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US regulator extends the driving time limit waiver to heating fuel haulers
To speed up deliveries, the U.S. Transport Safety Regulator has extended an 'emergency waiver' on driving time limits for truckers transporting heating fuels. The extension was given on Tuesday because extreme cold and severe winter storms in Pennsylvania, as well as a major power outage at an important gas refinery, had 'disrupted' propane supplies and created immediate dangers to the public health, safety, and welfare of those states. U.S. regulations normally require truck drivers to take mandatory rest breaks and cap their daily?and weekday driving hours in order to reduce fatigue-related crashes. However, regulators may temporarily waive these limits to speed up deliveries of essential supplies during emergencies. The extension comes after an earlier emergency declaration by the U.S. Federal Motor Carrier Safety Administration that relaxed'mandated rest and drive-time limits for trucks transporting heating 'fuels like propane, natural gas and heating oil in parts of the U.S. Northeast until December 26. The FMCSA stated that the affected states and jurisdictions include Connecticut, Delaware Maryland, Massachusetts New Hampshire New Jersey New York Pennsylvania West Virginia. (Reporting by Varun Sahay in Bengaluru; Editing by Shinjini Ganguli)
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After record rally, gold, silver and platinum are taking a break
Gold prices fell on Wednesday after a record-breaking surge that saw them surpass the $4,500 an ounce barrier earlier in the session. Silver and platinum also saw some of their gains trimmed. At 01:57 pm, spot gold was down by 0.2% to $4,479.38 an ounce. ET (18:57 GMT), following a session high of $4,525.18. U.S. Gold Futures for February Delivery settled 0.1% lower at $4,502.8. Jim Wyckoff, Kitco Metals' senior analyst, said that the gold market was experiencing some chart consolidation as well as a mild profit-taking following record highs. Gold is a good investment in low interest rate environments. It also thrives when there are periods of uncertainty. Donald Trump, the U.S. president, said Tuesday that he would like to see the next Federal Reserve Chair?lower interest rates in a good market. The U.S. central bank has reduced rates 'three times' this year, and traders currently price in two rate reductions next year. A U.S. official said that the U.S. Coast Guard was waiting for more forces to arrive on the geopolitical scene before it could attempt to board and capture a Venezuelan-linked oil tanker, which they have been pursuing since last Sunday. Silver reached a new high of $72.70, and lastly rose 0.7% to $71.94 per ounce. The next target is for the gold market to reach $4,600/oz and for silver, $75/oz before the end of this year. Wyckoff added that the technicals are bullish. Silver prices are up 149% on a year-to date basis, despite strong fundamentals. This is more than bullion which has gained over 70% in the same time period. Platinum?peaking at $2.377.50, before paring its gains to stand at $2.220.44. Palladium fell by more than 9% to $1,683.58 per ounce after reaching its highest level in three years. The price of platinum and palladium, which are used primarily in automotive catalytic convertors to reduce emissions and cut down on pollution, has risen by 145% and over 85% respectively year-to date, due to tight mine supplies, tariff uncertainty and a shift away from gold investment.
