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Vedanta CopperTech Metals aims for $3.6 billion in valuation at US IPO
CopperTech Metals aims to raise up to $3.57 'billion? in its U.S. IPO, joining a 'wave' of companies aiming for the crowded IPO market this summer. It said that the U.S. copper and cobalt company is looking to raise up to $423.5 by selling 23.5 million shares at a price between $16 and 18 per share. After a short lull, the IPO market is now booming. The stock markets are bouncing back and investors' appetite has increased. This week, e-bike startup Lime and silver?miner Sinda launched their U.S. initial public offerings. ITG, a digital infrastructure company, and Italian technology company Bending Spoons were also listed. Vedanta Resources is owned by Indian billionaire Anil Agarwal. Last year, CopperTech Metals was launched. CopperTech is the owner and operator of Konkola Copper Mines, located in Zambia's Copperbelt Province. CopperTech intends to invest $2.7 billion in the next five years to increase copper production at Konkola from fiscal 2030 to an average of?roughly 270 kilotonnes annually. The rapid expansion of AI infrastructure and grid modernization, as well as the electrification of power grids, are driving up demand for copper. Vedanta holds majority ownership in Konkola since 2004 and has invested over $3 billion. The company regained ownership of Konkola by July 2024, after it was taken over in 2019 by the previous Zambian administration led by former President Edgar Lungu. CopperTech owns 79.4% of Konkola, and Zambia's ZCCM Investment holds the remaining shares. Citigroup and Cantor are joint book-running managers. CopperTech is slated to list on NYSE under "CUX." (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Diti Pujara and Tasim Zahid)
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Mines minister: Botswana's diamond demand is recovering, but only slowly
Bogolo Joy Kenewendo, the mines minister of Botswana, said that a'soft recovery' in demand for diamonds is taking place in important?consumer?markets like the U.S. Kenewendo stated that Botswana will maintain its supply discipline in order to support a struggling global gems industry, despite the early signs of demand recovering on key markets. Global market is in a long-term downturn because of 'economic uncertainty' and the popularity of lab grown stones. Debswana Diamond Company - Botswana’s joint venture with DeBeers?which accounts for 90% the country's sales of diamonds - temporarily halted production last year at some mines. Kenewendo said: "We will continue to?be?disciplined. We were glad to do this because we are a disciplined company. DE BEERS SALE Anglo American placed De Beers on the market as part of an overall restructuring in response to falling diamond prices and a global increase of synthetic diamonds. Botswana has shown interest, as it already owns a 15% stake, Angola, and Namibia. Kenewendo stated that negotiations are in their "last stages", but refused to provide any further details citing confidentiality clauses associated with the talks. Diamantino Pedro Azevedo, Angolan Mines Minister, said on Monday that Botswana and Angola were "perfectly aligned" on the De Beers Sale. De Beers CEO Al Cook stated last week that a deal was likely to happen within weeks, and the new ownership would be a public/private partnership. According to sources, there are only two consortia left vying for De Beers stakes. This is down from six consortia in 2025. Sources said that the two remaining groups include governments from diamond-producing nations, Gareth Penny (former De?Beers CEO, now chairperson of asset manager Ninety One), a Qatari fund of investment, and Israeli businessman Nir LIvnat. (Reporting Olivia Kumwenda - Mtambo, Brian Benza and Miguel Gomes; Additional reporting in Luanda by Alexander Smith; Editing by Alexander Smith).
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Jordan News Agency reports that eight people were injured and one dead in a stampede as fans watched the World Cup match in Jordan.
