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Vulcan Elements, a rare earth magnet company, will build a $1 billion North Carolina facility
Vulcan Elements is a rare earth magnet manufacturer based in North Carolina. It announced on Tuesday that it would build a $1 Billion manufacturing facility to supply U.S. electronic and military customers. The facility is to be located in Benson, about 30 miles (48km) south of Raleigh. This would increase U.S. accessibility to magnets which convert power into motion in electric vehicles, mobile phones, fighter planes, and thousands of products. These magnets are the focus of a global trade dispute as China is using them to leverage negotiations with the Trump Administration. John Maslin, CEO of the company, stated that North Carolina was chosen over other states because it has a workforce devoted to engineering and offers economic incentives. The plant is located in North Carolina's "Research Triangle" near universities, military bases and laboratories. The workforce is the most important thing to us. Maslin stated that the most important thing was to find PhDs, engineers and technicians from complementary industries. The United States was once the largest magnet manufacturer in the world, but it lost that expertise during the 20th century. Maslin stated that Vulcan's technology for magnets was developed by one of its co-founders and that the company doesn't anticipate any patent issues. North Carolina estimates that the facility will boost North Carolina's economy by $2.6 Billion. Vulcan would be eligible to receive $17,6 million from the state if that were to happen. Vulcan signed an agreement with ReElement Technologies in August to supply rare earth oxides. Vulcan would have to convert the oxide into a metal first before turning it into magnets. Maslin stated that the metallization will take place in the Benson facility. He declined to state if Vulcan, or another party, would be responsible for this step. Vulcan wants to produce 10,000 tons of magnets per year, and a "significant amount" of this production will be online by 2027. This is about the same amount of magnets that MP Materials plans to produce at its Texas magnet plant. (Reporting and editing by Lincoln Feast; Ernest Scheyder)
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Vulcan Elements, a rare earth magnet company, will build a $1 billion North Carolina facility
Vulcan Elements of North Carolina, a rare earth magnet manufacturer, announced on Tuesday that it would build a $1 Billion manufacturing facility in the state to supply U.S. electronic and military customers. The facility is slated to be built in Benson, about 30 miles (48km) south of Raleigh. It is partially funded by grants from Pentagon. This would increase U.S. accessibility to magnets which convert power into motion in electric vehicles, mobile phones, fighter planes, and thousands of products. These magnets are the focus of a global trade dispute as China is using them to leverage negotiations with the Trump Administration. John Maslin, CEO of the company, stated that North Carolina was chosen over other states because it has a workforce that is focused on engineering and offers economic incentives. The plant is located in North Carolina's "Research Triangle" near universities, military bases and laboratories. The workforce is the most important thing to us. Maslin explained that the key was to find PhDs, engineers and technicians from complementary industries. There is no large magnetics workforce in the United States, because it has been hollowed-out. We need to rebuild this muscle. North Carolina estimates that the facility will boost North Carolina's economy by $2.6 Billion. Vulcan would be eligible to receive $17,6 million from the state if that were to happen. Vulcan signed an agreement with ReElement Technologies in August to supply rare earth oxides. Vulcan would have to convert the oxide into a metal first before turning it into magnets. Maslin stated that the metallization will take place in the Benson facility. He declined to state if Vulcan, or another party would be responsible for this step. Vulcan's target is to produce 10,000 tons of magnets per year, and a "significant amount" of this production will be online by 2027. This is about the same amount of magnets that MP Materials plans to produce at its Texas magnet plant. (Reporting and editing by Lincoln Feast; Ernest Scheyder).
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After protests, Peru lawmakers extend mining permits
The Peruvian Congress approved on Tuesday a bill that would extend temporary permits to informal miners through the year 2027. This was done as over a thousand protesters gathered outside the legislative building against the impending expiration of the permits. The bill is now going to be discussed in full plenary sessions of Congress before it can be approved. The REINFO program, which provides a temporary legal status and has been extended multiple times, is set to expire on December. The day before, miners protested again because they felt that the government's efforts to force them into formalizing their claims were too complicated and expensive. Most of these gold miners want an additional five years to leave the temporary system. Mining companies and professionals in the industry have expressed concern that another extension would increase illegal activity. The REINFO scheme, they say, has allowed illegal miners to profit, sometimes working alongside criminal gangs. This debate is just five months away from general elections, in which many lawmakers are running for re-election. Maximo Franco bequer, a union leader, said that he had met with Jose Jeri on Friday. Jeri took office in the month of January. Bequer reported that the president had "promised" to assess the situation with informal miners before he took a position regarding any possible decision made by Congress. Peru is one of the world's leading mining countries, and it exported gold worth $15.5 billion in 2024. According to data from the sector and the country's financial regulator, an estimated 40% of this gold is illegally sourced. (Reporting and Additional Reporting by Anthony Marina, Writing by Natalia Siniawski, Editing by Brendan O'Boyle & Lincoln Feast.
