2025-02-01 23:34

SYDNEY, Feb 2 (Reuters) - One person died on Sunday in Australia's north Queensland state in heavy flooding, authorities said, urging thousands of people to move to higher ground due to torrential rains. Queensland authorities said major flooding was underway in coastal Hinchinbrook Shire, a locality of around 11,000 people located about 500 km (310 miles) north of state capital Brisbane. Several suburbs in the nearby city of Townsville, were also impacted, authorities said. North Queensland has large zinc reserves as well as major deposits of silver, lead, copper and iron ore, with Townsville a major processing centre for the region's base metals. In 2019, severe floods in the area disrupted lead and zinc concentrate rail shipments and damaged thousands of properties. "Residents in low lying areas should collect their evacuation kit and move to a safe place on higher ground. This situation may pose a threat to life and property," regional emergency management authorities said on Sunday morning. The flooding was triggered by heavy rain from a low pressure system rich in tropical moisture, Australia's weather forecaster said on its website, adding that 24-hour rainfall totals were likely up to 300 mm (11.8 inches). "The potential for heavy, locally intense rainfall and damaging winds may continue into early next week subject to the strength and position of the trough and low," it said. Frequent flooding has hit Australia's east in recent years including "once in a century" floods that inundated the neighbouring Northern Territory in January 2023 during a multi-year La Nina weather event. Sign up here. https://www.reuters.com/world/asia-pacific/thousands-urged-higher-ground-australias-queensland-state-battles-floods-2025-02-01/

2025-02-01 19:27

MEXICO CITY, Feb 1 (Reuters) - The United States will permit Mexican cattle imports to resume after signing memorandums to lift a temporary suspension, Mexico's agriculture chief wrote in a post on social media site X on Saturday. Last November, a Mexican official notified the U.S. Department of Agriculture (USDA) that a positive detection of New World screwworm had been detected in Mexico, triggering the suspension in Mexican cattle exports to its northern neighbor. Mexican Agriculture Minister Julio Berdegue said the USDA's animal and plant health inspection agency had signed the first memorandums to allow the suspension to be lifted, describing the move as an example of collaboration between the two governments. He did not provide further details on when the cross-border trade would resume. Sign up here. https://www.reuters.com/world/americas/united-states-allow-resumption-mexican-beef-imports-says-mexican-minister-2025-02-01/

