2025-07-16 00:53

July 15 (Reuters) - Canadian gold and copper miner Aura Minerals (ORA.TO) , opens new tab said on Tuesday it plans to raise about $196.4 million from its U.S. initial public offering. The company had said last week that it was preparing to list its shares on the Nasdaq. It said on Tuesday that it plans to sell 8.1 million shares in the offering. Sign up here. Many foreign companies list in the U.S. to secure higher valuations and tap deeper capital markets. Aura said that it intends to use the proceeds from the IPO for exploration activities and to provide incremental liquidity and financial flexibility to support the execution of its current strategic growth initiatives. Founded in 1946, the gold and copper mining company is focused on project development and operations in the Americas. BofA Securities and Goldman Sachs are serving as global coordinators for the offering, while BTG Pactual and Itau BBA are acting as joint bookrunners. https://www.reuters.com/world/americas/canadas-aura-minerals-plans-raise-over-196-million-us-ipo-2025-07-16/

2025-07-16 00:50

WASHINGTON, July 15 (Reuters) - U.S. President Donald Trump said on Tuesday that a trade agreement with Vietnam was nearly complete. Trump told reporters at Joint Base Andrews near Washington that he could release details of the Vietnam trade agreement, but did not think it was necessary. Sign up here. The U.S. president announced earlier this month that he had struck a preliminary trade deal with the Communist country, which would cut planned U.S. tariffs on imports from Vietnam to 20% from the 46% level he had threatened in April. At the time, Trump also said goods that Washington deemed to be illegally transshipped through Vietnam to other countries would be subject to a 40% levy. The agreement has not been finalized and details have not been released, leaving questions over how Washington will define an illegal transshipment and how much value Vietnam must add to imported products to avoid the 40% tariff. It also remains unclear which products would fall under Trump's 20% tariff. Vietnam has not confirmed the specific tariff rates, celebrating what it described as an agreement on a joint statement about a trade framework. Asked if he planned to release details of the trade pact with Vietnam, Trump told reporters, "Well, I might. I don't think it matters how much you release of the deal. We have a Vietnam deal, and I would say that that deal is being pretty well set." Vietnam has nearly tripled its exports to the United States since the start of the U.S.-China trade war in 2018, when the first Trump administration imposed wide-ranging tariffs on Beijing, pushing some manufacturers to move production south. At the same time, Vietnam vastly expanded imports from China, with their inflow almost exactly matching the value and swings of exports to the United States, each totalling around $140 billion in 2024, data from the U.S. and Vietnam show. https://www.reuters.com/business/trump-says-vietnam-trade-deal-is-pretty-well-set-2025-07-16/

2025-07-16 00:04

Indigenous review is crucial for Codelco-SQM lithium deal in Chile Local groups demand new methodology and more information Court orders state agency Corfo to respond in 15 days SANTIAGO, July 15 (Reuters) - Two Indigenous groups in northern Chile have asked a local court to suspend a state-led community review process that is required for a lithium partnership between copper giant Codelco and lithium miner SQM (SQMA.SN) , opens new tab, according to legal documents reviewed by Reuters. The Indigenous community of Coyo and the Atacameno Association of Irrigators and Farmers of San Pedro de Atacama each independently filed legal challenges last week with a Chilean appeals court in the Antofagasta region, accusing Chilean economic development agency Corfo of not properly carrying out a consultation process to seek their input on the partnership. Sign up here. The process is one of the final conditions for a deal to go into effect in which state-run Codelco will take a majority stake in SQM's lithium mining operations in the Atacama salt flat. The Coyo community and the Atacameno Association of Irrigators and Farmers, which has Indigenous members, said they needed more information and time to be able to provide informed consent on the plan. The Antofagasta court on Friday accepted their challenges, according to a court document. It ordered Corfo to respond to the allegations within 15 days, and asked Codelco and SQM to provide comments. Corfo told Reuters that the consultation process was still in progress. "The Indigenous consultation process with the Atacama Indigenous organizations is moving forward and has been carried out in accordance with the regulations," the agency said in a statement. Codelco declined to comment, while SQM did not immediately reply to a request for comment. The Indigenous consultation, which was led by Corfo and included a few dozen community groups located around the Atacama salt flat, was due to conclude around late July. SQM and Codelco are separately holding talks with communities near the salt flat to discuss a model for Indigenous oversight over lithium extraction. The Coyo community and Atacameno Association of Irrigators and Farmers both asked the court to suspend the process until a new methodology for the community review could be implemented, and more information provided. Both groups said Corfo had not provided enough detail about the proposed contract between Codelco and SQM and argued that the consultation's timeline between November 2024 and July 2025 was too fast to allow for detailed analysis. They also said Corfo at several points did not act in good faith, and did not meet the standards set out by the International Labour Organization, a U.N. agency. "This situation directly affects the fundamental rights of the Community by limiting its influence over decisions that impact its territory, environmental surroundings, and collective rights, thereby violating constitutional guarantees," the Coyo community said in its court filing. https://www.reuters.com/world/americas/indigenous-groups-ask-chile-court-pause-community-review-codelco-sqm-lithium-2025-07-16/

