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Lockheed is seeking U.S. minerals after Trump's supply-chain push.
Lockheed Martin is in discussions to purchase two vital minerals from U.S. mining companies, according to two sources who are familiar with the talks. This comes as President Donald Trump "pressures" defense contractors to reduce their reliance on China. Sources said that the world's largest defense contractor, Lockheed Martin, is in talks with NioCorp Developments to supply scandium and?Teck Resources for germanium. Both minerals are used by military equipment, from aircraft components to sensors for infrared, according to these sources. The deals are a major step forward in the U.S. effort to build up domestic mineral supply chains. However, there are obstacles: Chinese suppliers offer cheaper prices and U.S. processing and mining capacity is limited. Lockheed manufactures the F-35 Lightning II jet fighter, Patriot interceptor missiles, and other weapons for the U.S. Government. Trump has pressed Lockheed, and other companies in the industry to provide long-term support for U.S. mines. China has tightened its controls on minerals exports over the past few years. He signed an executive directive last month that made it more difficult for defense contractors, who had been allowed to purchase minerals from China or other banned foreign suppliers for many years, to get waivers. This?order shows how far behind U.S. miner and processors in the race to compete with China's dominance of the market, even though dozens of U.S. mineral projects are currently under development. According to a source who is familiar with the agreement and its details, Colorado-based 'NioCorp developments' has signed a preliminary contract to supply Lockheed 15 metric tonnes of scandium per year. Scandium is one of 17 rare earths which can be used in the manufacture of lightweight, corrosion resistant alloys for aircraft. The details of this agreement were not previously known. NioCorp is supplying the metals from its Nebraska mine. The mine is scheduled to open in 2028 and produce?100 tons of metal per year. The agreement will need to be "finalized", although there is already a relationship between the two companies as part of a Pentagon funded research program. The contract volume would represent about a quarter the global scandium market, which is estimated by the U.S. Geological Survey at 60 metric tonnes and growing. Mark Smith, NioCorp CEO said that both companies recognized how scandium was becoming an important part of the future American defense technology. Lockheed expressed its appreciation for "the work NioCorp does to establish a source of domestic scandium." Since 1969, scandium hasn't been mined in the United States. Rio Tinto, the only North American producer of scandium with a capacity to produce approximately nine metric tonnes annually, is the sole North American manufacturer. GERMANIUM NEGOTIATIONS A second person with knowledge of the negotiations revealed that Lockheed and Teck Resources are in separate talks for a supply germanium used to manufacture?infrared sensor's and other military equipment. Teck produces a concentrate of zinc and germanium from its Red Dog Mine in Alaska. The concentrate is then melted in British Columbia, and the two metals separated. Teck doesn't break down its annual production of germanium but calls itself the fourth largest global producer. USGS estimates global germanium consumption at 60 metric tonnes annually, and growing. The U.S. imports more than half of its germanium needs. The?U.S. imports more than a half of its germanium needs. Second source: Lockheed also has discussions with 5N Plus in Quebec, which received Pentagon funding earlier this year to process recycled feedstock into germanium in Utah. According to the second source, "Lockheed wants a long-term security of supply chain,"? They are under pressure so they want to know whether the supply comes from China or somewhere else. The negotiations?with Teck and 5N?have been ongoing for over a year. According to the source, the sticking points were the pricing and the lengths of the contracts. 5N representatives were not available for comment. Teck declined comment on specific commercial agreements but stated that it had agreed to work with the Canadian Government to increase Germanium processing in British Columbia. Lockheed responded that it constantly assesses the "global critical minerals supply chain" to ensure its customers have access to materials to support their missions. Chinese critical minerals have been cheaper for many years than those from Western suppliers due to differences in the mining practices, regulations standards and other factors. Reports from earlier in the year suggested that Western governments were trying to free regional minerals prices of Chinese influence. Reporting by Ernest Scheyder and Divyarajagopal, both in Houston; editing by Veronica Brown and Sanjeev Miklali)
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Mass escape of inmates from western Libya during armed clashes
