Is It True or False that Advanced Coal Technology Can Provide Cleaner Energy?

FALSE

Published on: Dec 12, 2024

 

Author: Amy Liu

 

 
 
 

A report finds that highly efficient, low-emission coal plants and carbon capture and storage (CCS) technology could reduce CO2 emissions by up to 1.412 billion tons annually – equivalent to removing 310 million to 560 million SUVs from global roads. Replacing coal-fired power plants with those using pulverized coal combustion technology could inject over $1.5 trillion into the global economy, compared to an additional $2.7 trillion cost of replacing coal with alternative energy sources due to insufficient output.

Coal remains crucial for key industries such as steel (70% of production), cement (90%), and aluminum (60%), while also producing cost-effective hydrogen and supplying critical minerals like copper, cobalt, and nickel for renewable energy and battery storage.

The authors state, “While acknowledging the global shift towards decarbonized energy systems, coal still accounts for 36% of global electricity generation. Its role as a resilient, reliable, and dependable energy source has been proven globally, including in Europe and North America.”

The report notes that various forms of coal, from thermal coal to lignite and metallurgical coal, remain valuable assets in addressing global challenges.  The socio-economic impact of phasing out all forms of coal could create significant economic strain.

This report challenges the idea of prematurely phasing out coal in favor of solely renewable energy sources.  Instead, it explores how advanced coal technologies, carefully integrated with responsible energy policies and investment, can be key to achieving our future net-zero emissions goals.

The authors assert that advanced coal technologies offer a viable solution for producing clean and efficient electricity while also capturing emissions to produce valuable byproducts.  With increased innovation and investment, the value proposition of coal is becoming stronger.

Paul Baruya, Director of Strategy and Sustainability at FutureCoal, stated:  “This report challenges outdated perceptions of coal, reminding us that it is a versatile resource crucial to modern life, industrial development, and economic progress.  Strategic investment in advanced coal technologies, given coal’s high-value applications, ensures viable solutions for the global economy.”

Modern coal technologies, outlined in FutureCoal’s Sustainable Coal Stewardship, have the ability to deliver global climate goals while continuing to foster socio-economic growth.

Given the growing demands of a digital and electrified world, FutureCoal’s new report released today, “Roadmap for a Sustainable Coal Value Chain“, outlines how advanced coal technologies can not only provide clean energy, reducing up to 99% of emissions, including CO2, but also support the growth aspirations of developing and emerging economies.

Key report findings include:

• Emission Reductions: high-efficiency low emissions (HELE) coal plants and carbon capture and storage (CCS) technologies could reduce emissions by up to 1,412 MtCO2 annually—equivalent to removing 310-560 million SUVs from global roads.
• Economic Growth: Replacing coal plants with ultra-supercritical plants could inject over USD 1.5 trillion into the global economy. In contrast, replacing coal with alternative energy would cost an additional USD 2.7 trillion due to shortfalls in output.
• High Value Applications: Coal remains essential to key sectors, including steel (70% production), cement (90%), and aluminium (60%), while also producing cost-effective hydrogen and providing critical minerals like copper, cobalt, nickel, and more for renewable energy and battery storage.

Paul Baruya, FutureCoal’s Director of Strategy and Sustainability stated: “This report challenges outdated views of coal, reminding us that it is a versatile resource vital to modern life, industrial development and economic progress. Given its high-value applications, strategic investments in advanced coal technologies ensures economic solutions worldwide.”

The report underscores coal’s positive impact on global communities, including job creation and providing essential resources for food security and infrastructure. It also calls for increased collaboration across the coal value chain to realise these opportunities through innovation and technology transformation.

Baruya concluded: “Over the past year, FutureCoal’s Sustainable Coal Stewardship roadmap has been challenging and reshaping how stakeholders view coal. This report builds on that progress, showing that a globally united value chain can shape a sustainable and responsible coal future.”

