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Vale will eliminate the use of water in Carajas iron-ore processing by 2027
Vale executives announced on Tuesday that the mining giant aims to end the use of water in the processing of iron ore by its Carajas Mines by 2027. The company also plans to expand pellet feed production at the complex located in northern Brazil through the reuse and recycling mine waste. Vale stated that by eliminating the use of water for iron ore beneficiation, it would reduce the amount of waste, known as tailings, in the production process. This would also eliminate the need to build new dams and save money. Carajas in Brazil's Para State is the largest open-pit iron ore mining complex in the world. A part of its operations has already adopted dry processing. Vale's Northern System, which comprises 90% of its operations, no longer uses water for beneficiation. By the end of 2027, they will be completely dry. "The Northern System will run 100% on natural moisture," Vale Director Gildiney Sales stated. Gildiney Sales was referring to a region that produced 177.5 millions metric tons iron ore in the year 2024. This is more than half Vale's overall output. The company said it also expects to double its production by 2026 compared to the current year for its Gelado project, which produces high-quality feed pellets using tailings that have been stored at the Gelado Dam since 1985. According to the company, its production is expected to reach 5 million tonnes next year, and 6 millions tons by 2027. 10% of the total annual production By 2030, "circular mining' will be responsible for a third of the world's coal production. Reporting by Roberto Samora, Editing by Tomasz Janowski and Chizu Nimiyama
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India's Nuclear Power Corp. extends deadline for small-reactor proposals as industrial interest grows
The state-run Nuclear Power Corporation of India Ltd. (NPCIL), which is a nuclear power company, has extended the deadline to industrial users for proposals on setting up small nuclear reactors of 220 megawatts electric (MWe), amid a growing interest among companies in cleaner energy sources. NPCIL announced in a Wednesday notice that it has extended to September 30, 2025 the deadline for proposals for the establishment of Bharat Small Reactors in existing or new industries. The previous deadline was June 30. The corporation is now accepting proposals on a continuous basis. NPCIL reported that several industrial houses had already signed nondisclosure agreements, and began joint work on BSR model. Others have asked for more time to prepare their submissions. India is rewriting its nuclear liability laws to attract private and foreign investment as it aims to achieve its net-zero goals and decarbonize its industrial power. The country wants to increase its nuclear power to 100 gigawatts by 2047. It is currently at 9 GW. According to the proposal announced by NPCIL in December, industries will cover capital and operating costs and use the electricity generated. India operates 25 nuclear power reactors that contribute about 3% to its electricity. NPCIL, the only operator of nuclear power stations in the country is proposing to allow private Indian companies to build nuclear plants. Foreign companies can hold up to 49%. Reporting by Sethuraman N.R.; Editing Tasim Z.Ahid
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Portugal's power outage highlights need for EU funding to modernise grid
The blackout that occurred in Iberia in April demonstrated the need for European grids to be modernised to accommodate more renewable energy generation. Portugal's Energy Minister said on Wednesday that it wants EU funding to finance these investments. The Energy Minister Maria da Graca Carvalho stated that renewable energy sources like wind and solar are more unpredictable and have a decentralised output, making it harder to manage. She said: "The blackout showed that there was a need for more modernisation, digitalisation and data storage, to better understand the complex system, and to react to it." She said, "It is a matter of security and it requires investment. We have asked the European Commission for guidance in Europe's investment as well as co-financing. According to the Commission, to reach its clean energy targets by 2030, EU countries will need to invest 679 billion euros (584 billion euro) in expanding and modernising electricity grids. In May, the European Grids Package was launched to gather inputs for its future. It is expected to be completed by the end 2025. In a report published last week, the Spanish government stated that the grid operator Redeia miscalculated on April 28 the correct energy mix in the system. It also blamed thermal power plants, which use coal, gas, and nuclear for not maintaining an appropriate voltage. A spike in voltage caused a cascade to occur of power plant shutdowns, which ultimately led to an outage that reached Portugal. The minister stated that the report was still unclear and Portugal awaited an independent report by the European Energy Regulators' Agency ACER in order to determine what caused the blackout and what needed to be done "to avoid future blackouts, and, if it occurs, to be able (to restart) the system more quickly".
