US-brokered deal seeks to end ‘conflict and suffering' between DRC and Rwanda
Foreign Minister Therese Kayikwamba Wagner of the DRC and Foreign Minister Olivier Nduhungirehe of Rwanda signed the document, while Secretary Rubio signed as a witness.
'Thank you and congratulations indeed for this remarkable milestone, putting an end to 30 years of conflict and of suffering,' Ms Wagner said at the Oval Office.
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SBS Australia
26 minutes ago
- SBS Australia
Trump fact-checked by Federal Reserve boss in awkward exchange during renovation tour
Donald Trump was fact-checked by the man he has suggested firing during a tense meeting as the United States president toured the Federal Reserve's headquarters in Washington, DC. Trump visited the site of a US$2.5 billion ($3.79 billion) renovation with Federal Reserve chair Jerome Powell on Thursday — a project that has drawn repeated criticism from the US president in recent months because he believes it is overpriced. He has also taken aim at Powell for not lowering interest rates and earlier this week referred to him as a "numbskull". Trump has said he wants to remove Powell but likely lacks the legal authority to do so. An awkward exchange played out in front of reporters when Trump claimed the price tag for the renovation was US$3.1 billion ($4.7 billion). Powell closed his eyes and shook his head before responding: "I haven't heard that from anybody." Federal Reserve chair Jerome Powell said Donald Trump had factored in the cost of a previously completed project after the US president claimed there had been a cost blowout in the renovation of the central bank's headquarters. Source: AAP, AP / Julia Demaree Nikhinson Trump produced a sheet of paper apparently listing construction costs and was told curtly he was including work on the William McChesney Martin Jr Building which was not part of the project. "You just added in a third building," Powell said, adding it was a renovation completed five years ago. Trump went on to ask Powell if he expected additional cost overruns, to which he replied: "Don't expect them." Asked by a reporter what, in his career as a real estate developer, he would do if a project manager went over budget, Trump said: "Generally speaking ... I would fire them." But this week, Trump has toned down his threats to fire Powell. When calling him a "numbskull" who had "done a bad job" earlier this week, Trump said he would be out in eight months. That, however, would still be a couple of months out from the end of his term in May 2026. It was unclear why Trump picked that time frame. And after the visit, Trump said he did not intend to fire Powell. "To do so is a big move and I just don't think it's necessary," he told reporters. Elevated by Trump to the top Fed job in 2018 and then reappointed by former president Joe Biden four years later, Powell last met with the president in March when Trump summoned him to the White House to press him to lower rates. Trump has criticised Powell for months over his insistence on keeping the short-term interest rate at 4.3 per cent this year, after cutting it three times last year, when Biden was in office. The visibly tense interaction between the pair comes less than a week before the central bank's 19 policymakers are due to gather for a two-day rate-setting meeting, where they are widely expected to leave their benchmark interest rate in the 4.25 to 4.50 per cent range. Trump has repeatedly demanded Powell slash rates by 3 percentage points or more. "I'd love him to lower interest rates," Trump said as he wrapped up the tour, as Powell stood by, his face expressionless. — With reporting by the Agence France-Presse and Reuters news agencies
Sky News AU
an hour ago
- Sky News AU
Ex-top security official Mike Pezzullo warns Australia must brace for potential conflict with China within two years as AUKUS planning intensifies
