Latest News
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The mining hub in Chile is shaken by a strong earthquake, but the damage is minimal
Authorities said that a'strong earthquake' struck Chile’s mining region?Antofagasta?on Monday afternoon, disrupting operations at?some mines, but ultimately saving lives and critical infrastructure. Major miners have reported minimal damage from the magnitude 6.9 quake that struck the heart of the largest copper producing country in the world. The U.S. Geological Survey measured the depth of the earthquake at 109 kilometers (68 miles). A spokesperson for Chilean copper miner Codelco said that some activities were halted due to a?lack of visibility or disruption of electricity in certain?areas. BHP and Antofagasta, both mining companies, said that their operations were not affected by earthquake. Ricardo Munizaga is the regional director of Chile's disaster agency SENAPRED. He told the local news channel 24 Horas there were no injuries or major emergencies reported despite the fact that the earthquake triggered landslides. Munizaga stated that residents in the city of 'Calama', which is home to many miner families, lost power, and saw some water cuts, but other key infrastructures were not affected. He added that mining companies had activated their emergency protocols and temporarily stopped some operations in order to inspect the facilities. The Antofagasta region is responsible for a large part of Chile's production. Reporting by Fabian Cambero, Rishabh Jaiswal, Brendan O'Boyle, and Cynthia Osterman in Mexico City.
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Britain bakes on the hottest May day ever recorded
The national weather service of Britain reported that the temperature in Britain reached a record high for May, averaging?nearly 35 degrees Celsius (95 degrees Fahrenheit). Met Office reported that the temperature in west London's?Kew?Gardens reached 34.8 C (94.64 F), surpassing Britain's 32.8 C (91.1 F) May record, set both in 1922 and 1944. Met Office stated that a study conducted 'last year showed that human greenhouse gas emissions were responsible for three times as many 'changes in climate. It said that "this heat would be extraordinary in the UK, even mid-summer. Let alone in May." Monday was the hottest day since 1884 when Met Office UK began keeping records. It exceeded the previous high of 33.3 C recorded in August 2019. Swimming pools were crowded with swimmers and fountains were crowded with pedestrians. Near Brockworth, in the south-west of England, cheese-rolling competitions took place in spite of the heat. (Reporting and editing by Alexander Smith, Isabel Infantes added additional reporting).
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Fire officials confirm that a chemical tank overheating in California is no longer a danger of exploding.
They said that a crack in the industrial tank of a hazardous chemical, which was dangerously overheating in Southern California, had eliminated the possibility of it exploding. Orange County Fire Authority: Although the worst-case scenario for the tank containing highly flammable methacrylate has been ruled out by the Orange County Fire Authority, dangers still remain and tens thousands of people are under evacuation orders. The tank overheated on Thursday in the GKN Aerospace plant in Garden Grove. This city has about 172,000 residents and is located roughly 20 miles south of Los Angeles. California Governor Gavin Newsom declared a state emergency on?Saturday and issued evacuation orders for an area that is home to tens or thousands of residents. Fears mounted the tank could rupture?and spill up 7,000 gallons of toxic material (26,500 litris) or explode?and threaten nearby tanks. Firefighters celebrated the appearance of the crack in the tank on the weekend. This helped relieve the pressure and the tank has cooled to 93 degrees Fahrenheit from over 100 F. Craig Covey said in a video that "that is incredibly good news" Officials?said that firefighters have cooled the tank by drenching it with water. They have also taken the risk to approach the?tank only when the sun had set to measure the temperature. According to the?website of GKN (a British?) company, its Garden Grove facility makes windows and canopies that are used on commercial and military aircraft. It has also apologized for the inconvenience caused by its overheating trough. Officials have also expressed concern that the toxic chemical could leak and that vapors released?from tank might cause respiratory problems to people after prolonged exposure. However, air-quality monitors did not detect vapors as of the last health update, cited by the officials at the weekend. Reporting by Jonathan Allen; editing by Deepa Babyington and ChizuNomiyama
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Residents of a Belgian town evacuated because of explosion risk in burning building
