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Tag: mining

  • Sudan’s RSF Says It Captured Al-Fashir Army Headquarters

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    (Reuters) -Sudan’s paramilitary Rapid Support Forces said on Sunday they had captured the army headquarters in the city of al-Fashir, the Sudanese army’s last stronghold in the Darfur region in the west of the country.

    The army did not immediately give a statement on its current position.

    The RSF has besieged the city, the capital of North Darfur state, for the past 18 months as it fights the army and allied former rebels and local fighters. It has targeted civilians in frequent drone and artillery strikes, while the siege has spread starvation among the city where 250,000 people remain.

    Al-Fashir would be a significant political victory for the RSF and could hasten a physical split of the country by enabling the paramilitary group to consolidate its control over the vast Darfur region, which it has identified as the base for a parallel government established this summer.

    Activists have long warned that an RSF takeover of the city would also lead to ethnic attacks, as seen after the capture of the Zamzam camp to the south.

    Last week, the RSF said it was facilitating the exit of civilians and surrendered fighters from al-Fashir, but those who have left have reported robberies, sexual assaults, and killings by RSF soldiers on the road.

    A U.N.-mandated mission said last month the RSF had committed multiple crimes against humanity in the siege of al-Fashir. The army has also been accused of atrocities.

    (Reporting by Khalid Abdelaziz, Nafisa Eltahir, and Menna Alaa El Din; Editing by Kate Mayberry)

    Copyright 2025 Thomson Reuters.

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  • It Sits on a Vast Haul of Mineral Wealth. Now This Arctic City Must Be Moved.

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    The underground wealth beneath the Arctic city of Kiruna fuels Sweden’s economy and is a central cog in one of Europe’s core defense industries. It has also, quite literally, undermined the city’s foundation, prompting an unprecedented urban relocation project.

    Kiruna is home to one the world’s largest deposits of iron ore, used to produce Swedish jet fighters and combat vehicles. Two years ago, mining officials announced that the city, about 90 miles north of the Arctic Circle, also sits on what could be the largest find of rare earths in Europe.

    Copyright ©2025 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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  • Brazil’s Lula Says He Will Seek Re-Election in 2026

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    (Reuters) -Brazilian President Luiz Inacio Lula da Silva said on Thursday he will run for re-election next year, seeking a fourth term in office.

    Speaking during a state visit to Indonesia alongside President Prabowo Subianto, Lula said he remains energized despite his age.

    “I’ll be 80, but I have the same energy I had at 30. I will run for a fourth term in Brazil,” Lula said.

    His current term ends in late 2026. The leftist leader has already won three presidential elections – in 2002, 2006 and 2022.

    Earlier this year, Lula had already hinted a possible re-election, but stopped short of making a formal announcement. His latest remarks came about a year ahead of the 2026 election.

    It remains unclear who will be his main challenger.

    Former President Jair Bolsonaro, who lost to Lula in 2022, is currently barred from running due to electoral court rulings and was recently sentenced to over 27 years in prison for an alleged coup attempt. He denies wrongdoing and says he will run.

    (Reporting by Eduardo Simoes; Writing by Isabel Teles; Editing by Ros Russell)

    Copyright 2025 Thomson Reuters.

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  • USTR Greer, Treasury’s Bessent Heading to Malaysia for Talks With Chinese Counterparts

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    WASHINGTON (Reuters) -U.S. Trade Representative Jamieson Greer said he and Treasury Secretary Scott Bessent will head to Malaysia on Wednesday to meet with Chinese officials about what he called “incredibly aggressive” measures by Beijing to curb exports of rare earth minerals.

    Bessent told CNBC’s “Squawk Box” program that there was still a spot on the schedule for President Donald Trump to meet Chinese President Xi Jinping, but it would be a mutual decision if the meeting took place.

    Greer said China’s measures violated a commitment their officials had made months ago to keep supplying rare earths needed for high technology, but there was still a “good landing zone” for the U.S. and China to trade in a more balanced way.

    (Reporting by Andrea Shalal And Susan Heavey; Editing by Andrew Heavens)

    Copyright 2025 Thomson Reuters.

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  • Australia’s Albanese to Discuss Rare Earths, Security in First Trump Summit

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    SYDNEY (Reuters) -Australian Prime Minister Anthony Albanese will hold his first summit with U.S. President Donald Trump at the White House on Monday, targeting a bigger U.S. commitment to Australia’s critical minerals sector as China tightens control over global supply.

    The centre-left Australian leader also expects to discuss nuclear submarines, trade and Indo Pacific stability with his security ally, his office said. Albanese has travelled to Washington with his minister for resources, but not the foreign and defence ministers.

    The Trump Administration is reviewing the A$368 billion($239.46 billion) AUKUS treaty that will see Australia buy U.S. nuclear-powered submarines in 2032 before building a new submarine class with Britain. Australian officials have said they are confident AUKUS will proceed, with Defence Minister Richard Marles last week saying he knew when the review would conclude.

