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IperionX blasts short seller report as shares plunge 24% after halt
IperionX Ltd, an Australian titanium manufacturer, "strongly" rejected a critical report from Spruce Capital on Monday. Its shares fell as much as 24,4% after the trading halt lifted. IperionX shares dropped to A$4.24 at the opening of early trading, the lowest price since July 10. This was the largest decline on the benchmark S&P/ASX 200 Index, which fell 0.2%. IperionX stopped trading on Thursday last week to prepare a reply to Spruce Point’s 93-page study, in which the company was accused of exaggerating its prospects, denying its valuation, and questioning project claims. The short seller raised concerns about discrepancies with project data and finances, despite announcing a A$17,000,000 ($11.11,000,000) supply agreement with Ford Motor Co. The short seller also cast doubts on the management's credibility by citing links with Piedmont Lithium which was previously targeted. IperionX, in its rebuttal to the criticism, said that it stood by its technology. It cited government funding of about $47,000,000 to scale up titanium production. Taso Arima, the chief executive of Taso Arima Corporation, said that a recent Pentagon deal "underscores U.S. Government's commitment to reshore a all-American supply chain for titanium" and confirmed plans to increase production at its Virginia facility. IperionX stated that Spruce Point never contacted its management prior to publishing the report, and has never visited its titanium operations in Virginia. Spruce Point’s attack has put the company's shares to the test. They have tripled in value since 2024. In 2022, the lithium developer Lake Resources fell after a short seller report. Piedmont Lithium - once headed by IperionX CEO - faced similar allegations in 2017.
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Syrah Resources in Australia and Tesla will further extend the deadline for a graphite supply agreement
The Australian miner Syrah said Monday it had reached an agreement with Tesla to extend a deadline for addressing alleged non-compliance of their graphite contract, the second in two months. Elon Musk's automaker, Tesla, issued a default notification in July because Syrah had allegedly failed deliver active anode samples that were conforming from its Louisiana facility processing Tesla's batteries. Syrah stated that the original deadline of September 16, which was originally extended to November 15, has been further pushed back to January 16, 2020. The company stated that "Syrah has not accepted it is in breach of the offtake contract, but the parties have extended to 16 January 2026 the cure date." The 2021 contract between Syrah and Tesla called for the company to provide 8,000 metric tonnes of graphite materials over a period of four years from its Vidalia facility in Louisiana, U.S.A. This facility is the only large-scale, vertically integrated anode material manufacturer outside of China. It helps reduce U.S. dependency on Chinese supplies, which dominate the market. Syrah stated that under the agreement it signed, Tesla may terminate the agreement if the final qualification of active anode materials at the plant is not completed by February 9, 2026. Tesla didn't immediately respond to our request for a comment. Syrah announced that a subsidiary received $8.5m under a loan of $150m from the United States International Development Finance Corporation. The money was used to support its Balama graphite operation in Mozambique, which had been affected by nationwide protests. (Reporting and editing by Jamie Freed in Bengaluru, Nikita Maria Jio from Bengaluru)
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Jara, a leftist Chilean, narrowly wins the first round of presidential elections against Kast.
