Latest News
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The Nuclear Company announces a partnership with Nucor in order to increase US nuclear power supplies
The Nuclear Company announced on Friday it had signed a strategic partnership with U.S. Steelmaker Nucor Corporation in order to support the domestic manufacturing and boost nuclear power supply chains. TNC, an American nuclear deployment company, announced that the companies would assess the use of NQA-1 and related infrastructure in gigawatt nuclear reactors according to the American Society of Mechanical Engineers certification standards. TNC stated that the partnership is in support of executive orders by President Donald Trump, which target 400 gigawatts of nuclear power (GW) by 2050. This includes construction of ten large-scale reactors within the next five year period. The United States has launched a campaign to speed development After Trump, on his first day in office, in January, issued an order declaring an emergency, power plants and transmissions lines were shut down. Energy emergency Artificial intelligence, data centres, and electric cars are driving up power demand, for the first two decades. TNC's partnership with the U.S. also aims at helping it compete against China and Russia who have rapidly expanded their nuclear reactor fleets in recent years. Jonathan Webb, CEO of TNC said: "Our partnership will help protect America's security and energy independence. It will also create a more resilient economic environment." (Reporting by Sarah Qureshi in Bengaluru Editing by Marguerita Choy)
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COP30 urged on to link climate justice and reparations for historical crime
Hundreds of environmental groups and human rights organizations have urged COP30 - the global climate summit that will be held in Brazil, this November - to address the historical causes of the climate crises and to put reparations at the top of the agenda. The letter argues historical crimes such as slavery and colonialism created global inequalities of resource access. It also drove asymmetrical emissions and increased vulnerability to natural disasters. Signatories of the petition said that "climate justice is not possible without reparatory justice." Originally launched by organizations such as Brazil's Instituto Luiz Gama, and the Caribbean Pan African Network, this petition has been signed by over 240 organisations, public figures and groups, including Amnesty International USA, and local chapters Black Lives Matter. The letter has been endorsed by the Colombian environment minister. The letter will be sent next week to the Brazilian government as well as the United Nations. The climate crisis is not a recent phenomenon. It is the result of centuries of greenhouse gas emissions, extractions, dispossessions, and racial conflict. In the letter, it was stated that Brazil would be a good leader in this matter, as the country has more African descendants than any other outside of Africa. It urged Brazil to create a space dedicated to climate justice at the summit, which would be led by Africans and peoples of African descent as well as Indigenous communities. Brazil was also asked to include these topics in its political agenda, and to actively facilitate such discussions at COP30. The centuries-old demand for reparations has gained renewed momentum around the world, but there is also a growing backlash. Critics say that modern institutions and states should not make amends or pay for historical wrongs. Anielle Franco is Brazil's Minister of Racial Equality. She said last year that the injustices of the past were long unrecognised and reparations are about "building a dignified future." (Reporting and editing by Catarina demony)
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US tells India to curb Russian oil exports in order to progress trade deals
Two people who were familiar with the negotiations said that U.S. negotiators told their Indian counterparts to reduce India's tariffs and seal a deal by limiting purchases of Russian crude oil. A U.S. official stated that while trade negotiations were on the right track, there was still more work to be done in order for India to address U.S. concerns about market access, trade deficits, and purchases of Russian crude oil. U.S. president Donald Trump has tried to pressure India, European Union members and NATO to reduce purchases of Russian oil in order to cut Moscow's revenues and speed up the end of the Ukraine war. Trump's administration is willing to use all available leverage to achieve its policy objectives. This was evident when it linked trade negotiations with India and India's demand to reduce Russian oil purchases. Trump has grown increasingly frustrated by the slow progress in ending Russia's conflict in Ukraine. He had promised to end this conflict from his first day as president. The U.S. imposed a 25% additional tariff on Indian imports to pressure New Delhi into stopping its purchases of discounted Russian oil. This brings the total punitive duty on Indian goods up to 50%, and ruins trade negotiations between two democracies. Trump has not imposed additional tariffs on Chinese goods due to China's purchase of Russian oil. His administration is navigating a delicate truce in trade with Beijing. India and China are two of the largest buyers in the world of Russian oil. This is despite numerous U.S. sanctioned that restrict Moscow's ability to access global markets. India responded by defending its oil imports and highlighting the economic benefits. It also accused Western nations of hypocrisy, for continuing to trade with Russia in spite of sanctions.