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After record rally, gold, silver and platinum are taking a break
Gold prices fell on Wednesday after breaking through the $4,500 per ounce barrier earlier in the session. Silver and platinum also saw some losses following their record-breaking rally. At 11:52 am, spot gold was down by 0.3% to $4,473.49 an ounce. After hitting a high of $4,525.18, the ET session ended at 16:52 GMT. U.S. Gold Futures for February Delivery fell by 0.1% to $4,500.30. Jim Wyckoff, Kitco Metals' senior analyst, says that the gold market has seen some chart consolidation as well as a mild profit-taking following record highs. Gold is a good investment in low interest rate environments. It also thrives when there are periods of uncertainty. Donald Trump, the U.S. president, said Tuesday that he would like to see the next Federal Reserve Chair?lower interest rates in a good market. The U.S. Central?bank cut rates 'three times' this year, and traders currently price in two rate cuts for next year. A U.S. official said that the U.S. Coast Guard was waiting for more forces to arrive on the geopolitical scene before it could attempt to board and capture a Venezuelan-linked oil tanker, which they have been pursuing since last Sunday. Silver reached a new high of $72.70, and lastly rose 0.1% to $71.5 per ounce. The next target is for the gold market to reach $4,600/oz and for silver, $75/oz before the end of this year. Wyckoff added that the technicals are bullish. Silver prices are up 148% on a year-to date basis, despite strong fundamentals. This is more than bullion which has gained over 70%. Platinum peaked at $2.377.50, before reversing its gains and standing 4% lower at $ 2,186.16. Palladium is down by more than 10% to $1,675.43 per ounce after reaching its peak three years ago. The price of platinum and palladium, which are used primarily in automotive catalytic convertors to reduce emissions and cut down on pollution, has risen by 143% and over 85% respectively year-to date, due to tight mine supplies, tariff uncertainty and a shift away from gold investment.
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After record rally, gold, silver and platinum are taking a break
Gold prices fell on Wednesday as they took a breather after soaring past the $4,500 an ounce mark in the earlier part of?the day, while silver and platinum pared some gains from their record-breaking rally. At 10:04 am, spot gold was down by 0.4% to $4,468.96 an ounce. The session began with a high of $4,525.18. This was followed by a low of $4,425.18 at 1504 GMT. U.S. Gold Futures for February Delivery fell by 0.2% to $4,497.90. Jim Wyckoff, Kitco Metals' senior analyst, said that the gold market was experiencing some chart consolidation as well as a mild profit-taking following record highs. Gold is more likely to thrive in periods of uncertainty and low interest rates. U.S. president Donald Trump said Tuesday that he would like the next Federal Reserve chair to lower interest rates in a good market. The?U.S. The?U.S. central bank has reduced?rates a total of three times in the past year. Currently, traders are pricing in two rate reductions next year. A U.S. official said that the U.S. Coast Guard was waiting for more forces to arrive on the geopolitical scene before it could attempt to board and capture a Venezuelan-linked oil tanker, which they have been pursuing since last Sunday. Silver reached a record high of $72,70, but fell last 0.8% to $70.86 per ounce. The next upside target is $4,600/oz for gold and $75/oz for silver by the end the year. Wyckoff said that the 'technicals' remain bullish. Silver prices are up 147% on a year-to date basis, outpacing the bullion price increase of 70% during that same period. Platinum reached a high of $2,377.50, before reversing its gains to stand at $2.198.30, down 3.3%. Palladium fell 9% to $1,692.43 per ounce after reaching its peak three years ago. The price of platinum and palladium used primarily in automotive catalytic convertors to reduce emissions is up 160% and 100% respectively year-to date, due to tight mine supplies, tariff uncertainty and a shift away from gold investment.
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NIPSCO gets federal order to maintain Indiana coal plant
Northern Indiana Public Service Company announced on Wednesday that it had?received an order from the federal government requiring continued operation of R.M. Schahfer generation station will continue to operate 'well beyond?its December 31, 2025 retirement date. The firm said that the order requires the Indiana-based facility to remain open for a period of 90 days following the date of?order. The directive is coming as several U.S. utilities are delaying coal plant retirements in order to meet the 'rising demand for power,' driven by data centers and rising natural gas prices, which have led to a re-focus on coal generation. Donald Trump, the president of the United States, has also advocated for increased coal production. He signed executive orders aimed at increasing coal use in April. NIPSCO, a subsidiary of U.S. utility NiSource Inc., had previously stated that it intended to retire the two remaining coal units at the Schahfer Plant by the end 2025. Vince Parisi, President and Chief Operation Officer of NIPSCO, said that they were reviewing the overall impact on their customers and business. They would comply with any orders received. (Reporting from Yagnoseni das in Bengaluru, editing by Vijay Kishore.)
