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World Bank will end nuclear energy ban, but still debate upstream gas
Ajay Banaga, president of the World Bank, said that its board had agreed to lift a ban on financing nuclear energy projects for developing countries. This is part of an effort to meet the growing demand for electricity. Banga sent an email outlining the bank's new energy strategy to its staff following what he described as a constructive meeting with the board. Banga said that the board had not reached a consensus on whether or not the bank should be involved in upstream natural-gas projects. He wrote, "This will need further discussion." In 2017, the global development bank, a lender at low interest rates that lends to countries to build everything from railroads to flood barriers, announced it would cease funding upstream oil projects by 2019. However, it will still consider gas projects for the poorest countries. In 2013, it decided to stop funding nuclear projects. Since taking office as the Bank's president in June 2023 the Banga government has pushed for a change in its energy policy, saying the bank should adopt an "all-of-the above" strategy to help countries meet their rising electricity demands and achieve development goals.
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Sources say Barrick Mining has removed the Mali gold complex production forecast for 2025.
Four sources have confirmed that Barrick Mining removed the Mali gold complex's output forecast from 2025. This is a result of a two-year dispute with West African authorities over a new mining law aimed at increasing revenue. The Loulo-Gounkoto complex, one the Canadian miner’s largest assets in Africa, has been closed since January. This is because the military-led government of Mali blocked gold exports, detained employees and seized 3 metric tons during separate negotiations for a new mining agreement with Barrick. Both sides are hoping to make at least $1 billion in revenue this year, thanks to the record-high gold prices. Barrick's shares are lagging behind those of its peers, and Mali is at risk of repelling investors. Sources spoke under condition of anonymity, as they weren't authorized to speak in public. Barrick's spokespersons and the Mali Mines Ministry did not respond immediately to requests for comment. Barrick's Mali production forecast has not been made public. Morningstar analysts, however, had predicted that Mali would contribute approximately 250,000 ounces by 2025. Jefferies reports that Mali, as a shareholder, requested a court to appoint an interim administrator in May. This would mean Barrick losing control of the mines, which accounted for 14% its total production. On Thursday, a court hearing is scheduled to be held on this matter. Parallel to the court case, negotiations are underway. Two people with knowledge of the situation said that Mali made a concession by allowing Barrick to repatriate 20 percent of its earnings to an international account. This was a concession not granted to any other foreign miner who had recently renegotiated their contracts with the government. Mali and Barrick still have a disagreement over the future handling of disputes. According to a source and a person familiar with the issue, Barrick believes that any new mining contracts should be covered by an international treaty. In the event of disputes in the future, they will be resolved through international arbitration. The threat of a temporary administration has investors worried, according to one source. Even though strong gold prices have helped Barrick increase its global revenue, a provisional government could leave the miner with depleted reserves of gold, they said. Barrick initiated international arbitration proceedings in December against Mali. In May, Barrick asked the World Bank arbitration court to stop court proceedings in Bamako due to provisional administration. Two people who were aware of this development said that the tribunal denied the request. The President of the Arbitration Tribunal for this case declined to comment. Barrick's revenues in the first nine-month period of 2024 were $949 million due to production in Mali. Jefferies estimated in a December report that Barrick's earnings for 2025 would be reduced by 11% if its Mali complex remained idle. This was before taxes, interest, depreciation and amortization. Mali, Africa's largest gold producer, is ranked third in the world. The Malian authorities who seized power through coups in 2020/2021 claim that their current Barrick agreement is unfair. The state has negotiated with other multinational miner companies. Last year, the chief executive of Australian mining company Resolute was held for over a week during negotiations.
