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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)
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Sources confirm that Petrobras has approved the tender for restarting fertilizer plants in Brazil’s northeast.
According to four sources with knowledge of the matter, the board of Brazilian state oil company Petrobras approved plans on Thursday to select a new partner to restart its fertilizer factories in northeastern Brazil. Sources who asked to remain anonymous because the decision had not been made public said that the move hinged on the resolution of ongoing disputes with the current leaseholder, Unigel. The chemical company Unigel demanded compensation from Petrobras, according to previous reports. This impasse marked a setback in President Luiz-Inacio Lula's plan to reduce Brazil's dependence on imported fertilizer. Brazil, a major agricultural powerhouse in the world, is one of the top importers of fertilizers. It purchases more than 80%. Petrobras has leased to Unigel the two nitrogen fertiliser plants located in Bahia State and Sergipe State in 2019. The agreement is for 10 years. Both facilities were shut down in 2023. Unigel cited unfeasible conditions of operation due to the high price of natural gas in Brazil. Sources claim that Unigel has not yet responded to Petrobras after the board's decision. Petrobras refused to comment upon being contacted by. Unigel didn't immediately respond to our request for comment. Both companies are involved in arbitration related to their lease agreement, which includes disagreements about the shutdown of the operations, Unigel’s investments and gas supply terms. Sources said that a formal tender could only be advanced if an agreement was reached. The arbitration must be completed before the process can proceed. We can't go forward without it," a company source stressed. Second source: If the dispute is fully resolved, Unigel could participate in the next bidding process for the plant to resume operation. (Reporting and writing by Rodrigo Viga Gaier in Rio de Janeiro, Marcela Ayres in London; Editing by Matthew Lewis).
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Sources diplomatically confirm that Rwanda will allow Southern Africa troops to pass through Congo to Tanzania.
Three diplomatic sources confirmed on Friday that Rwanda had agreed to allow troops sent by the Southern Africa group to fight rebels fighting in eastern Democratic Republic of Congo through its territory, to Tanzania. The 16 member Southern African Development Community announced in mid-March that it had terminated its mandate and was beginning a phased removal of the SAMIDRC force from Congo. Three diplomats who were aware of the ongoing discussions between Rwanda and SADC confirmed that Rwanda accepted the request to allow the troops to travel through the country on land. Two diplomats said that they were informed by the regional force that its weapons would be sealed, for security purposes, but that it will leave Rwandan soil with the troops. When asked to comment, neither the SADC nor the Congolese or Rwandan government spokespeople responded immediately. On Thursday, General Rudzani Maaphwanya of the South African National Defence Force said that a team of technical experts was working in Tanzania on the finer points of their troop removal. In December 2023, SAMIDRC was dispatched to help Kinshasa fight rebel groups in Congo’s war-ravaged eastern borders. Since January, M23 has taken control of east Congo's largest cities. This is an expansion of a long-running war that began with the Rwandan genocide of 1994 and the struggle to control Congo's rich mineral resources. Reporting by Sonia Rolley, Nairobi Newsroom and Paris; Writing by Hereward and George Obulutsa and Editing by Kirby Donovan
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Ukraine says it wants to conclude mineral deal negotiations within a week