    “Australia and the United States have stood shoulder-to-shoulder in every major conflict for over a century,” Albanese, re-elected in May for a second term, said in a statement on Sunday.

    ‘COOPERATIVE, PROFESSIONAL, HOPEFULLY WARM’ RELATIONSHIP

    Ahead of Monday’s meeting between the two leaders, Australian officials have emphasised Canberra is paying its way under AUKUS, contributing $2 billion this year to boost production rates at U.S. submarine shipyards, and preparing to maintain U.S. Virginia-class submarines at its Indian Ocean naval base from 2027.

    The delay of 10 months in an official meeting since Trump took office has caused some anxiety in Australia as the Pentagon urged Canberra to lift defence spending. The two leaders met briefly on the sidelines of the United Nations General Assembly in New York last month.

    Australia is willing to sell shares in its planned strategic reserve of critical minerals to allies including Britain, Reuters reported last month, as Western governments scramble to end their reliance on China for rare earths and minor metals.

    Top U.S. officials last week condemned Beijing’s expansion of rare earth export controls as a threat to global supply chains. China is the world’s biggest producer of the materials that are vital materials for products ranging from electric vehicles to aircraft engines and military radars.

    Resource-rich Australia, wanting to extract and process rare earths, put preferential access to its strategic reserve on the table in U.S. trade negotiations in April.

    Michael Fullilove, executive director of the Lowy Institute think tank in Sydney, said the “mood music is good” for the summit, and “the outstanding bilateral issues are not terribly serious.

    “The most important thing is for Mr Albanese to establish a cooperative, professional and hopefully warm relationship with the president,” he said.

    MAINTAINING STABLE ECONOMIC TIES WITH CHINA

    The United States has a large trade surplus with Australia, which is among the countries with the lowest U.S. tariff.

    Australia’s biggest trade partner is China, with exports of iron ore and coal long underpinning its national budget, despite efforts by Albanese’s government to diversify export markets after Beijing’s $20 billion boycott of Australian agriculture and coal from 2020 to 2023.

    Australian Treasurer Jim Chalmers, who held talks with Trump’s economic adviser Kevin Hassett on critical minerals, told reporters in Washington on Friday that Canberra wanted to do more with the United States, while maintaining a stable economic relationship with China.

    “We know that American companies desperately need critical minerals, and Australia is very well placed to service that need,” he said.

    ($1 = 1.5368 Australian dollars)

    (Reporting by Kirsty Needham in Sydney; Editing by Kate Mayberry)

    Copyright 2025 Thomson Reuters.

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  • Opinion | Allies United Against China on Rare Earths

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    Treasury Secretary Scott Bessent said Wednesday he plans to coordinate with allies to counter China’s weaponization of rare-earth minerals. It’s the right move, though he might find it easier to rally the world if President Trump weren’t also hitting our allies with unprovoked unilateral tariffs.

    Mr. Bessent earlier in the week accused Beijing of pointing “a bazooka at the supply chains and the industrial base of the entire free world,” by threatening global export controls on products that contain even minuscule amounts of Chinese rare earths. He’s right. China has a stranglehold on these minerals, and it’s a serious problem.

    Copyright ©2025 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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  • Gemfields Says Illegal Miners Killed Two Police Guards at Mozambique Mine

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    (Reuters) -Gemfields Group said on Thursday a group of illegal miners had invaded its Montepuez ruby mine in northern Mozambique on Monday and killed two police officers guarding the site.

    “A group of approximately 40 illegal miners marched on the mine gate at Montepuez Ruby Mining,” Gemfields said in a statement.

    “They proceeded to attack Mozambican police officers present at the gate, killing two, one of whom was a commander of Mozambique’s Natural Resources Protection Force,” the company added.

    No company employees or contractors were injured in the attack and the site has since been calm, Gemfields added.

    The attack has been linked to a violent confrontation, earlier that day, between district immigration authorities and suspected illegal immigrants in a local village, Gemfields said. One person was reported to have died in that clash, it added.

    The company has delayed the commissioning of its second processing plant at the mine, saying hordes of illegal miners were sabotaging plant supply infrastructure.

    As a result, Gemfields has had to defer its usual November/December ruby auction to January/February 2026.

    Gemfields’ Montepuez mine halted operations in October 2022 after an attack at a nearby ruby mine attributed to insurgent activity.

    No connection has been made between the latest attack and the Islamist insurgency, which broke out in 2017 and has claimed thousands of lives while disrupting multibillion-dollar natural gas and mining projects.

    Apart from the insurgency, Mozambican authorities in the Cabo Delgado province are also battling the digging and smuggling of gemstones from the region by illegal immigrants.

    (Reporting by Nelson Banya; editing by Philippa Fletcher)

    Copyright 2025 Thomson Reuters.

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  • Analysis-Critical Mineral Firms Boost Washington Lobbying as US Expands Investments

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    By Jarrett Renshaw and Ernest Scheyder

    (Reuters) -Critical mineral companies are boosting lobbying efforts in Washington, hoping to share in the ambitious investments that U.S. President Donald Trump has pledged to firms deemed essential to national security, a Reuters review of public records and interviews with executives and officials showed.