Residents of a town southwest of Brussels living near a burning textile warehouse were evacuated Monday because of a high risk that nearby canisters could explode, according to the mayor in a radio interview. On its website, the?council of Tubize advised residents to keep their windows and doors shut to avoid being exposed to toxic fumes. These fumes contain asbestos, among other substances. The mayor of the city, Samuel d'Orazio, told RTBF that "right now, we are evacuating everyone in the street" because there is a risk of explosion to the houses nearby due to the gas canisters within the building. The town hall opened up its sports hall in order to accommodate the evacuated people. Due to the fire, Tuesday will be a holiday in Belgium. As toxic fumes spread, Belgium's crisis centre issued an alert to those who live in a wide area south and west of Brussels. (Reporting and editing by David Holmes and Rod Nickel; Inti Landauro)
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Aramco will transfer PRefChem shares to Malaysian Petronas
The Saudi state oil giant Aramco has announced that it will transfer its equity stakes in joint ventures for petrochemicals and refining in Malaysia to Petronas. This ends an eight-year partnership between the two companies. In a joint press release, the two companies said that the deal is subject to closing conditions and will turn PRefChem into a fully owned subsidiary of Malaysia's state energy company. The financial terms of the deal were not disclosed. The?deal highlights how the Iran War is reshaping Asian energy partnerships. Since late February, the Strait of Hormuz has been effectively closed, reducing crude oil flows into Asia. This has forced refiners to reduce their production, causing shortages of products such as jet fuel, diesel and gasoline, all of which are produced by PRefChem. Petronas will be able to'source crude outside the Gulf of Mexico and to direct production to meet the soaring regional fuel demand. Aramco, on the other hand, has been forced by the conflict to reduce its production. According to OPEC's secondary sources, Saudi production fell by about a third from its pre-war level in April. Aramco supplied 50% to 70% PRefChem crude feedstock. The statement said that the transaction was completed on terms mutually agreed upon, reflecting the changing strategic priorities of both parties. PRefChem is a joint venture consisting of Pengerang Refining Company (PRC) and Pengerang Petrochemical Company (PPC), which operates an integrated refinery-petrochemical facility within the Pengerang Complex?in southern Malaysian Johor. The refinery produces jet fuel, diesel and gasoline, and supplies feedstock to the petrochemical plant, which has an annual capacity of 3.4 million tonnes. Aramco signed a share purchase contract with King Salman in Malaysia during his state visit. The investment was one of Aramco's biggest downstream investments overseas. In March 2018, the two joint ventures formally came into existence. The companies stated that they will continue to explore cooperation, including crude supply and technology exchange. Yousef SABA, Yousef is the reporter; Cynthia Osterman, the editor.
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Nornickel, a Russian company, recommends that the 2025 dividend be cancelled due to instability
Norilsk Nickel's board recommended that there be no dividend payouts in 2025. It added on?Monday, it was prioritising the financial stability of its company during a time of "elevated economic instability". Nornickel, if approved, would withhold?its annual dividend for the fourth consecutive year. In 2022 the Russian metals manufacturer's finances deteriorated because of geopolitical forces. On June 30, shareholders in one of world's largest nickel producers and the largest palladium producer will discuss the proposal. Nornickel hasn't paid a full-year dividend since 2024, nor for 2022, 2023 or 2024, due to Western sanctions and the falling price of its main metals. The company stated that it was taking into consideration "the cyclical market for the metals it produces as well as the need to maintain high creditworthiness". Nornickel uses free cash flow to guide dividend payments since a shareholder agreement that protected payouts at the end 2022 expired. Sergei Malyshev, CFO, said that although EBITDA increased 9% in 2025 to $5.7 billion and adjusted free cash flow reached $1.5 million, it was "appropriate" to use the free funds to strengthen the company's resilience financially, to invest in the reliability and security of production and to reduce debt levels. Nornickel CEO Vladimir Potanin said in December that he believes the conditions will be right in 2026 to allow dividend payments to resume. Potanin now owns 33,51% of Nornickel. He previously owned 37%. Aluminium giant Rusal is its second largest shareholder, with 26.39 percent. Nornickel may not be subject to direct sanctions but Western measures have led some foreign buyers to avoid Russian metals. They also complicate payments and restrict access to Western equipment. This has caused Nornickel to redirect its sales to Asia. (Reporting and writing by Anastasia Lyrchikova, Alessandra Prrentice; editing by Vladimir Soldatkin & Alexander Smith).