Kyiv announced on Friday that it hopes to conclude talks with Washington by the end next week on a deal on joint exploiting of Ukrainian mineral resources. Ukrainian officials hope this agreement will help to soften U.S. backing for their war against Russia. Washington has indicated that, even though the final terms aren't set in stone, it will have access to Ukraine’s natural resources as a form of compensation for its military support of the country for the past three year. The U.S. government and the Ukrainian government signed a letter of intent late on Thursday night, indicating their intention to finalise a deal involving minerals. The memorandum was a positive step in repairing the ties that were hanging by a thin thread between Kyiv, Ukraine and Washington when a February meeting between U.S. president Donald Trump and Ukrainian president Volodymyr Zelenskiy descended into an ugly shouting match. According to the text published by the Ukrainian Government on Friday, both parties aim to finish discussions on the final agreement by April 26 and sign it shortly after. The memo stated that Ukrainian Prime Minister Denys Schmyhal would travel to Washington, D.C. at the beginning of next week in order to meet U.S. Treasury Sec. Scott Bessent to work together on the deal. Yulia Shvyrydenko said, "We're happy to announce that we signed a memorandum with our American partners" on Thursday on social media. She was referring to a memorandum. She said that the document "testifies the constructive work of our teams, and our intention to finalise an agreement which will benefit both our peoples." The text of the Memorandum paves way for a deal on economic partnership and the creation of an investment fund to rebuild Ukraine. The text didn't give any details on the final deal, such as what access the United States will have and how much revenue they would gain. In Washington, Trump said to reporters: "We've got a mineral deal that I think will be signed Thursday." Trump has criticized the billions in aid that Joe Biden gave to Ukraine. He said it was a bad bargain for the United States. He also said he wanted closer ties to Moscow, who launched a full scale invasion of Ukraine in the year 2022. The White House has not responded to a request from a journalist for more information on the timing of the agreement and its contents. PRIZED RESERVES According to a source familiar with the matter, a draft of the mineral deal under discussion this month would grant the U.S. exclusive access to Ukraine's minerals and require Kyiv place all the income generated by Ukrainian state-owned and private companies from the exploitation and exploitation of natural resource in a joint fund. Source: The draft agreement included mineral deposits and infrastructure for natural gas transit in Ukraine. However, the proposed deal would not include U.S. guarantees of security for Ukraine, a priority for Kyiv, in its fight against Russian forces that occupy about 20% of its land. Inna Sovsun is a Ukrainian member of parliament who said that she was grateful for Washington's aid, but expressed concern about a proposed mineral deal. "It feels to us, as Ukrainians, like another country uses our vulnerability which we did not create." She said, before the memorandum had been signed: "It is also crucial that we design the future with the people who will be living here in the future in mind." The Ukraine is rich in natural resources including rare earths, which are highly prized for their use in electronic devices. The country has deposits of lithium, uranium and graphite among others. The road to a mineral deal has been bumpy. In February, Zelenskiy was at the White House meeting Trump and a previous version of the deal had been ready to sign. Washington briefly halted the intelligence sharing with Ukraine which is crucial in its efforts to resist Russian invasion. Then, Kyiv began to try to save the relationship and started talking with U.S. officials about natural resource cooperation. (Yulia Dysa, Angelo Amante, Trevor Hunnicutt and Kirby Donovan contributed additional reporting from Kyiv; Angelo Amante in Washington. Kirby Donovan edited the article.
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What are the critical minerals of Ukraine and why is Trump interested in them?
