Latest News
-
Trump's nuclear reactor plans raise safety concerns
The Trump administration announced a huge nuclear deal earlier this week that provides an incentive of multi-billion dollars for the U.S. Government to issue permits for new Westinghouse Reactors. Critics say the structure is unprecedented and poses safety and environmental risks. The U.S. Government will help to secure approvals and permits for the $80 billion worth Westinghouse nuclear reactors. The plan gives the U.S. Government a way to get a share of 20% future profits, and even a possible 20% stake in the firm if it's value exceeds $30 billion by the year 2029. The deal represents one of the most ambitious plans for U.S. nuclear energy in recent decades. It highlights President Donald Trump's desire to maximize energy production to meet the booming demand in artificial intelligence data centres. Safety advocates and regulatory experts say that financial incentives could cloud regulatory scrutiny to prevent nuclear accidents. Greg Jaczko is a former Chairman of the Nuclear Regulatory Commission. He said that Three Mile Island and Chernobyl are three of the most serious nuclear accidents in history. All of these problems are linked to a lack of regulatory independence. The White House has said that concerns about safety are unfounded. The regulatory regime is unchanged and not compromised. The White House stated in an email that there was no agreement about regulatory changes. Cameco, the owner of Westinghouse, declined to comment. Brookfield and Westinghouse have not responded to requests for comment. TD Cowen's analysts said in a recent research note that they expect Westinghouse will have 10 large-scale nuclear reactors under construction - enough to power several millions of homes - by 2030. It takes an average of ten years to build a nuclear power plant, mostly due to the complex construction and high costs. Patrick White, an expert in nuclear technology and regulatory issues at the Clean Air Task Force said that effective regulation does not have to be a long or slow process. White stated that it was in both the companies' and the public's best interests to ensure nuclear regulation is timely and predictable. Todd Allen, an expert in nuclear engineering at the University of Michigan said that the Westinghouse design is well-established, but questioned the speed of the projects. Allen stated, "With this aggressive timeline and the demand for reactors all over the world, I'm wondering if there is enough manpower to handle these projects." DURATION DELAYS IN PREVIOUS U.S. WORK PROJECT Westinghouse was forced into bankruptcy in 2017 by its last nuclear project in the United States, the construction of two nuclear reactors in the Vogtle Power Plant in Georgia. The cost of the two reactors was about $35 billion and seven years behind schedule, which is more than twice as much as the initial estimate of $14 billion. Patty Durand has spent many years studying this project. She fears that a fast-tracked permitting process will overlook climate change risks. She said that severe droughts in Europe and America have forced operators to reduce nuclear power to avoid overheating reactors. Westinghouse had a number of issues with its modular design for the AP1000 reactors. For example, some parts were not sized correctly when they arrived at their site. The AP1000 was also used to build the new reactors. They were built using prefabricated parts, and assembled on-site. Edwin Lyman is a physicist with the Union of Concerned Scientists. He fears that the Trump administration may exert too much control over the Nuclear Regulatory Commission in order to have the new reactors approved. (Reporting by Tim McLaughlin and Timothy Gardner; Editing by Nia Williams) (Reporting by Tim McLaughlin, Timothy Gardner and Nia Williams).
