Latest News
-
US to expedite Utah uranium mining permit
The U.S. The U.S. The department announced in a press release that the environmental review of the project will be finished in only 14 days. These studies can take many years due to the environmental impact of uranium mines. The prior administration's policies of climate extremism have created an energy crisis that is alarming. "President Trump and his Administration are working quickly and strongly to resolve this crisis," stated Secretary of Interior Doug Burgum. He said that the expedited review of mining projects was exactly what we needed to ensure our energy future. The Velvet-Wood Mine Project in San Juan County, if approved, would produce uranium for both nuclear energy production and nuclear weapons, as well vanadium. Vanadium can be used to make batteries and strengthen alloys and steel. The Interior Department stated that the project will be located on the site of an old mining operation, and only result in three acres of surface disturbance. Anfield owns also the Shootaring Canyon Uranium Mill in Utah which it plans to restart. This mill would convert the uranium ore to uranium concentration that could be used for nuclear fuel. Anfield expressed its satisfaction at the announcement made by the Interior Department. It said that "These efforts will not only increase investor attention to this sector, but also boost Anfield's prospects for production as it is one of the very few companies who have a path to U.S. Uranium production in the near future," according to an email sent to. (Reporting and writing by Nichola. Valdmanis, editing by Rosalba. O'Brien. Nick Zieminski.)
-
Guinea's Prime Minister announces elections for December 2025
In a Monday speech to an African business conference, the Guinean prime minister announced that elections will be held in December 2025. He was attempting to reassure investors. Guinea is ruled militarily by Mamady Doumbouya. He seized power through a coup on September 20, 2021. In 2022, he proposed a transition period of two years to elections, but did not go ahead with the vote. The junta set a December 31st 2024 deadline for the return of a civil administration, but missed it. The new date was announced by Prime Minister Amadou Bah on Monday, at the Africa CEO Forum, in Abidjan, Ivory Coast. He spoke about the Simandou iron-ore project of the West African nation. The announcement comes one month after the government announced September 21, 2025 as the date of a constitutional vote, which, according to authorities, would be the precursor to any elections and a return back to constitutional rule. The Prime Minister said that the constitutional referendum would be held on September 21, and legislative and presidential election will take place in December. "I can guarantee that Simandou’s first train will arrive prior to the elections." The junta may have presented a draft for a new constitution in July 2024, which could allow Doumbouya the opportunity to take part in the next presidential elections. The two former ruling parties of Guinea are suspended. The Union of Democratic Forces of Guinea is the other major opposition group. Maxwell Akalaare Adombila, Portia Crowe, and Alistair Bell contributed to the report.
-
US to expedite Utah uranium mining permit
The U.S. The U.S. The department announced in a press release that the environmental review of the project will be finished in only 14 days. These studies can take many years due to the environmental impact of uranium mines. The prior administration's policies of climate extremism have created an energy crisis that is alarming. "President Trump and his Administration are working quickly and strongly to resolve this crisis," stated Secretary of Interior Doug Burgum. He said that the expedited review of mining projects was exactly what we needed to ensure our energy future. The Velvet-Wood Mine Project in San Juan County, if approved, would produce uranium for both nuclear energy production and nuclear weapons, as well vanadium. Vanadium can be used to strengthen steel or other alloys, and in batteries. The Interior Department stated that the project will be located on the site of an old mining operation, and only result in three acres of surface disturbance. Anfield owns the Shootaring Canyon Uranium Mill in Utah which it plans to restart. This mill would convert the uranium ore to uranium concentration that could be used for nuclear fuel. The company did respond immediately to a comment request. (Reporting and writing by Nichola Grroom; Editing by Rosalba o'Brien).
-
Official: BYD's factory in Brazil will be "fully functional" by the end of 2026.
