It’s possible that I shall make an ass of myself. But in that case one can always get out of it with a little dialectic. I have, of course, so worded my proposition as to be right either way (K.Marx, Letter to F.Engels on the Indian Mutiny)
Sunday, October 04, 2026
US fund files Swiss criminal complaint against Radiant World, US court filing shows
A New York-based investment fund has made a criminal complaint in Switzerland against iron ore trader Radiant World and related companies alleging fraud and money laundering, a US court filing dated September 29 showed.
The filing in the US District Court for the Southern District of New York showed Mariner Atlantic Multi-Strategy LLC is seeking wire transfer records from the Federal Reserve Bank of New York and payments system CHIPS as part of the discovery process in its case.
Mariner said it filed a criminal complaint on or around September 14 with the Geneva Public Prosecutor’s Office against Radiant World and related entities as well as its founder Pinkesh Nahar.
Nahar and a Radiant World spokesperson did not respond to Reuters requests for comment or answer calls on Wednesday.
Radiant World has previously denied any wrongdoing, calling other claims inaccurate and unsubstantiated and saying it “conducts its business to the highest commercial and legal standards”.
“Mariner has requested the opening of a criminal investigation, searches of premises in Geneva, and the seizure of bank accounts and assets in Switzerland,” its US filing said.
The Geneva Public Prosecutor’s Office declined to comment on whether or not a criminal complaint had been received.
Mariner’s lawyer, Guillaume Tattevin, did not respond to requests for comment.
Mounting challenges
Radiant World has faced mounting challenges since banks and counterparties began distancing themselves amid concerns that invoices submitted to banks may not have been valid.
Mariner said in its filing that it lent Radiant World about $48.6 million in late June to finance its metals trading, underpinned by trade receivables.
After the funds were released to an account in the United Arab Emirates, Mariner found Radiant World had systematically “falsified commercial documents in order to simulate transactions and thereby obtain financing from international lenders, including Mariner, through fictitious trades”, it said.
The fund did not provide evidence that Radiant World systematically falsified documents in the filing.
Mariner has been unable to recover any of the funds, it added in the filing.
Other creditors have launched legal actions against Radiant World in London and Singapore.
Last week, a judge installed KPMG as interim judicial manager for Radiant World’s operating entity in Singapore in a case brought by Mizuho Bank. The KPMG managers did not immediately respond to a request for comment.
Singapore’s police force said in August that it was investigating Radiant World, without giving further details.
(Reporting by Solomon Cefai; additional reporting by Olivia Le Poidevin in Geneva and Devika Nair in Bengaluru; Editing by Tony Munroe and Alexander Smith)
GM battery material supplier Vianode explores partnership or sale
EVs depend on key resources now subject to tariffs. (Stock image.)
Norwegian synthetic graphite producer Vianode is seeking a partner to provide capital, industrial expertise or a broader strategic relationship to support its next expansion phase, its CEO Burkhard Straube said.
Vianode, which counts General Motors (NYSE: GM) among its customers, is open to outcomes ranging from a partnership to a full takeover, Straube told Reuters, adding that the company had hired JP Morgan to help it with the process.
Western companies are racing to cut their reliance on China for battery materials, with Beijing controlling about 95% of global supply of battery-grade graphite.
Vianode hopes to have a partner in place as soon as the end of this year and is open to industrial and financial investors, Straube said in an interview.
Companies involved in battery manufacturing face a difficult funding environment after the collapse of Sweden’s Northvolt and slowing demand for EVs.
Swedish private equity firm Altor has been Vianode’s sole financial backer since 2024, when Norsk Hydro said it would sell its stake and halt further funding.
Straube said Vianode, which also has customers in energy storage and defence, needs a new partner to have the same strategic ambitions and financial capabilities and the capacity to back the company.
“It is an attractive case for the right partner, with Vianode having proven both its technological and commercial viability,” said Altor spokesperson Andreas Hamrin.
