Latest News
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Rio Tinto and Partners to Invest $733 Million in Pilbara Iron Ore Project
Rio Tinto announced on Tuesday that it, along with joint venture partners Mitsui Iron Ore & Nippon Steel, will invest $733 Million to develop new ore deposits in the West Angelas Hub of Western Australia's Pilbara Region. Rio Tinto said that the West Angelas project, for which it will contribute $389 millions, will maintain the hub’s annual production capability at 35 million tonne, and extend mining operations by several years. Around 600 full-time jobs will be created during construction, and around 950 will remain after the project is operational. The autonomous trucking of ore will begin in 2027. Rio Mining said the project is part of a series of iron ore replacement developments in Pilbara that support a total production capacity of 130 million tonnes annually. Since 2002, the West Angelas Hub has been an important part of Rio Tinto’s operations. Rio Tinto has also begun a feasibility study for Rhodes Ridge. The project is expected to have an initial capacity up to 40 millions tonnes per year and the first ore in 2030. Rio Tinto shares rose by 0.9% at A$124.72 to outperform the benchmark index which was down 0.1% as of 2329 GMT. In partnership with China Baowu Steel Group the miner has also opened the Western Range Iron Ore Mine, worth $2 billion. The aim is to sustain production from the Paraburdoo hub of the Pilbara region for at least two decades. (Reporting from Bengaluru by Roshan Thomas; Editing by Shailesh Kumar)
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As clashes escalate, the Syrian army redeploys to SDF fronts as they rise in northeast Syria
According to the Defence Ministry, tensions between the U.S. and Syrian Democratic Forces have increased. The statement stressed that the move was not intended as a prelude to a military action but to prevent the Kurdish led group from launching repeated attacks or attempting to seize land. Residents scattered their protests after witnesses reported that the army had sealed off two districts of Aleppo City under SDF control. Residents reported rockets being fired by residents from the Kurdish districts into nearby residential areas. A security source confirmed that one security officer had been killed in a recent attack on a border checkpoint. Kurdish fighters affiliated with the SDF claimed to have repelled a government attack. Two residents said that dozens of families were fleeing to safety from the two neighbourhoods. SDF Calls for Lifting of SIEGE Farhad Shami, a Kurdish SDF spokesman, accused factions of the Damascus regime of trying to enter two Kurdish districts in Aleppo using tanks. He denied that SDF personnel targeted checkpoints and said the group did not have forces in Ashrafiya or Sheikh Maqsoud. Farhad demanded the lifting of the siege he called, and warned that the actions of the government were a dangerous escalate that worsened the plight for local residents. SDF raids have increased in several majority Arab towns that they control. They claim the raids are targeting Islamic State sleeper cell. The raids and a stepped-up campaign to recruit young people for military conscription have caused outrage among certain Arab tribal groups. They accuse the SDF, which denies the charge, of discrimination. Officials said that U.S. Syria envoy Tom Barrack, and CENTCOM commander Admiral Brad Cooper met earlier with SDF Commander General Mazloum Abdul and senior officials in the northeast of Syria. The focus of the talks was on accelerating the implementation of March's agreement with Damascus. In recent days, sporadic clashes intensified. Both Damascus as well as the SDF have accused each other of provocation. Under U.S. sponsorship, the two sides signed a historic agreement in March for integrating Kurdish-led force into Syria's institutional framework by year's end. This included transferring control to Damascus of oil and gas fields, airports and border crossings. Implementation has been slow despite mutual accusations that it is stalling. Washington also pressured the Kurds into accelerating negotiations with Damascus on terms that were acceptable to both parties. Turkey has also accused SDF of stalling, and warned that military action would be taken if they did not integrate with Syria's state apparatus. Reporting by Suleiman al-Khalidi Editing Bill Berkrot
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Trilogy Metals is now owned by the US after Trump approves a road for mining in Alaska
U.S. president Donald Trump said on Monday that he signed an executive ordering directing his administration allowing an access road into the Ambler district of Alaska in order to unlock domestic supply of copper and other mineral. The White House announced an investment of $35.6 million in Canada's Trilogy Metals. This is one possible developer for the region. The U.S. Government becomes a 10% stakeholder in the company, and has warrants for an additional 7.5%. Trilogy shares listed in the U.S. more than doubled to $4.72 after-hours. This partnership is a vote of confidence for the Ambler Mining District, and a significant step forward in domestic mineral development, which is fundamental to America's economy and security," said Kaleb Fröhlich, managing Director of Ambler Metals. Ambler Metals is a joint venture of Trilogy and Australia’s South32 Limited. Trump's order reverses Biden's administration's refusal of a 211 mile (340 km) road that was intended to allow mine development in north central Alaskan. Biden's Interior Department had in 2024 cited risks for caribou and fishing populations, which dozens of Native communities depend on as a subsistence. Trump stated at an Oval Office signing event that the project should have been operating for years and generating billions of dollars in revenue and providing a great deal of energy, minerals and other resources. The Alaska state agency who proposed the project appealed Biden's decision. The Sierra Club, an environmental group, said that development would damage the pristine landscapes in this region which support tribal peoples and wildlife. Athan Manuel said that the communities along the route of the road had consistently expressed their opposition to this destructive project. This order ignores these voices and favors corporate polluters. Reporting by Steve Holland, Washington; Nichola Groom, Los Angeles. Editing by Franklin Paul & Lincoln Feast.
