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Sources: At least nine killed in Congo drone attack that killed rebel spokesperson
Four sources claim that the drone strike in eastern Congo, which killed M23's military spokesperson Willy Ngoma, left nine people dead, but missed the commander of rebel forces, who was able to escape unharmed. Four sources claim that the drone strike near Rubaya killed at least nine people but missed the rebels' military commander, who escaped unharmed. Ngoma’s death marks an 'acute escalation' in the conflict. It removes one of M23's senior leaders who was most visible as the fighting intensifies despite mediation efforts, including Qatar's to broker a truce. An intelligence source, two sources from the rebels, a senior official of the military and a U.N. provided details about Tuesday's strike. These sources spoke under condition of anonymity. M23 hasn't commented on the?"strike" and a spokesperson from the?Congo army didn't respond to a comment request. According to two sources, nine dead bodies were transported from the strike site to Goma, eastern Congo's largest city. According to the senior military official, at least seven bodies were reduced to ashes and could not be recovered. The sources claimed that M23 commander Sultani Makenga had been in the area just before the attack. In a press release, a spokesperson for Wazalendo (a loose coalition of self defense?groups that fight?alongside?the Congolese army) said Makenga had fled into a church nearby. The 'U.N. Experts say that Rwanda is backing the M23 rebels, while residents claim that fighting continued in Masisi territory on Wednesday between Congolese forces,?supported by Wazalendo, and M23 rebels. In a series on?X, Kanyuka has accused Congolese troops of triggering a "total conflict across all frontlines" in various parts of North Kivu and South Kivu Provinces. Reporting by Clement Bonnerot, Nairobi newsroom and Giulia Paraavicini; editing by Robbie Corey Boulet and Toby Chopra.
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At least 25 people killed in two attacks in Nigeria's Adamawa State
Residents and the governor of Adamawa State in northeastern Nigeria said that gunmen had attacked two villages on Tuesday night, killing at least 25 people, and torching several houses. The attackers attacked Kirchinga, in Madagali District and Garaha, in neighbouring Hong. Both villages are located on the edge of Sambisa Forest near Boko Haram. The twin raids show the insecurity that persists in the northeast of Nigeria, epicenter of a 17 year Islamist insurgency despite years?of military operations. Abubakar Lawan Kanuri is the village chief of Kirchinga. He said the attackers arrived "on Tuesday evening" dressed in uniforms which initially led the residents to mistake them for soldiers patrolling. He reported that 18 bodies had been recovered by the gunmen who swept the community. Musa Isa said that seven people died in Garaha when more than fifty motorcycles attacked the nearby military base. He also added that he had "narrowly survived." Three soldiers were killed when they?hit the base from different directions. Four fleeing residents were shot, and the school was burned. Isa reported that many villagers had fled to Mubi, which is the nearest large town. Adamawa State Governor Ahmadu Umaru Fintiri has condemned the attacks and called them "cowardly acts" of terrorism. He also vowed to "not let terrorists undermine our efforts to restore peace and security," according to a press release from his spokesperson.
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Zimbabwe bans all raw minerals, including lithium concentrates. It cites abuses
Zimbabwe has suspended exports of raw minerals and lithium concentrates, its mines ministry announced in a Wednesday statement. The government had accused the country of malpractices and leakages. The Ministry said that the export ban would continue until further notice, and apply to all minerals in transit. The statement stated that the government expects the mining industry to cooperate on this measure, which was taken in the interest of the nation. The government said it was committed to "...in-country beneficiation and value addition, compliance?and accountability" in the export of Zimbabwe's minerals resources. The mines ministry, in a letter sent to the Chamber of Mines of Zimbabwe, which represents the major mining companies of Zimbabwe, on Wednesday, said that it was realigning the?export process due to concerns about "continued frauds during the mineral exportation". The ministry stated on February 17 that "this review is part of a larger effort to curb leakages and improve efficiency in our systems." Zimbabwe's lithium concentrates ban was expected to take effect in 2027, as part of the push for local processing. Africa's leading producer of battery minerals exported 1.128 metric tons (11%) more lithium-bearing concentrate than the previous year. 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?concentrate? is exported to China to be further processed into battery-grade material. However, Zimbabwe has been pressuring the miners to process a greater?of their minerals within the country to reap the benefits of the global shift towards cleaner sources of energy. Huayou has recently built a $400-million plant to further process the lithium concentrates. This intermediate product can be refined into battery grade materials such as lithium hydroxide and lithium carbonate. Sinomine announced plans to build an $500 million lithium-sulfate plant in Zimbabwe at its Bikita Mine.
