2025-11-19 19:39
MILAN, Nov 19 (Reuters) - Italy's top court has approved the handover to Germany of a Ukrainian man suspected of coordinating the 2022 sabotage of the Nord Stream gas pipeline, his lawyer Nicola Canestrini said on Wednesday. The suspect, identified only as Serhii K. under German privacy laws, has been fighting attempts to transfer him to Germany since he was detained on a European arrest warrant in the Italian town of Rimini in August. Sign up here. The decision by the Court of Cassation in Rome means the suspect will be transferred to the German authorities in the next few days. "However great the disappointment, I remain confident in an acquittal after the full trial in Germany. Justice is a tortuous path, the result of continuous work and not ... a miracle that fulfils itself," Canestrini said in a statement. Described by both Moscow and the West as an act of sabotage, the mysterious explosions in the Baltic Sea three years ago largely severed Russian gas transit to Europe, squeezing energy supplies on the continent. Serhii K., a former officer in the Ukrainian military, denies any role in the attacks. German prosecutors allege he was part of a group of people who planted devices on the pipelines near the Danish island of Bornholm in the Baltic. He faces charges of collusion to cause an explosion, anti-constitutional sabotage and destruction of important structures. He has been held in a high security jail in Italy and at one point staged a hunger strike to protest against prison conditions and what his lawyer said was a failure to provide a suitable diet. Last month a court in Poland ruled against handing over another Ukrainian suspect wanted by Germany in connection with the explosions and ordered his immediate release from detention. https://www.reuters.com/world/europe/top-italian-court-approves-handover-ukrainian-nord-stream-suspect-germany-lawyer-2025-11-19/
2025-11-19 19:20
News comes during Saudi crown prince's visit to US MP, US defense department to own 49% of refinery, Maaden 51% MP shares gain 10% on news Nov 19 (Reuters) - MP Materials (MP.N) , opens new tab said on Wednesday it would build a rare earths refinery in Saudi Arabia with the U.S. Department of Defense and state-owned Saudi Arabian mining company Maaden to expand Middle Eastern processing of the critical minerals. The news comes as Saudi Crown Prince Mohammed bin Salman is visiting Washington this week for the first time since 2018 as part of a push to underscore economic and security relationships between the countries. Sign up here. Reuters reported in April that Maaden was considering a rare earths processing partnership with MP, operates the only U.S. rare earths mine. COMPLEX REFINING PROCESS Shares of MP, which in July agreed to a Pentagon investment that will make Washington its biggest shareholder and financial backer, rose 10% in afternoon trading. Under the deal, MP and the defense department, through a joint venture, will hold a combined 49% stake in the Saudi refinery, with Maaden holding the remaining 51%. Jefferies analyst Chris LaFemina said the deal reflects minimal financial risk for MP given Washington and Riyadh's involvement and should help the company ink more magnet supply deals in the near future. MP already has deals to supply Apple (AAPL.O) , opens new tab and General Motors (GM.N) , opens new tab. China dominates global refining of the rare earths and magnets that are vital in several key technologies and has restricted exports during periods of trade tension, prompting Washington to seek alternative supplies. Saudi Arabia's growing mining industry, meanwhile, is a key pillar in bin Salman's Vision 2030 program to diversify the economy beyond oil. The facility will refine rare earths from Saudi Arabia and elsewhere into oxides of so-called heavy and light rare earths, which each have different commercial and military applications. In the United States, MP has struggled to find supplies of dysprosium and terbium, two heavy rare earths used to make magnets for electric vehicles, fighter jets and other products. The refined material will be used in the U.S. and Saudi manufacturing and defense industries and sold to allied nations, according to MP. MP has been working to perfect its rare earths refining process in California since at least 2020. The standard process to refine rare earths can be dirty, expensive and time-consuming, fueling a push by scientists for better methods. Rare earths processors must contend with 17 metals, depending on a deposit's geology, each of which is nearly the same size and atomic weight, making separation complex. Those rare earths must be teased out in a specific order, a logistical challenge that would prevent Maaden and MP from cherry-picking specific elements they may want while processing rare earths inside the kingdom. MP said it was also in discussions to support or collaborate on magnet manufacturing in Saudi Arabia. Separately, an MP executive appeared before a U.S. congressional committee on Wednesday to encourage Washington to broaden its financial support , opens new tab for the minerals and manufacturing industries. U.S. President Donald Trump has ordered the Department of Defense to rename itself the Department of War, a change that will require action by Congress. https://www.reuters.com/business/energy/mp-materials-form-rare-earth-refining-jv-with-saudi-arabian-mining-company-2025-11-19/
