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Three people are charged in Kosovo for a canal explosion that threatened power plants
Kosovo's state prosecutor announced on Tuesday that three suspects were charged over a?explosion? last year in a water 'canal' supplying the 'two main' 'power plants of the country. In a press release, the statement said that the suspects had allegedly detonated TNT in the canal. This caused damage to the concrete structure of the canal and cut off drinking water. It also disrupted the cooling system for coal-fired plants. Fears of a possible power outage were raised. The three men were identified by their initials: J.V. D.V. and I.D. They face charges including endangering constitutional order, terroristism, and espionage. Sources at the prosecutor’s office said that all three men were ethnic Serbs, and had already been arrested. The prosecutor said that J.V. is a suspect who 'works for Serbia Military Intelligence Service. Belgrade has denied the claim that Serbia orchestrated the explosion. The blast occurred in Kosovo's volatile north, where the majority of residents are ethnic Serbs, who reject Kosovo's 2008 independence declaration. The Kosovo Police have increased patrols near the canal. (Reporting and editing by Ros Russell, Fatos Bytyci)
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Argentina will lower its grain export taxes and boost the farm sector's support for Milei
The economy minister announced on Tuesday that Argentina would lower export taxes for grains, including soybeans and corn. This move will be welcomed by the farming sector, which has been one of Javier Milei's strongest supporters. Milei, who is running for president, has promised Argentine exporters he will cut?taxes. However, he warned him that he would have to do this in stages in order to avoid a sudden?decrease in tax revenue. In a blog post, Economy Minister Luis Caputo announced that the levy on exports of soybeans would be reduced to 24%, from 26%. Byproducts of soybeans will now be taxed 22.5% instead, compared to?24.5%. Export levies on soybeans and byproducts of soybeans were 33% at the start of Milei's tenure, around two years ago. Argentina is one of the largest soybean oil and meal exporters in the world. It's also the third-largest exporter for corn and a major global supplier of wheat. Export taxes for wheat, barley and corn will be cut from 9.5% to 7.5%. Caputo stated that "today, we are taking a step forward in the direction of tax relief for agriculture. We will be moving ahead on a permanent reduction of export duties on grain and byproduct chains." A source in the Argentine govt. said that the measure would take effect once it was published in the Official Gazette of the country in the next few days. Gustavo Idigoras of CIARA, the chamber of grain exporters and 'processors, said that the agricultural sector "valued" the decision. He said that it was important to keep making progress in reducing tariffs. The local farmer's confederation CRA also welcomed the measure. Carlos Castagnani, its president, said that it was "a first step to restore profitability in the sector". Reporting by Aida Pelaez-Fernandez, Maximilian Heath and Mark Potter; editing by Gabriel Araujo and Jan Harvey
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Standard Lithium JV attracts over $1 billion of funding interest for Arkansas Project
Smackover Lithium, the joint venture between Standard Lithium and Equinor announced on Tuesday that it had attracted more than $1 billion of financing interest for its southwest Arkansas Lithium project. Three export credit agencies including EXIM, Export Finance Norway and Export Finance Sweden have expressed interest in providing debt financing to the project. Standard Lithium's U.S. listed shares rose 5% during premarket trading. The joint venture seeks up to $1.1billion in senior secured debt for the majority of the $1.45billion cost of constructing the first phase of the project. Export credit agencies would provide loans and guarantees, while commercial banks would also add debt. Standard Lithium was awarded a grant of $225 million by the United States earlier this year. Department of Energy has given Standard Lithium a boost in its competition with Exxon Mobil for the title of first lithium producer in Arkansas, where one of North America’s largest deposits of battery metal is located. The?joint-venture, formed in May 2024 is developing direct lithium extraction projects, in which Standard Lithium holds 55% of the shares and operates the projects, and Equinor the remaining 45%. (Reporting and editing by Sriraj Kalluvila in Bengaluru)
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Tusk: EU approves state aid to Poland's first nucleus plant
Donald Tusk, the Polish Prime Minister, said that the European Commission had agreed to allow Poland to provide state aid for the construction a?country's?first nuclear power plant. In a press release, the European Commission confirmed that it had approved state aid. Westinghouse Electric was chosen by Poland to build its first nuclear plant on the Baltic Sea Coast. Poland plans to start construction on the first unit in 2028, and complete it by 2036. Tusk stated that "we will have a confirmation soon" from the European Commission that it is willing to provide state aids for the construction in Poland of a nuclear plant. We have received the entire amount of funding, which is 60 billion zlotys (16.51 billion dollars). The first 4.6 billion zlotys of treasury bonds will be delivered to the interested party in December, i.e. this year. Tusk said that the European Commission’s approval was necessary for the launch of?the Polish nuclear programme. He said: "We'll?indeed? be able? to begin construction? with enough momentum so that?electricity? from the first nuclear plant in Poland? can flow as soon as possible?."
