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Holtec's request for restarting Michigan nuclear plant is approved by the NRC
Holtec International has received approval from the U.S. Nuclear Regulatory Commission to submit a number of requests that will lay the foundation for the restart of the Palisades Nuclear Power Plant in Michigan. The agency and the company announced this on Thursday. Holtec will be able to load fuel with the approvals, but it will still need additional approvals for the plant that ceased operation under a new owner in May 2022. Holtec plans to restart the Palisades plant, a decommissioned 800 megawatt facility. It will also install two small modular units (SMRs) based on the existing technology of light water reactors (LWRs), at the same site. Holtec, in partnership with Hyundai Construction, plans to build ten gigawatts worth of SMRs across North America by 2030, starting first at Palisades. Holtec purchased the plant in order to decommission, but hopes to now reopen it. It is the first U.S. Commercial reactor to restart operations after ceasing to operate. Holtec stated that "Once Palisades is returned to service it will generate over 800 megawatts (safe, reliable and carbon-free) of baseload power, enough to power 800,000 homes... increase grid reliability and meet growing energy demands in Michigan and beyond." The company did not specify a date for the start-up. Holtec announced in March that it hoped to reopen its plant by the fourth quarter 2025. The NRC stated that "while these NRC approvals allow Holtec fuel to be loaded, there are several licensing actions still under NRC review, and additional requirements need to meet before the plant can begin operating under its original operating license which expires March 24, 2031," The NRC transferred the operating authority of PNP from Holtec Decommissioning International LLC to Palisades and restored key documents including emergency plans, security plans, and maintenance and inspection programmes. (Reporting by Sarah Qureshi in Bengaluru Editing by Marguerita Choy)
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Three trapped workers are rescued from Newmont's Red Chris Mine in Canada
Newmont said that three contract workers were rescued from the Red Chris copper-and-gold mine in British Columbia after 60 hours of being underground. Bernard Wessels said that some operations have been resumed at the mine, but the underground mine is still suspended. He made this statement at a Newmont news conference. Wessels stated that Newmont would reopen its underground mine following a thorough investigation of the incident. Kevin Coumbs (Hy-Tech Drilling), Darien Maduke and Jesse Chubaty, were trapped in the mine after two "falls of ground" at the accessway. The walls and floors collapsing in a mine is a serious safety concern for the mining industry. The miners were sheltered in the designated refuge bay of the mine for two days. Wessels stated that the men were "in good spirits" and had walked themselves to their vehicle. They were also relieved to have escaped. He added that the three miners stayed where they were told to stay and followed all safety protocols. Newmont owns 70% of the mine and Imperial Metals Corp. holds the remaining 30%. Wessels stated that Newmont conducted a thorough psychological check on the miners. Newmont says it conducts monthly investigations into its operations and that this incident was a surprise to the company. Newmont acquired the Red Chris mine in 2023 as part of its larger purchase of Australian miner Newcrest. Red Chris has two mines, an open-pit mine and an underground mine.
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Copper demand falls ahead of critical week
The dollar rose on Friday, and copper prices dropped. Physical buyers took a break ahead of the week which could be pivotal in bringing clarity to the U.S. tariffs on imports of copper and the U.S. agreements with other nations. The price of three-month copper at the London Metal Exchange fell by 1.0%, to $9,772 per ton, as of 1600 GMT. This was below the 21-day average, which is $9,802. The COMEX copper contracts, which reached a record-high of $5.959 per lb last Thursday, fell 0.9% to $5.752 and were trading at a premium of 30% over the LME benchmark. The premium is still below the proposed 50% tariff by President Donald Trump, as the market awaits confirmation of the deadline of August 1, and the list of copper products that will be affected. Will the announcement of the tariff be delayed because there is so much uncertainty? Will there be any exemptions?" Alastair Munro is a senior base metals analyst at Marex. Chile, Canada, and Mexico are the U.S.'s main copper suppliers. The current copper prices have slowed down physical buying. This was a very active activity when the price of copper was $9,600 around mid-July. However, the availability of relatively little stock in LME registered warehouses has also been reduced. Munro said that the support is being provided ahead of September which is a time of seasonal growth in demand. The Shanghai Futures Exchange monitors copper inventories in storage warehouses The exchange reported that the number of metric tons fell by 13% to 73 423 this week. This is the lowest level since last December. The U.S. already has trade agreements with Japan Indonesia and the Philippines. Trump will be in Scotland this Friday to inaugurate a new golf course and to meet British Prime Minister Keir starmer. Trade talks between the United States and China are scheduled to begin next week in Sweden. LME aluminium dropped 0.5% to $2.632 per ton. Zinc fell 0.7% to $2.823; lead slipped 0.4% to $1,015; tin declined 1.3% to $34,050, and nickel fell 1.8% to $15,170. (Reporting and editing by Kirsten Doovan, Vijay Kishore, and Paul Simao; Reporting by Polina Devitt)
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Sources say that Citigroup's head for energy transition has moved to Moelis.