Australia must prepare for the real possibility of war with China within the next two years, former Home Affairs Secretary Mike Pezzullo has warned, calling the chances of conflict in the Indo-Pacific region a '10 to 20 per cent' risk. Speaking in an exclusive interview with Sky News Australia, Pezzullo laid out a sobering assessment of Australia's strategic position, saying the country's current three-pronged approach to foreign policy - balancing trade with China, security ties with the US, and regional independence - is a 'calculated risk' that may not hold. 'I think the government's approach is to take a calculated risk that two of those tracks won't collide,' he told Sky News. 'So, you can keep trading with China, you can gain prosperity, and you can keep your security relationship with the Americans going. As long as those two tracks don't collide, I think there is balance in our policy approach. 'But the problem is, as we've often talked about, it's fine until it's not.' According to Pezzullo, the so-called 'collision' between trade and security policy could unfold in two main ways. 'I think they collide in one of two ways,' he said. 'One way is if that planning and that preparation for collective defence irritates China or draws a negative response. 'And the other way, obviously, is if there's a preparatory phase in a crisis leading to a potential conflict, which is, I think, in the realm of a 10 to 20 per cent chance over the next few years.' This comes following the news that over 30,000 military personnel from 19 nations are participating in Exercise Talisman Sabre 2025, the largest-ever joint military drills held across Australia, focusing on multi-domain operations including land, sea, air, space, and cyber warfare. Exercise Talisman Sabre is conducted across a number of locations across Australia and offshore, using both Defence and non-Defence training areas. These locations provide a realistic rehearsal of how a large military force would flow into a broad area of operations. Pezzullo's comments come amid an ongoing AUKUS review and rising scrutiny of Australia's submarine programme and broader defence planning. He pointed to the US Defence Department's increasing focus on contingency planning and strategic alignment as a sign that Washington is preparing for a scenario where diplomacy fails. 'If that doesn't work and it comes to a clash, we need to have done the preparatory work, the collective security work, the contingency planning to get ready for. If you like - Plan B,' he said. 'The main way in which you deter conflict is to convince the other party that if it comes to a fight, you will prevail.' Pezzullo argued the current US-led AUKUS review is 'very targeted, very deliberate' and not the routine policy reassessment that some in government have claimed. In his most direct remarks, Pezzullo warned that President Xi Jinping's long-stated goal of 'reunifying' Taiwan with mainland China remains the central driver of potential conflict. 'I think we just have to take President Xi at his word. He's determined. The reunification of Taiwan back into China is his number one strategic priority,' he said. 'It is a hangover from what he considers to be the century of humiliation, when China was humiliated by imperial powers, and Taiwan, one way or another, is coming back.' Pezzullo outlined scenarios that could escalate into open conflict, ranging from political coercion to a blockade or even a full-scale invasion. But the true test, he said, will be how the United States responds. 'Will America fight?' he asked. 'Now, if America doesn't fight and Taiwan is reclaimed through an invasion, a broader Pacific war is then avoided.' But that uncertainty, particularly under the second Trump administration, leaves Australia in a precarious position. 'That's actually the most important question in Australian foreign and strategic policy at the moment; what would the Americans do?' Pezzullo said. 'Not because we're going to follow them blindly, we'll make our own choices, but that is the big variable. We know what President Xi is likely to do. What we need to know is what is President Trump and his administration likely to do.'