    At least a dozen companies — including lithium, copper, rare earths, and geothermal firms — have signed with major Washington lobbying firms since January, the review found. 

    There has been a sharp uptick in influence campaigns aimed at securing federal investment, permitting support and long-term procurement guarantees. 

    The White House has pivoted from a historical focus on industry subsidies to one focused on partial ownership of MP Materials, Lithium Americas and other companies to counter China’s dominance in critical minerals.

    “Once the U.S. government started giving money away earlier this year, every minerals boardroom in America started to think, ‘What about us?’” said Ken Hoffman, a commodity strategist with mining investment bank Red Cloud Securities and a former mining industry consultant. 

    Even with recent moves by JPMorgan to invest up to $10 billion in critical minerals and other industries, Hoffman said government funding is crucial as many private investors remain anxious about funding junior miners and novel processing technologies.    

    The shift has sent stock prices soaring across the sector as companies scramble to align themselves with Washington’s industrial strategy. The Sprott Lithium Miners ETF, for instance, has jumped more than 35% in the past month.

    The roster of lobbying firms includes Ballard Partners, run by Trump ally and top Republican fundraiser Brian Ballard, who helped raise more than $50 million for Trump’s 2024 campaign.

    Another prominent firm, The Bernhardt Group, is tied to David Bernhardt, who in Trump’s first term ran the U.S. Interior Department, a key player in permitting critical mineral projects.

    Bernhardt and Ballard did not respond to requests for comment.

    Understanding the complex sector can require detailed knowledge of scientific arcana, geopolitics, trade and procurement, so lobbyists often see themselves as educators for the 535 members of Congress and hundreds of executive branch offices.

    “You need to have someone on the ground in Washington educating lawmakers on what you’re doing and the science behind it,” said Jim Sims of NioCorp. The company is developing a Nebraska scandium mine that has received $10 million from the Pentagon and is under consideration for an $800 million loan from the U.S. Export-Import Bank. 

    In April, NioCorp tapped the lobbying firm Navigators Global, whose roster includes Secretary of State Marco Rubio’s former legislative staffer Cesar Conda.

    Some companies that recently hired lobbyists are in talks with the administration or have landed deals.

    Lithium Americas hired lobbying firm Guidepost Strategies in July and reached a deal this month to give Washington a 5% equity stake in the company and its Thacker Pass project with General Motors in exchange for access to a $2.26 billion loan.

    The company has paid Guidepost at least $200,000 so far this year, filings show. Tim Crowley, vice president of government affairs for Lithium Americas, said that “for years, we’ve worked to share the positive impact of Thacker Pass with an array of critical stakeholders, including Congress, the White House and relevant federal agencies.”

    Critical Metals Corp, which hired Cornerstone Government Affairs in February, has held talks with the White House about a possible U.S. equity investment in its rare earths deposit in Greenland, Reuters reported earlier this month. The company has paid Cornerstone $210,000 so far this year.

    Critical Metals Chairman Tony Sage said the West’s limited access to rare earths “makes it even more important to ensure our deposit and vision are on the radar of key decision makers in the United States.”

    United States Antimony has paid $130,000 to Cassidy & Associates since hiring them last November. Last month, the company won a $245 million contract with the Pentagon’s Defense Logistics Agency. U.S. Antimony CEO Gary Evans said the lobbying firm has helped with outreach to state officials in Alaska and Montana, where the company aims to mine and process antimony.

    “The whole intent and purpose of this lobbying is to help legislators understand what we’re doing,” Evans said. “Some didn’t even know we existed.”

    BHP Minerals Service, a subsidiary of mining giant BHP, registered with Bernhardt’s firm last month to lobby on critical minerals-related trade issues. BHP declined to comment.

    Trigg Minerals, which is developing a Tennessee tungsten mine, hired Bernhardt’s firm in July to help secure U.S. government support. Trigg did not respond to a request for comment.

    Ballard’s firm has signed at least six critical mineral companies, including Korea Zinc, US Strategic Metals, Techmet and Falcon Copper, records show.

    Korea Zinc, which has agreed to help The Metals Company process polymetallic nodules from the seafloor, has lobbied the administration. Trump has been advancing efforts to open seabeds for minerals production.

    Korea Zinc, US Strategic Minerals and Falcon were not immediately available to comment. TechMet declined to comment.

    (Reporting By Jarrett Renshaw and Ernest Scheyder, Editing by Veronica Brown and David Gregorio)

    Copyright 2025 Thomson Reuters.

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  • Factbox-Who Is Madagascar’s New Military Ruler Michael Randrianirina?

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    ANTANANARIVO (Reuters) -Colonel Michael Randrianirina has taken control of Madagascar after its sitting president fled following weeks of youth-led Gen Z protests against his rule.

    Following are key facts about Randrianirina:

    * Randrianirina is part of Madagascar’s elite military CAPSAT unit, the group that brought now-deposed president Andry Rajoelina to power in a 2009 coup.

