2025-02-25 20:41

LONDON/NEW YORK, Feb 25 (Reuters) - The United States and Ukraine have agreed terms on a minerals deal that is central to Kyiv's push to win U.S. support as President Donald Trump seeks to rapidly end the war with Russia, two sources with knowledge of the matter said on Tuesday. The agreement comes after a war of words between Ukrainian President Volodymyr Zelenskiy, whom Trump last week called an unpopular "dictator" who needed to cut a quick peace deal or lose his country. Sign up here. https://www.reuters.com/world/us-ukraine-agree-terms-minerals-deal-two-sources-say-2025-02-25/

2025-02-25 20:25

PANAMA CITY, Feb 25 (Reuters) - Canada's First Quantum (FM.TO) , opens new tab hopes to export copper concentrate from its shut mine in Panama as soon as it gets approval from the Panama government, John Dean, general manager at the Cobre Panama mine, said on Tuesday. Cobre Panama, one of the world's top sources of copper, was shut down in November 2023, hours after Panama's Supreme Court declared FQM's contract unconstitutional, a move that followed environmental protests. For over a year, 120,000 metric tons of copper concentrate have been stuck at the disputed mine. The concentrate belongs to First Quantum, and the company is ready to share the royalties that comes from the sale of copper concentrate with the government, Dean said. The export of the copper, however, depends on the approval of the mine’s preservation and safety plan by the Panama government, he added. FQM has ramped up its public relations efforts since the mine closure to change the public opinion against the mine, but has yet to formally engage with President Jose Raul Mulino, Dean said. Cobre Panama has become a flashpoint in the mining industry as its closure removed 1% of global copper supply. Mulino has said his government would decide the mine's fate early this year. The president will first resolve the country's social security issue, and then he will come to the mine dispute, Dean said. "We would have liked to see things move quickly and we would have liked to have seen the preservation plan approved," Dean said. The final hearing for the Cobre Panama mine under the International Chamber of Commerce proceedings has been moved to February 2026 from September this year. Sign up here. https://www.reuters.com/markets/commodities/fqm-hopes-export-copper-concentrate-panama-executive-says-2025-02-25/

2025-02-25 20:20

Feb 24 (Reuters) - A U.S. Department of Agriculture investigation into the agency's funding for the University of Maine could compromise research on biofuels, vegetables, and "forever chemicals" that have been polluting the state, said an advocate and a state lawmaker. USDA announced the investigation Friday after President Donald Trump clashed with Governor Janet Mills over the administration's order banning transgender athletes from women's sports, threatening to withhold federal funds from the state. Projects funded by the USDA at the University of Maine include research on animal health, renewable fuels, and fruits and vegetables grown in the state like blueberries and potatoes, according to agency award data and websites reviewed by Reuters. "If all of their funding was removed from USDA, that would have a really big impact on farmers on the ground here," said Sarah Alexander, executive director of the Maine Organic Farmers and Gardeners Association. The USDA last year also granted the university $17 million to establish a center to study farm contamination by per- and polyfluoroalkyl substances, or PFAS, known commonly as "forever chemicals" because they don't break down quickly. Maine has led a national effort to study the human and animal health effects of PFAS contamination on farms. The research conducted at the university is typical of land-grant universities, which are located on federally owned land and support agricultural research, said Chellie Pingree, a Maine Democrat in the House of Representatives. "People have always assumed USDA funding would be the kind of thing that no administration would ever touch, because who wants to make the farmers in your state or in your country angry?" Pingree told Reuters. A USDA spokesperson said the agency's active awards to the university total more than $100 million. Agriculture Secretary Brooke Rollins said any institutions that do not comply with Trump's executive order "can count on losing future funding." The USDA is also considering reviewing its funding to other Maine schools, said a February 22 letter to Mills, the university chancellor, and the state's attorney general. Sign up here. https://www.reuters.com/world/us/usda-review-university-maine-funding-could-hit-pfas-biofuel-research-2025-02-25/

