Latest News
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US Energy Council Chief: Future Offshore Wind Projects Unlikely
U.S. Interior Secretary and Energy Council Chief Doug Burgum has said that it is not likely that there will be future offshore wind projects built in the country under the current Trump administration.During the Gastech conference in Milan, Burgum said the renewable power from offshore wind is ‘just too expensive and not reliable enough’.“We are taking a deep look. There are five projects that are under construction and we’re taking a look at each of those,” Burgum said.When it comes to the solar power, and future projects, Burgum noted that for such projects, solar panels will have be produced by the U.S. itself,He also said during the Gastech conference in Milan that if there was to be a future for solar power in the United States, panels have to be made by the U.S. itself or its allies, and not China, due to reported ‘kill switches’ installed in the equipment supplied by the country.
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US appellate court pauses on climate rule challenges
Court documents show that a federal appeals court said on Friday it would suspend its consideration of the legal challenges against U.S. Securities and Exchange Commission climate regulations until Wall Street regulators decide whether they will change them or defend them in court. The SEC, under former president Joe Biden adopted rules that required publicly traded companies, led by Republican states, to inform investors about climate risks, emissions, and spending. Republican-led state and an industry group immediately challenged this in court. In March, under Republican President Donald Trump the SEC decided to stop defending this rule. The U.S. Court of Appeals, Eighth Circuit, issued an order Friday saying that the legal challenges would be put on hold to encourage judicial economy because the SEC refused to defend its rule in court, or to say if it intended to modify the rule or scrap it entirely. The order stated that it was the responsibility of the SEC to decide whether the Final Rules would be rescinded or repealed. It also noted that the SEC already had stayed the regulations’ effective date while the legal challenge was ongoing, so a delayed court ruling would not harm. The SEC didn't immediately respond to requests for comment, but in July the agency informed the court that it had no intention of reconsidering the rule and asked the court to continue the case anyway. Reporting by Douglas Gillison, Washington; Editing and proofreading by David Gregorio
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US EPA proposes to end mandatory greenhouse gas reporting
The U.S. Environmental Protection Agency (EPA) proposed a rule on Friday to end the mandatory reporting of greenhouse gas emissions by 8,000 facilities. This program, the EPA said, was burdensome for businesses but left the public in the dark about the environmental impact. The agency stated that mandatory collection of GHG emission data is unnecessary as it "is not directly related to potential regulations and has no significant impact on improving the health and environment of humans." KEY QUOTE The Greenhouse Gas Reporting Program, according to EPA Administrator Lee Zeldin, is nothing but bureaucratic red-tape that doesn't improve air quality. BACKGROUND The rule is a response to an executive order that was issued on the first day of President Donald Trump's presidency. It aims to remove barriers to releasing more U.S. Energy, especially fossil fuels. This is just the latest in a long line of regulatory rollbacks that have undone previous U.S. attempts to combat climate changes. Earlier this year, the EPA revealed plans to repeal its "endangerment findings" which allowed it to regulate greenhouse gases from stationary and vehicle sources. The proposal, if finalized, would eliminate reporting obligations for all large facilities, fuel and industrial gas providers, and CO2 injector sites. The Trump administration also announced that it would pull the U.S. out of the Paris Climate Agreement, which requires all countries to reduce greenhouse gas emissions. Key Context The Trump administration also took steps to stop the collection of environmental databases by the EPA and other federal agencies such as the National Oceanic and Atmospheric Administration and NASA's satellites that monitor greenhouse gases. DETAILS Under the Greenhouse Gas Reporting Program, 47 categories of sources covering 8,000 suppliers and facilities are required to calculate their greenhouse gas emission and submit it annually. The agency will continue to require the submission of data on methane emissions for large oil-and-gas operations that are subject to a charge for waste emissions. (Reporting and editing by Richard Chang; Valerie Volcovici)
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NATO launches "Eastern Sentry" to strengthen eastern flank following Russian drone incursion
