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Dundee's Ecuador Mine Project protested by tens of thousands near a key water reserve
Residents and local leaders from Ecuador's central Azuay Province took to the streets Tuesday to call for the suspension of an mining project by Canada’s Dundee Precious Metals. They claim that the project will have a negative impact on a crucial water reserve. Dundee had been granted an environmental permit by the government of President Daniel Noboa to begin construction of the Loma Larga Gold Mine there. However, as the community's pressure grew, the country’s energy minister suspended construction in August until Dundee provided an environmental management plan. Provincial authorities rejected the project because it would affect the 3,200-hectare Quimsacocha Reserve and the surrounding paramos, which act as giant sponges to supply drinking water for major cities. The authorities estimated that more than 90,000 people marched through the provincial capital Cuenca, chanting, "Hands Off Quimsacocha!" Water is more valuable than anything! Cuenca mayor Cristian Zamora stated, "We want to the national government revoke the environment license." "The streets are roaring in Cuenca... they will need to listen to us." Dundee refused to comment on protestors' demands. Ecuador has significant gold and cobalt reserves. However, only two mines operate in the country. These are owned by Lundin Gold, a Canadian mining company, and EcuaCorriente by a Chinese mining group. Noboa has withdrawn from the project and said that the responsibility for the next steps lies with local authorities. In a Friday radio interview, he stated that "the municipality and prefecture have to take responsibility" if Dundee took them to arbitration court. There is a high probability that the project won't go forward, but there is also an increased probability of future problems. In Ecuador, the relative lack of mining project is due to strong community opposition and environmental concerns. Residents of Azuay have rejected mining plans at the polls and the courts have ruled to stop mining in the area. (Reporting and writing by Alexandra Valencia, Editing by Richard Chang).
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IAEA says shelling reported near Ukraine's Zaporizhzhia nuclear plant
The International Atomic Energy Agency reported on Tuesday that its team, based at the Russian-controlled Zaporizhzhia Nuclear Power Plant in the southeast Ukraine, heard shelling near the plant and saw black smoke rising out of three locations nearby. IAEA released a statement saying that the team of the U.N. nuclear watchdog had been informed that several artillery shells were fired in an area 400 meters (437 yards), away from its offsite diesel fuel storage facility. The incident, which did not result in any injuries or damage to equipment, once again highlighted the dangers that nuclear security and safety face. IAEA Director-General Rafael Grossi stated. Officials from Russia and Ukraine have not made any statements about the incident. In the first few weeks following the Russian invasion of Ukraine in February 2022, Russian forces captured the Zaporizhzhia Nuclear Plant, Europe's biggest with six reactors. Both sides accuse each other routinely of taking actions that threaten nuclear safety at the facility. Shelling incidents are frequent. Although the reactors of the plant are off, they still need to cool down their nuclear fuel. A governor appointed by Moscow in Ukraine's Zaporizhzhia Region said last week that a Ukrainian drone was detonated into the air. The staff had reported earlier two attacks on a nearby training centre in the previous week. IAEA monitors are permanently stationed at Ukraine's Zaporizhzhia nuclear plant as well as at Ukraine's other three nuclear plants. (Reporting and editing by Surbhi Misra, Bengaluru.
