2026-01-12 23:13
MELBOURNE, Jan 13 (Reuters) - Australia's Lynas Rare Earths (LYC.AX) , opens new tab said on Tuesday its Chief Executive Officer Amanda Lacaze was retiring after 12 years, just as Western countries seek greater security of supply for the metals for which Lynas is the top Western producer. Lynas' board had already begun a search for a new chief to lead the company and would consider both internal and external candidates, Lynas said in a statement. Sign up here. Lacaze, who has overseen a 12-fold rise in the shareprice over her tenure, would remain with the company until the end of the current financial year to enable a smooth transition, the company added. Shares in Lynas were up nearly 3 percent, in line with broader gains in the sector. Lacaze's acheivements have been "spectacular," said Dylan Kelly of shareholder Terra Capital, pointing to Lynas's renegotiation of debt with its Japanese stakeholders, her attempts to get a North American plant going, and building a new processing plant in Kalgoorlie. "She's one of the best CEOs I've ever come across and she's so entertaining. It's salutations and congratulations, really, she'll be sorely missed," he said. Lacaze was named as the company chief in 2014 after serving as a non-executive director with the miner. Under her watch, Lynas has become a dominant force in the production of rare earth elements. "To her credit, they have a plant up and running, way ahead of any of the competition," said portfolio manager Andy Forster at Argo Investments in Sydney. "She's done a good job, she's positioned the company well. I don't know who they could get next, but there's no way you'd get another Amanda." Lacaze previously served as the managing director of marketing at Telstra (TLS.AX) , opens new tab, Australia's largest telecom firm, and also held roles at Nestle (NESN.S) , opens new tab. She is the longest serving female CEO on the ASX, according to data compiled by Forbes. Nine out of 10 ASX-listed company CEOs are male, according to the latest data from Chief Executive Women. ($1 = 1.4908 Australian dollars) https://www.reuters.com/sustainability/boards-policy-regulation/australias-lynas-rare-earths-ceo-retire-2026-01-12/
2026-01-12 23:08
G7, Australia, Mexico, South Korea, India meet on rare earths in Washington Finance chiefs see 'broad agreement' to cut reliance on Chinese critical minerals Price floor for rare earths, new supply partnerships discussed at U.S. Treasury WASHINGTON, Jan 12 (Reuters) - Finance ministers from the G7 and other major economies met in Washington on Monday to discuss ways to reduce dependence on rare earths from China, including setting a price floor and new partnerships to build up alternative supplies, ministers said. The meeting, convened by U.S. Treasury Secretary Scott Bessent, included finance ministers from G7 members Japan, Britain, France, Germany, Italy, Canada and the U.S. as well as officials from Australia, Mexico, South Korea and India. Sign up here. U.S. Trade Representative Jamieson Greer and representatives from the U.S. Export-Import Bank and JP Morgan also attended, but no joint statement was issued by the meeting's participants. The Treasury said in a statement that Bessent sought "to discuss solutions to secure and diversify supply chains for critical minerals, especially rare earth elements," and expressed optimism that countries would pursue "prudent de-risking over decoupling" from China. A U.S. official said on Sunday that Bessent was going to urge participants to step up efforts to reduce reliance on critical minerals from China, which has imposed strict export controls on rare earths, most recently on supplies to Japan. Japanese Finance Minister Satsuki Katayama told reporters on Monday evening that there was "broad agreement on the need to swiftly reduce reliance on China for rare earths." She said she outlined short-, medium- and long-term policy approaches for G7 and like-minded countries to bolster non-Chinese rare earth supplies. "These include creating markets based on standards such as respect for labor conditions and human rights, as well as deploying a range of policy tools - support from public financial institutions, tax and financial incentives, trade and tariff measures, quarantine measures and minimum price setting," Katayama said. "I stressed the importance of committing to these measures." A spokesperson for China's embassy in Washington could not be immediately reached for comment. 