Jordan News Agency reported that one?person was killed and eight others were injured by a'stampede' during a 'crowded' 'gathering' of fans in central Amman early Tuesday morning to watch Jordan's World Cup game against Algeria, citing the Public Security Directorate. According to the Jordan News Agency, the incident occurred at Hashemite square, where a large number of fans had gathered to watch Jordan's 2-1 loss to Algeria. Heavy congestion and crowd movements at the event led to a 'crush.' Nine injured people were transported to hospital by emergency teams. The PSD reported that one of the injured died later, and the others suffered minor to moderate injuries. It added that experts were investigating the exact cause of death. The capital was crowded with spectators who had come to watch the first World Cup match for Jordan. (Reporting Ashraf Hamed Atta; Editing by Alexandra Hudson)
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Extreme heat can be dangerous to your health
Europe, Asia, and parts of America are all experiencing scorching temperatures. What are the health risks? Heat can affect health in a number of ways. Heat exhaustion can cause dizziness, headaches and shaking. It is not serious if the person cools off within 30 minutes. Heatstroke is more severe when the core body temperature exceeds 105 degrees Fahrenheit (40,6 degrees Celsius). This is a medical crisis that can cause organ damage or death. Rapid breathing, confusion, seizures and nausea are all symptoms. Who is at Risk? Some people are at greater risk, including babies, older people and people who are active or more exposed (such as homeless people). Heat can also exacerbate existing conditions such as respiratory, cardiovascular and diabetes. According to a study published in The Lancet in 2021, there are an estimated 500,000 deaths worldwide each year due to excessive heat. However, data from low-income countries is not available. Climate change is responsible for 68% (24,400) of the estimated heat deaths that will occur in 2025. This study focused on 854 European Cities. Temperatures increased up to 3.6 C. Heat?waves can kill silently and without warning. "We don't see the impact they've had on human health until months after the death statistics are published," said Liz Stephens, professor of climate risk and resilience in Britain's University of Reading. RISKS LESS OBVIOUS Smoke from wildfires can also pose a serious health risk. This includes inflammation and tissue damage. A number of studies show that heat can also lead to low-birthweight babies and pregnant women. The timing of events is important Experts believe that more deaths occur in the early summer, when bodies haven't had a chance to "acclimatize". It is also important to consider the location. People are more at risk when they are in areas where they aren't used to heat like parts of Europe. There are still limits. People all over the world, especially those in physically demanding jobs, are at risk in extreme heat caused by climate changes. "It's more important than ever to put measures in place to limit harm on our health," Dr. Modi?Mwatsama said, the head of capacity for Wellcome, an international health charity based in London. She stated that this included providing shade, painting buildings white and investing in early warning?systems to detect climate-sensitive infectious disease like cholera. What You Can Do As temperatures rise to dangerous levels on the continent, several countries have issued warnings. Spain's weather agency warned that outdoor activities during the hottest time of the day can pose significant health risks. This is especially true for older people and those with medical conditions. Scientists are urging workers to take frequent breaks, adjust their clothing and check on isolated and older individuals. They warn that heatstroke can be a medical emergency and requires immediate treatment. (Reporting and editing by Jennifer Rigby, Kate Turton)
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Energy Fuels signs $1.9 billion contract with VAC for the construction of a mine-to magnet supply chain
Energy Fuels announced on Tuesday that it would purchase a German magnet manufacturer Vacuumschmelze GmbH, for $1.9 billion, in cash and stock. This will create an integrated supply chain from a rare earth mine through to fabricated magnets for customers in the defense, automotive, and technology industries. Energy Fuels shares fell 6.2% during pre-market trading. The U.S., Europe, and other countries are working together to reduce reliance on China, the world's largest rare earth miner, processor, and magnet manufacturer. Rare earth magnets are used in electric cars, defense systems and robotics. They also appear in semiconductors, data centers, and semiconductors. Energy Fuels has agreed to purchase 100% of Vacuumschmelze GmbH (VAC) from U.S. based private equity firm Ara Partners in exchange for $718 millions in cash and 65.853 new Energy Fuels common shares. Energy Fuels announced that the deal will combine its rare-earth mining and processing operations, with VAC's magnetic manufacturing capabilities. This will create a supply chain they control from mine to magnet. The U.S. Office of Strategic Capital has given a conditional commitment of up to $725m for a 20-year loan. This is aimed at speeding up the expansion of the White Mesa Mill in Utah and construction of the American Metals Plant. Ross Bhappu, CEO of Energy Fuels, said: "Together, we will enhance global rare-earth supply chains and magnet supply chain, providing a reliable and secure source for critical materials, from mines to highly valuable permanent magnets." After the?completion?of the transaction?which is expected in early 2027?, VAC becomes a fully owned subsidiary of Energy Fuels. (Reporting and editing by Tasim Zaid in Bengaluru, Pooja M. Menon from Bengaluru)
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MORNING BID AMERICAS-SpaceXhaust