Kyiv announced on Friday that it hopes to conclude talks with Washington by the end next week on a deal on jointly exploiting Ukrainian minerals resources. Ukrainian officials hope this agreement will help to soften U.S. backing for their war against Russia. U.S. president Donald Trump said that he wanted Ukraine to provide the United States rare earth minerals in exchange for financial support of the country's efforts against Russia. Here is a list of critical minerals in Ukraine, including rare Earths and other natural resources that may be of interest to other partners and the U.S. What are rare earths and what do they serve for? Rare earths is a grouping of 17 metals, used in the production of magnets for electric cars, cell phones and missile systems. There is no substitute. The U.S. Geological Survey considers rare earths, such as nickel and lithium, to be crucial. Minerals are vital for industries like defence, high-tech appliances and aerospace, as well as green energy. What mineral resources does Ukraine have? According to Ukrainian data, Ukraine has 22 of the 34 critical minerals that the European Union identified. These include ferroalloys, non-ferrous and precious metals, industrial and construction materials and rare earth elements. According to the Institute of Geology of Ukraine, the country has rare earths like lanthanum, cerium and neodymium. These are used for wind turbines, electric vehicles and batteries. Erbium and yttrium can be used to produce lasers, nuclear power and other applications. EU-funded research indicates that Ukraine also has scandium deposits. All data is classified. World Economic Forum said that Ukraine is a major potential supplier of lithium as well as beryllium and other metals such as gallium, zirconium. State Geological Service of Ukraine said that Ukraine has one Europe's largest lithium reserves estimated at 500,000 tons - essential for batteries, ceramics and glass. Titanium reserves are located mainly in the northwestern and central parts of the country, while lithium deposits are found in the east, centre and southeast. The graphite reserves in Ukraine, which are used to make electric vehicles batteries and nuclear power reactors, account for 20% of the global resource. Deposits are located in the west and centre. Ukraine has also significant coal reserves. However, most of them are under Russian control in the occupied territories. What has Ukraine said about rare earths? Volodymyr Zelenskiy, Ukrainian president, said on 7th February that he is ready to make a deal with Trump which includes U.S. participation in developing Ukraine’s vast deposits of essential minerals including rare earths. Zelenskiy first presented the idea to Kyiv’s allies in his “victory plan” strategy last autumn. The Ukrainian government published a memorandum on intent on 18 April, which paved the way for a deal for economic partnership with the U.S. as well as the creation of an investment fund to rebuild Ukraine. According to mining analysts and economists, Ukraine does not currently have any rare earth mines that are commercially active. China is the largest producer in the world of rare earths, as well as many other essential minerals. Which Ukrainian resources are under Kyiv's control? The war in Ukraine has left a lot of damage, and Russia controls about a fifth. The majority of Ukraine's coal reserves, which powered the steel industry in Ukraine before the war, is concentrated to the east. According to We Build Ukraine, and the National Institute of Strategic Studies in Ukraine, data from the first half of the year 2024 shows that about 40% of Ukraine's metallic resources are under Russian occupation. The think-tanks did not provide a detailed breakdown. Since then, Russian troops continue to make steady progress in eastern Donetsk. In January, Ukraine shut down its sole coking coal mine near the city of Pokrovsk that Moscow is trying to seize. Russia occupied two Ukrainian lithium mines during the war, one in Donetsk, and the other in Zaporizhzhia in the southeast. Kyiv controls the lithium deposits of central Kyrovohrad. What mining opportunities does Ukraine offer? Oleksiy Sbolev said that in January, the government was working with Western allies, including the United States of America, Britain, France, and Italy, on projects relating to the exploitation of critical materials. The government estimates that the total investment potential in this sector will be around $12-15 billion between 2033 and 2033. The State Geological Service stated that the government is preparing 100 sites for joint licensing and development but did not provide any further details. Investors have highlighted a number barriers to investment, despite the fact that Ukraine has an extremely qualified and inexpensive workforce and developed infrastructure. Investors have highlighted a number of barriers to investment, including inefficient and complicated regulatory processes and difficulties obtaining geological data or land plots. They said that such projects would require years of development and a large upfront investment.