Citigroup's global director of clean energy investment banking will leave the U.S. bank to advise on mergers and acquistions at boutique Moelis. This was confirmed by people familiar with this matter on Friday. Serge Tismen will officially join Moelis at the end of September after a gardening leave. One source said that he will advise clients of the bank on all aspects of dealmaking and will be reporting to Anton Sahazizian who is the head of Moelis mergers and acquistions. I was unable contact Tismen to get a comment. Citi and Moelis spokespeople declined to comment. LinkedIn shows that Tismen worked at Citi's Investment Bank for over two decades. He took over the leadership of a new division in 2021 to attract more business from companies that are working to reduce carbon emissions by developing hydrogen fuel, vehicle charger infrastructure, carbon sequestration, and biofuels. Donald Trump has been putting pressure on the U.S. government to promote clean energy. His administration has attempted to rollback environmental regulations, and measures that were put in place by the former president Joe Biden to encourage renewable energies. Trump has canceled tax credits that support renewable energy generation and ordered the Department of the Interior review any regulations that favor wind and solar power over other sources of energy. The rest of 2025 is expected to be a year of significant deal-making, and the forecast includes a number of mega-mergers. (Reporting and editing by David French, David Gregorio, and Isla Binne in New York)
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Gold drops as dollar firms, trade deal hopes sap safe-haven demand
Gold prices fell on Friday due to a stronger dollar and progress in U.S. - EU trade negotiations, which weakened demand for safe havens. By 11:23 am, spot gold had fallen 1% to $3333.12 an ounce. ET (1523 GMT). U.S. Gold Futures fell 1.2% to $3333.70. The U.S. Dollar Index rebounded after a two-week low. This made bullion prices more expensive for foreign buyers. Meanwhile, the yields on benchmark 10-year U.S. Treasury bonds remained unchanged. The Japan deal was important, and there is hope that a U.S./EU agreement will be reached before the deadline of August 1. This is reducing demand for safe haven assets as capital flows to risky assets due to an elevated risk appetite, said Peter Grant. The European Commission, following this week's U.S. Japan trade agreement, said that a deal with the U.S. was within reach. EU members also approved counter-tariffs for U.S. products in case negotiations fail. The data shows that U.S. unemployment claims have fallen to a 3-month low. This indicates a stable job market, despite slow hiring. The Federal Reserve is expected to use stable labor market data to justify holding rates at 4.25% to 4.50% during its next meeting, despite signs that inflation may be increasing due to President Donald Trump's tariffs on imports. Trump's surprise trip to the central banks marked a new attempt to put pressure on Chair Jerome Powell. The President was again calling for a rate cut. Grant added that gold may be able to attract "buying interests probably at the $3,300 level but not break out to new highs until the Fed decision." The meeting could indicate rate cuts in the second half of the year. Gold is usually more profitable during times of uncertainty or low interest rates. Spot silver dropped 2.1% to 38.25 dollars per ounce. Palladium fell 1.6% to $1,208.20, while platinum was down 1.6% to $1,385.94. This week, all three metals suffered losses.
