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Hudbay Minerals, Canada's Hudbay Minerals, suspends Snow Lake operations because of wildfires
Hudbay Minerals, a Canadian mining company, announced on Wednesday that it has temporarily suspended its operations in Snow Lake (Manitoba) due to wildfires. The company also said that exploration activities have been suspended in the Flin Flon region and Snow Lake area as efforts to mitigate fires are being undertaken. The company believes that its infrastructure in Snow Lake and Flin Flon is not at risk. Rob Carter, Hudbay Canada's Senior Vice President, said: "We will monitor the situation and ensure a safe return of full operations as quickly as it is recommended." The company took these actions after the local authorities had issued an early evacuation warning for Snow Lake, Tuesday. Hudbay Manitoba's operations produced 7,7 million pounds (7.2%) of the total company production in the first quarter 2025. The wildfires that raged in Central and Western Canada prompted Manitoba to declare a state-of-emergency last week and urge thousands of people living in the northern and eastern areas of the province, to evacuate. Fires have erupted across large areas of the western part of Canada's North due to unusually dry and hot conditions. Flames are devouring hundreds of thousands hectares (hectares) of bushland and forest that is as dry as tinder. Wildfires in Alberta have also caused the temporary shut down of oil and gas production. Cenovus Energy has reduced its non-essential workers at its Foster Creek plant. (Reporting and editing by Anil D’Silva, Leroy Leo and Pooja Menon from Bengaluru)
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Mexico will announce "measures" next week if there is no agreement on US metals duties
Claudia Sheinbaum, the president of Mexico's government, said that if the United States and Mexico cannot reach an agreement on the tariffs for steel and aluminum announced Wednesday, Mexico will take measures the following week. She called the U.S. announcement that it would raise metals tariffs from 25% to 50% in March a "unfair measure", during her morning press conference. She cited the free-trade agreement Mexico and Canada have with the United States. Sheinbaum, however, said that Mexico would not respond with "an eye for a eye." She said, "It's not about revenge or retaliation in English." It is about protecting our jobs and businesses. On Tuesday, late in the evening, U.S. president Donald Trump signed an executive order. Starting Wednesday, the tariffs will be activated. According to reports, the Trump administration wants other countries to submit their "best offer" in order to prevent punishing import duties from going into effect early July. Draft letter to the Negotiating Partners "Seen by" Sheinbaum reported that Economy Minister Marcelo Ebrard will hold discussions with high-level U.S. government officials this week. (Reporting and editing by Raul Cortes, Aida Pelaez Fernandez and Sarah Morland).
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Brazil's prosecutors attempt to block $180 Million carbon credit deal
By Manuela Andreoni & Ricardo Brito SAO PAULO - Brazilian prosecutors have filed a lawsuit on June 3 to cancel a $180m carbon offset scheme that the state of Para, in partnership with major corporations and foreign governments signed last year. The case could be a major blow to both the government of Para which is hosting the United Nations Climate Summit, also known as COP30 this year, and the carbon credit market in general, which looked to government programs to help address fraud and abuse concerns. Amazon.com Inc. and at least five companies have agreed to buy the credits via the LEAF Coalition for forest conservation, an initiative that the ecommerce giant, along with other firms and government, helped found in 2021. This group includes the United States, United Kingdom, and other countries. The state of Para aimed to sell 12 million credits for $15 each. These credits represent the amount of carbon that trees store, which the project will save through deforestation. In their filing, prosecutors claimed that the state had failed to consult and inform traditional communities who would be affected by the deal. The prosecutors also claimed that Brazilian law prohibits the pre-sale carbon credits. The prosecution accused the state for rushing to approve this plan "before COP30" which caused considerable pressures on Indigenous Peoples and Traditional Communities in Para. The government of Para has dismissed the accusations made by prosecutors. It says it plans 47 consultations for communities who may be affected by this project. None of these communities are required to take part. In a press release, the state government said that sales would only be finalized after emission reductions were verified and formal credits issued. Emergent, the non-profit organization that coordinates LEAF Coalition did not respond to comments immediately. The Para state project is one of the first carbon credit schemes in the world to cover an entire state or country. This was done to reduce concerns over the credibility and impact of projects that depend on private landowners. (Reporting and editing by Leslie Adler Brad Haynes Andrea Ricci; Reporting and editing by Manuela Brito and Ricardo Brito)
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Concerns about the slow start of Myanmar's Wa state supply have led to a spike in tin prices.
