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Lithium Americas makes final investment decision on Thacker Pass mine
Lithium Americas announced on Tuesday that it had reached a Final Investment Decision (FID) to construct the first phase for the Thacker Pass Lithium Mine in Nevada. Thacker Pass is a joint project between Lithium Americas, a subsidiary of General Motors in the United States. The first phase of the project should be completed by late 2027. Jonathan Evans, CEO of Lithium Americas, said: "Together we will develop an American-produced lithium supply to reduce American dependency on foreign suppliers for essential minerals." Lithium Americas of Vancouver and General Motors have both contributed $192 million in cash each to the JV. This has allowed it to reach a fully-funded status for the first phase of the project. The U.S. Department of Energy approved a loan of $2.26 billion for Lithium Americas last year to help build the project. The company had also accessed $650 million through its joint venture with General Motors. Thacker Pass will produce enough lithium carbonate for 800,000 electric cars in the first phase. Reporting by Vallari Shrivastava, Bengaluru. Editing by Alan Barona
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GRAINS-Chicago soya beans rise at biofuel coalition meeting
Chicago soybean futures rose Tuesday, ahead of a discussion between the U.S. Environmental Protection Agency and a coalition representing oil and biofuels groups to raise federal mandates on biomass diesel blends. Analysts say that corn futures gained support due to wet forecasts for the U.S. Delta, Ohio Valley and Midwest, while wheat futures grew on the back of reduced acreage, as reported in a U.S. Department of Agriculture (USDA) report on Monday. The Chicago Board of Trade's most active soybean contract settled at $10.34-1/4, its highest level since March 6, and CBOT corn finished up 4-1/2cents at $4.61-3/4, while wheat rose 3-1/2 cents to $5.40-1/2 per bushel. Jim McCormick of AgMarket.net, a founding partner, stated that the news that a newly-formed coalition of oil groups and biofuel groups including the American Petroleum Institute was meeting with EPA representatives on Tuesday drove soybean oil futures higher on Tuesday. The coalition wants to see biomass diesel blend mandates raised from 5.5 billion up to 5.75 billion. McCormick said that the new mandate would represent a dramatic increase from the current 3,55 billion. McCormick said that the forecast of heavy rains in the U.S. Delta region and Ohio River Valley will also support corn production. He said, "It isn't a big problem yet but we won't be planting very quickly in that part of the country." The futures for wheat continued to rise as a result of the USDA's release on Monday of prospective planting data. The USDA's planting forecast for 2025 showed that the U.S. area of wheat would be lower than analyst expectations. McCormick reports that the grain markets are still bracing themselves for President Donald Trump to announce tariffs on 2 April. This prospect continues to raise concerns about retaliation by other countries against U.S. agricultural exports. Renee Hickman reported from Chicago. Reporting in Paris by Gus Trompiz, and Ella Cao, Mei Mei Chu and Mei Mei Chu from Beijing. Editing by Aurora Ellis.
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EnerSys moves production from Mexico to the US
EnerSys, a provider of energy services, announced on Tuesday that it will close its lead-acid manufacturing plant in Mexico due to flooding and move production to a US facility. The announcement coincides with the preparations of U.S. president Donald Trump to impose reciprocal duties on countries that impose tariffs on U.S. products, beginning on April 2, a day he has called "Liberation Day". A pre-tax charge in the amount of $20 million would be incurred in the first half 2025 due to the closure of the Monterrey plant in Mexico, and the subsequent transfer of production from that facility to the Richmond, Kentucky, plant. EnerSys said that the restructuring will result in an estimated annual pre-tax profit of $19,000,000, starting with fiscal year 2027. Shawn O'Connell said, "The transition will allow us to optimize our costs structure, maximize IRC 45X near-term tax benefits, mitigate future risks associated to potential tariffs, while strengthening our commitment to improve domestic industrial security." O'Connell will assume the role as chief executive officer by May. Reporting by Vallari Shrivastava from Bengaluru, editing by Maju Sam
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Trump Administration weighs new coal leasing at North Dakota mine
The Trump administration took a major step on Tuesday in leasing new areas for a North Dakota mine that plans to operate until 2045. Why it Matters The publication of an environmental draft analysis of the new lease areas of North Dakota's Freedom Mine aligns with President Donald Trump’s goal of increasing U.S. fossil-fuel production and reviving coal for electricity production. The United States' electricity supply, formerly dominated by coal, is now only about 16 percent, as natural gas and renewable energy are cheaper. By the Numbers Freedom Mine is owned by a NACCO division and produces between 11.5 to 13.5 million tonnes of lignite annually in Mercer County. The company has requested the lease of tracts covering 1,350 acres, which contains approximately 24 million tonnes of mineable coal. The owner of the mine was not immediately available to comment. Key Context Freedom Mine, which supplies coal to Basin Electric Power Cooperative power plants, first applied for the lease of the new areas in 2019. The company submitted an emergency application that would require a portion coal from the new lease area to be mined in three years. Leases consist of a mix of surface land owned by private and federal owners, and subsurface coal. What's Next? The Bureau of Land Management is seeking public feedback on the proposed leasing until May 2. The Interior Department's Bureau of Land Management, a division, is evaluating a variety of options including leasing less land. The assistant secretary of Interior for Land and Minerals must approve the company's modification to its mining plan. (Reporting and editing by Nichola Grroom)
