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Congo suspends the former President Kabila's Political Party
The government of the Democratic Republic of Congo has suspended the political party of former President Joseph Kabila and ordered the seizure of his assets over allegations that he supported rebels in eastern Congo backed by Rwanda. The 53-year old, who ruled the country from 2001 to 2019 and only stepped aside after violent protests against him, said that he wanted to return to Congo in order to find a resolution to the conflict. In a statement issued late Saturday, the interior ministry stated that his party had been suspended for assisting the M23 rebels. The justice ministry also said assets of his and other leaders would be confiscated after acts deemed high treason. In both statements, prosecutors were instructed to begin proceedings against him. However, no specific accusations were made. Kabila did not respond immediately. In a letter to the editor, Ferdinand Kambere (secretary of his Party for Reconstruction and Democracy) called the suspension of its members a flagrant breach of Congo's Constitution and Laws. Since the beginning of this year, the M23 has taken control of two major cities located in the mineral rich east. The conflict in this region dates back to the Rwandan genocide of 1994 and the struggle over minerals. Kabila took power in the aftermath of his father's death and refused to leave when his term ended in 2016. Since then, he has lived in several African countries. (Writing Jessica Donati Editing Sofia Christensen, Andrew Cawthorne and Andrew Cawthorne).
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Shenghe, a Chinese rare earths processor, sees a minimal impact of the US feedstock ban
Shenghe Resources, a Chinese company, said that the suspension of shipments from its U.S. partners of rare earth raw concentrator will not have a significant impact on production because of the company's diverse supply chain. MP Materials, the owner of the U.S.'s only rare earths mine said that it has stopped shipping these vital minerals to China due to the 125% tariffs Beijing imposed on U.S. imports as a retaliation against U.S. tariffs imposed on Chinese goods by President Donald Trump. Rare earths is a grouping of 17 metals which are used in the production of magnets for electric cars, mobile phones and other electronic devices. China, the dominant producer in the world, halted this month exports of rare earths that were added to an export control list as a form of retaliation. MP Materials, which is a major player in the rare earths industry, imports large quantities of concentrate from other countries to feed its processing plants. Shenghe stated in a press release that "we have created a diversified channel of supply for rare earth raw materials. We use monazite as an alternative to Sichuan, and we also supply other countries." "The supply agreement with MP remains valid." Shenghe did not provide details. In January 2024, the company and MP Materials renewed a offtake agreement through Shenghe’s subsidiary in Singapore. The agreement will remain in place for two years but can be extended by another year. Customs data show that China's imports from the U.S. of rare earth raw material have declined for the past two years. They fell by 13.7% last year and 16.9% in 2023.
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VEB, a Russian copper mining company, will invest $13.4 billion in the country's Far East
The Russian government announced on Saturday that the state-owned development bank VEB would invest over 1.1 trillion Russian roubles (about $13.40 billion) in order to develop a mine of copper in Chukotka, in the extreme east of the nation. A government press release stated that the development of Baimskaya, which was discovered in 1972, will create 6,000 jobs, and generate tax revenues in excess of three trillion roubles. Chukotka, the easternmost federal subject in Russia, is a mountainous area. Around half of the region is above the Arctic Circle. Once operational, the deposit will increase Russia's gold production by 4% and copper production by 25%. "We continue to build not just a mining and processing plant, but a powerful and technologically-advanced industrial complex that will strengthen Russia's position in the global market and become a new point of growth in the Arctic," said Georgy Fotin, general director of the Baimskaya Management Company LLC. Vladimir Putin named the Arctic region as one of Russia’s most important economic interests. He has also increased commerce through the Northern Sea Route, as Moscow has shifted trade away from Europe and towards Asia due to Western sanctions. The government announced on Saturday that the development of the Baimskaya deposit would increase the annual cargo traffic along NSR by two million metric tonnes. $1 = 82.1000 Russian Roubles (Reporting and editing by Kirby Donovan; Lucy Papachristou)
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At least 17 people killed in Nigeria by suspected herders
Police said that at least 17 people died when suspected cattle-herders attacked Benue State in central Nigeria on Thursday. This was amid an increase of violent clashes between farmers, herders and others. Food supplies in north-central Nigeria have been disrupted by years of conflict. This is a major agricultural area. Two days earlier, 11 people had been killed in Otukpo in Benue. A week before that, gunmen killed over 50 people when they attacked villages in Plateau State. According to SBM Intelligence, since 2019, more than 500 people have died in the region as a result of the clashes. 2.2 million others were forced to flee their homes. Police said that a separate group of suspected cattle herders killed five farmers early Friday morning in the Ukum Local Government Area of Benue, near Gbagir. Police spokesperson Sewuese Aene stated that the attackers fired as police moved in to confront them. Police said that while officers were engaged in the attack at Ukum another 12 people died in an attack 70 km away in Logo local council. (Reporting and writing by Camillus Eboh, Ben Ezeamalu and Andrew Heavens; editing by Andrew Heavens).
