Latest News
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New York cancels offshore wind transmission plans amid federal uncertainty
It said that the New York State Public Service Commission had terminated its offshore transmission planning due to a stalled federal permit, in order to protect ratepayers of New York State from premature infrastructure costs. This ends the Public Policy Transmission Needs process, which was seeking proposals for delivering up to 8 gigawatts (or more) of offshore wind energy to New York City before 2033. The commission cited federal actions that have halted new offshore wind leasing, permitting and it claimed this makes short-term project implementation unfeasible. Rory M. Christian, Chair of the Commission, said: "Given Washington's uncertainty we need to act now to protect consumers." This is not the end. We'll continue to move forward as soon as the federal government re-starts the permitting process. The commission stated that New York remains committed to offshore wind. Existing projects such as South Fork Wind, Empire Wind, and Sunrise Wind remain unaffected. Hillary Bright, the executive director of Turn Forward, an organization that promotes offshore wind energy, said, "Shovel ready offshore wind projects will add significant capacity to the U.S. Grid just when it is needed most." Experts from all over the world warn that the U.S. is soon going to face a shortage of power due to the escalating demand for AI, cryptocurrency and other digital economies. The commission has instructed its staff to use lessons learned from the PPTN to inform future planning. They will focus on affordability, reliability, and risk reduction. The 2026 Clean Energy Standard Biennial Review will include additional guidance. "Now isn't the time to limit the contribution of any source of energy. Bright said that the U.S. must continue to develop all energy sources to remain competitive in the future. Reporting by Anjana Anil from Bengaluru, and Nicholae Groom from Los Angeles. Editing by Richard Chang & Matthew Lewis.
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Talen acquires power stations in Pennsylvania and Ohio for $3.5 Billion
Talen Energy announced on Thursday that it would be acquiring two Pennsylvania and Ohio power plants for a total of $3.5 billion. The company also said it expected the acquisition to increase the free cash flow per stock by more than 40% in 2026. In extended trading, shares of the company rose by about 16 percent. Two combined-cycle gas fired plants are located on the PJM electricity market. The U.S. demand for electricity has increased for the first two decades. This is due to the rapid growth in data centers and artificial Intelligence, which has caused Big Tech companies scramble to find reliable energy sources. Talen will pay Caithness Energy $1.46 billion cash for its Moxie Energy Center in Pennsylvania. This project, which is a 1,105 Megawatts (MW), natural gas-fired combined cycle generator, belongs to and is controlled by Caithness Energy. Talen is to pay $2.33bn in cash for the 1,875MW Guernsey Power Station located in Ohio owned by Caithness & BlackRock. The total value of the deal is expected to be around $3.8 billion. Talen, in June, expanded its nuclear partnership with Amazon. It will now supply up to 1,920MW of electricity through its Susquehanna Plant in Pennsylvania. This is to meet the growing electricity demand. Talen CEO Mac McFarland said, "The deal adds more than an equivalent nuclear power plant of the Susquehanna to our platform. This will allow us to provide large loads service." Both the Moxie and Guernsey transactions are expected to close during the fourth quarter. The company will also issue new debt of about $3.8 billion to refinance the target debt and fund the acquisitions. This debt will be issued using both secured as well as unsecured instruments. (Reporting from Sumit Saha, Bengaluru. Editing by Shailesh Kuber)
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US Commerce Dept. sets anti-dumping duty of 93.5% on Chinese anode Graphite
The U.S. Commerce Department announced on Thursday that it would impose preliminary antidumping duties of 93.5 percent on anode grade graphite imported to the U.S. after concluding the materials were being sold at a lower price than their fair market value. The Commerce Department's fact sheet, seen by, shows that all Chinese producers have a single antidumping margin of 93.5% and a cash deposit rate at 93.5%. Commerce reported that the order will affect imports worth $347.9 million by 2023. The duties are applicable to anode grade graphite materials with a minimum graphite purity of 90% by weight. They can be natural graphite, synthetic graphite or blends of both. The Commerce Department conducted a separate, parallel investigation on Chinese anode-grade graphite material on May 20, which resulted in preliminary countervailing duties of 6.55%. However, Huzhou Kaijin New Energy Technology Corp. and Shanghai Shaosheng Knitted Sweat received countervailing duties of 712.03%. The material must be returned to the government by December 5, 2025. American Active Anode Material Producers is the petitioner for both anti-dumping and the anti-subsidy actions. This is an ad-hoc coalition of U.S. manufacturers. The coalition includes Anovion Technologies from Sanborn, New York; Syrah Technologies, LLC, of Vidalia in Louisiana; Novonix Anode Materials, Chattanooga in Tennessee; Epsilon Advance Materials, Leland in North Carolina and SKI US Inc, Marietta, Georgia. Reporting by David Lawder, Washington; Chandni Shah in Bengaluru. Editing by Chris Reese & Matthew Lewis
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Fico, the Prime Minister of Slovakia, says that Slovakia will allow new EU sanctions against Russia to be approved on Friday.