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Climate-conscious investors are unlikely to support Trump's decision to stop quarterly reporting
Donald Trump's call to abandon quarterly corporate reporting received cautious support from an unexpected source: international investors who are pushing businesses to focus more on sustainability issues over the long term, and many of whom have been lambasted by Trump. Trump called on companies to switch to six-monthly reports, joining the ranks of other business leaders such as Warren Buffett, Berkshire Hathaway chair, and Jamie Dimon, CEO of JPMorgan, who have previously argued that short-termism is bad for the economy. Abandoning quarter-by-quarter reporting would allow the largest economy in the world and its deepest capital markets to join the global movement away from this practice. It could also help investors who are pushing boards to take action on climate change, which is set to have a greater impact on corporate value. "Responsible investors have never advocated quarterly reporting because it encourages a greater focus of trading and less good ownership," David Pitt-Watson said, corporate governance expert at Cambridge University Judge Business School. Trump has been attacking sustainability issues since the beginning of his second term in office earlier this year. This includes a decision to scrap a rule which would have forced companies to disclose data related to climate change. Many investors in Europe, and other parts of the world, want to see these data. "We want companies to consider the material impact of their strategies on a long-term view and plan accordingly to mitigate any sustainability-related risks, so if moving away from quarterly reporting can help achieve this without impacting transparency and disclosure then it could be positive," said Nick Duncan, Sustainable Investment director at investor Aberdeen, which manages more than 500 billion pounds ($682 billion). "Especially if the reduced quarterly reporting burden encouraged companies to maintain or enhance the current level of sustainability-related reporting." He added that the move was a win for investors, as it reduced the time spent by companies in the 'closed' period before results, which is usually a month. Changes to the securities laws that date back decades could be a game changer for the largest capital market in the world, where over 4,000 companies trade publicly with a market capitalisation totaling more than $60 trillion. Investors in the EU, Britain, Australia and New Zealand, as well as Hong Kong, have been dealing with companies' six-monthly reports for many years. China, the largest equity market outside the U.S. still requires it by law, although local stock exchanges in countries like Japan and Germany continue to require it as a requirement for listing or listing on the Premium Market. Andrew Ninian, Director of Stewardship Risk and Tax, The Investment Association (the UK trade body for investment industry), said that the UK had made the switch to interims over a decade earlier. The companies have more flexibility now that they are not required to report quarterly. They can focus on their long-term investments, strategies and reporting instead of managing short-term targets. Investors cautioned that action was needed to strengthen investor protections. Hayley Grafton is a Senior Sustainable Investment Analyst at UK investor Edentree Investment Management. She said: "While semi-annual reporting may work in certain countries such as the UK or Australia, the U.S. context presents a more difficult challenge due to structural differences." Profit warnings are one example of a potential gap. She said that in Britain they are considered regulatory disclosures, while in the U.S. they are not required and can be withheld. The U.S. does not have a similar system to Australia's, which requires companies to provide constant disclosure of material information, and to publish trading updates when performance diverges from the guidance. Pitt-Watson said that despite the need for safeguards – Grafton added that this included monitoring the impact of transparency and capital costs – the move could benefit sustainability investors. As Trump said, the first has knock-on effect distracting management. A move to a half-yearly report might help support long-term management that adds value. "I think most of us agree that this is a positive thing." $1 = 0.7324 pounds (Reporting and Editing by Margueritachoy)
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Trump receives unlikely support from climate-conscious Investors
Donald Trump's call to abandon quarterly corporate reporting received cautious support from an unexpected source: international investors who are pushing businesses to focus more on sustainability issues over the long term, and many of whom have been lambasted by Trump. Trump called on companies to switch to six-monthly reports, joining the ranks of other business leaders such as Warren Buffett, Berkshire Hathaway chair, and Jamie Dimon, CEO of JPMorgan, who have previously argued that short-termism is bad for the economy. Abandoning quarter-by-quarter reporting would allow the largest economy in the world and its deepest capital markets to join the global movement away from this practice. It could also help investors who are pushing boards to take action on climate change, which is set to have a greater impact on corporate value. "Responsible investors have never advocated quarterly reporting because it encourages a greater focus of trading and less good ownership," David Pitt-Watson said, corporate governance expert at Cambridge University Judge Business School. Trump has been attacking sustainability issues since the beginning of his second term in office earlier this year. This includes a decision to scrap a rule which would have forced companies to disclose data related to climate change. Many investors in Europe, and other parts of the world, want to see these data. "We want companies to consider the material impact of their strategies on a long-term view and plan accordingly to mitigate any sustainability-related risks, so if moving away from quarterly reporting can help achieve this without impacting transparency and disclosure then it could be positive," said Nick Duncan, Sustainable Investment director at investor Aberdeen, which manages