News.com.au
6 hours ago
- News.com.au
Cry? Argentina's laughing as companies flock to join its mining industry
Argentinean President Javier Milei's investment-friendly policies are helping draw mining companies This is combined with the lure of rich, yet underexplored ground across the country Minerals such as lithium, copper and gold are some of the big drawcards for explorers and miners alike Argentina is increasingly being seen as an attractive destination for resources investment, standing out even amongst the other well-endowed jurisdictions of South America. Regardless of how one might view maverick President Javier Milei, who swept to power in a landslide victory in December 2023, credit must go where credit is due. His economic reforms have certainly contributed to the creation of a more dynamic and business-friendly environment in the country. This includes the introduction of policies such as the Large Investment Incentive Regime (RIGI) that offers tax, customs, and exchange rate benefits for investments of more than US$200 million. One key beneficiary of this policy is Rio Tinto's US$2.5bn Rincon project in the Rincón Salt Flat, Salta, which will include a processing plant capable of producing up to 60,000tpa of battery-grade lithium carbonate. Other miners and explorers are taking note. 'Argentina is really positioning itself as a top-tier mining destination and this is something that largely wasn't there ten years ago,' Pursuit Minerals (ASX:PUR) managing director Aaron Revelle told Stockhead. 'The Milei government has really opened up the country, and they started that with the oil and gas sector. They've now really moved that into mining.' He also pointed to the 30-year Fiscal Stability Guarantee under the Mining Investment Act that covers exploration through to project maturity and really enhances the long-term investment security as another positive factor. 'There's also growing global governance and transparency standards,' Revelle added. 'Argentina now enjoys the strong support of the IMF, which is another key reason why it's such an attractive mining destination. 'Milei's very well received despite his eccentric nature across a lot of governments, especially in Latin America. 'He's showing that Argentina is tired of the old Peronist rule. People want jobs, they want lower taxes, they want lower costs of living, and I think his policies are really giving him a good standing there.' Rich mineral bounty Argentina's transformation isn't all thanks to Milei though. It has been one of the top three performers in the region since 2018 and has regularly outperformed both Chile and Bolivia, the other two prongs of the famous Lithium Triangle, thanks to having the most attractive tax code. This has contributed to the 77.1% increase in exploration expenditures between 2021 and 2023 to US$427m. It also owes a large part of this growth to its vast strategic mineral resouces. 'Argentina holds the third largest lithium reserves globally as part of the famed lithium triangle alongside Chile and Bolivia,' Revelle added. 'You look at the emergence of copper, you know, which is becoming a juggernaut there. Taca Taca in the Salta province, but also the Filo del Sol project up in San Juan. 'Then looking at other commodities – gold. (In) Santa Cruz, you've got Cerro Negro, a famed tier-1 Newmont deposit.' More importantly for junior explorers such as Pursuit, Argentina remains largely underexplored. Challenger Gold (ASX:CEL) managing director Kris Knauer agrees, telling Stockhead that Argentina doesn't just have attractive geology. It is also very immature compared to jurisdictions like Chile or Ecuador. Argentina also benefits from a high-quality, skilled mining workforce that's readily available. That's on top of significant infrastructure, with well-established road, rail and ports across its mining regions as well as stable access to electricity and water. Revelle points out that the individual provinces control mining rights. The Federal Government's key role is its courting of direct foreign investment. 'There are several major provinces that are constantly flying the flag, with their governors regularly attending PDAC to attract investment,' he added. This combination of business friendly policies, mineral riches and available infrastructure has led major miners such BHP, Lundin, Ganfeng and Eramet to make significant investments in the country. ASX players Given all the advantages, there's certainly no shortage of ASX-listed companies operating in Argentina. Pursuit is focused on its Rio Grande Sur lithium project that has a resource of 1.104Mt lithium carbonate equivalent. It's doubled down on Argentina, with the company recently divesting its WA gold prospects and is evaluating other opportunities in the country. 'There's plenty of opportunity, and we're seeing some amazing prospects that may not have actually been there or available to us five to ten years ago in terms of political constraints or things like that,' Revelle said. 'Over the next 12 months, we will look at Argentina and the lithium market, which we think will eventually rebound and come back as demand continues to grow. 