Early results show that the far-right Jose Antonio Kast is close behind Jeannette Jara, the candidate of the governing coalition in Chile, who has 26.2%. This early result shows the strength of the conservative opposition. Kast had 24.9% with about 15% of the votes counted. Jara would be the first candidate of the Communist Party in the country to make it to a runoff if she maintains her lead. Two political extremes will face off in a runoff on December 14, pitting them against each other during a period when voters are concerned about Crime and immigration These law-and order issues were a far cry away from the wave left-wing optimism, and hopes for drafting a constitution, that brought President Gabriel Boric to power. Boric is not allowed to run again. Jara faces a steep battle, as pollsters predict a victory for the right in December. Conservative forces are expected coalesce under Kast, the founder of far-right Republican Party. On Sunday's ballot were eight candidates, and they would have had to receive 50% plus one vote in order to win. Voting was now mandatory for Chile's 15,7 million registered voters, a change from the last election. From Minister to Left Coalition Leader Jara, 51 years old, was Boric’s Labor Minister and beat out a crowded field of primary candidates in June to be the coalition candidate for the government. Jara is proud of his accomplishments, including the long-awaited reform in pensions and an increase in minimum wage. However, he has been criticized for a high unemployment rate that currently stands at 8,5%. She has downplayed the Communist Party's ties to her and promised to represent a wide left-wing alliance, presenting such proposals as raising the minimum wage and increasing funding for the social welfare system and health system. Jara has also proposed strengthening the arms control, increasing technology surveillance at the border and lifting bank secrecy to pursue organized criminal groups. Kast is in his second presidential run-off, after facing Boric. The platform of the far-right candidate is based on a crackdown on crime and immigration. He has proposed building a wall along the border with trenches and expelling all undocumented immigrants. The military would also be deployed to areas where crime is high. When he returned home to his hometown, Paine south-west of Santiago, to vote, he addressed the security issue. You can ask your neighbors whether they are feeling safe, even if you live in a small community. Most people will say they're afraid. Grabs at the Congregation The first round of the previous election saw a 53% abstention rate. A large number of residents who are apathetic or undecided will be voting, adding a wildcard to the race. The majority of Congress, including the entire 155-member lower chamber and 23 of 50 Senate seats are also at stake. The ruling leftist coalition has a minority in both chambers, and majorities of right-wingers in both could lead to Congress and the Presidency being controlled by the Right for the first since the Augusto Pinochet dictatorship ended in 1990.
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Sources say that RPT-Barrick Mining is considering splitting into two separate entities.
Barrick is considering splitting into Africa and North America focused entities Discussion on the sale of African assets, including Reko Diq Mine Barrick's performance in the record gold rally is undervalued by investors. By Divya Rajagopal Four sources familiar with Barrick Mining's thinking said that the board has discussed the possibility of splitting Barrick Mining into two separate companies, one focusing on North America, and the other focusing on Africa and Asia. Sources say that a split could include the sale of Barrick Africa's assets, as well as the Reko diq mine in Pakistan once financing is secured. Sources said that Barrick wants to settle a dispute in Mali with the African nation’s military administration prior to selling the asset. Barrick's spokesperson did not respond immediately to comments. Interim CEO Mark Hill responded on Monday to a question about a possible division by saying that the company doesn't comment on rumours. Sources said that talks are still ongoing and nothing is finalized. If the plans are implemented, they would reverse Barrick's merger in 2019 with Randgold and eliminate assets acquired by former CEO Mark Bristow. One source said that the company's focus in North America would help to ensure Barrick is not undervalued if a takeover bid were made. This includes Fourmile, an undeveloped major gold mine in Nevada. The Fourmile mine is not expected to begin production until 2029. Hill announced earlier this week the company's shift to North America. Analysts at Jefferies, among others, upgraded its ratings on its shares. Following the report, Barrick's shares rose on the Toronto Stock Exchange. They closed up 3%. Investors say Barrick's stock is undervalued, and they have asked the company how it can take advantage of gold's historic price rally. Barrick's shares are up 130% in this year but its returns over the past five years have been less than those of its peers. Agnico Eagle, for example, has gained 142%. Investors proposed that the company be divided into two divisions, with one division containing stable assets like Nevada and Fourmile and the other with riskier assets, such as Papua New Guinea and Reko Diq. Investors say that Barrick, as one of few gold mining companies to have assets on multiple continents and in volatile political regions, is at risk. Barrick's most profitable mine in Mali was taken over by another company earlier this year. This led to a $1 Billion write-off. Three metric tons (three metric tons) of gold were seized and a temporary administrator was appointed to run the mine after a dispute over the new mining tax code in the country. The Malian government has still imprisoned four Barrick employees. One Barrick investor said, "There was a perception that Nevada had a great deal of value." The investor, who asked not to be named because they weren't authorized to speak with the media, added that if the Nevada mine was a publicly-listed company, it would be among the largest gold mining companies in the world. Investor said that the company had resisted splitting up in the past, because its other mines would be worthless without Nevada. Barrick operates the Nevada gold mine with Newmont Corp. The company also has mines in the Democratic Republic of Congo and Papua New Guinea. It also operates gold mines in Tanzania, Dominican Republic and Tanzania. (Divyarajagopal reported from Toronto; Veronica Brown, Lisa Shumaker, and Edmund Klamann edited the story)
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Officials say that around 30 people were killed in an incident at a copper mine in Congo.