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Ukraine hopes to conclude mineral deal negotiations within a week
Kyiv announced on Friday that it hopes to conclude talks with Washington by the end next week on a deal on joint exploiting of Ukrainian mineral resources. Ukrainian officials hope this agreement will help to soften U.S. backing for their war against Russia. Washington has indicated that, even though the final terms aren't set in stone, it will have access to Ukraine’s natural resources as a form of compensation for its military support of the country for the past three year. The U.S. government and the Ukrainian government signed a letter of intent late on Thursday night, signaling their intention to finalise a minerals deal. The memorandum was a positive step in repairing the ties that were hanging by a thin thread between Kyiv, Ukraine and Washington when a February meeting between U.S. president Donald Trump and Ukrainian president Volodymyr Zelenskiy descended into an ugly shouting match. According to the text published by the Ukrainian Government on Friday, both parties aim to finish discussions on the final agreement by April 26 and sign it shortly after. The memo stated that Ukrainian Prime Minister Denys Schmyhal would travel to Washington, D.C. at the beginning of next week in order to meet U.S. Treasury Sec. Scott Bessent to work together on the deal. Yulia Shvyrydenko said, "We're happy to announce that we signed a memorandum with our American partners" on social media, on Thursday. She was referring to a memorandum. She said that the document "testifies the constructive work of our teams, and our intention to finalise an agreement which will benefit both our peoples." The text of the Memorandum paves way for a deal on economic partnership and the creation of an investment fund to rebuild Ukraine. The text didn't give any details on the final deal, such as what access the United States will have and how much revenue they would gain. In Washington, Trump said to reporters: "We've got a mineral deal that I think will be signed Thursday." Trump has criticized the billions in aid that Joe Biden gave to Ukraine. He said it was a bad bargain for the United States. He also said he wanted closer ties to Moscow, who launched a full scale invasion of Ukraine in the year 2022. Scott Bessent said, "We are still working on the specifics," seated next to Trump in the Oval Office. He added that the signing may happen as soon as Friday. The White House has not responded to a request from a journalist for more information on the timing of the agreement and its contents. PRIZED RESERVES According to a source familiar with the matter, a draft of the mineral deal under discussion this month would grant the U.S. exclusive access to Ukraine's minerals and require Kyiv place all the income generated by Ukrainian state-owned and private companies from the exploitation and exploitation of natural resource in a joint fund. Source: The draft agreement included mineral deposits and infrastructure for natural gas transit in Ukraine. However, the proposed deal would not include U.S. guarantees of security for Ukraine, a priority of Kyiv, in its fight against Russian forces that occupy about 20% of its land. The Ukraine is rich in natural resources including rare earths, which are highly prized in electronic applications. The country has deposits of lithium, uranium and graphite among others. The road to a mineral deal has been bumpy. In February, Zelenskiy was at the White House meeting Trump and a previous version of the deal had been ready to sign. Washington briefly halted the intelligence sharing with Ukraine which is crucial in its efforts to resist Russian invasion. Then, Kyiv began to try to save the relationship and started talking with U.S. officials about natural resource cooperation. (Additional reporting in Kyiv by Yulia Dysa, Angelo Amante in Washington and Trevor Hunnicutt; editing by Kirby Donovan).
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Iron ore to suffer second weekly decline as Trump tariffs weigh
Iron ore futures fell on Friday, heading for a second consecutive weekly loss, weighed down by lingering Sino/U.S. Trade tensions. However, resilient demand, positive economic data, and the hope of further stimulus from China, the top consumer, cushioned this fall. On China's Dalian Commodity Exchange, the most traded September iron ore contract dropped by 1.76% to $699 ($95.80) per metric ton. This is its lowest price since April 11. The weekly decline was 0.7%. As of 0706 GMT the benchmark May ore price on Singapore Exchange dropped 0.88%, to $96.95 per ton. This is a decline of 0.2% for this week. While U.S. president Donald Trump has signaled a possible end to the titt-for-tat hikes in tariffs between China and the U.S. that shocked the markets, all eyes will be on signs more progressive of easing the trade tensions between these two superpowers. Goldman Sachs analysts predict iron ore prices will fall to $90 in the fourth quarter, and to $80 in the fourth quarter 2026. They cite a return of surplus from the second part of the year. They said that they expected tariffs to have a negative impact on China's domestic demand as well as steel exports for the rest of the year, and lowered their forecast growth in ex-China seaborne iron ore to 3% from 5%. The near-term demand for ore remained strong, which limited the price decline. Mysteel's survey on Thursday showed that the average daily hot metal production, which is a measure of iron ore use, was at its highest level in nearly 17 months. The sentiment was also boosted by a number of Chinese data that were better than expected, and the hope that Beijing would unveil more measures to counteract the U.S. Tariff shocks. Coking coal and coke, which are both steelmaking ingredients, were down by 0.68% and 0.35 percent, respectively. The SHFE saw a decline in most steel benchmarks. Rebar fell by 0.81%. Hot-rolled coils dropped by 0.66%. Stainless steel declined by 0.62%. Wire rod increased by 0.48%. ($1 = 7.2961 Chinese Yuan) (Reporting and editing by Amy Lv, Lewis Jackson)
Andy Home: US tariffs threaten to bring boom times for copper traders
Physical copper traders are benefiting from the uncertainty created by the unpredictable tariffs of U.S. president Donald Trump.
