Milei approves incentives for lithium mine expansion with China ties

Bloomberg News | May 14, 2026 | 

Pozuelos-Pastos Grandes (Image courtesy of Lithium Argentina.) Gangfeng holds a 67% stake.

Argentine President Javier Milei’s government approved a series of incentives on Thursday for the expansion of a lithium mine half-owned by a Chinese firm, a rare step for the libertarian who has prioritized ties to the Trump administration.

Milei’s government cleared a joint venture led by China’s Ganfeng Lithium Group to invest $1.24 billion in an expansion of its mine in the province of Jujuy along with partners Lithium Argentina AG, which has US-listed shares, and state-owned JEMSE.

Economy Minister Luis Caputo posted about the investment on X, but made no reference to the companies involved. The joint venture will receive legal guarantees and tax breaks as part of Milei’s sweeping program meant to attract large investments, known as RIGI.

Ganfeng is the largest shareholder of the project, owning 47% of the mine. It’s unusual progress for a Chinese firm in Argentina as Milei had blocked its state-run companies from other projects in a widely-perceived nod to his ties with President Donald Trump, who gave Milei a $20 billion financial lifeline last year.

The Argentine government also approved PSJ Cobre Mendocino, previously known as San Jorge, into the RIGI regime. It would be the first large metal mine in the winemaking province of Mendoza and cost about $891 million. Caputo added that the two projects combined would create 8,000 jobs directly and indirectly.

Milei’s administration is attempting to bullet proof investments for companies that had largely shunned Argentina after decades of state intervention. Beyond energy and infrastructure, he wants to position Argentina as a major supplier of minerals critical to the global shift toward clean energy, electrification and advanced technologies.

The approvals add to a pipeline of mining and energy projects seeking entry into RIGI, which offers legal stability for up to three decades, among a series of other financial incentives. Milei is also turning to mining to help reverse Argentina’s chronic shortage of hard currency, though some investors remain cautious given the country’s history of capital controls and policy swings.

Caputo said Argentina has approved 16 projects through RIGI that altogether have pledged almost $30 billion of investments, with another 20 proposals under evaluation.

(By James Attwood)

Argentina approves two mining projects via RIGI scheme worth $2.1 billion

Reuters | May 14, 2026 | 

Construction at Caucharí-Olaroz lithium project in Argentina. (Image courtesy of Lithium Americas Corp.)

Argentina’s government on Thursday approved the participation of two new mining projects in the country’s RIGI investment scheme, the country’s Economy Minister, Luis Caputo, said in a post on social media.

The approved projects are the San Jorge copper project in Mendoza, with an investment of $891 million, and the expansion of the Cauchari Olaroz lithium project in Jujuy, with an investment of $1.2 billion, Caputo said, adding that the projects would generate over 8,000 new direct and indirect jobs.

(By Eliana Raszewski; Editing by Cassandra Garrison)

Rio Tinto considers raising stake in Argentina’s Los Azules copper project

Reuters | May 8, 2026 

McEwen Copper’s Los Azules copper project in San Juan, Argentina. (Image courtesy of McEwen Mining.)

Rio Tinto is evaluating the economic potential of McEwen Copper’s giant Los Azules project in Argentina as the mining group considers ​increasing its 17.2% stake in the development, two industry sources said.

Los Azules ‌is among the world’s 10 largest undeveloped copper projects and the move highlights Rio Tinto’s push for large-scale copper assets as miners scramble to meet surging demand from data centres and the global clean ​energy transition.

Rio, which owns the stake in Los Azules through its copper technology ​venture Nuton LLC, is also focusing on boosting organic growth through ⁠its stakes in undeveloped deposits following the collapse of merger talks with Glencore.

Its technical team ​is evaluating the economic potential of Los Azules, while testing Nuton’s proprietary leaching technology at ​the site, the sources with knowledge of the matter said.

Rio Tinto declined to comment.

“We are obviously discussing with our existing partner Nuton because their technology makes so much sense,” Michael Meding, managing director at ​Canadian miner McEwen Copper, told Reuters on Thursday.

