Latest News
-
Sources: Congo Ebola outbreak disrupts US backed mineral talks
Three people with knowledge of the situation said that a 'worsening Ebola epidemic' in 'the Democratic Republic of Congo' is causing travel disruptions and delaying meetings related to a U.S. supported critical minerals partnership designed to loosen China's grip on Congo's copper and cobalt reserves. Travel to and from Congo has become increasingly difficult due to the Ebola outbreak. Health concerns and quarantine regulations have forced officials and investors to delay visits. Congo is the second-largest copper producer in the world, and has significant deposits of germanium and lithium. It's a major source of energy transition minerals, and it's a focal point of global competition. Separately, the United States and China have expanded their mineral partnerships with Kinshasa in order to secure access and boost investment. According to data from the government, since mid-May, 2,011 people have been infected and 754 killed by this outbreak. The U.S. Embassy in Kinshasa warned Americans on July 11, not to travel to Congo for "any reason" due to Ebola, and warned travelers that they could be quarantined up to 21 days at their expense if exposed. Washington, according to a spokesperson for the U.S. State Department, "has no greater priority than the safety of Americans." In an email, the department stated that the U.S. is working to contain the outbreak and advance its minerals partnership with Congo. It cited progress made on the Lobito Corridor as well as Kinshasa’s commitment to facilitate U.S. investments. The outbreak is 'delaying the U.S. - Congo minerals partnership and deal discussions have been postponed. Sources said that a Washington gathering scheduled for last month, to review U.S. interest in Congolese project, had been postponed. However, discussions have continued elsewhere including London. Sources requested anonymity as they were not authorized by the government to speak publicly about this matter. The Congolese government didn't immediately respond to comments. A consultant revealed that some?investors? and?officials? have moved meetings to Paris and Brussels. A planned review of Congolese project in July was cancelled due to the fact that key partners from the U.S. were unable travel.
-
Sources say that Russia is seeking more gasoline from India following the Ukraine attack on refineries
Two sources with knowledge of the situation said that top Russian energy companies approached Indian refiners to request more gasoline following Ukrainian strikes which knocked out a large portion of Russia's refueling capacity. India is Russia's largest buyer of seaborne crude oil. Moscow's attempt to secure Indian gasoline represents a reversal of their energy relationship and highlights the impact of the Ukrainian attacks. Moscow is experiencing its worst gasoline shortage. One source with knowledge on the subject said that at least one cargo of Indian gas has already been shipped to Russia. More are expected. Nearly 40% of Russia's refinery capacity is unlikely to return until the next two months, if no more attacks are launched. Source: Rosneft Gazprom and Lukoil have all contacted Indian counterparts including state and private refiners. Any supplies will be routed via traders if a deal is agreed. Three Indian state refineries have said that Russian companies approached them to buy more gasoline, but they do not have any surplus to export. The three sources, as well as the two others who spoke to us on condition of anonymity in order to discuss sensitive issues, said that Russian companies had approached them for more gasoline. However they did not have any surplus volumes available for export. The three Russian oil companies and the Russian energy ministry have not responded to email requests for comment. The Indian oil minister Hardeep Singh Puri stated earlier this month that Indian fuel companies did not sell fuel to Russia, but that it is possible that Russia purchases fuel of Indian origin from traders. SHIP-TOSHIP TRANSFERS Sources familiar with the situation said that any additional supplies from India would be able to reach Russia via ship-to-ship transfers. Source: Russia will seek diesel supplies if Ukrainian attacks disrupt further refinery capacity. However, there are enough supplies for now. Early this month, it was reported that traders had sold gasoline to Russia produced by Indian refiner Nayara Energy which is owned in part by Rosneft. Kpler, citing satellite images in a report, said that between June 18-20 the tanker Agni was loaded with 42,000 tons of gasoline at Nayara’s?Vadinar Port. The cargo was then transferred from the ship to the vessel 'Garnet' near Damietta Light (Egypt) between July 6-7. Garnet should reach Vitino, Russia around the 26th of July according to ship tracking agency?. Shipping sources reported that another tanker Varg, which was loaded with gasoline at Nayara’s Vadinar Port, was headed for Suez. The cargo will then be transferred onto another vessel in the Gulf of Egypt, and shipped to Russia. Nayara said it "has not sold or has plans to sell fuel?to Russian companies". In response to questions, Nayara Energy said that it was committed to "serving the Indian Market and meeting the Demand for Fuels?across India's length and breadth." As the largest private sector fuel retailer in the country, our top priority is to supply optimum supplies to more than 7,000 stations as well as other channels such bulk customers.
