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VEB, a Russian copper mining company, will invest $13.4 billion in the country's Far East
The Russian government announced on Saturday that the state-owned development bank VEB would invest over 1.1 trillion Russian roubles (about $13.40 billion) in order to develop a mine of copper in Chukotka, in the extreme east of the nation. A government press release stated that the development of Baimskaya, which was discovered in 1972, will create 6,000 jobs, and generate tax revenues in excess of three trillion roubles. Chukotka, the easternmost federal subject in Russia, is a mountainous area. Around half of the region is above the Arctic Circle. Once operational, the deposit will increase Russia's gold production by 4% and copper production by 25%. "We continue to build not just a mining and processing plant, but a powerful and technologically-advanced industrial complex that will strengthen Russia's position in the global market and become a new point of growth in the Arctic," said Georgy Fotin, general director of the Baimskaya Management Company LLC. Vladimir Putin named the Arctic region as one of Russia’s most important economic interests. He has also increased commerce through the Northern Sea Route, as Moscow has shifted trade away from Europe and towards Asia due to Western sanctions. The government announced on Saturday that the development of the Baimskaya deposit would increase the annual cargo traffic along NSR by two million metric tonnes. $1 = 82.1000 Russian Roubles (Reporting and editing by Kirby Donovan; Lucy Papachristou)
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At least 17 people killed in Nigeria by suspected herders
Police said that at least 17 people died when suspected cattle-herders attacked Benue State in central Nigeria on Thursday. This was amid an increase of violent clashes between farmers, herders and others. Food supplies in north-central Nigeria have been disrupted by years of conflict. This is a major agricultural area. Two days earlier, 11 people had been killed in Otukpo in Benue. A week before that, gunmen killed over 50 people when they attacked villages in Plateau State. According to SBM Intelligence, since 2019, more than 500 people have died in the region as a result of the clashes. 2.2 million others were forced to flee their homes. Police said that a separate group of suspected cattle herders killed five farmers early Friday morning in the Ukum Local Government Area of Benue, near Gbagir. Police spokesperson Sewuese Aene stated that the attackers fired as police moved in to confront them. Police said that while officers were engaged in the attack at Ukum another 12 people died in an attack 70 km away in Logo local council. (Reporting and writing by Camillus Eboh, Ben Ezeamalu and Andrew Heavens; editing by Andrew Heavens).
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Toronto FC wins rare road game at Real Salt Lake
Toronto FC hasn't beaten Real Salt Lake in Utah for nearly 18 years. Real Salt Lake is 10-0-2 against Toronto FC at home since their first ever meeting. They will look to add to that record when they meet in Sandy, Utah on Saturday. Toronto defeated Real Salt Lake 2-1 on July 4, 2007, in a match held on the University of Utah's campus in Salt Lake City. RSL has dominated home matches since then with an unbeaten streak, which includes a win in the 2010 CONCACAF Champions League. Toronto's first-year coach Robin Fraser stated, "It is a difficult place to play." They have played well there in the past. Toronto's results there haven’t been great over the years because it’s a difficult place. Toronto FC hasn't had a good season so far (0-4-4, four points). Toronto was 0-4-1 in its first five games before it played three consecutive draws. The club was held scoreless at Minnesota United last week. Deandre Kerr, a Toronto player, will miss his third consecutive game due to an injury to his ankle. Federico Bernardeschi and Deandre Kerr are tied with two goals each for the team's lead. Fraser believes Kerr will be out for at least another month. Real Salt Lake (3-5-0, 9 points), has lost three of its last four matches. The result last week was a painful one. Nashville's Sam Surridge scored in the first minute after the second half's stoppage time the decisive goal that sent visiting Salt Lake down 2-1. Diego Luna, who scored three of the team's best goals, sees a team in progress that is yet to find its full stride. "We're playing well," Luna said. The team is improving, we are growing, and the chemistry is developing, but there are still little things to fix to bring it all together. RSL coach Pablo Mastroeni said: "We made some good progress in the past couple of weeks and played good stuff in our last game." We want to dial in some moments where we were a little naive. Salt Lake's Javain Brown has retired from the league after having surgery on Wednesday to repair an ACL tear and meniscus damage to his left knee. Brown injured his knee during a training session. Field Level Media
