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US to provide nearly $1 billion for minerals and materials
Energy Department announced on Wednesday that the Trump administration will propose funding of nearly $1 billion to accelerate the development and production of critical minerals and materials in the United States, which are used in everything from electric vehicles batteries to semiconductors. The statement stated that the department will offer funding for the advancement and scaling up of mining, processing, and manufacturing technologies within the vital minerals and materials supply chain sectors, which have traditionally been dominated China and other countries. Chris Wright, Energy Secretary, said that the United States had relied too much on foreign actors for the supply and processing of critical materials essential to modern living and national security. The Department of Energy said that the move was in line with President Donald Trump’s executive order to maximize energy development. The Office of Manufacturing and Energy Supply Chains of the Department of Energy (MESC) will offer funding of up to $500,000,000 to expand U.S. battery manufacturing and recycling, as well as critical minerals and materials. MESC will also offer funding of up to $135,000,000 to support the domestic supply chains for rare earth elements by demonstrating commercial viability methods to refine and recover minerals from mine tailings. The Office of Fossil Energy and Carbon Management of the Department also plans to announce around $250 million of financial assistance to plants, including coal-based facilities, which have the potential to create mineral byproducts through industrial processes. The funding also includes up to 50 million dollars to support processes along the supply chain for rare earth magnets, including alloying gallium, Germanium and Silicon Carbide to be used in semiconductors.
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Documents show that the USDA is ending employee union contracts.
Documents seen by the.. Documents show that the notices sent out to union leaders of the Animal and Plant Health Inspection Service and Food Safety and Inspection Service stated the action was in line with President Donald Trump’s executive order from March to exclude certain federal workers from collective negotiations because their agencies had national security missions. Under the executive order, the Trump administration has also moved to terminate union contracts at other agencies such as the Department of Veterans Affairs, the Environmental Protection Agency and others. A spokesperson for the agency said, "USDA optimizes our workforce to return it to a department that is focused on customer service and puts farmers first." This move will make us a more attractive employer and nimbler. Paula Soldner of the National Joint Council of Food Inspection Locals of the American Federation of Government Employees said that the collective bargaining agreement terminated covered approximately 6,500 food inspectors and consumer safety inspectors employed by FSIS. FSIS inspectors inspect meat, poultry, and egg products in order to ensure quality and prevent foodborne illnesses. Soldner stated that the termination of the employees adds confusion and uncertainty to the employees as the administration works on shrinking the federal government. A source familiar with the matter said that the notice will affect at least 150 APHIS workers. APHIS employees inspect imported plants and fight livestock diseases such as bird flu. On August 1, a federal appeals court lifted an injunction which had prevented agencies from implementing executive orders. Since January, the USDA has lost over 15,000 employees due to terminations and financial incentives. This includes more than 500 FSIS staffers and more than 1,300 APHIS staffers. Reporting by Leah Douglas, Washington; Editing and revision by Mark Porter Timothy Gardner Richard Chang
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Zimbabwean labs overwhelmed by gold rally, says miner
A mine executive revealed on Wednesday that Zimbabwean laboratories were struggling to keep up with the influx of mineral samples being submitted by mines who are ramping up their exploration activities in response to record-high gold prices. Gold prices reached a record of $3,500 per ounce in April, driven by geopolitical tensions and central bank purchases. Economic uncertainty, fueled recently by U.S. President Donald Trump's new tariffs, also contributed to the price increase. Even Zimbabwe, where the gold production was in decline after years of political and economical turmoil, has seen a rise in production as new investors and companies increase production. In the first seven month of 2025, the gold production in southern Africa rose by 40% compared to last year's same period. The output for the year will likely exceed 40 metric tonnes, which is a record. In 2008, only 3 tons of gold were produced. Craig Harvey, Vice President of Technical Services at Caledonia Mining Corp., said that the company has been experiencing delays in receiving samples from its exploration activity back from accredited labs in Zimbabwe. Harvey said, "It's frustrating for us but it is actually very encouraging in the Zimbabwe context." "There are other companies in the area and it is clear that the higher gold prices have prompted them to start exploring." "This bodes well for Zimbabwe which is totally under-explored," said he. Caledonia's profits soared to $34.8million in the six-month period ending June 30 compared to $12.25million previously. This was due to increased production and a 40% rise in the average price of gold. Mark Learmonth, CEO of the company, told analysts the company was looking at options to minimise equity dilution and impact the dividend policy for raising capital in order to turn the Bilboes Project into Zimbabwe's largest gold mine.