“Now that Rio Tinto is building their ​copper pipeline, they basically have a mandate to add copper for their production profile. So we are ‌having ⁠fruitful conversations.”

Securing a larger stake in Los Azules would bolster Rio’s copper pipeline at a time when new discoveries are scarce and competition for quality assets is fierce.

Nuton invested about $100 million for the stake in McEwen Copper, a subsidiary of McEwen Mining, according to McEwen’s ​investor presentation in February.

A ​feasibility study released in ⁠October 2025 estimates an after-tax net present value of $2.9 billion, with the project targeting first production by 2030. Average production over the ​first five years is projected at about 204,800 metric tons per ​year of ⁠copper cathode.

Aside from Nuton, automaker Stellantis holds an 18.3% stake in McEwen Copper, having invested around $275 million as part of its global push to secure raw materials for electric vehicle ⁠batteries.

McEwen Copper ​is seeking about $4 billion in initial capital to ​develop the mine. The company previously said it planned an initial public offering of about $300 million toward the end of ​this year.

(By Clara Denina and Divya Rajagopal; Editing by Veronica Brown and Emelia Sithole-Matarise)

 

China Names Largest Methanol Dual-Fuel Boxship Expanding Green Shipping

OOCL Wisdom is the largest methanol-fueled containership and the first of a class of 12 for OOCL and COSCO (OOCL)

Published May 10, 2026 5:51 PM by The Maritime Executive

Chinese officials highlighted the naming ceremony for the new vessel, OOCL Wisdom. The ship is the largest capacity methanol-fueled containership, and as the first in a series of 12 ships, it further expands China’s push into green shipping.

Orient Overseas Container Line’s parent, COSCO Shipping, announced in 2022 its order for a dozen ultra-large methanol-fueled containerships. Seven of the vessels are being built by Nantong Cosco KHI Ship Engineering (NACKS) and are assigned to OOCL, while five are being built by Dalian Cosco KHI Ship Engineering (DACKS) for COSCO. It said the total order was valued at just under $2.9 billion, with the ships due for delivery into 2028.

The first of the ships was named OOCL Wisdom on May 8 in Nantong. At 399 meters (1,309 feet) in length, it builds on the company’s first class of conventionally fueled ultra-large vessels delivered over the last two years. OOCL Wisdom has a capacity of 24,168 TEU, which the company notes makes it the largest-capacity methanol-fueled containership yet built. It is 225,000 dwt and uses the largest methanol dual-fuel propulsion system. The main engine, auxiliary engine, and boilers are all equipped for dual-fuel operations. It will have a service speed of 22.7 knots.

The company also highlights a broad range of new technologies incorporated into the design. The ship is equipped with an advanced intelligent data platform and energy efficiency management system, which will permit it to achieve real-time ship-shore information exchange, automatic speed and trim optimization, and real-time prediction of hull structural fatigue damage. 

“The delivery of OOCL Wisdom not only expands OOCL's fleet and sets a new benchmark for our vessel technology, but also demonstrates our firm commitment to green and low-carbon development, digital intelligence, and sustainability,” said Tao Weidong, Chief Executive Officer of OOCL, during the naming ceremony.

It is the latest addition to COSCO’s fleet of methanol ships. Last year, the company launched its new line of 16,163 TEU containerships with the COSCO Shipping Yangpu. The ship measures 366 meters (1,200 feet), and the class was built with an 11,000 cubic meter ultra-large methanol storage tank. It allows the ships to complete a one-way trip entirely on methanol between the Far East and the U.S. East Coast without refueling. One of the challenges for methanol operations is that, as a fuel, it only has about a third of the energy density of conventional fuels, requiring large tanks for long-distance operations.

The 16,136 TEU class consists of four ships, with the last, COSCO Shipping Lily, delivered earlier this year. It followed COSCO Shipping Carnation and COSCO Shipping Panama. COSCO Shipping has also ordered the construction of 16 methanol-fueled containerships with a capacity of 12,000 TEU. It also completed the conversion of its first 20,000-TEU vessel, COSCO Shipping Libra, to dual-fuel methanol capabilities.

