Tag Archives: Metals and Mining (TRBC)

Peru suspends key allow for Southern Copper in U-turn on Tia Maria challenge

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LIMA (Reuters) – Peru on Friday suspended a lately issued building allow for Southern Copper’s Tia Maria mine, a challenge that has triggered violent protests by close by residents.

FILE PHOTO: Peru’s Vitality and Mines Minister Francisco Ismodes subsequent to Peru’s President Martin Vizcarra speaks to international media throughout a information convention on the Authorities Palace in Lima, Peru June 5, 2018. REUTERS/Mariana Bazo

The allow will probably be suspended till authorities officers consider its legality together with objections from native authorities within the Arequipa area the place Tia Maria, a $1.four billion challenge, could be constructed, Vitality and Mines Minister Francisco Ismodes instructed native broadcaster RPP.

The overview will possible take two to 3 months, he mentioned.

Southern Copper Corp (SCCO.N), a unit of Grupo Mexico (GMEXICOB.MX), has sought to construct Tia Maria for practically a decade, however opposition from native farmers and residents who concern air pollution and lack of water provide has thwarted the hassle.

The mine challenge, anticipated to provide 120,000 tonnes of copper per yr, has been the main target of debate over whether or not the numerous tax revenues from mines outweigh the objections of people that dwell close to them.

Southern Copper didn’t instantly reply to requests for remark. Ismodes mentioned the allow was suspended to adjust to a unanimous choice by a authorities mining fee.

Peru’s enterprise neighborhood had applauded President Martin Vizcarra’s July 9 choice to grant a building allow for Tia Maria as an indication of his dedication to selling funding.

The suspended allow offers a recent blow to enterprise confidence in Peru amid slowing financial development, however it may assist calm violent protests in opposition to Tia Maria which have blocked $400 million in copper shipments from the port of Matarani.

Marco Arana, a leftist lawmaker and anti-mining activist, mentioned on RPP that native protest leaders in Arequipa would possible proceed to demand full annulment of the development allow, however its suspension may assist draw native authorities again to the negotiating desk.

Vizcarra initially defended Tia Maria’s building license as the results of a legally sound analysis. However earlier this month, beneath strain from regional governors, he ordered a overview of its legality to have in mind objections raised by native residents.

Southern Copper had publicly pressured Vizcarra’s authorities to grant a building license to maintain its environmental plan from expiring on August 1, which might have delayed the challenge by not less than one other yr.

Reporting by Maria Cervanteswriting by Mitra Tajediting by G Crosse and Leslie Adler

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U.S., Mexico resume talks to avert tariffs as deadline approaches

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(Reuters) – U.S. and Mexican negotiators resumed migration talks on Friday to try to avert a potential trade war that could hurt both countries’ economies and rattle investors already nervous about Washington’s escalating battle with China.

FILE PHOTO: Trucks are seen arriving at a border customs control to cross into U.S. at the World Trade Bridge in Nuevo Laredo, Mexico June 5, 2019. REUTERS/Carlos Jasso

U.S. President Donald Trump shook global markets, Mexican officials and his fellow Republicans in Congress last week by threatening 5% tariffs on Mexican imports starting on Monday if Mexico did not do more to stem an increase in migrants heading for the U.S. southern border.

Here’s a snapshot of latest developments on Friday:

– President Donald Trump said in a tweet that there was a “good chance” the United States would be able to reach a deal with Mexico. But he added: “If we are unable to make the deal, Mexico will begin paying Tariffs at the 5% level on Monday!”

– Mexico’s peso, which has been battered by fears of a trade war with its biggest market, strengthened more than 0.5% against the dollar after the tweet.

– The White House said the United States is on track to implement the tariffs on Mexican goods on Monday. “Our position is still the same and we’re moving forward with the tariffs. They’ll go into effect on Monday,” , White House press secretary Sarah Sanders told reporters.

– Russian President Vladimir Putin accused the United States on Friday of “unbridled economic egoism” and said Washington’s tactics would lead to trade wars and “maybe not just trade wars.” Chinese President Xi Jinping, speaking at the same event, called on world powers to protect the global multilateral trade system.

– U.S. officials officially granted Chinese exporters two more weeks to get their products into the United States before increasing tariffs on those items, according to a U.S. government notice posted online on Friday.

– Global equities rose on the prospect that central banks, including the U.S. Federal Reserve, would loosen monetary policy to offset trade frictions and the threat of global recession, while news the United States would give China more time to avoid a tariff hike added to market optimism.

