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Environmental groups sue EU Commission over Portugal's Lithium mine
Environmental groups have filed a lawsuit against the European Commission for its decision to grant preferential "strategic status" to Portugal's Barroso Lithium Mine Project, developed by London-listed Savannah Resources. The local residents' association United in?Defence of?Covas do Barroso, and ClientEarth Group said that they had filed the case with the EU Court of Justice because Brussels refused to reconsider the 2025 decision made under the Critical Raw Materials Act. In a statement, they said that "despite detailed evidence showing the project poses severe environmental, social and security risks", Environmental groups often oppose projects like Savannah's, which are viewed as key tests of Europe's capability to produce lithium and materials deemed essential for the energy transition. Since 2018, Barroso has been designated as a World Heritage Site for Agriculture. The groups stated that access to raw materials critical for industry "cannot be at the cost of environmental protection, community participation or rights." They said that the energy transition should be based on science, law and justice. Not political shortcuts?that turn rural areas into sacrifice zones. Savannah is developing a mining project north of Barroso. The spodumene deposits, one of which contains lithium, are estimated to be worth more than 39 million metric tonnes, making this the largest deposit of its kind in Europe. The Portuguese government granted a grant of 110 million Euros ($130'million) to the project last month. The Portuguese government is hoping to launch the long-delayed?lithium exploration licences tender this year. This is seen as crucial to building an internal lithium value chain, and reducing Europe's dependence on imports.
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Pirelli rejects Sinochem spin-off plan in dispute over governance
The Italian tyremaker Pirelli has said that it opposes any spin-off of its 'cyber tyre' activities. This was in response to a proposal put forward by Sinochem, a Chinese shareholder, to settle a governance issue. Directors are against "any project or initiative that might lead to any form of compartmentalization, separation and/or segregation, even only partially, and of any nature," ?Pirelli said in a statement. It added that the board supported the position by a vote of 9-5, with five directors appointed in China voting against. Sinochem, a Beijing-controlled company, is the largest shareholder in Pirelli with a stake of 34.1%. Camfin, a vehicle owned by a?Italian entrepreneur Marco Tronchetti Provera?, has a 25.3%?stake with plans to increase it up to 29.9%? Camfin, Pirelli and other companies have stated that the fact that a Chinese firm is the largest shareholder in their group poses an obstacle to their expansion into the U.S. as Washington tightens its restrictions on the use of?Chinese technologies' in the automobile sector. Sinochem responded last month by saying it had offered a "structured solution" to the dispute. Persons close to the issue said at the time the solution was to spin off some Pirelli assets and create a separate company to distance those activities from the Chinese investor. Pirelli said on Thursday that it had also notified the Italian Government about the non-renewal Sinochem-Cafmin shareholders pact. This triggered government scrutiny under the golden power rules designed to shield key assets.
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Barrick names Hill as CEO and plans to proceed with the IPO of North American assets containing gold
Barrick Mining announced on Thursday that it will move forward with the?preparations of an initial public offering (IPO) of its North American assets, and appointed interim?head Mark Hill as its CEO and President. The company's shares listed in the United States rose by 2% during premarket trading. The company's Toronto shares dropped 6.7% during morning trading. Analysts said that the market punished the company because of high cost guidance, and the disclosure of the December payout to Mali. Martin Pradier is an analyst at Veritas Research. He said, "My concern about the cost increase is huge." Mali, when you factor in the payout, is one of Veritas' highest-cost mines. Pradier added that this has increased market concerns. Barrick reached a settlement with the Mali military government after a dispute that lasted for a full year. The company paid $823 million in total. MUCH ANTICIPATED IPO Analysts expect that the value of the North American assets of the group will be approximately $42 billion. Barrick appointed veteran executive Hill in September as interim president after the sudden resignation Mark Bristow. Barrick has said that the IPO should be completed in late 2026. It will include Barrick's interest in Nevada Gold Mines in the Dominican Republic, Pueblo Viejo project in Nevada and its wholly-owned Fourmile project. CEO Hill stated during a call following the earnings that between 10-15% of North American assets would be put up for an IPO. Barrick intends to retain a controlling interest in the new entity after the listing. Gold prices increased and helped the company to beat Wall Street's expectations for its fourth-quarter profits. According to data compiled and analyzed by LSEG, the gold miner's adjusted?profit per share was $1.04 for the three-month period ended December 31. This compares with an average analyst estimate 90 cents. The miner did not provide any further details, but said that one person died following an injury in its Bulyanhulu mine in Tanzania in October and another died in December, after having been injured in its Kibali mine in Democratic Republic of Congo in June. Barrick has said that it conducted thorough investigations into these deaths and taken steps to improve safety. Barrick?reported a death in Nevada Gold Mines, back in September. The company's revenue for the fourth quarter was $6 billion, up by 65% compared to a year ago. This is due to rising gold prices and record production. The company bought back $500 million worth of shares during the fourth quarter. This brings the total share purchase up to $1.5 billion by 2025. Investors received quarterly dividends of 42 cents a share. Barrick has guided its gold production for 2026 to be 2.90-3.25 millions ounces. This is similar to the production in 2025. The company projected that its 2026 all-in-sustaining costs would be between $1,760 and $1950 per ounce, assuming a gold price around $4,500 an ounce. Reporting by Tanay in Bengaluru and Divya in Toronto. Editing by Sriraj, Susan Fenton and Rod Nickel.