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Indonesian woman uses mangroves to fight rising tides
Pasijah is a 55-year old housewife from Indonesia's Central Java Province. She wakes every morning with the sound of waves. It's not as idyllic as it sounds. It is the last remaining house in this area of Rejosari Senik. This small village, located on Java's north coast, was once dry land and is now under water. Pasijah and her family are not planning to leave. She said in February that she had "every intention" to remain at the house and her feelings towards it remained. Pasijah, who has lived in her house for 35 years, is soaked by water when she steps out. The floor inside has been raised above the water level by using a power pole and bamboo arranged in haphazardly. Demak is 19 km away. The closest land is 2 km (1.24 miles). Only by boat can you get to the island. Indonesia is an archipelago made up of thousands of islands with a coastline of 81,000 km. This makes it vulnerable to erosion and rising sea levels. Kadarsah, an official with Indonesia's Meteorology, Climatology, and Geophysical Agency, said that sea levels along the coasts of the country rose by 4.25 millimetres per year on average between 1992 and 2024. However, the rate increased in recent years. He said that rising sea levels were a sign of climate change, and added that small islands had vanished. Kadarsah pointed out that increased pumping has also exacerbated the land subsidence along Java’s northern coast. Jakarta, Indonesia's largest city, is especially affected by the problem. It is home to 10 million people. Indonesian authorities are turning to mega-projects for a solution. One of these is a 700-kilometre sea wall along the northern coastline between Banten province and East Java. Pasijah, her family and friends have also turned to the natural world. Over the last two decades, she has planted around 15,000 mangroves trees per year. She paddles in a boat that is made of a blue barrel every day to plant saplings and tend to bushes. Pasijah explained that the flood waters came in waves and not at once. "I realized that I had to plant mangroves after the water began rising. They would spread and protect my house from the wind and waves. Her family and she survive by selling fish that her sons have caught in the market closest to them. They said they would stay until the tide was held back. Pasijah explained, "I don't care about my feelings about being isolated here anymore since I've decided to stay. We'll just take one obstacle at a time." (Reporting and writing by Ajeng dinar Ulfiana; Budi Purwanto and Johan Purnomo. Additional reporting and writing by Stanley Widianto. Editing and editing by Gibran peshimam and Kate Mayberry.
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Sources say that KKR is among the asset managers competing for Abu Dhabi district cooling business.
Three sources confirmed that KKR, I Squared Capital and other global asset managers are bidding to buy a district cooling company owned by Abu Dhabi’s Multiply Group. The business is part of a $1.5 billion empire run by one of UAE's most powerful sheikhs. As an environmentally-friendly and more cost-effective alternative to air conditioning, district cooling plants deliver chilled water through insulated pipes in order to cool buildings such as offices, factories, and residences. Three people familiar with the situation, who declined to be identified because the details were not public, said that Investcorp is one of the possible suitors. According to the sources, CVC, which is backed by Engie, and National Central Cooling Co (also known as Tabreed) are in a race for a deal worth up to $1 billion. The Abu Dhabi energy and utility firm TAQA also has its eye on the deal. It is nearing its second round, with potential buyers expected next month to submit binding bids. Multiply Capital, I Squared Capital and Tabreed did not respond to requests for comment. Last month, it was reported that Tabreed worked with Citi to develop a possible bid. PCH's interest shows how local investment opportunities are being sought by buyout groups in the Gulf, as governments implement ambitious programs to diversify economies away from oil. Previously, equity firms raised money in the Gulf to invest elsewhere. Last week, KKR was the latest asset manager who announced plans to create a team to pursue Gulf deals in the region. Multiply is owned by IHC. Its chairman, Sheikh Tahnoon Bin Zayed Al Nahyan is the UAE's National Security Advisor and brother of its president. He controls an expansive business empire, including two sovereign funds. S&P Global Market Intelligence reported in January that private equity funds raised $680 billion worldwide in 2024. This is a decrease of 30% from the $966 billion raised by 2023.
