2024-06-19 11:00

MUMBAI, June 19 (Reuters) - India's demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday. Peak demand for power in India's hot, arid northern plains hit a record earlier this week, even as the government said it continues to implement measures to meet high energy consumption. The India Meteorological Department (IMD) has predicted above-normal temperatures for June in the northwest and central parts of the country, making it one of the longest heatwave spells. Cumulative coal production stood at 207.48 million tonnes as of June 16, a growth of 9.27% from the same period last year, the government said in a release. More than 75% of India's power generation was from coal in 2023, while gas-fired plants have accounted for only about 2% in recent years, largely because of the high cost of gas relative to coal. "The Ministry of Coal is fully committed to ramp up coal production and transportation, ensuring power plants have ample reserves to meet the surge in electricity demand," the release said. Sign up here. https://www.reuters.com/business/energy/indias-coal-based-power-demand-all-time-high-government-says-2024-06-19/

2024-06-19 10:32

EVENDALE, Ohio, June 19 (Reuters) - GE Aerospace (GE.N) New Tab, opens new tab is developing a hybrid electric engine with the hopes it will power next-generation narrow-body jets by the middle of the next decade. While the technology is still being tested, should GE be successful, it could produce hybrid-engine jets - like a Toyota Prius of the skies - that would go a long way toward cutting the aviation industry's carbon emissions worldwide, half of which come from single-aisle jets. Hybrid cars are common on the roads, but decarbonizing the aerospace industry is considered much more difficult. In hybrid engines, an aircraft uses several energy sources while in flight. Airbus (AIR.PA) New Tab, opens new tab estimates the mix of energy sources - jet fuel or sustainable aviation fuels combined with electricity – reduces fuel consumption by up to 5% compared to a standard flight. GE Aerospace is working with NASA on a project that will embed electric motors or generators in a high-bypass turbofan to supplement power during different phases of operation, company executives said. On Wednesday, the company said it has completed the initial tests of the hybrid components and a baseline test of the engine. It next plans to test the components and the engine together. The global aviation industry has set a goal of net-zero emissions by 2050. But technologies such as electric and hydrogen-powered aircraft are still unproven, making decarbonization a formidable challenge for the industry, which generates about 2% of global emissions. Developing more fuel-efficient engines to cut emissions is a new challenge for the aviation industry. Environmental critics have said the industry's net-zero targets are unrealistic, and argued that the only way to reach them is to substantially reduce flying globally. The hybrid engine program is one of several projects GE Aerospace has been pursuing to develop more fuel efficient technology. In partnership with France's Safran (SAF.PA) New Tab, opens new tab, GE is testing the building blocks for an open-bladed jet engine for the next generation of medium-haul jets that will be able to reduce fuel use and emissions by 20% from the middle of the next decade. GE's rival RTX (RTX.N) New Tab, opens new tab is also working on a hybrid-electric technology demonstrator that combines a thermal engine with electric motor, with a goal to improve fuel efficiency by 30%. Sign up here. https://www.reuters.com/business/aerospace-defense/ge-aerospace-developing-hybrid-engines-single-aisle-jets-2024-06-19/

2024-06-19 10:14

LIMA, June 19 (Reuters) - Surging copper prices this year have brought startling growth in the number of trucks carrying copper from illegal mines in Peru, jamming roads, causing accidents and creating hazardous conditions especially after dark along the Andean country's key "mining corridor" highway, industry sources told Reuters. With copper demand soaring as the world rapidly moves toward electric vehicles and clean energy, illegal mining has been booming. Trucks linked to artisan and illegal mining operations have been crowding vehicles from mines like Chinese-controlled MMG Ltd's (1208.HK) New Tab, opens new tab Las Bambas, Hudbay's (HBM.TO) New Tab, opens new tab Constancia and Glencore's (GLEN.L) New Tab, opens new tab Antapaccay. Mining sources told Reuters about alarming growth in delays and stoppages on the 482-kilometer highway, a partially paved road that is essential for trucks of copper concentrate getting to the coast. "There are as many (trucks) or even more than ours," said a source close to Las Bambas in Peru's southern Apurimac region, the country's fifth largest copper producer last year. "It complicates life for all the mines using the corridor." Informal mining trucks were involved in at least 11 accidents in May along the highway, according to a document shared with Reuters by a source at Canada's Hudbay, which included images showing damage to the roadway. Burgeoning stand-offs between big mines and artisan miners have complicated government efforts to spur investment and production to bolster the economy after Peru's long-held position as the No. 2 global copper producer was snatched away by rival Congo. Chile is No. 1, and Peru remains second for shipments. The Hudbay source said there were around 120 trucks daily from artisan mining operations, some of which operate with permits and others illegally. The trucks were damaging the roadway, causing accidents and pollution. "While we've seen this problem for some years, the increase in truck numbers in 2024 is startling," the source added, saying the mine had formally sought government intervention to strengthen inspection and controls on the road. Peru's Ministry of Energy and Mines and the regional Cusco government did not respond to requests for comment. A source close to Antapaccay said artisan and wildcat trucks often traveled at night to avoid detection. Peru's government has tried to regulate artisan mining sector more by tightening up on permitting. Small-scale copper and gold miners have pushed back and protested, gumming up the government's is plans to overhaul the sector. 'NO CONTROL, NO MONITORING' Local community groups told Reuters the recent boom meant more uncontrolled activity along the Andean region's roads. "The flow is strong, sometimes too much. It's the same amount again as Las Bambas, an average of more than 100 trucks a day," Robertson Pacheco, leader of a local defense front in the Velille district of Cusco told Reuters by phone. "Informal miners have no control, there's no monitoring." The mining corridor links mines in the regions of Apurímac, Cusco and Arequipa. There are some $12 billion of new projects being developed along the highway, such as Southern Cooper's (SCCO.N) New Tab, opens new tab Los Chancas and First Quantum's (FM.TO) New Tab, opens new tab Haquira. For months, Pacheco said, his neighborhood has requested a meeting with Cusco authorities to promote a "dialogue or agreement" with artisan miners, but he has had no response. The government, which has registered some 86,800 permits for artisan miners throughout Peru, claims that illegal mining, mainly gold, is worth some $3-4 billion per year and has become more lucrative than trafficking in illegal drugs. "There is definitely a problem of increased traffic in the mining corridor," said Lima-based mining conflict analyst Iván Arenas, adding that illegal mining, transportation and processing of metals was rising fast. "This supply chain will only continue to grow." Sign up here. https://www.reuters.com/markets/commodities/along-perus-mining-corridor-big-copper-faces-snarl-trucks-2024-06-19/