more than 500 billion pounds ($682 billion). "Especially if the reduced quarterly reporting burden encouraged companies to maintain or enhance the current level of sustainability-related reporting." He added that the move was a win for investors, as it reduced the time spent by companies in the 'closed' period before results, which is usually a month. Changes to the securities laws that date back decades could be a game changer for the largest capital market in the world, where over 4,000 companies trade publicly with a market capitalisation totaling more than $60 trillion. Investors in the EU, Britain, Australia and New Zealand, as well as Hong Kong, have been dealing with companies' six-monthly reports for many years. China, the largest equity market outside the U.S. still requires it by law, although local stock exchanges in countries like Japan and Germany continue to require it as a requirement for listing or listing on the Premium Market. Andrew Ninian, Director of Stewardship Risk and Tax, The Investment Association (the UK trade body for investment industry), said that the UK had made the switch to interims over a decade earlier. The companies have more flexibility now that they are not required to report quarterly. They can focus on their long-term investments, strategies and reporting instead of managing short-term targets. Investors cautioned that action was needed to strengthen investor protections. Hayley Grafton is a Senior Sustainable Investment Analyst at UK investor Edentree Investment Management. She said: "Although reporting semi-annually works in certain countries such as the UK or Australia, the U.S. context presents more challenges due to structural differences." Profit warnings are one example of a potential gap. She said that in Britain they are considered regulatory disclosures, while in the U.S. they are not required and can be withheld. The U.S. does not have a similar system to Australia's, which requires companies to provide continuous disclosures of material information, and to publish trading updates when performance diverges from the guidance. Pitt-Watson stated that despite the need for safeguards which Grafton added included monitoring the impact on the transparency and cost of capital. As Trump said, the first has knock-on effect distracting management. A move to a half-yearly report might help support long-term management that adds value. "I think most of us agree that this is a positive thing. $1 = 0.7324 pounds (Reporting and Editing by Margueritachoy)
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Argentina's Milei will partially privatize the nuclear power plant operator
His spokesperson announced on Tuesday that the Argentine president Javier Milei would sign a decree aimed to partially privatize the company responsible for three nuclear power plants in operation. The libertarian leader is continuing his pledges to reduce the size of state. Manuel Adorni, a spokesperson for the Milei administration, told a news conference that the administration plans to sell 44 percent of Nucleoelectrica Argentina, which operates Atucha I and Atucha II power plants as well as Embalse, in an international public auction. He added that the state would keep a 51% share in the company, and also set up a program of joint ownership for up to 5%. Adorni reiterated that the South American nation's state-run businesses are all subject to privatization. Milei was elected in December 2023, promising to reduce spending to bring the public finances into balance and to tame an annual inflation rate that reached triple digits. In a separate announcement, the government stated that private investments were crucial to increasing access to capital and diversifying risks as well as ensuring the continuation of NA-SA operations in an efficient and competitive manner. A group of workers from Argentina's National Commission for Atomic Energy and Nuclear Activity has criticized the decision. They claim that the government should be in a position to oversee the development and safety nuclear energy and that partial privatization will result in higher electricity prices. In a press release, it stated that privatizing NA-SA would not improve the lives of people, but instead encourage citizens to pay the difference in order to boost the profits of a private firm.
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In court, creditors scrutinize Elliott affiliate’s bid for Citgo parent
The creditors lining up to receive proceeds from an auction of Citgo Petroleum parent PDV Holding in a U.S. Court began the examination process in front of experts, advisors, and an executive of Elliott Investment Management whose subsidiary Amber Energy emerged as the winner of the bidding round. Amber Energy's bid of $5.9 billion for Citgo parent PDV Holding, recommended by a court official last month as the winner of the auction to compensate 15 creditors due to debt defaults and expropriations from Venezuela. The bid is defined by a $2.1billion payment agreement with holders a defaulted PDVSA bond that was collateralized using Citgo equity. Gold Reserve, junior creditors, and Venezuela objected to the choice, arguing that bondholders must first win an independent New York court case regarding the validity of notes before they can claim compensation. The Delaware court, as part of an 8-year case, has been trying to complete the auction for shares of PDV Holding since last year in order to satisfy claims of up to $19 Billion from debt defaults or expropriations made against Venezuela, its ultimate owner. Delaware Judge Leonard Stark said on Monday that he would decide the winner of the auction after the hearing which will continue through Thursday or next month, if the court set a new date to hear more arguments. Amber's bid last year was not accepted by the creditors. The court changed the structure of the auction this year and organized two new rounds. In the final stages of the auction, the resolution of parallel legal cases involving the same assets prompted improved bids. Michael Turkel, Elliott's lawyer, told the court that "we probably learned our lesson in respect to the Amber bid." We didn't realize the necessity and importance of interacting with the writholders and understanding how our bid could not only be a purchase for us but also a solution for them. Lawyers asked whether Amber's bid and the pact it had with bondholders would still stand even if the New York case was lost. William Hiltz said that, if the bondholders won their case, Amber’s bid will move forward. He added that if they lose, the court can still move forward with Amber's offer or begin a rapid re-bidding procedure. Amber declined to make a comment. The parties also discussed the challenges of obtaining antitrust clearance, and inquired about Elliott's involvement in rival energy companies including Phillips 66. This year, a conflict of interest alleged by Elliott was raised following its acquisition of a stake at the U.S. refining company. (Reporting and editing by Nathan Crooks, Matthew Lewis and Marianna Pararaga)