The artisanal mining agency of the Congo said that around 30 people died at a semi industrial copper mine in the southeast after a collapsed bridge. A spokesperson for the agency said that 49 people died and 20 were in critical condition after the incident on Saturday, at the Kalando mine site in Lualaba Province. In Congo, artisanal mining supports between 1.5 and 2 million people directly. According to SAEMAPE, the Artisanal and Small-Scale Mining Support and Guidance Service of Congo, the collapse was caused by "panic, which was reportedly triggered" by gunfire by military personnel guarding site. SAEMAPE said in a Sunday statement that the miners "piled up on each other, causing injury and death". The Initiative for the Protection of Human Rights demanded an independent investigation of the military's involvement in the deaths citing reports of clashes involving miners and soldiers. A military spokesperson didn't immediately respond to an inquiry for comment. Roy Kaumba said that in a television statement, 32 deaths had been confirmed. Unregulated artisanal mining is a common cause of accidents, and dozens die every year in sites where diggers often dig deep underground with inadequate equipment. Reporting by Ange A. Kasongo, Congo Newsroom; Writing and editing by Robbie Corey Boulet
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Sources say that Turkey offered to take joint leadership of COP31 in order to resolve the host-host dispute with Australia.
Turkish diplomatic sources confirmed that Turkey proposed to co-host the U.N. Climate Summit with Australia next year, even though the two parties have yet to reach an agreement. The discussions regarding the hosting dispute are still unresolved. Australia and Turkey submitted bids to host COP31 in 2022, and neither country has withdrawn their bid. This impasse, which is a distraction, must be resolved at the COP30 conference, currently being held in Belem in Brazil. Conference of the Parties (COP) is the main global forum for climate action. The host is important because they set agendas and are the diplomats who lead negotiations to achieve global agreements. Turkish sources claimed that Turkey and Australia discussed a joint presidential model in the margins U.N. General Assembly talks held in September. This included sharing hosting duties for meetings at high levels and jointly steering the negotiations. They said that the conversations had created "a base of mutual understanding", but the proposal was not furthered. Later exchanges revealed, according to sources, differing views about how a joint presidency could operate within U.N. procedure. Chris Bowen, Australian Energy Minister, travelled to Brazil for the COP30 on Saturday. He said a decision will be made there and Australia has "overwhelming" support for its candidature. Canberra wants to host the event with Pacific Island nations in order to bring to light the climate challenges they face. The Pacific Islands Forum has backed Australia's bid. Turkey's candidacy, on the other hand, emphasizes inclusion and cooperation. It also aims to focus more on financing for developing nations while showing its progress toward a net-zero emission goal by 2053. Turkish sources claim that President Tayyip Erdoan expressed this opinion in a recent correspondence with Australia's Prime Minister. They also said that Turkey believes "flexible formulations" can be developed by continuing consultations. Sources said that Turkey was also prepared to host the Summit alone, and take over the presidency in the event of a failure to reach an agreement. The COP31 host must be agreed by all 28 members of "Western Europe and Others Group", which includes Australia and Turkey. Tuvan Gumrukcu, Ece Toksabay and Alex Richardson are responsible for reporting; Ece Toksabay is writing; Alex Richardson is editing.