What's important in U.S. and Global Markets Today By Mike Dolan. Editor-at-Large for Finance and Markets Big Tech began the week on a downhill slope, with Alphabet and Amazon each falling around 5%, due to a combination of worries: rising debt, interest rate expectations, and lofty AI expenditure. Even SpaceX, who began debt-raising plans 'of their own on Monday, clocked a loss of 16%. Below, I'll go into more detail. Check out my most recent column about why Britain's new government must deliver or risk further political instability and economic woe. Listen to the most recent episode of Morning Bid's daily podcast. Subscribe to the Morning Bid daily podcast and hear journalists discussing the latest news in finance and markets seven days a weeks. SPACEXHAUST The Nasdaq and S&P 500 fell on Monday as a result of a stumbling megacap, but chipmakers fared much better ahead of Micron's quarterly results, which are due to be released Wednesday. The recent trend of buying the stocks that are benefiting from the AI spending spree and selling the ones doing the spending seemed to be repeating itself. The hawkish outlook of the Fed on interest rates weighed heavily on stock prices, as a rate increase for September is now fully priced-in, and there's a 50% chance that two rate increases will be made by the end of this year. In the wake of this news, tech stocks around the globe fell. South Korea's KOSPI index, which was a high-flying index, dropped nearly 10% overnight, mainly due to warnings regarding the continued weakness of the Korean won. Wall Street futures were in the red just before the bell rang, and Nasdaq's futures fell more than 2%. The yen has continued to flirt with the 40-year-lows it reached two years ago. This is due to the Fed-fueled?dollar strength, which has surpassed the impact of the Bank of Japan's rate hike last week. Reports of contact between Tokyo officials and Washington officials regarding the issue of the yen's stability have kept the fear of intervention alive. Brent crude traded at $77/bbl in the early hours of Tuesday, as oil prices fell below $80 per barrel. The price drop came as more evidence of oil flowing through the Strait of Hormuz was emerging and the U.S. lifted sanctions against Iran for 60-days on Monday following initial peace talks. The UK markets were relatively unaffected by the?resignation of British Prime Minister Keir starmer on Monday. The focus is now on how soon his likely successor Andy Burnham will be appointed, and who Burnham may choose as finance ministry. The U.S. and global business surveys will be released on Tuesday, but the oil price drop since the U.S. Iran memorandum was announced last week came after the polls. Chart?of?the-day SpaceX stock reversed all of its initial trading gains, and fell below its first print, after a 17% fall on Monday. The company announced debt-raising plans, while other Big Tech Megacaps also swooned. After-hours trading saw the shares fall?another 2%. Retail investors who invested tens or even hundreds of millions in the stock will be concerned by the sudden reversal. It also threatens to undermine the new $2 trillion market valuation of the company. Watch today's events * U.S. June S&P ?Global PMIs (9:45 a.m. EDT) * U.S. 2-year note auction (1 p.m. EDT) Want to receive the Morning Bid every morning in your email? Subscribe to the newsletter by clicking here. Follow us on LinkedIn, X and ROI. The opinions expressed by the author are their own. These opinions do not represent those of News. News is a company that, in accordance with the Trust Principles and its commitment to independence, integrity, and unbiasedness, adheres to these values. (By Mike Dolan).
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Aluminium prices fall to a three-month low due to Gulf supply prospects
The price of aluminum fell to its lowest level in nearly three months on Tuesday, as the United States granted Iran an?60-day sanction waiver following initial peace talks. This improved prospects for a resumed Gulf shipping through the Strait of Hormuz. By 0944 GMT the benchmark three-month aluminum on the London Metal Exchange had fallen 3.0% to $3,262.50 per metric ton after having hit $3,225.5 - its lowest level since March 26. Ole Hansen is the head of commodity strategy at Saxo Bank. He said that "aluminum prices have been impacted by expectations?that Middle Eastern supplies may gradually improve following recent geopolitical events." On Monday, oil and LNG tanker traffic through Hormuz began to?increase, raising expectations of disrupted aluminum deliveries from the Gulf, which normally account for 9%?of global supply. The LME Cash Contract for the Three-Month Forward has been lowered to ease concerns about the availability of?aluminium for immediate delivery. Swung to a discounted. On Tuesday, the discount was $8.5 per ton, down from a premium $105 three week ago. Other LME metals saw copper, zinc, and tin reach their lowest levels since June 11 while lead?and nickel reached their lowest level since mid-April. This was due to a general risk reduction in all asset classes, mainly because of a fall in global stock prices, primarily as a result of expectations that the Federal Reserve will take more aggressive measures?to combat inflation. Hansen stated that "the?weakness was particularly pronounced" in metals related to energy transition and increasing power demand as investors reduced their exposure to growth themes cyclical. The U.S. Dollar rose to its highest levels in over a year, adding to the pressure. A stronger ?U.S. The dollar makes metals priced in dollars more expensive for buyers who use other currencies. LME copper fell 1.7% to $14,410.50. Zinc lost 3.2% at $3,492.50. Lead eased by 1.2% to $2,941. Tin dropped 4.4% to $51,810. Nickel was down 2.5% to $17,315. (Reporting and additional reporting by Solomon Cefai, Editing by Eileen Soreng).
