2024-04-22 20:58

TORONTO, April 22 (Reuters) - Canada said on Monday it helped pay for the removal of 695 metric tons of lost fishing gear in Atlantic Canada, which was hit by storm Fiona in 2022. The storm surge swept up fishing equipment such as nets and rope, known as "ghost gear," during Fiona, which reached Canada as a powerful post-tropical storm. The gear, a form of plastic pollution, threatens marine mammals and fisheries. Fiona forced evacuations as wind gusts reached 170 km per hour (106 mph) and the surge swallowed up homes on the coastline. Canada announced results of the cleanup as global leaders gather in Ottawa this week to work on drafting a first-ever global treaty to rein in soaring plastic pollution. The Canadian government helped pay for the cleanup from a C$30 million ($21.89 million) fund it created after Fiona, Fisheries Minister Diane Lebouthillier said. "Ghost gear threatens the sustainability of fisheries, which harms the economic prosperity of coastal communities," she said. Lost fishing gear is a global problem, including in the upper Andaman Sea off Thailand, where an estimated 30% of endangered marine life is affected by plastic pollution. Canada is working on a plan to prevent fishing gear loss in the future, the fisheries department said. Commercial fishers in Canada are required to report lost gear to the federal fisheries department. Ingrid Giskes, senior director of Global Ghost Gear Initiative, the international NGO for marine conservation group, said that abandoned fishing gear is the deadliest plastic pollution in the ocean. "It's made to capture and kill marine life and it will continue to do so after it's lost" she said. ($1 = 1.3704 Canadian dollars) The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here. https://www.reuters.com/world/americas/canada-cleans-up-nearly-700-metric-tons-lost-fishing-gear-2022-storm-fiona-2024-04-22/

2024-04-22 20:54

SANTIAGO, April 17 (Reuters) - Chilean President Gabriel Boric told a major copper industry conference on Wednesday he expects production at state-run miner Codelco to grow slowly this year and reach 1.7 million metric tons by 2030, and that he sees copper prices rising. "The Codelco production will rebound," he said, offering a vote of confidence for the country's top copper producer whose output last year hit a quarter-century low, at 1.325 million metric tons. Boric's comments came in a surprise appearance at a gathering of top global copper executives and analysts at CESCO Week, which alongside the CRU World Copper Conference, makes up the biggest annual gathering of sector professionals. At a time when global companies have raised concern about long approval times for new mines and expansions, he said Chile, the world's biggest copper producer, is dedicated to speeding up the permitting process for mining projects. He also stressed the need for greater economic distribution of mining industry profits to local communities. As well, Boric said one of Chile's strong suits was ensuring long-term security for investors. "Long term mining projects work when there is greater certainty, when there are clear rules for all," he said. "Investments are also based on the perception of trust. And that is something intangible." When Boric said he believed this attitude should underscore Chilean policy no matter who is president, the room of nearly 2,000 attendees burst into applause. He said Canada-based Teck Resources' (TECKb.TO) New Tab, opens new tab CEO Jonathan Price had remarked in a recent meeting that the company might not have invested in copper mine Quebrada Blanca if it had known it would have taken 10 years to get off the ground, but he was proud of the project. The mine's expansion last year was among the biggest mining investments in Chile in a decade. Boric also talked about the government's efforts to boost lithium production, praising the benefits of public-private partnerships at a time when Codelco is tasked with spearheading such partnerships in Chile's lithium industry. A process meant to encourage private investment in lithium kicked off just this week, he said, adding that he expected output of the ultralight metal to double in a decade. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here. https://www.reuters.com/markets/commodities/chiles-president-says-codelco-output-grow-touts-investment-climate-2024-04-22/