NATO Secretary General Mark Rutte announced that NATO launched on Friday an operation called Eastern Sentry in response to Russian drones entering Polish airspace this week. Rutte said at a NATO press conference in Brussels that "we must make it clear to the world our determination and our capability to defend our territories." He said this while standing next to NATO's top commander U.S. Air Force general Alexus Grynkewich. Rutte stated that NATO was still assessing possible intentions behind the incursion. This led to Polish and NATO allies shooting down drones, the first such action NATO has taken since Russia's invasion of Ukraine in 2022. He said that the Russian action was "reckless" and "inacceptable", regardless of whether it was intentional. Russia claimed that its forces were attacking Ukraine when the drones entered the country and they had no intention of hitting any targets in Poland. Warsaw rejected this explanation and said the incursion had been a deliberate attack. FLEXIBLE RESPONSE ALONG EASTERN FLANC Grynkewich stated that Eastern Sentry is designed to be a flexible, integrated operation for bolstering defences along NATO’s entire Eastern flank. This extends from the Baltic States in the north all the way down to Romania and Bulgaria. He said, "Poland's citizens and those from the Alliance in general should feel assured of our swift response this week as well as our important announcement today." NATO has already deployed thousands of troops in Eastern Europe. The number of additional troops involved in this new operation was not specified. The announcement listed a modest amount of new military assets, including two F-16 fighters and a Danish frigate, three Rafale jet fighters from France, and four Eurofighter aircraft from Germany. Grynkewich, however, said that the new operation also aimed to adopt a more flexible strategy to defend the eastern flank in general rather than having static forces dedicated to a specific area. He said: "We will adjust our posture across the eastern flank in a way that keeps the enemy off-guard, while also responding to specific threats when we see them emerge." Reporting by Andrew Gray, Bart Meijer; Writing by Charlotte Van Campenhout, John Irish, Editing by GV de Clercq Alexandra Hudson, Aidan Lewis
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EU countries delay deal on new climate goal, diplomats say
Three EU diplomats said on Friday that the European Union has shelved its plans to adopt a new target for climate change next week after France and Germany resisted plans to reach a quick agreement. The countries are discussing a legally binding target of reducing net EU greenhouse gas emission by 90% from 1990 levels by 2040. A portion of this will be covered by purchasing foreign carbon credits. According to the European Commission, this will provide investors with certainty and help Europe reach net zero emissions in 2050. Climate change has caused Europe to become the fastest-warming continental in the world, unleashing deadly wildfires and record-breaking heatwaves. The EU is divided on how ambitious it should be when tackling global climate change, while also trying to increase defense spending and support struggling industry. On September 18, EU ministers were to have approved the 2040 target for climate change. Three EU diplomats have said that the ambassadors of EU countries cancelled this plan at a Friday meeting. The ministers said that next week they will discuss the goal of 2040, but any agreement will be discussed with EU leaders before the discussion is concluded. The diplomats asked to remain anonymous when discussing the closed-door discussion. If the EU fails to reach a deal by next week, it could miss the mid-September deadline set by the U.N. for all countries to submit their new climate plans in preparation for the COP30 summit on climate change scheduled for November. Diplomats have said that Denmark, Spain, and the Netherlands all support the 90 percent reduction in emissions target. France, Poland, and Italy, among others, have rejected the goal and asked that it be taken up with the heads of government at their next meeting in October. This could make it more difficult to reach an agreement. EU leaders make decisions in a unanimous manner, unlike ministers. Diplomats are discussing ways to convince sceptical nations, such as covering a larger share of the climate goal with carbon credits or tying a deal to other EU laws, like the carbon border tax or the 2035 phase-out of combustion engine cars. A spokesperson for the Environment Ministry said that Germany supports the goal of cutting emissions by 90%, but believes it is important to have discussions among the government leaders prior to a final deal. (Reporting and additional reporting by Holger Hanen in Berlin.)
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Poland contradicts Trump by saying that the Russian drone incursions were not a mistake.
