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Official: US kills Iranian drone that was approaching an aircraft carrier
U.S. Military said that on Tuesday, they shot down an Iranian drone which "aggressively approached" the Abraham Lincoln aircraft carriers in the Arabian Sea. This was first reported by the U.S. U.S. President Donald Trump said that if the nuclear talks between Iran & United States could not be arranged, then "bad things" might happen. The incident occurred as diplomats were trying to set up nuclear talks. After the news that the drone had been shot down, oil futures prices increased by more than $1 per barrel. The U.S. Military said that the Iranian Shahed-139 drone flew toward the carrier with "uncertain intent" and was shot down by a F-35 fighter jet. A spokesperson for the Central Command of the U.S. Military, Navy Captain Tim Hawkins said that the F-35C jet shot down the Iranian drone in self-defense to protect the aircraft carriers and the personnel aboard. The Iranian U.N. Mission declined to comment. Iran's Tasnim News Agency reported that a connection was lost with a "drone" in international waters. However, the reason for this loss is unknown. He added that no American servicemen were injured and that there was no damage to U.S. equipment. The Lincoln carrier-strike group is part of the U.S. military buildup that has taken place in the Middle East after a violent crackdown on anti-government protests in Iran last month. This was the deadliest unrest domestically in Iran since the 1979 revolution. Trump, who did not carry out his threats to intervene in the crackdown but demanded that Tehran make nuclear concessions, sent a flotilla near its coast and has now called on Tehran to do so. He claimed that Iran was "seriously speaking" last week, while Tehran's top official in security, Ali Larijani, announced that negotiations were underway. IRANIAN BOATS HARASS U.S. FLAGged TANKER According to the U.S. military, Iran's Islamic Revolutionary Guard Corps harassed an American-crewed merchant ship on Tuesday, hours after the drone was shot down. military. Hawkins stated that "two IRGC boats, and an Iranian Mohajer Drone approached M/V Stena Imperative with high speeds and threatened board the tanker and seize it." Vanguard, a maritime risk management company, said that the Iranian boats had ordered the tanker?to stop its engine and get ready to board. The tanker instead accelerated and continued its journey. Hawkins stated that a U.S. Navy Warship, the McFaul was operating in the region and escorted Stena Imperative. Hawkins said that the situation has de-escalated and is now proceeding in a safe manner. Reporting by Idrees Al and Phil Stewart, Editing by Chizu Nimiyama and Rod Nickel
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Burgum, US Interior Secretary, says that 30 countries are interested in joining the club of critical minerals.
The United States says that about 30 countries are interested in joining a group of partners and allies to trade critical minerals, reducing their dependence on China. Interior Secretary Doug Burgum spoke at a Tuesday conference. Burgum, the U.S. National Energy Dominance Council's head, told a conference on Tuesday that countries such as Japan, Australia, and South Korea had joined the club. Burgum, who is also the head of the U.S. National Energy Dominance Council, said that countries such as Japan and Australia have joined the club. Burgum also said that up to 20 more countries are "very interested" in joining this club which offers tariff-free exchanges, a price floor on minerals and free trade. "Typically, the United States We're "free-market people", we don't mess with markets. Burgum explained that if someone is dominant and can flood the market, they are able to destroy the value of the production or company. Washington is taking steps to counter what it believes are Chinese price manipulations of lithium, nickel, and rare earths, which are vital for making electronic devices, high-tech weapons, and electronic components. The President of the United States, Donald Trump On Monday, the?Strategic Minerals Stockpile (also known as Project Vault The $10 billion loan by the U.S. Export Import Bank is backed up by?nearly 2 billion dollars in private capital, which private companies can?access. The U.S. Defense Department maintains its own stockpile. Burgum said that the price floors supported the by the Minerals Club would attract long-term investment. Burgum stated that the private sector could invest in mining and refinery, confident there would be a market. They wouldn't need to worry about prices falling.