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Groups sue Trump agencies over a'secret report' used to reverse US climate rules
On Tuesday, two major environmental groups filed a lawsuit against the Trump administration. They claim that the Trump administration secretly convened a group made up of climate skeptics who prepared a document which was used to reverse the U.S. regulations on greenhouse gas emission without prior public notification. The Environmental Defense Fund, along with the Union of Concerned Scientists, filed the lawsuit at a federal district in Massachusetts. They argued that the so-called Climate Working Group, which Energy Secretary Chris Wright assembled, avoided public view, produced erroneous findings, and was illegally used by the Environmental Protection Agency to inform its decision to reverse federal climate regulations based on the scientific finding. Wright and Environmental Protection Agency administrator Lee Zeldin are named as defendants in the lawsuit. Both parties were unavailable for immediate comment. Why is this important? Preparation and use of this report have raised concerns that the United States rejects the mainstream consensus on the causes and effects of climate change, at a moment when more severe storms are causing trillions of dollars of damage across the country. The United States' refusal to acknowledge the impact of climate change, and the elimination of U.S. climate reports and data collection also reduces the urgency in which the U.S. must shift from fossil fuels to cleaner energy. Key Context The Federal Advisory Committee Act requires that all federal advisory committees be established and operated in a manner that is open to the public. KEY QUOTE Scientists have concluded that burning fossil fuels has a direct impact on the severity of heat waves and other weather conditions. This includes increased rainfall and wildfires. "We should ask ourselves who will benefit from attempts to undermine this peer-reviewed, unassailable scientific truth," said Gretchen Goldman. Reporting by Valerie Volcovici, Editing by Tomaszjanowski
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Elliott affiliate bids for Citgo parent company as competition heats-up
A filing updating the court-organized auction shows that an affiliate of hedge fund Elliott Investment Management raised its bid on the Venezuelan-owned parent of U.S. refiner Citgo Petroleum, bringing the total to $8.82 billion. The auction of PDV Holding was relaunched by the government in January, after a yearlong process that ended in chaos amid disputes over Citgo’s value and parallel legal proceedings. Last month, an officer of the Delaware Court supervising this auction recommended that a group headed by Gold Reserve bid $7.4 billion. The court received an $8.45 billion offer from a Vitol subsidiary last week, while the bid of Elliott affiliate Amber Energy came later. Next week, the court will hold an hearing to decide on the winner. Amber Energy's higher offer includes a payment provision for holders of a Venezuelan bond that has defaulted, according to an auction letter sent on Tuesday by Red Tree Investments, one of the creditors. The company stated in its filing that "Red Tree is of the opinion that Amber Energy, under Delaware law, is the highest bidder and should be selected to win the bid." Amber Energy didn't immediately respond to a comment request. Citgo and PDV Holding, both subsidiaries of Venezuelan state oil company PDVSA, are listed on the NYSE. In the Delaware case, the court found PDV Holding responsible for Venezuela's obligations, allowing creditors to sue the refiner for payment. Reporting by Marianna Pararaga Editing Bernadettebaum, Kirsty Donovan
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Wildfires, fanned and fueled by heatwaves and strong winds, rage throughout Europe, destroying houses and factories