Libyan police reported that inmates staged an 'escape from a prison on Tuesday?, while armed clashes broke out in two cities to the west of Tripoli. In a press release, the?Tripoli Judicial Police Authority?stated that the mass escape took place at Surman prison and that they had opened an investigation. The police did not disclose the exact number who had escaped. They said that they formed a committee "to identify them and take the necessary legal actions against them." Salem Bahr - a local leader from the town of Zawiya - appealed to Libya Al-Ahrar, a TV channel based in Turkey, for an end in the fighting, because "everyone loses in this situation." Bahr stated that the clashes killed three civilians, and injured many others. No one was able to immediately say who took part in the violence, or why. Since the overthrow Muammar Gadhafi in 2011, Libya has experienced unrest. Clashes took place between rival armed factions in Zawiya, and Surman. Zawiya is located 40 km (25miles) west of Tripoli and hosts Libya's largest Azzawiya Refinery with a daily capacity of 120,000 barges. Azzawiya oil company issued a Facebook statement urging employees to "take maximum precautions" and to "completely avoid areas of clashes, and roads leading there." Unverified footage from the internet and local television?channels shows large plumes black smoke rising into the sky. Other clips show heavy gunfire in Surman and Zawiya. The mayor of Surman Mohamed 'Abu Snina described the humanitarian crisis as'very bad. He said that the clashes caused severe damage and that the relative calm returned to the city following the deployment of neutral forces. Ahmed Elumami, Alistair Bell and Ahmed Elumami contributed to this report.
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Zambian miners look to the election in hopes of support for copper expansion
Mining firms in 'Zambia' have set their priorities for the upcoming elections. These include a stronger incentive for processing minerals, revitalizing exploration, and 'expanding electricity generation'. They say these measures are necessary to achieve the country's target of tripling its copper output. Africa's second largest copper producer aims to triple its current output, reaching 3 million metric tonnes, in order to capitalize on the growing demand for metals used in construction, EVs, and power networks. The demand for copper has led to a 40% increase in the benchmark futures prices in the last year, to $14,000 per ton. Ayo Sopitan is the chief executive officer of Metalex Commodities, a mid-tier mining company. He said that to triple copper production, there will need to be stronger incentives in exploration, local manufacturing and value addition as well as major infrastructure investments. Sopitan added that Zambia needed to strengthen its rule of law and dispute resolution mechanisms. Export duties on concentrates continue to burden producers who lack refining capability. Anthony Malenga is the president of Zambia’s Chamber of Mines. He said that high investor confidence through tax reforms, and closer engagement with miners has helped attract over $10 billion in investments since?the?2021 election. He said that policy discussions between government and mining companies are helping to address the most outstanding issues in terms of competitiveness. However, Zambia's ambitions for growth now depend on a robust exploration pipeline. Malenga stated that the mining industry requires real growth, and this can only be achieved by increasing spending on greenfield exploration. He added that reforms in licensing should ensure that exploration permits are held only by companies who have the ability to develop projects. Over 8 MILLION ZAMBIANS To Vote Zambia's economy is based on mining, which contributes about 9% to GDP, generates 72% of export revenues, and accounts for almost half of the government revenue. On August 13, more than 8 millions Zambians will vote to elect the president, legislators and local government representatives. Analysts predict that President Hakainde Hichilema will be re-elected in a peaceful?poll. This indicates a broad continuity of policy for investors. According to a senior source in the industry, Zambia has implemented several important reforms over these last four years. These include currency regulations, rules on local content and fuel cost measures. Menzi Ndhlovu is a lead analyst at Signal Risk. He said that while investors expect little change in the fiscal regime following the election, power shortages, and the pressures on labour are the greatest threats to Zambia's copper-growth ambitions. Ndhlovu stated that the power generation capacity could be insufficient to support major mining expansions without significant new investments. Zambia's Mines Ministry did not immediately respond to an inquiry for comment. Zambia's industry executives estimate that it needs an additional 2,000 megawatts to meet its production goals, although recent investments are expected to ease the supply pressure.
