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Ukrainian forces attack an oil depot in Russia’s Rostov Region
The Ukrainian military reported that Ukrainian forces attacked and destroyed an oil depot located in the southern Rostov region of Russia, which was used to supply Russian troops in parts of Ukraine occupied by Russia. The General Staff of Ukraine’s Armed Forces announced that the military’s special operations units in conjunction with rocket and artillery forces had struck the Atlas plant in Rostov Region, not far away from Ukraine’s eastern border. In a Telegram statement, the General Staff confirmed that "our forces have struck in the area where the target is located." "A fire was observed." "The results of the attack are being clarified." The facility is used to supply fuel and lubricants for Russian units in the Russian-occupied Luhansk region and Donetsk region on the eastern front of the war. Ukrainian forces have engaged in cross border attacks including energy targets. The General Staff stated that the aim was to curb Russia's ability to continue the war in Ukraine, which has been going on for more than three years. Ukrainian military bloggers reported earlier on the raid at the oil depot. They said that fuel tanks were engulfed by a fire. (Reporting and Editing by Rosalba o'Brien, Ron Popeski)
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Barrick Mining employees meet with Malian court appointed administrator in capital at the reopening of office
Two people familiar with the matter said that Malian tax officials reopened Barrick Mining’s office in the capital, under the supervision of a court appointed administrator. The office had been closed in April due to alleged nonpayment of taxes. This is the first major development since the Malian court, on 16 June, placed the Canadian miner’s Loulo-Gounkoto complex under state control. It was a major escalation in the long-running dispute over taxes. Barrick said that it would appeal the decision. It appointed former Malian Health Minister, Soumana Maadji as its provisional administrator. Makadji, who is expected soon to resume operations at the complex, held a staff meeting at the Bamako Office on Monday afternoon. According to one of the attendees, he said that he would be visiting the mine site on Wednesday. The mines will be able finance themselves once production resumes and gold sales resume. Three people with knowledge of the situation said that he also met with subcontractors Monday. Barrick's and Mali's Mines Ministry spokespeople did not immediately reply to requests for comments. Barrick and government have been negotiating since 2023 about the implementation of the new mining code, which raises taxes and grants the government a larger share in gold mines. The Loulo-Gounkoto mine complex has been closed since mid-January, after the Malian military government seized Barrick's stocks and blocked its gold exports. Barrick's Bamako main office has been closed for several months. (Reporting and editing by Joe Bavier, Tomaszjanowski and Tomasz Crowe)
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Chios, a Greek island, declares an emergency after wildfires continue to rage.
Greece declared a state-of-emergency on Chios Island on Monday. Hundreds of firefighters are battling the wildfires on the island for the second day, as the winds continue to rage, causing more power outages and evacuations of residents. The climate conditions on Chios are not conducive, and we have constant new fronts. He confirmed that an additional 170 firefighters would be added to 11 teams of approximately 190 firefighters who had been deployed on the island, located in the northeastern Aegean, to try to stop the fire from spreading into homes and areas where mastiha is produced, a natural resin made from mastic tree sap. Kefalogiannis stated that thirty more vehicles would be added to the 38 already deployed vehicles, with 13 helicopters, four water bomber aircraft and other support. The wind gusts made it difficult to put out the wildfires that have destroyed forest and pastures as they rage towards the north west and south of Chios Town, the capital of the island, forcing power cuts and forcing hundreds to flee. Kefalogiannis stated that the authorities would investigate the causes of fires which broke in different geographic parts of the island. Greece, located at the southernmost tip of Europe, has suffered from frequent wildfires that have affected its economy and environment in recent years. Scientists say this is due to a rapidly changing climate. The government has spent hundreds millions of Euros to compensate farmers and households for damages caused by extreme weather conditions and to upgrade firefighting equipment. In anticipation of a difficult fire season, the government has hired 18,000 firefighters, a record.
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GRAINS and soybeans slump due to 'greenhouse weather' in US
Chicago soybean futures eased Monday as favorable weather conditions in the U.S. took the attention away from the U.S. strike on Iran that occurred over the weekend. By 11:40 CST ( 1640 GMT), November soybeans had fallen 13-1/2 cents to $10.47 per bushel. Chicago corn fell due to weather pressure and wheat also declined with an accelerating harvest. Midwest Market Solutions president Brian Hoops said that the forecast for the week ending July 2 shows a warm and wet weather across the U.S. Corn Belt. Hoops said that the weather would create a "near greenhouse effect" with benefits for corn, soybeans and other crops. These favorable conditions have outweighed the impact of the initial surge in oil prices after the U.S. attacked Iranian nuclear sites on the weekend. After reaching a five month high, oil prices dropped 1% on Sunday as traders assessed the impact of the U.S. Airstrikes on the transit of gas and oil through the Strait of Hormuz. Because it is used as a biofuel to replace fossil fuel, the price of soyoil is closely linked to crude oil. Karl Setzer, a partner at Consus Ag Consulting said that "the lack a story about the weather on the U.S. crops is more negative than any potential explosion between the U.S. After hitting contract lows earlier, September corn fell 7-1/4 cents per bushel to $4.18-1/4. September wheat was 13-cents lower at $5.70-12 a bushel. Analysts predict that the weather in the United States will be favorable for harvesting wheat in the next few weeks. Hoops said that "Hotter, drier conditions are forecast for winter wheat Plains. This should advance the harvest of winter wheat, while good rains are forecast for spring wheat belt." Terry Reilly is a senior agricultural strategist with Marex. Renee Hickick in Chicago; Additional reporting by Ella Cao, Lewis Jackson and Sybille De La Hamaide in Beijing and Paris; Editing and production by Jan Harvey
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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.
