Latest News
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Trump approves coal mine expansion for Asia exports
The U.S. The U.S. The Montana-based company can now recover 22.8 million metric tonnes of federal coal, 34.5 millions of adjacent nonfederal coal as well as extend the life of its Bull Mountains mine for nine years. Interior Secretary Doug Burgum is also the co-chairman of Trump's Energy Dominance Council. He said that by unlocking more federally owned coal, it allows the U.S. a chance to strengthen ties with U.S. ally abroad. He said that President Trump's declaration of a national emergency in the energy sector allowed us to act quickly, reduce bureaucratic delays, and secure America’s future by ensuring energy independence and strategic trade. Signal Peak sent its initial plan to expand their mining operations to Office of Surface Mining Reclamation and Enforcement (OSMRAE) in 2020, but it is currently under federal review and subject to litigation. The Interior Department has completed the environmental impact assessment for the mine expansion in accordance with its new policy, which speeds up such reviews by a maximum 28 days. Burgum joined Energy Secretary Chris Wright, Environmental Protection Agency Administrator Lee Zeldin and Japanese and Korean officials in Alaska this week to promote an LNG and other energy exports destined for Asian market. The Bull Mountains Mine, located in Musselshell County and Yellowstone County, employs more than 250 workers, and supplies primarily Japan and South Korea. Environmental groups have attempted to block the expansion due to concerns over water consumption and greenhouse gas emissions. (Reporting and editing by Barbara Lewis; Valerie Volcovici)
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Gold drops as US job data clouds prospects for rate cuts
Gold prices slipped on Friday after a stronger-than-expected U.S. jobs report dampened hopes for imminent Federal Reserve rate cuts this year, while silver soared to its highest level since 2012. As of 10:45 am, spot gold was down 0.6%, at $3,333.69 per ounce. ET (1445 GMT), and has risen 1.2% in the past week. U.S. Gold Futures fell 0.6% to $3356.50. According to a report by the Labor Department, non-farm payrolls rose 139,000 in may, as opposed to estimates of a 130,000 increase, according economists polled. The unemployment rate was 4.2% in line with expectations. The data came in line with expectations, which is negative for gold, as it suggests that the Fed will stay on hold for some time, said Marex analyst Edward Meir. Based on the trading of short-term interest rate futures, traders are hesitant to make bets on a Fed third rate reduction by year's-end. Gold is a hedge for inflation and geopolitical unrest. Gold is less attractive as a result of higher interest rates, since it does not yield any return. There was little clarity on trade policy after the call between U.S. president Donald Trump and Chinese leaders Xi Jinping, which took place on Thursday. These are difficult negotiations that won't be resolved over the phone. Meir said that if the headlines on tariffs turn negative, it's good for gold. After hitting a record high of more than 13 years, spot silver dropped 0.3% to 36.04. Silver's gains "appear to have been driven by speculative flow, who saw it as way too cheap in comparison with gold. The break above the 35/oz mark amplify the move," Giovanni Staunovo said, an analyst at UBS. Palladium, meanwhile, rose 3.4%, to $1,039.78, the highest level since March 20, 22. Platinum also rose 3.4%, to $1168.72. Both metals are expected to see weekly gains.