Poland rejected Donald Trump's suggestion that Russian drone incursions in its airspace may have been an error, a rare contradiction from one of Washington’s closest European allies. Poland, supported by aircraft from NATO allies, shot down drones on Wednesday that violated its airspace. This is the first time an alliance member has fired during the Russian war in Ukraine. Russia claimed that its forces were attacking Ukraine at the moment and had no intention of hitting any targets in Poland. Trump told Washington reporters on Thursday that it could have been an accident. Donald Tusk, the Polish Prime Minister, responded on X. "We too would wish that the drone strike on Poland was a miscalculation." It wasn't. "We know it." Trump told Fox News in an interview on Friday that he was losing patience with Russian president Vladimir Putin. Germany announced on Friday that it had increased air patrols over Poland after European leaders strongly condemned Russia over the incident. It also summoned Russia's ambassador. On Poland's initiative, the United Nations Security Council would meet Friday to discuss this incident. NATO's top military officials, including its chief, Mark Rutte and Supreme Allied commander Europe Alexus Grynkewich (a U.S. Air Force General), were scheduled to hold a joint press conference on Friday afternoon. Questions about European Defence It is rare for Warsaw to directly contradict Trump. This shows the alarm of Europe at Trump's willingness, in this case, to accept Moscow's version of events. Poland is one of the closest U.S. ally in Europe. The Trump administration has praised Poland for its commitment to greater European military expenditures. Warsaw has described the drone incursions by Russia as an attempt to test the response capabilities of Poland and NATO. The incident this week has raised concerns about NATO's readiness for drone attacks, and the safety of civil aviation in Europe. The European leaders claim that this is yet another demonstration of Moscow's lack of interest in a peace agreement in Ukraine. This comes weeks after Trump met with President Vladimir Putin in Alaska, and retracted his demand for Russia to accept a ceasefire immediately. Trump has repeatedly given Moscow deadlines to reach a ceasefire, or else face new sanctions. But he's backed down. This week, European officials are in Washington to coordinate sanctions against Russia with the U.S. government. Previously, such announcements of sanctions were made in tandem. However, this hasn't happened since Trump took office. The U.S. Treasury urged allies in the Group of Seven (G7) and European Union to impose "meaningful" tariffs on Chinese and Indian goods to stop their purchases of Russian crude oil. A G7 emergency finance meeting was convened to discuss ways to increase pressure on Moscow and end the conflict in Ukraine. The EU member states have agreed to extend by six months the existing travel bans, and to freeze bank accounts for individuals and companies in response to the Russian invasion. Dmitry Peskov, Kremlin spokesperson, said that peace negotiations had been halted and "the Europeans" were hindering the peace process. The French announced that they would be deploying three Rafale jet fighters to Poland to protect their airspace, and the Germans said they would increase their commitment to NATO's eastern borders. RUSSIA AND BELARUS HOLD MILITARY ACTIVITIES On Friday, Russia and Belarus began a joint military drill that had been planned for years. The drills took place in both countries as well as in the Baltic Sea and Barents Sea. Peskov dismissed concerns about the exercise abroad, saying that Western European countries suffered from "emotional overload" and that Russia was not a threat. Local Ukrainian prosecutors reported that Russia continued to attack Ukraine and killed three people in Sumy, a region located in northern Ukraine. The regional governor reported that Ukrainian drones had attacked the port of Primorsk in Russia's northwest, setting a fire to both a vessel as well as a pumping station. This was the first drone attack on a major oil and fuel terminal in the country. (Additional reporting from Anna Koper in Warsaw; Anastasiia Melenko in Kyiv; John Irish and Michel Rose, in Paris; Andrea Shalal, in Washington; William James and Marktrevelyan, in London. Writing by Timothy Heritage. Editing by Peter Graff.