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Critical Metals and Romania's FPCU partner to establish rare earth processing facility
Critical Metals announced on Tuesday that it would form a joint-venture with FPCU, a Romanian company. The two companies will set up a facility to process 'rare earth minerals' from the Tanbreez mine of Critical Metals. In premarket trading, shares of the company increased by 4%. The company has said that it will supply half of the Tanbreez Project's?rare-earth concentrates to the Romanian joint venture for the entire?lifespan?of the mine, at "mutually agreeable competitive market terms". Tanbreez is a critical project as it provides an alternative source for heavy rare earths, which are vital to the production of electric vehicles, windmills, and defense. Western nations are working to reduce their dependence on China to obtain these essential resources. The Romanian facility will help create a supply chain focused on Europe for rare earths. This will reduce the region's dependence on China, who dominates more than 80% global processing. Tony Sage, CEO of Critical Metals, said: "We are not simply building a facility - we are dismantling China's stranglehold over rare earths. We will empower Europe with secure supplies." The company said that the plant would produce aerospace and military magnets. The company announced in October that it would raise $50m through a private investment in public equity deal (PIPE) with an institutional investor in order to develop its Tanbreez Rare Earth Deposit in Greenland. (Reporting and editing by Katha Kaalia in Bengaluru)
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Russell: China's steel exports are up, but its aluminium shipments are down.
Exports of Chinese steel products are surging this year as the domestic market, particularly in property development, is slumping. However, those of aluminum have fallen due to increased activity in the manufacturing and energy sectors. China is the largest producer of steel and aluminum in the world. Beijing has set informal ceilings for production in both sectors in order to'rein in the overcapacity. Informally, steel production is limited to no more than 1.005 billion tons of previous year. Given that production for the first ten months of this year was 817.87 millions tons, 2025 production will likely dip below 1 billion tonnes, which would be the first time since 2019. Steel mills are trying to compensate for the soft demand by increasing exports. Customs data released Monday shows that China's steel exports rose 6.7% in the first eleven months of this year, to 107.72 millions tons. If December exports are on par with the average of the year, then China's steel shipment will be around 117 million tons. This would be a record, surpassing the 112,39 million tons in 2015. Steel mills are currently able to benefit from exports as domestic prices have been near their lowest levels in five years. On Monday, Shanghai exchange rebar ended?at $312 yuan (about $442.43) a ton, after trading mostly sideways, since the low of 3012 yuan that was hit early June. Chinese steel is priced competitively against other benchmarks. LME contracts for?Turkish Rebar ended at $560.50 per ton last Thursday. China has been able to increase steel exports, despite the fact that several countries have placed tariffs on imports to protect domestic producers. Buying cheaper Chinese steel is a good idea, as much of China's production goes to other Asian nations, particularly those with limited steel production. ALUMINIUM SLUMP China's exports of refined aluminum and its products, which have fallen by 9.2% in the first 11 month of the year, totalled 5.59 million tonnes. China's aluminum production is expected to be very close to its 45 million ton limit, with more metal needed for the country's manufacturing sector and energy sector. Loss of Chinese aluminum on global markets pushed benchmark London prices to $2,920 per ton in December 5th. This was the highest price since May 2022. The contract has increased by 27% from its early April 2025 low price of $2,300. The rising prices of energy have helped Western smelters who have been struggling to stay competitive over the past few years. This is especially true for those based in Europe and Australia. Beijing's annual aluminum output cap of?45million tons will likely tighten the global supply in 2026. It is a question of whether China's steel industry will follow the footsteps of aluminium. It will depend on the speed of recovery in domestic demand if Beijing limits annual steel production at a maximum 1 billion tons. So long as the construction industry is a drag on China's economy, steel mills are likely to continue trying to export their way into profitability or reduce capacity by retiring old furnaces. You like this column? Check out Open Interest, your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of the columnist, an author for.