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Germany's VAC wants to increase US magnet production; Europe is behind in rare earths
Vacuumschmelze, one of only a few rare earth magnet manufacturers outside China, is seeking Washington's help to expand production at a new U.S. facility. This contrasts with the tepid support for similar plans in Europe. It is imperative that the West establishes its own supply of permanent magnets, as China produces 90% of these products, which are vital to defence, electric vehicles, and wind turbines. VAC CEO Erik Eschen stated that the U.S. is pushing harder than Europe for a domestic rare-earths sector. This can be seen by its magnet factory in South Carolina, which aims to open before the end of this year. "European governments have started to wake up, but are still far behind the United States." VAC has said that it has received approximately $200 million from the U.S. government in funding and tax credits to build the $500-million plant. Eschen said in an interview that "we have a great deal of technology in Europe, and we are transferring this technology to the United States." In July, the U.S. Department of Defense signed a multi-billion dollar deal with MP Materials which operates the U.S.'s only rare earths mine. VAC, a private equity company owned by ARA Partners is ahead of schedule in opening its magnet factory, which has a capacity just under 2,000 metric tonnes a year. He added that up to 90% of production will be used to supply General Motors' EVs. The remainder would go to the U.S. Department of Defense. China's decision to restrict magnet exports as part of the trade dispute with U.S. president Donald Trump in April, which has been easing over recent months, highlighted the need for Western action in rare earths. In Europe, EU wants to create a sector for rare earths, magnets, and other critical raw materials, in part through the Critical Raw Material Act, which was agreed upon in 2023. VAC, a company that has been around for over 100 years, currently produces 1,000 tons of magnets in Europe each year, but it is eager to expand. Eschen stated that they were looking to build a few factories in Europe, similar to the ones currently being built in America. We are in negotiations, discussions with several suppliers as well as with various governments who have an important interest. He added that individual European governments could move faster than the EU which must build consensus between its 27 members. Eric Onstad is the reporter. (Editing by Veronica Brown, Mark Potter and Veronica Brown)
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US provides nearly $156 Million in funding for Michigan reactor restart
A source familiar with the matter confirmed on Tuesday that the U.S. has disbursed $156 million as the latest installment in a loan guarantee to Holtec International for its Michigan nuclear power station, the company's hope being that it will be the nation's first reactor to restart following a shutdown. The Loan Programs Office of Department of Energy has disbursed the sixth installment of approximately $491 million of the maximum $1.52 billion of loan guarantees that were approved during the term of former President Joe Biden. Entergy, a power company, closed Palisades after more than 50 years of operation in 2022. The plant shut down two weeks earlier than planned due to a problem with a control bar, despite the $6 billion federal program designed to save reactors from increasing costs. Donald Trump, the president of the United States, supports nuclear energy as U.S. electricity demand is on the rise for first time in 20 years due to data centers and artificial Intelligence. Holtec intends to restart Palisades during the fourth quarter. Trump signed executive order in May to speed up the issuance of new nuclear licenses and to overhaul the Nuclear Regulatory Commission that issues them. Holtec was granted approval by the NRC to load fuel in the reactor this July. (Reporting and editing by Timothy Gardner, with Chizu Nomiyama)
Von der Leyen: EU proposes faster phase-out for Russian energy
The European Commission will make a proposal
Accelerating the phase-out
Ursula von der Leyen, head of the European Union's executive branch, said Tuesday that she was concerned about Russian fossil imports after speaking with U.S. president Barack Obama.
Donald Trump
Von der Leyen stated that she spoke with Trump about a joint effort to increase economic pressure against Russia by taking additional measures.
The U.S., and the European Union, import Russian energy and commodities worth billions of Euros, from liquefied gas to enriched Uranium.
Von der Leyen posted a message on the social media platform X saying that "the Commission will present soon its 19th package sanctions, targeting cryptos, banks, and energies."
She added, "The Commission will propose accelerating the phase-out Russian fossil imports."
The bloc originally intended to stop purchasing Russian oil and gas on January 1, 2028.
The U.S. increased pressure on Europe to take a stronger role in ending Russia's conflict in Ukraine.
Trump told the EU that it should impose tough tariffs on India, China and other major buyers of Russian oil and cease importing Russian energy.
U.S. Treasury Sec. Scott Bessent
Has said
The Trump administration will not impose any additional duties on Chinese products to stop China from buying Russian oil until the EU countries have imposed their own punitive duties against China and India. Reporting by Ananya Palyekar in Bengaluru; Lili Bayer, Julia Payne and Leslie Adler in Brussels. Editing by Leslie Adler, Marguerita Chy and Marguerita Adler.
(source: Reuters)