On Wednesday, wildfires caused either by arsonists, thunderstorms, or a combination of both, fanned along by heatwaves and strong winds, continued to rage in southern Europe, destroying homes, factories, and farms, and forcing thousands of tourists and residents to evacuate. A wildfire that spread through forests, olive groves, and the suburbs of Patras in northern Peloponnese (west of Athens) set fire to a cement plant. The smoke and flames were thick. What does it look? It looks like a doomsday. "May God help us, and help these people," said Giorgos Karavanis. He was a volunteer from Athens who came to Patras for help. On Tuesday, authorities ordered the evacuation of residents in a town near Patras of approximately 7,700 residents. They issued new alerts Wednesday advising residents to leave two nearby villages. Authorities warned people on the popular tourist islands of Chios in the east and Cephalonia in the west to get to safety because fires were spreading. A volunteer firefighter in Spain died of severe burns, and several others were hospitalised after the state weather agency AEMET issued a warning that fire was a very high or extreme risk throughout Spain. Officials in the region said that the 35-year old man was trying to build firebreaks in the area of Nogarejas in central Castile-Leon when he became trapped by the fire. This is the sixth wildfire-related death in Spain this year. According to emergency services, two other victims are firefighters from Tarragona & Avila. Alexander Held, senior expert in fire-management at the European Forest Institute, warned that firefighters' lives are at risk when they work in landscapes not prepared. He said that authorities should do more to prevent and anticipate wildfires, by clearing combustible plants and creating buffer zones. Held stated that firefighters in an industrial building would refuse to enter if there were no fire alarms, sprinkler systems, fire protection doors, or escape routes. Alfonso Rueda is the leader of Galicia in the northwest. He called the situation "complicated", and said that the weather conditions were not helpful. Six fires are burning in the province of Ourense, Galicia. The combined area is 10,000 hectares. ARSON SUSPECTED Sara Aagesen, Spanish Environment Minister, told SER Radio that arsonists were suspected of causing many fires in the country due to their "virulence". A male firefighter arrested on Tuesday was responsible for the fires that started in Avila, north of Madrid, two weeks ago. Meanwhile police announced late on Tuesday that they were investigating a woman aged 63 for allegedly setting a number of fires in Galicia’s Muxia region in August. Europa Press reported that the police have identified a suspect believed to have burns on his hands from starting a small blaze in a development along the southern coast of Cadiz. Thunderstorms caused fires in other places. Residents in Andalucia flooded the fire department with calls on Tuesday shortly after 5 pm, alerting them to a fire that was caused by lightning striking a chestnut-oak forest north of Huelva. Around 250 people were evacuated, but the fire was mostly under control by Wednesday morning. The civil protection service reported that a fire in Trancoso, Portugal that had been burning since the weekend took a turn in the worst direction during the night when a lightning re-ignited a zone that was previously considered safe. Albania's Defence Minister Pirro Vegu described it as a "critical" week, with major fires burning all over the country. The defence ministry reported that on Wednesday, more than 10,000 firefighters, soldiers, and police emergency units battled 24 wildfires in total across the country. Two villages in the middle of the country were forced to flee when flames broke out in their homes. The villagers took their livestock along with them. Hajri dragoti from Narte said, "We're going to the middle of the two rivers, because the fire is here." He fled with his wife, taking a donkey, a cow and a pet dog. "We can do nothing, it's like gun powder." Spain is in the 10th day of a record-breaking heatwave. The temperatures peaked at 45 degrees Celsius on Tuesday, and AEMET expects it to continue until Monday. Pope Leo moved the weekly audience he holds in St. Peter's Square into an indoor venue at the Vatican "to avoid the extreme heat and sun" after the Italian health ministry issued heat alerts on Wednesday for 16 cities, with Florence's temperatures expected to reach 39C.
