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In northwest Nigeria, armed men on motorbikes kidnap 70 and kill 11.
Witnesses said that armed men riding motorbikes kidnapped and killed at least 11 people, including women and young children, in an area of northwest Nigeria plagued with mass abductions. Isa Sani, a resident of Zamfara State in Zamfara State, said that the men opened fired as they rode towards Sabongarin Damri late Saturday night. They came on motorcycles and shot randomly before stealing our daughters and children. We haven't heard from them since today. "Everywhere is quiet," said he on Monday. Sufiyanu said that the attackers shot Sufiyanu in the leg after they kidnapped and took his wife. "There were gunshots all around... He told me by phone that he narrowly escaped. He added that at least 11 people had been killed. In recent years, groups known as "bandits" in the locality have murdered hundreds and taken thousands of people hostage across the state. They hold hostages for months, and then demand ransoms to release them. Zamfara is the epicenter of violent attacks which have caused disruptions in farming and travel, and forced thousands of people to flee from their homes. Shehu Musa confirmed to Shehu, the traditional chief from Sabongarin Damri Village, that over 60 people, including women and kids, were taken. Zamfara Police did not respond immediately to comments. Ahmed Kingimi, Maiduguri Reporter; Elisha Gbogbo, Writer; Andrew Heavens, Editor
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McEwen Mining will complete Argentina mine feasibility in two months, says executive
McEwen Mining is expecting to finish a feasibility study on its Los Azules Copper Mine in Argentina within two months. This will allow the Canadian miner the opportunity to obtain $600 million of financing to build infrastructure in the coming year. Michael Meding (Vice President of McEwen Copper) said that McEwen Copper's copper division spent $300 million to begin the project, which will eventually cost $3 billion. He said that the company aims to secure 20 percent of the total investment - the equivalent of 600 million dollars - as early as next year. Los Azules is one of eight major copper projects that hope to take advantage of projections for a soaring demand in the future. Argentina's copper reserves are mostly untapped and the country hasn't produced copper since the Bajo de la Alumbrera Mine, operated by Glencore at the time, closed in 2018. Los Azules has plans to build roads, expand the camp on site, and install electricity lines in the next year. The mine construction will begin in 2027. Production is expected to start in late 2029, or early 2030. Meding stated that the main challenge was to raise the funds needed so the project could move forward at the speed it desired. The project hopes that $277m of the investment qualifies for an incentive program, launched by President Javier Milei, called the Incentive Program for Large Investments (RIGI), meant to ignite a fuse for major investments. McEwen Mining owns 46.4% of Los Azules, followed by Stellantis Automotive and Rio Tinto Nuton's Leaching Technology Unit. McEwen announced recently that it had produced cathodes in a laboratory. Meding described this as an "important test" of the mine's plan to produce exclusively cathodes. Meding stated that the mine would use heap leach technology to produce cathodes, which will require five-sixths of the water used in traditional flotation processes. Los Azules also plans to become carbon neutral by the year 2038 and will use renewable energy, mainly solar, provided by YPF Luz, a state-owned company in Argentina. Meding pointed out that McEwen competed with other industries to secure funding, and not just mining. He said, "We must convince big capital right now." (Reporting and Writing by Lucila SIGAL, Editing by Christian Plumb & Rod Nickel; Daina Beth SOLOMON)
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The French Flamanville 3 reactor will not be producing until October
EDF, the operator of France's Flamanville 3 reactor, said that it is experiencing further delays in maintenance and will not be able to restore production until October 1. Full power is not expected until mid December. The reactor started operating in September 2024. This was 12 years later than initially planned. It cost about 15 billion euros, four times its original budget. EDF explained that the latest delay was a precautionary measure to test a safety valve intended to protect the primary circuit of the reactor. These valves are designed to open when there is a sudden pressure surge and then close once the pressure has stabilized. A spokesperson for EDF said that the nuclear output expected by the company, which was higher in the first half year than expected, has not been affected. Flamanville 3, the largest French reactor, is the only French nuclear reactor completed by EDF in the last 25 years. It is expected to generate about 1.6 gigawatts per hour. As part of a 2022 project proposed by President Emmanuel Macron, the heavily indebted French electric utility seeks funding to build six new EPR2 reactors. ($1 = 0.8654 euros)
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Dealers say that India's palm oil imports in July dropped as soyoil shipments grew.
