Latest News
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ERG will produce the critical mineral gallium next year in Kazakhstan
Eurasian Resources Group announced in a press release that it plans to invest $20 millions in Kazakhstan to produce the critical mineral gallium from the bauxite ores they process to make alumina. Gallium is listed as a critical mineral by the United States and European Union. It is required for the production of semiconductors and radar systems in aerospace and defense. Kazakhstan would become the second-largest gallium producer in the world, after China, if ERG's plan is implemented. ERG CEO Shukhrat Ibragimov stated that "ERG intends to become a major player on the global gallium market, beginning production in 2026, to supply OECD nations, with a goal to expand annual volumes to up to 15 metric tonnes per year." According to the U.S. Geological Survey, global gallium production reached 760 tons in 2013. The majority of the gallium was produced in China, with very small quantities coming from Japan and Korea. In response to Washington's crackdown on China’s chip industry, China banned the import of gallium (gallium), germanium (germanium) and antimony from the United States in December last year. The ban is only applicable to the United States. However, China has been steadily introducing export licensing regimes to these three metals in the 18 months prior to suspension. Aluminium is smelted using alumina. (Reporting and editing by Barbara Lewis; Pratima Deai)
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Brazil's Prio targets doubling of oil production in 2026 and cheers higher prices
Roberto Monteiro, the CEO of Brazilian oil company Prio, said that the company expects its daily production to double next year compared to 2024, due in part, he said, to some offshore fields being developed. Monteiro, Prio's CEO, said that the company expects to produce more than 200,000 barrels a day (bpd), up from 100,000 bpd last year. Prio, an independent oil producer, has grown in recent years by acquiring high-profile assets, such as the Wahoo and Peregrino fields from Equinor, Sinochem, and TotalEnergies. Monteiro explained that the production target reflects development of these assets. The company is currently waiting for approval from Brazil's environment agency Ibama before it can connect wells at Wahoo and start producing. This outlook is a result of increased geopolitical tensions, particularly in the Middle East. These tensions have driven global oil prices up in recent weeks as a result of concerns about potential supply disruptions. The global benchmark Brent price fluctuated on Monday. It reached a five-month peak before dropping more than 1%. Oil and gas were still being transported by tankers to the Middle East following the U.S. air strike against Iran at the weekend. Monteiro, in response to recent increases in oil prices, told reporters: "It is horrible to say a war was a good thing. But that's the reality." "Brazil is generally a stable geopolitical country, and it's a major oil producer." The CEO stressed that while Prio monitors geopolitical events around the world, its strategic decision-making will remain based on operational effectiveness and productivity. He said that the portfolio was created with efficiency in view. Prio shares traded in Sao Paulo rose around 1% Monday, beating the Bovespa index which fell 0.6%. (Reporting and writing by Marta Nogueira, Editing by Margueritachoy)
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Russia and Mali Sign Trade Deals, Eye Nuclear Energy Cooperation
On Monday, Russia signed agreements with Mali to strengthen trade and economic relations. President Vladimir Putin also told the leader of Mali's military junta who was visiting that specific areas could be improved. Russian state media reported that Putin met with Colonel Assimi Gouta at the Kremlin. The two men spoke for about two hours. Putin stated that the relations between Mali and Russia had "a good upward trend", even though bilateral trade is currently "modest", a Kremlin press release said. Putin stated that there are many areas of future cooperation, including geological exploration, the development of natural resources, energy, logistics, and humanitarian aid. The Kremlin reported that one of the agreements Putin and Goita made was about nuclear energy. Mali and Russia discussed in the past what they called a "strategic project" to build a low-power nuclear plant designed by Russia. The construction of a new gold refinery in Mali, backed by Russia, began in the first week of this month. Goita, who came to power in 2020 after coups in 2021 and 2020, said that it would give Mali greater control over its resources. Mali, one of Africa's leading gold producers lacks a globally certified and functional refinery. Russian mercenary units have also provided Goita with fighters, after the Malian military expelled French and U.N. forces that had been fighting Islamist insurgents in Mali for the past decade. The African Corps is still operating in Mali despite the announcement by Russia's Wagner mercenary unit earlier this month that it would be withdrawing.
