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Interior Secretary Burgum: US wants to issue deep sea mining permits in a few months
The Trump administration announced on Monday that it was close to approving permits to'mine' the deep sea as part of an broader effort to increase U.S. access to the vital minerals needed across the U.S. economy. Interior Secretary Doug Burgum told a G20 gathering in Houston of energy ministers that the permits could be issued within months, as the administration pursues its strategy of "energy add" to expand the supply chains of the country and its allies. Donald Trump, since returning to office in 2017, has taken steps to bolster the deep-sea mine industry. However, he still hasn't issued operational permits to allow it to move forward. Many environmentalists are concerned that seabed mining could lead to irreversible biodiversity losses. The Pacific Ocean, and other parts of the world are believed to have large quantities of polymetallic nodules (potato-shaped rocks) that can be used as building blocks for electronic vehicles, weapons and electronics. Burgum stated that "those nodules we have to vacuum up from the sea floor (are filled with?critical minerals we need." Burgum said that part of the solution is to ensure that we have a diverse, reliable, and affordable supply of essential minerals. In the last 18 months, U.S. exports of critical minerals, especially those processed in China by Chinese companies, have been limited as Beijing limits its exports. This has increased pressure on Washington, which is now urging it to support efforts to increase domestic mining. Burgum responded to Burgum's question about when the federal government could issue permits for deep-sea diving: "Those discussions are taking place right now." He added that "you'll hear more in the coming weeks and months because there's exciting developments on that front." Burgum's Interior Department supervises the Marine Minerals Administration which must approve all?permits for mining?U.S. Territorial waters. The MMA review would begin with a lease to allow private companies to have exclusive access to a part of the seabed. Then, a review process would be conducted to determine if an operational permit was needed. This would include a variety of scientific data. Separately Trump wants the Commerce Department to issue international permits. This could lead to a conflict with the United Nations' International Seabed Authority, which has tried to set standards for more than 25 year. The Metals Company, a privately-held company, and Impossible Metals are among the companies that have requested permits for seabed mining. Other companies have also applied for exploration permits.
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Texas penalizes data centers for violating water laws
On Monday, the 'governor' of Texas, a state that is one of the fastest-growing areas for artificial intelligence infrastructure, instructed'state regulators to penalize any data centers who fail to provide details regarding their water usage. Texas, which has halted new data center connections to the state's?electrical grid, pending an assessment of the facilities' water and power use, amongst other issues, re-examines its regulations for server warehouses. Governor Greg Abbott has directed the Texas Water Development Board to "impose legal consequences" to data centers and large water-using entities that fail to report their water usage. Abbott's office issued a statement saying that "major water users including data centers appear to have violated civil and criminal laws by failing to provide TWDB the required information about water usage." The 'Texas water regulator tries to survey data centres about their 'water use and consumption expectations. The data center will be denied new or renewed environmental permits if it fails to submit the survey by the deadline.
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Interior Secretary: US oil export ban unlikely lower energy prices
U.S. Interior Secretary Doug Burgum stated on Monday that a ban on U.S. fuel or oil exports was unlikely to help lower energy prices for consumers in the midst of the Iran War. Burgum, speaking to reporters at the G20 meeting on energy in Houston, said: "We'd consider an export prohibition if it actually could lower prices. But that's not true." Burgum, a Trump appointee, stated that a ban on the export of oil, gasoline, or diesel could result in retaliatory measures from other countries. This could harm consumers in California, whose energy imports are largely dependent on. Burgum stated, "We stopped exporting products, and then someone said, "We're not going to export to California." Burgum stated that California has already shut down several oil refineries which has contributed to the rise in fuel prices. Burgum stated that California already has the highest gas and diesel prices in the nation due to their policies. We don't want to make it worse. The Trump administration has run out of options to reduce prices for diesel and oil, which recently reached a record-high above $6 per gallon, and are even higher in California. The White House is considering how it can use the Cold War Defense Production Act in order to increase U.S. refinery capacity.