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Trump will expedite the permitting process for 10 mining projects in the US
The White House announced on Friday that it would expedite the permitting process for 10 mining projects in the United States, as part of President Donald Trump’s efforts to increase critical minerals production. These projects, which will supply copper, antimony, and other minerals, have been given FAST-41 status. This is a federal initiative that was launched in 2015 for streamlined approvals of critical infrastructure. The White House announced that it would add more projects. The first 10 are listed publicly on a U.S. Federal website, where the progress of their permits can be tracked. This is part of a Trump administration push for greater transparency. The White House issued a statement saying that "this transparency leads to greater responsibility, ensuring an efficient process." This move will boost a number of projects, including a proposed Idaho gold and antimony mine by Perpetua Resources; a proposed Arizona mine from Rio Tinto; a proposed Montana silver and copper mine by Hecla Mining; an expansion of Albemarle’s Nevada lithium project, a direct lithium extraction project in Arkansas from Standard Lithium and a metallurgical coking coal project in Alabama from Warrior Met Coal. Steel is made from metallurgical coal. Former President Joe Biden has accelerated the Hermosa zinc and manganese project of South32 in Arizona, making it the first mine that received the FAST 41 treatment. Trump ordered earlier this week a probe of potential new tariffs for all U.S. imports of critical minerals, a major escalate in his dispute against global trading partners and an effort to pressure the industry leader China. (Reporting and editing by Lisa Shumaker; Ernest Scheyder)
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Sources confirm that Petrobras has approved the tender for restarting fertilizer plants in Brazil’s northeast.
According to four sources with knowledge of the matter, the board of Brazilian state oil company Petrobras approved plans on Thursday to select a new partner to restart its fertilizer factories in northeastern Brazil. Sources who asked to remain anonymous because the decision had not been made public said that the move hinged on the resolution of ongoing disputes with the current leaseholder, Unigel. The chemical company Unigel demanded compensation from Petrobras, according to previous reports. This impasse marked a setback in President Luiz-Inacio Lula's plan to reduce Brazil's dependence on imported fertilizer. Brazil, a major agricultural powerhouse in the world, is one of the top importers of fertilizers. It purchases more than 80%. Petrobras has leased to Unigel the two nitrogen fertiliser plants located in Bahia State and Sergipe State in 2019. The agreement is for 10 years. Both facilities were shut down in 2023. Unigel cited unfeasible conditions of operation due to the high price of natural gas in Brazil. Sources claim that Unigel has not yet responded to Petrobras after the board's decision. Petrobras refused to comment upon being contacted by. Unigel didn't immediately respond to our request for comment. Both companies are involved in arbitration related to their lease agreement, which includes disagreements about the shutdown of the operations, Unigel’s investments and gas supply terms. Sources said that a formal tender could only be advanced if an agreement was reached. The arbitration must be completed before the process can proceed. We can't go forward without it," a company source stressed. Second source: If the dispute is fully resolved, Unigel could participate in the next bidding process for the plant to resume operation. (Reporting and writing by Rodrigo Viga Gaier in Rio de Janeiro, Marcela Ayres in London; Editing by Matthew Lewis).
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Sources diplomatically confirm that Rwanda will allow Southern Africa troops to pass through Congo to Tanzania.
Three diplomatic sources confirmed on Friday that Rwanda had agreed to allow troops sent by the Southern Africa group to fight rebels fighting in eastern Democratic Republic of Congo through its territory, to Tanzania. The 16 member Southern African Development Community announced in mid-March that it had terminated its mandate and was beginning a phased removal of the SAMIDRC force from Congo. Three diplomats who were aware of the ongoing discussions between Rwanda and SADC confirmed that Rwanda accepted the request to allow the troops to travel through the country on land. Two diplomats said that they were informed by the regional force that its weapons would be sealed, for security purposes, but that it will leave Rwandan soil with the troops. When asked to comment, neither the SADC nor the Congolese or Rwandan government spokespeople responded immediately. On Thursday, General Rudzani Maaphwanya of the South African National Defence Force said that a team of technical experts was working in Tanzania on the finer points of their troop removal. In December 2023, SAMIDRC was dispatched to help Kinshasa fight rebel groups in Congo’s war-ravaged eastern borders. Since January, M23 has taken control of east Congo's largest cities. This is an expansion of a long-running war that began with the Rwandan genocide of 1994 and the struggle to control Congo's rich mineral resources. Reporting by Sonia Rolley, Nairobi Newsroom and Paris; Writing by Hereward and George Obulutsa and Editing by Kirby Donovan
Guyana gas-to-power task to shave weeks off oil output, hit revenue
Guyana's efforts to utilize its gas resources to fuel a power plant that would slash the South American nation's energy costs have snagged on building and construction delays and threaten to reduce the rising oil hotspot's earnings this year by about $1 billion.
The $1.9 billion gas-to-power task, Guyana's biggest effort to capitalize on its energy bounty, is involved in legal battles and threats cost overruns. The very first phase of a. 300-megawatt (MW) power plant is running six months behind. schedule and complete operation is not anticipated until the 4th. quarter of 2025, authorities have said.