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Russia unveils monument for Ukraine war dead near St Petersburg
On Friday, hundreds of people, including Russian soldiers' relatives, gathered in front of St Petersburg to unveil a memorial for those killed in Ukraine. It was the first time such a memorial had been erected so close to one of Russia’s two largest cities. "A monument is one way to immortalize history." "Now we have a brand new history," Anna Krasnova said, after seeing the statue of two soldiers with guns unveiled at Kudrovo in a commuter city of 60,000. She said that her husband is fighting there and that her brother's name is missing in action. The memorial is unique in its proximity to Moscow and St Petersburg. Similar monuments were erected throughout Russia in the provinces. At the dedication ceremony, Alexander Drozdenko said, "The memory of our people is the most valuable asset we have." "Our cause will prevail, our enemy will be defeated, and we will win." The inscription on the monument, which is located above the figures, does not mention a date nor the location of the battles it honors. The inscription reads: "To the Heroes of the SMO", which is an acronym for Special Military Operation (the official term used by the Kremlin for this conflict). Kirill Drantsov, another spectator, stated that the monument would remind young people how to serve their country. We will not have to explain to anyone why and how we love and defend the Motherland. (Reporting in Kudrovo, writing by Lucy Papachristou).
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Gold nears all-time high as markets eye Fed rate reduction
Gold prices increased on Friday and remained close to the record highs set earlier in the week. Signs of a weakening U.S. labour market reinforced expectations that the Federal Reserve would deliver its first rate reduction of the year, next week. As of 9:19 am EDT (1319 GMT), spot gold was up by 0.4% to $3,649.54 an ounce. This is still close to the all-time high set on Tuesday of $3,673.95. This week, the metal is up 1.8% and on track for a fourth straight weekly gain. U.S. Gold Futures for December Delivery were up 0.4% to $3,688.10. Daniel Pavilonis is a senior market analyst at RJO Futures. He said that metals are rising because of the longer-term risk of inflation. The recent data that showed a surge in jobless claims last week, while consumer prices rose at their fastest rate in seven months, in August, have shifted expectations in the direction of higher rates. Investors are prioritizing signs that the labor market is weaker than inflation when determining rate expectations. Fed fund futures fully reflect a 25 basis-point cut during the Fed's meeting on September 17, though expectations of a 50-bps increase have eased. UBS analyst Giovanni Staunovo said: "Given the tailwinds, and after the recent increase in ETF flows (exchange-traded funds), we expect gold to reach $3,900/oz mid next year." Investors value the yellow metal as a hedge to inflation and uncertainty. It has increased 39% this year. China's central banks has asked the public for feedback on its plans to streamline gold import and export regulations by streamlining licensing. Other metals rose as well. Spot silver rose by 1.3%, to $42.08 an ounce. This is a record high for the 14 years. Platinum was up 1.4%, to $1,396.71, and palladium jumped 2.2%, to $1,214.70. All three metals are set to gain weekly. (Reporting and editing by Krishna Chandra Eluri, Sherin Elizabeth Varighese and Sarah Qureshi in Bengaluru).
Abandoned copper mines accepted as fast lane to boost output
In the race to protect copper for the clean energy transition and expert system applications, a range of business are shooting up deserted properties when seen as financial liabilities to fast-track considerable volumes of supply.
The call for copper is poised to rise in coming years due to its function in electrical cars, renewable resource and information centers for artificial intelligence. Need is expected to outstrip supply by
1.7%
in 2035, and copper rates have scaled record highs this year.
So business are aiming to rejuvenate older mines.
Normally, it takes a minimum of 10 years and as much as $5. billion to build a copper mine from scratch. Once companies. raise capital there are other difficulties. Local neighborhoods have. opposed mining projects from
Panama
to
Serbia
.
A Reuters analysis of a minimum of four shuttered copper. mines in the process of being restarted shows their owners. attempting to open a faster path to provide around 7 million. metric lots of metal in the next five years, adding to 30. million tons of output expected by 2031.
Fixing up old mines use investor belief. that it is going to be easier, and it is simpler, stated Daniel. Bornstein, a partner at McCarthy Tetrault which has actually advised. miners on rehabilitation.