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Sources say that top Indian arms manufacturers met in Russia for rare meetings on joint ventures.
Three people with knowledge of the situation said that at least half a dozen top Indian arms manufacturers, including Adani Defence, Bharat Forge and others, met in Russia for rare meetings to discuss possible joint ventures. The meetings took place on the first visit by India's business leaders in defence to Russia after Moscow's invasion of Ukraine 2022. It was not reported before that the business leaders from defence had visited Russia. The Indian government wants to focus its defence relations with Russia on joint weapons development. A potential collaboration with Russia could set back plans for Indian defence firms to develop Western weapons in tandem as part of Prime minister Narendra Modi’s push to turn India, which is one of the largest arms importers, into a global manufacturing centre. Western diplomats previously stated that India's defence ties with Russia, and the large amount of Russian origin arms used by its military (totaling about 36%) are a major obstacle to the transfer sensitive military technology. The talks were held in Moscow on the sidelines a visit of an Indian defence and industrial delegation, led by India's Defence Production Secretary Sanjeev Kumar. This visit was to prepare for the visit by Russian President Vladimir Putin to India, scheduled for December 4-5. Adani Group's spokesperson denied that any executives of its firms attended these meetings. The sources cited the Indian defence ministry as well as the firms that were cited. They did not reply to inquiries for comment. INDIA JOINT PRODUCTION Two sources and an industry executive said that the meetings focused on the possibility of manufacturing spare parts for the Mikoyan MiG-29 jet fighter and other Russian-origin systems of air defence and weapons. They also discussed a Russian proposal for setting up production units for the development of equipment which could be exported to Moscow. The subject matter was sensitive, so they spoke under the condition of anonymity. Russia has been India’s largest arms supplier for decades. During Putin’s visit, the two sides agreed to reorientate their partnership to "joint research and development, as well as co-development and production of advanced defence systems and technologies" in order to support India’s independence in defence. INDIAN EXECUTIVES ARE IN MOSCOW Sources said that a large delegation of representatives of Indian defence units, state-owned companies, and startups involved in developing drones and artificial Intelligence for military purposes attended the meetings. Two sources confirmed that an executive from the Bharat Forge of Kalyani Group, which manufactures components for artillery and missiles, attended the meeting as part of efforts for the joint development of components for 'Russian-origin aircraft and tanks as well as exploring potential future collaborations on helicopters. Sources said that Ashish Rajvanshi was the Chief Executive of Adani Defence and Aerospace. This unit is part of Gautam Adani’s Adani Group which includes everything from airports to apples. A representative of the Society of Indian Defence Manufacturers (SIDM) advisory group was also present. This group includes more than 500 manufacturers of military and defence equipment, including state-owned companies such as Bharat electronics and the defence arm of the conglomerates Tata Sons and Larsen & Toubro. SANCTIONS RISK In 2024, it was reported that a subsidiary of?Bharat forge was one of three Indian companies that exported artillery to Europe. Some were then diverted to Ukraine. This led to a diplomatic protest by Moscow. A senior Indian executive stated that Indian companies would be reluctant to sign new deals with Russia because of the possibility of secondary sanctions. An Indian defence official stated that while India could use its diplomatic outreach and lobbying efforts to offer some protection against sanctions, the companies would still have to consider the political risks. (Reporting and editing by Frances Kerry in New Delhi)
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Sources say that top Indian arms manufacturers met in Russia to discuss potential joint ventures.