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US environmental enforcement by Trump’s EPA drops at a record low
According to a report published on Thursday, federal enforcement actions against polluting businesses in the U.S. dropped?to an historic low in 2025. This was the first year of President Donald Trump’s second term. According to an analysis conducted by the Environmental Integrity Project, only 16 civil lawsuits were filed by the Justice Department in civil court on behalf of Environmental Protection Agency. This is down from 76 complaints during the 'first year' of the Biden Administration, 81% less than the first 'year' of Trump's term, and 87% less than the first 'year' of former President Barack Obama. Why is this important? The Trump administration is blaming the 'decline in enforcement' of polluting firms for the sharp 'decline. KEY QUOTE Jen Duggan is the executive director of EIP. She said that "the actions taken by the Trump administration put American communities in danger for illegal air and water pollution." By the? NUMBERS According to the report, the number of cases resolved under the second Trump Administration in 2017 also dropped sharply: by 64% when compared with the Biden Administration; by 65% when compared with the first Trump Administration; and by 78% as compared with Obama's second tenure. Reporting by Valerie Volcovici, Editing by SonaliPaul
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EIB accelerates 3 billion Euros to ease carbon market concerns
The European Commission announced on Thursday that the European Investment Bank would provide 3 billion euros ($3.5billion) in funding to governments for investments to shield poorer citizens from a future EU carbon market. The new carbon market in the European Union will set a price on CO2 produced by transport and heating fuels from 2028, to encourage the shift to cleaner vehicles and heating systems. Poland and the Czech Republic have opposed this policy, claiming that it would increase fuel and heating costs. The EU has already delayed the launch of the policy by one year until '2028 to try to quell the opposition. The EIB is providing 3 billion euros in funding to EU governments for the purpose of kicking-starting investments that will help people switch to cleaner technologies prior to the CO2 pricing launch. This move is designed to ease these concerns. After 2028, the EIB will be able to repay its funding through revenues generated from the carbon market. The European Consumer Organisation, a non-profit organization, has welcomed the initiative to assist consumers and small business invest in electric cars, heat pumps and insulation of drafty homes. "To hit consumers with higher prices for fuel without alternative options would be a recipe for failure." "Member states must'step up their efforts to shape policies that will benefit consumers," said Robin Loos. BEUC's head of sustainability. After 19 countries requested this last year, the EU has taken other measures in order to address concerns regarding the new carbon markets, including tighter price controls.