-
Gold prices drop after US PPI data and focus on Middle East tensions
On Wednesday, gold?prices were down after U.S. producer?prices fell unexpectedly in June. However, concerns about inflation and rising interest rates remain due to the escalating tensions across the Middle East. Gold spot was largely unchanged at $4,057.34 an ounce as of 1:40 pm EDT (1740 GMT), after dropping nearly 1% in the previous session. U.S. gold futures ended the session 0.4% lower at $4,051.80. Phillip Streible is the chief market strategist at Blue Line Futures. He said that gold has recovered from its earlier losses as PPI was lower than expected. This eased some of those fears about multiple interest rate increases by the Fed this year. Bureau of Labor Statistics of the Labor Department reported that the U.S. Producer Price Index for Final Demand dropped by 0.3% in June after a 0.6% rise which was?revised downwards. Economists surveyed by?had forecast a?unchanged PPI following a previously reported 1,1% increase in May. CME FedWatch Tool data revealed that traders see a 10,2% chance of an increase in interest rates at the Federal Reserve meeting on July, as opposed to 16,6% before the data. Data on Tuesday also showed that U.S. consumer prices slowed down more than was expected in June. The United States announced that it had 'begun a second wave of attacks against Iran, after reimposing a naval blocade on the country’s ports. Iran, meanwhile, threatened to cut off regional energy exports. Oil continued to rise on Wednesday. Recent developments in the Strait of?Hormuz area have simply?revived concerns about untamed price pressures. If tensions continue to escalate, leading to higher oil prices, gold could be exposed. This is according Lukman Otunuga senior research analyst of FXTM. A solid break below this point could open the door to $3,950 or $3,000. If $4,000 is a reliable support, the price may rise to $4,100. Fuel costs may continue to increase, causing central banks to hold interest rates higher for longer. This could reduce the appeal of gold as an asset that does not yield. Platinum gained 0.9%, bringing the price to $1,646.47. Spot silver fell 1.8%. Palladium dropped 0.9% to 1,293.58. Reporting by Ashitha Shivprasad in Bengaluru and Sukanya Mittra; editing by Shilpa Majumdar and Jonathan Ananda.
-
Serbia promises aid to Ukraine, but ducks calls for more pressure on Russia
Aleksandar Vucic, the president of Ukraine, said that Serbia would send Ukraine more humanitarian assistance but had not signed a regional agreement calling for more pressure to be put on Russia and for continued security aid for Ukraine. Vucic had earlier met President Volodymyr Zelenskiy and taken part in the regional Southeastern Europe - Ukraine summit. It was the first time in more than a decade that a Serbian president visited the Ukrainian capital. Vucic had also participated in the regional Southeastern Europe-Ukraine summit last year. Belgrade has had a long history of close relations with Moscow. It has refused to join the Western sanctions against Russia for its invasion of Ukraine. However, it has condemned Moscow's policy at the United Nations, and has expressed support for Ukraine’s territorial integrity. Vucic also met Zelenskiy several times. VUCIC FACES ANTI GOVERNMENT PROTESTS Following the summit, the longtime Serbian president, who is considering an early election as he navigates through more than a years worth of anti-government demonstrations, promised more financial, energy, and medical aid to Ukraine. He also pledged to help rebuild a town that was not named. Vucic told Serbian journalists that "we have not made any good progress so far, but we will try our best to get the best possible results for the Ukrainian people in this town." Vucic refused to sign a joint declaration of the summit, which called for a continuation of the political, military and financial support to Ukraine, as well as a strengthening of pressure on Russia. Vucic said he refused to sign the summit's joint declaration, which calls for the continuation of political, military, financial, and security support to Ukraine and strengthening pressure on Russia. Vucic stated that Serbia would continue to support Ukraine's EU application. "Ukraine and Moldova,?and all other... can count on Serbia's assistance," he said. He was referring to a former Soviet republic that is now governed by an EU-friendly government. Belgrade recognizes Ukraine as a whole, including the territories that Russia has seized since 2014. Kyiv, on the other hand, refuses to recognise Kosovo's 2008 independence, which is primarily a?Albanian province of Serbia. Since the Russian invasion of Ukraine in?2022, Serbia, a country with a population of around 6.5 million, has donated 60 million Euros in non-lethal, non-military assistance to Ukraine. Moscow has repeatedly accused Belgrade of selling ammunition via intermediaries to Ukraine. Belgrade has denied ever supplying ammunition to Ukraine, but said that it had sold to other purchasers worldwide. Vucic’s visit comes also after a conference of EU candidate countries held in Serbian capital,?Belgrade, last week. Ruslan Stefanchuk, the Ukrainian parliament's speaker, accused Moscow during the event of aggression, and "humiliating", Serbs. Maria Zakharova - the Russian Foreign Ministry spokesperson - criticised Belgrade on Saturday for failing to respond "to the hostile antiRussian remarks" made Stefanchuk.