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Nigeria's Dangote Refinery Announces Layoffs and Cites Acts of Sabotage
The Dangote oil refining company in Nigeria said that it fired a few workers on Friday, citing sabotage at various units. This sparked criticism from the oil workers union who claimed over 800 Nigerians were terminated. PENGASSAN (the Petroleum and Natural Gas Senior Staff Association of Nigeria) said that the workers had been unfairly dismissed and replaced by over 2,000 Indians. Africa's biggest refinery with a crude processing capacity of 650 000 barrels a day has created a swing supplier within the Atlantic Basin that could reshape the global fuel trade. This exercise is not random. The refinery stated that it was necessary to protect the refinery against repeated acts of sabotage which have raised safety concerns as well as affected operational efficiency. The company did not confirm the number of workers who had been laid off or whether this would have an impact on production. It said that more than 3,000 Nigerians continue to work at the plant. The recipient of the letter was informed that they had been fired on the evening of September 25. An official from PENGASSAN stated that staff were terminated because they had joined a union. Lumumba Okugbawa is the secretary general of PENGASSAN. He said: "This is totally unacceptable and we condemn it completely." In a statement issued by the refinery, the company said it adheres to internationally recognized labour principles, including the right for every worker to decide freely whether to join or not. Dangote closed its gasoline unit at the end of August to undergo repairs that will take between 2-3 months. According to Kpler, a shipping data firm, the plant began processing crude oil in January 2024 and exported more fuel oil in September. When there is an interruption or maintenance, modern oil refineries tend to export more fuel oil. (Reporting and Additional Reporting By Owolabi Tife, Alex Lawler and David Goodely; Editing by Jason Neely, David Goodely and Alex Lawler)
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Argentina approves McEwen’s $2.7 billion copper Project for Tax Break Program
The Argentine government has approved McEwen Copper’s $2.7 billion Los Azules Copper Project in the country under a tax incentive program called the Large Investment Incentive Regime. McEwen Copper, a subsidiary company of McEwen Mining, is a McEwen Copper subsidiary. Economy Minister Luis Caputo stated in a blog post on X that the project will contribute to $1.1 billion worth of exports each year. Argentina hasn't produced copper since the Alumbrera Mine closed in 2018. But developers and analysts are hopeful that projects like Los Azules will make Argentina a major supplier to the world. Caputo stated that the approval was a first in the province of San Juan, Argentina's top gold-mining region and hub for non-operational projects. It would create more than 3,500 direct and indirect jobs. Los Azules, the eighth project approved under the RIGI tax-break scheme, brings a total of $15.7 billion in investment to the plan of incentives promoted by the libertarian president Javier Milei. McEwen sources estimate that the total investment in Los Azules will be $3 billion within three to four years. The mountainous area is 3,500 meters high and located in the Andes range. They said that the company must now look for financing to make this investment. McEwen intends to start producing copper cathodes from Argentina in 2029. It will soon release a feasibility report that includes operational details over the next 20-year period, while it is working to obtain permits. The company plans to leach copper instead of the traditional method that involves floating and skimming concentrates. This will use half as much water and have a smaller impact on the local population. McEwen, with 46.4% of Los Azules, is the largest shareholder. Stellantis and Nuton/Rio Tinto each own 18.3%.
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Locals fear that at least 100 people are dead after a gold mine collapse in the northwest of Nigeria.
Residents and survivors said that at least 100 people were believed to be dead after the collapse of an underground gold mine in Nigeria's Zamfara State. Witnesses reported that the pit at Kadauri's mining site, in the Maru area of the local government, collapsed on Thursday as artisanal miner were working below ground. Rescue operations continued on Friday. Sanusi Auwal is a local resident who has been involved in the rescue effort. He said that at least 13 bodies, including his cousin, had been recovered from the rubble. Auwal, a local resident involved in rescue efforts, told phone callers that "over 100 miners had been involved during the collapse." "We're lucky to have been rescued alive." "Only 15 people were rescued out of over 100," said Isa Sani who is receiving treatment for her injuries. Muhammadu Isa, of the Zamfara State Miners Association confirmed the incident. He added that some rescuers suffocated as they tried to extricate victims. Yazid Abukar, the spokesperson for Zamfara Police, did not respond immediately to messages and calls seeking comment. Zamfara is a place where illegal mining is common. Armed gangs control the gold fields and this leads to violence, accidents, and other deadly incidents.
