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Hudbay Minerals sells 30% stake in Arizona copper mine project for $600 Million
Hudbay Minerals announced on Wednesday that Mitsubishi Corp would buy a 30% share in its Copper World Project in Arizona for $600,000,000, providing a boost to the financing and strategic support for the U.S. Copper Mine. The transaction is expected to be completed later this year or early next. Why it's important Last month, U.S. president Donald Trump imposed tariffs of 50% on copper pipes and wiring, and other semi-finished goods. However, he exempted raw materials like ores and refined copper cathodes. Hudbay's "Made in America copper" production will strengthen the domestic chain, according to Hudbay. CONTEXT Copper World is a project being built in Pima County in Arizona. It consists of four open-pit mines for copper in the initial phase. Over the first 20 years, it is anticipated that the mine will produce 85,000 tonnes per year of copper. MARKET REACTION Hudbay, a U.S. listed company, rose by nearly 17% on the premarket. The analyst Shane Nagle at National Bank Financial says the $600m Mitsubishi joint venture deal is "significantly accretive". It highlights the rarity of shovel-ready projects in the world and the importance to invest in the U.S. essential minerals supply chain. By Number Mitsubishi will pay an initial $420 million upon closing, and the remaining $180 will be paid in 18 months. Copper World said it will help facilitate an investment of $1.5 billion in the U.S. critical mineral supply chain. (Reporting and editing by Sahal Muhammad in Bengaluru, Sumit Saha from Bengaluru)
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Geneva temporarily makes public transport free in order to combat pollution spike
In a first in Switzerland, the public transport in Geneva will be free for a limited time. This is part of a number of measures to combat the pollution spike in the city. According to the World Health Organization, Geneva in western French-speaking Switzerland is experiencing a severe peak in ozone pollution. This harmful gas can cause breathing problems, headaches, and even asthma attacks. According to a Geneva Canton statement, the city's antismog system revealed that ozone levels had exceeded the threshold for environmental safety of 180 micrograms/cubic meter in 24 hours. The government issued heat warnings in the western and southern parts for Switzerland on Tuesday as temperatures reached 37 degrees Celsius. The Environment Office of the Canton of Geneva said that high temperatures and low clouds cover cause ozone pollution to accumulate and take longer for it to disperse. To reduce traffic emissions, the public transport system in the canton was freed for the first ever on Wednesday, encouraging residents and visitors alike to use buses, trams and trains instead of their own cars. The Environment Office said that "the measures taken under this protocol of emergency aim to reduce nitrogen oxide emissions, particularly by promoting the use of public transport and restricting the circulation of most polluting cars." In a press release, the authorities announced that passengers will no longer need a ticket and that ticket checks would be suspended until pollution levels improve. Only low-emission cars can circulate in the center of the city between 6 a.m. (0400 GMT), and 10 p.m. Reporting by Olivia Le Poidevin. Editing by Miranda Murray, Rachna uppal and Rachna Murray.
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India and US nuclear regulators to meet for cooperation
India's Atomic Energy Regulatory Board said that it held a technical meeting bilaterally with the U.S. Nuclear Regulatory Commission in order to enhance cooperation on nuclear safety, regulation and legislation as India seeks to expand its nuclear energy capacity. AERB stated in a press release dated August 12 that an Indian delegation attended the meeting from August 6-8 at the NRC Headquarters in Rockville, Maryland. India is seeking to increase its nuclear power production capacity from 8 gigawatts today to 100 gigawatts in 2047. AERB reported that the countries discussed regulations for new and advanced reactors as well as codes and standards applicable to advanced reactor technologies. The AERB said that both sides identified areas of future collaboration. It was reported in April that India relaxed rules to allow foreign entities minority stakes to nuclear power projects. India's nuclear energy generation, which is just over 8 gigawatts in size, represents about 3% its total installed capacity. The statement stated that India and the United States discussed the long-term operations strategies for nuclear power stations, safety assessments and emergency preparation for small and advanced modular reactors. The state-run Nuclear Power Corporation of India has asked industries for proposals to build small electric nuclear reactors of up to 220 megawatts. This is part of the country's efforts to reduce carbon emissions and achieve its net-zero emission targets. Sethuraman N.R., Emelia Sithole Matarise (Editing)
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Wildfires, fueled by a heatwave, rage in Europe, destroying houses and factories