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NYSE-parent ICE exceeds profit expectations on robust trading volume
Intercontinental Exchange surpassed fourth-quarter profit expectations on Thursday as persistent market turmoil boosted trading volumes at the New York Stock Exchange parent, sending its?shares?up more than 4% early in trading. The Federal Reserve's interest rate path and geopolitical tensions have fueled speculation. Volatile markets usually boost exchange volumes as traders hedge positions more aggressively, and investors reshuffle portfolios. ICE has seen growth in the energy sector for three consecutive quarters, as the protracted conflicts in Ukraine & the Middle East have fueled turbulence on the oil markets. The fourth quarter saw a 15% increase in revenue from the energy trading segment. This boosted the exchanges segment to a new record of $1.36 billion. A STRONG YEAR?AHEAD Jeff Sprecher, CEO of Sprecher Group, said that "we believe the tailwinds are strong" for our businesses in 2026. Exchange operator raised quarterly dividends by 8%, to 52 cents a share, in the first quarter 2026. This raise provides reassurance for the coming year. Analysts at ICE were told by ICE executives that the momentum of?derivatives trades, which reached record volumes in 2025 is now spilling into 2019. The company announced earlier this week that January was the most active trading month of its history with over 245 million contracts traded. ICE also wants to expand beyond its existing segments. It is seeking approval for a digital 'platform' that would allow 24/7 trading of tokenized assets and a prediction market bet by purchasing up to a $2 billion stake in Polymarket. Fixed income and data services, which sells pricing data subscriptions for certain debt assets through the segment, saw a 5% increase in revenue. LSEG data shows that adjusted profit per share of $1.71 beat the expectation of $1.67. (Reporting by Utkarsh Shetti in Bengaluru; Editing by Arun Koyyur)
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In northeastern India, a blast at an illegal mine killed sixteen people
An explosion in India's northeastern Meghalaya state killed at least 16 people and trapped more, according to an official. This is the latest of many similar incidents that have occurred in the area in recent years. Manish Kumar, East Jaintia Hills District's deputy commissioner, said that the blast occurred at 10 am local time (0430 GMT). The mine is called a "rat-hole" because the tunnels are only big enough to allow workers to get through. In India's northeastern state, the use of rat-hole mines was once widespread. However, they were banned in 2014 due to the high number of deaths and environmental damage. The deputy commissioner stated that local police had been on the scene and were conducting rescue operations. However, attempts to reach the miner have been suspended because of a lack in equipment. He added that eight people were injured as a result of the incident. The'remote location' of the mine hampered rescue work, Kumar said. He added that it would require several hours for state and federal rescue workers?to reach the site and resume search and rescue operations. "The Government of Meghalaya ordered a thorough investigation into the incident." Conrad Sangma, the state's chief minister, said that those responsible would be held accountable and face strict legal action. According to estimates by the federal government, 63 people died in illegal rat-hole mines in Assam and Meghalaya (north-eastern Indian states) since 2012. Shilpa jamkhandikar, Jan Harvey and Shilpa Jamkhandikar contributed to this report.
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Rival bidders pursue Lukoil assets despite Carlyle deal, sources say
Four sources say that Lukoil initially agreed to sell its global assets to U.S. Private Equity firm Carlyle last week. However, at least two companies are now vying for the portfolio. The U.S. Treasury has given Lukoil until February 28th to sell the assets. Last year, it imposed sanctions against Lukoil, Rosneft, and other Russian oil companies to force them to reach a peace agreement with Ukraine. According to two sources, a partnership between Chevron, Texas-based Quantum Energy Partners and a group headed by investment bank Xtellus Partners are still 'in talks' with Lukoil, the U.S. Government and other parties over the assets. Sources close to Lukoil said that the deal is not yet finalized. Carlyle has just begun to look more closely at Lukoil assets. "The wind could change in this sale." Lukoil said that it continues?negotiations' with other possible buyers. Quantum declined comment. Chevron did not immediately respond to an inquiry for comment. CARLYLE IN PARTNERSHIP TALKS At least a dozen companies, from Exxon Mobil, to Bernd Bergmair, the former owner and founder of Pornhub have expressed interest in the?Lukoil Portfolio, which was initially valued at around $22 billion. U.S. Treasury’s Office for Foreign Assets Control has rejected bids from Geneva-based commodity traders Gunvor and Xtellus. Carlyle has agreed to purchase Lukoil assets, except those in Kazakhstan. This agreement was made on January 29. Sources say that the fund is in discussions to partner with Abu Dhabi funds Mubadala XRG IHC and IHC as well as U.S. Development Finance Corporation 'for the deal. OFAC must still approve the agreement. According to sources involved in the process, Lukoil will also require the Kremlin's approval and that of the Russian central bank. Sources with knowledge of the situation have confirmed that Xtellus is a consortium between Todd Boehly, an American billionaire, and Allied Investment Partners in the UAE. The consortium proposed a plan to pay the deal with frozen Lukoil stock owned by U.S. shareholders, instead of cash. According to a sixth person, the consortium has been in contact with U.S. officials and is trying to move forward on this plan. (Reporting and editing by Anna Hirtenstein, Dmitry Zhdannikov, Emelia Sithole Matarise).
How Trump's Venezuela embargo could put Taiwan at risk
Donald Trump's decision imposing a partial Venezuelan blockade marks a dramatic increase in U.S. political pressure on Venezuelan President Nicolas Maduro. But it could also undermine a key U.S. goal: deterring an eventual Chinese naval encirclement.