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The CEO of EDPR, a renewables company, is optimistic about the growth in the U.S. after regulatory clarity.
EDP Renovaveis is "very confident" of its future growth in the United States. The CEO of the company said that a lot of last year's regulatory uncertainty has been cleared. In January 2025 President Donald Trump directed federal agencies to stop issuing any new or renewed approvals of offshore wind projects and to "consider terminating or amending leases already in place, delaying many investments." Miguel Stilwell de Andrade, who heads EDPR as well as its parent company EDP, said that despite the initial perception of risk, "overthe past year there has been a significant?clarification to the regulatory framework in the U.S.... easing uncertainty." "Therefore we had a good growth year in 2025, and we expect good times ahead in the United States in 2026, and beyond. He said, "We are very optimistic" in an interview. EDPR announced earlier on Wednesday that it's recurring net profit would rise 50% by 2025. This was due to strong U.S. growth which accounted for the half a gigawatt of the new capacity added across the 28-country footprint. Stilwell deAndrade stated that the surge in electricity demand in the U.S., driven by data centers and reindustrialisation, was driving investment. "Solar and battery storage are the fastest and the cheapest technologies to be deployed." He said that there was a strong aversion towards offshore wind, but solar and batteries were growing rapidly. He said the group had no active plans to merge or acquire.
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Gulf equities mix as US-Iran negotiations loom; Saudis extend decline
Early trade on Wednesday saw a mixed performance on the Gulf stock exchanges, with Saudi Arabia continuing its decline on fiscal concerns. Market participants were awaiting a third round of U.S. - Iran nuclear talks, scheduled for Thursday. Saudi Arabia's benchmark index fell 0.3%. This was a continuation of its decline as the budget deficit in the kingdom increased quarter-on-quarter because of higher spending. Financial?stocks led the way in losses. Al Rajhi Bank - the largest Islamic bank in the world - and Saudi National Bank - the largest lender of the country by assets – both fell?0.7%. Saudi Aramco, the energy giant, fell 0.1%. The Wall Street Journal reported this week that Aramco sold several shipments of ultra-light crude oil from its $100 billion Jafurah plant to U.S. refiners and majors in India, before its first export this month. Dubai's main index of stocks rose by 0.3%. This was largely due to a rebound in banking stocks. Emirates NBD Bank rose 1.3% after its steepest one-day drop in?nearly 3 months the previous session. EMPOWER also gained 1.2%. The benchmark index in Abu?Dhabi rose by 0.1%. Anan Investment Holding soared by more than 8% and Emirates Telecommunications Group rose 0.5% after the announcement of a dividend for the second half of 2025. Qatar's index of stocks?weakened by 0.1% due to a?weakness among banking stocks. Ooredoo, a telecommunications company, fell by 1.2%. Qatar International Islamic Bank dropped by nearly 1%.
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Term sheet shows LG Energy is selling its 7.5% share in lithium company Liontown.
According to a termsheet, LG Energy Solution, a South Korean company, is selling its 7.5% stake in Australian lithium producer Liontown, or shares worth at least A$419,000,000 ($297.99 million), as part of a block transaction. The term sheet, which was seen by, showed that the South Korean company offers 239.5 million Liontown Shares at a range of A$1.75 - A$1.79 per share. The price floor is A$1.75 underwritten and investors are instructed to bid A$0.01 increments. LG 'Energy Solution' and Liontown didn't?respond immediately to requests for comment. According to the terms sheet, LG Energy Solution will no longer be a Liontown Investor. Liontown shares rose by 9.37% to A$1.98, which means that the'shares' are being sold between a 9.8% and 11.8% discount to the closing price. The stock has risen by?26% in 2026. LG Energy Solution, Liontown's largest shareholder, is behind the mining billionaire Gina Rinehart and Liontown Chairman Tim Goyder. The term sheet stated that the final price will be determined?later today, Wednesday. Citigroup is the only bookrunner for the block trade. Reporting by Scott Murdoch, Editing by SonaliPaul and Muralikumar Aantharaman.
