2024-03-02 21:33
SANTIAGO, March 2 (Reuters) - Chile wants to have three or four new lithium projects operational by 2026, the country's Minister of Finance Mario Marcel said on Saturday. The South American country - the world's largest copper producer and the second-largest producer of lithium - initiated a policy last year to increase state control of the strategic metal needed in batteries for electric vehicles. Marcel spoke following a meeting with U.S. Treasury Secretary Janet Yellen, who has been touring the country. On Saturday, Yellen visited the U.S. lithium producer Albemarle (ALB.N) , opens new tab in northern Chile, saying expanded U.S.-Chilean ties would benefit both countries, improve energy security and help achieve key climate goals. There are currently only two producers of lithium in Chile - Albemarle (ALB.N) , opens new tab and SQM (SQMA.SN) , opens new tab - with investors still waiting for the left-wing government of President Gabriel Boric to define its national lithium strategy as it seeks public-private partnerships to develop its lithium salt flats. Earlier this week, Chile's mining minister said the government had hoped to finalize lithium exploration tenders in the first quarter of this year for private companies. Chile's state-owned copper mining company, Codelco, has been selected to represent the Chilean state in the new public-private model for lithium as Boric seeks to expand the long-stalled industry. https://www.reuters.com/markets/commodities/chile-wants-3-or-4-new-lithium-projects-running-2026-finance-minister-says-2024-03-02/
2024-03-02 19:10
LA NEGRA, Chile, March 2 (Reuters) - U.S. Treasury Secretary Janet Yellen on Saturday predicted expanding demand for lithium - a core component needed in batteries for electric vehicles - would boost U.S. imports from Chile substantially in coming years. Yellen toured U.S. lithium producer Albemarle (ALB.N) , opens new tab in northern Chile on Saturday as she wrapped up a visit to Chile that included meetings with President Gabriel Boric, Economy Minister Mario Marcel and business executives in Santiago. She told reporters after visiting the Albemarle site in La Negra, about 30 minutes southeast of Antofagasta, that rising demand for clean energy could generate some $3 trillion in global investment opportunities through 2050. Expanding U.S.-Chilean ties would benefit both countries, improve energy security and help achieve key climate goals, she said, noting that a core goal of the U.S. Inflation Reduction Act is to reduce overdependence on strategic goods, including critical minerals, from China. Yellen said the U.S. was keen to expand domestic production and find other sources of critical minerals like lithium needed to power electric vehicles. "We want to certainly acquire minerals from our free trade partners, especially a country like Chile that is producing with great environmental sensitivity and has its own strong climate agenda," Yellen said. She said increased purchases of lithium would likely increase U.S. imports from Chile and increase its share of Chilean exports. China is now Chile's biggest export market. "I can't tell you numbers, but I imagine that we will be expanding substantially our purchases from Chile," she said. Yellen's visit to Chile is part of a broader push dubbed "friendshoring" to diversify U.S. supply chains by bolstering ties with key allies and partners such as Chile. Washington has a strong interest in Chile as the world's largest producer of copper and the second largest producer of lithium, both components critical to the green transition. EXPAND TRADE FLOWS She told reporters on Friday that the U.S. wanted to expand its own trade flows with Chile, not dissuade it from trading with China, its biggest trading partner, adding, "It's not a competition." Yellen said Chile's lead production role in copper was critical, noting that demand is projected to double by 2035, since the metal is required for everything from electric vehicles to offshore wind turbines and transmission networks. With 30% of global market share and the largest lithium reserves, Chile is also the world’s second biggest producer of lithium, which is expected to see a tripling of demand by 2030 given its key role in energy storage, such as for EV batteries. Chile's 20-year-old free trade agreement with the United States means critical minerals from Chile help vehicles qualify for clean vehicle tax credits under the Inflation Reduction Act, which Yellen said would boost industries in both countries. She said Albemarle's investment in Chile showed the benefit of expanded ties, noting the North Carolina-based company had two sites in Chile that employ 1,000 people: a production site in Salar de Atacama and a conversion plant in La Negra. There would be shifts in the medium to long term as the U.S. ramps up lithium production in the United States, Yellen said, citing a planned Albemarle lithium mine due to open in North Carolina by 2030 and a separate mine and processing facility in Nevada that broke ground one year ago. Yellen said Chile was working on recommendations as part of a new national lithium strategy, and said its goal was to ensure "they don't end up in a situation where any one country totally dominates the production." She said she could not comment on the details of the emerging regulatory framework, but noted that companies like Albemarle saw "a very bright future" ahead in Chile. https://www.reuters.com/business/environment/yellen-visits-us-lithium-site-chile-eyes-progress-green-transition-2024-03-02/
2024-03-02 18:42
