Federal Reserve will release its non-farm payrolls and retail data on Tuesday. This report should provide traders with more information on the Federal Reserve’s policy direction. According to CME FedWatch Tool, the markets are pricing in 78% of a rate reduction in January 2026. Gold is traditionally seen as a safe haven asset. It tends to do well in times of geopolitical or economic uncertainty. Silver spot rose 2.2%, to $63.39 after hitting a record high of $64.65 last Friday. It is still within striking distance of the historic $65/oz mark. Silver is the most popular precious metal. Bob Haberkorn, senior market strategist at RJO Futures, said that by year's end we will be trading above $65 and could even see $70 early in quarter one of?next years. The spot price of?platinum rose 2.6% to reach $1,789.80. This is the highest since September 2011. Palladium also reached a new high with a?5% increase to $1.569.68 an ounce. Nornickel of Russia, the largest palladium producer in the world, stated that the market for palladium could be deficient by 0.2 million ounces, including investment demand.
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Italy's Competition Authority drops investigation into Eni Plenitude
The Italian Competition Authority (AGCM), in its weekly bulletin, announced that it had closed the investigation into alleged unfair commercial practices involving Eni's Plenitude unit. Eni's retail and renewable business was investigated in the investigation launched in March. The authority stated that between May and September 2024, customers complained about their contracts for electricity and gas being renewed without any prior notice and with new terms and conditions. The Italian competition watchdog also enforces consumer rights. The AGCM bulletin stated that Eni would intensify its efforts to alert customers to changes in terms and conditions and compensate those who have suffered a loss. The regulator stated that approximately 90,000-110,000 Eni customers would be eligible for compensation at a cost of?2-6?million euro ($2.35-7.05million). The agency concluded that "the commitments proposed by Eni?Plenitude (...) will be suitable to remedy the potential illegality (of the commercial practice in March)". Reporting by Alvise Armell, Editing by Gavin Jones. $1 = 0.8511 euro
Russia to construct Central Asia's very first nuclear power plant in Uzbekistan
Russia will construct a little nuclear reactor in Uzbekistan, the very first such project in postSoviet Central Asia, Uzbek President Shavkat Mirziyoyev stated on Monday at a meeting with checking out Russian President Vladimir Putin.
The nuclear deal, if executed, will showcase Russia's. ability to export not only energy, however likewise modern products. to brand-new Asian markets, at a time when the West is increasing. pressure on it through sanctions.
Mirziyoyev likewise stated Tashkent was interested in purchasing more. oil and gas from Russia, a turnaround of decades-long practice. where Moscow imported hydrocarbons from Central Asia.
The Uzbek president explained Putin's see as historic.
It declares the start of a brand-new age in the detailed. tactical collaboration and alliance relations between our. countries, he said.
Putin also called Tashkent Moscow's strategic partner and. trusted ally.
The leaders provided no information of the planned nuclear task,. although Mirziyoyev's remarks indicate it has actually been scaled down. from the one they concurred in 2017, however never settled.
There are no nuclear reactor in any of the five. ex-Soviet Main Asian republics, although Uzbekistan and its. neighbour Kazakhstan, both uranium producers, have actually long said. their growing economies required them.
The Kazakh task, nevertheless, can just move ahead after a. national referendum which has not yet been set up.
ENERGY PRODUCT
Making the most of Russia's campaign to redirect its gas. exports to Asia amidst a rift with the West over Ukraine,. Uzbekistan last October started importing Russian natural gas. via the very same pipeline which had actually formerly pumped it in the. reverse direction.
Although its own gas production remains significant at about. 50 billion cubic metres a year, Uzbekistan has a hard time to completely. fulfill domestic demand, and Russian products have enabled it to. prevent an energy crisis.
( Gas) exports are running well ahead of schedule and we are. prepared to increase their volume if needed, Putin said.
According to Mirziyoyev, Tashkent is also keen to increase. imports of Russian oil.
The two leaders likewise stated their governments were working on. big tasks in mining, metals, and chemicals.
Uzbekistan, whose economy depends heavily on remittances. from migrant labourers operating in Russia, has preserved close. ties with Moscow after it invaded Ukraine in 2022.
Nevertheless, Mirziyoyev and other leaders in the area have. never ever spoken in assistance of what the Kremlin calls its unique. military operation in Ukraine, and all countries in the area. are likewise working with the West on projects such as freight. shipping paths developed to bypass Russia.
(source: Reuters)