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Marathon Petroleum profits beat Wall Street expectations on strong refining and utilization margins
Marathon Petroleum announced a fourth-quarter profit that was above Wall Street expectations?on Tuesday?, as a 44% increase in refining profits underscored a stronger operational performance. On Tuesday, shares of the top refiner in the country were up 2.6% to $181.56. Fuel manufacturers made unexpected profits in 2018 as margins rebounded after a multi-year low in 2024, when earnings were at their lowest since the pandemic. BOOST STRONG REFINING MARKES Maria Khoury said, "We took advantage of a favorable refining environment, while executing our turnarounds on schedule and safely," during a conference call on Tuesday. The quarter's refining margin reached $18.65 a barrel, an increase of more than 44% compared to a previous year. This boosted its refinement and marketing earnings from $559 million in the prior year to $2 billion. LSEG data shows that the adjusted profit per share for the?quarter came in at $4.07, compared to an average analyst estimate of $2.88. This helped the company to?counter an increase of 46% in quarterly turnaround costs for its refineries, which amounted to $410,000,000. Valero Energy, second largest refiner in the United States by capacity, also beat earnings expectations last week on the back of improved refining margins as well as record throughput volumes. The high utilization of refining and the throughput were also supportive. During the quarter, the refiner operated its refineries around 95% of the time. Total throughput was just under?3million barrels per day. Executives said that its 606,000 barrels per day Garyville, Louisiana refinery, and its 253,000 barrels per day Robinson, Illinois refinery, both set monthly crude throughput records. Marathon anticipates throughput volumes of 2.74 million barrels a day and turn-around expenses of $465 millions for the first quarter. NEW REFINING PROJECTS The Findlay, Ohio based?refiner announced on Tuesday three new projects to optimize their Gulf Coast refineries. The Garyville refinery will upgrade its feedstock and increase flexibility to produce additional export premium gasoline. The refinery in El Paso, Texas (133,000 bpd) will also upgrade its fluid catalytic crackeder and alkylation unit. These projects will add approximately $200 million to the?capital budget of this year. Refiners also expect to reap the benefits of a full-scale resume in Venezuelan oil production and lower fuel costs. The refinery's 631,000 bpd refinery located in Galveston Bay (Texas) and Garyville refinery can run Venezuelan crude.
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Brazil's mining regulator states that the waste piles of Sigma Lithium do not pose an 'imminent danger'.
The agency said in a Monday evening statement that the waste piles of Sigma Lithium at a Brazilian mining site do not pose an "imminent threat" and the country's regulator for mining did not see the need to close them down during a recent visit. ANM's Technical Staff visited the mine in January, about a month after labor inspectors had shut down the piles because they warned of an "imminent and grave risk" for workers and local residents. Sigma's share price fell by 30% following the shutdown. The inspectors' decision was reported on January 15, 2019. ANM's report does not change the Brazilian Labor Ministry's order, but it is a positive for the Toronto listed miner. It could be used as evidence to challenge the government of Brazil in a suit filed in early January by Sigma, which seeks an overturning of the closures at its waste heaps. The company announced Monday that they were resuming their mining activities at the Grota do Cirilo Mine in Minas Gerais. They had previously stated that the shutdown of the waste piles would not affect the schedule of resuming the production. The firm had previously stated in documents submitted to the Labor Ministry that the loss of access to the piles could have "significant economic and operational impacts" as well as jeopardizing mining activities. Sigma refused to comment due to "ongoing legal proceedings" in various jurisdictions. BRAZIL'S LARGEST LITHIUM MINE Sigma's Grota do Cirilo operation, its sole productive asset, is "Brazil's biggest lithium mine" with a capacity of 270,000 tons of lithium concentrat per year. It was inactive since October. ANM said that during the visit its technical staff inspected the piles and reviewed the documentation provided by the miner. In a press release, the ANM said that its technicians had not found any geotechnical anomalies that could indicate an imminent danger of global pile destabilization. The agency did find some problems during its visit but added that it "did not see any reason" to "adopt precautionary measures like the closure" of the piles at the time." ANM has informed Sigma that it lacks a surface water drainage system. However, the company added that this issue is not "associated with imminent risk", but rather a regulatory failure on the part of the firm. A "partial rupture", as described by labor inspectors, was also dismissed at one of the waste heaps near an elementary school. ANM said the problem was "localized erosion" of a pile, which indicated "local stability" but did not pose an immediate threat to local residents. (Reporting and editing by Andrea Ricci; Fabio Teixeira)
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Bormio, the mayor of Italy's host city, says: "We are champions at the last moment."