US automaker GM signed a multibillion-dollar agreement in January 2025 for Vianode to provide synthetic graphite anode materials for EV batteries.
But like Nissan (TYO: 7201), Jeep maker Stellantis (BIT: STLAM) and others, GM has scaled back its ambitions as demand has cooled and US President Donald Trump has rolled back EV support.
Vianode is building a synthetic graphite plant in Ontario capable of supplying material for about 2 million EVs annually but requires additional funding for it to be completed.
The company shifted its expansion focus to North America in 2023, arguing Europe lacked the incentives and regulatory support to compete.
Production is currently scheduled to start in 2029, later than originally envisaged.
Vianode has operated a plant in Norway since 2024, with capacity expected to reach 2,000 metric tons per year, enough for about 35,000 electric vehicles.
(Reporting by Marie Mannes; Editing by Anousha Sakoui, David Goodman and Alexander Smith)
Ghana bill would give state special share rights in mining firms, draft shows
Ghana’s draft mining bill would allow the mines minister to require mining companies to issue the state a free special share with veto rights over key transactions, according to a copy reviewed by Reuters.
The bill would also cut mining lease terms to 15 years or the projected life of the mine, whichever is shorter, from up to 30 years under current law. It would also allow the government to mandate local mineral processing and impose future restrictions on exports of unprocessed mineral concentrates.
Africa’s top gold producer has been pursuing reforms aimed at increasing mining revenues and boosting local benefits from the sector. Major operators include Newmont, Gold Fields, Zijin Mining and Perseus Mining.
The proposed legislation would replace the Minerals and Mining Act, 2006.
Free special share
The new Minerals and Mining Bill, 2026 would preserve the state’s existing 10% free-carried interest in mining projects while giving the mines minister discretion to require a special state share with consent rights over key transactions.
Those transactions would include transfers of mining leases, voluntary liquidations and the disposal of significant overseas assets linked to Ghanaian operations.
Companies that fail to issue the share within two months could face fines of up to the cedi equivalent of $150,000, the draft showed.
The mines ministry, the Minerals Commission and the Ghana Chamber of Mines did not immediately respond to requests for comment.
One mining executive said measures including shorter lease terms and the proposed special state share had not featured in earlier industry consultations.
Mining companies hope the government will engage further on the bill’s more contentious provisions before lawmakers debate it and plan to submit their own proposals during the legislative process, the mining executive said, speaking on condition of anonymity because he was not authorised to comment publicly.
The bill could be taken up when parliament resumes in October, he said.
Mining accounts for about 14% of Ghana’s gross domestic product and more than half of export earnings, making the sector a cornerstone of the economy.
The bill would allow the government to require local processing and ban exports of unprocessed mineral concentrates through future regulations, the draft showed.
A transitional provision would require holders of mineral rights issued before the law takes effect to apply under the new framework when seeking renewals, while receiving priority consideration for equivalent licences, it added.
(Reporting by Maxwell Akalaare Adombila. Additional reporting by Emmanuel Bruce in Accra. Editing by Robbie Corey-Boulet and Mark Potter)
Yancoal Australia’s Premier Coal workers reject pay deal, set strike action
Majority of workers at Yancoal Australia’s (ASX: YAL) Premier Coal mine rejected the miner’s proposed workplace deal and will begin strike action on Saturday, Australia’s Mining and Energy Union said, citing demands for higher pay and greater job security.
Around 91.5% of Premier Coal workers voted against the agreement as the closure of the Collie mine approaches. The enterprise agreement is expected to be workers’ last, MEU WA District Secretary Greg Busson said on Friday.
Earlier in September, more than 90% MEU members voted in favour of industrial action, including work stoppages of more than 12 hours.
The move was also backed by members of the Australian Manufacturing Workers’ Union (AMWU) last month, with 93% voting in favour.
In an emailed response to Reuters on Friday, Yancoal Australia said Premier Coal acknowledges the rejection of pay deal and remains committed to reaching a fair and sustainable agreement.