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Belem, Brazil is preparing to host the COP30 and construction continues in Belem
In a month, the first heads of state are expected to arrive in the Amazonian city of Belem for the United Nations Climate Summit. However, the infrastructure that will receive them is still not finished. Another three-story structure is still far from being completed. It sits alongside what has been called the "leaders' village," which is a collection of low-slung structures that will be home to many visiting presidents. The helipad on its gleaming glass and white facade overlooks the complex that will host the 197 nation climate talks, also known as COP30. The building's raw shell is visible at the rear, away from the road, but over the housing of the president. The Para government has said that it does not see the structure as part of the Leaders Village or of the larger public works for the COP30. However, the helipad at the top will be "made available" to meet the needs of the conference. The construction site is still a good representation of the unfinished, frenetic quality that has gripped this tropical city with 1.3 million residents in its final month of preparations. The state government of Para said that the over 30 public works, which it is preparing to host COP30, with an investment of 4.5 billion reals ($845 millions), are on time. These include roads, parks and drainage channels, as well as refurbished tourist attractions. Renovations are underway at the airport international and in the city hotels. A dozen of these hotels will be built specifically for the conference. The construction of a huge pier with thousands berths is still ongoing. A terminal to receive floating hotels was supposed to open in July but only 79% was completed last month. The lack of hotel rooms has pushed prices up to levels not seen in previous conferences. This has stoked tensions among diplomats, U.N. conference organizers, and the Brazilian Government. Brazilian President Luiz inacio Lula da silva played down these concerns during his visit to Belem, last week. In a television interview, he joked: "I'm going want to sleep on the boat." "We don’t have the boat, but I will find one."
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Stock indices mostly rise due to tech shares, but euro and yen fall on fiscal concerns
The major stock indexes rose on Monday. Technology shares rose on news that AMD had signed a deal to supply artificial intelligence chips with OpenAI. Meanwhile, the yen, euro and dollar fell against each other after Japan's ruling political party chose a new leader, and France's newly formed government resigned. Bitcoin reached a new record high, as investors sought out alternative assets amid the uncertainty caused by the U.S. shutdown. The largest cryptocurrency in the world was up by 2.16% to $125,426.34. The euro fell 0.2% to $1.1717. Sebastien lecornu, the new French prime minister, resigned Monday just 14 hours after selecting his cabinet. Sanae Takaichi was selected by Japan's ruling party to be the country's first woman prime minister. She supports the "Abenomics", a strategy of aggressive spending and easy money to boost the economy, which was developed by late prime minister Shinzo Abe. Wall Street saw the S&P 500, Nasdaq and Dow rise, while the Dow fell slightly, as the U.S. government shutdown that began last week continued. Last week, the S&P 500 closed at a record high. The market has extended its momentum bias. The market is ignoring the government shutdown in the United States and because of this, it's believed that the Fed will be more generous than what the market had expected. Federal Reserve officials are widely expected to reduce interest rates by 25 basis points again at their October 28-29 meeting. This is in response to data showing a weakening of the labor market. Cardillo added that "we are not far from the third-quarter results, and it appears to be another great earnings season." The earnings season for S&P500 companies will unofficially begin next week, with the release of reports by some major U.S. financial institutions. AMD shares rose more than 25 percent, and other chip makers' stocks also rose amid optimism surrounding AI deals. The S&P 500 Technology Index was up 0.8%. The Dow Jones Industrial Average dropped 57.83, or 0.12% to 46,700.45. The S&P rose 29.67, or 0.44% to 6,745.46, and the Nasdaq Composite gained 194.13, or 0.85% to 22,974.63. The MSCI index of global stocks rose by 3.14 points or 0.32% to 966.35. The pan-European STOXX 600 fell by 0.04%. Since Emmanuel Macron was re-elected in 2022, France's political instability has increased. No party or group holds a parliamentary majority. The