As you walk past the Stelvio Ski?slope - the centrepiece for Bormio’s Milano Cortina Olympic events in 2026 - construction is underway. Viewing screens and lights are being erected. On Saturday, the first Olympic event in the town will be the men's Alpine downhill race. This is one of the most anticipated races of the Winter Games. On Tuesday, the construction scene in Cortina d'Ampezzo was similar to that in the picturesque mountain town. Bormio Mayor Silvia Cavazzi said that it is difficult for other countries, but her country finishes projects on time. She said, "In Italy we are always the champions of the last-minute," She said that Italians are known to let their hair down once the job is done. BORMIO?BOOSTS IT PROFILE He said: "Many people claim that Italians excel at achieving important goals at the very last moment, right at the finish line." Varnier, in a conference, said: "This stereotype may be true at times, and can even tickle someone’s pride. But it's a stereotype I've never accepted. A stereotype that causes me, and my closest collaborators, to feel a sense of frustration." Varnier and Cavazzi both believe that the sites are ready for the major competitions. Bormio will benefit from an increase in international tourism and visibility. As a ski town that is regularly featured on the World Cup circuit, Bormio has reached a significant milestone. Cavazzi stated, "It's a story that has been built over 40 years." "We are now at the goal of having the Olympics." It is moving to me as an Italian that her town was blessed by Pope Leo. Cavazzi stated, "We received a message from Rome. In our country, this is very significant." (Reporting done by Marleen Kaesebier and Karolos Grhmann in Milan).
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Copper prices rise on China's stockpiling, and a stronger risk sentiment
The price of copper rose on Tuesday, after the news that China plans to increase its stockpiles and risk sentiment among investors re-emerged. The benchmark three-month copper price on the London?Metal Exchange?advanced by 4.1%, to $13,418 a metric tonne at 1715 GMT. It had fallen to a 3-week low the previous session. LME copper reached a record high of $14,527.50, fueled by speculation, on Thursday. Then, it plunged 14.5%, from this high, to a low intraday on Monday. Ole Hansen is the head of commodity strategy for Saxo Bank, based in Copenhagen. The market also likes the headline "China increasing its strategic copper reserves." A state-backed official of the?China Nonferrous Metals Industry Association? said on Tuesday that China would expand its strategic reserve?of copper, and investigate building a commercial storage system. The Shanghai Futures Exchange's most active contract for copper rose 2.6% in daytime trading to close at 104 500 yuan (15,066) per ton. Investor sentiment improved on Tuesday, as industrial metals and gold joined other financial markets to bounce back. This was partly due to a long-awaited U.S.-India trade agreement. Copper, which is facing weak demand and increasing inventories, was still a concern for analysts. Hansen said, "I do not feel that current fundamentals are sufficient to justify a strong recovery, but if speculative interest is high enough, prices could 'overshoot upwards. LME nickel rose 3.2% to $17.370 per ton, after Macquarie raised its average price forecast for 2026 to $17.750, from $15,000, following the reduction of mining quotas by top producer Indonesia. Macquarie analyst Jim Lennon said in a note that the net effect is to lower our projection for the global market balance, from a surplus 250,000 tons in this year, to 90,000. "This effectively stops the sharp increase in world inventories," he wrote. LME aluminium rose 1.7% to $3.107 per ton. Zinc increased 0.1% to $3.328, tin increased 7.6% to $51,150, and lead remained unchanged at $1.963. $1 = 6.9359 Chinese Yuan Renminbi (Reporting and Editing by Louise Heavens, David Goodman)
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Gold, silver and global stock indexes bounce back
