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Peru restarts mining operations in the violence-hit North
Walter Astudillo, the Defense Minister, said that Peru has resumed formal mining operations for parts of northern Peru affected by violence. Dina Boluarte, the president of Colombia, suspended mining operations in her country last month after illegal miners kidnapped 13 gold workers and killed them. The incident occurred in the district of Pataz located to its north. Peru is the third largest copper producer in the world. Most of its red metal deposits are found in the southern part of the Andean country, while gold and other precious metals are mined to the north. Astudillo stated that the decision to resume operation was made after discussions with Pataz authorities and formal mining companies. He also noted the importance of the sector to the local economy. He said that the public was demanding mining activities at a post-cabinet meeting press conference. The minister said that the government has extended the state-of-emergency in Pataz by another 60 days. This will allow the armed forces take control of the region. Companies and small-scale or artisanal miners who have valid permits will be able to resume mining operations. The REINFO program allows temporary activities while formalization is completed. He added that activities will be allowed from 5 am to 10 pm local time. (Reporting and writing by Marco Aquino, editing by Sarah Morland, Alistair Bell and Sarah Morland)
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China's new tracking system increases scrutiny of rare earth magnets
Three sources confirmed that China has implemented a tracking system in its rare earth magnet industry, as export restrictions are beginning to isolate customers from around the globe. Two sources briefed on the issue and two others familiar with it said that the national tracking system went into effect this week and requires producers to provide extra information online, including trading volume and client names. China, the world's biggest rare earth magnet exporter and supplier, in April, placed export restrictions on several magnets and seven medium-to-heavy rare earth elements. Exporters were required to obtain licenses. The delays in getting approvals has disrupted supply chains, affecting automakers, semiconductor firms and others. Global automakers have already begun to shut down some production lines, as they run out of reserves. Beijing announced high-level plans in June to create an information tracking system for rare earths products. However, the subject was not mentioned again until this week, according to a source familiar with the issue. China's export restrictions on rare earths, magnets, and other products - in which it has a near monopoly - may become permanent. In the U.S., and elsewhere, there was hope that this would be eliminated as part of the trade truce reached in Geneva last week. Exports tend to gradually rebound in cases where China has placed export restrictions on metals. This is because exporters have applied for and received licences. Tim Zhang, the founder of Edge Research in Singapore, said: "Our current hypotheses is that China will continue to control its exports on rare earths as it's an ace card China can hold." Beijing's goal is to strengthen its control of the sector and crackdown on illegal mining, smuggling and tax evasion. A fourth source, who was also briefed about the issue, said that Beijing has a long-term plan to track all rare earth production chains, not just magnets.
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US stock market ends mixed as Treasury yields fall amid trade negotiations and jobs data
Wall Street was a little shaky and U.S. Treasury rates dropped on Wednesday, as investors watched the U.S. Trade Negotiations and looked forward to Friday's important employment report. The Nasdaq was modestly boosted by tech, while S&P 500 closed the session basically flat and the Dow ended slightly lower. The dollar dropped and gold rose. Ross Mayfield is an investment strategy analyst with Baird, based in Louisville, Kentucky. He said that the big rate move has provided some relief, if not directly for stocks, then at least to those who have been trying to explain why rates are moving higher. The equity markets are relieved that rates still seem to have a limit in this type of environment. The U.S. and European trade talks are moving forward, Europe's chief negotiator stated. He noted that the doubling in U.S. tariffs on metals, which took effect Wednesday, does not help negotiations. China's restrictions on vital mineral exports has upset global automakers who claim shortages could halt global supply chain. Trump, who is expected to meet with Chinese President Xi Jinping soon, called Xi "extremely difficult to deal with" in a post on social media. This suggests that a quick resolution of the trade dispute between the two world's largest economies may prove elusive. Investors remain confident or as confident as possible that the administration will not let things go too far. Mayfield said that the administration would not return