-
Newmont CEO: Ghana's fiscal stability is key to the $900 million gold mining project opening
Newmont CEO Tom Palmer said that fiscal stability and fair tax systems and royalties are essential if countries wish to attract mining investments. The company had just opened its $900m Ahafo North Mine in Ghana. Newmont only operates in Ghana in Africa, which is one of the most stable mining jurisdictions on the continent. It offers stability agreements to firms that lock in royalties over a period of five to fifteen years. However, the government intends to tighten oversight of mining companies. Palmer, in an interview on Thursday, following the inauguration the Ahafo North Mine, Newmont's second mine in Ghana, after selling the Akyem to China's ZIJIN last year, said that Newmont's investments are based on "very stable fiscal régimes" and on "robust and fair tax and royalties systems." "It's important to have a fair and transparent regime... He said that if the capital is not moved elsewhere, it will. This week, it was reported that Ghana, Africa’s largest gold producer, had ordered audits on mining companies, including Newmont of the United States, AngloGold Ashanti and Gold Fields, as well as China’s Zijin. Ghana is also preparing for major legal reforms as West African countries push to gain greater control over their natural resources in the face of a global commodities boom. Palmer said that the investment climate is still favorable. He said that Ghana was a crucial place. "We are in Australia, Canada and the United States. We're also in Peru, Argentina, Mexico and Suriname. All of these locations were carefully chosen, and we chose to stay there long-term because we know we can maintain and build lasting relationships." Newmont operates two mines in Ghana, Ahafo South & Ahafo North. Palmer called them "cornerstones of the global portfolio" for Newmont. "We've lived here for 30 years." "I expect Newmont to be here for at least another thirty years." Jane Naana Opoku Agyemang, Vice President of Ghana, said that the Ahafo North Mine marks a new phase in inclusive growth for Ghana’s economy. This partnership must be more than just a business deal. She said that the partnership must be able to deliver value for the people of Ghana and in particular those living in the host communities. Ghana's regulatory climate is more stable than in other parts of Africa, where governments led by military forces, such as those in Burkina Faso and Mali that are rich with gold, iron ore, uranium and bauxite and Mali and Niger, tighten fiscal regimes for state revenue. On October 20, spot gold prices reached a new record of $4,380 per troy ounce. This boosted the revenue for miners. The Ahafo North Mine, located 30 km (19miles) from Newmont’s Ahafo South mine, is expected produce 50,000 ounces gold this year. Production will increase to 275,000-325,000 over the course of its 13-year lifespan. Palmer stated that the mine would employ around 1,000 permanent workers. Newmont will produce around 800,000 gold ounces in Ghana by 2024.
-
China's Industry Association recommends a capacity cap for lead, zinc and copper
China's non-ferrous metals association, which is backed by the government, has recommended setting a cap on capacity for certain metals such as copper, zinc, and lead to limit the addition of additional capacity, because low processing fees are hurting smelters’ profitability. China's rapid growth in the supply of goods has led to an excess supply in several industries, from steel, solar and coal. Beijing's promise to end price wars between producers in early-July has triggered an anti-involution campaign across all sectors that are plagued with overcapacity. A state-run news outlet reported last month that China was looking at ways to improve regulation regarding the expansion of copper melting capacity. The state-run China Nonferrous Metals News reported that Duan Shaofu was an official of the association who said at a quarter-long briefing: "There's an intense competition in the smelting, refining and other nonferrous metals, but aluminium is the exception." China's cap on capacity for aluminium was 45 million metric tonnes from 2017. This has contributed to the astronomical profits made by producers of this light metal since then. Duan said that the intense competition in the form of 'involution' has weakened companies' bargaining power when it comes to raw material procurement. This has lowered profits and threatened a sustainable development for industry. Copper, zinc, and lead smelters rely heavily on processing fees or treatment and refinement charges. The fierce competition to obtain scarce feedstocks, coupled with rapid expansion of smelting capacities, has put pressure on these fees. Copper concentrate processing charges, for example, are at record lows. China's leading copper smelters have decided to refrain from providing guidance on such fees in the fourth quarter of 2025. This is the third time they have made this decision.
-
Sources: Russian-backed Indian refinery sanctions boosts crude run to 90%
Two sources with knowledge of the situation said that after European Union sanctions earlier in the year, Nayara Energy, a Russian-backed Indian refiner, has increased crude processing to 90-93% capacity at its Vadinar Refinery. Sources have said that oil processing at Nayara’s 400,000 barrels-per-day western India plant fell to 70 to 80 percent after the EU sanctions it in July. This impacted its exports, and caused suppliers like Iraq and Saudi Arabia, to stop crude sales to the firm. Nayara was operating at 104% capacity before the sanctions. Nayara, a majority-owned company by Russian entities, is dominated by Rosneft. Rosneft holds 49.13% of the shares and was sanctioned by the United States last week. Nayara and Rosneft didn't immediately respond to comments. Sources said that Nayara crude sales have recently rebounded as the company increased domestic fuel sales. This includes supplies to Hindustan Petroleum Corp., a state-owned refiner. Ship tracking data indicates that the private refiner operates its plant only using Russian oil. Sources said that Rosneft arranged for Russian oil to be sold by traders to Nayara. Sources said that Nayara will likely continue to buy Russian crude oil through non-sanctioned companies, but declined to provide further details on how Nayara pays for its crude oil purchase. It was reported that Nayara settled its Russian oil supply against exports. Reliance Industries - the largest Indian refiner and client of Russia - has stopped buying Russian oil since Washington's sanctions against Rosneft, a Russian energy company, were imposed last week. According to a report on Friday, India's largest refiner, Indian Oil Corp., purchased five cargoes from non-sanctioned sources of Russian oil, due for delivery in December. Nayara has more than 6,600 retail outlets. (Reporting and editing by Joe Bavier; Nidhh Verma)