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Trump Administration moves to rollback power plant regulations
Lee Zeldin, the administrator of the U.S. Environmental Protection Agency, said that it has proposed to repeal Biden administration rules intended to curb carbon dioxide and mercury emissions as well as other air pollutants from power plants. This is in line with a March promise made by the agency. The announcement is part of President Donald Trump's larger efforts to undo environmental regulations that he sees as unnecessary obstacles to industrial development and increased energy production. Zeldin, at EPA's headquarters, said that "EPA has taken an important step in reclaiming sanity, demonstrating we can protect the environment while growing the economy." Zeldin announced his intention to undo three dozen air and water regulations in March. The announcement on Wednesday focuses on mercury and carbon emissions regulations, and begins the formal process of repealing those regulations. According to a list published by the Environmental Protection Agency (EPA) in April, 47 companies have already been exempted from regulations that limit mercury and air pollutants for their coal-fired plants for a period of two years. This move is designed to avoid power plants being forced to retire due to an anticipated increase in electricity demand in the U.S. linked to a surge of datacenter construction. Zeldin stated that datacenters would consume 10% of U.S. electrical supply in 10 years. This is up from the current 3 to 4% and that additional gas and coal will be required to "make America an AI capital of the World." The Biden administration’s carbon emission regulations for power plants could have reduced greenhouse gasses by 1 billion tons by 2047 and was a key part of their broader agenda in fighting climate change. Nearly a quarter (25%) of the U.S. pollution from greenhouse gases is attributed to the electricity sector. Zeldin stated that, if the rules are finalized, no power plant will be able emit more than what they do today or how much they did one or two years ago. The proposal is divided into two parts. First, it would repeal the carbon emissions standards that were finalized by the Biden Environmental Protection Agency last year. These standards called for reductions in carbon emissions from coal-fired and gas-fired plants. Second, the rule on mercury and air toxin was strengthened and requires continuous monitoring. Environmental groups condemned the proposal, saying it was harmful to public health. Shaun Goho is the legal director of Clean Air Task Force. He said that these proposals were bad for the public health as well as bad for the climate. They are all designed to support some of the most polluting plants in the country. The agency also ignored the benefits of the companies, while focusing on Zeldin's focus on the costs. Charles Harper, Evergreen Action's Senior Policy Lead for the Power Sector, said that eliminating standards from Biden's era would erase $240 billion of climate benefits as well as $120 billion worth of public health savings. The mining industry and some Republican legislators in coal-and gas-producing regions have welcomed the announcement. Rich Nolan, President of the National Mining Association, said, "Today's decision nullifies EPA's two most important air regulations, removing standards that were deliberately unattainable and leveling playing fields for reliable energy sources instead of stacking them against them." Rob Bresnahan is a Pennsylvania Congressman, whose district in the next few years will be home to nine new data centers. He said that repealing power plant regulations will allow more gas plants to become operational to meet the new surge in electricity demand. He said, "The simple truth is that we need more electricity on the grid in order to power everything." (Reporting and Editing by Hugh Lawson, Diane Craft and Valerie Volcovici)
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Sources say that the US Embassy in Iraq is preparing to evacuate due to "heightened security risks".
An Iraqi official in charge of security and a U.S.-based source confirmed on Wednesday that the U.S. Embassy in Iraq was preparing to evacuate due to increased security risks in this region. Aziz Nasirzadeh, Iran's Minister for Defense, said earlier that day that Tehran would strike U.S. military bases in the area if conflict and nuclear talks with Washington arise. The State Department didn't immediately respond to an inquiry for comment. The State Department has ordered the departure of (the) U.S. Embassy in Baghdad. Another U.S. official stated that the intention is to use commercial means but that the U.S. Military is ready to help if needed. Donald Trump, President of the United States He said According to a Wednesday interview, he was less confident in the agreement between Washington and Iran to end uranium enrichment. A second U.S. official confirmed that the U.S. embassy in Qatar was still operating normally and there had not been any evacuation orders issued to employees or their families. He has repeatedly warned Iran of bombings if they do not agree to a new deal on nuclear energy.