-
US sanctions are aimed at disrupting Iran's weapons procurement
The US?government announced sanctions against individuals and entities that it claimed were a part of a network that helped Iran acquire weapons. In a statement, the U.S. Treasury Department stated that sanctions would be imposed on Iranians and Russians as well as entities with bases in Iran, Russia,?and Nigeria. The move coincides with heightened tensions, including hostilities between Washington and Tehran over the Strait of Hormuz. Treasury released a statement saying that Wednesday's targets "exemplify Iran’s use of foreign aviation, transport, and financial conduits as well as travel coordinators in order to conceal the IRGC’s role 'in illicit procurement' and to move materials and personnel around the world." These sanctions are in addition to the U.S. actions taken?in May?against companies and individuals, including some based in China and Hong Kong?against accusations that they were aiding Iran's weapons sector. The U.S. imposed sanction in June against 11 individuals and entities who helped weapons?procurement for Iran's IRGC (Islamic Revolutionary Guard Corps) and Iranian military.
-
Gold prices drop after US PPI data and focus on Middle East tensions
Gold prices recovered on Wednesday after the U.S. Producer prices fell unexpectedly in June. However, concerns about inflation and high interest rates remain due to the escalating Middle East tensions. By 11:35 am EDT (1535 GMT), spot gold had fallen nearly 1% in the previous session. U.S. gold futures dropped?0.4% at $4,053.70. Phillip Streible is the chief market strategist for Blue Line Futures. He said that gold has recovered from its earlier losses this morning, as PPI was lower than expected. This also eased concerns over multiple interest rate increases by the Fed this year. Bureau of Labor Statistics of the Labor Department reported that the Producer Price Index for Final Demand fell 0.3% in June after an upwardly revised 0.6% rise in May. The economists polled had predicted?an unchanged PPI following a previously reported advance of 1.1% in May. CME FedWatch Tool data shows that traders see a 10,2% chance for a rate hike at the Federal Reserve meeting in July, as opposed to 16,6% before the data. Data on Tuesday also showed that U.S. consumer prices slowed down more than anticipated in June. The U.S. announced that it had 'begun a new round of strikes against Iran, after reimposing a naval blocade on Iranian ports. Meanwhile, Iran has threatened to cut off regional energy exports. Oil continued to rise on Wednesday. Recent developments in the Strait of?Hormuz region have simply re-ignited fears about unchecked price pressures. If tensions continue to escalate, leading to higher oil prices, gold could be exposed. This is according Lukman Otunuga senior research analyst of FXTM. A solid break below this point could open the door to $3,950 or $3,000. If $4,000 is a reliable support, the price may rise to $4,100. Fuel costs are likely to continue rising, which could lead central banks to keep rates high for longer. This would reduce the appeal of gold as an asset that does not yield any income. Spot silver fell 1.6% to $57.67 while platinum rose 0.2% to $1.634.13. Palladium dropped 0.8% to 1,294.25. Reporting by Ashitha Shilpa Prasad in Bengaluru and Sukanya Mittra; editing by Shilpa Majumdar and Jonathan Ananda
-
Ghana adopts revised mining laws to strengthen oversight
The Ghanaian cabinet has approved amendments for the mining law to be submitted to parliament. Mines Minister Emmanuel Armah Kofi Buah announced this on Wednesday as part of efforts by government to increase oversight and curb illegal mines. Ghana, Africa's largest gold producer, is implementing reforms to boost state revenue and increase local participation in the mineral wealth. It introduced a sliding scale gold royalty regime this year linked to prices, and announced plans to phase out fiscal stabilization agreements. This could impact major miners such as Newmont, Gold Fields, AngloGold Ashanti, Zijin, and Perseus. Buah said at a press conference in Accra that Ghana's Minerals and Mining Act 2006, which has been in force for almost two decades, needs to be updated and modernized. This policy aims to indigenize the mining industry by strengthening the local content of minerals through domestic value-adding, improving links to the manufacturing industry and dealing decisively with the threat?of illicit mining and protecting our environment. The proposed law creates district mining committees that give host communities an early role in the licensing process. The prospecting and reconnaissance licences are to be replaced by a single exploration licence, which will have a maximum of five years. Extensions can only be granted after a review is made of the initial two-year programme. Buah added that if you don't invest in exploration for five years, you will lose your license. He added that mining?lease agreements would still be limited to a maximum of?20-years, but now companies would have to sign community development agreements directly negotiated with the host communities rather than being decided by the company. Maxwell Akalaare Adombila, Louise Heavens and Emmanuel Bruce contributed to the report.