to its April 8 low. Mayfield stated that "I do not necessarily believe that the TACO trade (Trump Always Chickens Out), is wrong. It's obviously a joke. But there are enough signs that suggest that if the Trump administration reverts to their worst tendencies in trade and tariffs then the market would react accordingly." ADP, a payroll processor, reported that the U.S. Private Sector added 37,000 new jobs in the last month. This is 69.2% less than what analysts expected to see on Friday from the Labor Department, which will release a more comprehensive report. Survey data also showed that the U.S. service sector contracted last month. Prices paid, an inflation indicator, reached their highest level since November 20,22. The Dow Jones Industrial Average dropped 91.90, or 0.22 %, to 42 427.74. The S&P 500 rose by 0.44, or just 0.01% to 5,970.81 while the Nasdaq Composite increased 61.53, or 3.32 %, to 19,460.49. After Berlin approved a tax relief package for corporations, European stocks rose and Germany’s benchmark index reached a new record high. This was despite survey data showing that euro zone business activity is stagnating and Germany’s services sector has posted its biggest contraction in over two years. The MSCI index of global stocks rose by 2.85 points or 0.32% to 888.75. The pan-European STOXX 600 Index rose by 0.47% while Europe's broad FTSEurofirst 300 Index rose by 9.84 points or 0.45% Emerging market stocks increased 14.71 points or 1.27% to 1,172.84. MSCI's broadest Asia-Pacific share index outside Japan closed up 1.3% at 618.16. Japan's Nikkei gained 300.64 or 0.80% to 37,747.45. Dollars fell across the board, as a series of downbeat economic reports suggested a softening in labor market conditions. The services sector also showed signs of contraction. The dollar index (which measures the greenback in relation to a basket of currencies, including the yen, the euro and others) fell by 0.29%, falling to 98.87. Meanwhile, the euro rose 0.36%, reaching $1.1411. The dollar fell 0.78% against the Japanese yen to 142.87. The yields on longer-dated U.S. Treasury bonds fell after the weaker-than-expected data. Investors looked for signs of progress with tariff negotiations, and were looking ahead to the payrolls reports. The yield on the benchmark 10-year U.S. notes dropped 10.1 basis points from 4.46% at late Tuesday to 4.359%. The 30-year bond rate fell by 10.2 basis points, from 4.983% to 4.8806% late on Tuesday. The yield on the 2-year bond, which is usually in line with expectations of interest rates for the Federal Reserve fell by 8.6 basis points, to 3.871% from 3.957% at late Tuesday. Crude oil prices fell as U.S. inventories were higher than expected, adding to the supply concerns amid tensions in trade and OPEC+ production increases. U.S. crude fell 0.88%, settling at $62.85 per barrel. Brent closed at $64.86 a barrel, down by 1.17% for the day. The gold price rose, supported by a soft dollar. Investors waited for employment and trade data. Spot gold increased by 0.62%, to $3372.86 per ounce. U.S. Gold Futures rose by 0.64% to an ounce of $3,371.50.
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The Nazca Lines in Peru are now at risk of mining after a protected area was slashed
The Peruvian government has reduced the area of protected land around the famed Nazca Lines. Critics and archaeologists are concerned that this could make the ancient geoglyphs more vulnerable to nearby informal mining operations. The Peruvian Culture Ministry reduced the protected area from 5,600 square kilometers to 3,200 last week. It attributed the decision to topographical studies and archeological investigations that better delineated areas of "real patrimonial values." Over 800 large desert etchings depicting animals, geometric figures, and plants were created over 1,500 years ago. UNESCO designated them a World Heritage Site in 1994. According to the Energy and Mines Ministry, 362 small scale gold miners are operating in the Nazca District as part of the program to regularize the status. The authorities have conducted previous operations to combat illegal mining. Pieter Van Dalen is the head of Peru's archaeological association. He said that the main threat to the Nazca Lines was informal mining in the surrounding area and within the protected zone. He described the reduction as "very regrettable" and questioned the claim that the original area had been too large to be controlled. Police and industry sources claim that with gold prices at record highs, the government's program to regulate small-scale mining (known as REINFO) is riddled with irregularities. Illegal miners are also accused of exploiting REINFO in collusion with criminal groups. Congress and the Administration are scrambling to come up with a new program that will close operating loopholes. The small-scale miners protested against an earlier deadline because they feared that there would be little time for them to normalize their operations. According to the government, illegal mining in Peru generates revenue of more than $3 billion per year, which is greater than that generated by drug trafficking. On Tuesday, Energy and Mines minister Jorge Montero confirmed that small-scale mining takes place in Nazca. He said that the government was "evaluating the impact of this (reduction) on the status of small scale and artisanal miners working in the area which used to be part of Nazca’s (protected zone) but is now not." Peru's gold exported in 2024 will be $15.5 billion, up from the $11 billion of the previous year. According to data from the industry and Peru's financial regulator, around 40% of Peruvian gold exports come from illegal sources. (Reporting and editing by Aurora Ellis; Marco Aquino)