“Workers need more of the wage increases delivered up front, while they can be certain of receiving their full value,” said AMWU WA State Secretary Steve McCartney.
The workers are seeking larger upfront pay increases, protections against roster changes and a commitment to a proper redundancy scheme, according to the union statement.
(Reporting by Anjali Singh in Bengaluru; Editing by Sherry Jacob-Phillips)
Op-Ed: Asia’s seaborne thermal coal market is shrinking very slowly
Reference photo of a bulk freighter loading coal. (Image by Roy Luck, Flickr).
(The views expressed here are those of Clyde Russell, a columnist for Reuters)
The market for seaborne thermal coal in Asia is engaged in the slowest of races as a mild decline in demand competes with an equally gentle decline in supply in the coming years.
This means that the longer-term outlook for prices will largely be driven by which of supply and demand dips at a slightly faster pace than the other.
Asia dominates the seaborne trade in the type of coal most commonly used to generate electricity, accounting for nearly 90% of the volumes in recent years.
The continent’s seaborne imports peaked at 898.2 million metric tons in 2024, according to data compiled by commodity analysts Kpler, before dropping slightly to 856.3 million in 2025.
They are on track to decline again in 2026 as top importers China and India moderate demand amid higher prices as part of the wider fallout from the US-Israeli war against Iran.
The picture of moderating demand and supply was a common theme at this year’s CT Asia conference on the Indonesian resort island of Bali, the largest coal industry gathering globally.
But rather than being gloomy, most coal market participants see the gradual shrinking of the seaborne thermal coal market as largely positive.
The view is that the sharp rise in the prices of crude oil, refined products and liquefied natural gas (LNG) as a result of the constrained exports from the Middle East has definitely extended coal’s lifespan in Asia.
Seaborne thermal coal comes largely from the world’s biggest exporter Indonesia and Australia, and both producers aren’t subject to shipping chokepoints such as the Strait of Hormuz in the Middle East.
The next biggest suppliers to Asia, South Africa, Russia and the United States do suffer from higher freight costs, but are also viewed as producers that are relatively reliable.
However, the main issues on the supply side are in Indonesia, which is increasingly a policy-driven market rather than one that responds to price and demand fundamentals.
There are two main factors to look at in Indonesia, the first being the total volume of coal that the government authorises miners to produce.
Output, domestic demand
Indonesian coal output hit a record high in 2025 of around 790 million tons, prompting the government to institute cuts for 2026 as part of an effort to limit exports and thereby lift prices by tightening the seaborne market.
It’s not clear exactly how much coal will be mined this year, but the consensus was it will drop by around 60 million tons.
Coal industry representatives at CT Asia also said in off-the-record conversations that they believed the government is keen to cap coal production at around 700 million tons per annum.
The second factor driving Indonesia’s coal market is the ongoing strong rise in domestic demand, especially from the metals processing sector.
Indonesia is the world’s largest producer of nickel and is expanding capacity in other metals, such as aluminium.
Processing the metal ores into semi-refined or final metal products is energy-intensive and the bulk of this power comes from coal.
Sales of coal to domestic users rose at a compound annual growth rate of 11.1% from 2015 to 2025 and now account for 31% of total coal demand in Indonesia, according to data presented at the conference by Toby Hassall, the coal research lead at LSEG.
If Indonesia’s total coal output remains largely steady but domestic demand keeps rising, then supply to the seaborne market has no alternative than to decline.
The wild card is whether the government will move to keep output steady, or whether they will allow miners to increase production, and even if they do there remains a question mark as to how much more can be economically produced for export.
Outside of Indonesia the supply situation looks soft, with new output in Australia constrained by hard-to-obtain permits and a lack of available capital, while South Africa has rail transport constraints.
China policy
On the demand side, there are some similar problems with top buyer China also largely being seen as a policy-driven market.
Coal imports were weaker in the first half, but then rebounded after domestic output dropped amid a series of safety inspections after 82 miners died in an accident in May.
But the overall trend is likely to be slowing seaborne imports as renewables eat into coal’s market share and domestic production recovers.