    * Since taking control this week, he has suspended the southern African country’s institutions, including the Senate, electoral commission and top legal bodies, including the High Constitutional Court that validated his takeover as interim president. He said it might take up to two years to hold elections to transition back to a civilian government. 

    * Randrianirina became a vocal critic of Rajoelina in recent years and was arrested on suspicion of instigating an army mutiny on 27 November 2023, for which he was charged, brought before court and sent to prison all on the same day.

    He was released in February 2024, after being given a suspended sentence for attacking state security, and returned to CAPSAT. 

    * On October 11, as the Gen Z protests against Rajoelina gathered steam, Randrianirina recorded a video in which he called on Madagascar’s security forces to disobey orders to open fire on protesters. Some CAPSAT soldiers then joined the protests after that declaration of support.

    * He was born in the village of Sevohipoty, in the region of Androy, on the southernmost tip of the Indian Ocean island. He is 51 years old, although the exact date of his birth is not public knowledge, nor is his family background.

    * He was governor of Androy between 2016 and 2018, later becoming head of an infantry battalion in the city of Toliara until 2022. Then he was promoted to a senior role in CAPSAT.

    (Reporting by Tim CocksAdditional reporting by Lovasoa Rabary, Editing by Alexandra Hudson)

    Copyright 2025 Thomson Reuters.

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  • Who Is Madagascar’s Fleeing President Andry Rajoelina?

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    By Tim Cocks and Ammu Kannampilly

    ANTANANARIVO/NAIROBI (Reuters) -A former DJ once nicknamed “TGV” after the French fast train for his dynamism, Madagascar’s Andry Rajoelina was the world’s youngest head of state at 34 when he came to power in a coup in 2009.

    Now the three-time president has fled after disappointing the Indian Ocean island’s young majority in the latest protest cycle against political elites.

    The military unit that joined the Gen Z demonstrations last weekend – prompting his departure – was the same one that installed him 16 years ago when Rajoelina’s charisma had rallied youngsters frustrated at poverty and corruption.

    At the time, Rajoelina was six years too young to even legally be president, according to the constitution. But his youth, and his celebrity status as a former DJ and radio station owner, were precisely what gave him the advantage.

    When he successfully ran for mayor of the capital Antanarivo in 2007, his party was called Tanora MalaGasy Vonona (Young Malagasys Determined). The “TGV” moniker was a play on words: the party initials and a nod to his high-speed personality.

    RAJOELINA THE LATEST DISAPPOINTMENT TO MADAGASCAR’S YOUTH

    Rajoelina had consistently clashed with then President Marc Ravalomanana, branding his government a dictatorship when it shut down his TV channel in 2008.

    Yet only a few years earlier Ravalomanana had himself been the anti-establishment figure bringing youths out onto the street to oust an ageing president.

    Suddenly Ravalomanana, then in his late 50s, was the out-of-touch oldster, so when soldiers booted him out and installed Rajoelina, many Malagasy youth cheered.

    Sixteen years on, Gen Z citizens accuse the now 51-year-old Rajoelina of having kept none of his rapid-fire promises.

    Noone compares him to a high-speed train anymore.

    While Rajoelina had vowed to improve standards of living, he failed to turn around a long decline in economic fortunes: GDP per capita has nearly halved between independence in 1960 and 2020, according to the World Bank.

    Extreme poverty blights three quarters of the population, young people cannot find jobs, while power and water shortages have made their lives a misery.

    While fleeing on a French military jet, according to official and diplomatic sources, the increasingly isolated leader warned of an attempted putsch by soldiers supporting the protests.

    Born in 1974, in Antisirabe – a spa town in the Malagasy highlands – Rajoelina, unlike his predecessor, came from a fairly privileged background, his father an army colonel.

    He took to DJ-ing in his teens, and started an events company, eventually buying a radio station.

    But the personality quirks that made him entertaining did not always make for a great leader. As Madagascar reeled from COVID-19 shocks, Rajoelina – known for his tendency to make grand claims – touted a herbal tonic, saying it would cure it within days, without clinical evidence.

    In 2022, inspired by the animated franchise “Madagascar”, he offered international investors tax exemptions to import giraffes, zebras and elephants from sub-Saharan Africa to boost tourism. None did.

    Meanwhile, ordinary citizens struggled to eke out a living.

    “People don’t have refrigeration for medication, don’t have water for basic hygiene,” Ketakandriana Rafitoson, the global vice-chair of Transparency International and a Malagasy, told Reuters, adding that corruption had corroded public trust.

    Last year, a London court convicted Rajoelina’s former chief of staff of offering to help precious stone miner Gemfields win lucrative mining rights in exchange for bribes amounting to hundreds of thousands of dollars.

    The country fell from 118 to 140 in Transparency International’s corruption index between 2012 and 2024. 

    Rajoelina stepped down in 2014 as leader of a transitional authority but became president again after winning a 2018 election.

    His re-election in 2023 was preceded by weeks of protests related to opposition accusations of unfair voting conditions and claims he should be barred from running because he acquired French citizenship in 2014 – a sore point with citizens of the former French colony.