2024-06-19 09:56

WINDHOEK, June 19 (Reuters) - Namibia's central bank kept its main interest rate unchanged on Wednesday, responding to a slight uptick in inflation and protecting the local currency's peg to the South African rand. The repo rate has been at 7.75% (NACBIR=ECI) New Tab, opens new tab since June 2023. Consumer inflation edged up to 4.9% in annual terms in May (NACPIY=ECI) New Tab, opens new tab from 4.8% in April and 4.5% in March. "The MPC (Monetary Policy Committee) was wary of the recent deterioration in inflation, which could jeopardise the progress that has been made over the past year in containing inflation and safeguarding price stability," Bank of Namibia Governor Johannes !Gawaxab said in a statement. He said risks to the domestic economic outlook persisted due to factors including drought and falling diamond prices on the international market. Namibia is a major diamond producer and has significant deposits of lithium and rare earth minerals used in electric vehicles and wind turbines. The central bank sees inflation averaging 4.9% this year, unchanged from its last MPC meeting in April. Sign up here. https://www.reuters.com/world/africa/namibia-central-banks-key-rate-held-steady-775-2024-06-19/

2024-06-19 09:45

ATHENS, June 19 (Reuters) - The Greek-owned Tutor coal carrier attacked by Yemen's Houthi militants in the Red Sea last week has sunk, salvagers confirmed on Wednesday. The Tutor was struck with missiles and an explosive-laden remote-controlled boat on June 12 and had been taking on water, according to sources including maritime security companies and the United Kingdom Maritime Trade Operations (UKMTO). The UKMTO said on Tuesday that the vessel was believed to have become the second ship sunk by the Iran-aligned Houthis in the region since November. The Houthis say their attacks on international shipping accessing the Suez Canal via the Red Sea are in solidarity with Palestinians in Gaza. Two salvage vessels were on their way to recover the Tutor when they were informed that the ship was believed to have sunk, Andreas Tsavliris, one of Tsavliris' Salvage owners, told Reuters. Naval forces had informed vessels sailing to the area on Tuesday afternoon that the Liberia-flagged Tutor had sunk and that there was debris and evidence of oil at the site. "Therefore we abandoned the mission," Tsavliris said. The ship's Athens-based manager Evalend Shipping did not respond to Reuters' requests for comment. The ship was carrying 22 crew members from the Philippines who were evacuated on June 14 by military authorities and repatriated. One crew member, believed to have been working in the Tutor's engine room at the time of the attacks near the Yemeni port of Hodeidah, remains missing, the Philippines' Department of Migrant Workers has reported. The UK-owned Rubymar was the first ship sunk by the Houthis. It sank on March 2, about two weeks after being struck by missiles. Last week the Houthis also seriously damaged the Palau-flagged Verbena, which was loaded with wood construction materials. Sailors from the Verbena abandoned ship when they were unable to contain a fire sparked by the attacks. The vessel is now drifting in the Gulf of Aden and vulnerable to sinking or further assaults. The Houthi drone and missile assaults have forced shipping firms to divert vessels away from the Red Sea and Suez Canal to the longer route around the southern tip of Africa, delaying deliveries and raising freight costs. Sign up here. https://www.reuters.com/world/middle-east/salvage-firm-confirms-sinking-greek-owned-tutor-struck-by-houthis-2024-06-19/

2024-06-19 09:09

DHAKA, June 19 (Reuters) - At least nine people, including eight Rohingya Muslims, were killed and several others injured on Wednesday after heavy monsoon rains triggered landslides in refugee camps in southern Bangladesh, officials said. People died in landslides at three separate places in the early hours of Wednesday, Mohammad Shamsud Douza, a senior Bangladesh government official in charge of refugees, said after days of heavy rain as the monsoon season began. More than one million Rohingya live in crowded camps in the border district of Cox's Bazar, the world's largest refugee settlement, after fleeing a military crackdown in neighbouring Myanmar in 2017. The Bangladesh weather office said it expected heavy rains to continue for the next few days. Rohingya refugees mostly live in shacks made of bamboo and plastic sheets, often on steep, bare hills. Sign up here. https://www.reuters.com/world/asia-pacific/landslides-kill-nine-rohingya-refugee-camps-bangladesh-2024-06-19/