India, the world’s second-biggest coal importer, may also see lower seaborne imports for power generation as domestic output lifts, but it is also likely to buy more coal for industrial sectors such as cement manufacturing.
Japan and South Korea, the third- and fourth-ranked buyers, are also likely to see lower imports over time as coal plants reach retirement and are replaced by renewables and LNG.
Growth from smaller importers such as Vietnam, the Philippines and Bangladesh is unlikely to compensate enough for lower demand from the top four buyers.
The view of most industry players at CT Asia was that the decline in seaborne thermal coal supply will be modest, but slightly faster than the drop in demand.
This means prices are likely to stay relatively stable, although still being subject to volatility caused by unexpected events, such as this year’s China mine inspections or weather-related supply outages in Australia or Indonesia in previous years.
(Editing by Christian Schmollinger)
Glencore, Peabody and Heeney Capital weigh Venezuela coal deals
Glencore (LON: GLEN), Peabody Energy (NYSE: BTU) and investment firm Heeney Capital are weighing deals to produce coal in Venezuela, Bloomberg News reported on Wednesday.
Glencore and Peabody are working together on a possible bid for assets in Zulia state, while Heeney is pursuing a separate potential bid with Alabama-based miner Drummond Co, according to the report, which cited people familiar with the matter.
The discussions between Venezuela and the companies have focused on operational control and off-take rights rather than outright ownership of the mines, the report said.
Glencore declined to comment on the report, while Peabody Energy, Heeney Capital and Drummond did not immediately respond to Reuters’ requests for comment.
The Trump administration is seeking greater US access to Venezuela’s minerals, expanding its push to gain control and influence over the South American country’s vast natural resources beyond oil, Reuters had reported earlier this month.
(Reporting by Sri Hari N S in Bengaluru; Additional reporting my Megha Anilkumar Nair; Editing by Shilpi Majumdar)
Rio Tinto secures Bell Bay aluminum smelter operations till 2031
New Zealand’s Aluminium Smelter converts alumina into aluminium using renewable hydroelectricity. Reference (Image courtesy of Rio Tinto.)
Global miner Rio Tinto (ASX: RIO) said on Thursday it has reached agreements with the Australian and Tasmanian governments to secure the ongoing operation of its Bell Bay Aluminium smelter in northern Tasmania through the end of 2031.
As part of the agreements, Hydro Tasmania will supply electricity to Bell Bay Aluminium until December 2031, while the Australian and Tasmanian governments will provide additional support to continue operations.
Bell Bay’s current power supply arrangement with Hydro Tasmania ends on December 31, 2026, Rio said, adding that the additional support will help maintain the smelter’s international competitiveness and its contribution to the Tasmanian economy.
The Bell Bay support package follows a series of government interventions to back energy-intensive metals and manufacturing assets.
In August, the Australian and New South Wales governments pledged A$2.5 billion to help secure power supply for Rio Tinto-backed Tomago Aluminium beyond 2028.
Bell Bay Aluminium, fully owned by Rio Tinto, began operating in 1955 and produces about 190,000 tonnes of aluminium a year.
The smelter has about 550 full-time employees and indirectly supports more than 1,200 jobs, while spending about A$260 million annually with 180 suppliers, Rio said.
($1 = 1.4401 Australian dollars)
(Reporting by Roshan Thomas in Bengaluru; Editing by Shilpi Majumdar)
Gina Rinehart backed Lynas to buy rare earths miner Meteoric
Caldeira rare earth project in Brazil. Image from Meteoric Resources.
Australia’s Lynas Rare Earths (ASX: LYC) will acquire Meteoric Resources Ltd. in an all-share deal worth about A$968 million ($672 million), giving it access to a new deposit of the critical minerals in Brazil.
Lynas is the largest rare earths producer outside of China. It is seeking to diversify its resources through the acquisition, the company said in a statement. It will offer 0.0207 shares in Lynas for every one in Meteoric, it added.