-
Orban, the Hungarian Prime Minister, says he'll seek an exemption from US oil sanctions
Viktor Orban, the Hungarian prime minister, said that he hopes President Donald Trump will convince him to exempt Hungary from U.S. sanctions against Russian oil due to its high dependency on pipeline networks. Orban said that he would discuss U.S. Sanctions on Russian Oil Companies Rosneft, and Lukoil at a scheduled meeting with Trump for the 7th of November and hopes to conclude a wide economic agreement with America. "Hungary has a landlocked status... We depend on the transport routes that allow energy to reach Hungary. Orban stated that the majority of these are pipelines. He said: "We must make the Americans aware of this peculiar situation... if they are to grant exemptions to the American sanctions against Russia." Orban stated that Germany, despite its access to the sea and its refineries, had requested an exemption. Germany's Economy Minister said Tuesday that he received assurances from Washington stating that Rosneft Germany would be exempted from sanctions as the assets were no longer under Russian authority. Rosneft Germany owns the majority stake in Schwedt Oil Refinery. The U.S. announced new sanctions that could put Hungary at risk of relying on Russian crude oil imports. This was just days after an fire forced the Hungarian oil company MOL to reduce its capacity due to a fire in their main refinery along the Danube. The government of Hungary published a draft law to amend the existing legislation on imports and stockpiling crude oil, crude products and other crude materials. This will allow it to designate "standby" filling stations that can provide fuel in an emergency to users who are critical to supply. Orban will meet Trump for the first time next week, since his longtime ally has returned to the White House. (Reporting and editing by Sharon Singleton, Timothy Heritage and Anita Komuves)
-
CATL sources lithium ore from outside suppliers as flagship mine remains closed
Sources say that China's CATL placed orders for lithium ore with external suppliers in November as the battery giant is seeking alternative feedstock since its flagship Jianxiawo Mine has closed. Two sources who have direct knowledge of the matter and requested anonymity because they are not authorised to talk publicly, said that a CATL joint venture in Yichun near the mine placed the orders earlier this month with traders. One source said that the two companies rarely did this when the mine was at full capacity. CATL has not responded to a comment request. CATL's Jianxiawo, one of its lithium assets in Yichun, Jiangxi Province, has been closed since the beginning of August, after its mining licence expired. CATL announced in August that it would renew its license as quickly as possible. The Chinese newspaper Securities Times announced a month later that the mine would reopen in a few weeks. CATL, however, has not yet announced such a move. According to Australian government data, the Jianxiawo Mine has a production capacity of 46,000 metric tonnes of lithium carbonate per year, which is 3% of global output in 2025. The mine was closed in last year. It reopened in February, but then shut down again in August. The mine is a major source of lithium for the global market, so prices have been affected each time. Mark Potter, Shanghai Reporting Editor
-
Iron ore prices fall on rising stocks and falling demand; weekly and monthly gains are expected
Iron ore futures fell on Friday due to a dwindling Chinese demand and increasing inventories. However, hopes for a trade agreement between the two largest economies in the world kept prices on course for weekly and month gains. The daytime trading price of the most traded January iron ore contract at China's Dalian Commodity Exchange closed 0.56% lower, at 800 Yuan ($112.31) per metric ton. The contract posted a weekly gain of 3.7%. By 0736 GMT the benchmark December Iron Ore on the Singapore Exchange had fallen 0.19% to $106.25 a ton but was still up 2.4% so far this week. Both benchmarks saw a gain of around 2% in the month of March on optimism for a trade agreement during a Thursday meeting between U.S. president Donald Trump and his Chinese equivalent, Xi Jinping. After the meeting, Trump stated that he and Xi had agreed to lower tariffs against China in exchange for Beijing crackingdown on the illicit fentanyl market, resuming U.S. soya bean purchases, as well as keeping rare earths imports flowing. First Futures analysts said that the macro-driven driving forces have receded since the Trump-Xi summit. Investors shifted their focus to the weakening fundamentals for the main steelmaking ingredient, as the macro-boost had already been priced in. Data from Mysteel revealed that the average daily hot metal production, which is a measure of iron ore consumption, dropped 1.5% on a week-to-week basis to 2,36 million tons by October 30. Portside inventories increased 0.8% during this period. A Friday official survey revealed that the decline in China's manufacturing activity for a 7th month, October, further pushed up prices. Coke and other steelmaking materials, such as coking coal, lost 0.92% and 1.1% respectively. The benchmarks for steel on the Shanghai Futures Exchange have lost ground. The Shanghai Futures Exchange saw a decline in steel benchmarks. $1 = 7.1230 Chinese Yuan (Reporting and editing by Amy Lv, Lewis Jackson and Eileen Soreng).