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SolGold accepts a $1.2 billion acquisition by Jiangxi Copper, a top investor
SolGold, a gold and copper mining company, announced on Wednesday that it had reached an agreement to be purchased by Jiangxi Copper. The deal valued SolGold at $867 million pounds ($1.17billion). The 28 pence per share deal represents a 43% premium over SolGold, a company focused on Ecuador that closed its stock price the previous day (November 19), the day Jiangxi approached the company to do a deal. SolGold's share price closed at 25.65 pence on Wednesday, a trading session that was shortened due to the holiday. The agreement gives Jiangxi the control of SolGold's Cascabel Project in Ecuador's Imbabura Province, as miners rush to secure copper supplies amid increasing demand driven by electric vehicles and AI infrastructure investment. One of the largest undeveloped copper and gold?deposits is located in South America. The London-listed mining company said that earlier this month, it was inclined towards recommending?the offer. Jiangxi was the third bid to acquire the company. "JCC is delighted to receive the unanimous recommendation from the SolGold board, and the strong support of other large shareholders for the acquisition. JCC is excited about the potential of the Cascabel Project," said Shaobing Zhou in a press release. SolGold's top investors also include BHP, a global mining company, and Newmont.
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Silver, platinum and gold all reach new heights
On Wednesday, gold broke the $4,500 mark for the first-ever time. Silver and platinum also reached new records, as speculation and a demand for'safe havens' and further U.S. interest rate cuts in 2019 fueled speculative metals. At 1220 GMT the spot gold price was up by 0.2% to $4,494.49 an ounce, after hitting a session high of $4,525.19. U.S. Gold Futures for February Delivery climbed 0.4%, to $4,523.10. Platinum peaked at 2,377.50, but then pared gains to end up at 2,312.70, a 1.6% increase. Silver reached an all-time record high of $72.70, and it was lastly up 1.3%. Palladium fell 1.5% to $1,830.37 per ounce after reaching its highest level in three years. Fawad Rasaqzada is a market analyst for City Index and FOREX.com. He said that the lack of bearish factors, and strong momentum are all backed up by solid fundamentals. These include central bank purchases, a declining U.S. Dollar, and some haven demand. "Other metals, like copper, have been rising. This is providing support for the entire commodities complex." As investors seek safe-haven assets in the face of geopolitical tensions, and as they expect that the U.S. Federal Reserve would continue to ease its monetary policy, gold has gained more than 70% over this past year. U.S. president Donald Trump said Tuesday that he wanted the next Fed chair to lower interest rates if the markets were doing well. Gold and other non-yielding investments tend to perform well in an environment of low interest rates. Traders are currently pricing in at least two rate reductions?next. Silver's price has risen by more than 150% in the past year, surpassing gold, due to strong investment demand and its inclusion on "the U.S. Critical Minerals List" as well as rising industrial usage. Analysts at Societe Generale wrote in a report that the risk of a significant drop in gold prices is largely tied to a'slowing down of outright gold purchases, such as those by central banks in emerging markets. Investor positions indicate that, barring such a situation, the unprecedented rise in gold prices is likely to continue. This supports our Commodities Strategists' forecast of $5,000/oz by 2026. The price of platinum and palladium (used in catalytic converters for automobiles to reduce emissions) has risen by 160% and 100% respectively year-to date, due to tight mine supplies, tariff uncertainty and a shift away from gold investment.