On Wednesday, wildfires, fanned primarily by heat and strong winds, continued to rage in southern Europe, destroying homes, farms, and factories, and forcing thousands of tourists and residents to evacuate. A wildfire that spread through forests, olive groves, and the suburbs of Patras in northern Peloponnese (west of Athens) set fire to a cement plant. The smoke and flames were thick. What does it look like?" It looks like a doomsday. "May God help us, and help these people," said Giorgos Karavanis. He was a volunteer from Athens who came to Patras for help. On Tuesday, authorities ordered the evacuation of residents in a town near Patras of approximately 7,700 residents. They issued new alerts Wednesday advising residents to leave two nearby villages. Authorities warned people on the popular tourist islands of Chios in the east and Cephalonia in the west to get to safety because fires were spreading. A volunteer firefighter in Spain died of severe burns, and several others were hospitalised after the state weather agency AEMET issued a warning that fires could occur anywhere across the country. Officials said that the 35-year old man was trying to build firebreaks in central Castile-Leon region near Nogarejas when he became trapped by the blaze. In villages in Castile-Leon, more than 5,000 residents were evacuated after firefighter hosed down burning houses and warehouses. Alfonso Rueda is the leader of Galicia in the north-west. He called the situation "complicated", and said that the weather conditions were not helpful. Six fires are burning in the province of Ourense, Galicia. The combined area is 10,000 hectares. ARSON SUSPECTED Sara Aagesen, Spanish Environment Minister, told SER Radio Station that arsonists are suspected of causing many fires in the country due to their "virulence", although it is too early to know how many. Albania's Defence Minister Pirro Vegu described it as a "critical" week, with major fires burning all over the country. Delvina is a southern city where evacuees have returned home, but authorities remain vigilant. The heatwave that has affected large areas of the continent has made it difficult to put out the fires. Spain is in the 10th day of a record-breaking heatwave. The temperatures peaked at 45 degrees Celsius on Tuesday, and AEMET expects it to continue until Monday. Pope Leo moved the weekly audience he holds in St. Peter's Square into an indoor venue at the Vatican "to avoid the extreme heat and sun" after the Italian health ministry issued heat alerts on Wednesday for 16 cities, with Florence's temperatures expected to reach 39C (102F). Reporting by LouizaVradi, David Latona, and Gavin Jones. Writing by Charlie Devereux. Editing by Alex Richardson.
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Thyssenkrupp nucera abandons US projects for green hydrogen that are no longer considered feasible. -CEO
Thyssenkrupp nucera's CEO announced on Wednesday that the company is currently in discussions with all stakeholders regarding its U.S. project portfolio and has abandoned those projects no longer considered feasible because of tax and spending reforms initiated by U.S. president Donald Trump. The global demand for green hydrogen had stagnated amid concerns among clean-tech industry players about what Trump's policy would mean for the sector. Werner Ponikwar, the chief executive of Thyssenkrupp Nucera, said that the company was more confident about the financial viability for U.S.-based projects following the passage of U.S. laws eliminating some tax credits on low-carbon sources of energy. Ponikwar told journalists in a conference call after the company announced its results, "We have eliminated all projects with a lower chance of success due to the changes in U.S. framework conditions." Trump's tax and spending legislation has made it more difficult to develop green technology projects in the U.S., by phasing them out after 2026 for projects that haven't started construction. Ponikwar stated that Thyssenkrupp will be able advance projects in the state sector, particularly those at an advanced stage, if construction begins before a new deadline of end 2027. Ponikwar stated that "we are convinced that there is still a lot of potential in the market for hydrogen electrolysis." He added that the company must be patient and wait longer than they had initially anticipated. Ponikwar reiterated his comments from December, saying that if U.S. project do not materialize, Thyssenkrupp Nucera would use its U.S. resource "for other purposes".
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Muthoot Finance, India, beats its quarterly profit forecast on the strength of loan growth
Indian gold loan financier Muthoot Finance announced a 90% increase in its first-quarter profits on Wednesday. This was aided by a higher demand for loans as the price of precious metals soared. Muthoot Finance has reported a profit for the quarter April-June of 20,46 billion rupees (US$233.91m), which is above analysts' estimates of 16,24 billion rupees. This was based on data compiled by LSEG. Gold prices reached multiple records during the third quarter. Gold financiers benefit from this as the higher prices allow borrowers to get larger loans with the same amount. Analysts said that tighter lending conditions in the unsecured sector prompted people to turn to gold loans as a source of alternative funds. Muthoot Finance’s standalone loan assets were up 42% on an annual basis to 1.2 trillion Rupees by the end of the third quarter. Interest income was also up 53%, to 55.92 Billion Rupees. In a press release, Managing Director George Alexander Muthoot stated that "we are well-positioned" to continue strong growth into fiscal 2026. The company has also approved equity injections of 5 billion and 2 billion rupees into its two units, Muthoot Money, and Muthoot Homefin.