– Economists say the trade disputes could damage key supply lines and pinch consumers at a time when the global economic expansion that followed the 2008 financial crisis has started to sour and the risk of recession has risen.

Compiled by Susan Thomas; Editing by Howard Goller

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BMW and Jaguar Land Rover to jointly develop electric car parts

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FRANKFURT (Reuters) – BMW and Jaguar Land Rover on Wednesday said they will jointly develop electric motors, transmissions and power electronics, unveiling yet another industry alliance designed to lower the costs of developing electric cars.

Both carmakers are under pressure to roll out zero-emission vehicles to meet stringent anti-pollution rules, but have struggled to maintain profit margins faced with the rising costs of making electric, connected and autonomous cars.

“Together, we have the opportunity to cater more effectively for customer needs by shortening development time and bringing vehicles and state-of-the-art technologies more rapidly to market,” said BMW board member Klaus Froehlich.

BMW and Jaguar Land Rover said they will save costs through shared development, production planning and joint purchasing of electric car components. Both companies will produce electric drivetrains in their own manufacturing facilities, BMW said.

The BMW Jaguar Land Rover pact comes as rivals FiatChrysler and Renault explore a $35 billion tie-up of the Italian-American and French carmaking groups.

Nick Rogers, Jaguar Land Rover’s engineering director said, “We’ve proven we can build world beating electric cars but now we need to scale the technology to support the next generation of Jaguar and Land Rover products.”

BMW was in talks with rival Daimler about developing electric car components but was also in discussions with Jaguar Land Rover, a company it once owned, to explore an alliance on engines.

BMW already has a deal to supply an 8 cylinder engine to Jaguar Land Rover.

Carmakers are increasingly open to sharing electric car parts because the technology is expensive and because customers no longer buy a car based on what engine a vehicle has.

“Carmakers are much less precious about sharing electric car technology because it is much harder to create product differentiation with electric car tech. They all accelerate fast, and everybody can do quality and ride and handling,” according to Carl-Peter Forster a former chief executive of Tata Motors and a former BMW executive.

Slideshow (2 Images)

Jaguar Land Rover is still run by former BMW managers, including Ralf Speth the company’s chief executive who spent 20 years at BMW prior to joining JLR, and Wolfgang Ziebart, the engineer who oversaw Jaguar’s iPace electric car program, who is a former head of research and development at BMW.

Jaguar Land Rover said it would redouble efforts to cut costs after it posted a $4 billion loss earlier this year, hit by a downturn in demand for sports utility vehicles in China and a regulatory clampdown on diesel emissions.

BMW bought Britain’s Rover Group, which included the Jaguar and Land Rover brands, for 800 million pounds in 1994 only to sell Jaguar Land Rover to Ford in March 2000 for $2.7 billion. In 2008 India’s Tata Group bought Jaguar and Land Rover from Ford for $2.3 billion.

Reporting by Edward Taylor, editing by Riham Alkousaa, Thomas Escritt and Alexandra Hudson

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U.S. close to resolving tariffs row with Canada, Mexico: Mnuchin

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Canadian Foreign Affairs Minister Chrystia Freeland speaks to reporters after her meeting with U.S. Trade Representative Robert Lighthizer in Washington, U.S., May 15, 2019. REUTERS/Kevin Lamarque

WASHINGTON (Reuters) – The United States is close to resolving a dispute over steel and aluminum tariffs with Canada and Mexico, U.S. Treasury Secretary Steven Mnuchin said on Wednesday as high-level American and Canadian officials prepared to meet to discuss trade issues.

“I think we are close to an understanding with Mexico and Canada,” on resolving the tariffs, Mnuchin said at a U.S. Senate Appropriations subcommittee hearing. He not provide any details about the potential agreement.

U.S. Trade Representative Robert Lighthizer was scheduled to meet with Canadian Foreign Minister Chrystia Freeland in Washington later on Wednesday to discuss the metals tariffs and other issues related to the U.S.-Mexico Canada Agreement.

That trade deal would replace the North American Free Trade Agreement (NAFTA), but the U.S. Congress has yet to ratify it.

Lighthizer is expected to propose a process for removing the steel and aluminum tariffs, CNBC reported separately, citing an unnamed senior official.

U.S. lawmakers have insisted those tariffs must be lifted on Canada and Mexico before a vote on USMCA can proceed. Lighthizer is also due to meet with U.S. House of Representatives Speaker Nancy Pelosi later on Wednesday to discuss plans for lawmakers to vote on the agreement.

Reporting by David Lawder and Susan Heavey; Editing by Tom Brown and Paul Simao

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