2024-04-22 20:49

MEXICO CITY, April 22 (Reuters) - Mexican state oil producer Pemex's debt with suppliers rose 17.3% month-on-month in March to 163.2 billion pesos ($9.53 billion), the company said in a report on Monday. Pemex owes providers 162.9 billion pesos from this year and last, with projects and materials pending invoice at the end of March for another 326 million pesos. The company, which owes an additional $106.1 billion in financial debts, made payments worth 505.9 billion pesos in 2023 and 2024. The report excludes debt stemming from disputes or taxes, and projects in conciliation proceedings with creditors. For months, the energy company has faced serious difficulties paying suppliers, contractors and oil operators, who have warned that a lack of compliance could lead to production drops and threaten private companies. Pemex's supplier debt reported on Monday is significantly below the 359.8 billion pesos at end-2023, its highest level in recent years. In February, Pemex said it would seek to accelerate payments to meet those liabilities. ($1 = 17.1288 Mexican pesos) Sign up here. https://www.reuters.com/business/energy/mexico-oil-firm-pemexs-debt-with-suppliers-rises-173-march-2024-04-22/

2024-04-22 20:47

SANTIAGO, April 18 (Reuters) - Chile's state-run copper miner Codelco must focus on boosting its production, but it has a global prestige that would not be tarnished if it cedes its role as Chile's top producer to rival BHP (BHP.AX) New Tab, opens new tab, Mining Minister Aurora Williams said on Thursday. Codelco, the world's largest copper producer and a symbol of national pride, is aiming this year to reverse two years of falling production in a bid to not only boost profits but also buttress Chile's sway over global markets. That plan has been complicated as cost overruns and delays, including accidents, have dogged maintenance and expansion projects. While Codelco met its first-quarter production target, April's numbers likely will be "a little low," Williams said, after a worker died in an accident at the company's Radomiro Tomic mine, shuttering production for a few days. Codelco produced 1.42 million metric tons of copper in 2023, while the mines in Chile operated by Australian miner BHP, including Escondida, the world's biggest copper mine that it co-owns with Rio Tinto (RIO.L) New Tab, opens new tab, (RIO.AX) New Tab, opens new tab and Japan's JECO Corp, produced 1.39 million tons. The 50-year-old Codelco accounts for about a quarter of total copper output in Chile. "I don't think that just one element - production - could at some point detract from Codelco's prestige," Williams told Reuters in an interview, when asked about the potential fallout of Codelco being displaced by BHP. "Outside Chile, to talk about Codelco is to talk about a benchmark in mining." President Gabriel Boric on Wednesday told nearly 2,000 attendees at a major copper industry conference that he expected Codelco's output to rebound this year. Williams said she was also supportive of BHP boosting production, noting that Escondida alone produces more than 1 million tons of copper a year. "This is more than a competition. It's about producing responsibly and developing the mining sector," she said. Along with that goal, Chile aims to support new projects through faster permitting processes, and wants to boost production of the battery metal lithium, which is currently only extracted by two companies in the country. Saudi Arabia's embassy in Santiago approached the ministry about hosting a delegation from the Middle Eastern country later this year to discuss potential investments in Chile's mining sector, said Rodrigo Urquiza, the ministry's head of international affairs. Williams declined to be more specific about which metals could be of interest to Saudi Arabia. NEW TECHNOLOGIES On lithium, Williams said that the Boric administration had no plans to mandate a specific type of direct lithium extraction (DLE) technology for private companies that aims to extract the battery metal from the country's salt flats. Boric last year announced an ambitious plan to phase out evaporation ponds, traditionally used to remove the metal from brine, and require the use of DLE across the country, which has the world's largest lithium reserves. "For us, it's implicit that lithium development has to come with new technologies," Williams said. She unveiled a process earlier this week to solicit private interest in development of the country's salt flats. As part of the application process, the ministry is asking applicants what type of DLE they would use. "There is no single recipe here, because the salt flats are different," she said. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here. https://www.reuters.com/markets/commodities/codelco-eyeing-more-output-not-competition-with-bhp-chiles-mining-minister-says-2024-04-22/