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US EPA will undo carbon emissions limits for power plants during G20 meeting
The U.S. Environmental Protection Agency announced Monday rules to repeal former President?Joe Biden?s limits on carbon emission from coal-and-gas-fired power stations and to prevent future climate regulations of these facilities. The move is part President Donald Trump’s effort to undo U.S. Climate Policy, which his administration claims has hampered energy production. The announcement was made at the sidelines of the G20 Energy Ministers' meeting in Houston this week, where global officials will discuss "regulatory efficiencies," expanding baseload power, and energy security. EPA Administrator Lee Zeldin stated that 'new measures to prevent future regulation on greenhouse gas emissions in the power sector would enable the U.S. build new generating infrastructure to meet the skyrocketing demand for electricity. He said that the Americans have demanded more common sense from federal agencies under President Trump’s leadership at a press conference held in Houston. "That means reducing red tape so that we can build a new power-generating system." Environmental groups slammed this new proposal. They said that it would be more expensive in terms of damage to the public and the environment. Nearly a quarter (25%) of U.S. emissions are attributed to the electricity sector. In June 2017, the Trump administration proposed to repeal regulations written by Biden that would have reduced emissions of mercury, carbon dioxide and other air pollutants at power plants. Biden's carbon emissions rules for power plants would reduce greenhouse gas emissions by one billion metric tonnes by 2047 as part of his administration’s fight against climate changes. This rule would have required that coal-fired power stations and new natural gas-fired generators install equipment to capture emissions in the next decade before they reach the atmosphere. This requirement made zero-emissions options like solar and wind attractive. Denying the existence of climate pollution that accounts for a quarter in the United States is reckless. Maggie Coulter said on Monday that it would 'lead to greater suffering and loss of life from extreme heatwaves, severe storms and destructive 'wildfires', similar to those we have seen this summer. According to a report by a reporter, Under Secretary of Energy Kyle Haustveit said that the new regulations would boost 'coal-fired electric power in the U.S. which has been steadily declining due to the availability and cheaper natural gas. He said, "President Trump has ended the war against beautiful, clean coal." "Coal has many advantages: it is affordable, reliable and secure."
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VTB sanctions imposed by the U.S.
Treasury Department: The United States imposed Iran-related Sanctions on Monday against?Russia's VTB Bank Public Joint Stock Company accusing it of involvement in Iranian sanctions evasion. Washington is seeking to increase economic pressure on Tehran. This action is a continuation of the sanctions that were imposed in 2022 against VTB, Russia’s second largest?lender. The bank was targeted following Moscow's full-scale invasion into Ukraine. Treasury Secretary Scott Bessent stated that "Under Operation Economic Outcast Treasury will continue to target those who provide material or financial support to the Iranian regime to enable it to maintain its terrorist enterprise." Treasury will not tolerate any regime support and will continue to expose and isolate Iran’s "enablers." Bessent warned that the Trump administration will sanction a "large bank" as it continues to exert economic pressure on Tehran in order to end a six-month conflict between the U.S. and Iran. Since the conflict began in February, the 'United States' has taken a number of economic measures to target Iran, including oil exports, shipping networks, channels for weapons procurement, financial intermediaries and digital asset exchanges.
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European shares fall on AI concerns and inflation fears
European shares dropped on Monday, as technology stocks were under pressure following leaders of top AI companies who pushed for a slower pace of development. Meanwhile, a surge in global bond yields and oil prices dampened risk appetite. The pan-European STOXX 600 index was down by 0.5%, at 635.99. The majority of regional markets fell, but London and Zurich's indices rose by 0.4% and 0.8% respectively. As AI-linked stocks fell globally, technology shares were among the worst performers, falling 2.1%. Dario Amodei, CEO of Anthropic, called for companies to halt the advancements in AI models due to misuse concerns. This view was backed by xAI’s Elon Musk as well as OpenAI CEO Sam Altman. The STOXX 600 was led by the French chipmaker Soitec, which fell 12.5%. However, software stocks gained. Octave Intelligence, Capgemini, Sage and Relx all rose between 5% and 75%. Chris Beauchamp is the chief analyst at IG. He said, "These stocks were victims of SAASpocalypse on fear AI would wipe their businesses out." "Those fears were exaggerated, but if the AI giants put their foot down, the outlook for revenue for Sage, RELX, and their SAAS brothers globally becomes much brighter. Even if this only delays a long-term loss of biz." European miners declined 2.5% as a result of the weakness in commodity prices. Healthcare stocks rose 2.7%, bucking the trend. GSK grew by 4.7% following the positive results of two lung cancer drugs. This added to the momentum in this sector. Energy stocks fell 0.8% but crude prices rose 2% as supply concerns increased after new strikes on Saudi energy infrastructure, and attacks against ships in the Middle East. Recent oil prices have heightened inflation concerns, which has led to expectations that central banks around the world could raise interest rates this year. The European economies are especially vulnerable to rising oil prices, as they heavily rely on imports. ECB policymakers warned 'on Monday' that euro zone inflation may exceed high forecasts. Traders now price in an additional 25 basis-point ECB rate increase by the end of the year after last?week?s rate hike. Government bond yields soared as a result of the developments. The 10-year bund - considered to be the benchmark for the region - was at its highest level since mid 2009. The benchmark U.S. 10-year Treasury yields also rose to a psychologically important level of 5%. The U.S. Federal Reserve is widely expected to raise its main lending rate by at least 25 basis point this week --?in stark contrast to the split chances between a hike or a pause that were seen only a week earlier. After a close election, which reduced the influence of the far right, Sweden's opposition centre-left appeared most likely to win power on Monday.
