2025-12-04 21:20
Dec 4 (Reuters) - Dozens of U.S. solar companies urged federal lawmakers to revoke a Trump administration policy that has stalled project permits, they said in a letter to leaders in Congress on Thursday. WHY IT'S IMPORTANT The letter highlights mounting concerns from project developers over stepped-up scrutiny of solar permits by U.S. President Donald Trump's Interior Department at a time of rising energy demand. Sign up here. KEY QUOTE "Businesses need certainty in order to continue making investments in the United States to build out much-needed energy projects," the companies wrote in a letter to Senate Majority Leader John Thune, House of Representatives Speaker Mike Johnson, Senate Minority Leader Chuck Schumer and House Minority Leader Hakeem Jeffries. The companies stressed that the Interior Department's actions were "tantamount to a nearly complete moratorium on permitting." CONTEXT A memo in July from Interior Secretary Doug Burgum required his personal sign-off for dozens of kinds of solar permits, affecting not only projects on federal lands but also those on private lands involving federal resources or consultation. It is among the many measures implemented by the government this year to restrict wind and solar energy, which Trump considers unreliable, expensive, and unfairly subsidized. BY THE NUMBERS The Solar Energy Industries Association estimates that more than 500 solar projects are at risk of delays or cancellation. The letter is signed by 143 companies, including solar developers, installers, manufacturers and power providers. THE REPLY The Interior Department was not immediately available for comment. https://www.reuters.com/legal/litigation/us-solar-companies-urge-congress-address-trumps-solar-permit-freeze-2025-12-04/
2025-12-04 21:01
Dec 4 (Reuters) - Venezuelan Vice President Delcy Rodriguez on Thursday presented the government's 2026 budget proposal to the National Assembly, urging lawmakers to approve spending of some $19.9 billion. Nearly 78% of the funding would be spent on social programs, Rodriguez said. Sign up here. The OPEC country's oil production rose to 1.17 million barrels per day (bpd) in November from 1.13 million bpd the previous month, while output of refined products averaged 174,800 bpd in October, an increase from 146,200 bpd in September, according to figures she presented. https://www.reuters.com/world/americas/venezuela-asks-lawmakers-approve-2026-budget-199-billion-2025-12-04/
2025-12-04 20:56
Freeport not counting on deals for growth, CEO says Says more government incentives needed to boost US copper output Grasberg expected to hit 90% capacity by mid-2026, back fully by end of 2027 NEW YORK, Dec 4 (Reuters) - Copper producer Freeport-McMoRan (FCX.N) , opens new tab would pursue an acquisition if "the stars and the moon" aligned, but is not counting on deals to grow and is focused on developing existing assets, its CEO said on Thursday. As an M&A frenzy envelops the mining industry, Freeport's stance stands apart as global demand for the key electrification metal pushes rivals BHP (BHP.AX) , opens new tab, Anglo American (AAL.L) , opens new tab, and others to scramble for deals. Sign up here. "You never say never about M&A, because we keep relationships around the industry ... but we're not counting on that," Kathleen Quirk told the Reuters NEXT conference in New York. "The stars and the moon and everything would need to align." FREEPORT EYES NEW TECHNOLOGY The world's largest publicly traded copper company produced 1.26 billion pounds (571,530 metric tons) of copper in the U.S. last year and 4.1 billion pounds (1.86 million metric tons) globally. By the end of the decade, Freeport aims to be producing 800 million pounds annually of copper outside of traditional mines with novel leaching technology in the U.S. That is roughly the size of a new mine's output, yet at lower cost and with fewer regulatory issues. "In the next five years in our U.S. business, we have the opportunity to grow by up to 50% through internal organic growth," said Quirk, who became CEO of the Phoenix-based company last year after previously serving as finance chief. "We have the opportunity ... to essentially build a new mine without spending a huge amount of capital." Freeport, which operates mines across the Americas and in Indonesia, would be interested only in buying a rival copper company or mine that could have synergies with its existing assets and technology, Quirk said. Copper is used in construction, transportation, electronics, and many other industries. The U.S. imports roughly half of its copper needs each year and has only two active copper smelters, one of which Freeport owns. SEEKING MORE INCENTIVES FROM WASHINGTON Quirk called on the U.S. government to do more to protect the domestic copper industry from competitive global threats. President Donald Trump in July imposed a 50% tariff on copper pipes, tubes, and other semi-finished products, but left out copper input materials such as ores, concentrates, and cathodes that Freeport produces. The move was essentially a boost for Chile and Peru, two of the world's largest copper miners and major suppliers, yet for Freeport, the final levy missed market expectations. "If the U.S. wants to be self-sufficient in copper, some kind of incentive would help," said Quirk, adding that permitting reform is one of the company's other requests from Washington. "We're not