The price of tin hit an all-time high on Wednesday, as traders feared that resuming supply from Myanmar's rich in tin Wa State may take longer than expected. Last week, the metal, which is mainly used in soldering electronics and semiconductors fell to its lowest level in a month. Traders bet that the supply would increase as the government allowed full-scale production in the region after a nearly two-year mining ban. A tin merchant said, "Wa remains in a state of uncertainty regarding the restart." Myanmar is the third largest tin producer in the world and a major supplier to China. Wa State suspended work on mines it controls from August 2023 in order to protect its resources. Tom Langston said that the pace of the resumption of mining in Wa was slow, as operators of certain mining areas were reluctant to pay higher license fees and government controls on transporting equipment and personnel. Langston stated that "we are more sceptical now about a rapid recovery in Wa, and we do not expect meaningful increases in exports and production until July or August." He said that the delay was due to a shortage of feedstock in China. Some smelters were considering reducing their output. The benchmark three-month tin price on the London Metal Exchange increased 2.1% by 1402 GMT to $32,050 a metric ton, after reaching a week-high of $32,425. This week, it is up 5%. The LME registered warehouses' tin inventories are down by 45% to 2,605 tonnes this year, the lowest level since mid-2023. 24% of stocks have been marked as ready for delivery. The spread between the LME cash price and the three-month contract tin is still quite wide. The discount is still at $79 per tonne. A premium would have shown concern about the nearby supply of LME. Reporting by Polina Devlin and Hongmei li; editing by Rod Nickel
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Sources: Italy refuses to tighten restrictions on Chinese shareholders when Pirelli calls for it
Sources said that the Italian government has refused to heed Marco Tronchetti Provera, Pirelli's vice-chairman and executive vice-chairman's request for tighter restrictions on Pirelli's Chinese investor. Sinochem, a Chinese state-owned company, is Pirelli's biggest investor. Sinochem holds 37% of Pirelli while Tronchetti Provera owns 27.3% through its Camfin vehicle. Tronchetti-Provera, the company's CEO for over three decades, is Tronchetti-Provera. Sinochem and Pirelli are at odds, with Camfin claiming that Sinochem's substantial holding is a threat to Pirelli’s ambitions of expanding its business in the United States. Washington has cracked down on Chinese automotive technology by banning software and hardware that are controlled by Chinese companies from being used in U.S. roads. Two sources with knowledge of the matter claim that Tronchetti Provera has lobbied the government to take additional action to limit Chinese influence at Pirelli by strengthening the restrictions Rome imposed in 2023 on Sinochem through the golden powers rules designed to protect strategic assets. Sources, who asked not to be identified due to the sensitive nature of the issue, said that the administration of Prime Minister Giorgia Mello has, so far, rejected these calls. Rome's cautious approach is partly due to concerns that it will rely too heavily on its golden power, according to one source. This comes at a time where Italy faces a dispute with UniCredit regarding the way the bank uses this tool when vetting financial deals. All parties refused to comment. Last November, the government launched an investigation into whether Sinochem executives' presence on the board of the tyremaker was in violation of these restrictions. Second source: The government is currently conducting an investigation and will first check to see if there are any violations of the existing restrictions before taking a more aggressive stance against Sinochem. FAR APART Emanuele Orsini is the leader of Italian business lobby Confindustria, of which Pirelli has been a prominent member. He called on the Italian government to defend Pirelli's autonomy. Orsini stated on Wednesday that "part of Pirelli's shares, which are now in the Chinese government's hands, do not approve the balance sheets, and therefore, Pirelli is jammed up." Orsini said in a previous statement on Tuesday that Sinochem should reduce its stake in Formula One tire supplier Pirelli below 25%. Camfin Sinochem have failed to reach an agreement on governance. The Chinese company called a Pirelli proposal to solve problems "seriously unjust", while Camfin claimed that Sinochem’s approach might lead to the breaking of the shareholder agreement between the two biggest investors. If the agreement is dropped, Sinochem, Camfin, and other shareholders will be able to present their own slates for Pirelli's annual general meeting (AGM), with one of these parties potentially taking control of Pirelli’s board. Tronchetti Provera, according to two separate sources, was counting on additional government support via golden powers in case of a final confrontation with Sinochem during the AGM. Pirelli continues to post good results, despite the ongoing challenges in the automotive industry. In the first quarter of this year, its net profit increased by 27% while revenues rose by 4%. Reporting by Giuseppe Fonte and Giulio Piccari, with additional reporting from Angelo Amante and Giselda Vasgnoni. Editing by Giselda Varnini and Keith Weir.