Robert Fico, the Prime Minister of Slovakia, said that Slovakia would stop blocking approval of the 18th set of sanctions by the European Union against Russia this Friday. Fico said that the Slovakia has achieved all it can at this stage, after repeatedly blocking the EU approval of sanctions to demand guarantees for damages it fears will result from a separate EU Plan to stop all gas imports to Russia by 2028. Fico stated in a Facebook video that it would be counterproductive at this point to continue blocking the 18th package of sanctions tomorrow. EU diplomats have confirmed that the ambassadors of EU member states will meet Friday morning to discuss and approve new sanctions. Last month, the European Commission proposed the 18th set of sanctions against Russia in response to its invasion of Ukraine 2022. The package targeted Moscow's banks, energy revenues, and military industries. EU diplomats said that the proposed package included a price cap for Russian crude oil at 15% less than the average price on the market in the three previous months. This proposal also prohibits transactions with Russia's Nord Stream Gas pipelines and banks who engage in sanction circumvention. The Slovakian government has repeatedly vetoed this package in an attempt to gain concessions for a separate plan that would phase out Russian gas and oil. This plan, unlike the sanctions, doesn't require unanimous support by all EU member states. Slovakia continues to import Russian gas and energy under a contract that runs until 2034. It also often has pro-Russian opinions on Ukraine. Fico announced on Tuesday that Slovakia has received guarantees from Commission regarding assistance in the event of gas shortages, price increases and transit fees and disputes over possible damage claims from Russian Gazprom. In a letter sent to Slovakia on February 2, the Commission stated that it would intervene if a lawsuit were filed and clarify how a "emergency stop" could be initiated if gas prices rise due to dwindling supplies during the phase-out of Russian gas. The letter said that Brussels would also work on a solution to reduce the cost of gas and oil tariffs for Slovakia. Malta also expressed concerns about the proposed Russian price cap. However, the government announced on Thursday night that it would support the new sanctions Friday. EU diplomats confirmed this. (Reporting and writing by Jan Lopatka, Jason Hovet; additional reporting and writing by Kate Abnett in Brussels and Andrew Gray, editing by Jason Hovet & Rod Nickel).
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BHP and Lundin JV prolongs useful life of Argentina Copper Mine
Vicuna Corp is a joint venture between BHP Australia and Lundin Mining Canada. It announced on Thursday that it would extend the useful life of their Josemaria copper project, which includes gold and silver, by six years. The mine's longer life, 25 years, instead of the 19 years it had before, was attributed to the higher level of resources that could be exploited. Vicuna predicted that the ore processing rate would be 175,000 metric tonnes per day at the site located in Argentina’s north-western San Juan Province, near the Chilean Border. The government of Argentina is looking to increase foreign currency flows and strengthen its economy by promoting mining in the provinces that border Chile, where there has been limited development. In a second version of its environmental impact assessment, Vicuna also addressed water management issues. Josemaria is currently in its pre-construction phase and the miner Production is expected to begin in 2030 After submitting a report on technical aspects in the first half 2026. This will establish exact timelines and projections. The data from Thursday could be helpful to Vicuna in its plans to apply for the Large Investment Incentives Regime of Argentina (RIGI), which is promoted by Javier Milei, president of the libertarian government. In early 2014, it was estimated that the Filo del Sol deposits of Josemaria and Vicuna contained 13 million metric tonnes of measured copper as well as 25 million metric tons inferred copper. Although Argentina hasn't produced copper since 2018, the large number of projects that are in the pipeline could push it into the top 10 producers globally. (Reporting and editing by Leslie Adler, Kyry Madry, and Lucila Sigal)
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Burgundy Diamonds cuts employees in Canada due to falling diamond prices