What is the scope of the UN's nuclear watchdog in Iran?
Since Israel's military strike on Iran's nuclear facilities on 13 June, the U.N. nuclear watchdog that polices the global Nuclear Non-Proliferation Treaty has been unable to conduct inspections in Iran. The International Atomic Energy Agency has a number of inspection powers.
IS THE IAEA UNIVERSAL IN JURISDICTION?
No. The IAEA has agreements with other countries that do not fall under its oversight. Iran is a signatory to the NPT, and is therefore subject to IAEA supervision. This includes inspections to ensure that nuclear material like uranium does not get "diverted", for example to be used in atomic weapons. Israel is not a signatory to the NPT, but is widely believed to be the only nuclear-armed country in the Middle East. Israel doesn't confirm or deny possessing them.
The IAEA has signed a limited agreement that allows it to supervise some materials and facilities. This is a fraction of the material and facilities Israel possesses and does not include any of the nuclear weapons programme widely believed to exist in Israel. Iran, by contrast, has a Comprehensive Safeguards Agreement (CSA) with the IAEA under which it must account for all its proliferation-sensitive nuclear material, including every gram of enriched uranium.
Can the IAEA go anywhere, anytime in Iran?
No. No.
The IAEA had access to these facilities regularly until the attack. The IAEA said that since then the facilities have been "closed", and inspectors are not allowed to enter.
HAS THE IAEA HAD POWERS PRIOR?
Yes. Yes.
The IAEA's oversight of Iran was the most extensive ever.
As part of the 2015 pact with the IAEA, Iran agreed to add the Additional Protocol to the CSAs of countries. The IAEA created this protocol to increase its ability to prevent nuclear proliferation. Iran has signed the Additional Protocol but not ratified it. The Additional Protocol grants the IAEA the ability to conduct snap inspections, which are short notice visits to places that Iran may not have declared as nuclear related.
Why does it no longer have such sweeping powers?
In 2018, President Donald Trump, during his first term in office, pulled the U.S. from the 2015 nuclear agreement, reimposing U.S. sanction on Iran, which had been lifted under the agreement.
As a result, Iran started pushing beyond the limits of the nuclear deal the following year. It also reduced the additional IAEA supervision introduced by the agreement.
In February 2021, Iran announced that it would not be fulfilling its additional commitments made under the 2015 agreement. This included the implementation of the Additional Protocol. The IAEA agreed to continue monitoring equipment, such as surveillance cameras, added under the 2015 deal. However, Iran ordered their removal in June 2022.
What was lost with the extra Oversight?
Snap inspections, an important tool for IAEA oversight, were removed. The IAEA's reduced oversight left blind spots where extra oversight was applied.
IAEA says that because it has been losing "continuity" of knowledge for many years, it won't be able fully to piece together what has happened. This includes the production of centrifuges, their inventory and some key parts of centrifuges as well as Iran’s stock of “yellowcake” – uranium which has not yet been enriched. It is not impossible that many centrifuges, which are still unaccounted for, will be used in secret to enrich uranium at an undeclared site. A small warehouse would make it easy to conceal such a facility.
IAEA cannot guarantee that Iran's nuclear activities are entirely peaceful, but there is no evidence of a coordinated nuclear weapon programme.
What if Iran pulls out of the Non-Proliferation Treaty?
Iran has threatened withdrawal from the NPT while at the same saying that it would not be developing nuclear weapons in the event of such a development.
Tehran complained that the non-proliferation treaty failed to protect them from an attack by the United States and Israel, two countries widely believed to possess nuclear weapons.
The NPT allows a withdrawal by a country with three months notice, "if they decide that extraordinary events related to the subject of this Treaty have compromised the supreme interest of their country".
North Korea, the only country that has announced its withdrawal from NPT in 2003 is North Korea. It was this country who expelled IAEA inspections before testing nuclear weaponry. (Reporting and editing by Mark Heinrich; Francois Murphy)
(source: Reuters)