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Nearly 100 people are missing after flooding in a Nigerian town for a week
The national emergency agency announced on Wednesday that at least 98 persons are still unaccounted for, in addition to the 160 people who have been confirmed dead, a week following floods in a central Nigerian town. Hopes of finding survivors are fading. In one of the worst floods ever to strike Africa's largest country, heavy rainfall in Mokwa, 270 km west of Abuja, unleashed water that destroyed homes and overwhelmed drainage systems. Damage to roads and bridges is hampering access despite the fact that search and rescue operations are continuing, according to the National Emergency Management Authority. The NEMA has also enlisted assistance from the Nigeria Red Cross and the police, as well as the army. Teams are searching for missing people. Overcrowding, contaminated water and overcrowding are all factors that increase the risk of disease outbreaks. Habiba Abdallah, a resident of 27 years, told reporters that four of her children were washed out by the floods. She said that, like many other relatives, she still hoped that the bodies will be found. My children disappeared in an instant. "We haven't even found them yet, but are still trying to recover their remains," she said by phone. The United Nations Children's Fund said that it has deployed a team in Nigeria to provide essential health services, including for pregnant women. Floods are common in Nigeria during the rainy seasons, which usually begin in April and end in October. (Written by MacDonald Dzirutwe, edited by Aidan Lewis).
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China's new tracking system increases scrutiny of rare earth magnets
Three sources confirmed that China has implemented a tracking system in its rare earth magnet industry, as export restrictions are beginning to isolate customers from around the globe. Two sources briefed on the issue and two others familiar with it said that the national tracking system went into effect this week and requires producers to provide extra information online, including trading volume and client names. China, the world's biggest rare earth magnet exporter and supplier, in April, placed export restrictions on several magnets and seven medium-to-heavy rare earth elements. Exporters were required to obtain licenses. The delays in getting approvals has disrupted supply chains, affecting automakers, semiconductor firms and others. Global automakers have already begun to shut down some production lines, as they run out of reserves. Beijing announced high-level plans in June to create an information tracking system for rare earths products. However, the subject was not mentioned again until this week, according to a source familiar with the issue. China's export restrictions on rare earths, magnets and other products - in which it has a near monopoly - may become permanent. In the U.S., and elsewhere, there was hope that this would be eliminated as part of the trade truce reached in Geneva last week. Exports tend to gradually rebound in cases where China imposes export restrictions on metals. This is because exporters are required to apply for and receive licenses. Tim Zhang, the founder of Edge Research in Singapore, said: "Our current hypotheses is that China will continue to control its exports on rare earths as it's an ace card China can hold." Beijing's goal is to strengthen its control of the sector and crackdown on illegal mining, smuggling and tax evasion. A fourth source, who was also briefed about the issue, said that Beijing has a long-term plan to track all rare earth production chains, not just magnets.
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Thames Water's creditors are aware of a "short window" to save the company.
Thames Water's senior creditor said that there was a "short window" to a market-led recovery of the water company, after U.S. Private equity firm KKR withdrew from a multibillion pound financing plan on Tuesday. The creditors announced on Wednesday that they had presented a long-term solution to the problems of Thames Waters. The water company in Britain, the largest, is heavily indebted. On Tuesday, KKR pulled out of an equity investment worth about 4 billion pounds. The group of senior creditors said that they were stewards with a track record and could provide "substantial new investment" in order to turn the company around under a new leadership. The Creditors stated that Thames Water needed an urgent and fundamental reset. There was a short window of time in which a solution based on the market could succeed. According to a source near the creditors, corporate troubleshooter Mike McTighe is providing advice to them. He could be a candidate to become chairman if this proposal succeeds. In March, Thames Water agreed to delay a challenge against the regulator's decision about how much it can increase customer bills until it had explored the possibility of raising equity. This deferral will expire at the end of next month. Thames Water's spokesperson declined to comment. When it announced on Tuesday that KKR was leaving, Thames Water said that they would "progress the discussions on senior creditors' plans with Ofwat, and other stakeholders". $1 = 0.7389 pounds (Reporting and editing by Kate Holton; Paul Sandle)
Tesla sales in France fall to the lowest level in four quarters
Elon Musk’s electric car brand's first quarter sales in France have been the lowest since 2021, according to data released on Tuesday.
Tesla's sales have been in decline ahead of its much-anticipated Model Y midsize SUV launch. The billionaire CEO is a close ally to U.S. president Donald Trump and has courted far-right parties across Europe.
Data from the French auto body PFA revealed that Tesla sold 3,157 cars in France in March, a drop of 36.83% from last year. This equates to 6,693 registrations for the first quarter.
The PFA's share of the country's market dropped to 1.63% for the March quarter, as it lost ground to other brands, such as BYD, which has a 3.19% market share.
The overall number of new cars registered in France decreased by 14.54% between March and the first quarter.
Tesla will report its global production and delivery numbers for the first quarter on Wednesday.
Analysts are expecting data from France and key European markets to be released on Tuesday, which will provide an indication of how the group performed in the third quarter and the consumer's perception towards the brand.
Tesla cars are also targets of vandalism in several countries as a result of Musk's right-wing activism. Musk reiterated Donald Trump's earlier remarks on Monday that the overnight fire that destroyed 17 Tesla cars at a Tesla dealer in Rome was an act of terror.
(source: Reuters)