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Oil prices drop as shares rise, markets ignore Iran conflict
The global equity markets rose on Monday, despite a drop in oil prices. However, they still traded at multi-month highs. This was because markets ignored the impact of U.S. strikes on Iranian nuclear sites to support an Israeli military offensive. All of Wall Street's major indexes traded higher. Nine out of eleven of the benchmark S&P 500 sectors also advanced. The session's biggest losers were energy equities. The Dow Jones Industrial Average rose by 0.17%, to 42279.55. The S&P 500 gained 0.48% at 5,996.40. And the Nasdaq Composite grew 0.61% at 19,565.74. European shares fell by 0.2%. Overnight, MSCI's broadest Asia-Pacific index outside Japan dropped 0.66%. MSCI's global stock index rose by 0.28%. Israel bombed Evin Prison in northern Tehran, a powerful symbol of Iran's ruling system, as well as the Revolutionary Guard command centres responsible for internal security within the Tehran region on Monday. Iran reiterated earlier threats of retaliation against the United States. The Strait of Hormuz was closed by its parliament, which is a key shipping lane for the global oil industry. "The market's higher price signals a risky sentiment, which is surprising given the volatile events that occurred over the weekend, including the U.S. bombing of Iran with Israel," explained Andrew Wells at SanJac Alpha, Houston. The lesson that we learn is that headline events have less impact on the market now since tariffs were implemented - so-called Liberation Day, which was the biggest volatile event. Brent crude futures dropped 0.83% to $75.37 a barrel. U.S. West Texas Intermediate Crude fell by 0.88% to $75.14. Brent crude and WTI crude benchmarks reached five-month highs at $81.40 and $79.40 respectively. At its narrowest, the Strait of Hormuz measures only 33 km (21 mi) in width. Around a quarter of all global oil trade as well as 20% of liquefied gas supply passes through this narrow stretch. Michelle Bowman, Vice Chair of the Federal Reserve's Supervision Department, said that she felt it was time to lower interest rates as she was more concerned about risks in the labor market and less worried about high import taxes causing an inflation problem. The dollar gained 0.41% against the Japanese yen, and fell 0.39% against the Swiss Franc. The euro rose 0.09% to $1.1532, recovering from previous losses after Bowman's remarks. The dollar index fell by 0.19%. It measures the greenback in relation to a basket of currencies, including the yen, the euro and the yen. Gold prices fell. Gold prices fell. U.S. Gold Futures increased 0.5% to $3.385.10 per ounce.
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UN Mission says Israeli strike on Iran could have violated international laws
An investigation by the United Nations found that Israel may have violated international humanitarian law in some cases, citing the deaths of three aid workers and civilians in an apartment building in Tehran. Israel launched airstrikes against Iran on 13 June in a surprise assault that resulted in the deaths of many top Iranian commanders. Since then, Israel has intensified its attacks and prompted an exodus out of Tehran. On Sunday, the United States also joined in by attacking Iran's nuclear underground sites. The Iranian Red Cross and several residents of a Tehran apartment complex were among those killed, as well as three Iranian Red Cross workers. A clinic for children with Autism and a hospital, in Kermanshah, was also damaged, according to a press release from the investigating body. The principles of proportionality and distinction in international humanitarian law are seriously concerned by this, as well as the reported lack effective of advance warning from Israel which could affect the ability of the population to reach safety. Mission said that so far millions have fled the capital. Lack of warning systems and shelters, and internet restrictions increased the dangers. After Israel struck a notorious On Monday, experts expressed concern over detainees near bombing sites. The statement stated that "the experts urge the Iranian authorities" to move prisoners from areas at risk of airstrikes. The report also expressed concern about reports of Iranian authorities arbitrarily arresting activists, journalists, and social media users who are accused of spying with Israel. This crime is punishable by In Iran. Reporting by Emma Farge Editing and Topra Chopra by Ludwig Burger
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Trump urges everyone to lower oil prices after Iran attack
Donald Trump, the U.S. president, expressed his desire to keep oil prices low on Monday amid fears they could spike after the attack on Iran's nucleonic facilities. "Everyone keep oil prices low, I am watching!" Trump wrote, in capital letters on his Truth Social platform: "You're playing right into the enemy's hands. Don't do it!" Trump then sent a second post to the U.S. Department of Energy encouraging them to "drill baby, drill", and adding, "I'm talking now." Chris Wright, the U.S. Energy secretary responded: "We're working on it!" In a post at X. The energy department was not clear on what it could do to increase oil and gas drilling which reached record levels during the former administration of President Barack Obama. Joe Biden Trump wants to push it even higher. The Energy Department didn't immediately answer a question about Wright's comments. The global benchmark Brent oil price fluctuated on Monday. It reached a five-month peak before dropping more than 1%, to $76.10 per barrel. Oil and gas transit from the Middle East continued via tankers after U.S. aerial strikes against Over the weekend United States In the event of severe disruptions, you could tap into the Strategic Petroleum Reserve (SPR), the world's largest reserve of emergency crude oil. The Trump administration has criticised Biden's usage of the SPR following the Russian invasion of Ukraine in 2022.