Nikkei rose above 48,000. This was the first time the Nikkei had risen over that level in Japan after Takaichi defeated the more moderate Shinjiro. Koizumi at the Liberal Democratic Party leadership vote. The yields of short-dated Japanese government bonds fell to their lowest level in two weeks as traders reduced bets about when the Bank of Japan would resume raising interest rates. The back end of the curve is getting more attention now because Takaichi, as a general rule, is seen to be a follower Abenomics. Sarah Ying is the head of FX Strategy, FICC strategy at CIBC Capital Markets, Toronto. The majority of other major stock markets in the region, such as mainland China, South Korea, and Taiwan, were closed on holidays. Gold reached a new high of $3,900 an ounce in part due to the political and economic uncertainty in the U.S. and France. Spot gold increased 1.83%, to $3.956.94 per ounce. Prices also rose After OPEC+’s planned production rise for November was less modest than expected. U.S. crude rose 81 cents, settling at $61.69 per barrel. Brent rose 94 cents, settling at $65.47. (Karen Brettell contributed additional reporting from New York; Kevin Buckland reported from Tokyo; and Lucy Raitano reported from London. Alison Williams and Nick Zieminski edited the article.)
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Delek files lawsuit against Marex and BTX for $30 million in damages to refineries caused by contaminated crude
Delek US Holdings sued London's Marex Group, and Texas' BTX Energy. They were accused of supplying contaminated oil which damaged its U.S. refining plant and caused losses of more than $30,000,000. Delek, in a court filing in Texas Chambers County District Court, said that it started buying crude oil from Pinnacle Fuel back in January. Deliveries were handled by BTX Energy’s terminal in Winnie. According to the complaint, Delek detected abnormally high levels organic chlorides by February in its Heavy Naphtha Hydrotreater Unit. Marex declined comment, and BTX Energy didn't immediately respond to a comment request. Delek claims that tests revealed chloride concentrations up to 5,668 parts-per-million, almost 1,000 times higher than contractual limits. This caused damage to refinery units and forced lower processing rates. It also contaminated approximately 300,000 barrels clean oil. Marex, the company that acted as guarantor for Pinnacle's contract of supply, has filed a request to transfer the case to the federal court from the Chambers County Court. (Reporting from Bengaluru by Sumit Saha; Editing by Tasim Zaid and Sahal Muhammad)
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Gold reaches record high of $3,900/oz due to Fed rate cuts and global uncertainty
Gold reached an all-time record high of $3,900 per troy ounce on Sunday, boosted by expectations that the Federal Reserve will cut rates this month as well as growing economic and political uncertainties in the U.S. Gold spot was up 1.8% to $3,956.19 an ounce at 02:41 pm ET (1441 GMT), having hit a session high of $3969.91. U.S. Gold Futures for December Delivery settled 1.7% higher, at $3.976.3 an ounce. Marex analyst Edward Meir said that the gold rally is being driven by a number of factors, including political developments in France, rising Japanese rates amid inflation fears, and the current U.S. shutdown. Sebastien Lecornu, the new French Prime Minister, and his cabinet resigned Monday, just hours after taking up office. This deepened France's political crisis. The U.S. shutdown has now entered its sixth day. Meanwhile, the White House is threatening to lay off thousands of federal workers. Gold prices have risen 50% this year, a record-breaking run, fueled by the expectation of Fed rate reductions, central bank purchases and a resilient safe-haven market. In March, spot gold prices broke through the $3,000/oz mark for the first and reached $3,800 at the end of September. Meir said that the fact that we are so close to $4/oz suggests that some funds may be pushing it up in order to reach that mark. Gold that does not yield is a good investment in low interest rate environments and economic uncertainty. Investors now expect a 25 basis-point reduction at the Fed's meeting in this month. An additional 25 bp is expected in December. UBS stated in a report that they expect gold to reach $4200/oz at the end of the year. Spot silver rose 1.4% to $48,66 an ounce, its highest level for more than 14-years. Palladium rose 4.3%, to $1315.17, while platinum rose 1.4%, to $1626.75. (Reporting and editing by Sharon Singleton and Chris Reese in Bengaluru, with additional reporting by Sarah Qureshi and Shalsh Kuber. Additional reporting was by Anushree mukherjee from Bengaluru and John Biju.