MSCI's global equity gauge rose on Tuesday, while Wall Street's major indexes fell as investors awaited high-profile earnings announcements. In contrast, precious metal prices rose, regaining ground lost after a two-day slide. The U.S. Dollar edged lower?and the Australian Dollar was the star performer. It rallied broadly after joining Japan as the only developed world economy to increase interest rates. Commodities and the dollar have been wildly fluctuating since U.S. president Trump nominated Kevin Warsh as the new head of the Federal Reserve on Friday. Warsh, who will be pressured by Trump to lower interest rates, is also keen to shrink Fed's balance sheets, which could push up bond yields and negatively impact precious metals. On Tuesday, you can spot gold. The rise in 5.91% 4,940.99 After falling by about 13% over the previous two sessions. Spot silver The rise in the number of people who are able to vote has been 11.17% After a 6% drop on Monday and a 27% fall on Friday, the ounce is now down to $1.10 Jack Janasiewicz is the lead portfolio strategist for Natixis Investment Managers. He said, "The market has been a little worried and at least taken a hawkish stance towards Kevin Warsh's nomination as Fed Chair." We're finally taking a deep breathe and saying that maybe we overreacted. Let's calm down a bit. "We're seeing some calmness return to the markets, especially on the commodities side. Look at gold and silver." The CBOE volatility index, which measures the risk of a stock market, suddenly rose at the end of first quarter of U.S. session. Nvidia shares were the most heavily traded on Wall Street in AI news after it was reported that ChatGPT developer OpenAI had been looking for faster alternatives to Nvidia artificial intelligence chips. After the close of the market, AMD and Super Micro Computer will report. Wall Street's S&P 500, Nasdaq and Dow Jones had started higher but quickly lost ground as software stocks fell due to fears about AI competition. S&P 500 and Nasdaq Composite both fell by a combined 239.39 points or 1.01% to 23,352.71 at 11:16 a.m. The Dow Jones Industrial Average increased 42.46 points or 0.09% to 49,450.12. MSCI's global stock index .MIWD00000PUS Rose 2.71 points 1,046.48 The pan-European STOXX 600 .STOXX Index After hitting a record-high earlier, the market was flat. The greenback has taken a step down in currencies after a rally last week against a variety of currencies. The Australian dollar rose 1.02%, to $0.7018. The Reserve Bank of Australia increased rates by a quarter-point to 3.85%. They cited above-target inflation, and a tight labor market. Dollar index The greenback is measured against a basket including the yen, the euro and other currencies. The 0.14% decline was a significant drop. The euro is a currency that has been adopted by many countries. Up 0.2% 1.1813 The Japanese yen is a strong currency. The dollar Strengthened 0.09% 155.74 Oil prices After falling more than 4% the previous session, the market gained some ground Tuesday as participants considered the global supply outlook, and the possibility that tensions between the U.S. and Iran could be de-escalated. U.S. crude The price of the underlying stock rose by 1.08% A barrel of Brent Roses Per barrel Up 0.9% On the day. On Tuesday, U.S. Treasuries yields increased slightly as traders evaluated possible shifts in Federal Reserve policies under Kevin Warsh and traders faced delays to U.S. Economic Data due to a partial Government Shutdown. The yield on benchmark U.S. 10 year notes US10YT=RR The rise in basis points was 1 basis point. From % Late on % Monday is a holiday. The 30-year bond US30YT=RR You can also click here to learn more about yield The underlying basis point rose by 0.8 basis points, to The 2-year Note US2YT=RR The Federal Reserve's interest rate expectations are reflected in the yield. The price of the dollar rose by 1.6 basis points. From % Late on % Monday . (Reporting and editing by Shri Navaratnam; Susan Fenton, Nick Zieminski, and Nick Zieminski).
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The Brazilian mining regulator says that the waste piles of Sigma Lithium do not pose an 'imminent danger'.