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US lends Constellation $1 Billion for Three Mile Island Reactor Reboot
The Trump Administration announced on Tuesday that it had loaned Constellation Energy Corp. $1 billion in order to restart the nuclear reactor of a Pennsylvania facility formerly known by the name Three Mile Island. Constellation and Microsoft signed a contract in 2024 to restart an 835 megawatt reactor that shut down in 2019. This would offset Microsoft’s data center energy use. The plant's other unit, now called the Crane Clean Energy Center after a 1979 accident that froze the nuclear industry, was shut down in 1979. The U.S. is experiencing its first increase in power demand since the 1990s, thanks to technologies such as artificial intelligence. The use of nuclear energy, which emits virtually no carbon, is now an option for companies that have a constant need for power and are committed to climate change. The critics point out that America has not found a permanent solution for radioactive waste. Greg Beard, the head of Energy Department's Loan Programs Office (LPO), said that the restart will support the PJM Regional Grid. Beard, who spoke to reporters, said that this type of energy was important because it is a large, stable and affordable base-load power. Constellation says the loan will lower its cost of financing, and help leverage private investment in order to restore electricity to the grid. Beard stated that the LPO had more than $250 billion of capital. "We expect a large part of this to be used to reinvigorate large-scale reactor development," he said. Chris Wright, Energy Secretary, said in a statement this month that most of the LPO funds would be used for nuclear projects. Constellation had accelerated the restart of the reactor in June by about a decade to 2027, after PJM accelerated its review process for connecting the project to grid. Constellation has ordered major equipment and hired hundreds of employees. It also completed inspections of the infrastructure. The reactor will require a new cooling tower, a new main power transformer, among other items, as well as refueling before electricity can be produced. Beard stated that this was the first instance the LPO had declared a company to have met all the conditions for a lending and then closed the loan at the same moment. He said Constellation was guaranteeing the loan and this loan structure would protect the taxpayers in the event the project did not succeed. Beard stated that Constellation was an established "investment grade" nuclear operator who could have obtained a bank loan even without government assistance. "But we are showing our support for reliable, affordable, stable and secure energy in the U.S. as directed by (Donald Trump)." Constellation announced this year that the plant needs to be approved by both the U.S. Nuclear Regulatory Commission as well as water related permits.
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Ukraine to sue Russia for $44 billion in wartime emissions
A government minister said that Ukraine will seek $44 billion in damages from Russia to compensate for damage caused by the war's increased emissions of greenhouse gases. This is the first time that a country has sought damages from Russia for an increase in climate-warming emissions from a war. The increased emissions include those from fossil fuels, steel, cement, and other materials used to fight the conflict, as well as the fires caused by the burning of trees. Pavlo Karashov, deputy minister of economy, environment and agriculture, said that "a lot of damage had been done to the water, land, and forests." Kartashov said in an interview at the sidelines of COP30 Climate Summit in Brazil that "we have enormous amounts of CO2 emissions and other greenhouse gases." A member of Russia's delegation at COP30 refused to comment. Lennard de Klerk, a Dutch expert in carbon accounting, estimated that the war generated 237 millions tons of CO2-equivalent additional emissions since Russia invaded Ukraine in February 2022. This is nearly the same as the annual emissions of Ireland, Belgium, and Austria combined. De Klerk said he helped Ukraine calculate the damages figure, based on an article in Nature from 2022 that estimated the social cost of CO2, or the estimate of damages caused to society by CO2, to be about $185 per ton. He said that Ukraine was preparing a claim under a new compensation procedure being established by the Council of Europe, which has already received around 70,000 claims from Ukrainians for damages caused by war. A claims commission will decide on all claims, even those filed by legal entities like companies. Uncertainty remains about the source of compensation. De Klerk said that billions in frozen Russian assets might be used to cover the claims. Reporting by Simon Jessop, Sebastian Rocandio and Nia William; Editing by Katy Daigle & Nia Williams