2025-11-19 18:48
US and Saudi reach initial civil nuclear agreement US energy secretary says it does not allow Saudi to enrich uranium Senators warn against creating Middle East arms race WASHINGTON, Nov 19 (Reuters) - U.S. lawmakers cautioned against ushering in a nuclear arms race in the Middle East after the United States and Saudi Arabia said they signed an initial agreement on civil nuclear energy cooperation. U.S. Energy Secretary Chris Wright, Interior Secretary Doug Burgum and Saudi Energy Minister Prince Abdulaziz bin Salman signed an initial civil nuclear cooperation agreement on Tuesday as Saudi Crown Prince Mohammed bin Salman, the kingdom's de facto ruler, made his first White House visit in more than seven years. Sign up here. Talks between the countries on nuclear power cooperation have been going on for years including during the administration of former President Joe Biden. But progress has been difficult because the Saudis have resisted U.S. stipulations that would rule out enriching uranium or reprocessing spent fuel - potential paths to a bomb. DEMOCRAT CALLS FOR ENHANCED INSPECTIONS Senator Jeanne Shaheen, the top Democrat on the Senate Foreign Relations Committee, said any deal with Saudi Arabia must include enhanced inspections through an agreement known as the Additional Protocol, which boosts the ability of the International Atomic Energy Agency to verify peaceful use of all nuclear material. It is critical that the U.S. hold Saudi Arabia to the "gold standard" in what is known as a 123 Agreement to ensure Riyadh will not enrich uranium or reprocess plutonium, as the United Arab Emirates agreed in 2009 when it signed a civil nuclear pact with Washington, she said. "We must not fuel a nuclear arms race in the Middle East." Concern about proliferation related to nuclear energy rose after the crown prince told CBS in 2018 that "Saudi Arabia does not want to acquire any nuclear bomb, but without a doubt if Iran developed a nuclear bomb, we will follow suit as soon as possible." Wright told Fox News on Wednesday that uranium enrichment was not in the initial agreement. "It's not about enrichment, it's not about anything related to weapons," Wright said. A day earlier he said the deal has "bilateral safeguard agreements" and a commitment to non-proliferation. Some lawmakers and non-proliferation experts said the agreement must not expand to allow enrichment and reprocessing. "We can’t hand Saudi Arabia the keys to nuclear tech while ignoring its desire for nuclear weapons," said Senator Ed Markey, a Democrat. "I’m urging the Trump administration to insist on the gold standard safeguards - enrichment bans and full inspections - before any deal." Andrea Stricker, a non-proliferation expert and deputy director and research fellow at the Foundation for Defense of Democracies, said if the U.S. is lax on safeguards with Saudi Arabia, it will be even more difficult to hammer home with Iran that reconstituting enrichment and reprocessing are off limits. "Let's hope the 123 extends only to civil nuclear energy and U.S. reactor cooperation," as Wright said on Fox, Stricker said. https://www.reuters.com/world/middle-east/us-lawmakers-say-any-civil-nuclear-deal-with-saudi-must-not-create-arms-race-2025-11-19/
2025-11-19 18:08
LONDON, Nov 19 (Reuters) - Muddy Waters' founder Carson Block said on Wednesday he has taken a long position in Canadian gold miner Snowline Gold Corp (SGD.V) , opens new tab, marking a departure for the famed short seller. Snowline Gold Corp is involved with potential projects Block believes are undervalued compared to the price of gold and how much of the valuable metal the sites can produce, Block told attendees at the Sohn Conference in London. Sign up here. Describing public reports the junior miner has released, Block said that he believed the company had taken a conservative approach to its own growth projections. "We think this project works at $1,800 gold and don't see much downside risk here at the price," said Block. Gold is traing at around $4,070 an ounce , not far from recent record highs. The junior gold miner is located in the Yukon, Canada with multiple projects including the Rogue Valley Deposit which is reckoned to hold around 8 million ounces of gold. The company did not immediately respond to a request for comment. A long position is a essentially a bet that an asset will rise in value. https://www.reuters.com/world/americas/muddy-waters-carson-block-says-he-is-long-snowline-gold-corp-2025-11-19/
2025-11-19 17:36