In a video posted on Monday, Augusto Vasconcelos, Bahia's state labor secretary, said that the new factory of Chinese electric car manufacturer BYD in Brazil would be "fully operational" by December 2026. Its operations had been delayed due to an investigation into possible labor abuses. He added that the factory would start manufacturing cars by the end of the year from semi-finished kitted. Vasconcelos said in a video posted on social media that a new schedule was being created so the factory would be fully operational by December 2026, with an expectation of 10,000 jobs. Vasconcelos stated that the news came as Bahia governor Jeronimo Rodriguez traveled to China, along with President Luiz inacio Lula Da Silva, to discuss plans for BYD, and the auto industry. The company did not respond immediately to a comment request. BYD is investing in Brazil, its largest market outside China. The goal of the investment is to convert a former Ford plant into a complex capable of producing 150,000 electric vehicles per year. In December, allegations of abuses on the site tarnished the project. The Chinese company has bet heavily on Brazil, including the purchase of mining rights in areas that are rich in lithium. Lithium is a mineral used for batteries commonly found in electric vehicles. According to Julio Bonfim of the Metalworkers Union of Camacari in Bahia, the plant was supposed to start making cars at the beginning this year. However, delays caused by the labor investigation and heavy rains impacted the timeline. Bonfim reported that BYD will hire only 1,000 workers to assemble vehicles using kits imported from China this year. This is far less than the 10,000 promised by the Chinese company. Bonfim, despite the delay, said that the new timeline was good news. He also predicted that hirings would increase next year as the company prepares to manufacture vehicles exclusively in the country. (Reporting and editing by Brad Haynes, Aurora Ellis and Fabio Teixeira)
-
EU analyzes U.S. UK trade deal and its impact on EU, global Trade
Valdis Dombrovskis, European Economic Commissar Valdis Dombrovskis stated on Monday that the European Commission will be analysing the implications of the United States-Britain trade agreement struck last week for the European Union's 27 member nations and for global trade. Last Thursday, the United States and Britain announced an agreement to lower tariffs for some goods. The United States will reduce its levies against cars and steel and both sides will gain better access to agricultural markets. Dombrovskis stated that "we are closely analysing the contents...to assess its...potential effects, particularly in regards to any effects on EU interest or the global broader trade environment". The EU is currently in talks with Washington about its own trade agreement that would replace the 20% tariffs across-the-board on most EU products and the 25% tariffs for steel, aluminium, and cars and parts. The U.S. set a 90 day window for negotiations that ends on July 8, 2018. Tariffs are set at 10% until then on the majority of EU goods, with the exception of steel, aluminum and cars, which have higher rates. Dombrovskis stated that "negotiations are underway between the EU and the U.S. and we intend to use this 90-day period... in order to reach a negotiated resolution, which we have indicated is our preferred solution." He said that the EU was also preparing for the possibility of a no deal outcome. Last Thursday, the European Commission proposed countermeasures against imports from the United States worth up to 95 billion euro ($107 billion). This is if negotiations between Washington and Brussels fail to resolve the tariffs that President Donald Trump has imposed. (Reporting and editing by Toby Chopra; Jan Strupczewski)
-
France announces that the European Commission is working to tighten sanctions against Russia after leaders' requests
France announced on Monday that leaders who met on Ukraine at the weekend asked the European Commission for new "massive sanctions" against Russia's financial and oil sectors if Russia did not agree to a ceasefire. Jean-Noel Barrot, speaking to Normandy reporters, said that work has already begun on additional measures that go beyond the 17th package of sanctions that is expected to be adopted by the next meeting of foreign ministers on May 20. "We are preparing additional sanctions that target the financial and energy sectors." "We asked the European Commission this weekend to prepare new, more significant sanctions to force Russian president Vladimir Putin to a peace logic," Barrot stated after a phone call with European counterparts as well as U.S. secretary of state Marco Rubio. On Saturday, leaders from France, Germany and Britain were in Ukraine and had a video conference with other leaders including Ursula von der Leyen, the President of the European Commission. Donald Trump, the U.S. president, offered to attend a potential Ukraine-Russia meeting in Turkey on Thursday. This was after Ukrainian President Volodymyr Zelenskiy announced that he planned to travel to Istanbul to wait for his Russian counterpart Vladimir Putin. Russia has not yet confirmed its attendance. Diplomats say that European nations have been calling for a ceasefire in advance of any such meeting, warning about impending coordinated U.S. - Europe sanctions. However, it now appears to depend on the outcome of Thursday's talks and whether they happen. "We support a direct contact between President Zelenskiy, and President Putin." Putin suggested a direct contact between Zelenskiy, and Zelenskiy agreed. So Putin must follow through on his contract and travel to Istanbul Thursday," Barrot stated. He said that a ceasefire was necessary for serious talks to take place, as it is impossible to negotiate with drones and air strikes. Barrot stated that "we are preparing massive and powerful sanctions if he does not accept a truce." He said that potential European sanctions are being coordinated with the U.S. sanction bill that is being put together. The bill would impose tariffs on countries that import Russian oil of 500%. (Reporting and editing by Toby Chopra; Reporting by John Irish)
-
What is in the Republican health and tax plan and what's not?