Canada and United States Co-Invest to Unlock Critical Minerals Development in Yukon

From: Natural Resources Canada

News release
December 13, 2024

 Ottawa, Ontario 

The development of secure, sustainable North American supply chains requires close collaboration among like-minded partners. That is why Canada and the United States are strategically co-investing in important critical minerals projects in Canada and working to strengthen our supply chains. We are accelerating projects that will develop the critical minerals essential for continental and economic security, as well as for our clean energy future.

Critical minerals are essential components in products used for defence, advanced manufacturing and clean energy technologies such as electric vehicles, electrical transmission lines and batteries. Canada’s mining sector provides many of the building blocks needed for these strategic sectors, including tungsten, gallium, germanium and zinc.

Today, the Honourable Jonathan Wilkinson, Canada’s Minister of Energy and Natural Resources, announced a co-investment with the United States in the Canadian mining company Fireweed Metals Corp. (Fireweed). Fireweed will receive up to CA$12.9 million (approximately US$9.2 million) from Natural Resources Canada for its North Canol Infrastructure Improvement Project, pending final due diligence, for pre-development activities by the company such as design, studies and collection of baseline data, as well as engagement and consultations with First Nations. These pre-development activities will focus on improvements of approximately 250 kilometres of road, upgrades to an existing transmission line between Faro and Ross River, and the construction of a new transmission line from Ross River to the Macmillan Pass site. This infrastructure will be key to the development of Fireweed’s Critical minerals projects in eastern Yukon.

These funds will be joined by a US$15.8-million (approximately CA$22.1 million) co-investment from the United States to advance test work, feasibility studies and other preconstruction activities at the Mactung mine project, which is expected to benefit from the Canadian-supported infrastructure improvements.

Canada is providing this conditional funding to Fireweed through the Critical Minerals Infrastructure Fund’s (CMIF) pre-construction stream. The CMIF is a key program under the Canadian Critical Minerals Strategy to address infrastructure gaps, enable critical minerals production and connect resources to markets through various clean energy, electrification and transportation infrastructure projects. The co-investment from the United States is provided by the U.S. Department of Defense through the Defense Production Act Purchases Office.


This announcement is a concrete example of the close bilateral collaboration under the Canada-U.S. Joint Action Plan on Critical Minerals Collaboration and the Canada-U.S. Energy Transformation Task Force. Co-investment in Canadian projects of strategic importance, like Fireweed’s, supports the United States and Canada’s shared vision of strong, sustainable North American critical mineral supply chains.

Quotes


“Canada is positioning itself as a global supplier of responsibly sourced critical minerals, which are increasingly in demand for the clean and digital economy as well as for defence applications. Our investment in the Fireweed project will develop the necessary energy infrastructure to power multiple critical minerals mines and communities with clean energy. These investments by Canada and the United States build on our long history of friendship and collaboration, complement the region’s deep expertise in mining, create good jobs in the Yukon and advance economic growth, now and into the future.”

The Honourable Jonathan Wilkinson

Minister of Energy and Natural Resources


"Canada’s investment is key to building the transportation infrastructure needed for the Yukon’s critical minerals sector. By supporting foundational work to upgrade access roads to critical mineral mining sites, we’re strengthening our supply chains for clean energy technologies, creating good jobs and economic growth.”

The Honourable Anita Anand

President of the Treasury Board and Minister of Transport of Canada


“Tungsten is essential to the national security of both the United States and Canada. This project highlights the interconnected nature of our countries’ defense industrial bases, especially when it comes to critical minerals. We look forward to more opportunities to partner with Canada to support projects that strengthen our mutual security.”

Dr. Laura Taylor-Kale

Assistant Secretary of Defense for Industrial Base Policy, United States Department of Defense


“These U.S. and Canadian co-investments will support unlocking a new critical minerals district in Canada. In the coming months and years, our team will work to ensure our project and the enabling infrastructure move forward in a way that respects rights-holders, provides benefits to communities in the region and demonstrates how critical minerals can be developed responsibly.”

Peter Hemstead,

Director, President and CEO, Fireweed Metals Corp.