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Russia plans to build a nuclear plant on the Moon within 10 years
Russia is planning to build a nuclear plant on the Moon 'within the next ten years to power its lunar space program and a joint Russian/Chinese research station, as major powers race to explore Earth's only natural satellite. Since 1961, when Soviet cosmonaut Yuri Gagarin was the first person to enter space, Russia has been a leader in the space exploration field. However, in recent years, it has fallen further behind the United States, and increasingly China. Elon Musk revolutionised space vehicle launches, which were once a Russian specialty. Is that a nuclear reactor on the Moon? Roscosmos, the Russian state space corporation, announced in a press release that it had signed a contract to build a moon power plant by 2036. Roscosmos didn't say that the plant was nuclear, but said that it included the Russian state nuclear corporation Rosatom as well as the Kurchatov Institute - Russia's foremost nuclear research institute. Roscosmos stated that the plant would be used to power the Russian lunar programme. This included rovers and an observatory, as well as the infrastructure for the joint Russian-Chinese International Lunar Research Station. Roscosmos stated that the project is an important step in the creation of a permanently operating scientific lunar station, and the transition from a one-time mission to a long term lunar exploration program. Dmitry Bakanov said that Roscosmos's goal was to build a nuclear plant on the Moon and explore Venus, also known as Earth's "sister planet". The moon is located 384,400 kilometers (238,855 mi) away from our planet. It moderates earth's wobble, which helps to maintain a stable climate. It also creates tides in all the oceans. U.S. PLANS REACTOR ON MOON Russia isn't the only country with such plans. NASA announced in August its intention to place a nuclear reactor on?moon within the first quarter fiscal year 2030. "We are in a race for the moon with China. "We need energy to have a moon base," U.S. Transportation Secretary Sean Duffy stated in August when asked about plans. He also said that the United States is currently "behind" in the race to reach the moon. He said that energy is essential for life to continue?on the Moon and then to reach Mars. Nuclear weapons are prohibited in space, but nuclear energy sources can be placed there as long as certain rules are followed. Some space analysts predicted a gold rush on the Moon: NASA estimates that there is a million tonnes (or more) of Helium-3 on the moon, which is an isotope helium rare on Earth. Boeing's research shows that rare earth metals, such as scandium, yttrium, and 15 lanthanides - which are used in smartphones, computer and advanced technology - can also be found on the Moon. According to Boeing's research, the rare earth metals - used in smartphones, computers and advanced technologies - are also present on the moon. These include scandium, yttrium and 15 lanthanides.
The mine that funds Congo's rebels and feeds the tech industry
Under the watchful eyes of M23 rebels, in the hills surrounding the Congolese city of Rubaya a line men in rubber boot ferry sacks of crushed stones up winding paths cut in to the slopes.
Coltan, a mineral which powers modern technology, is being hauled by the workers. The ore is loaded onto motorbikes, and then shipped thousands of kilometers to Asia. The ore is then processed into tantalum - a heat resistant metal which fetches over $300 per kilogram. It's in demand by manufacturers of mobile phones and computers as well as aerospace components and gas engines.
Rubaya is responsible for 15% of all the coltan produced in the world. Coltan is mined by hand, and locals earn just a few dollars a day. The control of this mine is at the heart of a long-running war in this nation in central Africa.
M23, the rebel group backed by Rwanda's government, took over the area in April 2024. The heavily-armed M23 rebels, who claim to be fighting for the overthrow of the Kinshasa government and the safety of Congolese Tutsi minorities, have captured more mineral-rich land in eastern Democratic Republic of Congo this year.
M23 and DRC pledged to sign an agreement in Doha, Qatar, at a ceremony this month. The United States mediates parallel talks between Congo, Rwanda and a potential investment of billions in the event that hostilities end.
The United States Treasury sanctioned on Tuesday other alleged participants of minerals smuggling, including PARECO FF, a progovernment Congolese milita that the U.S. claimed controlled the Rubaya mine site from early 2024 to 2022, before M23 took over.
PARECO-FF was not available for comment.
A senior U.S. official was asked at a briefing by the press why Washington targeted PARECO-FF and not M23. He noted that sanctions have been placed on M23 since 2013 because it has fuelled conflict in the area.
John K. Hurley said that the Treasury Department would not hesitate to act against groups who deny the United States or our allies the access to critical minerals essential for our national security.
Jason Stearns is a former U.N. inspector in Congo. He said that the fact that M23 wasn't targeted by the new mining sanctions was surprising.
M23's advances pose the greatest threat to Kinshasa's government in the last two decades. The conflict stems from the 1994 Rwandan genocide in which around one million members of Rwanda's Tutsi group were killed by Hutu-led militias.