Backed by Australia’s richest person, Gina Rinehart, Lynas currently mines rare earths — used in permanent magnets for everything from military applications to smartphones — in Australia and processes the material in Malaysia.
“Expanding our operations into a new country will help Lynas maintain its leading position in the global rare earths supply chain and meet increased customer demand for rare earth materials,” Lynas’ Chairman John Humphrey said in the statement. “Brazil is a well-established and supportive mining jurisdiction and its rare earth reserves are the largest outside China.”
Perth-headquartered Meteoric has been working to develop its Caldeira mine in Brazil. Lynas said it expected development of the project would cost more than $500 million and it will undertake further studies on potential processing opportunities.
(By Paul-Alain Hunt)
Chilean lithium project draws investors despite metal rout
CleanTech Lithium Plc is lining up a partner for its flagship Chilean project as it prepares for an Australian listing, with its CEO saying investor interest is building despite a sharp pullback in prices for the battery metal.
More than 20 companies signed agreements to review confidential material for the Laguna Verde project and London-listed CleanTech aims to select a partner this year or early 2027, Chief Executive Officer Ignacio Mehech said in a Tuesday interview. The firm also expects to complete a dual listing by year-end via an Australian public offering. Mehech plans to travel to Sydney next week to work on the process, with the amount to be raised still to be determined.
The interest suggests investors are willing to look beyond the current downturn in lithium prices. Chinese lithium-carbonate futures plunged in September, surrendering almost all of this year’s gains amid concerns over battery demand and inventories. Mehech said the selloff reflects investor sentiment in China rather than physical supply and demand.
“There’s no market fundamental behind it, and it should reverse in the short term because analysts continue to see a deficit in the coming years,” he said.
Laguna Verde is designed to produce 15,000 metric tons of lithium carbonate annually and, if all goes to plan, would be Chile’s first new lithium producer in more than three decades. Its operating contract is with Chile’s Comptroller General for final review.
Possible partners include miners, cathode producers, automakers, traders and investment funds, Mehech said. Any investment would be made at the project level and could include an agreement for future supply. He said interest is greater than a year ago, reflecting Laguna Verde’s progress and a scarcity of advanced projects globally.
CleanTech is listed on London Stock Exchange’s Alternative Investment Market and has a market value of £25.6 million ($33.8 million). The stock has risen 27% this year.
The firm also wants to establish a lithium-processing district in Chile’s Atacama region, with a planned conversion plant in Copiapo eventually handling material from its own projects and potentially third parties.
(By James Attwood)
Eramet plans $350 million lithium expansion in Argentina
La Bianca lithium project is in the north-west of Argentina, high up in the Andes. (Image courtesy of Eramet.)
Eramet (EPA: ERA) plans to invest about $350 million to expand its production of battery metal lithium in Argentina, the French mining group said on Thursday.
The expansion, subject to a final investment decision (FID), aims to add 11,000 metric tons of annual capacity of lithium carbonate equivalent, on top of current capacity of 24,000 tons, Eramet said.
Eramet plans to seek inclusion under Argentina’s RIGI investment scheme, it said in a statement issued after Chair and CEO Christel Bories met Argentine President Javier Milei in Paris.
The company did not give a timeline for the expansion. It had said in July that it was targeting the FID by the end of 2027.
Eramet’s Centenario facility, located in the so-called lithium triangle that also includes parts of Chile and Bolivia, started production in late 2024.
Eramet developed the facility with Tsingshan before buying out its Chinese partner in 2024.
Eramet has scaled back earlier plans for a second phase of its lithium operation as it tries to recover from poor financial results and mounting debt.
The group is planning a €500 million ($565 million) capital increase and sales of stakes in certain assets by the end of the year.
($1 = 0.8853 euros)
(Reporting by Gus Trompiz in Paris and Hugo Lhomedet in GdanskEditing by Milla Nissi-Prussak and David Goodman)
Brazil regulator orders partial halt at Sigma Lithium mine over ‘imminent risk’
Grota do Cirilo is said to be among the world’s largest and highest-grade hard rock lithium deposits. (Image courtesy of Sigma Lithium.)