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Brazil plans $10 bln Eco Invest auction, eyes foreign investors
Brazil is expecting to raise $50 billion reais (9.92 billion dollars) in what will be its most ambitious auction 'yet, under the Eco Invest Program, which is focused on 'developing advanced sustainable technology -in strategic sectors. The fifth auction announced on Monday, and the last one under the current administration will continue to leverage private investments with public funds from Climate Fund. Ceron stated that Brazil was preparing to?do a roadshow? in the U.S.A., Europe, and China, seeking foreign capital. The funds will be allocated to six areas, including: sustainable fuels, battery systems and artificial intelligence for production, green chemistry and the circular use of mineral and industrial waste. Brazil is trying to position themselves?in strategic?sector despite structural bottlenecks. This includes efforts to establish a regulated framework for important minerals and attract investment in data centers, as well as seeking clean energy financing amid global geopolitical worries. Each innovation fund will receive 1.5 billion reais of public capital. Private investors can contribute up to double that amount. Project financing will be supported by additional credit of up 1 billion reais for each?fund, but higher private leverage is required. The?least? 0.5% of total mobilized resources should be used to fund research and entrepreneurship. A minimum of 10% in each?fund?s portfolio must be tied to companies that work with research institutions or localize foreign technologies. All bids open until July must include between 15% and 45% of foreign capital. Ceron explained that if supported projects exceed expectations, a portion of the additional gains would be shared with the Treasury. This will generate returns for the Government if the program is successful. $1 = 5.0401 reais (Reporting and Writing by Isabel Teles, Editing by David Gregorio).
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Trump links Abraham Accords with Iran Deal
U.S. president?Donald Trump said on 'Monday that it should be mandatory for all countries, including Qatar, Pakistan and Egypt, Jordan, and Turkey, to sign the Abraham Accords en bloc as part?of a?effort to reach a?deal with Iran. Trump said he spoke to the leaders of these countries on Saturday, along with Saudi Arabia, Bahrain and Egypt, which has already signed the Abraham Accords. Trump said in a post posted on Truth?Social that it was "mandatory" that at least all these countries sign the Abraham Accords simultaneously. He said that these countries would be honored to have Iran included in the accords, once an agreement is reached to end the conflict. Trump said that negotiations with Iran were "progressing nicely", but he did not indicate a deal would be imminent. Reporting by Doina chiacu, Editing by Alison Williams
Australia's MinRes Jiangxi Ganfeng invests $351 million at Mt Marion Lithium project
Mineral Resources, Australia, announced on Tuesday that it had reached a 'final investment decision' with its joint venture partner Jiangxi Ganfeng Lithium to invest approximately A$490 million ($351.38 millions) into developing the Mt Marion lithium exploitation in Western Australia.
The investment is a major step towards expanding the project. It will boost the supply of lithium in response to the growing global demand for electric vehicles and battery storage.
MinRes stated that the 'investment, which will be spent between 2027-2028, includes A$240,000,000?for an underground pre-production facility, A$220,000,000 for underground development, and A$30,000,000?for infrastructure. Upgrades would extend mine life, and increase plant recovery by 70% by accessing deeper resources.
The miner announced that it would be tendering for an underground mining contractor. Central underground development is expected to start in the first quarter 2027. Mt Marion will transition from a combined underground and open-pit operation by 2028.
The flotation circuit construction is expected to start in the first quarter of 2027. It will be managed by MinRes Mining Services. The plant will be commissioned and ramped up in the second half of 2028.
MinRes attempted to sell stakes at Mt Marion and Wodgina in 2025 but lost momentum when prospective buyers from India or Japan balked at a price of more than $2 billion.
MinRes website stated that 'the company operates Mount?Marion via a joint venture of 50-50 with Jiangxi Ganfeng Lithium', one the world's biggest lithium producers.
(source: Reuters)