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US stocks rise, Treasury yields fall as investors focus on tariff talks and jobs data
Investors watched the U.S. Trade Negotiations and awaited Friday's important employment report. The dollar fell and gold remained unchanged. Ross Mayfield is an investment strategy analyst with Baird, based in Louisville, Kentucky. He said that the big rate move has provided some relief, if not directly for stocks, then at least to those who have been trying to explain why rates are moving up. The equity markets are relieved that rates still seem to have a range of possible increases in this type of environment. U.S.-European The top European negotiator noted that trade talks were progressing. He also pointed out that the U.S. tariffs on metals have doubled since Wednesday. This is not helping negotiations. China's restrictions on vital mineral exports has caused concern among global automakers. They warn that shortages could disrupt global supply chains. Trump, who is expected to meet with Chinese President Xi Jinping soon, called Xi "extremely difficult to deal with" in a post on social media. This suggests that a quick resolution to trade disputes between the two world's largest economies may prove elusive. Investors remain confident, or as confident as possible that the administration will not let things go too far. Mayfield said that the administration would not return to its low point of April 8. I don't think that it is necessary to believe in the existence of God. (Trump always chickens out) trade is wrong. Obviously, it's just a joke. But there are enough signs that suggest if the Trump administration returns to their worst tendencies in terms of trade and tariffs then the market would react accordingly," Mayfield said. ADP, a payroll processor, reported that the U.S. Private Sector added 37,000 new jobs in the last month. This is 69.2% less than what analysts expected to see on Friday from the Labor Department, which will release a more comprehensive report. Survey data also showed that the U.S. service sector contracted last month. Prices paid, an inflation indicator, reached their highest level since November 20,22. The Dow Jones Industrial Average increased 18.57 points or 0.04% to 42,537.23. The S&P 500 gained 12.69 points or 0.21% to 5,982.97, and the Nasdaq Composite rose 84.52 or 0.44% to 19,483.48. After Berlin approved a tax relief package for corporations, European stocks rose and Germany’s benchmark index reached a new record high. This was despite survey data showing that euro zone business activity is stagnating and Germany’s services sector has posted its biggest contraction in over two years. The MSCI index of global stocks rose by 4.25 points or 0.48 percent to 890.15. The pan-European STOXX 600 Index rose by 0.47% while Europe's broad FTSEurofirst 300 Index rose by 9.84 points or 0.45%. Emerging market stocks increased 14.85 points or 1.28% to 1,172.98. MSCI's broadest Asia-Pacific share index outside Japan closed up 1.33% at 618.30. Japan's Nikkei gained 300.64 points or 0.80% to 37,747.45. Dollars fell across the board, as a series of downbeat economic reports suggested a softening in labor market conditions. The services sector also showed signs of contraction. The dollar index (which measures the greenback in relation to a basket of currencies, including the yen, euro and pound sterling) fell by 0.38%, falling to 98.79. At $1.1421, the euro rose 0.45%. The dollar fell 0.82% against the Japanese yen to 142.82. The yields on longer-dated U.S. Treasury bonds fell after the weaker-than-expected data. Investors waited for any signs of progress with tariff negotiations, and also looked forward to the payrolls report. The yield on the benchmark 10-year U.S. notes dropped 9.5 basis points from 4.46% to 4.365% late on Tuesday. The 30-year bond rate fell by 9.5 basis points, from 4.983% to 4.8877% late on Tuesday. The yield on the 2-year note, which is usually in line with expectations of interest rates for the Federal Reserve fell by 8.2 basis points, from 3.957% to 3.875%, late Tuesday. Crude oil prices fell as U.S. inventories were higher than expected, adding to the supply concerns amid tensions in trade and OPEC+ production increases. U.S. crude fell 0.88%, settling at $62.85, while Brent closed at $64.86 a barrel, down by 1.17% for the day. The gold price rose, supported by a soft dollar. Investors waited for employment and trade data. Spot gold increased 0.7% to $3.375.59 per ounce. U.S. Gold Futures increased 0.64% to an ounce of $3,371.50.