2025-02-01 16:44

Feb 1 (Reuters) - Two former company executives with inside knowledge of Barrick Gold's operations in West Africa are helping to drive Mali's demands for a payment of around $200 million from the Canadian miner, according to people familiar with the talks. Mamou Toure and Samba Toure, key members of the government's negotiating team, both used to work in Mali for Randgold, a mining company that is now part of Barrick. (ABX.TO) , opens new tab Mali's military-led government, which in December seized three metric tons of gold from Barrick worth about $245 million, has given the miner until Saturday at midnight to respond to its demands. It wants Barrick to pay 125 billion CFA francs ($199 million) in back taxes, according to a source familiar with the situation. If a deal is finalised, Mali would return the seized gold and release four Barrick executives detained since late November, the source said. Barrick has publicly rejected the charges against its employees, without specifying what they are. According to a court document reviewed by Reuters, they include money laundering and financing of terrorism. Barrick did not answer questions about the status of the talks and Mali's mines ministry did not respond to a request for comment. The dispute has ramifications for global miners and other foreign investors who poured billions of dollars into West Africa and are now forced to play by a new set of rules as the military governments of Mali, Niger and Burkina Faso seek a bigger share of mining revenues. "The standoff with Barrick is a snapshot of just how far military-led governments in the Sahel are willing to go to compel foreign operators to comply with new regulations that align with their pursuit of resource nationalism," said Beverly Ochieng, senior analyst for Francophone Africa at Control Risks. Reuters spoke to more than 20 people - including mining executives, consultants, diplomats and people with direct knowledge of the talks - to form a picture of the negotiations. The sources requested anonymity because of the sensitivity of the situation. The two Toures are among a small group of key players on the Malian side, which also includes junta leader Assimi Goita and Minister of Finance and Economy Alousseini Sanou, according to nine people familiar with the matter. The men, while they share a surname, are not related. Samba Toure, the older by decades, was the more senior of the two at Randgold, where he was West Africa operations director. Mamou was underground manager for the Loulo mine. But it is Mamou who is now the more influential negotiator for Mali, due in part to his close relationship to the powerful finance minister Sanou, the sources said. It was Mamou's consultancy Iventus that won the contract to audit foreign mining companies in Mali, which led to a new mining code in 2023 and renegotiations of the miners' contracts. Samba now works for him at the consultancy. "It's Mamou who is currently the boss," said one person who formerly worked with them both, adding that Samba's experience and technical knowledge was nevertheless crucial in decision-making. "The decisions come much more from Samba than from Mamou." In response to Reuters' detailed questions, Mamou said that for decades gold production had not benefitted the people of Mali as it should have. Mali is Africa's second-largest gold producer. "It is only natural that the state ask for a rectification," he told Reuters. "The state has made a great effort to reach an agreement, which is why all the other companies have reached an agreement with the state." Samba Toure did not respond to a request for comment. ACRIMONIOUS TALKS While other Western miners - including Canada's B2Gold (BTO.TO) , opens new tab, Allied Gold and Australia's Resolute (RSG.AX) , opens new tab - have struck deals with Mali in recent months, Barrick's negotiations have dragged on acrimoniously. The military governments in Mali, Niger and Burkina Faso are using legal disputes, arrests and nationalisations, as well as threats to deepen their ties with Russia, to assert greater control over their gold and uranium wealth. But Ochieng of Control Risks said that did not mean Western operators were unwelcome. "Several Western mining companies have been allowed to expand operations and take on new assets provided they comply with the latest regulations and taxation demands," she said. After seizing power in 2020, Mali's junta pledged to scrutinise its mining sector so the state would benefit more from gold prices running at all-time highs. Some companies, like B2Gold, reached an agreement swiftly. Others, like Australia's Resolute, whose CEO was detained while in Mali for talks, took longer. B2Gold told Reuters it was proceeding with planned investments this year at its Fekola gold complex after reaching the deal. Resolute on Thursday told an investor call that it hoped its deal paved the way for better collaboration with Mali's government as it develops the Syama mine. Relations with Barrick, however, deteriorated last year. After authorities arrested four Malians working for Barrick in September, the company paid 50 billion CFA francs ($80 million) and they were released. But Mali, which is seeking a total of around $350 million, demanded further payments. Mali represents 14% of Barrick's gold output and the company generated $949 million in revenue from its operations there in the first nine months last year. In early November, Bristow told Reuters the company had offered