-
Red Wings and Ducks shoot for Southern California sweep
Detroit Red Wings will visit Anaheim Ducks this Friday, riding a winning streak of three games. However, they know that their most recent victory was only a narrow one. The Red Wings are the top team in the Atlantic Division after a thrilling 4-3 shootout win over the Los Angeles Kings. Detroit seemed to be in control of the game when it led 3-1 with less than two minutes left in regulation. However, the Kings scored two goals within 40 seconds -- both while the goalkeeper was pulled to make room for an extra attacker -- forcing extra time. The Red Wings rallied to earn the extra point. "Obviously, that's not what we want to happen. But to fight through it, to do a good job (on penalty kicks) in overtime and to win a shootout in a great way," said Detroit forward Alex DeBrincat. He scored for the third time in a row and also added an assist. "Two goals is two goals, no matter how they are scored." The Red Wings also hope that the match will kick-start Marco Kasper. The 21-year old forward, who scored 19 goals in the previous season, ended an eight-game drought by scoring two goals at Los Angeles. Todd McLellan, the coach said: "He is a highly competitive individual who has placed some pressure on him." "Maybe this is what he needs to get going. We're counting on it, but we don't forget that he's only 21." "You'd have thought he was 27 based on the way he performed last year." John Gibson is expected to start the game in Anaheim. Gibson was the No. 1 goaltender for 12 seasons. Gibson spent 12 seasons as the Ducks' No. The Ducks are back home after a 3-2-1 road trip. Anaheim won a 3-2 shootout over the Stanley Cup champion Florida Panthers to end the trip. Everyone was happy not only because the Ducks won the game against Florida. The way they did it was what made everyone happy. Anaheim, like the Red Wings on Thursday, surrendered two goals in the third but recovered to win, and even stopped a Florida powerplay in overtime. Joel Quenneville, Ducks coach, said: "We lost one tough game the other night. I liked our reaction." Quenneville was referring to the Ducks' 4-3 loss against the Tampa Bay Lightning. "We stuck with it, and found a solution to the problem." The Ducks are starting a three-game at home stand and appear to be an entirely different team from the one Gibson played for in the previous seasons. Anaheim, which has spent several seasons at the bottom or near the bottom, is hoping to have a successful October. Anaheim is off to a great start with a 5-3-2 record, including a 4-2-1 road record. Troy Terry leads the offense with seven points in five games (three goals and four assists); Leo Carlsson is coming off of a performance that included one goal and one assist; Cutter Gauthier has six goals for the team. The Ducks have gained momentum as a collective. Goalkeeper Lukas dostal stated, "When I look back at the road trip we made, I believe we did an excellent job." "We will keep moving forward." "I felt that (Tuesday's game) was our best of the season." Field Level Media
German vice chancellor opposed to North Sea gas drilling strategies
German Vice Chancellor Robert Habeck protests plans to drill for natural gas in the GermanDutch border location of the North Sea, he informed Spiegel magazine in an interview excerpt released on Friday, saying it was not essential for energy supply.
The state of Lower Saxony had actually cleared the way for the job in 2022 following Russia's intrusion of Ukraine, which had left Germany rushing to ensure its energy supply.
The planned job is not essential to secure Germany's. energy supply, said Habeck, of the Greens environmental celebration. that governs with the Social Democrats and pro-business FDP.
The preservation of nature and the Wadden Sea, a UNESCO. World Heritage Site, seem to be weighty arguments versus the. awareness of the drilling task, he added in the excerpt.
Independently owned Dutch business ONE-Dyas price quotes that it can. extract up to 13 billion cubic metres of gas from the N05-A gas. field off the German island of Borkum over a number of years.
That would correspond to about 17% of the nearly 77 billion. cubic metres that Germany consumed last year alone.
Habeck also revealed scepticism about the legal potential customers. of the task, which got authorization from state energy. officials this week that would definitely be objected to.
An arrangement is still being worked out by Germany and the. Netherlands because the waters of both would be affected.
(source: Reuters)