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China to sell its first green sovereign bond Wednesday
China will finalise the long-awaited global green sovereign bonds on Wednesday. This is expected to mark the beginning of a series that will increase its market share at a crucial time. The signal was sent to indicate that the vehicle was ready Last month Top Chinese Finance Ministry officials laid out the detail at a meeting in London with investors on Tuesday. The 6 billion yuan bond ($825 millions) is scheduled to be listed on the London Stock Exchange. Green bonds have grown to a market value of $3 trillion over the past few years. China's state-run firms have made a significant contribution to this growth. However, international investors have been waiting years for the government to act. Director General Yu Hong of the Chinese Finance Ministry and his Deputy, Xing Chaohong, explained that it will be in two parts – one with a maturity of 3 years and another with a maturity date or deadline of 5 years. Both will have fixed rates. The interest rates are expected to be below 2%, but it depends on the demand during formal sales which will be overseen by eight banks in both China and Europe. The size of China has made it a long-anticipated country to issue a global bond. China's plan was finally revealed earlier this year, after British Finance minister Rachel Reeves and Vice Premier He Lifeng met in Beijing to discuss pragmatic co-operation on financial services. China, the largest emitter of climate-warming gases, has stated that it will peak its carbon dioxide emission before 2030 and be carbon neutral by 2060. The Finance Ministry published its framework for green bonds in February. It was described as an attempt to "attract foreign funds to support low-carbon and green domestic development". Climate Change Mitigation and Climate Change Adaptation were listed as the five main priorities. An investor who attended the meeting on Tuesday said that the money raised will be used to fund the electric vehicle charging networks and national parks of the country.
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Former world leaders call on EU to maintain a firm stance on climate
Mary Robinson, former president of Ireland, said on Tuesday that a group of former leaders from around the world are urging Europe not to let trade wars or defence spending divert attention away from climate change issues. The Elders, the group created by Nelson Mandela as former South African president, will meet with EU and NATO in late this month to discuss ways to soften upcoming corporate climate disclosure regulations to address concerns about competitiveness. Robinson, Ireland's former president from 1990-97, said that she was concerned about the plans, but that the bloc has an opportunity to seize the leadership of the United States on the fast-growing clean technology market and climate policy in general. She said: "The crisis that has arisen in the United States due to a federal retreat from climate science and everything related is an opportunity for Europe, the United Kingdom and the rest of world." It's important that Europe adheres to its principles and sticks to the green industrial policy. International Energy Agency said that the global market for clean technology such as solar photovoltaics and wind turbines, could grow from $700billion in 2023 to over $2 trillion in 2035. This is close to the value of the crude oil market in the world. Robinson warned Brussels to not let the war between Russia and Ukraine, trade wars or anti-climate rhetoric from U.S. president Donald Trump dictate long-term thinking about climate issues. She also said that many businesses across the EU were willing to and able support the green shift. Robinson will join former Norwegian Prime Minister Gro Harlem-Brundtland, international human rights activist Denis Mukwege and others to urge Brussels to take a leadership role in tackling some of the biggest threats to the world. They will encourage the EU to develop a timely climate action plan. The Elders was founded in 2007. They are advocates for peace, justice and human rights, as well as a sustainable world. Former U.N. secretary general Ban Ki-moon, and former New Zealand prime minister Helen Clark are members of the group. Reporting by Virginia Furness, London. Editing by Matthew Lewis
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Four missing US Army soldiers found dead in Lithuania
The bodies of a fourth U.S. Army Soldier, along with three other soldiers, have been discovered, U.S. officials and Lithuanian officials announced on Tuesday. Three other soldiers were discovered dead after rescuers found the armoured vehicles of the four missing soldiers near the border to Belarus. The body of a fourth U.S. Soldier, who was in Lithuania for training, has been discovered, wrote Lithuanian President Gitanas Nuseda on social media platform X. He offered condolences. White House Press Secretary Karoline leavitt confirmed the fourth death. She told reporters during a White House briefing that U.S. president Donald Trump and his Administration were praying for the victims and families. Nauseda thanked all those who "helped find the last soldier missing in such difficult conditions." Rescuers had spent days Digging to recover The M88 Hercules armored recovery vehicle was used by the soldiers as part of a training exercise at Pabrade, where U.S. troops have been rotating in since 2019. Reporting by Stine Jacobsen and Steve Holland in Copenhagen, and Gram Slattery and Mark Porter in Washington. Editing by Gareth Jones and Susan Heavey.