Three people with knowledge of the situation said that at least half a dozen executives from Indian arms manufacturers, including Adani Defence, Bharat Forge and others, met in Russia for rare discussions about 'potential joint ventures. The meetings took part during the first visit of?Indian defence business leaders in Russia since Moscow's invasion of Ukraine in 2022. It was not reported before that the business leaders from defence had visited. The Indian government wants to refocus its long-standing defence relations with Russia on joint weapons development. A potential collaboration with Russia could set back plans for Indian defence companies to develop Western weapons in tandem as part of Prime Minster Narendra Modi’s push to turn India, which is one of the largest arms importers in the world, into a global manufacturing centre. Western diplomats had previously stated that the Indian military's use of a large number of Russian-origin weapons, which totalled 36% of the arms in its arsenal, was a major obstacle to the transfer to India of sensitive military technologies. The talks were held in Moscow on the sidelines a visit of an Indian defence-industrial delegation on October 29-30. This delegation was led by India's Secretary for Defence Production,?Sanjeev Kumru, and the purpose of the visit was to prepare the groundwork for the visit by Russian President Vladimir Putin to India on December 4 & 5. Adani Group's spokesperson denied that any executives of the company attended these meetings. The sources cited the Indian defence ministry as well as the other firms. They did not respond to our requests for comment. Joint Production in India Two sources and an industry executive said that the meetings focused on the potential for the manufacture of spare parts for the Mikoyan MiG 29 fighter jet, and other Russian air defence and weapons systems. They also discussed a Russian proposal for the establishment of production units in India to develop equipment which could be exported to Moscow. The subject matter was sensitive, so they spoke under the condition of anonymity. Russia has been India’s largest arms supplier for decades. During Putin's visit, the two sides agreed to reorientate their partnership to "joint research and development, as well as co-development and production of advanced defence systems and technologies" in order to help India achieve self-reliance. INDIAN EXECUTIVES ARE IN MOSCOW Sources said that a large delegation of representatives of Indian defence units, state-owned companies, and startups involved in developing drones and artificial Intelligence for military purposes attended the meetings. Two sources say that an executive from Kalyani Group's Bharat forge, which manufactures components for artillery and missiles, attended these meetings to discuss the possibility of collaborating on future helicopters as well as sourcing or developing components for Russian tanks and aircraft. Sources said that Ashish Rajvanshi was the Chief Executive of Adani Defence and Aerospace. This unit is part of Gautam Adani’s Adani Group which includes everything from airports to apples. A representative of the Society of Indian Defence Manufacturers was also present. This group has more than 500 members including defence divisions of Tata Sons and Larsen & Toubro as well as state-owned companies such as Bharat electronics. SANCTIONS RISK In 2024, it was reported that a Bharat?Forge sub-sidiary was one of three Indian companies that exported artillery to Europe. Some were then diverted to Ukraine. This led to a diplomatic protest by Moscow. A senior Indian executive stated that Indian companies would be reluctant to sign new deals with Russia because of the possibility of secondary sanctions. An Indian defence official stated that while India could use its diplomatic outreach and lobbying efforts to offer some protection against sanctions, the companies would still have to consider the political risks. (Reporting and editing by Frances Kerry in New Delhi)
Simandou iron ore project begins supply
Iron ore prices continued to fall on Tuesday as the 'Simandou' project in Guinea in West Africa shipped its first ore. This boosted the prospects of more supplies at a time when?demand for the top consumer China will decline due to falling steel production.
The daytime closing price of the most traded iron ore contract at China's Dalian Commodity Exchange was 757.5 yuan (US$107.22).
The session began with a?750 yuan low, the lowest since 10 July. It was headed to a fifth consecutive session of losses.
As of 0940 GMT the benchmark January iron ore price on the Singapore Exchange was down for a third straight?session. It fell by 0.35%, to $101.7 per ton. This is its lowest level since November 12.
Rio Tinto, the largest iron ore supplier in the world, announced on its WeChat page on Monday that the first shipment from the Simandou Project has left Guinea.
The mine will have a production capacity of 120,000,000 tons per year, making it the largest iron ore mine in the world.
China imports 80% of its iron ore from Australia and Brazil.
Analysts say that the share of Guinean supply will likely decrease with increased production.
Analysts at Xinhu Futures wrote in a report that the near-month contract 'will continue to be under pressure due to high supply, swollen inventory, and a decreasing demand.
This year, crude steel production in China will be the lowest in six years.
Coking coal and other steelmaking ingredients, coke and coke, also fell, by 2.21% and 2.7% respectively. This was due to lingering concern over an?increasing availability.
The Shanghai Futures Exchange saw a decline in most steel benchmarks. Rebar fell 1.57%, while hot-rolled coils dropped 1.42%. Stainless steel also declined 0.32%. Wire rod rose 0.38%. ($1 = 7.0651 Chinese Yuan Renminbi)
(source: Reuters)