The Rwandan government has denied for years that it is involved in the trade of coltan, looted by its neighbor, or that it supports M23. Rwanda's ruling Tutsi majority party shares the same concern as M23 about the alleged threat of rival Hutu groups in eastern Congo. According to a U.N. document reviewed by the Associated Press on July 3, Rwanda had deployed between 1,000 and 1,500 troops into rebel-controlled Congo areas as of April.
M23 controls two important Congolese towns - Goma, and Bukavu on the Rwandan border. U.N. Investigators claim that Congolese minerals, which are often transported illegally to Rwanda through these cities, are mixed with Rwandan coltan before being exported.
M23, the Rwandan government and the Congolese government did not respond to comments. Congolese officials accuse Rwanda of fomenting conflict in order to plunder Congo’s mineral wealth.
A U.N. December report stated that the size of the trade increased after M23 captured Rubaya. U.N. report: The rebels established a parallel government that controlled mining, trade, transportation, and taxation on the minerals produced in Rubaya.
Reporters visited Rubaya, in March of this year. M23 officials told them that the rebels had levied a 15% tax on the coltan the mineral traders purchased from the informal miner's who worked the area. According to a U.N. report from December, M23 collected $800,000 per month from levies on coltan mined in eastern Congo.
MUD AND MOTORBIKES
Rubaya is a beehive of pits that are so vast and complex, it's a huge undertaking to reach them. Journalists who visited the mines in March were forced to abandon their Land Cruisers when they became stuck on a muddy road leading from Goma. The journalists walked for 5 km (3 miles) in order to get to the town, and then they hopped onto motorcycles with rebel officials so that they could reach the mines.
The activity in Rubaya starts before dawn when thousands of miner descend into the pits cut in the rolling hills of Congo’s North Kivu Province, where many work in 12-hour shifts.
Tunnels can reach a depth of up to 15 meters (49 feet). Porters transport the ore fragments to shallow basins filled with water dug by laborers. Other workers, including children and women, then wash and separate the ore from debris and sand before laying it out in the sun to dry.
The journalists were closely supervised by M23 personnel who were unarmed throughout their stay in the mining area. Reporters saw rebel officials jotting in a notebook the number of sacks that each porter, covered in fine white dust, carried to each collection point. Once the ore has dried, it's stacked onto motorbikes and transported to Rubaya where it is sold by traders.
Pascal Mugisha Nsabimana (32), a miner from Congo, was told by a M23 chaperone that it is better to work under rebel occupation than to labor under the supervision and control of the Congolese military or its allies who fled the area when M23 invaded the region last year.
In the past, "there was a lot of harassment, a lot of taxes and we, as diggers, often were not paid." The miner added that even when they did get paid, it was not enough. He said that under M23, his day rate has at least tripled.
According to over a dozen sources, including former and current smugglers as well as miners and businessmen, in the months immediately following the M23 takeover of Rubaya, Congolese troops remained along the border. Smugglers then used motorcycles to sneak ore into Rwanda by using backroads. According to two former smugglers, who transported coltan in this manner until last year, the journey could take a whole day. The two ex-smugglers said that they would load their bikes with three bags of 50 kilograms each time and receive about $34 per trip for delivering the coltan to traders.
Nine of these people stated that M23's changes have been a game changer for efficiency. Motorcycles are not the main means of transportation anymore, and they are only used to transport the coltan to Rubaya from the mine. According to the U.N. report and the people, ore is then loaded into SUVs, pickups, and other vehicles that can haul anywhere between two to twenty tons. It is also faster. Coltan trucks are now able to pass through Goma on paved roads, since M23 has taken control of the border city and driven Congolese forces out. This, according to people, has shortened transport times.
Experts at the United Nations and human rights activists warn that illegal mining profits are used to fund conflict. The trade, they say, has not brought much wealth to the locals and child labor is very common. At least 12 children were seen working in the Rubaya Mine: Boys entered the shafts and hauled out the ore, then carried it to basins where the girls washed and dried the coltan alongside the adults.