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Five tourists are killed by a snowstorm in Chilean Patagonia
Authorities said that five tourists died in a powerful storm in Chile's Torres del Paine National Park in the southern region Patagonia. They also reported that four other tourists who had gone missing were found alive. Jose Antonio Ruiz said that talks have begun with representatives of the victims' home countries to repatriate their bodies. Authorities said that two Germans, one Briton, and two Mexicans were killed. They added that the weather conditions made it difficult to recover bodies. In a social media message sent to the families of victims, President Gabriel Boric expressed his deepest condolences. Know that Chilean institutions and authorities are at your side in these trying times. Guillermo Ruiz is the delegate of the president for the province Ultima Esperanza. He told reporters that the tourists got lost near Los Perros Camp, which can only be reached by walking four to five hours from the nearest accessible point. A snowstorm caused whiteout conditions, with wind speeds exceeding 193 kmh (12 mph), which is equivalent to a category 3 hurricane. Torres del Paine National Park is a vast area of about 1,810 km2 (700 sq mi) that attracts hundreds of thousands of tourists each year. Reporting by Sarah Morland in Santiago and Fabian Cambero Editing by Rod Nickel & Alistair Bell
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Peru's informal miners protest against the end of temporary permits at Congress
On Tuesday, more than 1,000 informal miners from the mining-powerhouse Peru protested against government attempts to regularize their status. The Peruvian government wants to stop a temporary permit for small-scale mining known as REINFO. This has sparked violent protests from miners who say that full regularization would be too complicated and expensive. The majority of gold-mining miners want to stay on the temporary scheme for up to five years. It is set to expire by the end the year. Peru's government has already extended the deadline multiple times. Maximo Franco Bequer, the union leader, said on Tuesday that there are some who would be willing to find "a middle-ground" with Congress. On Tuesday, a congressional mining committee was getting ready to discuss the extension of the temporary permits program until 2027. This debate is taking place five months before the general elections, in which many lawmakers from both left and right are seeking reelection. The formal mining companies fear that Congress may concede to protesters. This, they claim, could increase illegal activities in the sector. The process of formalizing informal mining status is a complex one, with many bureaucratic obstacles. However, Peruvian police and industry experts say that the REINFO scheme allows illegal miners to work, sometimes alongside criminal gangs. In July, more than 50,000 small scale miners were removed from REINFO. About 31,000 are responsible for updating their status. Bequer says he's pushing the government to let the expelled small-scale miners return to REINFO. He estimates that around 10,000 of them will be able to return. The union leader told reporters that he had met with Jose Jeri on Friday, the president who assumed office in December. Bequer stated that "he promised us he would assess the situation of informal miner before deciding on any possible decision by Congress." In 2024, Peru will export $15.5 billion in gold. This is a huge jump from the $11 billion exported last year. According to local financial regulator and sector data, it is estimated that 40% of the gold in Peru is illegal. (Reporting and Additional Reporting by Anthony Marina, Writing by Natalia Siniawski, Editing by Brendan O'Boyle).