    On Monday night, in an address to the nation broadcast on Facebook, Rajoelina said that he had been compelled to move to a safe location to protect his life. He did not disclose his whereabouts but struck a defiant note, saying he would not “allow Madagascar to be destroyed”.

    Opposition lawmakers have called for a vote to impeach him – a complex task since the ruling coalition has a parliamentary majority.

    “Whatever the outcome of this crisis, Rajoelina’s legacy is already defined,” said Transparency International’s Rafitoson. “His rule has left the country weaker, poorer, and more unequal.”

    “He should have stuck to running nightclubs.”

    On the streets of Antananarivo, protesters were desperate for change. 

    “We gave him a chance,” said Nanou Rakoto, a 27-year-old market trader. “Life in Madagascar is so hard… We need someone who can pay attention to our problems.”

    (Reporting by Ammu Kannampilly in Nairobi and Tim Cocks in Antananarivo; Editing by Andrew Cawthorne)

    Copyright 2025 Thomson Reuters.

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  • Cameroon Opposition Candidate Tchiroma Claims Victory in Presidential Poll, Urges Biya to Concede

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    GAROUA (Reuters) -Cameroon opposition candidate Issa Tchiroma declared victory late on Monday in the country’s October 12 presidential election, urging President Paul Biya to accept defeat and “honour the truth of the ballot box”.

    “Our victory is clear. It must be respected,” Tchiroma said in a speech on his Facebook page from his hometown of Garoua in the north of the Central African state. “The people have chosen. And this choice must be respected.”

    Tchiroma, 76, a former government spokesperson and employment minister, broke ranks with Biya earlier this year and mounted a campaign that drew large crowds and endorsements from a coalition of opposition parties and civic groups.

    Biya, 92, the world’s oldest serving head of state, is seeking an eighth term after 43 years in power. Analysts had expected his control over state institutions and a fragmented opposition to give him an edge in the election, despite growing public discontent over economic stagnation and insecurity.

    Tchiroma praised voters for defying intimidation and staying at polling stations late into the night to protect their ballots.

    “I also thank candidates who have already sent me their congratulations and recognised the will of the people,” Tchiroma said.

    “We have placed the regime before its responsibilities: either it shows greatness by accepting the truth of the ballot box, or it chooses to plunge the country into turmoil that will leave an indelible scar in the heart of our nation,” he warned

    The government has not officially responded to Tchiroma’s declaration.

    However, Minister of Territorial Administration Paul Atanga Nji warned over the weekend that any unilateral publication of results would be considered “high treason,” adding that only the Constitutional Council has the authority to announce the winner.

    Cameroon’s electoral law allows results to be published and posted at polling stations, but final tallies must be validated by the Constitutional Council, which has until October 26 to announce the outcome.

    Tchiroma said he would soon release a region-by-region breakdown of vote tallies compiled from publicly posted results.

    “This victory is not that of one man, nor of one party. It is the victory of a people,” he said.

    He also called on the military, security forces and government administrators to remain loyal to the “republic, not the regime”.

    Cameroon’s single-round electoral system awards the presidency to the candidate with the most votes. More than 8 million people were registered to vote in the election.

    (Reporting by Desire Danga Essigue and Blaise Eyong; Writing by Bate Felix; Editing by Michael Perry)

    Copyright 2025 Thomson Reuters.

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  • Australia Consults on Critical Minerals Stockpile Ahead of Albanese-Trump Meeting

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    MELBOURNE (Reuters) -Australia is formulating a plan for its critical minerals reserve that will focus on sales of future production, limiting the need for a physical stockpile, industry sources said, as Australian and U.S. leaders prepare to meet next week.

    Australia’s critical minerals task force hosted a call last week with miners and project developers across a range of metals as it steps up industry consultations, according to four sources familiar with the matter.

    The task force is seeking by the end of the year to have finalised its policy recommendations for the structure of a A$1.2 billion ($782 million) stockpile of minerals that it believes is vulnerable to supply disruption. The stockpile, which is expected to focus on rare earths, is expected to be ready by the second half of 2026.

    Reuters previously reported that Australia was willing to sell shares in its reserve to allies, including Britain.

    The push comes as Australia seeks to leverage its strategic importance as a key supplier to its allies ahead of a meeting between Prime Minister Anthony Albanese and U.S. President Donald Trump in Washington on Oct. 20. Australia’s resource and trade ministries declined to comment.

    Last week, Beijing tightened export restrictions on rare earths ahead of talks between Trump and Chinese President Xi Jinping at the end of the month. China produces more than 90% of the world’s processed rare earths and rare earth magnets and has used export restrictions to throttle shipments, amplifying global concerns about supply chain vulnerabilities.

    “We’ve got vast resources of the critical minerals that the world is going to need to decarbonise, to build data centres, to process AI,” trade minister Don Farrell told Australian broadcaster ABC on Sunday.