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BYD launches first Brazilian plug-in hybrid flex vehicle as sales soar
The top executive of BYD in Brazil said that the Chinese automaker will launch its first Brazilian-made plug-in hybrid flex fuel car on Tuesday, after a two year?investment. In an interview, Senior Vice-President Alexandre Baldy revealed that the Song Pro Super Hybrido Flex Fuel, which hits dealerships in Brazil on Wednesday features a powertrain capable of running on gasoline, electricity or ethanol. He added that the GL version's range on electric power alone is 60 km (37 mi) and 120 km for a higher-end GS model. Baldy stated that the vehicle was built at BYD’s Camacari factory in northeastern Bahia State. The car also meets the company’s goal to use more than 50 percent local parts on all Brazilian-made vehicles by January 2027. TAILORED TO BRAZIL He said that the project was a symbol for BYD. This first ever collaboration between the research and development teams of Brazil and China resulted in a project that was tailored specifically for the Brazilian market. BYD, which was originally established in Brazil to assemble semi-knocked down vehicles, is now shifting production locally to comply with Brazilian laws and to establish Brazil as a regional hub for exports. The Camacari factory, which opens in October 2025 and will manufacture batteries, as well as other components, is already sourcing tires from local suppliers. Baldy stated that the Song Pro Flex, although developed for Brazil, could target other markets including India as ethanol fuels spread. BYD expects to produce 180,000 cars in Camacari this year. Baldy stated that the factory is likely to supply around?150,000 vehicles of the approximately 200,000 cars the company hopes to sell in Brazil by 2026. BYD said that July was its best month in Brazil. The company's Dolphin GS?topped the retail market, selling?5,861 unit. The total sales of 23,465 cars, which is more than twice the 9,680 vehicles sold in July 2012, places it in fourth place in the country with a 9.1% market share. Luciana Magnalhaes reported. Mark Potter (Editing)
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The first North Korean memorial to Vietnam War dead will be unveiled 60 years after the war ended
Vietnam will renovate and build a memorial to North Korean servicemen who died fighting in the Vietnam War. This is a rare public acknowledgement of Pyongyang’s role. According to Vietnamese and North Korean media, North Korea sent fighters to North Vietnam during the 1960s. Some flew Soviet MiG-17 jets on combat missions against U.S. planes. Vietnam and North Korea have a long history of?diplomatic relations dating back to Cold War times, but Pyongyang’s direct involvement in the Vietnam War is little-known. Quan Doi Nhan Dan, a newspaper of the Defence Ministry, reported that the memorial project was discussed in a meeting chaired on Monday by Deputy Defence minister Nguyen?Thang and attended by North Korean ambassador Ri Sung Guk. Thang was quoted as saying: "The Party State People and People's Army of Vietnam will always remember and cherish the effective 'assistance' of North Korea, and the sacrifices of North Korean'martyrs' in their struggle for national independence in the past." According to the report, the memorial will be constructed as part of the restoration work at North?Korean Martyrs' Cemetery in Bac?Ninh Province. According to the online newspaper VnExpress, the cemetery was created for 14 North Korean air force personnel who died in 1967 and 1968. They were aged between 19 and 40. In 2002, their remains were returned to North Korea. Reporting by Khanh Vu, Editing by Alison Williams
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Russell: Imports of crude oil and fuel from Asia are recovering, but still below pre-Iran War levels.