-
Nuclear fuel company Standard Nuclear reduces US IPO size more than by half
Standard Nuclear has reduced the size of its proposed U.S. Initial Public Offering by more than 50 percent on Wednesday. It joins a'string' of companies who have lowered their valuation targets to match cautious investor sentiment this year. The company plans to sell 10,000,000 shares for $15 each. It originally intended to sell 18.25 million of its shares between $18-$21 each. Standard Nuclear's valuation would be $2.4 billion at $15, as opposed to its previous target of $3.55billion. Analysts claim that despite the strong resurgence of the U.S. IPO Market this year, investors remain cautious about valuations and prefer to ignore less exciting offerings. Ambulance giant GMR, and small modular reactor developer Deep Fission?have also downsized their initial public offerings?in the past few months. The poor performance of recent IPOs including SpaceX is negatively affecting demand for U.S. IPOs. This is especially true for high-risk and loss-making deals like Standard Nuclear, according to IPOX CEO Josef Schuster. The Oak Ridge, Tennessee, based company processes enriched uranium into advanced nuclear fuels for advanced nuclear reactors including small modular reactors or microreactors. It reported a $7.7-million net loss?and revenues of $593.802 for the three months ending March 31. This compares to a $8.3-million?net loss and revenues of $377.926 from a year ago. The company's revenues are primarily generated by?fuel development contracts and research and developments projects. Schuster stated that "sector-specific weaknesses" are contributing to a more challenging pricing environment. He referred to the subdued trading in NuScale?Power and Oklo which both fell more than 35% during this year. Standard?Nuclear will price its IPO on Wednesday, and debut on the NYSE Thursday. Reporting by Arasu Kanagi Basil in Bengaluru and Pragyan Kalita; editing by Shilpa Majumdar
Russia claims that a Ukrainian drone killed the chief engineer of Zaporizhzhia Nuclear Plant
According to the head of Russia’s state nuclear corporation Rosatom, a drone from Ukraine killed the chief engineer of the Russian-controlled nuclear power station in Zaporizhzhia near the station.
Alexei Likhachev said in a press release that a Ukrainian drone struck a car transporting engineers between the site of the plant and Enerhodar. The engineer, Alexander Yakovlev and driver were killed. In the first weeks following the Russian invasion of Ukraine in 2022, Russian forces captured the largest nuclear power plant in Europe, with six reactors. Since then, each side has regularly accused the others of military actions which endanger nuclear security. Enerhodar has been the target of many attacks, as it is home to most of nuclear station staff. Likhachev said that the failure of Western nations to respond to attacks on the plant "encourages the escalation?of terrorist acts by the Ukrainian Government." He added that attacks in the area have killed 13 people and wounded 48 over the last 2 1/2 months. Rafael Grossi of the International Atomic Energy Agency (IAEA), the U.N.'s nuclear watchdog, condemned this incident without mentioning Ukraine or Russia. Grossi stated that the incident "represents a serious threat to nuclear safety, as it represents an unacceptable attack against the plant and its managers." Maria Zakharova of the Russian Foreign Ministry wrote on Telegram: "This is an unacceptable attack against the plant and its management, seriously threatening nuclear safety." Last Friday, the Kremlin accused Ukraine of intensifying what it referred to as "terrorist" actions against a?power plant. Dmitry Peskov, the Kremlin's spokesman, accused Ukraine of launching strikes against civilian infrastructure as well as infrastructure directly connected to the power plant. Ukraine has not yet commented on this latest incident. (Reporting and Editing by Kevin Liffey; Ron Popeski, Sanjeev MIglani, and Sanjeev Liffey)
(source: Reuters)