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Saudi Arabia reduces salary premiums for foreign talents, recruiters claim
Saudi companies are reducing the generous salaries that used to attract top foreign talent in sectors like construction and manufacturing, as the Kingdom reins in its spending and reorders its economic priorities. Four recruiters said. Saudi Arabia is the top oil exporter in the world. Its Vision 2030 economic transformation plan, which aims to reduce dependence on hydrocarbon income and create jobs while expanding industries like tourism, real estate and mining, has already reached more than half of its goal. The Kingdom has been investing in megaprojects worth billions of dollars as part of its long-term plan. This has led to a huge increase in the demand for highly-skilled workers from abroad, but execution has suffered. Two sources say that foreign recruits shouldn't expect to negotiate 40% premiums or more and sometimes even double the salary they were earning earlier in this decade. The offers are much more conservative now. Magdy al Zein, the managing director of Boyden, said: "On one hand, the largest economy in the region is rationalising, and on the flip side, there are a lot of candidates that want to come to the region." What you'll get are employers who rethink their packages. It is true. KINGDOM PIVOTING Towards AI, LOGISTICS This change reflects a broader shift by Saudi Arabia's Public Investment Fund of $925 billion, which has taken a significant hit on its mega-projects in infrastructure and real estate, to sectors like AI, logistics, and mining. These are seen as providing better returns. Examples of this include NEOM, a $500-billion futuristic city planned in the desert and Trojena mountain tourism hub, which will host the Asian Winter Games 2029. PIF and NEOM didn't immediately respond to a comment request. Saudi Arabia targeted international talent for megaprojects because local workers lacked the necessary skills. Hasan Babat of Tuscan Middle East in Dubai, the CEO of a recruitment agency, says that project managers from the United Arab Emirates could receive offers in Saudi Arabia of up to $100,000 for jobs that pay $60,000 in UAE. NEOM, and other PIF-backed projects are now facing delays due to the kingdom's rationalisation drive. According to Kamco Invest, Saudi Arabia's project activity remained sluggish for 2025. Awards nearly halved in the first nine-month period. Saudi Arabia's oil production has been curtailed to maintain the market, but lower oil prices are weighing on the public finances. IMF: The IMF states that the kingdom requires oil prices to be close to $100 in order to balance its budget. "The pace of the development has slowed, and this has resulted in a slowdown on recruitment." Babat explained that employers now negotiate salaries more than they did before when there was a labor shortage. Tuscan's October Salary Report said that Saudi companies may allocate limited budgets to "hot jobs" such as AI and digital. Many high-skilled employees have found the UAE, with its 90% expatriate populace, to be a more appealing choice, not only because of their high salaries and tax-free status, but also for the more established international school and healthcare network. The country has also introduced social reforms that allow for a more liberal way of life. According to Trefor Murphy of Dubai's Cooper Fitch, there is only a small difference between the average salaries in Saudi Arabia compared with those in the UAE. The average salary has increased by just 5 to 8 percent. Al Zein, Boyden's Al Zein, said that convincing people to leave the UAE was a difficult task. They expect a premium. SAUDI JOBS COMPETITION GROWING Saudi Arabia, which is expected to grow by 4.4% this year, is still attractive for people outside of the region where job markets are tighter and growth slower. Saudi Arabia has also intensified labour market reforms, and taken initiatives to increase the number of Saudi citizens working in the private sector. This will boost competition and expand the pool of candidates. The unemployment rate among Saudi nationals is at an all-time low, and the number Saudis working in the private sector has increased by 31% from 2016 to the second quarter of 2018. "Packages have become more measured and are anchored on data, performance and real market benchmarks. Some people may feel that this is a contraction. "It signals maturity to me," said Louise Knutsson CEO of Matches Talent, Dubai. Knutsson said that to attract the best talent in Saudi Arabia, companies must offer packages that reflect the living costs and provide a balanced family lifestyle. They should also have a purpose related to the size of the project.