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Colorado State University continues to predict four major hurricanes for 2025
Colorado State University's meteorologists, who released their forecast in April for a hurricane season that begins on June 1 and is above average in 2025, have not changed their predictions. There will be four major hurricanes with sustained winds exceeding 111 miles an hour (178.6 kilometers per hour) among nine named hurricanes and 17 tropical storms by the end of November. Forecasters from the U.S. Government issued a similar forecast in May for a similar amount of storms, major hurricanes and hurricanes this year. Colorado State forecasters warned the outlook could be affected by the uncertainty surrounding the development of El Nino conditions between August to October, when hurricane activity is at its peak. The forecast stated that "while the odds of El Nino for this hurricane season is low, it's still higher than last year." El Ninos are formed when cooler regions in the Pacific Ocean combine to create high winds that can tear apart hurricanes. Forecasters say that the above-average forecast is based upon higher sea surface temperatures than the average in the Atlantic Ocean and Caribbean.
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Platinum prices surge, but palladium is lagging behind due to a narrower demand profile
The prices of platinum and palladium have both risen this month. They are now at their highest levels in more than four years and seven months, respectively. Analysts, however, remain cautious due to the narrower base of demand for palladium. Analysts say that spot platinum traded at $1,272.45 an ounce on Wednesday 1545 GMT, its highest price since February 2021. It has increased 41% in the past year due to supply concerns, renewed interest from investors following London Platinum Week, and an increase in jewellery demand, as high gold prices are driving consumers towards cheaper alternatives. The spot palladium price, on the other hand, is trading at $1.078.62/oz. This is its highest level since 2024. It has also gained 18% in this year but still struggles to reach October 2024's high of $1.244.75/oz. The biggest factor in platinum's popularity is probably its wider appeal. Platinum is used in more varied applications. These include industrial applications, jewelry and investor demand," Zain Vawda said, a market analyst with MarketPulse. This diversification protects platinum from the headwinds that palladium faces such as the declining long-term automotive demand due to the EV shift. Palladium is used primarily in catalytic convertors for gasoline-powered vehicles. Platinum has a broader range of uses, including jewellery, industrial applications and emerging hydrogen technologies. PALLADIUM PRICES LAGGING Bank of America stated in a recent note that 90% of the demand for palladium comes from auto manufacturers. The note continued, "China's increasing EV penetration rates have a particularly negative impact because they mean that gasoline-powered cars with palladium engines are being rapidly replaced." Analysts said that the transition to EVs would also affect platinum, but in a smaller way, over the medium-term. Large commercial vehicles are likely to use more platinum than palladium, and will take longer to electrify. Over time, platinum will be absorbed by the hydrogen economy, which limits the downside risk of platinum compared to palladium. In April, global sales of plug-in hybrids and battery-electric vehicles reached 1.5 million. In April 2024, sales in China increased by 32% to 0.9million vehicles. PLATINUM RALLIES Alexander Zumpfe is a precious metals dealer at Heraeus Metals Germany. He said that platinum will be supported moderately over the next 6-12 months. However, the price may not rise much if there is no clear recovery in auto demand, or a meaningful acceleration of hydrogen-related applications. Analysts said that the demand for platinum jewellery is likely to benefit from continued high gold prices. We believe platinum will maintain recent gains and may rise further as silver and gold prices increase. "We are less confident in palladium's ability to go higher than it is now until the turmoil in the automotive industry has settled," Shah said. Silver has increased 26% since 2025, and gold has soared 27% in the past year.