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Mercedes denies that it may withdraw cheaper cars from the US
Mercedes-Benz has denied a report published by Bloomberg News Tuesday, which claimed that the automaker had considered withdrawing its lowest models from the U.S. in anticipation of a 25% additional tariff on imports. "This report is without merit. Mercedes-Benz is committed to increasing sales of its high-end vehicles, a spokesperson for the company said in an email in response to this report. Bloomberg reported that the automaker is considering removing more entry-level cars from sale in order to prepare for tariff contingencies. Experts in the industry have warned that tariffs to be implemented on April 3 will likely lead to higher prices for consumers and fewer models available. There is not enough margin to absorb tariff costs, especially when it comes to more affordable vehicles targeted at first time buyers. Mercedes-Benz executives said on a Monday investor call that they were building up their inventory in the U.S. wholesale and dealer levels to be ahead of the tariffs. They also discussed further mitigation measures. Reporting by Gursimran in Bengaluru, and Victoria Waldersee. Writing by Maria Martinez. Editing by Shinjini Ganuli and Jan Harvey.
Andy Home: Crisis in Europe is a hindrance to future metals strategies for Europe
The European Commission identified 47 strategic project which it hopes will kickstart the critical minerals sector in the region and reduce its dependency on imports from China, especially.
Even as European policymakers strive to create a future industrial base for the region, they face a crisis within its existing metals industry.
The long-term decline in European steel and aluminum production has been accelerated by Chinese overcapacity, and high energy costs.
However, the latest threat comes from the United States. The tariffs imposed by President Donald Trump, in particular the higher tariff on aluminum imports, could lead to a metal flood into Europe.
Europe's response will be equally protectionist and lead to further fracturing in global trade patterns.
BUILDING FOR FUTURE
Europe's strategic project qualify for fast-track progress through the permitting phase - maximum 27 months in case of mine projects, and 15 months in case of processing projects. They also have access to both European and national funding.
List is heavily geared towards battery inputs like lithium, cobalt and nickel, but includes other elements as well, such as germanium, gallium and tungsten. The list includes 14 of the 17 metals listed on the EU’s strategic metals.
The projects in 13 states span the entire supply chain, from mining and processing to recycling to materials substitution.
The EU should be able to meet its domestic production benchmarks of cobalt, lithium and nickel by 2030 and make "substantial" progress with other battery materials like manganese, graphite, and manganese.
METLEN’s project in Greece, which covers the needs of the region by 2028, will be able to meet the current Chinese export restrictions on gallium.
More is to come.
The European Commission has received 46 requests for projects outside the EU. The European Commission said that a decision regarding the selection of these projects would be made at a future stage.
CURRENT CRISIS
The European ambitions to develop new energy metals are in stark contrast with the problems that Europe's traditional metals sector faces.
The EU's steel production has fallen from 160 million tons in 2017 down to 126 millions in 2023. The Commission has stated that the current steel capacity utilization of around 65% was unsustainable.
Around half of the remaining capacity has been idled in the region since 2021.
In its "Action Plan", the Commission identifies that high power costs are a major problem for their industrial metals base. The power prices soared in 2022 following Russia's invasion in Ukraine. Although they have since dropped, they are still higher than their historical levels and far above those in the United States.
There are a number of proposed solutions, from improving the efficiency of the network to facilitating longer-term contracts for power supply.
The short-term goal is to "use all of the flexibility (of the state aid rules) in order to reduce costs for energy intensive industries."
Tariff Turbulence
Metal diverted from America washing up in Europe has prompted a focus on ways to stop further contractions in Europe's nonferrous and steel metals sector.
According to the Executive Vice-President of the European Commission Stephane Sejourne, tighter steel import quotas may come as early as next month.
The Commission is considering a "melted and poured rule" that would allow it to take action directly against the original metal producer, rather than the third-party converter.
The Commission is preparing to implement some kind of safeguard measure in order to prepare for the plans for import restrictions.
Many struggling operators are in a race against the clock.
Paul Voss has called for "immediate and targeted interventions to stabilize the sector immediately."
One of these interventions would be to stop the flow of recyclable material out of Europe.
SCRAP WARS
The U.S. 25% tariff on aluminum imports has been described as "without exemptions or exceptions", but it does not apply to scrap.
The EU was already on course to export 1.3 million tonnes of aluminium scrap last year. This figure will likely rise as more scrap material is sent to the United States where it can be remelted into aluminum products, and the processors are able to pocket the premium.
The threat of U.S. tariffs on copper is already causing European copper recycling companies to worry that more units are being sent to the United States, along with refined metal.
The Commission promises to propose appropriate trade measures by the third quarter this year to ensure that more scrap remains in the EU.
This will include reciprocal actions against both countries that impose metals tariffs as well as those who currently block the export of scrap.
Geopolitics have not affected global scrap trading much, but this is about to change.
SENSE OF URGENCY
When it comes to critical metals, the European Union is catching up with the United States.
The 27-member bloc does not have the same presidential powers as the Joe Biden or Trump administrations.
The combination of metals action plans and strategic projects shows that the European Commission is aware of the importance of building for the future while protecting what they already have.
As both corporations and lobby groups are quick to note, words must be followed by actions.
To quote Voss, European Aluminium: "Strategy will not keep our operation running."
These are the opinions of the columnist, an author for.
(source: Reuters)