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Oil prices fall as trade optimism is offset by negative economic news
Oil prices fell on Friday due to negative economic news coming from the United States, China and signs that supply is increasing. This was despite the optimism of U.S. Trade Deals which could boost future global economic growth. Brent crude futures dropped 32 cents or 0.5% to $68.86 per barrel at 11:02 am EDT (1502 GMT) while U.S. West Texas Intermediate crude (WTI crude) fell 47 cents or 0.7% to $65.66. Brent fell about 1% and WTI about 3% for the week. Donald Trump, the U.S. president, said on Friday that there is a Chances of 50-50 Or perhaps even less, that the U.S. will reach a trade deal with the European Union (EU), stating that Brussels wants to "make a very bad deal". euro zone economy Remain resilient A slew data on Friday showed the uncertainty that is pervasive due to a global war of trade, while European Central Bank policymakers seemed to temper bets made by market participants on no further rate cuts. New orders are being placed in the U.S. Capital goods manufactured in the United States Unexpectedly, shipments of these products rose moderately in June. This suggests that the business's spending on equipment has slowed down significantly in the second quarter. Trump said Friday that he also had a successful meeting with Federal Reserve Chair Jerome Powell got the impression the U.S. Central Bank's head was ready to lower rates. Interest rates are used by central banks like the Fed and ECB to control inflation. Lower interest rates can reduce borrowing costs for consumers and boost the economy and oil demand. The finance ministry reported on Friday that the fiscal revenue of the second largest economy in the world,, fell 0.3% from a previous year. This is the same rate as the decline between January and may. GROWING SUPPLIES - WHAT IS IT? Sources said that the U.S. was preparing to limit operations in Venezuela for partners of Venezuelan state-run PDVSA. This would include U.S. oil giant Chevron. Analysts at ING wrote that this could increase Venezuelan oil exports to the U.S. by a little over 200,000 barrels a day (bpd), easing tightness on the heavy crude market. Middle East After "serious and detailed" discussions on Friday, it said that nuclear talks would continue with European powers. This was the first face-to-face discussion since Israel and the U.S. attacked Iran last month. Venezuela and Iran both belong to the Organization of Petroleum Exporting Countries. The amount of crude oil available on global markets will increase if a deal is reached that increases the amount of oil each sanctioned country can export. The Joint Ministerial Monitoring Committee (OPEC+), which is made up of top ministers representing OPEC, its allies, such as Russia, and other countries, will meet at 1200 GMT, on Monday. Four OPEC+ source said the meeting is unlikely to change the existing policy of the group, which requires eight members to increase output by 548,000 bpd during August. Russia Calculations based on two sources indicate that the daily oil exports in August will be 1,77 million barrels per day, down from the 1.93 million barrels per day planned for July, due to the anticipated increase in refinery runs. Reporting by Scott DiSavino, Robert Harvey, in London and Sudarshan Varadhan and Siyi Luu, in Singapore. Kirsty Donovan, Emelia Sithole Matarise and Kirsty Donovan edited the article.
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Gold Wars in Peru Town Leave Amazon Nature Defenders Vulnerable
Illegal mining threatens Peru's biodiversity capital Mining poisons the environment and attracts gangs Environmentalists are targeted in turf battles By Dan Collyns & Manuel Calloquispe The latest bloodbath is in La Pampa. This area, which hosts a record number of species (many of them endemic), has been dubbed Peru's "capital for biodiversity", Madre de Dios. La Pampa, however, is also synonymous with the violent racketeering that has accompanied illegal gold mining in the area. The rainforest on both sides of the highway leading to Brazil was wiped out by the illegal mining. The largest mine in Peru continues to expand. La Pampa is located in the buffer zone of the Tambopata National Reserve. Miners have invaded this protected area and are destroying trees and toxic pools from the mercury used to extract gold. According to the Monitoring the Amazon Andes program, between January 2021 to March 2024 satellite images showed a total deforestation in La Pampa of 30,846 acres - the equivalent of more than 40,000 football fields. GANG WAR Gold prices are at record highs in Peru's rainforests, which is the biggest gold producer in Latin America. In the hope of finding their fortune, thousands of poor people from all over the world have flocked to La Pampa. These unregistered miner fail to follow environmental regulations, including government restrictions regarding the use of Mercury, and poison the environment. The mining industry has attracted organised crime as well. Gangs have taken control of the land and demanded "protection money" from miners who were working without permits. They also committed human rights violations despite police presence. La Pampa, dotted with bars and brothels has become a hotspot for sex trafficking, fueled in part by the local lore of miners, according to Berenice Romero. She is Peru's top prosecutor against human trafficking. She said that up to a third (33%) of the sexworkers rescued by the authorities in 2023-2024 were younger than 18 years old. GANG WAR Residents who spoke anonymously out of fear of reprisal said that rival factions of the criminal family were engaged in a turf battle for control of the "Guardianes de la Trocha" or Guardians of the Trail. This armed group purportedly operates the protection racket as well as a part of the illegal gold trade. Residents of the town live in fear, especially since the discovery of five bodies, some with signs of torture by prosecutors, in the grave known as "the cemetery" in early this year. Leyla Cardenas, the sister of Alex Cardenas Flores (43), said that Flores left his home in November, and never returned. Locals told her that her brother was dead. He was a father to three children. "Criminals are still doing their thing" in La Pampa. She said that people were still being killed and disappearing in an interview. Officials in the regional capital, Puerto Maldonado, said that hundreds have been killed or gone missing in La Pampa over the past decade. The Madre de Dios Prosecutor's Office reported that between 2014 and 2024, 351 bodies were recovered, which could be attributed to work accidents or homicides. Lucia del Carmen Martinez of the region's medical forensic unit said in her Puerto Maldonado offices that 375 violent death cases were recorded over the same 10 year period. She said that in 34 cases the victims were unable to be identified. 183 people drowned during the same time period, mostly in ponds dug by the miners. ENVIRONMENTALIST MURDER A judge in April sentenced Edison Fernandez Perez in absentia, an alleged La Pampa leader, to 15 years of prison for the murder in March 2022 of environmentalist Juan Julio Fernandez. https://www.theguardian.com/global-development/2022/aug/26/peru-land-invaders-gold-fields-miners The transcripts of the court proceedings show that the judge released Edison's brother Jhon Perez despite eyewitness testimony stating he had shot the victim in the face at close range. Salvador Fernandez said that his family has received death threats from the gang which wants to mine their land in La Pampa. He said, "We know that they are the murderers and we demand justice." Images captured by a La Pampa security camera during the exhumation of "the cemetery" in January appear to show that gangs have continued their murder spree. In the video, two motorcycles and a pickup truck are seen pulling up next to Ana Garcia Solsol. She is a leader of La Pampa. Five men in police waistcoats and covered faces opened fire with automatic weapons, killing Ana Garcia Solsol instantly. The next day, police raided the hideout of the suspects but were not able to locate them. Orlando Sanchez, chief of the Madre de Dios Police Department, confirmed this. He added, "I mistrust even some of my police officers because they leak information and some operations aren't carried out properly."