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Israeli airstrikes and gunfire kill 60 people in Gaza. Many are near aid sites, say medics
Local health officials reported that Israeli airstrikes and gunfire killed at least 60 Palestinians on Wednesday in Gaza, the majority of whom were near a Gaza Humanitarian Foundation aid site in the middle of the enclave. Shifa and Al-Quds Hospitals said that at least 25 people died and dozens were injured as they approached an old Jewish settlement near Netzarim, before dawn. Israel's military said that it fired warning shots at a group overnight of suspecteds who posed a danger to troops near the Netzarim Corridor. The warnings about the active combat zone in this area were ignored. "The IDF is aware that there have been reports of injuries; details are being reviewed," the statement said. Health officials from Nasser hospital in Khan Younis, in the southern Gaza Strip, said that at least 14 people were killed by Israeli gunfire on Wednesday as they approached a second GHF site in Rafah. The foundation stated that they were unaware of the incidents that occurred on Wednesday, but that they worked closely with Israeli authorities in order to maintain safe passageways and to make sure that Palestinians closely followed instructions. In response to questions, it replied by email that "the solution is more assistance, which will create greater certainty and less urgent among the population." There isn't enough food in Gaza to feed all those in need. We are currently focused on feeding as many people safely as possible in a volatile environment. GHF released a statement saying that it had distributed 2,5 million meals on the day of the distribution, making it the largest delivery in a single day since it started operations. This brings the total number of meals served since the start of operations at the end May to over 16 million. Gaza's Hamas run health ministry reports that 163 Palestinians have been killed since then and more than 1,000 injured trying to get the food boxes. The United Nations condemned the killings, and refused to provide aid through the foundation. This foundation uses private contractors backed by Israeli military forces in a violation of human rights standards. In Gaza, the health ministry reported that at least eleven other people had been killed in separate Israeli attacks and gunfire across the coastal enclave on Wednesday. It began 20 months ago, after Hamas militants killed 1,200 people - mostly civilians - on October 7, 2023. This was Israel's deadliest day. According to Gaza's health authorities, Israel's recent military campaign has killed more than 55,000 Palestinians. Most of these were civilians. The densely-populated area, home to over two million people, was also flattened. Malnutrition and displacement are widespread. Benjamin Netanyahu, the Israeli prime minister, said that there had been "significant" progress in the efforts to free the remaining hostages from Gaza. However, it was still "too early" to hope that a deal will be reached. Two Hamas sources said they were unaware of any progress in the negotiations. Reporting by Nidal Al-Mughrabi. Alex Cornwell, Crispian Balmer and Michael Perry contributed to the reporting; Philippa Fletcher, Mark Heinrich and Michael Perry edited.
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Fear of a 'deadly summer' fuelled by looming energy aid cuts
US Energy Aid Program Helps Six Million Low-Income Americans Budget talks bring balance to future of programs Increasing number of cities require working air conditioning By Carey L. Biron Experts warn that the combination of climate change and increased summer temperatures could be deadly for communities in poverty. In April, the Department of Health and Human Services, which oversees the LIHEAP program, fired the staff of the federal Low-Income Home Energy Assistance Program. Trump's budget plan for the following month recommended eliminating LIHEAP entirely, stating that it was "unnecessary" because states have policies to prevent utility disconnection of low-income families. Residents are unsure of how to keep cool. "My air conditioner is my top priority," said Venus Little who lives in an apartment complex for low-income families in Washington, D.C. where the windows only open a small crack. Since her electricity was cut off, Little, 58 has used LIHEAP. She is now the president of the tenants' association and she is worried about the effect of LIHEAP cutbacks at the complex of 284 units, where renters are already struggling with "sky-high utility rates". She said, "That program made a big difference in the lives of many tenants." "I don't know what to say. It's cold-hearted." As Trump's government shrinkage efforts expand, it is up to the federal legislators to decide whether or not to continue with the program. HHS has not responded to a comment request. This is not just about cutting LIHEAP. Mark Wolfe said, "You're destroying the financial infrastructure for low-income families." "These are vulnerable families - the elderly, disabled, and families with young kids." He said that utility rates are rising faster than the inflation rate. One in six U.S. homes is behind on their utility