    “We need to have a broad range of customers, firstly to provide us with the capital to extract the products, but secondly, to ensure that we’ve got guaranteed markets to sell these critical minerals,” he said.

    “We’ve been talking to the Europeans … the Japanese, the Koreans and of course we’re talking with the Americans.”

    According to the sources, government officials are eager to show that they are in “listen mode.” One person said that companies have been asked to make written submissions.

    Rather than stockpiling critical metals, participating governments would agree on annual supplies for future years and miners would sell those metals directly to consumers. The volume of that supply would then be deducted from the amount owed under a bilateral deal.

    “It’s more like a financial instrument than a physical stockpile,” one of the sources said.

    Australian officials have yet to determine how risks will be managed for smaller markets like heavy rare earths, where most of the world’s prices are tied to a China-based index that Western developers say is artificially set too low.

    Earlier this year, the U.S. government offered a multibillion-dollar deal to support its flagship rare earths producer, MP Materials, which included a minimum price that buyers must pay.

    Australia has said it is considering a similar plan, but sources said it would seek to reduce its financial exposure.

    “In an ideal world, Australia doesn’t spend any money and acts more like a facilitator, so the other (consumer) countries are underwriting a floor price,” a source said.

    Another idea that is circulating would have Australia contributing trades or material to back a “functioning Western price index,” one source said. Another source said this idea was unlikely to work because the market size was too small to be liquid.

    ($1 = 1.5340 Australian dollars)

    (Reporting by Melanie Burton. Additional reporting by Kirsty Needham in Sydney; Editing by Thomas Derpinghaus.)

    Copyright 2025 Thomson Reuters.

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  • Trump Threatens Higher Tariffs on China Citing Restrictions on Rare-Earth Elements

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    President Trump threatened to raise tariffs and impose export controls on China and said there was “no reason” to meet with Chinese leader Xi Jinping after Beijing’s new restrictions on rare-earth materials marked an escalation in tensions between the countries.

    China this week announced new export restrictions on rare earth minerals, which are critical components of products from semiconductors to electric vehicles and jet fighters. China dominates processing capabilities for rare earth minerals, giving it leverage over the U.S. and other nations.

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  • Peru’s Boluarte Rose From Vice President to Embattled Leader

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    BOGOTA (Reuters) -Peruvian President Dina Boluarte’s tenure was marked by turmoil from the moment she assumed power, but the unpopular leader was able to hang on for years until she was removed from office y Congress in the early hours of Friday.

    Boluarte, a 63-year-old mother of two from a village in the mountainous region of Apurimac, was elected as vice-president in 2021. She became Peru’s first female head of state when former President Pedro Castillo was ousted and arrested after trying to dissolve Congress in late 2022.

    Castillo was a cowboy-hat wearing leader popular with Peru’s indigenous and rural populations and his arrest was met with widespread protests around the country. The government responded to the unrest with a heavy-handed approach that led to the death of dozens of protesters in regions outside the capital.

    Boluarte, who has indigenous roots, defended the use of force and has since faced investigations into the deaths of protesters but was later shielded by Peru’s constitutional court.

    She also faced a number of corruption scandals, including her brother given pre-trial detention over corruption charges and an investigation into her use of luxury watches and jewelry.

    Boluarte has also been criticized for the country’s rising crime rates, which have sparked a number of protests in the capital and around the country. Boluarte had an approval rating of just 2%-3%, making her one of the most unpopular leaders in the world.

    In September, Gen Z activists took to the streets to protest against Boluarte, leading to clashes between demonstrators in police.

    Despite everything, Boluarte had managed to hold on to power until Thursday night, when Congress called an emergency session to discuss four different motions to impeach her.

    Congress voted to move forward with the debate and Boluarte, whose term was originally meant to last until July 2026, was then removed from office in a vote just after midnight.

    (Reporting by Alexander Villegas; Editing by Raju Gopalakrishnan)

    Copyright 2025 Thomson Reuters.

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  • Peru Congress’ Push to Impeach President Passes First Hurdle

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    LIMA (Reuters) -Peru’s Congress voted on Thursday in favor of moving forward with a proposal to impeach President Dina Boluarte, in a late-night vote called hours after lawmakers from across the political spectrum presented motions for her removal.

    The vote makes this the first of a series of impeachment motions to be admitted for debate in the conservative-dominated Congress, which has historically supported the deeply unpopular president.

    (Reporting by Marco Aquino in Lima and Sarah Morland in Mexico City; Editing by Muralikumar Anantharaman)

    Copyright 2025 Thomson Reuters.

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  • China Tightens Grip on Rare Earths Ahead of Expected Trump-Xi Meeting

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    SINGAPORE—China tightened its control over critical minerals used to make high-tech products including electric vehicles and jet fighters, threatening to reignite trade tensions with the U.S. ahead of an expected meeting between President Trump and Chinese leader Xi Jinping.

    China’s Commerce Ministry said Thursday that foreign suppliers must obtain approval from Beijing to export some products with certain rare-earth materials originating from China if they account for 0.1% or more of the good’s total value. Goods produced with certain technologies from China are also subject to the export controls. Both restrictions apply to products manufactured outside of China.