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Sovecon, a Russian agricultural consultancy, raises its 2025 Russian wheat production forecast
The agricultural consultancy Sovecon announced on Wednesday that it has slightly increased its forecast of Russian wheat production in 2025, by 0.2 millions metric tons. This is due to improved crop conditions throughout central Russia. The total grain crop was also increased to 129.5 millions metric tonnes, from 127.6 in May. Sovecon stated that the revision reflects better crop conditions in central Russia, particularly in eastern areas and Voronezh Region. The improved outlook for central Russia was partly offset by the lower forecasts in Siberia and Urals where spring wheat areas are expected to drop sharply. Oksana Lute, the Agriculture minister, said that Russia plans to export 45 millions tons of wheat during the next marketing season (which begins on July 1), slightly more than the current season. Russia is the largest wheat exporter in the world. The government estimates that the grain harvest in 2025 will be 135 millions metric tons, an increase of 130 million tons from last year. Estimated harvest includes those from Russian-controlled areas of Ukraine. Reporting by Olga Popova, Writing by Maxim Rodionov, Gleb Bryanski and Andrew Osborn Editing by Andrew Osborn
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Gunmen kill 17 soldiers during attacks in Northern Nigeria
On Wednesday, local officials and security sources confirmed that at least 17 soldiers had been killed when gunmen attacked three army bases in northern Nigeria. This was the latest attack in a violent region. Bandits are armed gangs that operate in the Northwest. They typically kidnap for ransom, and attack security forces. The Nigerian Army has confirmed the attack on Tuesday, but it did not give details. The army released a statement saying that "sadly, some brave warriors paid the ultimate price during the day-long fights. Meanwhile, four troops who were wounded in action in the battle are receiving treatment today for their gunshot injuries." Two sources of security said that gunmen attacked the army's forward operations bases in the Kwanar, Dutse and Boka regions in Niger State as well as another base in Kaduna State. They fought for several hours. Abbas Kasuwar Garba (chairman of Mariga district) and sources confirmed that all 17 deaths occurred at Kwanar Dutse Mariga. It was an ambush. "They (gunmen), came out of nowhere and used heavy weapons to attack", said an army officer based in Niger. The Nigerian Army has launched counterattacks and killed several gunmen. Nigeria's military has been stretched by insecurity as it battles with armed gangs, Islamist groups Boko Haram, and an Islamic State affiliate. Boko Haram is known to be active in Niger State. MacDonald Dzirutwe reported from Lagos, Garba Muhammad in Kaduna and Ed Osmond edited the story.
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India takes steps to combat rising copper supply risks
Two government sources and an unpublished draft document state that India held internal discussions about its vulnerability to a tightening copper market. It also plans to discuss how to secure supply from countries with abundant resources during ongoing trade talks. Sources and documents indicate that New Delhi also considers measures to boost domestic refined-copper output, including by attracting foreign investment. The document that was reviewed stated that India imports over 90% of the copper concentrate it needs. This dependency will increase to 97% in 2047. The document reviewed by estimates that India produces 573,000 tons of refined Copper annually, but the demand is around 1.8 millions tons. Imports are needed to fill this gap. Sources and the document said that India could approach global giants like Chile's Codelco (the world's biggest copper producer) and Australian miner BHP for the purpose of setting up copper smelters or refineries in India. Codelco refused to comment while BHP and federal Ministry of Mines didn't respond to emails asking for comments. Sources said that Indian state firms may invest in overseas mining operations run by Codelco or BHP, in exchange for taking part in the development in India of copper infrastructure. India's imports of copper have increased since Vedanta closed its Sterlite Copper Smelter in 2018. In the fiscal year ending March 2025, India imported 1.2 millions metric tons (or 4% more) of copper than a year ago. 'RESOURCE NATIONALISM' The document explained the strategies that are likely to be used in bilateral trade agreements. It stated that India was seeking to include an extensive "copper section" in its ongoing negotiations for free trade with Chile and Peru to secure copper concentrate supplies. It said that while tighter copper supplies from major exporters like Indonesia have restricted India's options for sourcing, Chile and Peru have already made long-term agreements with major global purchasers such as China, further limiting India's choices. Document: The government wants Khanij Bidesh India Ltd, a state-owned company, to also secure strategic minerals from abroad and explore copper resources in Chile, Peru Australia, Mongolia and other countries. It said that India's supply chain could be more susceptible to disruptions if the leading mineral resource suppliers resort to "resource nationalism". China placed export restrictions in April on rare earths, which squeezed supply of minerals that are used in electronics, weapons and consumer goods. The document stated that this trend indicates "an urgent need for foreign assets acquisition". Reporting by Neha arora, Editing by Mayank bhardwaj and Jan Harvey