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Copper prices rise in the near future due to falling LME stocks
Due to concerns about the near-term supply of copper at the London Metal Exchange, due to the falling stock levels in LME registered warehouses, contracts with shorter maturities have been priced higher than those with longer maturity. A month ago, the discounts on nearby LME copper against forwards with longer dates were converted into premiums as COMEX prices continued to be higher than those of the LME. The premium of cash LME copper over benchmark 3-month futures The price of a ton was $75 on Thursday, but it jumped to $93 at the close. This is the highest level in over two years. The discount was $63 back in early April. The backwardation is a sign of some sort of shortage. "Normally, it's in contango," explained Dan Smith of Commodity Market Analytics. The total copper stock in the LME's warehouse system has been reduced by half since mid-February, to 132.400 tons. This is the lowest level in nearly a year. The 54,600 tonnes of available stocks (those not marked for shipment) are the lowest level since July 2023. Alastair Muuro, Senior Base Metals Strategist EMEA at Marex, explained that the sharp movement in the spread was due to new cancellations of LME stocks. He said that the premium was lower on Friday because there were no new major cancellations of title documents, such as warrants. Stocks continued to leave LME registered warehouses. Recent mine supply disruptions, traders diverting metals to the U.S. and Washington's investigation into the possibility of tariffs on imports of copper are fueling fears. Despite the fact that there is not a dominant holder of LME copper warrants (0#LMEWHL>) ahead of expiration of contracts on Wednesday the third of each month, one party had more than 90% of cash copper contracts as of June 4, helping to maintain the premium. 0#LMEWHC> (Reporting and editing by David Evans; Polina Devitt)
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Fuego volcano in Guatemala spewing ash has forced more than 700 people to evacuate
Guatemala's Fuego Volcano emitted ash miles high into the sky on Friday, as authorities evacuated 700 people as a precaution. Seismology agency INSIVUMEH reported that a lava flow was forming around the crater, which is located about 18 km away from Antigua Guatemala. It added that some ash plumes could reach up to 5 km in the air. Authorities have warned of an increase in activity around the active volcanic cone this week. "We evacuated more than 700 people who spent the night in shelters." "We evacuated them out of caution," said disaster agency CONRED on Friday. It added that people had been relocated from nearby Escuintla and Sacatepequez, as well as Chimaltenango. In a Friday evening report, INSIVUMEH reported that a lava stream could be seen stretching for 1.2 kilometers. It said that "this continues to accumulate in a unstable manner around crater, and in the higher parts of the ravines which could collapse and lead to more pyroclastic flow". Fuego is well-known for its regular activity. Fuego's most violent eruption, in June 2018, killed over 200 people. The Central American nation has 37 volcanoes. Many of these are dormant, or even extinct. Reporting by Sofia Menchu; Writing by Aida Pelaez-Fernandez, Editing by Sarah Morland & Andrew Heavens
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Sinomine, China's copper smelter in Namibia is halted due to a global shortage of concentrates.
Sinomine Resource Group, China, announced on Friday that it had temporarily suspended copper smelting at its Tsumeb facility in Namibia. The group cited a shortage in concentrate due to a rapid expansion of smelter capacities worldwide. Sinomine acquired Dundee Precious Metals' Tsumeb Smelter in 2024, which is one of only a few facilities worldwide that can treat copper concentrates containing arsenic or lead. The smelter has the capacity to process up to 240,000 tons of copper concentrate per year. It previously processed metal from Chile, Peru, and Bulgaria. The global copper smelting industry has grown rapidly in the last few years. This has led to a rapid increase in production, which has outpaced demand for the metal, whose use has been boosted in recent times by its use in technologies that generate renewable energy, such as electric vehicles. Sinomine Tsumeb Smelter's CEO Loggan Lou stated in a press release that the increased smelting capacities in major copper producing regions have "resulted a substantial overcapacity". Lou stated that "this has caused a shortage in copper concentrate and placed pressure on smelters around the world, including Tsumeb." Sinomine plans on upgrading the smelter in order to commercially produce multiple metals and minerals. Sinomine announced in September that the Tsumeb Smelter contained 746 metric tonnes of germanium. This mineral is essential for chipmaking and other applications such as solar cells, infrared technologies, fibre optic cables and infrared technology. The smelter also explores the addition of germanium or zinc smelting to the smelter.