Asia's crude imports rose to the highest level since the Iran War began in July, but they were still 15% lower than pre-conflict. According to Kpler commodity analysts, the top energy consuming continent imported 22.82 millions barrels per day during July. The average?26.89 mbpd for the three months before the U.S. and?Israeli attack on Iran was?4 mbpd lower. According to Kpler, imports of refined fuels showed some improvement in July. Arrivals of light and medium distillates were 5.76 million barrels per day, which is 18.5% less than the average of 7.07 million barrels per day in the three-month period ending in February. The July crude imports are up significantly from the April levels. This is because the Strait of Hormuz was closed in April. It was this narrow waterway that carried about 20% of all oil and petroleum products before the war. Kpler data shows that Asia's crude imports in April were the lowest since November 2015. The lowest imports in Kpler history were made in June, when the arrivals of light and medium distillates fell to?only 5.21 million bpd. The market must decide whether the increase in crude and product imports during July is an indication that flows will begin to normalise or if it is only a temporary blip, and Asian markets are still stressed. It is true that a part of the increase in imports was due to the short ceasefire that took place in mid-June, which allowed the tankers to leave the waterway that were stranded because of the closure of the Strait of Hormuz. The strait was the main route for Asia to import light and middle distillates. In July, the number of bpds increased from a low of 144,000 in May, but it is still far below the 1.51m bpds in the last three months. The average crude oil arrivals through the Strait of Malacca were 4,05 million barrels per day (bpd) in July. This is up from 1,59 million barrels per day in April, but 70% less than the 13.60 millions bpd that was the norm in the three-month period prior to the beginning of the war. HORMUZ FLOWS Imports could drop after August, as some of the crude oil and other products that left the Strait of Hormuz in the three-week ceasefire agreement between Iran and the United States are likely to be delivered. After August, it is likely that Asia will import goods at levels far below those before the beginning of the conflict. The Asian countries must continue to draw down their inventories, and hope that China will continue its recent trend to drastically reduce its crude oil purchases. According to Kpler's data, China's seaborne crude imports reached 6.94 million barrels per day (bpd) in July. This is up from the decade low of 5.99 million bpd recorded in June, but down 39% when compared to the average of 11.43 millions bpd over the three-month period ending in February. China's reduction in seaborne crude oil imports of over 4 million bpd has offset losses from the Iran War, but it is unclear how long this will continue. China's crude stockpile is estimated to be at least 1.2 million barrels. It can certainly keep imports low for a few months. But it would be logical to assume Beijing will not be eager to reduce inventories significantly. China, like a majority on the crude market, could anticipate that U.S. president Donald Trump would be forced, by economic realities, to accept a deal that reopens strait?on Tehran's conditions. The flow of crude oil and refined products to?Asia suggests that the window before real economic hardships are felt is closing. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of the columnist, an author for.
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As Iran tensions continue, stocks rise despite higher oil costs
European stocks rose alongside U.S. Futures on Tuesday. However, a'rebound in the oil price underscored market scepticism about the U.S. - Iran war being resolved quickly by diplomacy. The yen has weakened, but still held onto most of its gains following last week's joint intervention by Washington and Tokyo to support the currency. Majed al Ansari, spokesperson for the Qatar Foreign Ministry, said that diplomatic efforts were being made to end the U.S. - Iran war. However an attack near Strait of Hormuz raised doubts about the conflict's conclusion. Brent futures increased 1.5% to $85.05 per barrel, after falling 7% the previous session and reaching a three-week high. STOXX Europe 600.STOXX rose 0.60% with tech stocks up 1.85%. Nasdaq Futures rose 0.77%, and S&P500 futures increased by 0.20%. The Dow Industrials closed at a record high. Nasdaq ?Composite jumped 2.12%. The main MSCI world stock index increased by 0.10%. "We're adding risk to those sectors that should be less affected by higher interest rates." Mohit Kumar, a Jefferies economist, stated that the tech and financial sectors would be his 'favourite' sectors for adding back risk to the portfolio. He added that "the amount of cash available in the system is one factor which continues to support the bullish medium-term view." Last week, the yields on longer-dated U.S. Treasury bonds reached a record high of 19 years after comments?from U.S. Federal Reserve chairman Kevin Warsh raised 'concerns that the Fed might not act aggressively in