'If there was an exceptional opportunity in South America we would potentially look at it, but for us we are very comfortable in lithium, very comfortable in Argentina, and really just developing opportunities within the country. We expect the country to continue to grow." Revelle didn't discount other minerals, noting that gold, copper and silver are very prospective in Argentina. The company recently produced high-purity lithium carbonate samples from its 250tpa pilot plant using synthetic brine chemically identical to that of the Rio Grande Sur lithium project. To enhance product quality and simulate potential refinement steps at commercial scale, a portion of this material was further treated at bench scale using fractional crystallisation (FX) and ion exchange (IX) techniques. These post processing steps upgraded the product to 99.5% purity, meeting established benchmarks for technical-grade lithium carbonate. Samples will be used by potential partners for product qualification and assessment purposes, representing a critical milestone in Pursuit's commercial strategy. Challenger Gold is focused primarily on its Hualilan gold project in Argentina's San Juan province that has a resource of 2.9Moz of gold with a high-grade core of 1.6Moz at 5g/t gold. In June 2025, the company unveiled a toll treatment PFS that outlined attractive returns, despite using conservative spot prices of US$2500/oz for gold and US$27.50/oz for silver. The three-year toll milling strategy delivers an estimated EBITDA of A$136 million, a post-tax NPV of US$50.5 million, and cumulative post-tax free cash flow of US$56.7 million. Using a gold price of US$3300/oz, a touch below spot, this EBITDA increases to A$221 million. The toll mining operation is based on just 3% of project's current resource and requires a modest upfront capital investment of just US$8.9 million (A$13.8m), with a rapid payback period expected by December 2025, only three months after mining begins. Mining will be focused on three shallow open pits producing 465,000 wet metric tonnes of mineralised material, with an average mined grade of 6.2g/t gold and 35g/t silver. A production target of 76,600oz payable gold and 338,500oz silver has been set out with a life-of-mine strip ratio of 6:1 and a forecast mining cost of US$8.12/t. Ore will be hauled 165km on a sealed highway to the fully permitted Casposo plant, where recoveries of 84.4% gold and 65.7% silver are expected. Knauer said the company will cross a number of milestones by the end of the year. 'There'll be first drill and blast, first mining, first processing of all, first cash flow, that's all by the end of this year. That will happen in the next five months,' he said. 'You will also see some infill drilling results from the higher grade pits there as part of that, but really for us the next five months is about executing and delivering cash flow and producing gold.' This initial toll milling operation will effectively 'bootstrap' the company into the larger operation, likely to come into focus in early 2026. 'You'll have a ... study showing what the larger project now looks like and the scale of it, which will be in the first quarter next year,' he added. The broader project is already fully permitted and has the first EIA approved in San Juan gold mining for over 10 years. An EIA amendment is needed for trucking the ore to the toll mill, along with an explosives approval for drill and blast contractor Orica, with Knauer saying time frames have been as expected. On the copper front, Belararox (ASX:BRX) operates the Toro-Malambo-Tambo (TMT) project down the road from BHP and Lundin's Filo Del Sol copper deposit, recently revealed to be among the largest global copper finds of the past 30 years in a hint the underexplored Vicuna border region of Argentina and Chile could host more tier-1 copper projects. Recent Phase 1 drilling tested two of several high priority target areas with the Tambo South target returning wide and continuous anomalous copper zones. Geological interpretation has indicated multiple intrusions with varying extents of copper mineralisation with suggestions that the upper parts of the copper porphyry target have been tested successfully. A magnetotellurics geophysical survey is planned at Toro South and Tambo to characterise the most prospective zones for follow-up drilling. American Salars (CSE:USLI) acquired the Cauchari Ines 01 lithium brine project in May 2025. The project covers about 1235 hectares over part of the 2550km2 Cauchari Salt Lake basin – a proven producing salar – and is known to contain lithium concentrations, with sampling returning up to 383ppm lithium from a depth of 30cm below the salt crust. It is located about 13km from Rio Tinto's Rincon salar – an approved US$2.5 billion development that will eventually export 60,000tpa of lithium carbonate – and about 80km from the town of San Antonio de Los Cobres with access provided by existing mining tracks and roads. There is also immediate proximity to railroads, electricity and gas pipelines. Cauchari Ines 01 sits within a known geological district with significant lithium and potassium sampling and is near the San Antonio de los Cobres and Pocitos industrial centre. Mineralisation in the Cauchari Salar include borates, sulphates, carbonates and brines rich in lithium, potassium, boron and rare earths. Significant concentrations of lithium were determined in brines from the Cauchari Salt Lake area at the northern end of the company's claim boundary.