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German Finance Minister demands UniCredit CEO to meet certain conditions regarding possible Commerzbank acquisition
On Monday, German Finance Minister Lars Klingbeil outlined a list of demands to UniCredit CEO Andrea Orcel regarding the possible acquisition of Commerzbank by the Italian bank. The German Ministry of Finance said that these included Commerzbank staying listed on the stock market, maintaining its base in Frankfurt, and continuing to fund German medium-sized businesses?at home as well as abroad. After Berlin failed to stop a takeover, the meeting in Berlin marked an important turning point in the two-year struggle for control of Germany's largest bank. Klingbeil said, "In a productive discussion with Mr. Orcel I made it clear to him that future negotiations should be conducted responsibly." Orcel stated in a press release that the meeting was "a good and constructive first discussion that will be quickly followed by others." He said, "Both sides should now reflect on this initial discussion to find a way forward that is in the best interests of all stakeholders and shareholders."
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The UK government is looking to buy out an insolvent steel specialist
The British government announced on Monday that it was drafting a plan to buy Speciality Steel UK, a manufacturer who formerly supplied the automotive, aero, and defence industries and entered liquidation at the end of August 2025. Speciality Steel was a part of Liberty Steel before it went into liquidation. Liberty Steel is owned by the commodities tycoon Sanjeev Gupta. The government announced that it was moving toward public ownership, after it decided it couldn't support a private sector bid. This company?has locations in Northern and Central England and supports more than 1,300 jobs. "We don't interfere in private companies lightly." "We cannot simply sit back and let the future of this company and its 1,300 employees be decided by default," said Jonathan Reynolds, business minister. Working towards public acquisition 'will keep options open while we work with workers, local leaders, industry, and investors to determine the best?long-term?"future? for these sites." The government stated that any purchase would be subject to a due diligence process and would be funded by existing government budgets. The government did not specify how much an acquisition might cost.
US sources claim that the US has moved away from critical minerals price floors
Multiple sources have confirmed that the Trump administration has backed away from its plans to guarantee a price floor for U.S. Critical Minerals Projects, as a tacit acknowledgement of a lack in congressional funding and complexity of setting market prices, according to?. This shift comes at a time when a U.S. Senate Committee is reviewing a price ceiling extended to MP Materials in the past year. It marks a reversal of commitments made to the industry. Washington could also be set apart from other G7 countries discussing joint price support measures or similar measures to boost production of critical minerals that are used for electric vehicles, semiconductors and defense systems.
Three attendees said that at a closed door meeting hosted by a Washington think tank this month, two senior Trump officials informed U.S. mineral executives that they would have to prove financial independence from government price support for their projects.
Audrey Robertson, Assistant Secretary of the U.S. Department of Energy and Head of its Office of Critical Minerals and Energy Innovation told the executives that Audrey Robertson was not there to support them. "Don't expect that from us."
A U.S. official said on Thursday that the administration may use its new power to negotiate individual price floors with businesses.
Tariffs under Section 232
Imposing a market-wide floor price on certain minerals could achieve a similar goal.
In premarket trading, shares of U.S. listed miners that produce critical minerals dropped between 3% to 8% on Thursday.
Trilogy Metals fell 3.3%, MP Materials dropped 4.7% and Critical Metals and NioCorp Developments both lost more than 5%. Ramaco Resources dropped 6.4%, and USA Rare Earth fell?nearly 9 percent.
Rare Australian Earth Shares Slide
The price floor set by the MP is not affected.