Quick facts

The Canadian Critical Minerals Strategy, supported by an investment of $3.8 billion, aims to advance the development of critical minerals and related value chains to drive the transition to a low-carbon economy and support advanced technology and manufacturing. The Strategy addresses five core objectives:

o supporting economic growth, competitiveness and job creation;

o promoting climate action and strong environmental management;

o enhancing global security and partnerships with allies;

o advancing reconciliation with Indigenous peoples; and

o fostering diverse and inclusive workforces and communities.



Over the last few years, Canada has made landmark investments across a range of critical mineral and zero-emission-vehicle supply chain projects in Canada. Canada is actively providing support across the industry under the Strategy to address barriers through funding and collaboration with provincial and territorial governments, Indigenous groups, mining companies and other Canadian and international partners.


The CMIF is a key program under the Strategy to support enabling clean energy and transportation infrastructure projects necessary to increase Canada’s supply of responsibly sourced critical minerals. The CMIF supports strategic priorities, such as decarbonizing industrial mining operations; strengthening supply chains through transportation infrastructure; and advancing economic reconciliation by supporting the participation of Indigenous Peoples in infrastructure and critical minerals projects.


Announced in January 2020, the Canada-U.S. Joint Action Plan on Critical Minerals advances both countries’ common interest in strengthening North American critical mineral production needed for defence, aerospace, clean energy, communications and other key industries.
Related productsCanada and the United States extend bilateral energy transformation task force for an additional year, announce new mineral sector investments
Prime Minister Trudeau and President Biden Joint Statement
Associated linksFireweed Metals Corp.
Canadian Critical Minerals Strategy
Critical Minerals Infrastructure Fund
Programs and funding for critical minerals projects


Fireweed Metals Corp. awarded up to C$35.4 M in joint US-Canadian government funding to advance Mactung and essential Infrastructure to unlock the critical minerals district at Macmillan Pass, Yukon Territory

December 13, 2024

Vancouver, British Columbia: FIREWEED METALS CORP. (“Fireweed” or the “Company”) (TSXV: FWZ; OTCQX: FWEDF) is pleased to announce it has been awarded US$15.8 M (~C$22.5 M) from the U.S. Department of Defense and up to C$12.9 M from the Government of Canada in support of its critical minerals projects at Macmillan Pass, Yukon Territory.

HighlightsFireweed has been awarded US$15.8M (~C$22.5 M) from the U.S. Department of Defense under Title III of the Defense Production Act of 1950 (“DPA Title III”) to advance its 100%-owned Mactung tungsten project toward a final investment decision.
Fireweed will also receive up to C$12.9 M from the Government of Canada, pending final due diligence, through the Critical Minerals Infrastructure Fund (“CMIF”) to lead planning for road and power infrastructure supporting Fireweed’s critical mineral assets at Macmillan Pass, Yukon Territory.
With this funding, Fireweed’s team will advance its Mactung tungsten project to a final investment decision, while concurrently leading the planning for improvements to regional infrastructure (road and power) that serve the entire critical mineral district at Macmillan Pass.

CEO Statement

Peter Hemstead, Interim President and CEO, commented: “The coordinated investments by the United States and Canadian governments underscore the critical importance and strategic value of Fireweed’s mineral assets at Macmillan Pass. This joint announcement is a testament to the determination of both governments to unlock this new critical minerals district in Canada. In the coming months and years, our team will work to ensure our projects and the enabling infrastructure move forward in a way that respects rights-holders, provides benefits to communities in the region, and demonstrates how critical minerals can be developed responsibly.”

Adam Lundin Statement

Adam Lundin, Fireweed’s Strategic Advisor, stated: “The emerging critical minerals district at Macmillan Pass is a profound opportunity to address key supply chain vulnerabilities of the North American industrial base. These investments are significant milestones on the path to advancing both Macpass and Mactung projects toward development.”