2025-07-15 23:03

July 16 (Reuters) - Rio Tinto (RIO.AX) , opens new tab, (RIO.L) , opens new tab on Wednesday posted a lower-than-expected rise in iron ore shipments for the second quarter, but forecast fiscal 2025 copper production at the higher end of its guidance range. Iron ore shipments at Rio Tinto, the world's largest producer of the steel-making commodity, are recovering after a series of tropical cyclones snarled operations in the March quarter. Sign up here. In the three months ended June 30, the miner shipped 79.9 million metric tonnes (Mt) of iron ore from its Pilbara operations, a 13% rise from the previous quarter but below a Visible Alpha consensus estimate of 81.98 Mt. Rio Tinto shipped out more of its lower-quality SP10 iron ore. SP10 levels accounted for 29% of Pilbara shipments. It forecast full-year copper production at the higher end of its guidance range and expects unit costs around the lower end, as its Oyu Tolgoi underground mine in Mongolia ramps up. The miner reaffirmed its full-year iron ore shipment forecast at the lower end of its range of 323 million metric tonnes (Mt) to 338 Mt. Rio Tinto on Tuesday named Simon Trott, head of its most profitable iron ore division, as CEO, succeeding Jakob Stausholm, who unexpectedly announced in May he would step down after four-and-a-half years. https://www.reuters.com/business/rio-tintos-second-quarter-iron-ore-output-rises-13-sequentially-2025-07-15/

2025-07-15 22:50

July 15 (Reuters) - Raizen SA, the world's largest sugar producer, said on Tuesday that it was shutting down for an indefinite period one of its largest plants in Brazil, the Santa Elisa mill, as the company continues to adopt measures to deal with a large debt load. Raizen (RAIZ4.SA) , opens new tab, which is controlled by Shell (SHEL.L) , opens new tab and Brazilian conglomerate Cosan SA (CSAN3.SA) , opens new tab, said that as a result of the plant's closure it had entered into agreements with six sugar companies to sell 3.5 million metric tons of sugarcane that would be processed by the Santa Elisa mill. Sign up here. It said the sale of that sugarcane would bring in 1.045 billion reais ($188.18 million) that Raizen will use to cut its debt of over 30 billion reais. The Santa Elisa mill was a historical site for the Brazilian sugar and ethanol industry. The plant was founded 90 years ago in the main sugar belt of Ribeirao Preto, and helped consolidate Brazil's position as the world's largest sugar exporter. Its past owners were behind the political movement in the 1970s to create Brazil's ethanol program, called Proalcool, in a time when the world was struggling with record high oil prices. CEISE Br, an association of equipment makers for the sugar and ethanol industry, said the closure of Santa Elisa was worrying for the segment. "There are concerns about the impact of this action in the industry, particularly regarding ongoing contracts for maintenance, technical support and supply of equipments in the current crop," it said. Raizen sold one of its plants in May and has offered other assets to competitors in Brazil as it tries to cut debt. The company's woes happen in a moment of weak sugar prices, with benchmark raw sugar futures on the ICE exchange having hit a four-year low in June. ($1 = 5.5531 reais) https://www.reuters.com/sustainability/climate-energy/worlds-top-sugar-maker-shuts-large-brazil-plant-cut-debt-2025-07-15/

2025-07-15 22:24

LONDON, July 15 (Reuters) - The British government on Tuesday made changes to its main scheme for promoting clean energy projects, extending contract lengths and changing how auction budgets are set in a bid to accelerate the roll-out of renewable energy. Offshore wind is at the heart of Britain's plans to decarbonise its electricity sector by 2030. It aims to boost capacity to 43-50 gigawatts by the end of the decade, from around 15 GW now, although a government report in November said it would be a challenge to reach that goal. Sign up here. Britain's Contracts for Difference scheme is its main mechanism for securing clean energy projects and it holds annual auctions for subsidies, offering a guaranteed minimum price for the power produced to help spur investment in new projects. Under the new rules, contracts for offshore wind, onshore wind, and solar projects will increase to 20 years from 15 years, the government said in a statement, adding the longer terms would spread costs over a longer period for consumers and provide greater certainty for investors. The reforms will also change the way auction budgets are determined. The energy minister will now be able to view developer bids before setting the final budget, allowing for more accurate capacity procurement and ensuring better value for money for consumers. "These reforms will give developers the certainty they need to build in Britain, helping deliver more clean power projects and supporting thousands of jobs," Energy Secretary Ed Miliband said. https://www.reuters.com/sustainability/boards-policy-regulation/britain-reforms-energy-scheme-accelerate-clean-power-projects-2025-07-15/