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Heidelberg Materials expects its operating profit to increase as the construction sector stabilizes
Heidelberg Materials, world's 2nd largest?cement manufacturer, said that it expects its core construction markets, including Europe and North America to stabilize further in 2026. It also anticipates an increase of up to 10.3% in operating profit. The company expects to achieve a current-operations result (RCO), of between 3.4 and 3.75 billion euros this year ($4.0 billion – $4.4 billion), compared to 3.4 billion by 2025. In a survey conducted by the company, analysts expect RCO to be 3.7 billion euros. "We're?optimistic" about the current financial year 2026. We expect that our core markets will continue to stabilize, even though the construction industry remains volatile in certain regions. Von Achten told us last month that this year he was expecting a slight improvement in the market for building materials, driven by infrastructure and defense spending. The company said that its return on invested capital (ROIC), which was 9.9% in 2015, would rise to 10.4% by 2025. It is also expected that the ROIC will be higher than 10% this year. The current exchange rate is $1 = 0.8477 euro.
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As the annual parliament meeting approaches, some Chinese steelmakers have been asked to reduce production.
Analysts and consultancies have said that some Chinese steelmakers will need to reduce production by at least 30% starting March 4, in order to maintain a clean air quality for the annual parliamentary meeting. During meetings, Chinese steel mills are asked to reduce production to improve air quality, especially those located in the northern region near Beijing. State media announced in late December that the annual parliament meeting, which is closely watched, will begin on?March 5th. The consultancy Mysteel said in a Wednesday note that several steel?mills have been told to start voluntarily production controls and reduce?blast furnace output by at least 30% between?March 4-11. The production controls are likely to help reduce a seasonal accumulation of steel inventories and support steel prices, according to Xin Ge. Ge said that while lower 'blast furnace output' indicates less need for 'feedstocks, the higher steel prices combined with a?expectation for stimulus policies during parliamentary meetings will encourage mills to restock their ingredients in preparation for an increase in production after the meeting. The steel?demand in the top consumer and producer?China usually picks up by March, when warm weather encourages the restart of construction activities. The Shanghai Futures Exchange saw a broad increase in steel futures, with hot-rolled coil and rebar both up by 1.65% and 1.133% respectively.
Post-holiday hot metallic output rises, as iron ore prices increase
Iron 'ore futures rose on Wednesday as traders anticipated a resurgence in demand for feedstocks after the Lunar New Year holidays. However, an increase in iron ore shipments could limit price gains.
The May contract for iron ore on China's Dalian Commodity Exchange ended the daytime trading 1.42% higher, at 752.5 Yuan ($109.56).
As of '0721, the benchmark March iron ore traded on Singapore Exchange increased by 1.87%. It now stands at $98.45 per ton.
After the Lunar New Year holiday, Chinese?blast furnaces are expected to ramp up their production. The broad metals rally also helped to lift sentiment.
Galaxy Futures, a Chinese broker, said that traders were cautious because the steel demand is expected to decline in the first half of this year due to a weakening consumer.
According to data from Mysteel, iron ore prices have been further impacted by the increasing shipments of iron ore from Australia and Brazil. Total port inventories for both countries are at their highest levels since the beginning of the year.
Fortescue, meanwhile, reported a 23% increase in its first-half profits on Wednesday. This was aided by record iron ore shipments, and higher prices for this commodity.
The miner recorded record iron ore shipment in the first half, with a 3% decrease in iron ore cost and a 6.6% increase in realized prices.
Coking coal and coke, two other steelmaking ingredients, both increased by 2.32%.
The benchmarks for steel on the Shanghai Futures Exchange have firmed. Rebar gained 1.72 %, hot-rolled coil added 1.19% and wire rod advanced 1.24%. Stainless steel also gained 0.96%. ($1 = 6.8681 Yuan) (Reporting and editing by Sumana Niandy; Ruth Chai)
(source: Reuters)