COSCO has emerged at the forefront of the sector for methanol-fueled ships, while others, including Maersk, have slowed their push into methanol, citing concerns about the fuel supply and infrastructure to support expansion. DNV calculates that there are currently 70 methanol dual-fueled containerships in service with orders for an additional 180 vessels. Containerships represent the largest portion of methanol-fueled ships.

  

Chinese firms warn Indonesia’s nickel quotas, tax hikes threaten investment

Reuters | May 13, 2026 |

Image: Tsingshan Holding Group

Chinese companies operating in Indonesia are urging more business-friendly policies, warning tighter nickel ore quotas, higher taxes and a new pricing formula are driving up costs and threatening investment in the world’s biggest nickel producer.

In a letter to President Prabowo Subianto, copied to China’s embassy and seen by Reuters, the China Chamber of Commerce in Indonesia said Chinese firms faced “excessively stringent regulation, over-enforcement”, and alleged corruption and extortion by authorities.

Five sources with knowledge of the matter confirmed the letter, requesting anonymity because they were not authorized to speak publicly.

The complaint highlights tensions between Jakarta’s push to extract more value from its natural resources and the Chinese capital that has powered Indonesia’s rapid expansion in global nickel supply.

The letter cited higher taxes and royalties, planned foreign-exchange retention rules, stricter forestry enforcement, work-visa restrictions and suspensions of major projects.

Its strongest warning focused on nickel, where Chinese firms dominate downstream processing after years of investment in smelters, stainless steel plants and battery-material projects.

Nickel ore mining quotas have been sharply reduced this year, with cuts for large mines exceeding 70% and total reductions reaching 30 million metric tons, the chamber said.

It also criticized Indonesia’s revised nickel ore benchmark pricing formula, known as HPM, saying the changes had raised costs and could undermine existing projects and future investment.

The government has delayed planned increases in mineral royalties and export duties while it works on what officials have described as a fairer formula for the state and miners.

Speaking earlier on Wednesday, Prabowo said many foreign investors had complained Indonesia required too many permits and approvals took too long, and called for deregulation to support investment, without naming any country.

The chamber did not respond to an emailed request for comment. A spokesperson for Prabowo did not respond to a text message seeking comment.

Tsingshan Group, Zhejiang Huayou Cobalt and Brunp are chamber board members that operate nickel facilities in Indonesia.

(By Dylan Duan, Stanley Widianto, Gayatri Soroyo, Gibran Peshimam, Christina Bernadette and Tom Daly; Editing by Mark Potter)

Indonesia delays plan to impose higher royalties, export duties on minerals

Reuters | May 11, 2026 | 

Stock image.

Indonesia has delayed plans to extract more revenue from the mining sector until it can figure out an “ideal formulation” that benefits both the government and mining firms, the country’s mining minister said on Monday.

The government planned to impose higher royalties on some mining companies, as well as an export tax on shipments of certain minerals, including coal.

The ministry is collecting feedback from miners to make sure the government arrives at a policy that will not burden the sector, Energy and Mineral Resources Minister Bahlil Lahadalia told reporters.

“After hearing input from the public and businesses, I will put this on hold to develop a good, mutually beneficial formula,” Bahlil said.

Officials have previously said that the government aims to increase revenue from the mining sector.

 

Freeport delays Grasberg full restart to early 2028

Staff Writer | May 8, 2026 | 

Grasberg mine. (Image courtesy of Indonesia’s Ministry of Mines and Minerals Resources.)

PT Freeport Indonesia has confirmed the delayed restart of full production at the Grasberg mine, as it continues to recover from a deadly accident last year that crippled the global copper supply chain.

In a statement on Thursday, the company said it now expects the giant complex in Central Papua province to return to full capacity by early 2028. Previously, it had targeted a full restart by end-2027.

A Freeport spokesperson told Reuters that this delay was due to “additional work on logistics and ore handling infrastructure” at the underground mine that was hit by a severe mudflow in September.