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Russia asks UN agency for help in solving the question of US fuel at Ukraine's nuclear plant
The U.N. nuclear watchdog was asked by Russia on Friday to mediate in the dispute between Moscow and Washington over the fate of U.S. fuel that is stored at an Ukrainian power station controlled by Russian forces. Russia wants to restart Zaporizhzhia, a nuclear power plant that was idled for many years. It is located near the front line of the Ukraine war and produced a fifth or more of Ukraine's electrical output. Fuel is just one of many issues that are preventing the restart. Rafael Grossi of the International Atomic Energy Agency said this week that it is currently impossible to restart the reactor due to the lack of stable electricity and water cooling. After meeting Grossi, Alexei Likhachev, the Russian chief of nuclear energy, said that Russia would be willing to either use the fuel supplied by the U.S. firm Westinghouse or remove it completely and return it back to the United States. In a televised comment, he stated that Westinghouse and U.S. Energy officials had raised intellectual property concerns in relation to the fuel issue with Russia. Grossi was quoted by the state news agency RIA as saying that the IAEA is willing to mediate. Both Russia and Ukraine accuse the other of bombarding Europe's biggest nuclear power plant, Zaporizhzhia, increasing the risk of an accident. Likhachev stated that Russia had prepared "a comprehensive plan" for a phased commissioning. However, it could only take place if all threats to the military were removed. In March 2022, Russia occupied the facility shortly after its troops invaded Ukraine to start the war. The facility has six reactors. The last one stopped producing electricity in September 2022. (Reporting and writing by Mark Trevelyan, Gleb Stolyarov and Maxim Rodionov)
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Copper edges lower on firmer dollar
Copper prices dropped on Friday, as the dollar strengthened against the yuan and continued withdrawals from warehouses registered at the LME, along with concerns over short-term supplies, capped the losses. As of 1058 GMT, the three-month contract for copper on the LME dropped 0.6% to $9685.5 per ton. The metal, which is used in construction and power, reached $9,809.5 on Thursday, its highest level in over two months. Nitesh Sha, a commodity strategist at WisdomTree, said that the U.S. Dollar is down a little bit today and this has pushed most base metals prices lower. Dollar index rose 0.3% making metals in U.S. dollars more expensive for holders other currencies. The yuan has fallen to a 2-year low in the world's largest metal consumer, China. Donald Trump, the U.S. president and Xi Jinping, the Chinese leader took part in a rare phone call between leaders on Thursday. Trump said later on social media that they had made a progress in matters relating to rare earth minerals. However, neither leader confirmed that the issue was resolved. Trump increased tariffs on imported aluminum and steel to 50% earlier this week. This is double the previous rate, which was 25%. After the announcement, the market's attention has been drawn to an investigation underway in Washington regarding copper imports. Shah stated that "the restart of trade talks between Trump and Xi on yesterday will likely take the edge off friction between the leaders and allow for lower copper tariffs when they are announced." The investigation led to an increase in the copper inventory at Comex's warehouses Since late February, stocks in LME-registered warehouses have dropped by 49%. Stocks in LME registered warehouses, on the other hand, have fallen by 49% over the same time period . Teck Resources, a copper miner in Chile, reported this week that production had been affected at two of its operations. Other metals include LME aluminium, which fell 1.2% to 2,448.5 per ton. Zinc slipped 0.8% to 2,662.5, lead rose 0.1% to 1,980, and nickel dropped 0.2% to 15,495. (Reporting from Ashitha Shivaprasad and Polina Devitt in London; editing by Barbara Lewis.
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Germany's Merz claims that some US legislators have 'no clue' about the scale of Russia's nuclear rearmament
The German Chancellor Friedrich Merz stated on Friday that some U.S. legislators do not understand Russia's rearmament program. This was a day following his meeting with U.S. president Donald Trump at the White House. Merz said at a Berlin business conference: "I spoke with senators from Capitol Hill, and I told them that they should look into the rearmament Russia has been doing." He said that the senators "clearly have no idea" what was happening in South Africa at this moment. Russia has moved defence factories to Round-the-clock Production Since the beginning of its full scale invasion of Ukraine in Febuary 2022, Russia has signed weapons deals with North Korea. This prompted European officials to warn Moscow could be soon in a position where it can attack NATO territory. Russia denies such an intention, and claims to be conducting a "special operation" (military action) in Ukraine for its own protection against what they portray as a hostile, aggressive West. Merz, the conservative leader who came to power in May, was the latest European leader visiting Trump to try to convince him that Ukraine must be defended against Russia's invasion, and NATO should continue to support Europe's security. Merz stated that he was reassured by Trump's words during their public meeting in the Oval Office. He cited the "resounding" no to the question of whether the United States planned to withdraw from NATO. Since the beginning of Russia's full scale invasion of Ukraine in the continent's most bloody conflict since World War Two, European countries have increased their defence spending. Merz has supported Trump's call for NATO to commit to an objective of more than double defence spending in the future to 5%. Trump welcomed this commitment on Thursday, and told Merz U.S. troops would remain in Germany. Merz stated on Friday that "whether we like it or no, we will be dependent on the United States...for a very long time." (Reporting and writing by Friederike Rinke and Andreas Rinke; Editing by Gareth Jones).