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As anger grows, a corruption case in Ukraine causes a standoff in the parliament
On Tuesday, one of Ukraine's major opposition parties physically prevented lawmakers from voting in parliament to dismiss two Ministers due to a corruption probe. They demanded the removal of the whole cabinet. The standoff in parliament is the latest manifestation since Ukraine's largest wartime corruption scandal broke out last week. Ukraine's antigraft bureau has revealed that it is investigating a $100-million pay-to play scheme at the state-run nuclear power company run by the Energy Ministry. Two suspects are still at large. One of the former business associates of President Volodymyr Zelenskiy, who fled Ukraine last week, is one. The parliament was to vote Tuesday on the dismissal Svitlana Svitnchuk, Energy Minister and her predecessor German Galushchenko who is now minister of Justice. WAR'S FINAL WINTER IS APPROACHING AND ALLEGATIONS ARE CAUSING FURY The vote did not take place because the European Solidarity Party, the main opposition party, blocked the access to the podium. Members of parliament held cardboard signs with slogans like "What is darkness' price?" The session was halted by Ruslan Stefanchuk, the Speaker. A member of the opposition said that a new vote was likely to be held on Wednesday. Both cabinet members deny wrongdoing. Hrynchuk offered to resign, and Galushchenko was suspended pending the results of the investigation. Zelenskiy is in favor of removing them both. The European Solidarity party, led by the ex-president Petro Petroshenko, said that it would try to remove the entire cabinet. This measure has now little support in Parliament. Members of Zelenskiy’s Servant of the People accused the opposition of grandstanding, and of preventing the parliament from taking any action. "While some thieves hide and run, other populist politicians put on a display," said Danylo Hentmantsev a Servant of People senior lawmaker. The anti-corruption court in Ukraine ordered Oleksiy Cernyshov to be held under bail of 51,6 million hryvnias ($1.23 million), equivalent to the former prime minister. Interfax Ukraine reported that Chernyshov’s lawyers requested during a two day hearing to have the order thrown out. They said the evidence against him was inadequate and the bail stipulations were inappropriate because all of his assets had already been frozen. As the fourth winter of the war nears, the allegations made by the National Anti-corruption Bureau of Ukraine have caused widespread anger. Most Ukrainians are living with daily power outages caused by Russian bombardment of their grid. Timur Mindich is the co-owner, along with Zelenskiy, of the TV studio in which he began his career, as a star of a sitcom, before becoming president of Ukraine in 2019. Zelenskiy imposed financial sanctions against Mindich, and the studio stated that Mindich no longer plays a decision-making role. Ukraine is being pressed by the international community to address its corruption issues, which have been a problem for many years, as it attempts to join the European Union. It has received support worth tens and tens billions of dollars from its allies ever since Russia invaded Ukraine in 2022. Zelenskiy attempted to curtail some of the powers of NABU, an anti-corruption organization earlier this year. However, he backed down following an outcry by the public and European Allies. He claimed that his changes would make government more efficient. He denied accusations that he tried to shield his associates from investigation. (Reporting and additional reporting by Anastasiia malenko and Yuliii Dysa.)
Gold gains slowed after Fed Powell's remarks despite rate cuts
The gold price fell on Wednesday, as the markets digested the comments of U.S. Federal Reserve Chairman Jerome Powell about the future path for policy. This was despite the central banks's reduction in interest rates to a quarter percentage point.
As of 3:10 pm, spot gold was up by 0.3% to $3,964.39 an ounce. ET (1910 GMT), following a rise of up to 2% in earlier sessions.
U.S. Gold Futures for December Delivery settled 0.4% higher, at $4,000.7 an ounce.
The Fed has lowered its overnight benchmark rate, bringing it down to a range of 3.75% - 4.00%. This is the second time this year that the U.S. Central Bank has eased.
Powell warned of the dangers ahead at a recent press conference. Powell stated that there were strong differences of opinion about the direction to take in December during the discussions in the committee. He added, "A further reduction in policy rates at the December meeting was not a foregone outcome." The policy isn't set in stone.
Gold had a logical response to Powell's attempt to backtrack expectations of a December reduction. "We're already noticing Fed funds futures reducing expectations. This would be dollar-positive and gold-negative," said Peter Grant.
Dollar index continued to rise, making greenback priced bullion costlier for overseas buyers.
Gold that does not yield is usually more popular in low interest rate environments and times of economic uncertainty.
Tai Wong said that the fact that a cut in December is now under question will dampen precious metals' bounce.
Donald Trump, the U.S. president, announced a deal on trade with South Korea, and expressed his optimism for a similar truce between him and China's Xi Jinping ahead of Thursday's scheduled talks.
Gold is up 51% for the year to date, reaching a record-high of $4,381.21 in October 20. However, it has dropped over 3% this week due, among other things, to easing trade tensions.
Silver spot gained 1.7%, to $47.82 an ounce. Platinum was up 0.6%, to $1,595.81, and palladium increased 1.9%, to $1420.05. Reporting by Anjana Anil in Bengaluru, Noel John in New York and Pablo Sinha from Bengaluru. Mark Potter and Alan Barona edited the article.
(source: Reuters)