going and asking Washington for handouts, but we are spending a lot of time with the administration to educate them on what we do." GRASBERG MINE FULLY ONLINE IN 2027 After a fatal accident in September at Freeport's Grasberg copper and gold mine in Indonesia forced operations to halt, production should be 90% restored next year and fully back online by 2027, Quirk said. The disaster was caused by mud that breached a previously undetected hole in the mine's retired open pit and rushed into a zone where a two-person electrical crew and a five-person boring crew were working. Mud reached that area in minutes. Quirk went to Indonesia after the disaster to meet with the miners' families and recovery workers. "Our team has taken it very hard, but we've unified together, and we're committed to coming out stronger and safer in the future," Quirk said. View the live broadcast of the Reuters NEXT World Stage here and read full coverage here. https://www.reuters.com/business/copper-giant-freeports-ceo-wont-count-mergers-growth-2025-12-04/
2025-12-04 20:24
DUBAI/NEW YORK, Dec 4 (Reuters) - Visa (V.N) , opens new tab plans to launch operations in Syria following an agreement with the war-torn country's central bank on a roadmap to develop a digital payments ecosystem, the bank's governor and the company said on Thursday. "We are glad that we are working with Visa," Syrian central bank governor AbdulKader Husrieh told Reuters NEXT, adding that country officials have further meetings with Visa on Thursday. Sign up here. "We are working to have a fully finished payment system in which we have global partners because ... our vision is to have Syria as hub - a financial hub - for the Levant" region, Husrieh added, speaking via video link at the Reuters NEXT conference in New York. Visa, in a separate statement, said: "The immediate focus will be on working with licensed financial institutions to develop a robust and secure payments foundation. This includes issuing payment cards and enabling digital wallets using global standards." In November, the International Monetary Fund visited Damascus and said it would provide technical assistance on financial sector regulation, the rehabilitation of payment and banking systems and rebuilding the central bank's capacity to effectively implement monetary policy for low and stable inflation and supervision of the banking system. Husrieh on Thursday said the IMF was providing technical assistance but that it was not yet under any formal fund program. The World Bank's estimate that Syria's gross domestic product would grow by a modest 1% in 2025 also did not reflect "the reality" of the impact that easing sanctions and returning refugees would likely have, he added. Syrian banks were largely isolated from the global financial system during the civil war, after President Bashar al-Assad's crackdown on anti-government protests in 2011 prompted Western states to impose sweeping sanctions, including measures against the central bank. Assad was ousted in an offensive by Islamist-led rebels last year, and the interim government has since moved to restore international ties. Those efforts culminated in a May meeting in Riyadh between interim President Ahmed al-Sharaa and U.S. President Donald Trump, followed by Sharaa’s visit last month to the White House. Washington has since eased significant parts of its sanctions program. European governments have announced the end of their own economic sanctions on Syria. View the live broadcast of the Reuters NEXT World Stage here and read full coverage here. https://www.reuters.com/world/middle-east/visa-plans-syria-launch-after-deal-with-central-bank-digital-payments-2025-12-04/
2025-12-04 20:13
Adds CEO comments, paragraphs 3 and 8 NEW YORK, Dec 4 (Reuters) - Multinational Spanish construction company Ferrovial (FERF.AS) , opens new tab sees more opportunities for investment in airports across the U.S. after leading a massive terminal overhaul at New York's John F. Kennedy International Airport, CEO Ignacio Madridejos said on Thursday. Speaking at the Reuters NEXT conference in New York, Madridejos said the infrastructure company expects long-term growth in air travel. U.S. inbound travel demand has ebbed in 2025 in part due to inflation and concerns over President Donald Trump's policies around immigration and trade. Sign up here. "We are trying to do something similar in the U.S. We see opportunities," Madridejos said. "When you see the airports some of them need expansion, some of them need refurbishment and I think that working with private partners like us will help to accelerate and to have a better service to customers." The New Terminal One at JFK Airport has a $9.5 billion price tag and is expected to open in phases starting in 2026. A consortium of labor, operating and financial partners led by Ferrovial secured $6.5 billion in bank loans, the largest ever committed for an airport terminal. Madridejos said despite short-term travel disruptions, Ferrovial was looking at long-term trends. He said New York in particular was a "destination that was quite unique" with more passengers passing through, and that the company did not regret betting on such a massive overhaul. The firm, which also develops toll roads across the U.S., sells its stake in assets once fully matured, Madridejos said. In July, Ferrovial said it completed the sale of its remaining 5.25% stake in Heathrow Airport for an estimated profit of 31 million euros. Revenue in Ferrovial's highways division increased 14% to 1 billion euros ($1.17 billion) in the first nine months of 2025, year over year, driven by performance in North America. Madridejos said he expects public-private partnerships to continue to be a mainstay in infrastructure spending in the coming decades, especially as more Americans move into cities. Madridejos said the company was also seeing a huge pipeline of opportunities for developing toll roads and managed lanes. View the live broadcast of the World Stage here and read full coverage here. ($1 = 0.8579 euro) https://www.reuters.com/business/autos-transportation/ferrovial-eyeing-more-opportunities-us-airports-ceo-says-2025-12-04/