2024-04-22 20:44

NEW YORK, April 22 (Reuters) - A Vanguard executive said on Monday increasing inflation protection in investment portfolios was worthwhile in light of recent U.S. data and the global risks of a rebound in price pressures. For international investors, the strategy was also worth considering because Middle East tensions could lift transportation costs and oil prices, Roger Hallam, global head of rates at the world's second-largest asset manager, said in a webinar. "We do think it's attractive to increase the level of inflation protection within portfolios at present," he said. Treasury Inflation-Protected Securities at the front end of the curve are particularly attractive, he added. Signs of stubborn inflation have pushed U.S. bond yields higher this year, as investors shifted expectations for the scope of Federal Reserve interest rate cuts in 2024. Yields move inversely to prices. Vanguard's base scenario is for a "deferred landing" for the U.S. economy - continued economic growth and higher inflation than the Federal Reserve wants, but not high enough for the central bank to hike interest rates again. Such a scenario would be positive for investors in corporate bonds and U.S. Treasuries because of high interest income and potential price gains if the Fed does lower rates. But it is also entails "tail risks" such as a rebound in inflation or weakening in economic growth, Chris Alwine, global head of credit at Vanguard said in the webinar. "We're still constructive on credit, but very mindful as this theme of soft landing or extended cycle eventually runs its course and then we move into either re-acceleration or a shallow recession," he said. Vanguard expects inflation and economic growth to continue to drive Treasury yields over the next few months but concerns over the U.S. government deficit and debt burden could gain prominence ahead of the U.S. presidential election in November. "If either of the presidential candidates was to campaign on a platform of fiscal expansion, we do think that will be very market relevant," said Hallam, adding that it could drive bond yields higher. Sign up here. https://www.reuters.com/markets/us/vanguard-recommends-increasing-inflation-protection-portfolios-2024-04-22/

2024-04-22 20:21

TRIANGLE, Va., April 22 (Reuters) - President Joe Biden on Monday celebrated Earth Day by announcing $7 billion in grants for residential solar projects that will power nearly a million low-income households. The announcement kicks off a week of activities aimed at touting his administration's record on climate change. Biden revealed the funding in a speech at Prince William Forest Park in Triangle, Virginia, where he also announced that applications are open to join the American Climate Corps, a program to prepare young people for jobs in climate-related industries. Young voters, who tend to be more concerned about climate change, are a key constituency for Biden, a Democrat, as he prepares to face former President Donald Trump, a Republican, in the Nov. 5 presidential election. The $7 billion of solar funding through the Environmental Protection Agency's Solar for All grant competition was included in Biden's landmark climate change law, the Inflation Reduction Act. It will create 200,000 jobs and save households in the program about $400 a year, according to the White House. "Solar for All will give us more breathing room and cleaner breathing room," Biden said, noting that low-income families can spend up to 30% of their paychecks on energy bills. Grant recipients include 60 state and local agencies and non-profits with programs to help residents in poor communities go solar and save on their power bills. The winners include several organizations with plans to provide solar to native American households in states including Alaska, Arizona, New Mexico and Colorado. Residential solar has long been regarded as difficult to access for lower-income Americans because of its high upfront cost and because less affluent people tend to rent their homes or live in apartment buildings. The program is aligned with Biden's goal to direct 40% of federal clean energy investment benefits to disadvantaged communities. Biden's American Climate Corps will launch a web site, ClimateCorps.gov, where applicants will be able to see 2,000 open positions in 36 states, Washington, D.C., and Puerto Rico. The program's first class will start in June. The Climate Corps aims to put more than 20,000 young people to work by training them, for example, to install solar panels, operate LiDAR cameras that detect methane emissions and restore mangrove ecosystems, the White House said. Program participants will have access to pre-apprenticeship training through a partnership with the North America's Building Trades Unions and a streamlined pathway to federal government jobs, Biden said. "I will put tens of thousands of young people to work at the forefront of our climate resilience and clean energy future," Biden said. A Biden rival for the presidency also held an Earth Day event on Monday. Independent candidate Robert F. Kennedy Jr. spoke on keeping the environment in the public's hands during a virtual campaign event, joined by wealthy tech lawyer Nicole Shanahan in their first appearance together since she was announced as his running mate in late March. Last week environmental organizations including the National Resources Defense Council Action Fund and Sierra Club published an open letter calling Kennedy "a dangerous conspiracy theorist and science denier whose agenda would be a disaster for our communities and the planet." Kennedy's campaign did not have a direct response on the letter. Get weekly news and analysis on the U.S. elections and how it matters to the world with the newsletter On the Campaign Trail. Sign up here. https://www.reuters.com/world/us/biden-unveil-7-billion-rooftop-solar-earth-day-message-2024-04-22/