Lithium demand could rise to 1.5 million metric tons this year, SQM reports SQM lowers 2025-2027 capex to $2.7 billion Codelco lithium tie-up in Chile to close by year-end Nov 19 (Reuters) - Lithium demand could rise 25% this year versus 2024, Chilean producer SQM said on Wednesday, as it reported its best prices for the battery metal in two years driven by growth in electric vehicles and energy storage systems. The price jump helped propel SQM's net income for the third quarter 36% year-on-year to $178.4 million, compared with $131.4 million a year earlier. Revenue also rose, climbing 8.9% to $1.17 billion versus $1.08 billion in the same period last year. Sign up here. SQM's U.S.-listed shares rose on Wednesday to a high of $64.60 a share, their highest level in over two years. Lithium prices in recent months had cooled from record highs in 2022 as supply growth outpaced demand, pressuring margins for global producers, including SQM and U.S.-based Albemarle. Yet the July-to-September period marked stronger-than-expected demand, SQM said. "Although the market remains highly volatile, we are cautiously optimistic," said CEO Ricardo Ramos in a call with analysts, noting that he expected the trend to continue in the fourth quarter. "Demand fundamentals remain strong, not only for electric vehicles but also from energy storage systems," he said. However, SQM also significantly narrowed its investment outlook for 2025 to 2027, revising its capital expenditure estimate to $2.7 billion from a previous range of $3.1–$3.8 billion. The company acknowledged that it had delayed some investment decisions, but maintained its production and sales targets. The revised capex will be deployed evenly over each year, with about a quarter going to maintenance, the company said. As it looks ahead, SQM expects lithium demand this year to reach more than 1.5 million metric tons, a 25% boost from 2024, and climb to 1.7 million metric tons in 2026, said Pablo Hernandez, vice president of Strategy and Development for SQM's Chile lithium division. "We're still assessing demand growth expectations and we remain relatively conservative," he said of the outlook for next year. SQM, one of only two companies producing lithium in Chile alongside Albemarle, also makes fertilizers and industrial chemicals. SQM also said it expects its planned partnership with state miner Codelco to ramp up lithium extraction in the Atacama salt flat to be finalized by the end of the year. Only approval from Chile's comptroller is still pending after China's markets regulator cleared the deal last month. "We will close this year, that's for sure," Ramos told analysts. https://www.reuters.com/business/energy/chiles-sqm-quarterly-profit-rises-lithium-prices-rebound-2025-11-19/
2025-11-19 17:33
By David Ljunggren OTTAWA, Nov 19 (Reuters) - The Bank of Canada on Wednesday called for a coordinated economy-wide approach to boost weak productivity, an issue it said was becoming more pressing in the face of challenges caused by U.S. trade policy. Sign up here. The speech by Deputy Governor Nicolas Vincent was the latest effort by the central bank to urge policy makers to tackle decades of underperformance and insufficient investment. "Shocks to our economy have become more frequent, and we are too vulnerable to their impacts," he said in a speech to Quebec economists. "To put it bluntly, we're stuck in a vicious circle. When productivity is weak, it's much harder to meet current challenges and seize opportunities for the future." Canada's productivity has been lagging for 25 years, he noted. Average annual growth of labor productivity was about 3% in the 1960s and 1970s but fell to 1% between 2000 and 2019 and is now below 0.5%. Policy makers could help in three areas, he said: * creating a better investment climate, in part by trimming a cumbersome and complex regulatory framework * increasing competition in key sectors dominated by a few big players, such as telecommunications, passenger transportation and financial services * investing in talent by spending more on training and making it easier to recognise the credentials of foreigners "Weak productivity is a systemic problem that demands a coordinated approach across the economy ... given the tensions and conflicts that are destabilizing our economy, reversing the trend is more urgent than ever," he said. Although Canadian businesses facing strong international competition are more productive, competitive and resilient, weak investment means too few firms fall into this category, he said. When the Bank of Canada looked at factors driving inflation, the relationship between rising labor costs and productivity is particularly important, said Vincent. Stronger growth in productivity means incomes could rise while inflationary pressures remained limited, he added. ((Reuters Ottawa editorial; [email protected] , opens new tab)) Keywords: CANADA CENBANK/ https://www.reuters.com/world/americas/bank-canada-urges-coordinated-approach-boost-weak-productivity-2025-11-19/
