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Investors demand creation of International Minerals Agency
On Monday, a group of mining investors called for the creation of a new independent agency to oversee the sector. This would be modeled after the International Energy Agency. A statement from the group of investors said that they manage or advise assets worth $18 trillion. The new International Minerals Agency will be able monitor global mineral demand and supply as well as illegal flow. It added that the agency would also provide information about how companies are progressing towards global performance standards in sustainability. The Global Investor Commission on Mining 2030 includes PIMCO as well as ING, L&G and Allianz Investment Management. Church of England Pension Fund, Royal London Asset Management and Allianz Investment Management are also members. After meeting with the President of Brazil, Luiz inacio Lula da S Silva, it released a report aimed at providing a 10-year roadmap for a responsible mine sector. This was ahead of United Nations Climate Negotiations. Peter Kindt is the global head of transition accelerators at ING. This will require collaboration between multiple stakeholders and new initiatives, such as an International Minerals Agency. Reporting by Eric Onstad, London Editing by Matthew Lewis
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CATL sources lithium ore from outside suppliers as flagship mine remains closed
Sources say that China's CATL placed orders for lithium ore with external suppliers in November as the battery giant is seeking alternative feedstock since its flagship Jianxiawo Mine has closed. Two sources who have direct knowledge of the matter and requested anonymity because they are not authorised to talk publicly, said that a CATL joint venture in Yichun near the mine placed the orders earlier this month with traders. One source said that the two companies rarely did this when the mine was at full capacity. CATL has not responded to our request for comment. CATL has suspended mining at its Jianxiawo lithium site in Yichun, Jiangxi Province, since early August, after the expiration of its mining licence. CATL announced in August that it would apply to renew the mining license as quickly as possible. The Chinese newspaper Securities Times announced a month later that the mine would reopen in a few weeks. CATL, however, has not yet announced such a move. According to Australian government data, the Jianxiawo Mine has a production capacity of 46,000 metric tonnes of lithium carbonate per year, which is 3% of global output in 2025. The mine was closed in the last year. It reopened in February, before closing again in August. The mine is a major source of lithium for the global market, so prices have been affected each time. Mark Potter, Shanghai Reporting Editor
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Draft shows that the EU is considering lowering its 2040 climate target due to forest CO2 absorption.
A draft EU compromise proposal revealed that the European Union was considering a clause to slow down its climate targets for 2040 if the forests of the countries were not able to absorb enough CO2 to reach the target. The EU is trying to get their new climate target approved at a meeting of their climate minsters on November 4, just in time for Ursula von der Leyen, the President of the European Commission to not go empty-handed with other world leaders to the U.N. COP30 Climate Summit on November 6, The EU is looking at various options and flexibilities to reduce the climate goal, which, according to the Commission, should be a 90% reduction in global warming emissions by 2040. The latest draft of the negotiating agreement, which was seen on Sunday by, included a clause that stated that if forest and other land-based activity that absorbs CO2 emissions fail to meet the EU's target, it will be permitted to propose an "adjustment of the intermediate 2040 target that corresponds to and is within the limits" of any possible shortfalls. It said that Brussels could respond by suggesting additional measures to get the forest sector on track with the emission goal. This move is similar to a proposal by France made last week. As reported previously, France had called for an "emergency break" that would reduce the 90% target of emissions by 3% if the forests and land-use sectors fail to deliver. In the past decade, Europe's forest and land use sector has absorbed less CO2, mainly due to wildfires and inefficient forest management. In previous drafts of negotiations, it was revealed that countries had already considered allowing the EU to revise its 2040 target every two years. This could have weakened the goal in the future. On Tuesday, their ministers must still resolve key issues. This includes the percentage of the 90 percent reduction in emissions that countries can cover by purchasing foreign carbon credits. To achieve the target, at least 15 out of 27 EU member states must support it. A spokesperson from Denmark, the rotating EU presidency, and the author of the document, stated that all the ingredients are in place for a successful deal. The spokesperson stated that the COP30 is about to begin and now was the right time to set the target of 2040.