Statement from the Honorable Jonathan Wilkinson, Canada’s Minister of Energy and Natural Resources

The Honorable Jonathan Wilkinson, Canada’s Minister of Energy and Natural Resources, stated: “Canada is positioning itself as a global supplier of responsibly sourced critical minerals, which are increasingly in demand for the clean and digital economy as well as for defence applications. The Fireweed project will develop the necessary energy infrastructure to power multiple critical minerals mines and communities with clean energy. These investments by Canada and the United States build on our long history of friendship and collaboration, complement the region’s deep expertise in mining, create good jobs in the Yukon and advance economic growth, now and into the future.”

A Critical Minerals District at Macmillan Pass

Macmillan Pass is an emerging critical minerals district (the “Macpass District”), with two immediately-adjacent, best-in-class critical mineral projects being advanced by Fireweed. The Macpass Project (“Macpass”) is a district-scale collection of high-grade zinc deposits, forming one of the largest undeveloped zinc resources globally, while also containing the world’s largest known accumulation of germanium and gallium1,2. The Mactung Project (“Mactung”) is the world’s largest, high-grade tungsten deposit1,3, with sufficient mineral resources to potentially supply North America’s expected tungsten demand for decades.

Macmillan Pass and the North Canol Road (the district’s primary overland access) are located within Kaska Nation Traditional Territory and the Traditional Territory of the First Nation of Na-Cho Nyӓk Dun. The Mactung access road passes through the Sahtú Settlement Area (Tulı́tʼa District in the Northwest Territories), which include both First Nations and Métis communities.

US Government Funding to Advance the Mactung Tungsten Project

Fireweed has been awarded US$15.8 M (~C$22.5 M) by the U.S. Department of Defense under DPA Title III to advance its 100%-owned Mactung tungsten project toward a final investment decision.

The objective of the DPA Title III funding is to progress Mactung to a final investment decision, a precursor to project construction and subsequent production of domestic tungsten concentrates for the North American industrial base. The award will support an expansive, Fireweed team-led program that includes mine design optimization, geotechnical investigations, and metallurgical test programs, culminating in the development of a new feasibility study. A range of environmental studies will be undertaken, supporting the pursuit of licenses and permits necessary to construct Mactung.

The program builds on extensive past drilling at Mactung and an updated 2023 mineral resource estimate that supersedes a historical 2009 Feasibility Study. The project also benefits from a positive environmental assessment decision issued in 2014 by Yukon and Canadian Federal regulators.

The DPA Title III award is non-dilutive to Fireweed shareholders and no commercial covenants are included in the award conditions that would impair Fireweed’s current business nor its future sale of tungsten concentrates to the industrial base. Fireweed’s own management team will lead the work and periodically report progress to administrators of the award.

Canadian Government Funding to Advance the “North Canol Infrastructure Improvement Project”

Fireweed will also receive up to C$12.9 M, pending final due diligence, from the Government of Canada through the Critical Minerals Infrastructure Fund (“CMIF”) to lead planning efforts for infrastructure improvements that would serve the critical minerals district at Macmillan Pass.

The CMIF funding will support Fireweed’s implementation of the first phase (Phase I) of the “North Canol Infrastructure Improvement Project” (“NCIIP”), which includes developing preliminary designs for approximately 250 kilometers of road improvements, as well as upgrades to an existing transmission line between Faro and Ross River, and the construction of a new transmission line from Ross River to Macmillan Pass. The effort also includes seeking the consent of local Indigenous groups, completing necessary environmental assessment processes and facilitating multi-party project agreements necessary to advance NCIIP toward construction (Phase II).

Fireweed anticipates NCIIP Phase II to be advanced through a collaboration of government, Indigenous groups and industry. Funding sources for NCIIP construction have yet to be determined but will likely involve ‘stacking’ a range of new and existing funding sources, potentially including previously announced Yukon Resource Gateway funding.

Qualified Person Statement

Technical information in this news release has been approved by Fireweed Metals VP Geology, Jack Milton, Ph.D., P.Geo. (BC), a ‘Qualified Person’ as defined under National Instrument 43-101. Dr. Milton is not independent of Fireweed for purposes of NI 43-101.