One example: Selkirk First Country in Canada's Yukon. Territory this year took over a mine in Yukon, Canada that was. shuttered by Minto Metals in 2015. It had actually produced 226,000. lots of copper but shut after being declared bankrupt.
The Minto mine is amongst the first mines in Canadian. history to be bought by a Native group. Information of reviving. it with aid from external operators are still being exercised. in negotiations with creditors. The mine needs two years of work. for production to start, court documents revealed.
In Canada's Quebec province, Doré Copper Mining,. obtained by Australia's Cygnus Metals, is resuming a. site that has actually been dormant given that 2008. In Spain, Denarius Metals. is rehabilitating its Aguablanca mine after a. seven-year hiatus.
Nevada Copper Corp, taken over by private equity. firm Kinterra Capital in August, is ready to restart its Pumpkin. Hollow underground mine after it emerged from Chapter 11. insolvency security this year.
Nevada Copper operates both underground and open-pit mining. It changed hands a number of times as financiers jumped in to unlock. its open pit capacity after feasibility studies pointed to. higher ore grade material.
We see long-term worth outdoors pit job. And once we. do the institutional work and develop task funding for it,. we think major mining companies will be interested in purchasing the. task from us, said Kamal Toor, co-managing partner at. Kinterra Capital.
Overall volume at Nevada Copper is estimated at 3.5 million. tons. The underground mine is essentially a restart, Kinterra. co-managing partner Cheryl Brandon said, adding the open pit. operation could be producing by the 2nd half of this years,. ranking amongst the biggest in the U.S.
Doré's Chibougamau mine in Quebec operated from the 1950s. up until it closed in 2008. In 2019, brand-new owners took the business. public as copper rates rose. It has the highest grade of. copper in The United States and Canada, stated Ernest Mast, Doré's chief. executive who had been leading the now-disputed Cobre Panama. my own before it was taken over by First Quantum Minerals .
With a capital cost of C$ 180 million ($ 133.26 million),. Chibougamau is among the lowest-cost tasks, Mast stated. The. company expects to start production by 2027.
Denarius, a Toronto-based junior miner with assets in Spain. and Colombia, pointed out rising international rates for the choice to. restore its Aguablanca nickel-copper operation. Lundin Group. shuttered it in 2016 when nickel rates collapsed.
Mines do not disappear; our mine in Spain has actually operated because. the Roman times, Denarius Chief Executive Serafino Iacono stated. What altered was the price of the commodity.
Denarius has a preliminary nickel and copper concentrate output. target of 90 heaps by the end of next year, Iacono added.
Denarius has actually signed Trafigura and Boliden as. off-take partners, banking on a target cost of $1,750 tonne for. nickel and $10,000 tonne for copper. Mine rehabilitation costs. are estimated at C$ 15 million.
OBSTACLES
Regardless of rising demand, efforts to renew the mines could. be complicated by concerns such as cyclical commodity prices,. smelter charges and accessibility of proficient labor, stated Rob. McLeod, CEO of Nations Royalty, founded by the Nisga'a Nation in. British Columbia.
Already, weaker need from China has led some financiers. raise bets on lower prices. Goldman Sachs slashed its. target copper rates just recently to $10,500 a ton from $15,000. previously.
Manufacturers deal with the challenge of timing production to. match preferred prices, Doré Copper's Mast stated, citing. problems around securing finance to complete building and construction.
When you restart an old mine, the belief in the market is. that you can bring this mine on quickly. The truth has been. in some cases various, McCarthy Tetrault's Bornstein said.
Even when old permits are in place, governments require. miners to start from scratch, and obtain a complete suite of. allowing, he said. He likewise mentioned tradition ecological and. social issues related to deserted mines constructed on. Indigenous land.
Issues of Native communities are normally not an. unsurmountable challenge, but an obstacle that you have to take. into account as it could be harder to develop a. relationship, Bornstein said.
(source: Reuters)