Republicans in Congress released the first drafts of a sweeping package to reduce taxes and spend less, which would satisfy President Donald Trump’s call to do so. However, many details need to be worked out. Here's a summary on what they've proposed so far and what has been left out. Budget estimates for the next ten years are provided by both the Joint Committee on Taxation (JCT) and the Congressional Budget Office. What's in the Bottle? Permanently extends the lower tax rates that Trump's Tax Cuts and Jobs Act of 2017 will expire in 2025. Increases the standard deduction from $1,000 to $1500 by 2029. Increased alternative minimum tax, and enhanced deductions for "pass-through businesses" such as sole proprietorships. The Child Tax Credit will be increased to $2,500, from $1,000, until 2029. It will then remain at $2,000, indexes to inflation. Raising the exemption amount for estate taxes from $14 to $15 Million Tax breaks extended to multinational corporations Total cost: $4.9 trillion What's not included? Not all aspects of the plan have been finalized, but the initial proposals don't include Trump's proposal to increase the top rate for income taxes on Americans with the highest earnings, or deductions for local and state taxes, nor do they address Trump's promises made during his campaign to eliminate taxes on tipping, overtime, and Social Security benefits. MEDICAID What's in the Bottle? Adults who are able to work or volunteer, but do not have dependents must spend at least 80 hours per month in school or on the job. Verification efforts are boosted to ensure that participants and providers of healthcare services are eligible for Medicaid. Blocks regulations which make it easier for people to enroll. The program excludes non-citizens and penalizes the states who use their own money to cover illegal immigrants. The regulations that require minimum staffing in nursing homes and long-term care facilities have been blocked. Funding for gender-transition therapies for minors is prohibited. Prohibit payments to large providers such as Planned Parenthood who specialize in birth control and reproductive health services. Limit state taxes on providers used to raise federal contribution. What's not included Reductions in payments to states who expanded eligibility under Affordable Care Act. Changes in the way that the federal government assists states to pay for the program. Total savings: $715 billion CBO estimates that the changes will reduce Medicaid enrollment by at least 8,6 million people in 10 years. Medicaid covers approximately 71 million individuals. ENERGY & ENVIRONMENT COMMUNICATIONS Cancels funding of green-energy grant programmes in the 2022 Inflation Reduction Act. This includes vehicle manufacturing, home energy upgrades, electricity transmission and wind power. Encourages pipelines, exports of natural gas and exploration. Rejecting grant programs for electric heavy-duty vehicle purchases Rejecting grants for reducing air pollution and greenhouse gas emissions. Rejecting fuel efficiency standards for cars and pickup trucks More electromagnetic spectrum bands available for communication. The law prohibits the states from regulating artificial Intelligence. Total Savings: $197 Billion (Reporting and Editing by Andy Sullivan, Scott Malone, Bill Berkrot).
-
Source: Blackstone is in negotiations to purchase utility TXNM
A person familiar with this matter told me on Monday that the infrastructure investing arm of asset management Blackstone has been in discussions to purchase TXNM Energy which is a utility focused on New Mexico and Texas. Sources say that discussions between Blackstone Infrastructure Partners (BIP) and TXNM are currently underway about the structure of an agreement. However, they cautioned that the situation is fluid and a deal was not guaranteed. Source spoke under anonymity in order to discuss confidential discussions. Bloomberg News reported earlier Monday that the two parties are in negotiations for an agreement which could be reached within the next few weeks. This was based on the testimony of people who were familiar with the situation. TXNM declined to comment on a request for comments. Blackstone declined comment. TXNM Energy, based in Albuquerque in New Mexico, provides electricity to more than 800,000 homes in New Mexico and Texas. Avangrid and the company at that time, PNM Resources had agreed to sell their assets in 2020. The two parties walked away from their agreement more than three year after it was first made due to regulatory opposition. (Reporting from David French in New York, Editing by Nia William)
High-flying zinc shrugs off European smelter restarts: Andy Home
Belgium's Nyrstar is reactivating the Budel zinc smelter in the Netherlands after a. fourmonth period of care and maintenance.