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Hudbay Minerals sells 30% stake in Arizona copper mine project for $600 Million
Hudbay Minerals announced on Wednesday that Mitsubishi Corp would buy a 30% share in its Copper World Project in Arizona for $600,000,000, providing a boost to the financing and strategic support for the U.S. Copper Mine. The transaction is expected to be completed later this year or early next. Why it's important Last month, U.S. president Donald Trump imposed tariffs of 50% on copper pipes and wiring, and other semi-finished goods. However, he exempted raw materials like ores and refined copper cathodes. Hudbay's "Made in America copper" production will strengthen the domestic chain, according to Hudbay. CONTEXT Copper World is a project being built in Pima County in Arizona. It consists of four open-pit mines for copper in the initial phase. Over the first 20 years, it is anticipated that the mine will produce 85,000 tonnes per year of copper. MARKET REACTION Hudbay, a U.S. listed company, rose by nearly 17% on the premarket. The analyst Shane Nagle at National Bank Financial says the $600m Mitsubishi joint venture deal is "significantly accretive". It highlights the rarity of shovel-ready projects in the world and the importance to invest in the U.S. essential minerals supply chain. By Number Mitsubishi will pay an initial $420 million upon closing, and the remaining $180 will be paid in 18 months. Copper World said it will help facilitate an investment of $1.5 billion in the U.S. critical mineral supply chain. (Reporting and editing by Sahal Muhammad in Bengaluru, Sumit Saha from Bengaluru)
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Geneva temporarily makes public transport free in order to combat pollution spike
In a first in Switzerland, the public transport in Geneva will be free for a limited time. This is part of a number of measures to combat the pollution spike in the city. According to the World Health Organization, Geneva in western French-speaking Switzerland is experiencing a severe peak in ozone pollution. This harmful gas can cause breathing problems, headaches, and even asthma attacks. According to a Geneva Canton statement, the city's antismog system revealed that ozone levels had exceeded the threshold for environmental safety of 180 micrograms/cubic meter in 24 hours. The government issued heat warnings in the western and southern parts for Switzerland on Tuesday as temperatures reached 37 degrees Celsius. The Environment Office of the Canton of Geneva said that high temperatures and low clouds cover cause ozone pollution to accumulate and take longer for it to disperse. To reduce traffic emissions, the public transport system in the canton was freed for the first ever on Wednesday, encouraging residents and visitors alike to use buses, trams and trains instead of their own cars. The Environment Office said that "the measures taken under this protocol of emergency aim to reduce nitrogen oxide emissions, particularly by promoting the use of public transport and restricting the circulation of most polluting cars." In a press release, the authorities announced that passengers will no longer need a ticket and that ticket checks would be suspended until pollution levels improve. Only low-emission cars can circulate in the center of the city between 6 a.m. (0400 GMT), and 10 p.m. Reporting by Olivia Le Poidevin. Editing by Miranda Murray, Rachna uppal and Rachna Murray.
Chile lowers its copper production estimate for 2025
Chile's copper state commission has lowered its estimate of growth for 2025, saying that it expects a 1.5% increase from last year. This is half the growth estimated by the commission in May, which was 3%. Cochilco announced on Wednesday that the production of the world's largest copper exporter will reach 5.58 millions metric tons in this year. The commission also maintained its forecast for copper prices to average $4.30 per pound in 2025-2026.
The Commission said that the decline in growth forecast was due to the June decrease in production of BHP's Escondida Mine, the world's largest copper deposit, and Collahuasi which is jointly operated by Anglo American & Glencore.
The commission stated in a recent report that the decline in June was a turning point in the year. While the total figure is still positive the monthly trend is downward and could pose risks in the second half of the calendar year if not corrected. The commission also stated that the recent fatal collapse of Codelco's El Teniente mining facility could pose a "significant supply disruption risk."
Cochilco's 2026 growth forecast was maintained at 3%, but production estimates were reduced to 5.75 from 5.97 millions tons.
The commission stated that it was maintaining its global price estimates due to the limited supply of concentrated and sustained demand in China and other emerging markets.
The market is expected to remain "structurally-tight" due to the fact that smelting capacities will continue to grow, especially in Asia. Patricia Gamboa's, Cochilco’s head of Research, stated that this imbalance between processing and supply would be crucial to maintain prices above historical averages, even if volatility caused by tariffs or stock cycles decreased.
The global demand for refined Copper is projected to increase by 2.4%, reaching 27 million tonnes in 2026. China is the largest copper consumer, with a demand estimated at 15,7 million tons for 2025 and 15,8 million tons for 2026. Cochilco anticipates that India's demand will grow 7.5% by 2025 due to industrialization and energy transition. (Reporting and writing by Fabian Cambero, Alexander Villegas, Editing by Brendan O'Boyle & Rosalba O'Brien).
(source: Reuters)