Gregory Mthembu Salter, former U.N. expert in Congo, who is now a consultant on conflict minerals said that efforts made by the mining industry and U.N. agencies, as well as non-government organisations, to clean the supply chain of the region and prevent human right abuses, which began around 2010, have failed.
Mthembu Salter, Phuzumoya Consulting's director, said: "The same thing has happened 15 years after."
U.S. INVESTORS LOOK AT RUBAYA RICHES
Some U.S. investors have also targeted Rubaya's riches in coltan as President Donald Trump tries to broker a deal to end conflict and promote the development of the mineral wealth of the region. These riches in Congo include cobalt reserves, gold, diamonds, copper, and lithium. The formal mining sector of the country is currently dominated by Chinese firms.
According to a source with direct knowledge, Texas hedge fund manager Gentry beach, who is the chairman of America First Global, and raised funds for Trump's 2016 election campaign, was part of a group that sought to negotiate the rights to Rubaya Mine. Gentry Beach's interest in Congo coltan was first reported by The Financial Times.
Sources told us that Beach's Group had proposed the Congolese Government to take a majority stake, while Kinshasa retained a 30% share.
Beach expressed his interest in a project but refused to give any additional details.
Some U.S. legislators are pushing back. In a letter sent to Trump and U.S. secretary of state Marco Rubio on August 8, more than 50 Democratic members of congress criticized the lack of transparency of the DRC negotiations by the Trump administration. The Democratic congress members also expressed concern about a possible conflict of interest if a Trump ally was angling to obtain rights to develop Rubaya Mine.
Anna Kelly, White House Deputy press secretary, said in an email statement dated 5 August that the agreement Trump arranged between Congo and Rwanda has the potential of leading to lasting peace in the region. The president's vision is a "win-win outcome where all parties benefit--economically and politically--through cooperation and shared prosperity," the statement said. She did not answer a question about the letter sent by congressional Democrats.
The U.S. State Department made no comment. In a statement released on August 1, the State Department stated that it would support efforts made by Rwanda to promote security and economic co-operation. According to the statement which didn't go into detail, heads of state will be invited to Washington soon for a summit.
The U.S.-backed agreement does not include the M23. The rebel group is a part of a parallel, separate mediation that Qatar has led to try and end hostilities. Success in the Doha talks is crucial to a lasting peace and to making Rubaya a safe place for Western mining interests.
Some analysts and diplomats are unsure about the chances of a quick resolution.
Congo and the M23 rebels agreed in Doha that a deal would be reached by August 18th. The U.N. says that the U.S. has a responsibility for the deaths of 319 civilians last month in eastern Congo.
Could not independently confirm these killings. M23 leader Bertrand Bisimwa said to the news agency that the group would investigate. He also suggested reports of atrocities were a "smear" campaign against the insurgent.
The U.S.-brokered agreement calls for Rwandan soldiers to withdraw from Congo. Last month, Rwandan President Paul Kagame stated that he wasn't sure if the agreement would stand.
Kagame stated that the Congo must first fulfill its promise to defeat the Democratic Forces for the Liberation of Rwanda, an ethnic Hutu group based in eastern Congo and linked to the Rwandan Genocide. Kigali views the FDLR as an existential danger.
Josaphat Muamba, a Congolese Ph.D. student at Ghent University, Belgium, said that suppressing the militias would be a difficult task for the DRC military, as it is not present in vast swathes M23-controlled land.
Musamba stated that it was difficult to neutralize FDLR while M23 were still in place and the Congolese Army had not been redeployed. He called both peace initiatives "piecemeal efforts" that don't deal with "the realities on the ground."
A senior diplomat, who closely follows the events in Rubaya, stated that another formidable task would be to transform Rubaya's crude system for coltan extraction.
The diplomat stated that "no one speaks about the feasibility of granting these mining concessions or running these concessions. Especially since the entire mine is artisanal" done almost exclusively by hand.
(source: Reuters)