Mali 55% of the economic benefits from its Loulo-Gounkoto mine complex - similar to an agreement the miner struck with Tanzania about five years ago. But when Barrick did not pay a second tranche, Mali accused the company of breaking its commitments and demanded the remaining sum be paid at once rather than in tranches. It began blocking Barrick's exports in early November. Discounting VAT credits, Mali says Barrick has 125 billion CFA francs left to pay. When no payment came, four employees were detained again in late November and Mali issued an arrest warrant for Barrick CEO Mark Bristow on Dec. 5. Nevertheless, contacts continued behind the scenes. One source who spoke to Barrick senior management told Reuters on Dec. 6 that Barrick was close to paying a second tranche of 50 billion CFA. But no payment was made and the conversations stalled. Formal talks resumed on Tuesday. Freddie Brooks, metals & mining analyst at BMI, a FitchSolutions company, said that under Bristow's leadership Barrick had probably the highest tolerance for operational risk of any major miner. "If they can't negotiate a compromise with Mali's military junta, it won't be for lack of trying," he said. CLASHES WITH BRISTOW Samba Toure quit Randgold around nine years ago after a quarrel in an online meeting with Bristow, who was CEO of that company at the time, according to someone who has worked with both Toures. The rift deepened after Samba handed in his resignation and was not allowed to dispose of his vested Randgold share options, domiciled in London. Mamou Toure had already left Randgold in 2015, following a dispute with Bristow over the use of foreign contractors, one of the sources said. Barrick did not respond to a request for comment on the circumstances of the Toures' departures. When the government announced its plans to audit the mines, Mamou won the consultancy contract with his firm Iventus Mining. It was Samba Toure who directed the audits, two sources said. After Mali created a state-owned mining company, SOREM, in 2022, Samba was named chairman of the board, with Mamou appointed as a director. The influence of the Toures is not unchallenged, however. Last summer, junta leader Goita grew frustrated with the negotiations and brought in the director of state security, Modibo Kone, one of the five colonels-turned-generals who lead the junta, one source said. A second source confirmed Kone's involvement in the talks. On at least one occasion, the finance minister has also taken over negotiations and instructed Mamou to stand down after he went too far in his demands, according to one source familiar with the talks. Five sources said that the mines minister, a technocrat with no ties to the military, has been sidelined. However, Mamou denied that, noting the ministry has two representatives on the negotiating commission. The commission takes its orders from the mines ministry as well as the finance ministry, he said. Mali's finance ministry and presidency did not respond to requests for comment. It was not possible to reach the state security service. SPECIAL FORCES RAID With exports banned and Barrick's mines producing up to half a ton of gold weekly, stockpiles were rising in its secure "gold room" at the Loulo-Gounkoto mine complex. As of Dec. 27, Barrick held just over 3 tons in its vaults, according to a Jan. 2 court order seen by Reuters, which authorised its seizure. At mid-morning on Jan. 11, a helicopter landed at the mine complex's landing strip unannounced. Four special forces soldiers, a customs agent, two officers of the state mining directorate, and other plainclothes officials disembarked and presented paperwork to Barrick staff authorising them to seize the gold, one of the sources said. "They shipped a first quantity and came back in the evening for a second shipment," the source said, adding that it was all over by 7:00 pm. For now, the gold seized from Barrick's mines is sitting in the vaults of the state-owned Banque Malienne de Solidarite in Bamako. The bank declined to comment. Barrick, which confirmed the seizure of the gold, says it has suspended operations at Loulo-Gounkoto. The Jan. 2 order said the seizure was a preventative measure as part of the charges of money laundering and other unspecified financial crimes that have been levelled at Bristow and other Barrick employees under Mali's laws. Barrick is resisting the government's demand to migrate to the new 2023 mining code largely because of increased taxes under the code, two sources said. Pending next year is the renewal of Barrick's mining permit. The government has signalled it could refuse it. One source, who has consulted for the Malian government, said the government was seeking leverage for that negotiation, while the company wanted to clinch a long-term renewal under favourable terms. "I think they don't trust each other, but no one has an interest in a break-up," the person said. Some investors, however, are anticipating a tough road ahead for Barrick in Mali, including the possibility the company could lose its assets. "The market has already factored in all the risks on Barrick shares, and the possibility that not much of production is going to come from Mali anytime soon," said Martin Pradier, materials analyst at Toronto-based Veritas Investment Research Corporation, which covers Barrick. ($1 = 626.7500 CFA francs) Sign up here. https://www.reuters.com/markets/commodities/how-two-former-employees-are-driving-malis-hardball-talks-with-barrick-2025-02-01/

