Latest News
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Guinea cancels the bauxite bauxite concession granted to Kebo Energy SA
Guinea has cancelled the bauxite concession that Kebo Energy SA was granted because it failed to make promised investments. This is according to a state-run television broadcast. State television announced the cancellation late Friday night, citing a declaration issued by Mamady Dombouya, leader of the junta that seized power through a coup 2021. An official from the Guinean mining sector confirmed that the concession has been cancelled. Sources close to Kebo Energy SA claim that the company failed to raise enough funding to complete the project. This included the construction of an alumina refining plant. Kebo Energy SA's spokesperson could not be reached to comment. The Guinean government revoked Emirates Global Aluminium (EGA)'s mining license last week due to the company's failure in fulfilling its commitment to build an alumina refining plant. According to a statement released on Friday, Guinea also revoked a gold mining permit that was previously granted to Guiter Mining SA. Guiter Mining SA has not responded to a comment request. After seizing power through coups, military-led governments have been pushing to reform mining laws and contracts in Guinea, Mali Niger, and Burkina Faso. They have in some cases detained mining executives and suspended operations, as well as seized goods to demand more control over mineral resources. (Reporting from Saliou Samba in Conakry, Writing by Jessica Donati, Editing by Robbie Corey Boulet and Ros Russell).
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Sumitomo Metal buys 30% stake in Rio Tinto's Winu copper and gold project in Australia
Sumitomo Metal Mining, a Japanese company, announced on Monday that it had agreed to purchase a 30% stake from Rio Tinto in the Winu Copper-Gold Project in Western Australia. The move is part of efforts by the Japanese miner to expand its assets in copper and gold, and comes after the two miners agreed last December to create a joint venture for the development and operation of the project. As part of the agreement, SMM is required to pay Rio Tinto $195 million in cash upfront as a consideration for its acquired interest. This payment will be made to Rio Tinto when the transaction closes, which is expected to occur in 2025. SMM also agreed to pay deferred payment of up $235.4 millions, contingent on the achievement of certain milestones, based upon a potential future expansion of mill throughput. Rio Tinto discovered a mineralized zone of copper and gold in 2017 in the Great Sandy Desert in Western Australia. SMM stated that the estimated indicated and implied resources of the project totaled 741 million metric tonnes by the end of 2024. This includes approximately 3 million tons copper and 250 tones of gold. Rio Tinto has begun the environmental permit processes for a mill that will have a throughput of 10 million tonnes per year. SMM's spokesperson said that it is still unclear when the production will begin, and how much total cost of development there will be. SMM, which produced 230 tons of copper via equity holdings during the fiscal year that ended on March 31, plans to increase its copper production to 300,000 tonnes over the long-term. (Reporting and editing by David Evans; Yuka Obayashi)
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London Stocks Gain after US-China Agreement on Tariff Reductions
The main British indexes rose along with global markets on Monday after the United States agreed to temporarily lower tariffs. This eased investor concerns over the trade war between two of the world's largest economies. By 1021 GMT the blue-chip FTSE 100 index was up 0.35% while the domestically focused Midcap Index advanced 1%. After talks in Geneva, both countries announced that the U.S. would reduce its extra tariffs on Chinese imports from 145% to 30% and Chinese duties will drop to 10%. The new measures will be in effect for 90 days. The Geneva meetings marked the first face to face interactions between senior U.S. economic officials and Chinese officials since U.S. president Donald Trump began a global tariff campaign, imposing especially heavy duties on China. Base metal prices increased following the news, and industrial metal miners led both the FTSE 100 & FTSE 250 gains. Glencore, Antofagasta, and Anglo American all rose by nearly 7%. Ferrexpo, a Ukrainian-focused miner, jumped 11 percent, topping midcap performers after Ukrainian President Volodymyr Zelenskiy declared his readiness to meet with Russian counterpart Vladimir Putin for talks in Turkey on Thursday. Luxury goods producers also rose, with Burberry Group and Watches of Switzerland Group increasing by 6.7% and 3.0% respectively. The healthcare subindex fell 2.4% on the other hand after Trump announced that he would issue an executive order to reduce prescription prices to levels paid in high-income countries. He estimated this amount at between 30% and 80%. Other developments include the British Foreign Minister hosting European counterparts on Monday in order to discuss support for Ukraine as well as greater regional defense cooperation, ahead of Prime Minister Keir starmer's meeting with European Union leaders. Separately released economic surveys on Monday indicate a growing pessimism by British employers about hiring plans following recent tax increases and the surging uncertainty of the global economy. This is in line with Bank of England predictions of a weakening labor market. (Reporting by Ragini Mathur in Bengaluru; Editing by Shailesh Kuber)