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Iraq and Turkey sign agreement on Iraqi water infrastructure
A Turkish official confirmed that Iraq and Turkey signed a deal on Sunday, under which the revenue from oil sales will be used to finance water infrastructure projects carried out by Turkish companies. In a press release, the office of the Iraqi Prime Minister said that both countries had agreed on a mechanism to implement a water-cooperation agreement they signed last year. The statement did not give any details about the mechanism. The Turkish official stated that the Iraqi government would establish a committee to oversee water infrastructure projects, and will invite Turkish companies to bid for these projects. Payments for the projects will be funded by the revenue generated from Iraqi oil exports to Turkey. An Iraqi official in charge of water resources said that the initial set of projects to be implemented under this agreement will include three projects for water harvesting and three initiatives for land reclamation. The first framework water agreement was originally signed by Turkish President Tayyip Erdoan in April 2024, during his visit to Baghdad. This marked the beginning of improved relations between two neighbours following years of tension. Water scarcity in Iraq has long been a problem between Iraq and neighbouring countries. Around 70% of Iraq's resources come from the neighboring countries via the Tigris River and Euphrates river. Both rivers flow through Turkey. Reporting by Tuvan Gümrukcu from Ankara, and Ahmed Rasheed from Baghdad. Writing by Darrel Butler. Editing by Jan Harvey.
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Belgium investigates new drone sightings near military base
Theo Francken, Minister of Defence in Belgium, said that police are investigating recent drone sightings in military areas. Francken, in a posting on X, said that the government had received reports of drones flying above Kleine Brogel in north-east Belgium on Saturday. He said that a helicopter and police cars pursued the drone but were unable to capture it. A drone jammer also failed to intercept it. Francken stated that the flight was not just a simple flyover, but rather a command to target Kleine Brogel. Police are investigating the incident, according to a spokesperson from Francken's office. Ministers from the government will meet this week to discuss sightings. In recent weeks, NATO countries were on high alert after drone sightings as well as other air incursions. These included at airports in Copenhagen and Munich, and the Baltic region. In September, 20 Russian drones were detected in the airspace of Poland. In Belgium, investigations are underway into the multiple sightings of drones last month over a military facility in the south-east and another base near the German border at Elsenborn. In Belgium, it is illegal to fly drones above military zones. Last month, the European Commission proposed four European defense projects, including an anti-drone system, and a plan fortifying the eastern border of Russia as part a push to prepare the continent to defend itself before 2030. Francken has called on the Belgian government to increase its spending on anti-drone defenses. (Reporting and editing by Kate Abnett)
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NBA-Pistons beat Mavericks in Day of the Dead colors and Mexico City roar
The Detroit Pistons defeated the Dallas Mavericks by a score of 122-110 in front of an Arena CDMX sold-out audience on Saturday. This was the annual Mexico City Game, which combined top-flight NBA basketball with Day of the Dead festivities and a festive atmosphere. This match marked the 11th year in a row that Mexico City sold out and cemented the reputation of the capital as the strongest international market for the league. The 20,000-seat stadium was transformed into a colorful display of sport and culture at 2,200 meters above sea level by fans wearing bright jerseys. Bickerstaff said to reporters that it was important to perform well. It's an honor to represent the NBA in foreign cities. It's a big deal in Mexico City. The fans were incredible - supportive, energetic and involved in every game." Detroit won with a dominating fourth quarter. They outscored Dallas 35-17, and Jalen Duren scored 33 points, a new career high. He also had 10 rebounds. Bickerstaff stated, "That's what we are capable of." We just need to be more consistent in that regard. Dallas' eighth appearance in Mexico brought excitement and exhaustion to the team. Jason Kidd, Mavericks' coach, said: "The altitude really is there." The players played hard, but it was obvious that they were suffering. The experience was still incredible. The fans' passion for the game and their knowledge was evident. Cooper Flagg said that he was impressed by the warmth and friendliness of the crowd, his first appearance in an international setting. He said, "It was incredible... the crowd was amazing." "It was amazing to be somewhere new, and feel the support." When asked what message he'd send to Mexican prospects who are chasing the NBA dream, 18-year old Maine player added: "It's not really about where you come from. It's more about how hard you want to work and what sacrifices you're prepared to make." The NBA's relationship with Mexico continues to grow. With 34 NBA matches now being played in Mexico, and the G League Capitanes de Ciudad de Mexico enhancing the league's footprint. Saturday's game was another exciting chapter in the NBA's global expansion story. (Reporting by Janina Nuno Rios in Mexico City; Editing by Jamie Freed)
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Russia claims that a Ukrainian drone attack caused fire to start in the Tuapse Port, which is located near Russia.