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Sierra Club Foundation shifts money from BlackRock
The Sierra Club Foundation, a prominent U.S. environmental organization, said that it would move $10.5 millions away from BlackRock as the asset manager had not pressed portfolio firms enough on climate issues. BlackRock managed $11.6 trillion worth of assets at the end March. Of that, $1 trillion was held in sustainable funds. The company is also building up assets for energy transition. The move highlights how BlackRock must balance environmental and social concerns with customers around the world who have a variety of opinions. Sierra Club Foundation's Executive Director Dan Chu explained that the change was made after BlackRock reduced its support for shareholder initiatives to a low level on issues like emissions reductions and left Net Zero Asset Managers in January. Chu said, "They never reached the point where they would have to say that they had a responsibility for investment in fundamentally addressing the climate crisis." BlackRock said that many shareholder resolutions on environmental issues are too prescriptive, and its involvement in the industry climate effort had "caused confusion and legal issues". BlackRock's spokesperson responded via email to a question about the Sierra Club Foundation decision. "We support our clients who have made net zero investments for their organizations by providing them with industry-leading sustainable and transition investment platforms, research and analytics." BlackRock was removed by the Texas comptroller from a list that included companies boycotting the energy sector. This will allow public agencies to do business more easily with BlackRock. BlackRock still faces opposing pressures including in Republican-controlled states where it remains restricted, and an upcoming review from New York City pension funds that want more robust emissions-reductions plans. The Sierra Club Foundation manages the charitable activities of Sierra Club, and has a total budget of about $200 million. BlackRock was warned of the concerns by the Sierra Club Foundation in 2022. The foundation announced that it would move its funds from Nia Impact Capital to Xponance and Nia Impact capital, both of which focus on sustainable investments. (Reporting and editing by Lincoln Feast in Boston. Reporting by Ross Kerber.
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Copper rises in Middle East truce
The copper price rose on Wednesday, supported by the tentative ceasefire agreement between Iran and Israel that improved market sentiment and the stronger yuan in China, a major metals consumer. The price of three-month copper at the London Metal Exchange rose 0.3% to $9,696.50 per metric tonne by 1034 GMT. On Wednesday, the ceasefire brokered on behalf of U.S. president Donald Trump seemed to hold. This was a day after each country had signaled that their air conflict had ended. The yuan of China has been steadily rising against the dollar. It is now nearing its highest level in over a month. The stronger yuan will make dollar-priced materials more appealing to Chinese buyers. The International Copper Study Group's (ICSG) data also shows that the global refined market had a 50,000 ton deficit in April compared to a surplus of 12,000 metric tonnes in March. The market had a surplus of 233,000 tons in the first four month period, which was essentially unchanged from the previous year. Lead prices on the LME rose by 1.4%, to $2,047.50 per ton, after reaching a record high of $2 049. Lead smelters in China have increased their offers for used electric bikes batteries in anticipation of a better demand for lead in the summer months. This also helps primary lead prices, according to a Shanghai-based analyst. LME aluminium dropped 0.5% to 2,566.50 after the ceasefire between Israel and Iran removed the immediate threat for Middle East producers to use the Strait of Hormuz as a shipping route. Zinc increased by 0.8% to $2703, while tin rose 0.6% to $32,420, and nickel gained 0.6% at $15,005. (Reporting and additional reporting by Hongmei Li, Editing Shailesh Kumar Editing)
UK's Babcock upgrades medium term forecast as defence needs rise
The British defence engineering firm Babcock updated its medium-term forecast on Wednesday. It expects to benefit from UK plans to increase spending on defence and energy to counter rising geopolitical instabilities.
Keir starmer, British Prime Minister, pledged on Tuesday to increase overall defence and security expenditure to 5% by 2035. He cited volatility as a result of the wars in Ukraine and the Middle East, and tensions with China.
Babcock, which maintains Britain’s naval fleet and builds new warships, as well as providing weapons systems and nuclear engineering, has said that it now expects an operating margin underlying of at least 9 percent in the medium-term, up from a minimum of 8% previously.
This is a new age for defence. Babcock CEO David Lockwood stated in a press release that there is a growing recognition of the importance of investing in energy security and defence capabilities to both safeguard populations and drive economic growth.
Babcock expects an operating margin of 8 percent for the current year. This is up from 7.5% recorded in the 12 months ending March 2025. The company announced that it would buy back 200 million pounds ($272.46 millions) of shares.
Babcock shares have doubled since the beginning of this year, thanks to Britain's commitment to increase defence spending. This is a far better performance than Britain's bluechips index, which has risen by 8%.
(source: Reuters)