The incident, which occurred at Grasberg’s Block Cave underground mine portion, resulted in the death of seven workers, forcing Freeport to immediately halt mining activity and declare force majeure on shipments.

The suspension added further strain on the global copper market, as Grasberg accounted for about 3% of the world’s copper supply at the time, producing about 1.7 million lb. of the metal annually. It is also a major producer of gold, with annual production of 1.4 million oz.

Slowed ramp-up

As part of the recovery process, Freeport has laid out plans for a phased restart, beginning with areas that were unaffected by the mudslide. The Deep Mill Level Zone and Big Gossan underground mines had already resumed last year, while parts of GBC returned to operations last month.

Initially, the miner planned to ramp up to 85% capacity by the middle of this year, then 100% by end-2027. However, in its most recent earnings statement, the company said the trajectory to full production would slow materially, and now aims for 65% capacity in the second half of 2026, 80% by mid-2027, and near full capacity by the end of 2027.

Operations are currently in the recovery phase following the underground mine incident, “with production currently at around 40% to 50%,” Freeport Indonesia’s chief executive Tony Wenas stated in a press release on Thursday. “The company targets a return to full capacity by early 2028,” he added.

As a result of the delay, the company expects Grasberg’s copper production this year to be 700,000 lb., down from the 1-billion-lb. target it had forecasted in its fourth-quarter earnings report.

Earlier this year, the Freeport-McMoRan (NYSE: FCX) unit reached an agreement with the Indonesian government for a life-of-resource extension of operating rights.

China state firm discusses major new copper mine in Congo

Bloomberg News | May 8, 2026 | 7:33 am Top Companies Africa China Copper 

Credit: Sicomines

A Chinese state-owned company is proposing to develop what could become one of the world’s biggest copper mines in the Democratic Republic of Congo.

A unit of China Railway Group Ltd., known as CREC, met with Congolese Mines Minister Louis Watum on Thursday to discuss the project that’s anticipated to produce between 200,000 and 500,000 tons of copper a year, according to statements published by the ministry.

Congo’s copper output has more than tripled over the last decade, cementing its status as the world’s second-largest supplier of the key metal, behind only Chile. While Chinese companies account for most of that production, the US is trying to increase its presence in the central African country’s booming mining sector.

The proposed mine is in the central Kasai-Oriental province rather than the Katanga region in southeast Congo, where all the currently operating copper mines are located. The potential project would be a joint venture between a CREC subsidiary and a state-owned diamond company known as MIBA, one of the statements said.

Kasai-Oriental is the heart of Congo’s diamond industry.

President Felix Tshisekedi is “keen to see the project’s realization as soon as possible,” the mines ministry said, without providing any details on the size of the investment or development timelines.

Congo’s largest copper operations are CMOC Group Ltd.’s Tenke Fungurume mine, which produced 519,000 tons of copper last year, and Kamoa-Kakula, a joint venture between Ivanhoe Mines Ltd. and Zijin Mining Group Ltd. that supplied 400,000 tons in 2025.

CREC is already a major shareholder in Sicomines, a project established nearly two decades ago as part of a multibillion-dollar minerals-for-infrastructure deal between Congo and China. That company produced almost 250,000 tons of copper last year. CREC also owns a stake in a smaller copper operation known as COMILU.

Tshisekedi’s government signed a minerals partnership with the US in December that grants American investors preferential access to some of Congo’s abundant reserves of metals, including copper, cobalt, lithium and tantalum. The country has assumed an important role in President Donald Trump’s ambitions to reduce US dependence on China for a range of mineral products.

China Fines MSC, CMA CGM, and Hapag, and Warns on Freight Rate Violations

China says it found violations during inspections at three container ports (Qingdao file photo)

Published May 14, 2026 3:50 PM by The Maritime Executive

China’s Ministry of Transport announced it has issued fines against a total of nine international container shipping lines, as well as seven of its domestic non-vessel operation common carriers (NVOCC) for what it terms freight rate violations. The Ministry said carriers and NVOCCs should see this as a warning to improve their systems.