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  • US Postpones Wyoming Coal Lease Sale After Disappointing Montana Auction

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    (Reuters) -The Trump administration has postponed a scheduled sale of coal leases on federal lands in Wyoming two days after a disappointing auction in Montana, an Interior Department spokesperson said on Wednesday.

    The Bureau of Land Management, a division of Interior that manages 245 million acres of federal lands, had been expected to keep processing permits and leases for oil, gas and coal operations during the government shutdown, according to contingency plans published last week.

    A sale of 3,508 acres of federal coal reserves in Wyoming’s Campbell and Converse counties had been scheduled for Wednesday morning. The lease area contains 365 million tons of recoverable coal. Interior said it would post a new date for the sale but did not give a reason for the postponement.

    BLM held a lease sale for 1,262 acres in Big Horn County, Montana on Monday that attracted one bid from the Navajo Transitional Energy Company, which operates the nearby Spring Creek Mine.

    The bid of $186,000 for a lease with an estimated 167.5 million tons of recoverable coal equates to less than a penny per ton. The Interior Department blamed the administrations of former Presidents Joe Biden and Barack Obama, both Democrats, for the weak industry interest.

    “While we would have liked to see stronger participation, this sale reflects the lingering impact from Obama and Biden’s decades long war on coal which aggressively sought to end all domestic coal production and erode confidence in the U.S. coal industry,” the Interior Department said in a statement.

    “Fortunately, President Trump and his Administration are rebuilding trust between industry and government as part of our broader effort to restore American Energy Dominance.”

    Obama and Biden had toughened environmental regulations on coal to reduce pollution and climate impact, and encourage a transition to renewable energy sources.

    BLM has not yet accepted the NTEC bid because under the leasing process it first must determine whether it represents fair market value.

    NTEC had argued in sale documents that the fair market value of the coal should be close to the minimum bid of $100 per acre required by law. The company did not respond to requests for comment.

    President Donald Trump has vowed to revive coal leasing on federal lands so coal can fuel more of the nation’s soaring electricity demand tied to artificial intelligence.

    (Reporting by Nichola Groom; editing by Diane Craft)

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  • Who Is Madagascar’s President Andry Rajoelina?

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    NAIROBI (Reuters) -Madagascar’s President Andry Rajoelina led rallies championing reform when he came to power in a 2009 coup. Now, the former DJ and media mogul risks being toppled by student protesters frustrated by endemic corruption and a comatose economy.

    Although largely youth-led, the demonstrations have given voice to years of pent-up anger across generations of Malagasy citizens, analysts say, with the protesters initially focusing on electricity and water shortages before calling for an overhaul of the government in the African island nation.

    Since demonstrations started last month, Rajoelina has fired his cabinet and emphasised his openness to dialogue with the protesters. 

    But the leaderless rallies have continued, with many of those marching finding inspiration in youth-led movements in Nepal and Kenya that forced governments to withdraw taxes or leave office.

    A presidency spokesperson told Reuters the government had repeatedly called for dialogue with the protesters.

    “Unfortunately, despite our efforts, no clear or structured leadership has emerged to engage in constructive talks.”

    Rajoelina was just 34 when he took office in a military-backed coup, deposing his predecessor Marc Ravalomanana.

    Nicknamed “TGV” after the fast French train for his rapid-fire rhetoric and confidence, Rajoelina was elected mayor of the capital city of Antanarivo in 2007 and consistently clashed with the presidency, branding it a dictatorship when it shut down his TV channel in 2008.

    When he became president in March 2009, he vowed to improve standards of living for the Malagasy, whose GDP per capita plunged by 45% between 1960 – the year it won independence from France – and 2020, according to the World Bank.

    He stepped down in 2014 as leader of a transitional authority but then became president again after winning a 2018 election.

    As the island reeled from COVID-19 shocks, Rajoelina – long known for his tendency to make grand claims – touted a herbal tonic, saying it would cure the disease within days, without any clinical evidence.

    A presidency spokesperson told Reuters that the herbal remedy had “saved many lives” across Africa during the pandemic. They did not share any figures.

    In 2022, he told a gathering of international investors that the government was prepared to offer tax exemptions to anyone willing to import giraffes, zebras and elephants from sub-Saharan Africa to the Indian Ocean island to boost tourism.

    A presidency spokesperson told Reuters Rajoelina had raised the idea because of the popularity of the animated franchise “Madagascar”. The project was never implemented.

    Meanwhile, ordinary citizens struggled to eke out a living, beset by constant power cuts and water shortages.

    “These protests were triggered by visceral grievances that go to the heart of daily life,” Ketakandriana Rafitoson, the global vice-chair of Transparency International, told Reuters.

    “People don’t have refrigeration for medication, don’t have water for basic hygiene, and then there’s massive corruption…that has corroded public trust,” said Rafitoson, who is also Malagasy.

    Last year, a London court convicted Rajoelina’s former chief of staff of offering to help precious stone miner Gemfields win lucrative mining rights in exchange for bribes amounting to hundreds of thousands of dollars.