CAIRO, March 2 (Reuters) - The Houthi Transport Ministry in Yemen said on Saturday there had been a "glitch" in undersea communication cables in the Red Sea as a result of actions by U.S. and British naval vessels. The actions "endangered the security and safety of the international communications and the flow of information," the ministry said in a statement, reported by the Houthi-run Saba news agency, without giving details. "Any glitch in these cables as a result of the militarization of the Red Sea by U.S. and British naval vessels represents a serious threat to the information security and economic and social stability for all countries of the world," the statement read. The Houthis, who control the most populous parts of Yemen, have launched exploding drones and missiles at commercial vessels since Nov. 19 as a protest against Israel's military operations in Gaza. The United States and Britain have carried out several strikes against Houthi targets in response. https://www.reuters.com/world/middle-east/yemens-houthis-blame-uk-us-glitch-red-sea-undersea-cables-2024-03-02/
2024-03-02 15:31
Armenia and Azerbaijan are seeking a peace agreement Azerbaijan recaptured Nagorno-Karabakh last year Armenia is also seeking normalisation of ties with Turkey ANTALYA, Turkey, March 2 (Reuters) - Armenia is ready to sign a peace agreement with Azerbaijan if Baku shows the same political will, and is keen to make progress on normalising relations with Turkey, a senior Armenian official said on Saturday. Yerevan and Baku said in December they wanted to reach a peace deal after decades of being at odds, but no agreement has been signed yet. The most divisive issue has long been the Nagorno-Karabakh region in Azerbaijan. Baku's forces recaptured the mountainous area in September after years of ethnic Armenian control, prompting most of its ethnic Armenians to flee to Armenia. Deputy Foreign Minister Vahan Kostanyan said Armenia had the political will for a normalisation of relations with Azerbaijan based on principles previously agreed upon by the two sides. "This is an issue of political will and leadership," he told Reuters in an interview during the Antalya Diplomacy Forum in Turkey. He said Yerevan had shown the political will needed, including at talks on Friday between the foreign ministers of Armenia and Turkey, Baku's main backer. "Now, if the Azerbaijani side is really interested in having peace, we just need to agree to put the agreed principles by the leaders (on paper) and sign it," he said. Among outstanding issues is the lack of agreement over their shared border, with each side holding small areas surrounded by the other's territory. Kostanyan said the two sides needed to recognise each other's territorial integrity and sovereignty, and drew attention to Yerevan's "Crossroads for Peace" plan for opening n communication lines in the region to help regional stability. There was no immediate comment from Baku n his remarks. SEEKING BETTER TURKEY-ARMENIA TIES NATO member Turkey has deepened political and military ties with Azerbaijan in recent years but has also been working to revive ties with Armenia after decades of animosity after severing diplomatic and commercial ties in 1993 in support of Azerbaijan during a war Baku was fighting in Nagorno-Karabakh. Kostanyan said Armenia wanted a full normalisation of ties with Turkey, including the opening of their shared border and establishment of diplomatic relations. "The establishment of diplomatic relations is basically communications between two states," he said. "Of course, reconciliation between two nations can take longer, but we need to have diplomatic relations which will help us and help our people." He said Yerevan had done the work needed to open borders with Turkey, including infrastructure repairs, and was awaiting on Ankara's response. Turkey and Armenia are at odds primarily over the 1.5 million people Yerevan says were killed in 1915 by the Ottoman Empire, the predecessor to modern Turkey. Armenia says this constitutes genocide. Turkey accepts that many Armenians living in the Ottoman Empire were killed in clashes with Ottoman forces during World War One, but contests the figures and denies it was systematic. https://www.reuters.com/world/asia-pacific/armenia-says-its-ready-peace-deal-if-azerbaijan-shows-political-will-2024-03-02/
2024-03-02 12:06
TORONTO, March 2 (Reuters) - Canada is concerned about market manipulation and dumping in key metals used in electric vehicle batteries, a federal Canadian minister told Reuters, adding the country wants to explore a U.S.-mooted alternative pricing model. Canada, along with Australia and the U.S., is looking to develop its critical mineral supply chain to break the monopoly of China which controls over 90% of key metals that are crucial for energy transition. "There will be significant incremental demand for critical minerals going forward, but we do have some challenges right now with prices and clearly we are concerned about issues relating to market manipulation and dumping," Energy and Natural Resources Minister Jonathan Wilkinson said this week, adding the concerns are shared by many democratic countries. Dumping refers to an anti-competitive trade practice when a country exports certain products at a price lower than what is sold in its home country. The minister said the topic will be discussed during the annual Prospectors and Developers Association of Canada (PDAC) conference in Toronto, one of the world's largest gatherings of mining companies and their financiers, that starts on Sunday. Wilkinson said there is still some way to go before Canada and its allies solve the issue of dumping, but one of the ideas being discussed is the concept of an alternative pricing mechanism. The U.S. Department of Defense plans to develop a program to estimate prices and predict supplies of critical minerals to boost market transparency. Wilkinson said Canada does not want to be in a position like Germany which was reliant on Russia for cheap natural gas. "We need to find pathways through