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Source: India will monitor Chinese imports of steel before deciding further curbs.
India will continue to monitor the?steel? imports until at least two more months, before deciding whether or not further measures are required to reduce the flow of shipments from China. A source with first-hand knowledge said that India would be monitoring the?steel? imports until at least two?more?months. New Delhi imposed an import tariff of three years on certain products in December to stop cheap shipments from China. India, which is the second largest crude steel producer in the world, was a net importer of finished steel for the?second consecutive month in May. Imports totaled 0.7 million metric tonnes, which was above the average over the past?six-month period, according to a government document. The government report stated that exports of finished steel were 0.5 million metric tons in May, which was below the average for the past six months. The source declined to identify herself due to the sensitive nature the issue. Source: There is no decision on whether anti-dumping dutys or other measures will be taken. The federal Ministry of Steel failed to respond to an email requesting comments. China's imports reached a two-year high in April. In April, China’s finished steel exports from India to China more than doubled. They were the highest they had been for at least two years. This led to concerns from India's steelmakers, who were concerned that the imposition of import duties had not been enough to protect them against cheap imports. Sources said that the steel ministry also requested that the finance ministry remove a provisional antidumping duty on low ash metallurgical coal, a raw material for steelmaking. However, no final decision had been made. India's steel ministry made the request, citing insufficient domestic supplies and high prices, according to a government report. The Finance Ministry did not reply to an email seeking comment. (Reporting and editing by Barbara Lewis; reporting by Neha Arora)
Biden gos to Amazon jungle en route to G20 summit in Rio
Joe Biden became the initially sitting U.S. president to visit the Amazon rainforest on Sunday, flagging the dangers of international warming often dismissed by Donald Trump, who gets in the White Home in January vowing to scrap procedures to eliminate environment change.
Biden flew from Lima, Peru, to Manaus, the largest city in the Amazon, to meet with local leaders working to maintain the jungle, before continuing to Rio de Janeiro for a summit of the Group of 20 significant economies that will attend to problems from hardship to international governance and climate modification.
Scientists state conservation of the Amazon is vital to suppressing climate modification since of the huge quantity of climate-warming co2 its trees absorb.
Brazilian President Luiz Inacio Lula da Silva has actually promised to end logging in his nation's jungle by 2030 and has prompted rich countries to contribute to the cause by means of the Amazon Fund run by Brazil's state development bank.
In his four-hour stopover in Manaus, Biden plans to reveal an additional $50 million for the Amazon Fund, initially funded by Norway and Germany to back conservation of the rain forest, bringing the efficient U.S. contribution to $100 million.
Last year, Biden said he would ask for $500 million from the U.S. Congress to support the Amazon Fund. Nevertheless, by July the United States had delivered on just a tenth of that promise.
The brand-new contribution belonged to the Biden administration's. effort to expand U.S. environment finance six-fold over the last. 4 years to $11 billion every year, the White House stated.
That effort might be on thin ice when President-elect. Trump returns to workplace in January.
Trump has called environment alter a scam and plans to roll. back much of Biden's landmark environment legislation to help pay. for the extension of tax cuts protected in his first term.
The inbound Republican president likewise aims to improve record. U.S. oil and natural gas production and get rid of guidelines imposed. by Biden to wean gasoline-powered cars off U.S. roads.
(source: Reuters)