Salva Kiir is the former rebel leader of South Sudan.
When South Sudan declared independence from Sudan in 2011 to a chorus of worldwide congratulations and celebrations, rebel-leader-turned-president Salva Kiir promised his people freedom and democracy. He fired his vice president, Riek Makar, two years later. This sparked a civil conflict that splintered his young nation on ethnic lines. The international and regional powers demanded a resolution. Kiir has now detained Machar for a decade, and his administration is threatening to ignite conflict once more in an impoverished nation in the middle of a fragile region.
The scandal has highlighted the depth of ethnic and social rifts in the country that have existed since its founding, as well as the failure of a government to deal with these problems. Kiir has been at the heart of this government.
The peace agreement promised that there would be elections and a comprehensive effort to unite rival forces.
The tensions between Kiir and the Dinka, the largest ethnic group in the country, as well as Machar's Nuer have persisted. Both men are accused of prioritizing tribal interests over national priorities.
Former government official Jok madut Jok who was the undersecretary of the culture ministry from 2011 to 2013 said that Kiir "was very taken with tribalism. He believes in promoting [his] tribe first."
"This is a sign of weakness in a leader who leads a country with a wide range of cultures," said Jok. He has criticised Machar and Kiir, and left his position to return to the U.S. to teach at Syracuse University.
Kiir spoke out before against ethnic conflicts and tribal killings. He said that his dispute with Machar was based on differences of politics, and not ethnicity.
Power Player
Kiir, born in 1951 into a family that was cattle herders and grew up in southern Sudan, joined the rebellion against the Sudanese Government in the 1960s. This would lead to the longest civil war in Africa.
He spent many years as a rebel leader in the swamps and grasslands of southern Sudan, eventually rising to the rank of a military intelligence agent.
John Garang led him to the top, and he was widely hailed for his heroic role in the liberation war.
Kiir assumed the leadership after Garang was killed in a 2005 helicopter crash, only months after the Sudanese Government signed a deal of peace with the rebels in the south.
After George W. Bush, then president of the United States, gave him a black cowboy cap in 2006, he renounced his military fatigues and was seldom seen without it.
Kiir was not as charismatic as Garang, but he was an expert operator. He held the Khartoum government to its promise of allowing an independence referendum between the 2005 peace agreement and the 2011 independence vote.
He kept the southern Sudan united by pardoning militia leaders, amnestying them, and maintaining peace until the referendum, when more than 99% voted for independence.
Analysts say that the focus on unity has now become a thing in the past. They point to the string of sudden reshuffles within Kiir's administration and intelligence services, all to maintain his power.
Abraham Awolich said that he had mastered the art to play people against one another in order to build loyalty.
"That's how he keeps himself at the top."
SUCCESSION
According to an investigation conducted by The Sentry in 2024, a United States based watchdog, Kiir’s family, including his granddaughters, own or have control over at least 126 South Sudanese companies, even though Kiir was not listed on any corporate documents.
Kiir's Office dismissed the allegations, calling them "a deliberate witch hunt designed to undermine First Family and destabilise nation's unity."
Kiir fired his intelligence chief, two of the five vice presidents and named a close advisor, Benjamin Bol Mel, as Second Vice-President last month.
This move led to speculation that Kiir (73), was preparing Bol Me, a businessman who is on the United States sanctions list because of his ties to construction companies accused of money laundering to succeed him.
Awolich, however, said that Kiir would not give up his presidency amid an intensifying power struggle between him and Machar.
Kiir is in control of the situation at this moment. He said he has no intention of relinquishing power any time soon. (Reporting and writing by Nairobi Newsroom, Ammu Kanampilly and Maggie Fick; editing by Andrew Heavens).
(source: Reuters)