Robertson was joined in the International Trade Administration by Joshua Kroon. He is the deputy assistant secretary for textiles and consumer goods as well as materials, metals, and critical minerals at the Department of Commerce.
Sources claim that Kroon and Robertson said at the meeting Washington was no longer able to offer floor prices.
In a written statement, the Energy Department said that the story had been "false" and that it relied on sources who were either misinformed or intentionally misleading. The statement didn't elaborate on the errors that the department claimed to have found. The Energy Department did not respond immediately to a request for more information.
MP Materials didn't respond to an emailed comment request, but after this story was published on Twitter said that there had not been any changes to its contract and the government obligations surrounding it. It said that any implication the U.S. government has changed its mind about MP Materials's contract is false.
I did not suggest any part of the MP's agreement was at risk.
The report today is inaccurate, false, and contradictory with the facts. The company said that it follows a pattern speculative, misleading reporting which "has mischaracterized government policies and caused unnecessary confusion on the market".
Kroon and Robertson have not responded to any requests for comments.
After the publication of the article, shares in Australian listed rare earths companies fell, and at one stage, those of Lynas Rare Earths - the largest company outside China - were down by more than 10%. A spokesperson for Lynas said that the company was benefiting by the U.S. decision, which has boosted rare earths prices.
Price protection is important for producers who are currently in business, because it addresses the market's dysfunction immediately. She said that other policy instruments were available and had been used for early-stage projects.
Reg Spencer, an analyst at Canaccord in Sydney, believes that the steep fall for shares related to rare earths was exaggerated.
The comments were in line with his interpretation of White House policy, which is that the White House does not intend to support every rare earths project by using a floor price mechanism. Projects will be developed according to their merits," said he.
The U.S. continues to support the development of a critical minerals supply chain in ex-China. He added that they may use different methods.
Change in tact The current administration's stance contrasts with a closed-door July meeting, in which two officials told separate minerals executives in private that a price floor extended to MP Materials a few days earlier was "not an isolated event" and that they were working on other price support projects. Since then, the Administration has acquired equity in Lithium Americas and other companies, including USA Rare Earth, Trilogy Metals and USA Rare Earth. The government did not offer any price floors to these companies, which raised questions about its commitment to this financial tool. U.S. mining companies and processing firms have sought price floors and government backstops in order to compete with China. Industry executives claim that China's state producers can cut prices to punish competitors, undermine projects and discourage private investment.
The White House has declined to confirm whether it intends to set new price floors. However, it said that it would continue to pursue tax cuts, deregulation and targeted investments in high-priority sectors "while being good taxpayer dollars."
Price floors are criticized by critics who warn that they expose U.S. tax payers to financial risk, forcing the government to subsidise minerals when prices drop. This could result in long-term liabilities for taxpayers if prices continue to fall.
Legal experts warn that guaranteeing minimum price could be challenged under U.S. budget, procurement and trade laws. This is especially true if such support is perceived as a market distortion, or if it lacks explicit congressional approval. Washington can still take other measures to support mineral projects and stabilize prices. These include stockpiling and equity investments, as well as local content stipulations. Price floors have been considered by other countries including Australia.
MP DEAL IN THE SPOTLIGHT MP Materials' investment raised concerns from administration officials and Congress members that funding of a price-floor of at least $10 per kg for 2 types of rare Earths was not authorized by Congress. Two additional sources who were familiar with the discussion confirmed this.
Since the MP investment, the economics have changed in the mineral markets. USA Rare Earth announced this week that it plans to purchase the same types of rare Earths on the open markets for $125 per kilogram.
The MP investment included a guarantee purchase agreement. This caused confusion about whether Washington would guarantee price floors for others.
Sources said that as the Trump administration looked at other equity investments it could make after MP, they realized it didn't have the authority from Congress to fund a floor price.
According to two sources, this realization was partly sparked by an inquiry made by members of the Senate Armed Services Committee. They asked Pentagon staff to meet last year in order to explain the reasons why MP Materials received support for a price floor and the strategy the administration had adopted to invest in the minerals sector.
A staffer of the committee confirmed that the request for a meeting was made, but refused to comment further. Reporting by Ernest Scheyder, Jarrett Renshaw. Melanie Burton and Vallari Srivastava contributed additional reporting from Melbourne and Bengaluru, respectively; editing by Veronica Brown and Lisa Shumaker.
(source: Reuters)