    The country fell from 118 to 140 in Transparency International’s corruption index between 2012 and 2024. 

    A presidency spokesperson said the government was taking measures against graft, including through “anti-corruption courts, stronger financial controls, open data reforms, and digitalization of services.”  

    Rajoelina’s re-election in 2023 was preceded by weeks of protests related to opposition accusations of unfair voting conditions and claims he should be barred from running because he acquired French citizenship in 2014.

    Rajoelina responded that the constitution does not require the head of state to exclusively hold Malagasy nationality.   

    Ten out of 13 candidates boycotted the poll and turn-out was less than 50%. The United States said the electoral process had “raised some serious concerns that must be addressed”.

    The country’s top court dismissed several legal challenges and upheld Rajoelina’s victory while the army warned against attempts to destabilize the country.

    Madagascar has a history of coups and the army’s response to the ongoing protests is being closely watched.

    “There are rumours of a potential military coup against Rajoelina but that would be very dangerous for the country and could bring international sanctions,” said Rafitoson.

    Rajoelina last week warned, without citing evidence, that some politicians had considered staging a coup while he was abroad last month.

    A presidency spokesperson told Reuters the movement was being “exploited by political actors who are seeking to destabilize the country,” citing opposition figures’ support for the protests.

    The so-called Gen-Z movement has demanded Rajoelina’s resignation and the dissolution of the election commission, the senate, and the top court. But the leaderless grouping has not shared any proposals for the future.

    “If Gen-Z seize this opportunity and propose someone from their camp, they could…prevent a coup,” said Rafitoson.

    (Reporting and writing by Ammu Kannampilly: Editing by Sharon Singleton)

    Copyright 2025 Thomson Reuters.

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  • Giant Sinkhole in Chilean Mining Town Haunts Residents, Three Years On

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    TIERRA AMARILLA (Reuters) -Residents in the mining town of Tierra Amarilla in the Chilean desert are hopeful that a new court ruling will allay their fears about a giant sinkhole that opened near their homes more than three years ago and remains unfilled.

    A Chilean environmental court this month ordered Minera Ojos del Salado, owned by Canada’s Lundin Mining, to repair environmental damage related to activity at its Alcaparrosa copper mine, which is thought to have triggered the sinkhole that appeared in 2022.

    The ruling calls on the company to protect the region’s water supply and refill the sinkhole. The cylindrical crater originally measured 64 meters (210 ft) deep and 32 meters (105 ft) wide at the surface.

    That has provided a small measure of relief to those in arid Tierra Amarilla in Chile’s central Atacama region, who fear that without remediation the gaping hole could swallow up more land.

    “Ever since the sinkhole occurred … we’ve lived in fear,” said Rudy Alfaro, whose home is 800 meters from the site. A health center and preschool are nearby too, she said.

    “We were afraid it would get bigger, that it would expand, move toward the houses.” 

    The sinkhole expelled clouds of dust in a recent earthquake, provoking more anxiety, she said.     

    The court upheld a shutdown of the small Alcaparrosa mine ordered by Chile’s environmental regulator in January, and confirmed “irreversible” damage to an aquifer, which drained water into the mine and weakened the surrounding rock.

    “This is detrimental to an area that is already hydrologically stressed,” said Rodrigo Saez, regional water director. 

    Lundin said it will work with authorities to implement remediation measures.

    (Writing by Daina Beth Solomon, Editing by Rosalba O’Brien)

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  • Guinea Announces First Post-Coup Presidential Vote on December 28

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    CONAKRY (Reuters) -Guinea will on December 28 hold its first presidential election since a coup in 2021, according to a decree read on state television.

    The announcement was made on Saturday, a day after the Supreme Court validated the results of a referendum approving a new constitution that could allow coup leader Mamady Doumbouya to run. Doumbouya has not said whether he plans to.

    The coup in Guinea was one of eight that swept West and Central Africa between 2020 and 2023.

    Guinea is of international financial significance as the home to the world’s largest reserves of bauxite.

    It also has the world’s richest untapped iron ore deposit at Simandou.

    Some countries that experienced coups, such as Chad and Gabon, have since held elections formally marking transitions to civilian rule, while others, including Mali and Niger, have approved lengthy transition periods without the need for a vote.

    Doumbouya’s government proposed a two-year transition to elections in 2022 after negotiating with regional bloc ECOWAS, but it missed that deadline.

    The new constitution replaces the transitional framework that had barred members of the junta from contesting elections, opening the door for Doumbouya’s candidacy.

    It also introduces institutional changes, such as longer presidential terms, from five years to seven, renewable once, and a new Senate.

    It passed with 89% of the vote, according to results published late Friday by the Supreme Court that put turnout at 92%.

    Opposition politicians have contested the turnout figure, saying it did not square with their observations at polling stations that indicated sparse voter participation.

    (Reporting by Guinea newsroom;Writing by Robbie Corey-Boulet; editing by Barbara Lewis)

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