Exxon Mobil, which operates all the oil and gas. production in Guyana, is constructing a 140-mile (225-km) gas. pipeline from its offshore Stabroek block to supply the. federal government's project onshore: a power plant, an associated natural. gas processing facility and transmission lines.
The U.S. oil major's part of the job, the about $1. billion pipeline, will be prepared by year-end as promised to. Guyana, stated Exxon Guyana nation manager Alistair Routledge. That is in spite of having absolutely nothing to connect it to onshore since. of delays on the works handled by the government.
The Stabroek block, website of the country's first. industrial oil and gas discovery in 2015, currently produces. crude - about 645,000 barrels each day (bpd). The brand-new power plant. will be the first to utilize the associated gas produced from the. oil field that to date has been re-injected underground.
The gas pipeline conclusion will require Exxon to stop briefly. production in the 3rd quarter at 2 oil production vessels to. connect them to the undersea pipeline, Routledge said.
If the tie-in lasts four weeks, Exxon and its consortium. partners Hess and China's CNOOC would need to. halt as much as 12 million barrels of oil output from 2 platforms. that produce 400,000 bpd at peak levels.
Based upon Guyana's current sale at $85 per barrel, that could. indicate over $1 billion in delayed oil earnings.
An Exxon spokesperson last week declined to define how long. the production halt will last. Routledge had actually stated the pipeline. connection and maintenance works would take weeks, not months.
The executive said Exxon is not worried about having to shut. production this year for a job that will not be all set to. accept the gas at least up until at some point in 2025.
When the gas-fired power plant is ready is a concern of. timing, stated Routledge.
It's difficult to have all the facilities all set at the very same. time. As quickly as the onshore centers are all set, the entire. thing will launch and all those advantages will stream to the. nation, he said.
Guyana will miss out on the chance to slash its power expenses this. year since of the task hold-up. It imports costly fuel oil. for an aged and typically faulty power center. When totally running. on natural gas, the brand-new plant will minimize the country's power. costs by 50%, authorities have stated.
Obviously we are doing the very best we can, but we need to be. practical, Winston Brassington, who coordinates the power. job as a specialist for Guyana's Ministry of Natural. Resources, said in an interview in February.
While it is not unusual for significant jobs to run behind. schedule, Guyana's government faces a governmental and. parliamentary election next year and is keen to deliver tangible. advantages to the nation's 750,000 residents.
There is more pavement in the city, says fruit supplier. Michael Bharrat, 23, when asked about the most visible indications of. advancement brought by the country's oil boom. The federal government. might be doing more to assist bad individuals, he said.
Federal government authorities are distressed to fulfill a 2020 election. pledge to cut homeowners' energy expenses and wish to use the gas. for markets that can produce tasks or for exports as melted. gas.
The government has actually been pushing Exxon and its partners,. which prior to this job have actually focused on oil, to develop the. country's gas resources.
There is a window of chance in between now and the end of. the years to monetize and make the most of the value of Guyana's. natural gas resources, President Mohamed Irfaan Ali informed oil. executives throughout a conference in Georgetown in February. We. need to develop our gas now.
UNANSWERED CONCERNS
Critics of the job state there are a great deal of choices yet. to be made and little clearness over the next steps, including who. will operate the power plant and market the gas-liquids such as. propane produced by the associated gas-processing center.
Meanwhile, 2 specialists hired by the federal government for the. task have actually filed for arbitration over costs overruns of $90. million and citizens have actually submitted suits claiming unjust. compensation for land required to build the job.
What rate will Guyana be paying for the unusable or. unused gas? Is the gas sales agreement finished? asked. Elizabeth Hughes, a land owner whose family land was. expropriated for the project. There are so many questions. unanswered, there is no transparency at all.
Bharrat Jagdeo, Guyana's vice president, informed in. February the project is following its new schedule and will stay. within its original budget plan.
We believe this is absolutely nothing to fret about, Jagdeo stated. It is a two-year job, will take a couple of more months, however not. a year to complete.
Wally David, 66, a retired trolling boat mechanic, smiles. when asked if the federal government he voted for in 2020 will deliver. on its guarantee to develop the gas-to-power job as assured.
I think it will get done sooner or later, he states from his home in. Georgetown, where he grumbles a road construction task. outside his house run by the federal government is behind schedule.
Maybe in three, 4 years, just not now.
(source: Reuters)