Among the carriers being targeted as industry leaders are MSC Mediterranean Shipping Company, CMA CGM Group, Hapag-Lloyd, Ocean Network Express, and Evergreen Karine. Also listed for the violations were smaller carriers, including Wan Hai Lines, SM Line, Emirates Shipping, and TS Lines, and the seven NVOCCs.

The Ministry reported that it conducted inspections at the ports of Guangzhou, Qingdao, and Ningbo in August, September, and November 2025. It reports it was focusing on the implementation of freight rate filings by the companies.

“It said the companies cited were found to "have violated regulations, including failing to complete freight rate filing procedures or having discrepancies between the actual freight rates and the filed prices.”

It reported that the companies were penalized. The Ministry conducted “serious talks” while imposing administrative penalties. 

The Ministry is also demanding that the companies “improve their freight rate filing systems, ensure accountability, and earnestly fulfill their freight rate filing obligations.”

Calling this a warning, the Ministry said it will intensify its inspections. It said it would be reviewing compliance with freight rate filing regulations and correcting any violations in accordance with the law.

This latest effort came after the Ministry in March reported it had summoned both Maserk and MSC Mediterranean Shipping Company to talks.  It was widely believed it was a dressing down of the companies after each agreed to have the terminal operators assume one of the port operations at the Panama Canal. The Financial Times reported that Chinese officials privately demanded that the companies relinquish the operations of the terminals that had been seized from CK Hutchison by Panama’s government. CK Hutchison had also said it would invoke an arbitration against Maersk’s APM Terminals.

  

India raises gold and silver tariffs to 15% to curb imports, support rupee

Reuters | May 12, 2026 | 

Stock image.

India has raised import tariffs on gold and silver to 15% from 6%, government orders said on Wednesday, as part of efforts to curb overseas purchases of the metals and ease pressure on the country’s foreign exchange reserves.

The higher duties could dampen demand in the world’s second-largest consumer of precious metals, although they may help narrow India’s trade deficit and support the rupee, one of Asia’s worst-performing currencies.

However, industry officials warned higher import taxes could revive smuggling, which had eased after India cut tariffs in mid-2024.

The government has imposed a 10% basic customs duty and a 5% Agriculture Infrastructure and Development Cess (AIDC) on gold and silver imports, taking the effective import tax to 15% from 6%.

“As expected, the government has raised duties to curb the current account deficit. However, this could affect demand, as gold and silver prices were already elevated,” said Surendra Mehta, national secretary at the India Bullion and Jewellers Association.

Prime Minister Narendra Modi on Sunday urged people to avoid gold purchases for a year to help protect foreign exchange reserves. India meets almost all of its gold consumption through imports.

Gold demand, particularly for investment purposes, has risen in India amid a recent rally in prices and negative returns from equities over the past year.

Inflows into India’s gold exchange-traded funds (ETFs) surged 186% year-on-year in the March quarter to a record 20 metric tons, the World Gold Council said last month.

India has been trying to curb gold imports in recent weeks and began levying a 3% integrated goods and services tax (IGST) on gold and silver imports, prompting banks to halt imports for more than a month.

As a result, April imports fell to a near 30-year low. Banks have since resumed imports after paying the 3% IGST, but imports are now likely to fall again following the increase in import duties, bullion dealers said.

“Grey markets are likely to become active, as the incentives to bring in gold illegally are high. At current price levels, smugglers could make significant profits,” said a Mumbai-based bullion dealer at a private bank, who declined to be named as he was not authorized to speak to media.

(By Rajendra Jadhav, Aditya Kalra and Mayank Bhardwaj; Editing by Mark Porter and Jamie Freed)

India’s top jeweler expects brief slowdown if gold buying curbed

Bloomberg News | May 12, 2026 |

Stock image.

Titan Co. Ltd., India’s largest jeweler, expects a temporary slowdown in demand if the government implements any measures to curb gold-buying, but is confident that domestic consumption will remain resilient in the long term.

Titan is trying to assess how demand for the precious metal in the world’s second-largest consumer will change after Prime Minister Narendra Modi urged Indians to forgo gold-buying to ease pressure on foreign reserves. The firm does not expect a disruption in supply for as long as four months, chief financial officer Ashok Sonthalia told Bloomberg TV.