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Zambia's fiscal year 2026 will be better as it recovers from drought, debt and other problems
Zambia's Government forecasted a better fiscal picture for 2026. It estimated that it would more or less halve the budget deficit, and boost economic growth to above 6%. After years of long-running debt restructuring negotiations, the copper-rich southern African country is trying to restore its public finances. The worst drought since living memory slowed down those efforts. Situmbeko Musokotwane, the Finance Minister, said in a speech on the budget that he aimed for a deficit budget of no more than 2,1% of gross national product (GNP) next year. This is down from 4.6% of GNP this year. The government wants to increase the real GDP to at least 6,4% by 2026 from 5,8% in 2025. It also wants to reduce inflation from its current level, which is around 12%, to the 6%-8% band set by central bank. Musokotwane said that the government's copper production goal of 1,000,000 metric tons by 2025 was "in view". He said that the country has reached agreements with its creditors on approximately 94% of debts being reworked. The minister stated that the government now serviced payments on all debt restructured, including Eurobonds. Musokotwane claimed that Zambia's long-running restructuring story, which began when it defaulted on its debts in 2020, taught it a "bitter lesson". Musokotwane stated that the law was amended to better oversee public borrowing by parliament and a debt management agency set up. He added, "The country has now moved in the right direction. The decline of the previous is over."
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Analyst Mielke says palm oil and soyoil will rise by $100-$150/ton early in 2026.
Thomas Mielke, a leading industry analyst, said that tightening supply will cause palm oil and soybean oil prices to increase by $100 to 150 per metric tonne between January and 2026. Mielke, who spoke at the Globoil India Conference, said that both oils would also benefit from an increase in biodiesel production in Brazil, the U.S. and Indonesia. He said that the global production shortfall will be more pronounced from January to March. He estimated that the growth in palm oil production, the most popular vegetable oil in the world, is slowing down. Only 1.14 million additional tons are expected to be produced in 2026 compared with the current year. He said that the Malaysian RBD palm oil prices, which are currently around $1,080 a ton, on a "free-on-board" basis, will rise by more than $150 a ton, if Indonesian government actions to seize palm plants have a negative impact on production. Agrinas Palma Nusantara is the state-owned palm oil company in Indonesia. It has 1.5 million hectares, which makes it the largest palm oil plantation by area. The company can produce 5.7 million tonnes of crude palm oil per year. He said that Argentine Soyoil is currently undervalued at around $1,050 a ton FOB and could increase, mainly due to increased biodiesel consumption. He said that while sunflower oil trades at a premium to rival soyoil in the first quarter of the year, this will disappear by the third quarter, as supplies from Argentina and the Black Sea improve. He said that imports of sunflower oil in India, China, and other important markets are on the decline. However, this trend will reverse itself once the premium for sunflower oil is removed. Buyers in India, which is the largest vegetable oil importer in the world, are currently paying a premium of $140 per ton over soyoil. He said that India's imports of vegetable oil in the 2025/26 year (starting November 1) are expected to increase by 1.5 million tonnes from a previous year. They will reach a record level of 18 million tons. (Reporting and editing by Toby Chopra, Shilpi Majordar, and Rajendra Jadhav)
Lithium Argentina's Cauchari-Olaroz plans to triple its production by 2029
Lithium Argentina’s Cauchari-Olaroz Project in northern Argentina aims to produce 85,000 tons of battery metal per year by 2029. This is more than triple the output last year, according to Executive Vice President Ignacio Celorrio.
This is one of six projects in Argentina that produce lithium, which is used to make batteries for electric cars.
Lithium Argentina (listed in Canada and the U.S.) and Ganfeng Lithium, a Chinese company, are developing Cauchari-Olaroz in the Lithium Triangle, which spans Argentina and Chile, as well as Bolivia.
Celorrio, speaking on the sidelines a lithium-related conference in Buenos Aires on Tuesday, said that the project is expected to produce between 30,000 and 35,000.
According to agreements between Ganfeng, the Thai bank that provided the financing, and Bangchak, an off-take agreement with the Chinese company, 80% is currently exported to China, and the rest to Thailand.
Lithium Argentina, Ganfeng and other partners announced a joint venture in August called Pozuelos-Pastos Grandes. The new joint-venture will consolidate three projects located in Salta Province - Pastos Grandes Sal de la Puna, and Pozuelos - with a capacity of producing 150,000 tons lithium per year. Lithium Argentina hopes to start construction in 2026 after completing a feasibility study.
Celorrio stated that both Cauchari-Olaroz as well as Pozuelos/Pastos Grandes would apply for Argentina's Large Investment Incentive Regime by the end the year. Celorrio said that both Cauchari-Olaroz and Pozuelos-Pastos Grandes will apply to Argentina's Large Investment Incentive Regime (RIGI) by the end of the year.
(source: Reuters)