'WE HAVE TO BECOME ACTIVE' The gathering's participating countries and the EU account for 60% of global demand for critical minerals. But China dominates the supply chain, refining between 47% and 87% of copper, lithium, cobalt, graphite and rare earths, according to the International Energy Agency. The minerals are essential for defense technologies, semiconductors, renewable energy components, batteries and refining processes. Last week, China banned exports of items destined for Japan's military that have civilian and military uses, including some critical minerals. German Finance Minister Lars Klingbeil said discussions at the meeting included a potential rare-earths price floor and partnerships to boost supplies, but noted the talks had just begun with many unresolved issues. He said rare earths and critical mineral supplies would be a central topic under the French presidency of the Group of Seven advanced economies this year. However, he warned against an anti-China coalition, stressing that Europe needs to move faster on its own to develop supplies of important raw materials. "What is very important to me is that we in Europe do not sit back," Klingbeil said. "Neither complaining nor self-pity helps us, we have to become active." He added that the EU needed more financing at the bloc level, pointing to a new German raw materials fund. The EU must also move forward urgently on recycling, Klingbeil said, citing its "big potential" for reducing dependencies and broadening supply. South Korean Finance Minister Koo Yun-cheol said at the meeting that global value chains should be strengthened based on comparative advantage, emphasizing the importance of recycling critical minerals for resilient supply chains, according to a statement from his ministry. Koo also urged countries to pursue corporate projects-oriented cooperation, while Canada and Australia asked South Korea for technology collaboration, the ministry added. https://www.reuters.com/world/china/us-urges-partners-allies-increase-critical-minerals-supply-chain-resiliency-2026-01-12/
2026-01-12 23:07
Jan 12 (Reuters) - A U.S.-linked investor group won the rights to develop Ukraine’s Dobra lithium deposit, Kyiv said on Monday, a test case for drawing Western capital into a frontline economy while trying to deepen ties with Washington. Ukraine awarded development rights for the Dobra site in the central Kirovohrad region to Dobra Lithium Holdings under a production sharing agreement, Prime Minister Yulia Svyrydenko said on the Telegram messaging app. Sign up here. Dobra’s shareholders are TechMet and Rock Holdings, and the project is expected to attract at least $179 million of capital investment, including $12 million for exploration and an audit of reserves, Svyrydenko said. TechMet is backed by the U.S. government, according to the U.S. International Development Finance Corporation, which says it is making equity investments to support TechMet’s critical-minerals supply-chain work. The New York Times reported last week that Ronald S. Lauder, a billionaire friend of U.S. President Donald Trump, is among the investors. Under the production-sharing deal, Dobra will develop one of Ukraine’s largest lithium resources and split output with the Ukrainian state. Lithium is a critical metal used for electric-vehicle batteries and other technologies. The award lands as Kyiv searches for investment that can endure war-time risks, while also reinforcing ties with Washington as U.S. support remains central to Ukraine's defence and reconstruction plans. Ukraine’s economy has been battered by Russia’s full-scale invasion nearly four years ago, with damaged infrastructure, attacks on energy systems and logistics, and persistent security threats chilling private investment despite large flows of foreign aid. Kyiv launched the lithium tender in August in what officials framed as the first project under a joint-investment fund with the United States, part of its efforts to keep Washington as an ally in its war against Russian forces. That broader arrangement, promoted by Trump, gives the U.S. preferential access to new Ukrainian minerals deals and directs fund investment toward Ukraine’s reconstruction. https://www.reuters.com/world/europe/ukraine-picks-us-linked-investors-develop-dobra-lithium-deposit-2026-01-12/
2026-01-12 22:28