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Copper prices rise on weaker dollar and improved trade sentiment
The copper price edged upwards on Wednesday, as a weaker US dollar helped extend the benefits of this week's extension by 90 days of the tariff truce agreement between the United States (the top metals consumer) and China. By 1000 GMT, the benchmark copper price on London Metal Exchange had risen 0.1% to $9.854 per metric ton. It reached $9,865 Tuesday and Wednesday. This is the highest level since July 25. The 90-day extension of the U.S. China trade talks has been welcomed, and all base metals rose yesterday. The copper price is holding on to its gains thanks to a weaker dollar, said Nitesh Shah, commodity strategist at WisdomTree. As expectations for a Federal Reserve interest rate cut increased, dollar-priced goods became more appealing to buyers who use other currencies. President Donald Trump’s efforts to expand his control over U.S. financial institutions also weakened the U.S. dollar. Shah stated that the data sets from China, due to be released this week, may give a clearer picture of the direction the base metals complex is heading in. Any weakness could make the case for an economic stimulus more compelling. China's new loans in yuan shrank by 50 billion yuan (6.97 billion dollars) in July. This was a far cry from analysts' predictions and a significant drop compared to the 2.24 trillion yuan of June. Analysts use the outstanding total social finance in China as a measure of industrial metals demands. The growth rate of this financing rose from 8.9% to 9.0% per annum last month. The suspension of production by Chinese battery giant CATL at a large lithium mine earlier this week, as it applied to extend its mining license, raised hopes for a wider crackdown on overcapacity. "China's determination to stop 'involution,' has been demonstrated by the suspension of CATL’s lithium mine. Shah said that we are waiting to see if China takes similar measures to address the copper refining capacity overcapacity, which may support prices. LME aluminium increased 0.4% at $2,629.50 per ton. Zinc fell 0.1% at $2,844.50. Lead dropped 0.4% to $2,000, tin slipped 0.4% from $33,725, and nickel rose 0.1% to $16,335. (Reporting and editing by Harikrishnan Nair; Reporting by Polina Devtt)
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Farm union estimates that Ukraine's 2025 corn and sunseed crops will be 14 million tons each, while the sunseed crop is expected to be around 14 million tons.
The UAC, the producers' union, said that due to extreme drought in parts of southern Ukraine and eastern Ukraine (including Kiev), sunflower production estimates for 2025 have been drastically reduced from 16 million metric tons. UAC said, however, that weather conditions would not affect the corn crop, which could be as high as 28 million tons. In 2024, Ukraine produced 26 million tons. "Moisture reserve in the south and eastern are extremely low. This is a negative for sunflowers which are abundant in this region. UAC reported that August will be hot and dry. These regions are expected to continue burning. Even if the plan is to harvest between 15.5 and 16 million tons, that would be around 14 million. But even this is optimistic. "According to estimates, current volumes are estimated at around 13 million tons," it said. Ukraine is one of the largest sunflower oil producers and exporters in the world. APK-Inform, an analyst firm, said that it has revised its forecasts for the Ukraine sunflower oil and sunflower seed harvest in 2025 due to bad weather conditions in the southern regions. The consultancy estimated that Ukraine's sunflower oil production could fall to 5,94 million tonnes from an earlier estimate of 6,22 million tons. Ukrainian state forecasters stated in a recent report that the sunflower yields could be among the lowest of the past 10 years in southern Ukraine, ranging between 0.5 and 1.3 tons per ha. The forecasters stated that the average yield of sunflowers in Ukraine will not exceed 1,95 tons per hectare, compared to a first forecast (in June) of 2,31 tons. They also said the harvest could be between 10-15% less than what was forecasted in June. UAC stated that the drought affected corn crops only partially, and continued rainfall deficits could allow for a higher harvest. This week, the Ukrainian Economy Ministry increased its forecast of 2025 corn production to 28 million tonnes from 26 million. Taras Vysotskiy, Deputy Economy Ministry, said that a corn harvest larger than expected of 28 million tonnes was the primary reason for the increased estimate of grain production in this year's 56 million tons. Vysotskiy stated that the outlook for wheat crops was unchanged, at 21 million tons. UAC estimates the 2025 wheat harvest at 20-21 million tons. As of August 7, official data indicated that Ukrainian farmers harvested nearly 20 million tons, including 14.9 millions tons of wheat. Reporting by Pavel Polityuk Editing Bernadettebaum and Giles Elgood
Chile pushes back against Trump copper tariff probe
The Chilean government wrote to President Donald Trump’s administration informing them that the copper imports from Chile - the largest supplier of metal to the United States - do not pose a threat to U.S. national security.
Trump ordered an investigation in February, under Section 232 of the 1962 Trade Expansion Act. This is the same U.S. legislation he used during his first term in order to impose global tariffs of 25% on steel and aluminium.
In a letter dated March 31, the Chilean government expressed their anti-tariff position in a U.S. Commerce Department document that is now available publicly on a U.S. Federal website. Chile's Ambassador in Washington, Juan Valdes, wrote that copper imports from Chile contributed to the United States supply chain security. They did not pose any threat to their national security interests. The Trump administration has yet to provide any details on the results of its February investigation that aims to reduce China's influence on the global copper market. Section 232 investigations must be completed within 270 calendar days after they are initiated.
Chile is the largest copper producer in the world, accounting for a quarter. Most of Chile's exports are sent to China. A free trade agreement has been in place since 2004 to cover its imports into the United States.
The American Chamber of Commerce in Chile stated that Chilean copper exports are beneficial to the United States in terms of security and economy, and that tariffs may end up helping China.
The group's CEO, Paula Estevez said that "the playing field has been leveled and tariffs would only serve to increase the attractiveness of Chilean copper exports to China and ultimately weaken the economic and security interest of the United States" in a March 31 letter, which is also available on the U.S. Federal website.
(source: Reuters)