About Fireweed Metals Corp. (TSXV: FWZ; OTCQX: FWEDF; FSE:M0G): Fireweed Metals Corp. is an exploration company unlocking significant value in a new critical metals district located in the Yukon, Canada. Fireweed is 100% owner of the Macpass District, a large and highly prospective 977 km2 land package. The Macpass District includes the Macpass zinc-lead-silver (germanium-gallium) project and the Mactung tungsten project, both characterized by meaningful size, grade and opportunity. At Macpass, Fireweed owns one of the largest undeveloped zinc resources worldwide1,2, in a region with enormous exploration upside potential. The Mactung project is a strategic critical metals asset that hosts the world’s largest high-grade tungsten resource1,3 – a potential long-term supply of tungsten for North America. A Lundin Group company, Fireweed is strongly positioned to create meaningful value.

In Canada, Fireweed (TSXV: FWZ) trades on the TSX Venture Exchange. In the USA, Fireweed (OTCQX: FWEDF) trades on the OTCQX Best Market for early stage and developing U.S. and international companies and is DTC eligible for enhanced electronic clearing and settlement. Investors can find Real-Time quotes and market information for the Company on www.otcmarkets.com. In Europe, Fireweed (FSE: M0G) trades on the Frankfurt Stock Exchange.

Additional information about Fireweed and its projects can be found on the Company’s website at FireweedMetals.com and at www.sedarplus.com

ON BEHALF OF FIREWEED METALS CORP.

“Peter Hemstead”

Interim President & CEO, and Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statements

Forward Looking Statements

This news release contains “forward-looking” statements and information (“forward-looking statements”). All statements, other than statements of historical facts, included herein, including, without limitation, statements relating to receipt of the DPA Title III award, use of proceeds of the DPA Title III award, receipt of CMIF award and the actual amount thereof, the use of proceeds of the CMIF award (including leading planning efforts relating to road improvements and transmission line construction and upgrades), pursuit of necessary licencing and permits and/or environmental assessment processes, seeking the consent of local Indigenous groups, the making of a final investment decision with respect to Mactung, interpretation of drill results, targets for exploration, potential extensions of mineralized zones, future work plans, and the potential of the Company’s projects, are forward looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved. Forward-looking statements are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company management and reflect the beliefs, opinions, and projections on the date the statements are made. Forward-looking statements involve various risks and uncertainties and accordingly, readers are advised not to place undue reliance on forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include but are not limited to, exploration and development risks, unanticipated reclamation expenses, expenditure and financing requirements, general economic conditions, changes in financial markets, changes in the Company’s work programs, the ability to properly and efficiently staff the Company’s operations, the sufficiency of working capital and funding for continued operations, title matters, First Nations and local Indigenous group relations, operating hazards, political and economic factors, competitive factors, metal prices, relationships with vendors and strategic partners, governmental regulations and oversight, permitting, seasonality and weather, present and future infrastructure capacities, technological change, industry practices, uncertainties involved in the interpretation of drilling results and laboratory tests, and one-time events. The Company assumes no obligation to update forward‐looking statements or beliefs, opinions, projections or other factors, except as required by law.

Footnotes and References

1 References to relative size, grade, and metal content of the Mactung resources and Macpass resources in comparison to other tungsten, zinc, gallium, and germanium deposits elsewhere in the world, respectively, are based on review of the Standard & Poor’s Global Market Intelligence Capital IQ database.

2 For Tom, Jason, End Zone, and Boundary Zone Mineral Resources, see the technical report filed on https://www.sedarplus.ca/ October 18,2024, entitled “Technical Report for NI 43-101, Macpass Project, Yukon, Canada”. The effective date of the Mineral Resource is September 4, 2024. SLR Managing Principal Resource Geologist, Pierre Landry, P.Geo. (BC) is a ‘Qualified Person’ as defined under NI 43-101. Mr. Landry is considered to be “independent” of the Company for purposes of NI 43-101. Mr. Landry, of SLR, is responsible for the Macpass Mineral Resource Estimate.