which we are developing resources outside of Chinese influence." The mood at the four-day PDAC gathering will be dour, as miners are buffeted by weaker demand and plummeting prices. Lithium and nickel prices have fallen by over 70% and 40% respectively in the past year, forcing many to cut production and cut jobs. The S&P TSX Venture Metals and Mining index is down 28% year-on-year. In Canada, which is home to about 40% of the world's listed mining companies, the slump in battery metal prices has impacted companies' ability to raise funds. Canadian miners say the commodity crash, macroeconomic challenges and the government's increased scrutiny of foreign deals have led to a feeling that Canada is not as attractive a destination for capital formation as it was a few years before. "I think Canada has lost its shine with regards to capital formation," said Dominique Barker, Chief Financial Officer, Lithium Royalty Corp (LIRC.TO) , opens new tab, adding that better policy alternatives in countries such as Australia are making them more attractive to investors. Ottawa's move in 2022 to force three Chinese companies to divest from Canadian listed companies citing national security concerns has cast a shadow on inbound deals in the mining sector. "The decision (of asking Chinese companies to divest) dissipated or reduced the ability for transactions to occur during a very active phase of fund raising," said Ali Haji, CEO of ION Energy (ION.V) , opens new tab, a lithium exploration company with a project in Mongolia. https://www.reuters.com/markets/commodities/canada-concerned-about-critical-metals-market-manipulation-minister-says-2024-03-02/
2024-03-02 11:16
ANCHORAGE, Alaska, March 2 (Reuters) - The world's most famous sled-dog race got under way on Saturday when 38 mushers and their canine teams, one of the smallest rosters of competitors ever, lined up in downtown Anchorage, Alaska, to start the 52nd annual running of the Iditarod. The untimed and ceremonial 11-mile (18 km) jaunt through the state's most populous city will kick off the grueling 1,000-mile test of endurance into the Alaska wilderness. Timed competition begins on Sunday in the small community of Willow, north of Anchorage, with the winner expected to cross the finish line in the Bering Sea town of Nome about eight or nine days later. At an annual mushers banquet held Thursday night to determine the starting order, 12-time contestant Anna Berington was chosen in a random drawing to lead off the 52nd edition of the Iditarod Trail Sled Dog Race. Berington is among 11 women in this year's contest, including at least three returning veterans who have finished multiple races in the top 10. The Iditarod is one of the world's few high-profile sporting events in which men and women compete on an equal footing. One of this year's veterans, Jessie Royer from Montana, has logged top-10 finishes in eight races going back to 2005, including third-place showings in 2019 and 2020. Another, Mille Porsild from Denmark, has four top-10s since 2020, including ninth place last year and fifth in 2021. Among this year's favorites is 2023's champion, Ryan Redington, who was also a top-10 finisher the three previous years. His grandfather Joe is known as the "father of the Iditarod" for his work in organizing the event at its inception. A second front-runner is Dallas Seavey, who finished first in 2012 as the youngest Iditarod champion in its history, at age 25, and went on to win four more races, becoming one of only two mushers to ever have claimed the trophy five times. Seavey, who has also won the Yukon Quest sled dog race twice, is the son of three-time Iditarod champion Mitch Seavey. Yet another leading contender this year is Peter Kaiser, the 2019 champion and first Native Yup'ik musher to win. He was last year's runner-up and a top-10 finisher in six other runnings. SMALL ROSTER Berrington, Redington, Seavey and Kaiser all hail from Alaska, as do the overwhelming majority of contestants this year - 27 in all. They are competing alongside six teams from the Lower 48 states - Utah, Montana, Idaho, Washington and New Hampshire - and four from other countries - Canada, Denmark, Sweden and Switzerland. The number of competitors this year, 38, represents one of the smallest fields going back to the first year of the race in 1973, when 34 signed up. Last year was the smallest roster, with just 33 entries. In its heyday, the race featured rosters of entrants numbering in the 70s and 80s. Nearly half of this year's mushers, 16, are rookies. The race, commemorating a famed dog-sled relay to deliver diphtheria serum to Nome in 1925, has come a long way since it began in 1973 as a low-budget novelty event consisting entirely of amateur mushers and taking 20 days to complete. Now, top Iditarod contestants are professionals with high-tech gear bearing sponsors' logos. Teams are tracked by global positioning satellite, and live coverage is streamed worldwide to audiences via the internet. The modern race attracts major corporate backing, though in recent years animal rights activists who condemn the race as cruel to the dogs have pressured some companies to end support. Climate change has wrought some of the greatest changes to the contest, as it has to much of life in the far north. In 2020, flooding swamped the ultra-thin Bering Sea ice near the end of the race course, and three mushers and their dogs had to be rescued, forcing contestants who followed to be rerouted farther inland to avoid standing water. During the COVID-19 pandemic, the course was altered to move checkpoints away from remote Native Alaska villages that remained extra vigilant against outbreaks of the virus due to scarce healthcare resources. https://www.reuters.com/world/us/alaskas-52nd-annual-iditarod-sled-dog-race-mushes-starting-line-2024-03-02/