NEW YORK, Jan 12 (Reuters) - Fitch Ratings said on Monday it views the Federal Reserve's independence as a key supporting factor for its AA+ U.S. sovereign rating. The credit rating agency will continue to monitor evolution of governance, including "institutional checks and balances," as well as the performance of the Fed in delivering low and stable inflation in its assessment of the U.S. sovereign rating, said Richard Francis, senior director at Fitch Ratings, in emailed comments. Sign up here. The Fitch comments come after the Trump administration threatened to indict Federal Reserve Chair Jerome Powell over Congressional testimony he gave last summer about a Fed building project, an action Powell called a "pretext" to gain more influence over the central bank and monetary policy. Credit ratings agency S&P Global Ratings has also cited the credibility of the Fed as a key ratings strength for the U.S. sovereign rating. In an October report, S&P Global said ratings "could come under pressure if political developments weigh on the strength of American institutions and the effectiveness of long-term policymaking or independence of the Fed." "We continue to view the credibility of the Fed as unparalleled," S&P Global said in the October report. "This supports U.S. monetary flexibility and the role of the dollar as the premier international reserve currency—both of which are key components of the sovereign rating." Asked on Monday to comment on the latest developments, an S&P spokesman referred to the credit agency's previous reports. https://www.reuters.com/business/fitch-ratings-says-fed-independence-is-key-factor-us-sovereign-rating-2026-01-12/
2026-01-12 22:19
Jan 12 (Reuters) - Iran appears to have released the St. Nikolas, a Greek-owned Suezmax tanker it seized in January 2024, vessel monitoring service Tanker Trackers said on Monday. Iran seized the tanker, which was carrying Iraqi crude destined for Turkey, in retaliation for the 2023 U.S. confiscation of the same vessel and its oil, Iranian state media reported at the time. Sign up here. The U.S. seizure of St. Nikolas was part of a sanctions enforcement operation. At the time, the ship was sailing under a different name, Suez Rajan. Iran had warned the U.S. that its move would "not go unanswered". Reuters could not immediately contact the ship owner. Its manager did not immediately respond to requests for comment. https://www.reuters.com/world/middle-east/iran-has-secretly-released-greek-owned-tanker-it-held-two-years-monitoring-2026-01-12/
2026-01-12 22:11
Hundreds of apartment buildings still without power Officials say emergency workers to secure bonuses Zelenskiy warns of possible new attacks KYIV, Jan 12 (Reuters) - Emergency crews toiled to restore heat and power to beleaguered Kyiv residents on Monday, more than three days after Russian strikes on energy targets, and President Volodymyr Zelenskiy warned that new air attacks could be imminent. Officials said hundreds of apartment blocks in the capital remained without heat despite round-the-clock efforts by the crews. Humanitarian centres, dubbed "resilience points," were open for people to keep warm and charge electronic devices. Sign up here. Russia has systematically attacked Ukraine's energy system since it invaded its neighbour in 2022 and the air strikes have intensified in recent months. Zelenskiy, speaking in his nightly video address, said a programme was being launched to raise wages and provide support for participants in emergency work brigades. He issued a new warning to heed air raid alerts as night-time temperatures sank to minus 15 Celsius (5 F) or lower. "There is intelligence information. The Russians are preparing a new massive strike," he said. "Drones to exhaust air defence systems and missiles. They want to take advantage of the cold. The strike may occur in the coming days. Please take care of yourselves. Protect Ukraine." Deputy Prime Minister Oleksiy Kuleba, writing on Telegram, said 90% of Kyiv's apartment buildings have had heating restored, leaving fewer than 500 dwellings still to be connected. Mayor Vitali Klitschko put the number with no heating at 800, most on the west bank of the Dnipro River. He said a meeting of the Kyiv city council would be convened on Thursday to debate the most pressing issues facing residents. Prime Minister Yulia Svyrydenko, presenting the programme for bonus payments, said the work conducted by emergency crews stood "at the very limit of human endurance, often involving life-threatening risks across the entire country. "This applies to specialists who, in freezing conditions, go directly to the sites of strikes and restore supplies of heat, electricity, water and gas." Residents made their way to one of the humanitarian centres on the east bank of the river in the evening - two tents pitched on a small area of open ground. They charged their devices and chatted, while outside, the din of whining generators filled the air. "It's dark in the apartment. I have an electric stove, so it's impossible to heat up lunch or dinner, or make tea," said Kateryna Zubko, 67, an engineer who has lived without power, heating and water since the latest attack. "We support each other. Ukrainians are such resilient people, I think that this war will end someday, it can't go on forever." https://www.reuters.com/world/ukraine-toils-restore-power-heat-zelenskiy-warns-new-attack-2026-01-12/