India tries ‘unusual move’ to stop gold buying as Iran war bites forex

“We are waiting for policy announcements,” he said. “A temporary, short-term slowdown may happen if the government decides to do something but we don’t expect demand to get destroyed in India.”

The comments reflect a broader sentiment gripping India’s gold industry in the wake of Modi’s unusual appeal this week, in which he also urged citizens to cut fuel use, limit foreign vacations and work remotely where possible, as rising energy prices due to the Middle East war risk inflating the country’s import bill. India imported more than 700 tons of gold last year.

Titan’s shares dropped as much as 2.2% on Tuesday, extending a 6% decline that was seen after the premier’s announcement.

The conflict has also impacted Titan’s operations in the Middle East, according to Sonthalia. The company has slowed down a planned expansion in the Gulf until the current situation improves. March and April were difficult in the regional market, but the medium- to long-term outlook remains positive, he said.

(By Satviki Sanjay and Preeti Soni)

 

India books phosphate fertilizer at 40% above pre-war prices

Bloomberg News | May 13, 2026 | 

Phosphate fertilizers. Stock image.

India, the world’s top buyer of diammonium phosphate, has contracted larger-than-expected volumes of the crop nutrient, a sign of stockpiling as the conflict in the Middle East disrupts supplies and drives global benchmarks higher.

The country booked about 12% more than the 1.2 million tons sought in the tender that closed last week, according to people familiar with the matter. Indian Potash Ltd., which imports fertilizers for the government and other companies, will secure 705,000 tons for delivery on the country’s west coast at $930 per ton, said the people who asked not to be named discussing private information. Another 641,500 tons will be delivered on the east coast at $935 per ton, they said.

The offers are roughly 39% above rates, including freight costs, seen before the start of the Middle East conflict, according to Green Markets data. Indian spot prices were quoted at $667.50 a ton on Feb. 27, the data showed.

A spokesperson for the fertilizer ministry didn’t respond to an email. India’s government partly subsidizes sales of DAP fertilizers to farmers at below market rates.

Although the Middle East is a smaller supplier of phosphate fertilizers than nitrogen-based varieties, it accounts for nearly half of the global supply of sulfur, an essential feedstock, leaving the market exposed to disruptions in the Strait of Hormuz.

The development comes at a time when the conflict is affecting global supplies. Mosaic Co., the US’s biggest phosphate fertilizer maker, is temporarily taking nearly 2 million tons of production off the market. It cut output at two of its plants due to higher prices of sulfur.

India also procured 2.5 million tons of urea in a recent tender, paying nearly double the pre-war levels. The purchases are coming at a crucial period ahead of sowing for monsoon crops such as rice, corn and soybeans.

(By Pratik Parija)

 

India, Russia in advanced talks on critical minerals pact

Reuters | May 12, 2026 | 

India Prime Minister Shri Narendra Modi and Russia President Vladimir Putin. Credit: MEAphotogallery | Flickr, under licence CC BY-NC-ND 2.0.

India and Russia are in advanced talks to sign a preliminary agreement on critical minerals covering exploration, processing and technological collaboration, two sources familiar with the matter said.

The deal is expected to focus on lithium and rare earths, with the two governments also set to facilitate corporate investments, the sources said, declining to be identified as the deliberations were not public.

The agreement could be signed within two months, they added.

“We have shared a draft of the proposed agreement with our Russian counterparts,” one of the sources said.

The Ministry of Mines, which is leading discussions with Russia, did not respond to a Reuters email seeking comment. Russia’s Ministry of Industry and Trade and the office of First Deputy Prime Minister Denis Manturov also did not respond to requests for comment.

India is keen to cut its dependence on China, which dominates global supplies of several key minerals and has advanced mining and processing technology, and secure new overseas supplies to support its energy transition and infrastructure development.

New Delhi has signed critical minerals agreements with Argentina, Australia and Japan, and is in talks with Peru and Chile on broader bilateral agreements that also include critical minerals.