The company, managed by worldwide trade home Trafigura,. stated enhanced market conditions and the reinstatement of a Dutch. energy cost support scheme will allow the plant to reboot. later on this month, albeit not at complete annual capability of 315,000. metric loads.
It is the 2nd European smelter to come out of care and. upkeep this year after Glencore re-fired its. 165,000-ton-per year Nordenham smelter in Germany in February.
The zinc market seems to have taken the news in its stride. London Metal Exchange (LME) three-month metal struck a. 13-month high of $2,974 per lot on Tuesday. It is presently. trading simply shy of that level at $2,880.
Zinc is being buoyed by the wider circulation of financial investment money. into the base metals sector. But the zinc narrative has likewise. altered with focus moving from smelter restraints to mine. supply issues.
TIGHTER THAN ANTICIPATED MARKET
Smelter treatment charges have actually collapsed this year,. signalling a squeeze on the schedule of mined focuses.
This year's benchmark terms were set at $165 per load, down. from $274 in 2023. That is currently looking generous to smelters. Spot terms for Chinese import delivery have plunged to $30-50,. the lowest considering that 2018, according to price reporting firm. Fastmarkets.
This is the culmination of two years of falling mine. production. Worldwide mine output diminished by 2.3% in 2022 and by. another 1.2% in 2023, according to the International Lead and. Zinc Study Group (ILZSG).
The Group's latest forecast is for mine supply to enhance. this year but only by a minimal 0.7% and mainly thanks to the. ramp-up of the 250,000-ton-per year Kipushi mine in the. Democratic Republic of Congo.
Constrained raw materials supply will act as a brake on. refined production growth this year, according to ILZSG, which. now expects metal supply to grow by simply 0.6% this year,. compared with projection development of 3.3% when the Group last met in. October.
The sharp downgrade to worldwide output discusses why ILZSG has. cut its expected supply surplus for 2024 from an excess of 367,000. lots to a lot more minimal 56,000 loads.
ILZSG's rethink about mine supply and the sharp cut in. forecast surplus mirror the latest projections from sibling. organization the International Copper Study Hall.
There is, however, a key difference in between the two metals.
THE PRICE IS RIGHT
Copper's mine supply woes have mostly been because of. functional restrictions or, in the case of the closed Cobre. Panama mine, a supreme court mandate.
The majority of the zinc mines that have actually closed down over the last. year or so have done so in big part due to price.
The LME zinc cost plunged from a record high of $4,896 per. lot in March 2022 to a low of $2,215 in May 2023, leaving a. trail of rate casualties in its wake.
Nevertheless, the recent rally suggests that prices are now trading. around $400 per lot above the 90th percentile cost of. production, according to experts at Citi.
Every mine has its unique cost setup and for some. price alone may not suffice, but the higher the cost travels,. the greater the capacity for restarts.
Swedish manufacturer Boliden, for instance, has actually been. working out with unions at its Tara mine in Ireland on a brand-new. agreement that would pave the way for resuming operations after a. year of lack of exercise.
The results of a tally of union members are due on Friday,. according to regional news sources.
The rate has already voted.
FLUID LANDSCAPE
ILZSG approximates European zinc mine production fell by 6.2%. in 2023 and is forecasting another 7.9% slide this year due to. the closure of Tara and the Aljustrel mine in Portugal.
If Boliden gets its union contract at Tara, that will. alter simply as the reboot of the Budel and Nordenham smelters. changes refined metal dynamics, especially in Europe.
Zinc fundamentals are currently extremely fluid.
So is fund positioning on the London market.
Investment funds were collectively net short of zinc as. recently as February, when the LME cost was still listed below $2,500. per load.
They were net long to the tune of 27,036 contracts at the. close of last week. Straight-out long positions of 59,391 agreements. are the highest they've been because June 2022.
Investor bull positioning is still modest by comparison with. some of other base metals such as copper, which has stronger. energy transition qualifications.
It is likewise likely to be more unstable simply since zinc's. essential landscape is shifting so quick.
The opinions revealed here are those of the author, a. columnist .
(source: Reuters)