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Rio Tinto reduces cost of Serbia Lithium project
Rio Tinto is revising the cost of its Serbian lithium project that the European Commission identified as one of 13 strategic new critical material projects, Chad Blewitt, managing director of the Jadar lithium mine, said on Wednesday. The project is contested by green groups and many Serbs on environmental grounds, and sparked massive street protests in 2022 which led the government to revoke all Rio Tinto's exploration licences. The Constitutional Court overturned the decision last year and reinstated the licences. "The last time we went out to market and looked at the budget, it was over 2.55 billion euros ($2.91 billion). So we are currently in the midst of updating that capital cost," Blewitt told . "The strategic project status that we received today requires us to meet European Union environmental and human rights standards, and that will be reflected in the final capital cost." He could not be drawn into an estimate of the revised cost or timeline for the project - which was initially forecast to start production in 2027 - saying the Anglo-Australian giant also needed to obtain a field exploitation licence. "Once we... get the licence, we can then go and update the project schedules and have a look at costing. So I don't want to give a definitive date." Rio is the only major mining company to bet heavily on lithium - used in electric vehicle batteries - accelerating its push over the past six months with three new deals: its $6.7 billion buy of U.S.-based Arcadium Lithium and two projects in Chile for more than $1 billion. With the lithium market in the doldrums as a wave of new supply overwhelms weaker-than-expected demand for EV batteries, it will take years to know whether this bet will have paid off, although demand projections for the metal are more positive into the next decade. If implemented, Rio Tinto's Jadar project could meet 90% of Europe's current lithium needs. But protesters in Serbia have threatened to block roads and railways if the project goes ahead. "Whatever happens next will involve multiple stages of scrutiny and public consultation," Blewitt said. "It (the project) positions Serbia at the forefront of the green and digital revolution." ($1 = 0.8748 euros) (Reporting by Ivana Sekularac; Additional reporting by Clara Denina; Editing by Emelia Sithole-Matarise)
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Sources say that Mexico renewed its approval of the Nippon Steel and US Steel merger on Thursday.
Mexico's antitrust regulator is expected to renew approval of Nippon Steel’s fraught $14.9 billion bid for U.S. Steel by Thursday, according three people with knowledge of the matter. This will remove one of the final remaining obstacles to the tie-up. The people declined to name the source as it was not public. Mexican approval for the acquisition first announced in December of 2023 has expired. It must now be renewed to allow the merger to go ahead. Cofece has not responded to our requests for comment. U.S. Steel, Nippon Steel, and U.S. Steel all declined to comment. Investors are anxiously awaiting President Donald Trump's final approval of a deal to ease any U.S. National Security concerns. Trump has technically until Thursday to sign the bill. Both former President Joe Biden, and Trump, who both sought to win over voters in Pennsylvania before the 2016 presidential election, asserted that U.S. Steel must remain American-owned. Biden blocked this deal in January, citing national security concerns. This led to lawsuits from the companies who claimed that the review of their national security was biased. The Biden White House denied the claim. Steel companies saw an opportunity with the Trump administration. The Trump administration began its tenure on January 20, and in April, opened a 45-day review of national security for the proposed merger. Trump's public remarks, which ranged from welcoming the Japanese company to "invest" in U.S. Steel to float a minority stake, caused confusion. At a rally on Friday in Pennsylvania, Trump applauded the agreement between the two companies, saying that Nippon Steel was a "great" partner for U.S. Steel. He later told reporters that the deal was still subject to his approval and he had not yet decided whether Nippon Steel would be allowed to acquire ownership. Reporting by Alexandra Alper, Diego Ore and Rod Nickel. Editing by Franklin Paul & Rod Nickel.