Burgundy Diamond Mines, an Australian company, has laid off hundreds of employees and contractors at its Point Lake mine in Canada and suspended operations due to the record-low prices for diamonds. A spokesperson from the company said this on Thursday. The Ekati mine includes the Point Lake site, located in Canada's Northwest Territories. Burgundy says its remote Arctic site is still operational. Burgundy Diamond Mines has decided to suspend the open pit mining operation at Point Lake. This is a short-term shift away from surface mining operations, said Ariella Calin. Point Lake is not economically viable with global diamond prices at all-time lows. Calin stated that the underground Misery mine is not affected. The Northwest Territories has three diamond mines, Diavik owned by Rio Tinto and Gahcho Kue owned by De Beers, as well as Burgundy Ekati. Companies are either trying to survive or suspending operations due to the falling diamond sales worldwide. Rio Tinto plans to close its Diavik mine by the beginning of 2026. Anglo American, the owner of De Beers, is planning to spin off all its diamond operations. Burgundy has halted its trading on the Australian Stock Exchange in the pending of an operational update by the company. Calin stated that Misery's production rates have improved significantly in recent months. Burgundy is expected to provide an update on quarterly production at the end of July. The NWT community is pitching projects to replace the future loss of jobs as Canada's diamond mining industry reaches the end of its productive life. Karen D. Costello is the executive director of NWT & Nunavut Chamber of Mines. She said that "the Northern mining industry dates back over 90 years." It has been acknowledged that the mineral potential is enormous, but it will take robust exploration in order to find the minerals. We also need to move forward with the existing projects so they can be the inspiration for the next generation. (Divyarajagopal, Toronto; Editing done by Caroline Stauffer and Richard Chang).
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Vibra shares fall on news that Petrobras is eyeing retail fuel
Bloomberg News reported on Thursday that the state-run oil company Petrobras is considering a return to retail fuel and its board will discuss this topic next week. Vibra shares fell 2.5%. This makes the company the worst performer in the benchmark Bovespa index, which traded near flat. Petrobras' shares fell around 0.5%. Petrobras has no plans to resume retailing of fuel, according to two people who are familiar with the situation. One source noted that Vibra, an ex-Petrobras subsidiary, has a clause prohibiting the oil giant from competing with it until 2029. Source added that even if this matter was to be discussed during a board of directors meeting, the clause would prevent any action. Petrobras didn't immediately respond to a comment request. Vibra, one of Latin America's largest fuel distributors, operates a chain Petrobras-branded gasoline stations as well as selling fuel directly to businesses. BR Distribuidora was previously known as BR Distribuidora. The firm was spun-off from Petrobras in 2019 and privatized under former president Jair Bolsonaro. This state-run company sold assets so that it could focus on its oil production and exploration business. The leftist president Luiz inacio Lula da silva has called this move a grave error and criticized fuel retailers who do not lower prices at the pumps even when Petrobras cuts their prices to distributors. Reporting by Rodrigo Viga Gaier, Fabio Teixeira and Brad Haynes; editing by Chizu Nomiyama and Brad Haynes
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Canada's Indigenous Challenge accelerates mine and energy projects
Indigenous groups say laws undermine consultation right The government says it needs to change in response to U.S. tariffs The U.S. tariffs are just an excuse for the Indigenous leaders By Michael Koy The tensions between government and Indigenous communities are a reflection of long-standing concerns about consultation and environmental impacts of mining projects. Canada's leaders have said that the threat of U.S. tariffs against Canadian goods should prompt the country to accelerate its economic development so as to prepare for potential economic shocks. A group of Canada's First Nations launched this week a constitutional challenge against two laws passed by the government in June. One was in Ontario, and the other at the federal level. A notice filed with the Ontario Superior Court stated that the laws "represent an obvious and present danger to Applicant First Nations’ self-determination right". Last month, the Canadian parliament passed a bill to expedite approval of projects that are deemed in the national interest. This includes mines and oil pipes, as well as removing some trade barriers among provinces. The Ontario cabinet was given broader powers by a similar measure, and British Columbia passed a bill last month to speed up infrastructure projects. Sol Mamakwa was expelled from the Toronto assembly for accusing Ontario's Premier of "falsehoods" to First Nations about Bill 5, the provincial legislation. Ontario Premier Doug Ford, in response to Indigenous protests that took place in Toronto added a clause at the last minute to the law requiring consultation with First Nation groups prior to any mining or development projects. The details of the plan, and the way in which First Nations will consult with each other are still not clear. Ontario's new legislation allows the government declare "special economic