3 For Mactung Mineral Resources, see Fireweed news release dated June 13, 2023 “Fireweed Metals Announces Mineral Resources for the Mactung Project: the Largest High-Grade Tungsten Deposit in the World” and the technical report entitled “NI 43-101 Technical Report, Mactung Project, Yukon Territory, Canada,” with effective date July 28, 2023 filed on https://www.sedarplus.ca/. Garth Kirkham, P.Geo. is considered independent of the Company, and a ‘Qualified Person’ as defined under NI 43-101. Garth Kirkham, of Kirkham Geosystems Limited., is responsible for the Mactung Mineral Resource Estimate.

Why Can't We Fund Universal Public Goods? Blame the Tax-Dodging Billionaire Nepo Babies

"In 2024, these billionaire families used their enormous wealth to make record-breaking political contributions to secure a GOP trifecta," reads a new report.

Eric Trump, executive vice president of Trump Organization Inc., leaves former President Donald Trump's civil fraud trial where he testified at New York State Supreme Court on November 3, 2023 in New York City.
(Photo: Spencer Platt/Getty Images)

Julia Conley
Dec 13, 2024
COMMON DREAMS
The children of the richest families in the U.S. are well-known for spending their vast wealth on frivolous luxuries—constructing a replica of a medieval church on their acres of property, in the case of banking heir Timothy Mellon, or starting a brand of T-shirts described by one critic as "terrible beyond your wildest imagination," as Wyatt Koch, nephew of Republican megadonors Charles and David, did.

But a report released by Americans for Tax Fairness (ATF) on Thursday shows how "billionaire nepo babies" don't just waste their families' fortunes. They also benefit from "a rigged system" that allows them to "pass that wealth down over generations without being properly taxed–often without being taxed at all."

In addition, the heirs of the country's biggest fortunes spend vast sums "to elect politicians who protect their unearned wealth and manipulate the country's economy in their favor," said ATF.

Along with Mellon and Koch, the report profiles Samuel Logan of the Scripps media dynasty; Nicola Peltz-Beckham, daughter of billionaire investor Nelson Peltz; Gabrielle Rubenstein, whose family has made its fortune in private equity; and President-elect Donald Trump's son, Eric Trump.

The nepo babies are part of a small group of billionaire families in the U.S. who benefit from tax loopholes that ensure little of their immense wealth ever goes to benefit the public good.

At least 90 billionaires have passed away over the last decade, leaving their beneficiaries $455 billion in collective wealth.

But according to ATF, "$255 billion (56%) of that amount was likely entirely exempt from the capital gains tax because of a special break called 'stepped up basis.'"

"Trump and his allies in Congress are doing their donors' bidding by rigging the system in their favor and pushing a $4 trillion giveaway to wealthy elites and giant corporations."

Without loopholes included the stepped up basis tax cut, the current estate tax on billionaires and centimillionaires would yield enough revenue to fund universal childcare, preschool, and paid family leave for U.S. workers, with hundreds of billions of dollars left over, according to ATF's report.

The wealthy heirs profiled in the report and their families are some of the Republican Party's top donors—contributing hundreds of millions of dollars to candidates including Trump in the hopes of securing even more tax cuts.

Mellon, for example, is Trump's "biggest supporter, giving $140 million to a pro-Trump PAC in 2024 alone," reads the report.

A previous analysis by ATF found that as of late October, just 150 billionaire families had spent $1.9 billion on the 2024 elections.

As the Center for American Progress found earlier this year, Trump's plan to extend the tax cuts that he pushed through in 2017 would cost $4 trillion over the next decade.

"The vast wealth inherited by centuries-old billionaire families is staggering. While these heirs and their billions go undertaxed, enormous sums are squandered on lavish mansions, private jets, and vanity projects instead of funding crucial public investments," said ATF executive director David Kass. "In 2024, these billionaire families used their enormous wealth to make record-breaking political contributions to secure a GOP trifecta. Now, Trump and his allies in Congress are doing their donors' bidding by rigging the system in their favor and pushing a $4 trillion giveaway to wealthy elites and giant corporations—all while advocating for cuts to vital programs that working and middle-class Americans depend on."