2025-02-01 15:41

BAMAKO, Feb 1 (Reuters) - Thirteen artisanal miners, including women and three children, were killed in southwest Mali on Wednesday after a tunnel in which they were digging for gold flooded, the national union of gold counters and refineries (UCROM) said on Saturday. The incident occurred at an open-pit gold mine near the village of Danga in the Kangaba Cercle in Mali's southwestern Koulikoro region, UCROM Secretary General Taoule Camara said via telephone. The sluice gates of a muddy water reservoir broke and spilled into a tunnel in which women and children were digging out earth to search for leftover gold particles. "It is serious. There were a lot of women. We spent all day yesterday clearing away the water to start looking for the bodies," Camara said earlier this week, when a death toll was still unavailable. Artisanal mining is a common activity across much of West Africa and has become more lucrative in recent years due to growing demand for metals and rising prices. Deadly accidents are frequent as the artisanal miners often use unregulated digging methods. More than 70 people were killed in January last year after a shaft collapsed at an artisanal gold mining site in the Kangaba Cercle. Sign up here. https://www.reuters.com/world/africa/mali-gold-mine-accident-kills-more-than-dozen-including-women-children-2025-02-01/

2025-02-01 10:53

Feb 1 (Reuters) - India's Finance Minister Nirmala Sitharaman unveiled the annual budget on Saturday, which focused on boosting the spending power of its middle-class population, encouraging inclusive development and private investment to strengthen growth. The broader stocks market, however, saw mixed reactions to the policies presented under the budget for 2025-26. Below are some of the key stock movements during the session: CONSUMER GOODS The fast-moving consumer goods index (.NIFTYFMCG) , opens new tab climbed 3% and logged its best day in eight months. The Indian government said people earning up to 1.28 million rupees ($14,791.53) per year will not have to pay any taxes, raising its threshold from 700,000 rupees. Executives from automobile and consumer firms said this move will put more disposable income in the hands of the people and boost consumption in the country. Hindustan Unilever (HLL.NS) , opens new tab, Nestle and Dabur (DABU.NS) , opens new tab gained 1.5%-2%. Shares of cigarette companies ITC (ITC.NS) , opens new tab and Godfrey Phillips India (GDFR.NS) , opens new tab jumped 3.4% and 10.3%, respectively, as there were no tax hikes on tobacco products in the budget. AUTOMAKERS Two-wheeler companies Bajaj Auto (BAJA.NS) , opens new tab, Hero MotoCorp (HROM.NS) , opens new tab and Eicher Motors (EICH.NS) , opens new tab jumped between 1.4% and 4%, powering auto index (.NIFTYAUTO) , opens new tab 2% higher, with analysts attributing the jump to budgetary measures to put more disposable income in the hands of the consumer through lower taxes. Major auto firms like Maruti Suzuki (MRTI.NS) , opens new tab and Hyundai Motor India (HYUN.NS) , opens new tab also added 5% and 4.4%, respectively. REALTY The real estate index (.NIFTYREAL) , opens new tab gained 3.4% and posted its best day since June 6, 2024, with Phoenix Mills (PHOE.NS) , opens new tab emerging as top gainer with 7.5% rise. FOOTWEAR, FISHERIES STOCKS Footwear makers Bata India (BATA.NS) , opens new tab and Liberty Shoes (LIBS.NS) , opens new tab jumped 6.2% and 7.3%, respectively, on policy plans to support the leather industry. Fisheries-linked stocks also advanced after the finance minister said the government will focus on sustainable harnessing of fisheries, especially in the Andaman and Nicobar Islands and Lakshwadeep. Apex Frozen (APEX.NS) , opens new tab and Zeal Aqua (ZEAQ.BO) , opens new tab jumped about 5% each among the major stocks. INFRASTRUCTURE Infrastructure-related stocks slumped, with the index (.NIFTYINFR) , opens new tab down 1.1%, following 'modest' hike in capital spending announced in the budget. Shares of L&T (LART.NS) , opens new tab led losses in the index, down 3.4% and marking their sharpest one-day fall since Oct. 25, 2024 UltraTech (ULTC.NS) , opens new tab, the country's largest cement maker by capacity, settled 2% lower, having fallen as much as 6% earlier. Ircon International shed 9.3% to emerge as the worst hit stock in the Nifty 500 index (.NIFTY500) , opens new tab. INSURERS HDFC Life (HDFL.NS) , opens new tab, SBI Life (SBIL.NS) , opens new tab and ICICI Prudential Life (ICIR.NS) , opens new tab fell between 1-3% as an increase in tax slabs tends to reduce incentive for a tax-saving insurance products. ($1 = 86.5360 Indian rupees) Sign up here. https://www.reuters.com/world/india/corporate-winners-losers-indias-budget-2025-02-01/

2025-02-01 10:23

BENGALURU/NEW DELHI Feb 1 (Reuters) - India on Saturday proposed to amend its nuclear liability law to boost foreign and private investments in the much-guarded sector, ahead of Prime Minister Narendra Modi's U.S. visit. The announcement was part of Indian Finance Minister Nirmala Sitharaman's budget on Saturday. Strict liabilities under India's Civil Liability for Nuclear Damage Act, 2010, have hampered implementation of the India-U.S. nuclear deal that envisaged participation of U.S. power plant makers such as General Electric (GE.N) , opens new tab and Westinghouse. The White House last week said that the plan for Modi's U.S. visit was discussed when he called U.S. President Donald Trump. "For an active partnership with the private sector towards this goal, amendments to the Atomic Energy Act and the Civil Liability for Nuclear Damage Act will be taken up," Sitharaman said in her budget speech, without giving more details. The Atomic Energy Act of 1962 bars private investments in India's nuclear power plants. "This is definitely a positive in terms of meeting our climate change goals," said Vikram V, Vice President, Co-Group Head - Corporate Ratings, ICRA Ltd. "However, clarity would be required on the timelines for amending the Atomic Energy Act including the civil liability aspect as well as the overall tariff and policy framework for awarding these projects to the private sector," he said. Development of at least 100 gigawatts of nuclear energy by 2047 is essential for India's energy transition efforts, minister Sitharaman said. Adding 100 GW of nuclear capacity over the next 20 years is "doable and not very ambitious," said Arun Kumar, an energy expert and a professor at the Indian Institute of Technology, Roorkee. Unlike conventional nuclear plants, small reactors can be installed in factories or plants from which they can draw power, he said. India, which currently has about 8 gigawatt of nuclear capacity, aims to increase it to 20 GW by 2032. Sitharaman also proposed to set up a Nuclear Energy Mission with an outlay of 200 billion rupees ($2.31 billion) and operate at least five indigenously developed small module nuclear reactors by 2033. India, which has pledged to achieve a net zero carbon emission target by 2070, last year asked the states that are away from coal resources to consider setting up nuclear-based power plants. Last February, India had proposed to partner with private players to develop small nuclear reactors to boost production of electricity from sources that don't produce carbon dioxide emissions. ($1 = 86.5360 Indian rupees) Sign up here. https://www.reuters.com/world/india/india-budget-india-proposes-open-up-guarded-nuclear-sector-private-firms-2025-02-01/