areas" which exempt certain projects from provincial laws. It would be easier for mining and infrastructure companies to bypass state laws and environmental restrictions and accelerate development projects in a nation that is the fourth largest oil exporter in the world and a mining superpower. Gord Miller is the current chairperson of Earthroots in Toronto, an organization that promotes conservation. He was previously Ontario's environmental commissioner and former Ontario environment commissioner. "Although these zones are sparsely populated, what stops them from using the bill to affect more densely-populated areas in southern Ontario?" He asked. Canadian law says that the government is required to consult First Nations regarding projects which could have an impact on their environment and rights. Sayers, however, is sceptical about the government's promises of consultation. Fast-tracking approval of projects, say indigenous groups, sidesteps this obligation and denies the group a real voice. "Consultation is not enough." Sayers stated that "Consultation is their way of asking what we think and then doing it regardless," without listening to what we have to say. We reserve the right not to approve or reject any development. "You don't have the right to say no or yes to development in our backyards," said he. TRUMP FACTOR Ford said that the tariffs imposed by the United States on Canadian goods means it can no longer do business as usual. Ford stated in a press release that "we are cutting redtape to unlock our essential minerals and unleash our economic to create new opportunities and jobs in the North and across the Province." Indigenous leaders and environmentalists, however, say that U.S. Tariffs are an excuse. Trump announced last week that the United States will impose a tariff of 35% on Canadian imports next month. "Relating Bill 5 with Trump's Tariffs is nonsense. Miller said that American companies pay tariffs to American Government. We Canadians do not pay these. Chief Taynar Simpson of Alderville First Nation stated that governments, "no mater what colors or stripes they wear", have always sought to undermine and bypass environmental protection laws. Simpson said that citing Trump as the cause of the bill was self-serving and an attempt to hide the true reasons and causes. RISE IN TENSIONS Some Indigenous leaders say they will fight back with blockades and strikes, reminiscent of the Idle No More Movement in 2012 that saw nationwide demonstrations against a federal law aimed at allowing corporations to more easily extract resources from Indigenous lands. In 2020, Indigenous protesters in Canada shut down major roads and railways for several weeks in solidarity with a British Columbian Indigenous group that was fighting to stop the construction of a pipeline across their land. Indigenous and environmental groups are threatening protests this time, along with their legal actions. Sayer stated that Indigenous Peoples are "looking at all the options necessary to force the government to back off." "We won't be jailed like we used to in the past. We can get educated now. Sayer replied, "We can hire attorneys now."
Nikkei reports that Japan and EU will explore joint procurement of rare earths
The Nikkei reported that Japan and the European Union are considering joint public-private partnership as they seek to reduce their dependence on China, for example in the procurement of rare Earths.
Global manufacturers are worried that China's decision to restrict exports of rare earth alloys, mixtures, and magnets will slow down production and disrupt supply chain.
Rare earth supply chains have been established globally to try and loosen China's grip over the materials that are used in electronic devices, weapons, and electric vehicles.
Reports indicate that the EU and Japan will start a "two-plus-two economic dialogue" to bring their economy and foreign ministers together. The new dialogue is expected to be announced during the Japan-EU Leaders' Summit scheduled for the 23rd of July.
It said that the talks aim to identify specific cooperation areas between the parties starting this summer.
After the two sides agreed on a new working-level dialogue, they will develop supply chains jointly for critical minerals like rare earths.
Nikkei reported that the focus of their discussions will be on how Japanese companies can participate in EU projects within the new framework which aims to strengthen Japan-EU relations.
Stephane Sejourne will be added to the discussions as the executive vice-president for prosperity and industrial strategies of the European Commission.
The U.S. Department of Defense has signed an agreement to establish a new e-commerce platform.
multibillion-dollar deal
MP Materials, the Pentagon's largest shareholder, will boost rare earths production.
India
Holding talks
This week, the trade ministry reported that Chile and Peru will source vital minerals as part of ongoing free trade negotiations. (Reporting and editing by John Biju, Bengaluru)
(source: Reuters)