order to curb inflation. The majority of analysts believe Warsh will not raise rates and that the data he receives could be enough to convince him to remain put. Tuesday will bring the first round of U.S. job data. LSEG data, as well as market participants, indicate that 84% of S&P 500 companies have beaten their earnings expectations. Manish Kabra is the lead U.S. equities strategist and multi-asset strategist for Societe Generale. He said that a yield curve inversion was not SG’s scenario. SG believes the S&P Index will reach 8,000. Concerns remain elsewhere in Europe. Some economists warn that the region's economy will face a more difficult outlook due to the drought which is hampering Rhine shipping, and as gas inventories are still under pressure. YEN DROPS AFTER INTERVENTION DRIVEN RALLY The dollar rose 0.4% to 157.80 Japanese yen after U.S.-Japanese authorities intervened last week in a coordinated effort to support the yen. The Japanese currency is still about 4% stronger than the greenback, compared to levels from a week earlier. This prompted the official support of the U.S. and marked the first U.S. involvement in the Japanese Foreign Exchange Market in 15 years. Some market participants have warned that?Japan’s fiscal expansion and the Bank of Japan’s gradual rate increases could weigh on the Japanese yen. "The catalysts which can amplify unwinding short?yen position (supporting currency) include, potentially, lower oil prices, a tightening of BoJ policy in September and afterwards, and some moderating?in Prime Minister Sanae Takaichi’s fiscal plans in order to restore debt sustainability," Thierry Wizman said. The U.S. Dollar Index, which measures greenbacks against a basket six currencies, was stable, and not far off the lowest levels in the last two months, at 99.97. Reporting by Stefano Rebaudo. Jamie Freed, Mark Potter and Mark Potter edited the report.
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Marathon Petroleum reports highest profit since 2022 due to supply disruptions
Refiner Marathon Petroleum posted its highest quarterly profit for four years on Tuesday. It also surpassed analysts' profit expectations, as prolonged disruptions to crude supply through the Strait of Hormuz increased refining margins. In premarket trading, shares of Marathon rose by around 2.1%. After the Strait of Hormuz was effectively closed for several months, the margins on gasoline, jet fuel and diesel increased. The repeated?Iranian strikes on refineries in the Middle East further reduced fuel supplies. Marathon's results...follow those of rivals Valero Energy, HF Sinclair and others who have also reported their highest quarterly profit since 2022. Marathon's quarterly refining margin has doubled from last year to $36.33 a barrel. The company's crude capacity utilization for the second quarter was 94%. This resulted in a total throughput of 2,9 million barrels a day (bpd). The company's?crude capacity utilization was 94%, resulting in a total throughput of 2,9 million barrels per day (bpd) for the second quarter. Capacity Utilization is a measurement of the amount of processing capacity of a refinery that is actually being used. Marathon expects a total refinery throughput of?3 million bpd for the third quarter. The company's Renewable Diesel unit reported an adjusted core profit in the second quarter of $258,000,000, up from a loss of only $19,000,000 a year earlier. This was due to higher margins, increased throughputs, and improved regulatory credit value. The U.S. refiners have been struggling to make a profit for years. However, recently, the profits have increased as government biofuel mandates have boosted demand, and higher diesel prices due to Middle East conflict have improved margins. According to data compiled and analyzed by LSEG, the top U.S. refining company?posted an adjusted profit of 17.73 dollars per share versus analysts' average estimates of 13.73 dollars per share.
Russian government prioritizes fuel for vehicles serving food retail chains
Alexander Novak, the Deputy Prime Minister, said on Wednesday that Russia is considering prioritising fuel supplies to vehicles servicing large food retail chains.
The government is concerned about fuel shortages, which are a result of the Ukrainian drone attacks against Russia's oil refineries and energy infrastructure.
Two industry sources and a? After Ukrainian drone attacks caused a stoppage at large oil refineries, Russian gasoline production fell to an amount?equivalent only to around 65% the seasonal average consumption. "We discussed the importance of prioritizing fuel supplies for vehicles that deliver food products to major retail chains. Novak stated that it is crucial to avoid food spoilage and to avoid additional costs which could be reflected on consumer prices.
Fuel cards are usually issued by the authorities for drivers to use when filling up their vehicles.
He said that the task force set up by the government to combat the fuel shortage discussed diesel supply to the agricultural industry.
The decline in fuel production in Russia will have an impact on the country's economy in the second quarter 2026, according to the central bank of Russia.
(source: Reuters)