Five dealers report that India's imports of palm oil fell in July due to cancellations of import contracts. However, soyoil exports surged at a three-year high, thanks to the competitive prices, and to deliveries of delayed shipments since June. India's lower palm oil imports, which are the largest buyers of vegetable oils in the world, could cause a buildup of stocks among top producers Indonesia, and Malaysia, and put pressure on Malaysian palm futures. According to dealers, the imports of palm oil in July fell by 10%, to 858,000 metric tonnes, from their 11-month peak in June. Imports of soyoil in July increased by 38% on a monthly basis, reaching 495,000 tons. This is the highest level for three years. According to the report, the increase in soyoil imports was due to vessels finally unloading their cargo after being held up by congestion in Gujarat's Kandla Port in June. Dealers estimated that imports of sunflower oil fell by 7%, to 201,000 tonnes. Dealers estimate that the increase in soyoil imports boosted India's total edible oils imports by 1.5%, to 1.53 millions tons, from a year earlier. This is the highest level of imports since November. They said that the import numbers do not include duty-free shipments from Nepal which arrived via land border. India, which had bought less edible oil in the first half 2025 than usual, is now increasing its imports ahead of the festive season to meet the rising demand, according to Aashish Acharya. Acharya is vice president of Patanjali Foods Ltd., a major importer of edible olive oils. In India, the demand for edible oils, especially palm oil, increases during festival season because of increased consumption. According to Rajesh Patel, managing partner of GGN Research and an edible oil trader, imports are expected to remain strong in the months ahead as refiners replenish their stocks. India imports mainly palm oil from Indonesia and Malaysia. It also imports sunflower oil and soyoil from Argentina, Brazil and Ukraine. GGN Research estimates that Nepal imported 83,000 tons of edible oil in July. This is up from 75,000 tonnes in June. (Reporting and editing by Janane Vekatraman; Rajendra Jadhav)
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Shein fined 1 million Euros by Italian regulator for greenwashing
The Italian Competition Authority (AGCM), imposed on Monday a fine of 1 million euros ($1.16million) on fast fashion online retailer Shein, founded in China for misleading its customers about the environmental impact on their products. Shein has now been hit with a second financial sanction from a European Competition Authority in less than a week. On July 3, France fined Shein 40 million Euros for false discounts and misleading claims about the environment. AGCM, the Italian regulatory agency, launched an investigation into "greenwashing", which led to Infinite Styles Services Co. Limited of Dublin, operating Shein's European website. Shein didn't immediately respond to our request for comment. AGCM stated that the environmental sustainability messages and social responsibility messages posted on Shein’s website were "sometimes vague, generic and/or too emphatic and in other cases, omitted and misinformed." The regulator found that Shein's claims about circular system design, product recyclability and its "evoluSHEIN By Design" collection's green credentials were exaggerated. Shein's 'evoluSHEIN By Design' collection is a line of clothes that are made with more sustainable and responsible manufacturing. AGCM stated that consumers may be misled into thinking that the collection is made from eco-friendly material and that it's fully recyclable. "This fact, when considering the fibers used and the current recycling systems in place, is not true." The authority was also critical of Shein's "vague, generic" commitments that would reduce greenhouse emissions to zero by 2050 and by 25% by 2030. It noted the contradictions between its increased emissions in 2023 and in 2024. The Italian regulator stated that its overall assessment had been influenced by a "increased responsibility" placed on Shein "because they operate in a highly-polluting sector and use highly-polluting methods", such as superfast and fast fashion. AGCM is responsible for both consumer protection and competition. Shein stated that it was "prepared to work openly and transparently with the relevant Italian authorities to answer any inquiries" when AGCM launched its investigation last year. Shein, founded in China, is famous for its affordable tops and dresses. Last year, reports of plans to list shares in London raised concerns about the company's environmental record and its treatment of employees.
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Mitsubishi Materials, Japan, may reduce copper smelting because of declining margins
Mitsubishi Materials, Japan's copper concentrate processor, is looking at reducing the amount of copper concentrate processed in its Onahama Smelter & Refinery due to falling treatment and processing costs (TC/RCs), it announced on Monday. JX Advanced Metals, a competitor, announced in June that it would also consider reducing copper production due to the significant decline in ore purchasing terms. Mitsubishi Materials warned that the worsening TC/RCs of miners would further reduce smelting profits. The company stated that in order to maintain and improve profits, it was necessary to increase the proportion of recycled raw materials. It also needed to accelerate the transition to feedstocks less susceptible to TC/RC fluctuation. Mitsubishi Materials announced that it is considering a partial shutdown and reduction of copper concentrate processing in Onahama after scheduled maintenance between October and November of this year. Tetsuya Tanaka, chair of the Japan Mining Industry Association, warned last month that domestic copper smelters would face tough mid-year negotiation with global miners regarding TC/RCs. He said they could not accept terms so low agreed upon by Chinese smelters. In mid-year negotiations, some Chinese smelters reached TC/RCs with Chilean miner Antofagasta of $0 per ton and 0c per pound. These rates are considered an industry benchmark, and they are far below 2025 charges of $21.25 per ton and 2.125cents per pound. Tanaka, also the president of Mitsubishi Materials, stated at that time that shrinking margins in smelting were placing non-Chinese companies under extreme pressure. (Reporting and editing by Emelia Sithole Matarise; Yuka Obayashi)
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Japan's Mitsubishi Q1 profits down 43% but still beat expectations
Japanese trading house Mitsubishi posted a net loss of 203.1 billion Japanese yen (about $1.4 billion) for the three-month period ending June 30. This was down 43% compared to a year earlier, but still beat analysts' expectations. A LSEG survey of analysts predicted that the company would post a net profit of 180.3 billion yen for its first quarter. Mitsubishi's net profit for the same period in last year was 354.4 billion yen. The company reported that this year's profit was down mainly due to the lack of gains from asset sale and the lower prices of the Australian steelmaking coke business. Mitsubishi's forecast for fiscal year ending March next year remains unchanged at 700 billion yen. When asked about the impact of U.S. Tariffs on the first-quarter earnings, Chief Financial officer Yuzo Nobuchi said that there was no noticeable direct impact, but some indirect effects felt through affiliates. He said at a press conference that "uncertainty about the economic impact" of U.S. Tariffs on the U.S. economy, the Chinese economy, and the broader Asian economy could affect our business in the future. Nouchi stated that Mitsubishi has not yet completed its feasibility assessment of the domestic offshore wind projects. He said, "At this time, we're not in a position where we can estimate with certainty the additional losses that we might incur as a result of these projects." Mitsubishi recorded a profit of 52.2 billion yen (US$353 million) in February. impairment charge On its domestic offshore projects for the nine months ended in December, the company said that it was reviewing the project's progress due to rising costs and interest rates. Berkshire Hathaway, the investment company of Warren Buffett, has acquired minority stakes in Japan’s five largest trading houses including Mitsubishi.