2025-02-25 19:55

Temporary ban unlikely to have lasting impact on prices China's CMOC says unaffected by ban, continues production at Congo mines JOHANNESBURG, Feb 25 (Reuters) - The Democratic Republic of Congo is considering introducing cobalt export quotas as the world's biggest supplier of the battery metal seeks to curb oversupply and boost prices, three sources familiar with the details told Reuters. Cobalt prices are languishing at historically low levels amid slackening demand from automakers and as mines ramp up production of copper, from which cobalt is extracted as a by-product, to capitalize on high prices. The plan to introduce limits has been discussed within the Congolese government but no final decision has been taken yet, said the sources, who declined to be named discussing sensitive matters. Congo banned all exports of the battery metal for four months on Monday to contain a supply glut. The ban, announced by the Authority for the Regulation and Control of Strategic Mineral Substances' Markets, or ARECOMS, said the export curb would be reviewed in three months and could either be modified or terminated, depending on its results. The temporary ban is not enough to limit the flow of metal on the market and is unlikely to have a lasting impact on prices, which are expected to weaken further when companies release stockpiled metal, the sources and analysts said. The sources said that Congo's government eventually plans to introduce quotas on exports of the metal, which are going to be negotiated during the export suspension period. ARECOMS and Mines Minister Kizito Pakabomba did not immediately respond to emailed questions. Communication Minister Patrick Muyaya was not immediately available to respond to Reuters questions. Previous attempts by the government to persuade mining companies to voluntarily reduce the flow of the metal on the international market have not been heeded, the sources said. Two of the sources said attempts by state miner Gecamines to convince China's CMOC Group (603993.SS) , opens new tab to manage the flow of cobalt on the market and limit the impact on prices, through their joint venture, had failed. CMOC DOUBLES COBALT OUTPUT CMOC, the world's biggest cobalt miner, more than doubled cobalt output last year to about 114,000 metric tons as it ramped up copper output at its Tenke Fungurume and Kisanfu mines in Congo. CMOC's Congo mines produced about 650,000 tons of copper. CMOC said production at the mines is not affected by the temporary ban on shipments and spokesperson Vincent Zhou told Reuters the company did not anticipate a significant impact on business performance. Eurasian Resources Group and Glencore (GLEN.L) , opens new tab, which are also big cobalt producers in Congo, declined to comment. London Metal Exchange (LME) cobalt has plunged from a record high of $82,000 per metric ton in April 2022 to $21,000 per ton, the lowest level since the contract was launched in 2010. The ban could cut off about 65,000 tons of cobalt from the market and while it may send spot prices higher, the impact could be temporary as mining companies will continue to stockpile the metal, BMO Capital Market analysts said in a note. "We fully expect that this will lead to further supply controls in the future, with the most likely next step being production or export quotas," they said. Sign up here. https://www.reuters.com/markets/commodities/congo-weighs-cobalt-export-quotas-revive-prices-amid-supply-glut-2025-02-25/

2025-02-25 19:50

Feb 25 (Reuters) - Holtec International has signed an agreement with Hyundai Engineering and Construction to build two small modular reactors (SMRs) at the Palisades nuclear plant in Michigan, CNBC reported on Tuesday. The U.S. nuclear power industry is seeing a revival, after decades of floundering, driven by a surge in electricity demand and the vast energy requirements of Big Tech's AI data centers. Holtec, the owner of the Palisades nuclear plant, has been seeking to reopen the facility, which was closed under a different proprietor in 2022. The agreement aims to deploy a fleet of 10-gigawatt SMRs, starting with two units at the Palisades site, the report said. However, Holtec's design for the reactor has not been licensed by the Nuclear Regulatory Commission, CNBC added. Holtec International and Hyundai's unit did not immediately respond to Reuters' requests for comment. Sign up here. https://www.reuters.com/business/energy/holtec-signs-agreement-with-hyundai-build-small-nuclear-reactors-palisades-plant-2025-02-25/

2025-02-25 19:48

BUENOS AIRES, Feb 25 (Reuters) - Argentina's economic activity rose 5.5% in December compared with the same month in the prior year, growing at its fastest pace since mid-2022, official data showed on Tuesday. The increase also beat a 3.5% expansion expected by analysts surveyed by Reuters in the grain-rich South American nation. The data compares with a revised 0.4% year-on-year growth in the prior month. December's increase was driven by expansions in nine productive sectors, mainly the financial intermediation and the commerce sectors, according to data from the statistics agency INDEC. Argentina's economic activity increased 0.5% in December versus a month earlier, the third monthly increase in a row. The data points to a possible turnaround for Argentina's battered economy, which was hit hard by libertarian President Javier Milei's tough austerity measures. INDEC also posted a 1.8% annual drop in the country's economic activity in 2024. Sign up here. https://www.reuters.com/world/americas/argentina-economic-activity-grows-55-december-beats-expectations-2025-02-25/