bills, and they collectively owe $21 billion, which is the highest amount Wolfe and colleagues have ever tracked. In a report published in May, NEADA warned that the price of cooling could reach record levels in coming months. The summer season could be "deadly" for households with low incomes. Heat does kill. According to the 2024 Heat Related Mortality Report, approximately 350 New Yorkers die every year from extreme heat. It said that the greatest risk factor is the lack of air conditioning in homes. People in 'Danger' The LIHEAP program was originally created in 1980 to provide assistance with heating during the colder months. However, since then, summers are more scorching. According to federal data, heat waves in 2023 will cause more than 2,300 fatalities across the country, an increase of 117% since 1999. According to federal statistics the share of low income families who use central air conditioning has increased from 8.5% in 1980 to more than 50% in 2020. Cooling expenditures have almost doubled from 1985 to 2022. Local officials claim that the LIHEAP program was funded by about $4 billion last year, and they say it is impossible for states and cities to replace this money even though they are playing a larger role in energy efficiency and efforts to lower electricity prices. Lorig Charkoudian is a Maryland General Assembly delegate. She said, "We need their support - otherwise it would be devastating." She said, "People are at risk this summer." If people cannot keep their air conditioners running, they will end up in hospitals, complicating their medications at a higher cost than LIHEAP. According to the NEADA, although Washington and 17 other states prohibit utilities from turning off electricity in summer, 33 other states do not have such protections. Washington lawmakers are also seeking to ban evictions in heat waves. This is similar to the rules that apply during freezing temperatures. TEXAS CITY MANDATES AIR - CONDITIONING Austin, Texas residents will have a new rule this summer. They must ensure that their homes have air conditioning. Austin is one of many cities that have taken this step in recent years. It has also seen record heatwaves and an increase in heat-related illnesses. Vanessa Fuentes said that tenants pressured landlords into taking action to cool their properties. She is also a member of the Austin City Council and Mayor pro tem. Fuentes was the driving force behind the new law. She said that renters can "report to the city, and file a complain about air conditioning not being installed or properly upgraded" when temperatures exceed 85 degrees Fahrenheit. Some landlords are concerned about the cost of upgrading old buildings, and claim that existing laws are sufficient. Fuentes explained that Austin is the only city in the state with a publicly-owned utility, and can provide help without relying on LIHEAP. However, the county surrounding Austin is part of the federal program. It is also home to some of the lowest-income households.
Greek power producer Mytilineos asks Canada's Alberta to approve solar jobs on farmland
Athensbased Mytilineos Energy & & Metals asked the Alberta government to permit two solar projects partially on prime farmland and promised to continue crop production, business authorities going to the Canadian province stated on Tuesday.
Alberta, led by Premier Danielle Smith, stated last month it will prohibit eco-friendly power projects on prime agricultural land and impose buffer zones to guarantee wind turbines do not ruin beautiful views in the Rocky Mountain province. Alberta stated it could make exceptions for power projects that prove agriculture can co-exist with power generation, and Mytilineos' demand is an early test of the brand-new guidelines.
Chairman Evangelos Mytilineos stated he told Alberta's. utilities and energy ministers previously on Tuesday that he. supported their limitations, even though they make development. harder, costly and time-consuming.
They are going to offer us some more headaches but I told. them this is the right way to do it since you need to use. stringent rules to the grid shift before the scenario gets. totally out of hand and there is a genuine catastrophe of the natural. charm of the province, he told .
It is very important Alberta clarifies the final rules quickly,. he said, adding that the ministers informed him that must occur. by summer.
Mytilineos last year stated it would invest C$ 1.7 billion. ($ 1.25 billion) to purchase, develop and develop 5 solar projects,. including Eastervale and Dolcy, the two partially on prime. farmland, from Westbridge Renewable Resource. The. jobs, which Mytilineos wants to build between 2025 and 2028,. would have capacity for 1.4 gigawatts, making Mytilineos among. Alberta's greatest solar producers.
Up until Alberta clarifies its rules, Mytilineos can not advance. its projects by securing buyers for its power, the chairman. said.
A spokesperson for Alberta's government could not. instantly comment.
Alberta's constraints may impact 57 projects worth C$ 14. billion, according to the Pembina Institute clean energy. think-tank. Huge companies will continue investing under the brand-new. guidelines, however, Mytilineos said.
(source: Reuters)