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US-China trade agreement boosts industrial metals
Prices of industrial metals rose on Monday, as fears about growth and demand eased. This was after China and the United States reached an agreement to reduce their reciprocal import duties and to end their trade war. By 0922 GMT, the benchmark copper price on London Metal Exchange (LME), rose by 0.8%, to $9,518 per metric ton, while aluminium gained a 2.1%, to $2,464. After talks with Chinese officials U.S. Treasury Sec. Scott Bessent stated that the two sides agreed to a 90-day suspension of measures, and that tariffs will be reduced by over 100 percentage points down to a baseline rate of 10%. One copper trader stated that "people are hopeful but still nervous" about the tariff situation. U.S. president Donald Trump has increased tariffs on Chinese imports to 145%. This is in addition to the duties he levied on Chinese goods in his first term and those imposed by the previous administration. In a note, Societe Generale analyst said that although the U.S. China relationship and global economy are less hostile now, there is still significant uncertainty for businesses and households. In the next 90 days, there will likely be a significant up-fronting of the trade flows between China and the U.S. Concerns about the supply of lead on the LME have led to a premium or backwardation around $5 per ton over the three-month contracts for other metals. . The traders said that the premium was due to falling lead stocks In LME-registered storage, there are large amounts of warrants (0#LMEWHL>) and one long position that holds more than 40% lead contracts along with several short positions (0#LMEFBR>) due to mature in this month. Lead warrants that were cancelled, or metal earmarked to be delivered, made up 52% of the total stock at 251,800 tonnes. This indicates that more lead is about to leave LME. Lead for three months was up by 0.8%, at $1,998 per ton. Zinc rose 1.8%, to $2702, while tin climbed 1.3%, to $32,300, and nickel fell 0.2%, to $15,775.
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CTK reports that the EU has asked Czechs to delay signing contract for nuclear power plants.
Czech news agency CTK, citing an official letter sent to the Czech industry ministry, reported that the European Commission had asked the Czech Republic not to sign a contract for the construction of new nuclear power plants with South Korea's KHNP. CTK stated that the postponement will give the European Union executive time to investigate if KHNP received foreign subsidies which could distort EU's internal market. A Czech regional court temporarily stopped CEZ, a company in which the Czech government holds a majority stake, from signing an 18 billion dollar contract with KHNP, until it heard the complaint of the losing bidder EDF, a French firm. After the Czech antimonopoly office refused to accept its bid, the French group went to court in this month. EDF has complained to the Commission after losing the tender in last year. After the approval of the anti-monopoly agency, the Czech government wanted to sign a contract with KHNP in this month. State and CEZ insisted that KHNP was offering a better deal than EDF. CEZ and Industry Ministry didn't immediately respond to comments. CTK quoted CEZ CEO Daniel Benes, who said that the letter from the Commission was dated May 2, and that the French company was interested in stopping the construction of the plant.
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India's PVR Inox reports wider quarterly loss due to a tepid movie slate and sluggish spending in urban areas
PVR Inox reported a larger quarterly loss on Sunday, as the lacklustre lineup of new films and low urban spending dampened attendance. The company formed by the merger between PVR and Inox Labels reported an adjusted consolidated Loss of 1.06 billion Rupees ($12.48 Million) in the Fourth Quarter, compared to a Loss of 901 millions rupees one year earlier. PVR blamed the poor performance on an "uneven release calendar" for fiscal 2025, with March being a weak month. This lack of content was a major factor in the overall decline of admissions and revenues. Only the historical action film, "Chhaava", delivered a strong performance at the box office during this quarter. Subdued urban demand is a result of a combination of sluggish wages and high living costs, combined with a moderate inflation rate. The average ticket price increased 10.5% in one year, but the per-head expenditure on food and beverage dropped by 3.5%. This led to a 7.8% drop in revenue for the food and beverage segment. PVR Inox is rereleasing older films and offering weekday discounts to encourage audiences. Even so, occupancy dropped by 208 basis point to 20.5% and total admissions fell 6.3%, to 30.5 millions. PVR Inox’s total revenue decreased marginally, to 12,50 billion rupees.