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Toronto FC wins rare road game at Real Salt Lake
Toronto FC hasn't beaten Real Salt Lake in Utah for nearly 18 years. Real Salt Lake is 10-0-2 against Toronto FC at home since their first ever meeting. They will look to add to that record when they meet in Sandy, Utah on Saturday. Toronto defeated Real Salt Lake 2-1 on July 4, 2007, in a match held on the University of Utah's campus in Salt Lake City. RSL has dominated home matches since then with an unbeaten streak, which includes a win in the 2010 CONCACAF Champions League. Toronto's first-year coach Robin Fraser stated, "It is a difficult place to play." They have played well there in the past. Toronto's results there haven’t been great over the years because it’s a difficult place. Toronto FC hasn't had a good season so far (0-4-4, four points). Toronto was 0-4-1 in its first five games before it played three consecutive draws. The club was held scoreless at Minnesota United last week. Deandre Kerr, a Toronto player, will miss his third consecutive game due to an injury to his ankle. Federico Bernardeschi and Deandre Kerr are tied with two goals each for the team's lead. Fraser believes Kerr will be out for at least another month. Real Salt Lake (3-5-0, 9 points), has lost three of its last four matches. The result last week was a painful one. Nashville's Sam Surridge scored in the first minute after the second half's stoppage time the decisive goal that sent visiting Salt Lake down 2-1. Diego Luna, who scored three of the team's best goals, sees a team in progress that is yet to find its full stride. "We're playing well," Luna said. The team is improving, we are growing, and the chemistry is developing, but there are still little things to fix to bring it all together. RSL coach Pablo Mastroeni said: "We made some good progress in the past couple of weeks and played good stuff in our last game." We want to dial in some moments where we were a little naive. Salt Lake's Javain Brown has retired from the league after having surgery on Wednesday to repair an ACL tear and meniscus damage to his left knee. Brown injured his knee during a training session. Field Level Media
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Indonesian woman uses mangroves to fight rising tides
Pasijah is a 55-year old housewife from Indonesia's Central Java Province. She wakes every morning with the sound of waves. It's not as idyllic as it sounds. It is the last remaining house in this area of Rejosari Senik. This small village, located on Java's north coast, was once dry land and is now under water. Pasijah and her family are not planning to leave. She said in February that she had "every intention" to remain at the house and her feelings towards it remained. Pasijah, who has lived in her house for 35 years, is soaked by water when she steps out. The floor inside has been raised above the water level by using a power pole and bamboo arranged in haphazardly. Demak is 19 km away. The closest land is 2 km (1.24 miles). Only by boat can you get to the island. Indonesia is an archipelago made up of thousands of islands with a coastline of 81,000 km. This makes it vulnerable to erosion and rising sea levels. Kadarsah, an official with Indonesia's Meteorology, Climatology, and Geophysical Agency, said that sea levels along the coasts of the country rose by 4.25 millimetres per year on average between 1992 and 2024. However, the rate increased in recent years. He said that rising sea levels were a sign of climate change, and added that small islands had vanished. Kadarsah pointed out that increased pumping has also exacerbated the land subsidence along Java’s northern coast. Jakarta, Indonesia's largest city, is especially affected by the problem. It is home to 10 million people. Indonesian authorities are turning to mega-projects for a solution. One of these is a 700-kilometre sea wall along the northern coastline between Banten province and East Java. Pasijah, her family and friends have also turned to the natural world. Over the last two decades, she has planted around 15,000 mangroves trees per year. She paddles in a boat that is made of a blue barrel every day to plant saplings and tend to bushes. Pasijah explained that the flood waters came in waves and not at once. "I realized that I had to plant mangroves after the water began rising. They would spread and protect my house from the wind and waves. Her family and she survive by selling fish that her sons have caught in the market closest to them. They said they would stay until the tide was held back. Pasijah explained, "I don't care about my feelings about being isolated here anymore since I've decided to stay. We'll just take one obstacle at a time." (Reporting and writing by Ajeng dinar Ulfiana; Budi Purwanto and Johan Purnomo. Additional reporting and writing by Stanley Widianto. Editing and editing by Gibran peshimam and Kate Mayberry.