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Climate protesters swelter in Brazilian sun outside COP30 summit
On Saturday, thousands of climate activists marched peacefully through the Brazilian city Belem to call for more action in order to protect the fate and future of the planet. They also vented their anger towards governments and fossil-fuel industries. Negotiators have reached the halfway mark of the marathon COP30 Climate Summit, which aims to put years of promises to action in order to stop global warming and provide support for those who are most affected. Indigenous people, youth activists, and civil society groups sang, played musical instruments, and waved banners in the sweltering heat. Marina Silva, Brazil's Environment Minister, addressed the crowds. She said: "This is the place where we can march and create a roadmap of what needs to happen at this COP - a transition from deforestation to the use fossil fuels." Cristiane Puyanawa is an indigenous protester who joined the march in order to demand greater land rights. "Our forest and land are not commodities." "Respect nature and the people who live in forests," she said. COP30 already saw a number of protests. The most notable was an Indigenous attempt to force their way into the venue, which resulted in clashes between security and Indigenous people on Tuesday. Another peaceful sit-in on Friday morning blocked the venue. Even though the march did not pass directly by the venue on Saturday, the day designated for protests in the two-week COP Summit, there was a large security presence at the venue. This included military police wearing riot gear. The COP30 talks will move into a political phase In the negotiations, the negotiators, who spent the past week trying to make progress, reported back what they had accomplished, before handing over their work to the ministers, who will try to overcome any remaining obstacles. As negotiators prepare for week two, it is important to keep in mind that climate action doesn't just involve abstract numbers or distant goals. "It's all about people," Katharine Hayhoe said, chief scientist of environmental non-profit The Nature Conservancy. Every choice we make today will determine the future we share tomorrow. The summit's agenda is extensive and covers many issues. It aims to build on the progress that was made in previous years. This process has been going on for over 30 years, with some progress, but not enough. The shape of the outcome of the summit is still unclear. Some of the most controversial topics are being discussed outside of the formal process, such as climate finance, moving from fossil fuels and how to deal with a collective deficit in emission-cutting plans. The Brazilian COP30 Presidency, which is leading those sideline talks, must decide if they want to try a high-stakes balancing and come up a political accord on those issues, known in COP terms as a cover decision'. Andre Correa do Lago, COP30 president, was asked about this deal at a press briefing. "I've said for a long time that we do not plan a cover-up decision. But I also said that the presidency would take into account if there was a move from the countries that wanted to propose such a decision. Let's wait and see what happens. Reporting by Sebastian Rocandio and Lisandra Paraguassu; Editing by Richard Valdmanis, Andrea Ricci and Richard Valdmanis
Phil Lesh, bassist and founder of Grateful Dead, passes away at age 84
Phil Lesh, an establishing member of the Grateful Dead whose nuanced bass playing made him an architect of the band's transcendent sound, died on Friday at age 84, his Instagram account said.
Homages gathered from the music world and New York's. Empire State Structure stated it would illuminate the skyscraper in. tie-dye colors to honor a member of the psychedelic band known. for prolonged improvisations in its live shows, which drew. dedicated Dead Head fans known for traveling from show to. concert.
The Instagram post stated he died peacefully, surrounded by. family.
Rolling Stone magazine ranked Lesh as the 11th biggest bass. player of all time, though he likewise sang lead and backing vocals. Lots of fans considered him as prominent as the band's front man,. Jerry Garcia, who died in 1995.
His idea - 'play bass and lead at the very same time,' his notes. darting around the tune - ended up being as recognizable a part. of the Dead's noise as Garcia's guitar, Wanderer said.
Phil was more than an innovative, revolutionary bass. gamer - he transformed how I thought about music as a. teen, Trey Anastasio, the lead guitar player of Phish, composed on. Instagram.
Formed in California in 1965, the Dead pertained to prominence. throughout the 1967 Summer season of Love in San Francisco, a. counterculture movement that embraced peace, love and. hallucinogenic drugs.
However the Dead's music endured a lot longer than that as a. mix of rock, folk, nation and jazz.
After Garcia's death, longtime gamers Bob Dam, Costs. Kreutzmann and Mickey Hart formed numerous lineups under the name. Dead & & Company, while Lesh opted rather to create Phil Lesh and. Buddies, which played until 2023.
Philip Chapman Lesh was born upon March 15, 1940, in Berkeley,. California, and started playing classical violin before changing. to cool jazz big-band trumpet, his main Dead biography. said.
He later studied with speculative Italian composer Luciano. Berio before his buddy Garcia told him in 1965 that he was the. new bass player for the Warlocks, Garcia's band that was a. precursor to the Grateful Dead.
Lesh reacted, Why not?
Lesh is made it through by his better half, Jill Lesh, and their 2 boys,. Grahame and Brian.
(source: Reuters)