Sweden's 672-tonne Kiruna church crawls towards new location
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Reuters
2 hours ago
- Reuters
Glencore targets 1 million tons of copper in Argentina over coming decade
BUENOS AIRES, Aug 21 (Reuters) - Miner Glencore expects to produce 1 million tons of copper through its projects in Argentina over the next 10 to 15 years, the company's CEO in the Latin American country said on Thursday. Speaking at an event organized by the Council of the Americas, Glencore's Argentina CEO Martin Perez de Solay added that Argentina could supply the global copper market with 2 million tons of copper in 10 years. Glencore earlier this week submitted applications for the government's Large Investment Incentive Regime (RIGI) regarding its El Pachon and Agua Rica copper projects in Argentina. The company has applied to RIGI for a planned combined production of 500,000 metric tons from those projects when they come online, Perez de Solay added, without mentioning a timeframe. Argentina has not produced copper since the closure of the Bajo de la Alumbrera mine in 2018. Peers such as BHP have also announced plans to invest in the South American nation, which mining industry officials have said could become another major copper producer, though neighbors Chile and Peru have long dominated the sector.
Reuters
5 hours ago
- Reuters
ADB to provide $410 million package for Barrick-run Pakistan mine, sources say
ISLAMABAD, Aug 21 (Reuters) - The Asian Development Bank will provide a $410 million financing package to help develop Pakistan's Reko Diq copper mine, one of the world's largest untapped deposits, which will be operated by Barrick Gold ( opens new tab, two sources told Reuters on Thursday. Islamabad hopes the project will serve as a springboard to draw more foreign interest to its mineral sector, particularly to exploit rare earth deposits. Pakistan has already attracted interest from the Trump administration and offered future concessions to U.S. companies. The loans and a financing guarantee will support development of Reko Diq, which is expected to produce copper and gold from 2028 and generate about $70 billion in free cash flow over its lifespan. The financing is composed of two loans totalling $300 million to Barrick and a $110 million financing guarantee for the government of Pakistan, both sources said ahead of the official announcement. The $6.6 billion project in Balochistan is 50% owned by Barrick with the other half held by the federal and provincial governments. ADB, the petroleum ministry and Barrick did not immediately respond to requests for comment. The project aims to raise upwards of $2 billion and has a previous agreement for $700 million in financing from the International Finance Corporation, the World Bank's private investment arm. The project's developers are in talks with other prospective financiers, including the U.S. Export-Import Bank, Export Development Canada and Japan's JBIC and expect to sign term sheets this quarter, project director Tim Cribb told Reuters in April. Reko Diq, delayed for years by a legal dispute that was settled in 2022, will produce 200,000 metric tons of copper annually in its first phase, rising to 400,000 tons after an expansion. Barrick says the mine could operate beyond its 37-year life through upgrades and further exploration.
Reuters
6 hours ago
- Reuters
Germany's Ecosia proposes stewardship to run Google Chrome
STOCKHOLM, Aug 21 (Reuters) - Germany's Ecosia, a nonprofit search engine, said on Thursday it has submitted a proposal to assume a 10-year stewardship of Alphabet's (GOOGL.O), opens new tab Google Chrome web browser. According to the proposal, Google would legally separate Chrome into a foundation, retaining ultimate ownership and intellectual property rights and give Ecosia operational responsibility for 10 years, Ecosia said. Ecosia plans to reinvest part of Chrome's profits in climate action under Ecosia's governance, with the remainder returned to Google as compensation for the stewardship. Google did not immediately respond to a request for comment. Earlier in August, Perplexity AI made a $34.5 billion unsolicited all-cash offer for Chrome, a bid far above its own valuation as the startup reaches for the browser's billions of users pivotal to the AI search race.