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Sources say that KKR is among the asset managers competing for Abu Dhabi district cooling business.
Three sources confirmed that KKR, I Squared Capital and other global asset managers are bidding to buy a district cooling company owned by Abu Dhabi’s Multiply Group. The business is part of a $1.5 billion empire run by one of UAE's most powerful sheikhs. As an environmentally-friendly and more cost-effective alternative to air conditioning, district cooling plants deliver chilled water through insulated pipes in order to cool buildings such as offices, factories, and residences. Three people familiar with the situation, who declined to be identified because the details were not public, said that Investcorp is one of the possible suitors. According to the sources, CVC, which is backed by Engie, and National Central Cooling Co (also known as Tabreed) are in a race for a deal worth up to $1 billion. The Abu Dhabi energy and utility firm TAQA also has its eye on the deal. It is nearing its second round, with potential buyers expected next month to submit binding bids. Multiply Capital, I Squared Capital and Tabreed did not respond to requests for comment. Last month, it was reported that Tabreed worked with Citi to develop a possible bid. PCH's interest shows how local investment opportunities are being sought by buyout groups in the Gulf, as governments implement ambitious programs to diversify economies away from oil. Previously, equity firms raised money in the Gulf to invest elsewhere. Last week, KKR was the latest asset manager who announced plans to create a team to pursue Gulf deals in the region. Multiply is owned by IHC. Its chairman, Sheikh Tahnoon Bin Zayed Al Nahyan is the UAE's National Security Advisor and brother of its president. He controls an expansive business empire, including two sovereign funds. S&P Global Market Intelligence reported in January that private equity funds raised $680 billion worldwide in 2024. This is a decrease of 30% from the $966 billion raised by 2023.
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Trump will expedite the permitting process for 10 mining projects in the US
The White House announced on Friday that it would expedite the permitting process for 10 mining projects in the United States, as part of President Donald Trump’s efforts to increase critical minerals production. These projects, which will supply copper, antimony, and other minerals, have been given FAST-41 status. This is a federal initiative that was launched in 2015 for streamlined approvals of critical infrastructure. The White House announced that it would add more projects. The first 10 are listed publicly on a U.S. Federal website, where the progress of their permits can be tracked. This is part of a Trump administration push for greater transparency. The White House issued a statement saying that "this transparency leads to greater responsibility, ensuring an efficient process." This move will boost a number of projects, including a proposed Idaho gold and antimony mine by Perpetua Resources; a proposed Arizona mine from Rio Tinto; a proposed Montana silver and copper mine by Hecla Mining; an expansion of Albemarle’s Nevada lithium project, a direct lithium extraction project in Arkansas from Standard Lithium and a metallurgical coking coal project in Alabama from Warrior Met Coal. Steel is made from metallurgical coal. Former President Joe Biden has accelerated the Hermosa zinc and manganese project of South32 in Arizona, making it the first mine that received the FAST 41 treatment. Trump ordered earlier this week a probe of potential new tariffs for all U.S. imports of critical minerals, a major escalate in his dispute against global trading partners and an effort to pressure the industry leader China. (Reporting and editing by Lisa Shumaker; Ernest Scheyder)
Zinc's high premium to sibling metal lead might not last: Andy Home
Lead and zinc might be geological sibling metals however their market fortunes have actually been very various in recent months.
London Metal Exchange (LME) three-month zinc rallied to a 20-month high of $3,284 per metric heap in October on the back of an acutely tight raw materials market.
LME lead, by contrast, headed in the opposite direction, weighed down by a mountain of exchange stocks.
Zinc's premium to lead extended to over $1,000 per heap during the 4th quarter of 2024, the widest gap considering that February 2023.