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French nuclear waste project could cost as much as $42 billion, according to agency
The National Nuclear Waste Agency said that the new French nuclear waste storage project will cost between 26 billion euro ($28.93 billion), and 37.5 billion euro, an increase from the earlier estimate of 25 billion euros. Cigeo is a project located in the Grand East region of eastern France, between Reims, a wine producing city, and Nancy. It is expected to be the first long-term nuclear waste storage facility for France. Residents in the area have protested against plans to store 500 metres underground, due to begin development in 2027. The waste agency Andra said that a decree from the Ministry of Industry is expected to be issued by the end the year, finalising the cost, which will act as a guide until the next assessment. The cost of the project and the location will be reviewed again, at least by 2026. The construction could start by 2027, if the French nuclear authority approves of the application. The first waste packages will be received in 2050 and are expected to last for a century. $1 = 0.8986 Euros (Reporting and editing by Kirsten Doovan; Forrest Crellin)
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Gulf Stock Markets extend gains following US-China Trade Agreement
The Gulf stock markets were up early Monday morning, buoyed both by the rising oil price and progress in U.S. China trade negotiations. This was a positive sign as U.S. president Donald Trump prepared to visit this region. On Monday, the United States and China announced that they had reached an agreement to reduce reciprocal tariffs in order to end their trade war which has caused global economic disruption and shaken financial markets. A fragile ceasefire between India and Pakistan also seemed to ease geopolitical tensions. In the meantime, Ukrainian President Volodymyr Zelenskiy declared his willingness to meet Russian president Vladimir Putin for talks in Turkey on Thursday. The oil prices, which are the main source of income for the region and the key driver of markets, have risen on the expectation that a trade agreement will reduce the risk of an economic downturn. Brent crude futures rose 2.63% to $65.59 per barrel at 0858 GMT. Saudi Arabia's benchmark index rose by 1.4%. Financial sector stocks led a rise in most other sectors. Al Rajhi Bank (the kingdom's second largest lender in terms of assets) grew by more than 1%. Saudi Aramco has reported a 2.4% increase in its first-quarter profits, despite a drop of 4.6%. Sahara International Petrochemicals (Sipchem), which reported a net profit increase of more than 7% in the first quarter, rose by 2.9%. National Industrializations (Tasnee), on the other hand, rose by 2.3%. It posted a profit after reporting a gain of 895.8 millions riyals (US$238.84m), reversing its loss for the previous-year period. The main index of Dubai's shares rose by 0.7% due to strong performance in the financial and real estate sectors. Emirates NBD Bank increased by nearly 1,4%, while blue chip developer Emaar Properties rose 1.5%. Abu Dhabi's benchmark Index gained 0.5% thanks to a 1.6% increase in developer Aldar Properties. Qatar's benchmark stock index rose 0.6% for a third straight session, while Qatar National Bank, which is the largest Gulf lender in terms of assets, gained 0.8%. ($1 = 3.7507 Riyals) (Reporting and editing by Rachna uppal in Bengaluru)
13 dead in explosion during Indonesian ammunition disposal
Officials from the Indonesian army told local media that 13 people were killed in an explosion during the disposal of expired military ammo in West Java, Indonesia, on Monday. This is the second such incident in Indonesia in less than a year.
Kristomei Sianturi, a military spokesperson, told Kompas TV that nine of the victims are civilians and four are military personnel. The military is also investigating the incident's cause.
Wahyu Yodhayana, another army spokesperson, stated in a television address that the explosion occurred when officers were completing their disposal of ammunition.
He added that the investigation would include how civilians could have been so close to detonation sites.
Kristomei stated that the area where the explosion occurred is a field in which such detonations take place routinely.
He said that local residents usually gather to collect the scrap left behind by detonations.
He added that the area had been cleared in order to guarantee safety in case there were any further explosions.
The explosion on Monday is the second involving Indonesian ammunition in less than a year. A massive fire broke out in March of last year at an Indonesian depot that stored expired ammunition near Jakarta. This caused a series explosions. (Reporting and editing by Alasdair Pala)
(source: Reuters)