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Argentina markets on tenterhooks as news of US support is announced
The peso of Argentina weakened slightly on Monday, while the stock market edged upwards and bond prices rose. This was in anticipation of the news that the U.S. Treasury would be providing financial assistance to Argentina. Political tensions are also increasing in Argentina ahead of the midterm elections scheduled for later this month. The price of international dollar bonds increased between 0.7 cents and 2.5 cents across all maturities. This continues the volatile trend that has been seen in the last few weeks. However, they are still far below the historic highs reached in January, which were revisited late in June. Traders said that the average price of sovereign bonds on the local market increased by 1.2%. This was due to portfolio restructuring, which occurred in response to speculative purchases. The interbank peso dropped 0.35%, to 1,429.5 dollars per unit. Meanwhile, the S&P Merval index rose 0.3%. According to his office the Economy Minister Luis Caputo was in Washington for a few days to negotiate a multimillion dollar currency swap with U.S. Treasury Sec. Scott Bessent to boost investor confidence. It is not clear if he met Bessent, or officials of the International Monetary Fund. Donald Trump, the U.S. president, will meet Milei in Washington on October 14 during the same week as the World Bank and IMF convene. Roberto Geretto, an economist at AdCap in Buenos Aires, said that the market was waiting for more information than just signals. More details about the loan program or loan are needed to ease tensions and ensure the financial program no matter the outcome of the elections. The leading candidate for Milei’s party on the midterms ballot in the Buenos Aires Province resigned Sunday after being scrutinized for his ties with a businessman who is under investigation for drug trafficking in the U.S. Milei's popularity has fallen in recent weeks amid a scandal involving his sister, a confidante of his, and an angry public that is tired of austerity measures by the government. In another setback last week, Argentina's opposition-controlled Senate voted to override Milei's vetoes of bills boosting funding for public universities and pediatric healthcare.
Investors weigh Trump tariff threats as they consider London aluminium flat
London's aluminium prices remained flat on Monday, as traders weighed the risks of a major war in trade after U.S. president Donald Trump announced he would impose new tariffs of 25% on all steel imports and aluminium.
After two sessions of gains, the price of three-month aluminum on the London Metal Exchange was unchanged at $2,628.5 per metric ton as of 0600 GMT.
After reaching its highest level in early December 2024, the aluminium contract at the Shanghai Futures Exchange was 0.2% higher on Saturday.
Trump announced on Sunday that he will impose new tariffs of 25% on all imports of steel and aluminum into the United States. This would be in addition to existing metals duties. It is another major step up in his trade policy overhaul.
Trump announced that he would announce reciprocal duties on Tuesday or tomorrow, which will take effect immediately and apply to all countries, matching the tariffs levied by every country.
The Australian trade minister has said that Australia's exports of steel and aluminum to the United States are important for shared defence interests and create "good-paying American jobs". Canberra is pressing Washington to exempt the tariffs.
Barclays stated in a report that "While steel, aluminium, and other metals appear to make up a greater share of U.S. imported goods from Taiwan, Korea, and India, our estimates are only around 5% at the most of their shipments into the U.S."
LME copper dropped 0.2% to $9.390 per ton. Zinc held steady at $2.841, while tin fell by 0.2% to $30,060. Lead was unchanged at $1.992.5 and nickel remained at $15,760.
SHFE copper rose by 0.5%, to 77.140 yuan. Nickel firmed up 0.1%, to 127.180 yuan. Zinc fell 0.1%, to 23.785 yuan. Lead gained 0.4%, to 17.160 yuan. Tin increased 0.2%, to 258,670.
(source: Reuters)