2025-12-04 20:03
US mining execs urge faster government action against China's mineral dominance Executives call for comprehensive US minerals plan and faster loan approvals Pressure on Indonesia to limit nickel output suggested to stabilize prices US Export-Import Bank urged to move faster on loan review NEW YORK, Dec 4 (Reuters) - Washington must move even faster to bolster critical minerals projects and offset Beijing's grip on the world's supply of the building blocks for electronics, weapons and a range of other goods, three U.S. mining and refining executives said on Thursday. The push underscores how Washington's surging support this year for the sector - including taking stakes in mining companies and guaranteeing a price floor for the only U.S. rare earths mine - is falling short of what industry leaders say is needed amid intense Chinese competition. Sign up here. Executives from Perpetua Resources (PPTA.O) , opens new tab, American Rare Earths (ARR.AX) , opens new tab and Westwin Elements told the Reuters NEXT conference in New York that the U.S. government should release a comprehensive minerals plan, pressure Indonesia to trim nickel production, and speed up the time for the U.S. Export-Import Bank and other agencies to approve loan funding, among other steps. "We need an industrial vision," said Melissa Sanderson, a director at American Rare Earths, which is working to build a rare earths mine in Wyoming. "What we need is an integrated plan for building the critical minerals supply chain with all of the myriad inputs, antimony, nickel, copper, rare earths and how that flows through to the battery makers, to the magnet manufacturers, to the various end-users." KaLeigh Long, CEO of privately held Westwin, which is building the only U.S. nickel refinery, is asking the Trump administration to pressure Indonesia to limit its nickel output, which has surged in the past two years to roughly 60% of global supply and dragged down nickel prices nearly 50% as a result. That forced BHP BHP.AX and others to shutter their operations and has posed a challenge for Westwin as it aims to secure financing to refine 34,000 metric tons of nickel per year in Oklahoma by 2030. "I'm really urging the U.S. government to think simple," Long said. "In terms of nickel, let's get a quota on Indonesian production. You do that, and I can almost promise you that overnight you will see a cure in the nickel price." Long said a price floor for nickel from Washington would be impractical given the large size of the market for that metal and pushed for limits on Indonesia's output instead. "A price floor is kind of a waste of our energy right now," she said. "I don't see that being a stable solution or a near-term solution." Rare earths, though, are a much smaller market than nickel and price supports are key until there is more transparent pricing, said Sanderson, a former U.S. diplomat and executive at copper miner Freeport-McMoRan (FCX.N) , opens new tab. The London Metal Exchange, for example, trades nickel but not rare earths, a market that China also dominates. "The LME has shown no interest so far in trying to develop a rare earths market and part of that is because it's currently a narrow spectrum of an already narrow market," Sanderson said. "It would be helpful if LME were to develop a pricing mechanism for rare earths, but the question becomes, 'Would China actually honor it?'" SPEED UP FINANCING REVIEW Mckinsey Lyon of Perpetua, which is building an antimony and gold mine in Idaho with support from JPMorgan Chase's JPM.N$1.5 trillion investment fund for U.S. national security, said Washington's recent moves reflect a "frantic scramble" to understand what can be a confusing web of federal agencies and programs, each with priorities that sometimes conflict. "Companies are getting some solutions, but what's not happening right now is a comprehensive strategy or road map," said Lyon. Both Perpetua and Westwin have applied for funding from the U.S. Export-Import Bank (ExIm), which acts as the U.S. government's export credit agency. Long said Washington must move faster to approve those loans, which often have terms more attractive than with private lenders and at higher amounts. Perpetua, for instance, has asked for $1.8 billion in government loans. "ExIm debt could allow us to execute on our commercial expansion, but the underwriting needs to speed up," Long said. "They just simply need more processability and more people, basically." View the live broadcast of the Reuters NEXT World Stage here and read full coverage here. https://www.reuters.com/business/autos-transportation/us-minerals-projects-seek-more-support-washington-compete-with-china-2025-12-04/