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Thyssenkrupp will spin-off 49% of its defence division TKMS as a dividend to shareholders
Thyssenkrupp will spin off 49% its defence division TKMS as part of a listing in the second half of this year. These comments were made during a press conference in Kiel, Germany where Thyssenkrupp unveiled the new branding of the division. TKMS's order book has reached a record of 18 billion euros, or $20.5 billion. This is due to the strong demand for military products. Volkmar Dinstuhl is responsible for M&A at Thyssenkrupp Automotive. He revealed that the shareholders of the conglomerate "will own a 49% share as part of this spin-off". This was the first time that the size of the stake would be disclosed. Thyssenkrupp, in its divestment plan for 2025, has only stated that it will keep a majority stake in TKMS. TKMS manufactures frigates, subs, sensor and mine hunting technology. Thyssenkrupp continues its strategy of selling stakes in main business lines to become a holding firm. The German company sold a 20 percent stake in its steel business last year after listing Thyssenkrupp Nucera, its hydrogen division in 2023. Reporting by Fabian Bimmer & Christoph Steitz. Editing by Jane Merriman
INSIGHT-Offshore wind challengers in Australia, Europe lean on US groups for recommendations
Costs Thompson's. battle to stop overseas wind farms was once confined to the small. U.S. state of Rhode Island where he lives. Today, he is part of. a worldwide movement.
In April, Thompson, who is director of the activist group. Green Oceans, got an e-mail from a fellow anti-offshore wind. group more than 10,000 miles (16,000 km) away called Accountable. Future?( Illawarra Chapter). They were searching for guidance on methods. to fight projects off Australia's southeast coast. In August,. he got another demand, this time from French group PIEBIEM. fighting jobs in Brittany.
It's constantly good to know that other people are thinking the. very same method you are, he informed Reuters.
These groups are amongst a dozen or more local activist. companies across the U.S., Europe and Australia who told. Reuters they have started sharing methods, talking points and. other resources in their typical mission to hinder offshore wind. -- an advancement they hope will transform what was as soon as a. disorganized scattering of regional activists into a significantly. sophisticated worldwide network.
Numerous anti-offshore wind groups said they think. federal governments and wind developers, such as Orsted,. Avangrid and Shell, are minimizing the. ecological damage triggered by tasks as they promote the. renewable energy source as an option to environment change.
In most cases, the groups are wanting to anti-offshore wind. activists on the U.S. East Coast for suggestions, citing their years. of success in slowing or cutting the size of significant jobs,. deteriorating public support for the technology, and winning over. conservative politicians like previous President Donald Trump,. whose administration had actually supported offshore wind, today. opposes it virulently as the Republican presidential candidate.
Offshore wind is a nascent market in the U.S. and a secret. pillar of President Joe Biden's plan to fight climate modification. However, plans to install turbines along every U.S. shoreline. have been challenged by skyrocketing costs and supply chain snags and. attracted multiple suits over concerns about the industry's. influence on tourism, property worths, fishing and marine environments.
Reuters reporting reveals how the groups' international cooperation. provides a fresh difficulty to the market as it permits brand-new. opposition groups to quickly take advantage of years of work done by. others. Oftentimes, it also assists to propagate viral,. politically effective, but sometimes false talking points,. consisting of that turbines eliminate threatened whales and not do anything to. sluggish global warming.
It's a substantial problem, and I do not think the industry has actually got. its head around A, what's occurring, and B, what to do about. it, Ben Backwell, CEO of the Worldwide Wind Energy Council, a. Lisbon-based market trade group, said.
Opposition groups say they are just starting.
We wish to go further, for example with joint. statements, and a better media effect, to alert public. opinion, stated Eric Sartori, secretary of PIEBIEM, which in. French mean Maintaining the Environmental Identity of. Southern Brittany and the Islands versus Offshore Wind.
A U.S. West Coast group told Reuters this month it is. starting a national anti-offshore wind company. Other. groups, including Responsible Future (Illawarra Chapter), said. they have actually gone over forming an international coalition, specifically as. the rest of the world steps up attempting to overtake China,. Britain and Germany, the top manufacturers of offshore wind energy.