The?agency? said in a Monday evening statement that the waste piles of Sigma Lithium at a Brazilian mining site do not pose an "imminent danger" and that it did not see any need to close them during a recent visit. ANM's Technical Staff visited the mine in January, about a month after labor inspectors had shut down the piles because they warned of an "imminent and grave risk" for workers and local residents. Sigma's stock fell by 30% when it was reported that the inspectors had made their decision on January 15th. ANM's report does not change the Brazilian Labor Ministry's order, but it's a "boost" for the Toronto listed miner. It could be used as evidence to challenge the government of Brazil in a suit filed in January by Sigma, which seeks to reverse the closures of its waste heaps. The company announced Monday that they were resuming their mining activities at the?Grota do Cirilo in Minas Gerais state. They had previously stated that the closure of the waste piles would not affect the schedule for production. The firm had previously stated in documents submitted to the Labor Ministry that the loss of access to the piles could have "significant economic and operational impacts" as well as jeopardizing mining activities. The company did not respond immediately to a comment request. BRAZIL'S LARGEST LITHIUM MINE Sigma's Grota do Cirilo operation, its sole productive asset, is Brazil’s largest lithium -mine with an annual capacity of 270,00 metric tons lithium concentrate. The mine had been inactive for several months. ANM's staff performed a visual assessment on site of the piles and analyzed the documentation provided by the miner. In a press release, it stated that "ANM technicians have not identified any geotechnical abnormalities indicative of an imminent risk of global pile destabilization." The agency noted that it found some problems during its visit but added that "it did not see any reason to take precautionary measures like closing" the piles at the time." ANM has informed Sigma that it lacks a surface water drainage system. However, the company added that this issue is not "associated" with an imminent risk but rather a regulatory failure on the part of the firm. A "partial rupture", as described by labor inspectors, was also dismissed at one of the waste heaps near an elementary school. ANM said the problem was "localized erosion" of a pile, which indicated "local stability" but did not pose an immediate threat to local residents. Reporting by Fabio Téixeira, Editing by Andrea Ricci
Zimbabwe spodumene revenue flat in 2025 despite exports rising 11%
Official data released on Tuesday showed that Zimbabwe's exports for lithium-bearing battery metal spodumene concentrated rose by 11% between 2025 and 2025. However, the weaker global prices kept the export revenue flat.
The Minerals Marketing Corporation of Zimbabwe, an agency of the Zimbabwean government, said that the exports of spodumene totaled?1.128 metric tons for the year ended December 20,25 compared to 1.014 metric tons the previous year.
Zimbabwe, Africa's largest lithium producer, exported spodumene worth $513.8 millions last year. This was a marginally lower amount than the $514.5 that it had sold in the year before due to lower prices.
Since late 2022, the industry has struggled with an oversupply of metals used for battery storage. This has led to a 'price drop.
Prices have risen since the second half 2025. This is mainly due to a surge in battery storage, primarily driven by China's reforms in the power sector.
Since the beginning of 2026 prices of hard rock podumene, which had fallen to a four-year low of $610 per ton in June of 2025, have risen above $2,000 per ton. The mineral is still well below its peak of $6000 in 2022.
Zimbabwe's main mineral exports are lithium, gold, platinum group, chrome, and ferrochrome.
In recent years, the southern African nation has seen a rapid increase in?spodumene production following significant investments by Chinese mining companies including Zhejiang?Huayou Cobalt, Sinomine and Chengxin Lithium Group.
The majority of the lithium concentrate is shipped to China, where it will be?processed into battery grade materials. Zimbabwe will ban the export of Lithium concentrates in 2027 because they want to increase local processing.
Huayou has recently built a $400-million plant to process lithium concentrates further into lithium sulphate. This intermediate product can then be refined into battery grade materials such as lithium hydroxide and lithium carbonate. (Reporting and editing by Nelson Banya, Jan Harvey and Chris Takudzwa Muronzi)
(source: Reuters)