However, India has had limited success in securing overseas critical minerals assets and has so far signed only a single lithium exploration and mining project agreement, covering five blocks in Argentina in 2024.

India could also revisit Russian state nuclear corporation Rosatom’s lithium exploration project in Mali if the political situation in the West African nation stabilized, one of the sources said.

Earlier this year, Reuters reported that India withdrew from the Mali lithium project because of security concerns.

New Delhi has signed a series of agreements this year with countries including Germany, Brazil and Canada to strengthen access to technology and partnerships.

In 2023, the government identified more than 20 minerals, including lithium, as critical for its energy transition and rising industrial and infrastructure demand.

(By Neha Arora and Anastasia Lyrchikova; Editing by Mayank Bhardwaj and Kate Mayberry)

 

India Condemns Attack on Small Merchant Ship Sunk off Oman

India is reported a commercial dhow was attacked and sunk off Oman (DGS)

Published May 14, 2026 1:13 PM by The Maritime Executive

 

Indian authorities are reporting the details of an attack on a small merchant sailing off the coast of Oman. The incident, which had gone unreported by the monitoring services, is said to have involved a wooden dhow and was the second such incident in a week’s time.

The Ministry of Foreign Affairs and the Ministry of Shipping reported the incident while saying they “deplore the fact that commercial shipping and civilian mariners continue to be targeted.” It called for avoiding attacks on innocent seafarers and shipping.

The cargo ship named Haji Ali was sailing from Somalia carrying a cargo of livestock. There were 12 seafarers aboard the vessel as it was making its way to the United Arab Emirates. 

Indian officials reported the ship was struck by an “unidentified explosive object.” Reports are speculating it was likely a drone or possibly a missile. The strike took place around 0330 local time on May 13, and the vessel is reported to have caught fire. The 12 crewmembers made their way to a lifeboat and were able to leave the ship as it began to sink.

The ship was near the Omani coast when it issued a distress signal. The Oman Coast Guard responded, rescued the crew, and took them to Dibba, Oman, a port near the Strait of Hormuz.

The reports said this latest incident continues to highlight the dangers in regional waters. The ministries called for safety at sea and freedom of navigation.

Indian magnate Adani agrees multi-million-dollar penalty in US court case


ByAFP
May 15, 2026


Chairperson of the Indian conglomerate Adani Group, Gautam Adani 

- Copyright AFP Punit PARANJPE

Indian billionaire industrialist Gautam Adani has agreed to pay a multi-million-dollar settlement in a US civil court case linked to corruption without admitting guilt, his company said Friday.

The November 2024 indictment in New York accused the industrialist and multiple subordinates of deliberately misleading international investors as part of a vast bribery scheme.

Adani was accused of having participated in an estimated $250 million scheme to bribe Indian officials for lucrative solar energy supply contracts.

Adani, along with his nephew Sagar Adani, agreed to the “payment of a civil penalty” totalling $18 million, while noting that it came “without admitting or denying the allegations made in the civil complaint”, a letter from Adani Green Energy to the Mumbai stock exchange read.

The penalty payment comes as US prosecutors are reported to be set to drop charges against Adani, The New York Times reported on Thursday.

The Adani letter, which noted that the final judgement of the US court is still awaited, stressed that the “company is not a party to this proceeding, and no charges have been brought against it”.

The New York Times said the move to abandon the charges, brought under US president Joe Biden’s administration, came after Adani hired a new legal team led by Robert Giuffra, one of President Donald Trump’s personal lawyers.

With a business empire spanning coal, airports, cement and media, the chairman of Adani Group has been rocked in recent years by corporate fraud allegations and a stock crash.

Adani, a close ally of Indian Prime Minister Narendra Modi, was born in Ahmedabad in Gujarat state to a middle-class family but dropped out of school at 16.

He moved to India’s financial capital, Mumbai, to find work in the city’s lucrative gem trade.

After a short stint in his brother’s plastics business, he launched the flagship family conglomerate that bears his name in 1988 by branching out into the export trade.

His big break came seven years later with a contract to build and operate a commercial shipping port in Gujarat.