NURTURED ONLINE
Sartori of PIEBIEM said he initially got in touch with Green Oceans and. another group in Nantucket after seeing images of damaged wind. turbine blades cleaning ashore in Massachusetts this summertime on. social networks platform X.
Sartori said Green Oceans' Thompson helped, consisting of by. supplying him a quote from a U.S. federal government agency recommending. offshore wind has no environment benefit.
That quote - it is prepared for there will be no cumulative. impact on global warming as an outcome of overseas wind jobs. - now appears on PIEBIEM's website next to photos of fiberglass. fragments cluttering Nantucket's coast.
The Bureau of Ocean Energy Management informed Reuters the quote. belonged to an ecological analysis of a job, which the. second half of the sentence - not present on PIEBIEM's website -. says wind jobs may beneficially add to a wider. mix of actions to minimize future effects from environment. change.
BOEM regularly mentions in its environmental evaluations that wind. power will not change the course of global warming by itself. however can help when combined with other actions.
In other groups, posts vary from hesitation about whether. wind turbines can make it through high winds to worries they will obstruct. ocean views. The most viral, however, is that overseas wind. development threatens whales.
That claim caught fire in the U.S. in early 2023 after. a number of New Jersey and New York groups blamed the industry for a. spate of whale deaths and caught the attention of conservative. media.
The claim is now repeated by challengers around the world,. including in France and Australia.
The U.S. federal government states the claim has no merit, and links. most human-caused whale deaths to vessel strikes and. entanglement in fishing equipment.
A clean energy trade group, American Clean Power. Association, stated it is resolving opposition by working to. communicate the benefits of offshore wind, such as financial. development and energy self-reliance.
False information weakens trust, cultivates confusion, and. divides communities at a time we need more American energy, a. spokesperson for ACP stated.
SPECIALIST SUPPORT
Green Oceans has actually enlisted the assistance of Spanish marine. biologist Josep Lloret, who has actually raised concerns about the. prospective environmental harms of offshore wind in the. Mediterranean Sea, and hosted a talk by Texas-based reporter. Robert Bryce who is skeptical of the renewable energy. transition.
Other groups piggy-back off their work.
Green Oceans ... the charm of them is they have scientists. behind them, so we might look at the documents they are saying are. factual and identify they are peer examined, stated Jenny. Cullen, president of Australia's Responsible Future (Illawarra. Chapter).
It wasn't Charlie down the road using ChatGPT to pull up. BS.
The techniques are currently helping turn an industry that. received little opposition during its early days in Europe. decades ago into a political hot potato.
In New Jersey, where opposition to overseas wind is perhaps. more powerful than in any other U.S. state, support for the industry. stood at 50% late in 2015 from 80% 4 years previously,. according to a poll by Stockton University.
Trump has actually also signed up with the movement, guaranteeing to halt. offshore wind projects if he recovers the presidency in. November.
His administration several years earlier had actually promoted offshore. wind as a part of his America First agenda, and held a record. offshore wind government auction in 2018.
Trump's project did not react to ask for comment.
In Australia, which is a new target for overseas wind. developers, the primary opposition party has actually likewise swung behind the. motion, and public opposition has been growing-- reaching 18%. in September, from 12% a year previously, according to polls from. Freshwater Technique.
In France, meanwhile, a Senate committee in July recommended. cuts to the nation's overseas wind target, arguing the. innovation is pricey and does not have maturity. The nuclear. powerhouse is currently lagging its neighbours on renewable resource. and has fallen back targets set by the European Commission.
In tandem with their successes, groups opposed to offshore. wind have been dogged by allegations they are backed by. conservative interests connected to the nonrenewable fuel source market.
A 2023 study by researchers at Brown University mapped links. in between U.S. groups and conservative think tanks, consisting of a. case in which the Delaware-based Caesar Rodney Institute. supported a claim to block the Vineyard Wind task submitted by. a Nantucket group, ACK4Whales.
Amy DiSibio, a board member of ACK4Whales, said her group is. not partisan and has actually distanced itself from the pro-fossil fuel. believe tank. A New Jersey group, Secure Our Coast NJ, stated the. same.
It takes away from our message, Robin Shaffer, president. of Protect Our Coast NJ, stated in an interview.
(source: Reuters)