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Phillips 66 profits beat estimates due to higher refining margins
The refining margins were higher and turnaround costs lower, helping Phillips 66 to beat Wall Street's expectations for the second quarter profit. Top U.S. refiners were expected to post higher second-quarter profit, rebounding from losses in the prior quarter as stronger-than-expected diesel margins lifted earnings. Valero Energy, for example, exceeded Wall Street expectations thanks to improved margins. Fuel manufacturers have experienced an unexpected increase in profits from certain products, bringing relief to those who saw their earnings fall from the 2022 peak. This was due to a rebound in demand following a pandemic and disruptions in supply after Russia's invasion in Ukraine. Analysts praised the stronger refining margins and marketing, which helped offset a decline in the chemicals segment. However, they raised concerns over debt, as midstream capabilities are expanded by the company. The realized margin per barrel of the refiner increased 12.4% in the first quarter compared to a year earlier, reaching $11.25. Turnaround expenses dropped 47% from $53 million. The crude capacity utilization rate was 98% and the adjusted earnings of its refining division rose by about 30% to $392 million. Mark Lashier, CEO of Refining, said that during the quarter Refining achieved the highest utilization rate since 2018 and its lowest cost per barrel since 2021. He also noted a strong market capture, as well as a record-breaking clean product yield for the year to date. The results follow a board battle in May where Phillips 66, and activist investor Elliott Investment Management won each two board seats during an annual shareholders' meeting. Elliott's argument to increase the share price included exploring the sale of the midstream division and other asset sales to concentrate on the refining business. The refiner announced a larger-than-expected first-quarter loss, hurt by lower margins in the refining industry of the United States. The refiner's midstream segment quarterly adjusted earnings were down 3%, or $731 million, from the same period last year. According to LSEG, the company reported a profit adjusted of $2.38 for the three-month period ended June 30. This compares with an average analyst estimate of $1.71. Reporting by Tanay in Bengaluru, editing by Arun Koyyur
Teck Resources, a Canadian company, has approved the extension of the life of Highland Valley Copper mine until 2046.
Teck Resources, a Canadian mining company, announced on Thursday that it had approved a project to extend the life of its Highland Valley Copper Mine in British Columbia. This will allow Canada's biggest copper mine to continue operating until 2046.
Highland Valley Copper Mine Life Extension Project is expected to support an average copper production rate of 132,000 metric tons per year for the lifetime of the mine. The company stated this in a press release.
Jonathan Price, CEO of the company, said: "This extension is fundamental to our strategy of doubling copper production in the next decade."
The project is expected to generate a strong IRR, and ensure access to this vital mineral for the next 20 years.
Teck cut its copper production estimate for the year in October last year, citing delays at Highland Valley Copper and labor challenges.
The company stated that the life extension project set to start in August would create approximately 2,900 direct jobs, and maintain around 1,500 jobs.
The company said that the capital cost for the project will range between C$2.1 billion (1,54 billion) and C$2.4 billion (1,76 billion), and will be invested in the second half of 2020 through 2028.
The project extension was originally approved in 2028. (1 Canadian dollar = 1.3602 US dollars) (Divyarajagopal and Surbhi misra reported from Toronto, while Janane Venkatraman edited the article)
(source: Reuters)