Authorities in the region said that a drone attack from Ukraine caused damage and fire to the Black Sea port of Tuapse. The facility is home to an important Russian oil terminal. The administration of the Krasnodar Region, where Tuapse lies, announced on Telegram that "An attack from UAVs (unmanned aircraft vehicles) has been repelled." "Falling drones caused damage to the port infrastructure and ignited a fire." No reports have been made of any casualties. The damage to port infrastructure is not immediately apparent. The port houses the Tuapse Oil Terminal and the Rosneft controlled Tuapse Oil Refinery. Both have been repeatedly targeted by Ukrainian drones this year. Kyiv intensified its strikes on Russian refineries and depots, as well as on pipelines, to disrupt military logistics, increase wartime costs and strain fuel supplies. It claims that the campaign is in retaliation against Russian attacks on Ukraine's power grid. According to the Krasnodar Administration, an apartment was damaged by falling drone debris in Sosnovyi village, located just outside Tuapse. It was reported that no injuries were reported. Reporting by Lidia Kell in Melbourne Editing Rod Nickel
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Nigeria vows to combat extremism following Trump's addition of nation to watchlist
The Nigerian Government on Saturday pledged to continue fighting violent extremism, and expressed hope that Washington would remain an ally. President Donald Trump had added the West African country to a U.S. Watch List over what he called threats to Christianity. The Federal Government of Nigeria continues to defend its citizens regardless of their race, religion, or creed. "Like America, Nigeria cannot help but celebrate our diversity as it is our greatest strength," said the Ministry of Foreign Affairs in a press release. The ministry said that Nigeria is a country of God-fearing people who respect tolerance, faith, diversity, and inclusion in accordance with international rules. Trump announced on Friday that he would add Nigeria, Africa's largest oil producing and most populous nation, to a list of "Countries Of Particular Concern", a group of countries the U.S. believes have violated religious freedom. The list also includes China Myanmar, North Korea Russia and Pakistan. Joe Biden, the Democratic successor to the Republican U.S. president, removed the country from the U.S. State Department's list in 2021. "Christianity faces an existential danger in Nigeria. The killing of thousands of Christians is a daily occurrence. "Radical Islamists have been responsible for this massacre," he said in a post on social media last Friday, without providing any details. Nigeria is a nation with more than 200 ethnicities that practice Christianity, Islam, and traditional religions. It has a history of peaceful coexistence, and mosques and churches are scattered throughout its cities. It also has a history of violent clashes between groups. Religious differences can sometimes be conflated with other faultlines, such as ethnic divides or conflicts over land and water. Since 15 years ago, Boko Haram, an extremist Islamist group, has terrorized the northeastern part of Nigeria. This insurgency has claimed tens and thousands of lives, mainly Muslims. Trump asked the U.S. House of Representatives Appropriations Committee also to investigate the issue and provide a report to him. In the early part of this year, a U.S. subcommittee conducted a hearing about Christian murders in Nigeria. In a Friday X-post, Tom Cole, the chairman of the Appropriations committee, U.S. Rep. Tom Cole said that the designation "sends a clear message: The U.S. won't ignore Christian persecution." Reporting by Doina and Susan Heavey, in Washington; and Camillus Eboh, in Abuja. Editing by MacDonald Dzirutwe & Andrea Ricci.
EU asks Australia to make foreign investment easier, eyes crucial minerals
The European Union would like Australia to make foreign financial investment simpler, its ambassador in Canberra said on Wednesday, as the bloc aims to diversify its supply chain for crucial minerals.
Ambassador Gabriele Visentin said EU financial investment in Australia was already big and the bloc aspired to grow that especially when it comes to vital raw materials, such as lithium, cobalt and nickel.
Australia is abundant in critical minerals that are vital for defense applications and the transition to cleaner energy, and its allies see it as a crucial possible source as they look for to break China's supremacy in the supply of those materials.
We want to invest a growing number of in likeminded partners, he said at the Minerals Week conference in Canberra.
We would like to do a lot more and we wish to see an environment here in Australia which will motivate even more foreign direct investment.
In May, the two sides signed a memorandum of understanding to comply more carefully crucial and strategic minerals as the EU tries to diversify its providers away from China and Russia and change its economy to reduce carbon emissions.
Australia and the EU have actually been negotiating an open market agreement since 2018 although a deal remains elusive.
Talks ground to a stop last October after Australia rejected an offer it said stopped working to sufficiently open European farming markets for Australian exports.
(source: Reuters)