The U.S. President on Tuesday ordered a "total and complete blockade" against all sanctioned oil tanks entering or leaving Venezuela. This was a move to choke off the main source of revenue for the Maduro regime. The action immediately raised questions about its legal status under international law.
Military planners in the Indo-Pacific have feared for years that China could use a blockade of Taiwan's ports to force it to accept Beijing’s rule.
Experts say that while China considers Taiwan to be its own territory, it would not rely on international law as a justification for military action in Taiwan Strait. Instead, Beijing could use the U.S. embargo of Venezuela to undermine any American efforts to raise international diplomatic opposition.
"If U.S. sanctions change the political outcome in Venezuela, China could justify coercive actions against Taiwan based on alleged security grounds," said Craig Singleton a China specialist at the Foundation for Defence of Democracies, Washington.
He said that while the legal contexts are different, the propaganda opening was real. He added that narrative is also a precedent in international relations, not just law.
He said that when Washington uses ambiguous terms, this weakens the ability of its critics to denounce?coercion' elsewhere.
The blockade was the latest in a series of military actions by the U.S. that included over two dozen airstrikes on suspected drug boats. This was done to put pressure on Maduro and senior Venezuelan officials who, according to the Trump administration, are linked with drug traffickers.
Maduro claims that the U.S. is trying to overthrow him and gain control of the OPEC nation’s oil reserves, which are among the largest in the world.
A White House official responded to questions by saying that President Trump was prepared to use all of the American power available to stop drugs flooding our country, and bring those responsible to justice. The official did not address Taiwan.
China, the largest buyer of Venezuelan oil, has taken a stand in support of Venezuela. It said on Thursday that "it opposes unilateralism and bullying, and supports countries defending their sovereignty and national dignity."
CHINA PRACTICES BLOCKADES
Beijing has signaled repeatedly that a naval blockade de facto could be the central element in a campaign for control of Taiwan.
China's military has been practicing blockade drills around the island more and more in recent years, even though its government denies Beijing's claims of sovereignty.
Chinese officials will probably present such a move as an act of domestic law enforcement or quarantine to international audiences. Beijing denies any comparisons between Taiwan and Ukraine, which is fighting a Russian invasion.
Taiwanese officials, however, have stated that a Chinese blockade would be an act war and would have far-reaching implications for international trade.
Washington, which has opposed unilateral changes in the status quo regarding Taiwan for many years, would argue that a Chinese naval encirclement would be akin to a blocking.
In its national security strategy, released in early December by the?Trump Administration, deterring a conflict over Taiwan was deemed a top priority because of its strategic location and importance economically.
Isaac Kardon is a senior fellow of the Carnegie Endowment for International Peace, who studies China's naval power. He said Beijing would try to stop the U.S. building a coalition against Chinese actions toward Taiwan. China could benefit from international concern about a U.S.-led blockade on Venezuela.
Kardon stated that "the U.S. has done a great deal of damage to the normative nature of the rules." This is a serious blow to the credibility and ability of international law to constrain other actors.
Kardon stated that the U.S. actions against Venezuelan tankers may open up China's door to similar actions such as intercepting vessels bound for Taiwan carrying vital natural gas supplies.
He said, "Everything about this muddies the water."
Experts have warned that a prolonged deployment of U.S. Naval assets to the Caribbean could also undermine the military readiness of the United States and its ability respond to a crisis on the Taiwan Strait.
'REALPOLITIK'
International law allows for wartime blockades, but only if they are accompanied by strict conditions.
Milena Sterio is a maritime expert at the law school of Cleveland State University. She said that a complete U.S. ban on Venezuela would be illegal unless there was clear evidence the U.S. were in an armed conflict with Venezuela.
Sterio stated that a U.S. Blockade would make it difficult for us to criticize the Chinese blockade against Taiwan. Sterio said that "the same rules of international laws apply to all countries and it would not be consistent for the U.S. criticize other states for doing what we do."
Michael Hunzeker is an expert in Taiwan's deterrence military at George Mason University. He said that he did not believe that Trump's actions will hurt the real effort: building U.S. allies' support for counterblockade efforts during a crisis about Taiwan.
Hunzeker explained that any reference to Venezuela by allies in this context would be a rhetorical justification of a realpolitik choice to stay on the sidelines.
He said: "I doubt this episode will have a significant impact on how they view these interests." (Reporting and editing by Don Durfee, Diane Craft and Don Durfee; Additional reporting and editing by Michelle Nichols, Tom Hals and Michael Martina)
(source: Reuters)