Brazil’s mining regulator ANM has ordered Sigma Lithium (NASDAQ: SGML) to halt mining activities in part of its Grota do Cirilo mine, citing an unspecified “imminent risk,” according to a document seen by Reuters on Wednesday.
The agency ordered immediate corrective work to begin on the eastern slope of the mine’s north pit, where it said there was a “ruptured section.”
The area will remain under interdiction until the company completes the work on the eastern slope, ANM said.
ANM also demanded a number of measures to mitigate risks at the mine, adding that it “will take appropriate measures in the event of non-compliance.”
It is unclear how much the stoppage will affect Sigma’s mining activities, already impacted by the recent suspension of its environmental licenses and an interdiction on its waste piles.
Sigma did not immediately reply to a request for comment.
(Reporting by Fabio Teixeira; Editing by Gabriel Araujo)
The petition was filed against Petra Diamonds UK Treasury (PDUK Treasury), a wholly owned indirect subsidiary, over tax owed for the year ended June 30, 2025. It is scheduled for a High Court hearing on Oct. 14.
The tax liability arose from interest income accrued on a receivable from Ealing Management Services, another wholly owned indirect Petra subsidiary. PDUK Treasury has not received the accrued interest, the company said.
Petra said both subsidiaries are non-operating companies that do not own or run any of its mines, meaning the petition does not directly affect mining operations. However, the company is assessing potential implications for its financing arrangements and ongoing refinancing discussions.
Business review
The petition comes a day after Petra launched a strategic review that could result in asset sales as the Africa-focused diamond miner looks for ways to meet its short-term cash requirements. The review followed consultations with key stakeholders, including first- and second-lien creditors.
The process could bring Petra’s flagship Cullinan mine near Pretoria into play. Its other major South African operation, Finsch in the Northern Cape, is being closed after business rescue practitioners concluded there was no reasonable prospect of rescuing the operation.
The strategic review follows a deterioration in Petra’s balance sheet as prolonged weakness in the natural diamond market and a stronger South African rand weigh on the business. Net debt rose to $322 million at the end of June from $298 million three months earlier.
In July, Petra secured an additional $17,955 working-capital facility from a senior lender and deferred about $6 million in cash interest until January 2027. Its financing arrangements also required the company to begin refinancing discussions in September, with the goal of agreeing non-binding commercial terms by the end of October.
The tax petition now lands in the middle of those talks, leaving Petra to determine whether action against its treasury subsidiary has consequences for the broader financing structure even though its mines are not directly subject to the proceedings.
The restructuring underscores the financial strain spreading across the diamond sector as weak prices, sluggish demand and competition from lab-grown stones force producers to cut costs, curb output and reconsider how they operate.
Balance-sheet relief
Mountain Province said the agreement followed an extensive review of its options during what it described as a material decline in diamond prices over the past year. The company called the restructuring the most credible path available to protect stakeholder value under current market conditions.
The company also secured temporary relief from its noteholders and lender Dunebridge. The creditors agreed to suspend interest and principal repayments, along with the exercise of specified rights, for six months.
The breathing room gives Mountain Province time to restructure its balance sheet and pursue new financing after relinquishing its interest in its principal mining operation.
Industry strain
Mountain Province’s announcement came the same day Petra Diamonds (LON: PDL) said it was considering a potential sale as part of a strategic review intended to address liquidity pressures.
Petra has also been grappling with the prolonged diamond-market downturn as well as operational challenges at its Finsch mine in South Africa.
The developments show how sustained weakness in the diamond business is moving beyond production cuts and cost controls into more fundamental changes in ownership and corporate structure. Miners that spent years adjusting output to weaker demand are increasingly confronting balance-sheet pressures as the industry competes with lab-grown stones and navigates broader economic uncertainty.