Although the 2 metals primarily come from the same mines, divergent narratives of under-supply in zinc and oversupply in lead have caused funds to position appropriately and seal the cost disparity.
Both metals are down on the start of January but zinc has fallen harder and the premium to lead contracted to $888.50 at the Friday close.
What takes place next to the sisterly trade may be an awful contest as zinc's mine supply recovers and the lead excess grows.
ZINC SUPPLY TENSION
Zinc's October rally included an aspect of positional poker on the London market. The straight-out rate high coincided with a sharp contraction in time-spreads, the cash-to-three months period << CMZN0-3 > flaring out to a backwardation of $63.50. per heap.
However that's not to state that rate relocation wasn't underpinned by. authentic tightness in the zinc focuses. Indeed, the rally. was partially activated by another supply hit after fires at South. African producer Sibanye Stillwater's Century mine in. Australia.
International zinc mine production succumbed to the 3rd straight year. in 2024, forcing smelters to accept ever lower costs for. processing concentrate into refined metal.
Chinese metal production was sliding even before a group of. the country's top 14 operators concurred in August to change. operating rates in a bid to protect margins.
The country's refined zinc output tumbled by practically 7%. year-on-year in 2024, according to local information provider Shanghai. Metal Market.
Lower Chinese run-rates dragged the global zinc market into. a supply-demand deficit of 33,000 heaps in the very first 11 months of. the year, according to the latest assessment from the. International Lead and Zinc Study Hall (ILZSG).
LME zinc stocks, both registered and off-warrant, peaked at. 367,000 lots in August and fell to 324,000 at the end of. November.
LEAD GLUT
LME lead stocks have actually grown greatly over the last two. years. Combined on- and off-warrant inventory rose from simply. 29,000 lots at the start of 2023 to 305,000 loads at the end of. November 2024.
The unrelenting stock construct was just briefly interrupted. in August 2024, when China imported considerable quantities of metal. for the very first time considering that 2019.
Indian brand name metal has actually represented much of the boost,. its share of registered LME stocks rising from absolutely no at the start. of 2023 to 52% at the end of 2024.
Who understood there was a lot lead around?
The scale of stocks increase is confusing, given the ILZSG. assesses worldwide supply and need to have been practically well balanced. in the very first 11 months of 2024.
Moreover, primary lead smelters are struggling with the exact same. margin squeeze as zinc producers because of the overlap in the. two metals' mine production profile.
The most likely cause of the stocks rise is the opaque. secondary production sector, which accounts for a much higher. ratio of supply in the lead market than any other industrial. metal.
Whatever the origin, the bearish optics of high and increasing. stock has actually motivated funds to take huge bets on still. lower prices. Investment gamers are holding a record web long. on the LME lead agreement.
MINDING THE GAP
By contrast, funds are sticking to zinc's bull narrative. and are still considerably net long on the LME zinc contract.
Nevertheless, the narrative is starting to shift.
Zinc mine supply is turning a corner and is anticipated by. ILZSG to recuperate highly this year thanks to a combination of. brand-new mines and restarts of idled centers.
Although global mine production was 370,000 tons lower in. the very first 11 months of 2024, monthly production began increasing. over the back end of the year.
If concentrates availability enhances, zinc smelter output. growth will restore momentum and zinc's relative shortage premium. over sister metal lead need to decline.
That is, if lead market optics don't deteriorate even. even more. More zinc mine supply will undoubtedly suggest more lead. mine supply with the capacity for more exchange stocks. build.
Neither metal is blessed with particularly strong need. dynamics at the moment. Lead usage is dominated by demand for. batteries in the vehicle sector, where lithium-powered. electrical cars are driving sales development. Around half of all. zinc is used in the building sector, which is weak just. about everywhere, especially in China.
ILZSG approximates that worldwide zinc usage rose by a modest 0.7%. year-on-year in January-November 2024, while lead use fell by. 1.3%.
With little enjoyment on the demand side, supply narratives. will continue to play the dominant function in the relative worth. trade between the two metals.
But the geological link in between lead and zinc indicates they. will both be impacted by a recovery in mine production this. year.
It's just a matter of which proves most resistant in cost.
The viewpoints expressed here are those of the author, a. writer .
(source: Reuters)