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Niger miners say production will continue at nationalised Uranium Mine
The Niger's biggest mine workers' union has pledged its support to the military government in their plan to nationalise Somair, the largest uranium mining operation in the world. They say production will continue despite the tensions between Orano and the French. Last week, Niger, who seized the Somair Mine in December, announced their plan to nationalise them, accusing Orano for taking a disproportionate part of production. The move is in line with other West African governments who have taken similar measures to boost the revenue from their natural resources. Orano, a French state-owned company, did not reply to a comment request on allegations that the company had taken more than it should have. The EU has said that it is opposed to the Niger plan and reserves the right of legal action. In a statement released on Saturday, the National Union of Niger Mine Workers (SYNTRAMIN) said that it supported the "sovereign decisions" of Niger's military leaders, who took power through a coup 2023. It added that "for more than 50 year...the benefits of this strategic richness have never fairly benefitted Niger", denouncing decades of "plundering organised for the advantage of foreign interests" without providing any evidence. Orano owns 63% of Somair while the rest is owned by Niger's Sopamin, a state-owned company. Orano has taken 86.3% between 1971 when the mine opened and 2024. The government did not elaborate. SYNTRAMIN has also committed to "mobilise in order to ensure continuity of production and the optimal valorisation our resources" as part of a new state management. Niger is home to the seventh largest uranium production in the world. Somair, a nuclear fuel supplier in Niamey, plays an important role. Reporting by Portia Corey in Dakar, and Boureima Balima in Niamey. Writing by Maxwell Akalaare Adombila. Editing by Robbie Corey Boulet and Barbara Lewis.
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Gold gains as tensions between Iran and Israel offset dollar strength
The gold price edged higher on Monday as the escalating tensions between Iran and Israel outweighed the pressure of a stronger dollar. Markets are closely monitoring Iran's next moves. As of 1339 GMT, the spot gold price was up by 0.2% to $3,375.79 per ounce. U.S. Gold Futures rose 0.2% to $3,391.70. The U.S. Dollar index increased by 0.5%. Gold becomes less affordable to other currency holders when the U.S. dollar is stronger. Israel bombed the Evin prison, a powerful symbol of Iran's ruling system in the north of Tehran. Israel described the attack as its most intense yet in the Iranian capital, just a day after America joined the war. Iran has also repeated its earlier threats of retaliation against the U.S. "If we do not see significant inflation, on top of the tariffs we are already experiencing, this will lead to more risk appetite." Bart Melek is the head of commodity strategy at TD Securities. He said that gold purchases as a safe haven may be reduced, at least temporarily. He added, "I believe prices will remain fairly stable and may even move up or down around $75." Gold has traditionally been seen as an inflation hedge and a safe place to invest in times of uncertainty. Gold's appeal is reduced by higher interest rates, since it does not generate any return. Investors are also awaiting the U.S. The Personal Consumption Spending data is due this week. Last week, policymakers hinted at possible rate reductions later this year. However, Chair Jerome Powell expressed his uncertainty over tariff policy and the economic response. Spot silver rose 0.4% to $36.14 an ounce, while platinum rose 2.1% at $1,291.50. Palladium rose 2.0% to $1,070.09 reaching its highest since June 12. (Reporting by Sarah Qureshi in Bengaluru; Editing by Shailesh Kuber)
EU suspends discussions on law to combat companies' false 'green' claims
The European Union stopped Monday negotiations on a proposed law that would require companies to prove their claims of being climate-friendly. This was after the European Commission warned it could overburden smaller companies, and threatened to put the plan on hold.
This dispute is part of a series of moves by Brussels to simplify or weaken its green agenda. The EU wants to limit a backlash to ambitious environmental policies and reduce regulation for struggling industries.
A spokesperson for Poland which currently holds the rotating EU presidency said that it decided to cancel Monday's round of negotiations between EU countries and legislators who were trying to finalise EU's green claims laws.
The spokesperson stated, "We're hitting the pause" button. There are too many questions and we want clarity from the European Commission about its intentions. Then we can decide what to do next.
They said it was unclear if the negotiations would resume.
The European Commission which proposes new EU law said that it intends to withdraw the proposed law on green claims because EU countries indicated they want to expand the law so as to cover 30 millions of the EU's smaller companies.
The current discussion around the proposal goes against the Commission’s simplification agenda", a spokesperson for the Commission said on Friday. He was referring to the Commission’s efforts to simplify EU regulations for European businesses.
Last week, the Commission was also under pressure by centre-right EU legislators who demanded that this policy be scrapped.
The EU law was designed to eliminate misleading green labels on products ranging from clothing, cosmetics, and electronic goods. Labels like "natural", "climate-neutral" or "recycled contents" would be regulated.
In 2023, the Commission proposed new rules after assessing 150 product claims for environmental characteristics and finding that half of them were "vague, inaccurate or unfounded". Reporting by Kate Abnett, Editing by Alex Richardson
(source: Reuters)