Copper price crawls higher on softer dollar after weak US jobs data, tight supply
Copper prices edged higher on Friday, supported by a softer dollar after weaker-than-expected US jobs data and supply issues.
Benchmark three-month copper CMCU3 on the London Metal Exchange rose 0.1% to $14,262.50 a metric ton by 1615 GMT. That marked a decline of about 2% since the end of last week.
“Metals have seen light turnover again so far this session with copper finding some support with a slightly softer dollar, but the broader tone remains cautious,” Neil Welsh, head of metals at broker Britannia Global Markets, said in a note.
“High energy costs stemming from the ongoing US-Iran conflict and signs of industrial weakness in China have weighed on sentiment across the complex.”
The dollar index =USD dropped on Friday after US jobs growth slowed more than expected in September, prompting traders to reduce their bets on further US rate hikes. The dollar hit its strongest in 17 months this week, but the retreat on Friday makes commodities priced in the US currency cheaper for buyers using other currencies. FRX/
LME copper has gained 16% over the past six months, largely due to a large shift in inventories to the US attracted by the prospect of tariffs there, creating shortages elsewhere.
Stocks in warehouses monitored by the Shanghai Futures Exchange CU-STX-SGH have slumped by 79% over the past four months to 38,744 tons, their lowest since January 2024.
The SHFE was closed for China’s National Day and will reopen on October 8.
The prospect of less output in the world’s largest copper producer Chile has also underpinned the market, with data on Wednesday showing production fell 12.8% year-on-year in August.
Supervisors at Chile’s Escondida copper mine, the world’s largest, rejected a collective contract offer, paving the way for a potential strike and adding to supply fears.
Among other metals, LME aluminium CMAL3 shed 0.7% to $3,102.50 a ton, nickel CMNI3 lost 0.5% to $15,555, zinc CMZN3 dropped 0.8% to $3,695, lead CMPB3 fell 0.5% to $1,848.50 and tin CMSN3 gave up 0.6% to $54,005.
(Reporting by Eric Onstad, additional reporting by Solomon Cefai in Singapore; Editing by Sahal Muhammed, Shreya Biswas, Joyjeet Das and Louise Heavens)
US-Ukrainian investment fund seals first critical minerals deal
The joint US-Ukrainian reconstruction investment fund has sealed its first critical minerals deal alongside four other new projects, one of its top US officials told Reuters.
The fund, established as part of the minerals pact the two countries signed in April last year following a push by US President Donald Trump, is focused on five strategic sectors from minerals and defence to energy and infrastructure.
Conor Coleman, head of investments at the US International Development Finance Corporation (DFC), said the fund’s projects now total around $70 million and showed Washington’s support for Kyiv in the long-running war with Russia.
“It’s absolutely imperative for the Ukrainian people that we’re investing now,” Coleman said in an interview, referring to the ongoing damage to Ukraine as it faces another winter.
The long-anticipated first minerals deal will inject roughly $30 million into a “joint investment platform” with BGV Group, a firm founded by Hennadii Butkevych, the billionaire co-owner of Ukraine’s largest supermarket chain ATB.
Coleman said it would initially focus on early-stage mining projects across Ukraine and target rare earths, uranium, beryllium and zirconium deposits.
“They are all on the US critical minerals list, so it ties in very well with what we’re looking to do from a (US) administration priority (standpoint),” Coleman said.
Power projects
Two of the other new projects announced on Friday aim to shore up Ukraine’s power and heating networks after a rise in Russian attacks on key infrastructure ahead of winter.
Coleman said one would add to the near $100 million the DFC has just agreed to lend Ukraine’s largest private energy company DTEK for a new battery system that will provide backup power to approximately 600,000 Ukrainian homes for up to two hours.
The project will also have “access to capital if damages arise”.
The fund will also take an equity stake in a combined heat and power co-generation platform designed to help build and run off a number of “energy hubs” aimed at restoring damaged electricity and heat supplies to households.
Coleman also said the fund was looking for more capital to increase its capacity.
(Reporting by Marc Jones; Editing by Alexander Smith)