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Copper prices rise as dollar weakens
The dollar fell on Monday as a result of weaker than expected U.S. employment data. This boosted the odds for a Federal Reserve rate cut in September. As of 0712 GMT, the London Metal Exchange reported that three-month copper was up 0.5%, at $9,673 a metric ton. The Shanghai Futures Exchange's most traded copper contract rose 0.1%, to 78.330 yuan (10,915.70 dollars) per ton. The dollar index dropped 0.4% against a basket rival currencies, after the dismal U.S. employment report and President Donald Trump's firing of a senior labour official stunned investors. They then increased their bets on imminent Fed rate reductions. A weaker dollar makes greenback-denominated assets more affordable to holders of other currencies. Amador Pantoja, a union leader, said that Codelco, a Chilean mining company, has reduced the copper extraction at its flagship El Teniente Mine after a fatal incident, but continues to operate its concentrator and its smelter. Analysts say that China's refined output of copper is expected to reach a new record in 2025 as its giant smelting industry powers through the global shortage of ore copper, which is forcing out some overseas competitors. Last week, the COMEX copper price fell 23% as a result of a surprise decision by U.S. president Donald Trump to exempt refined metals from import tariffs of 50%. There are fears that the massive stockpiles of copper in COMEX's warehouses may be reexported on international markets. This would lead to a downward pressure on the international benchmark copper price," ANZ analysts wrote in a report. Other metals in London were up 0.5%, at $2,578 per ton. Nickel was up by 0.2%, to $15,005. Lead rose by 0.1%, to $1,973.50. Tin gained 0.1%, to $33,330. And zinc was 0.3% higher, to $2,735.50. SHFE aluminium rose by 0.2% to 20 525 yuan. Nickel gained 0.5% at 120 630 yuan. Lead increased 0.5% to 16 750 yuan. Tin increased 0.9% to 266 490 yuan. Zinc fell 0.4% to 22 255 yuan. Click or to see the latest news in metals, and other related stories.
Iron ore prices rise on strong demand and healthy steel margins
Iron ore prices rose on Monday due to a strong near-term demand and falling portside stock, as well as healthy steel margins for the top consumer, China. However, expectations of rising supplies capped any further gains.
The daytime trading price of the most traded September iron ore contract at China's Dalian Commodity Exchange was 0.76% higher, ending at 790.5 Yuan ($110.15).
As of 0700 GMT, the benchmark September iron ore traded on Singapore Exchange rose 1.2% to $100.2 per ton.
The average daily hot metal production remained at 240 million tonnes, despite a decline in the weekly output as of July 31. This level is typically regarded as an indication of a strong iron ore market.
Steel mill profitability has also improved. Data from Mysteel revealed that around two-thirds (69%) of steel mills made a profit during the week ending July 31. This is up from 59% at the beginning of July.
Steelhome data showed that portside stocks fell 0.6% in the previous week, to 130.3 millions tons on August 1, the lowest level since February 2024.
The price of the main steelmaking ingredient was not able to increase due to the expectation of increased supply in the second part of the year.
First Futures, in a report, said that since miners have not changed their production forecasts, it is likely that shipments are going to increase in the rest of the year. This indicates a growing supply.
Cyclones in Australia slowed down shipments in the first quarter, which impacted the overall volume for the first half.
Coke and coking coal were also mixed on the DCE. Coking coal erased morning losses, ending daytime trading up 2.33%.
The Shanghai Futures Exchange saw a sideways movement in steel benchmarks, with rebar and wire rod both falling by 0.28%. Hot-rolled coils rose by 0.26% while stainless steel gained 0.47%. ($1 = 7.1763 Chinese Yuan) (Reporting and editing by Rashmia Aich and Sonia Cheema; Editing and reporting by Amy Lv)
(source: Reuters)