Threatened U.S. duties on copper imports have opened up an opportunity of a lifetime for those who are in the business to move physical metals around the world.
CME copper contracts are now trading at a substantial premium over the London Metal Exchange contract (LME), opening up an enormous import arbitrage opportunity.
The rush to get physical copper to the United States before the deadline for tariffs has a knock-on effect on global trading patterns.
Investors are hesitant, as they fear the impact of a trade war on future copper prices.
Tariff turbulence
Since Trump's investigation of copper imports for national security reasons, traders have tried to factor in the possibility of U.S. Tariffs.
Tariff trade is represented by the CME premium, which is the price of the LME international price that has been cleared through U.S. Customs.
It's also proving to be an extremely volatile trade, reflecting White House's contradictory speech.
In his address to Congress, Trump stated that he had "imposed a 25 percent duty on foreign aluminum and copper, as well as lumber and steel". This was a surprise to the copper industry, as the Section 232 investigation of imports had only been announced last month.
The CME premium for London briefly soared to over $1,000 per ton based on Trump's comment, before retreating based on the consensus that Trump's mention was likely just a slip-up.
COPPER RUSSH
The arbitrage between CME-LME copper prices is not a concern for those who profit from regional differences in pricing.
The CME premium, based on London in May, closed around $800 per tonne last week, indicating that the shipping of physical metals to the U.S. has already been a profitable business.
Tariffs will make it even more profitable. It is important to obtain as much metal as possible, and then clear it through U.S. Customs prior to any changes in import duty.
In the last two week, 115,800 tonnes of metal were cancelled at the London Metal Exchange in preparation for the physical loading-out.
The LME warehouse system's volume of copper on warrant has dropped to a new low of 147.875 tons, a drop of nine months.
This metal is unlikely to be shipped directly to the United States due the low ratio of LME stock that meets the CME contract.
What is grabbed from LME warehouses will more than likely be traded with producers and consumers for CME-deliverable brand names from Chile, Mexico, and Peru.
DISLOCATIONS
It's an indication that the availability of copper is decreasing as it is being shipped directly to the United States or rerouted there.
As stocks fall, it is not surprising that LME spreads have decreased. The cash-to-3-months period
This has in turn shifted the arbitrage rate between London and Shanghai, giving Chinese smelters a chance to export at a profit.
The global physical copper market is likely to be affected by potential U.S. Tariffs.
Trade houses that have the market power to capitalize on supply chain shifts will reap the benefits of the regional dislocations.
FUND MANAGERS FEAR TREAD
The investment community has been largely ignored while physical traders scour the globe to find the best type of copper to send to the United States.
The CME copper contract has almost equal allocations between bulls and naysayers, with a net collective long of only 8,721 contracts.
Not only is there a price gap between the physical and futures market for copper, but also an engagement gap.
Investors tend to use "Doctor Copper" to make macro-trades, using the metal to speculate on global industrial growth.
The bigger picture of the economy is bleak as the U.S. government increases tariffs on Chinese products and threatens to impose reciprocal tariffs with all trading partners.
A survey of North American economists has revealed that the risk of recession is increasing.
Fund managers are cautious about the prospects of higher copper prices for the remainder of the year. They're also reluctant to short a market which is showing signs of tightness - albeit a highly regionalised one.
While Trump's tariff turmoil confuses the futures markets, the copper trade in physical form is making money now.
The author is a columnist at
(source: Reuters)