The report calls for Congress to pass "proven, pragmatic proposals to unrig the tax system that enjoy high levels of popular support," such as the Ultra Millionaire Tax Act that was proposed by Sen. Elizabeth Warren (D-Mass.) and Reps. Pramila Jayapal (D-Wash.) and Brendan Boyle (D-Pa.) this year. The bill would tax fortunes between $50 million and $1 billion at 2% and wealth above $1 billion at $1 billion.

The small tax on enormous wealth would generate "a whopping $3 trillion over 10 years," said ATF.


The estate tax could also be "restored so that it can play a meaningful role in promoting fairness and equal opportunities" through the passage of the For the 99.5% Act, which was introduced in 2023 by Sen. Bernie Sanders (I-Vt.) and Rep. Jimmy Gomez (D-Calif.).

Under the bill, the estate tax exemption would be lowered to $7 million per couple and the current 40% flat rate would be replaced with a sliding scale that would charge higher rates as a family's wealth grows.

"None of these tax reforms would impoverish the ultra wealthy, nor even inconvenience them in any meaningful way–but they would reduce the concentration of wealth that is so corrosive to society," reads the report. "At the same time, they would raise trillions of dollars that could be used to reduce inequality and improve the lives of families that can only dream of the kind of security and opportunity enjoyed by the nation’s richest clans."

"And if rich families ever did need to tighten their belts a bit to pay their taxes," the report continues, "the economizing might begin by reducing the flow of money funding the extravagant lifestyles of America's Billionaire Nepo Babies."

'The Next Recession Starts Here': Trump Team Weighs Abolishing Bank Regulators

The president-elect's advisers are reportedly discussing plans to shrink or eliminate key bank watchdogs, including the Federal Deposit Insurance Corporation.


President-elect Donald Trump rings the opening bell on the trading floor of the New York Stock Exchange on December 12, 2024 in New York City.

(Photo: Spencer Platt/Getty Images)

Jake Johnson
Dec 13, 2024

COMMONDREAMS

President-elect Donald Trump and his advisers are reportedly considering plans to weaken—or abolish altogether—top bank regulators, including the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency.

The Wall Street Journalreported Thursday that members of Trump's transition team and the new Elon Musk-led Department of Government Efficiency have asked nominees under consideration to head the FDIC and OCC if the bank watchdogs could be eliminated and have their functions absorbed by the Treasury Department, which is set to be run by a billionaire hedge fund manager and crypto enthusiast.

"Bank executives are optimistic President-elect Donald Trump will ease a host of regulations on capital cushions and consumer protections, as well as scrutiny of consolidation in the industry," the Journal reported. "But FDIC deposit insurance is considered near sacred. Any move that threatened to undermine even the perception of deposit insurance could quickly ripple through banks and in a crisis might compound customer fears."

The Trump team's internal and fluid discussions about the fate of the key bank regulators broadly aligns with Project 2025's proposal to "merge the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Federal Reserve's non-monetary supervisory and regulatory functions."

The FDIC, which is primarily funded by bank insurance premiums, was established during the Great Depression to restore public trust in the nation's banking system, and the agency played a central role in navigating the 2023 bank failures that threatened a systemic crisis.

Observers warned that gutting the FDIC and OCC could catalyze another economic meltdown.

"The next recession starts here," tech journalist Jacob Silverman warned in response to the Journal's reporting.

Eric Rauchway, a historian of the New Deal, wrote that "even Milton Friedman appreciated the FDIC," underscoring the extreme nature of the incoming Trump administration's deregulatory ambitions.

Musk, the world's wealthiest man, is also pushing for the elimination of the Consumer Financial Protection Bureau, an agency established in the wake of the 2008 financial crisis.

The Journal noted Thursday that "Rep. Andy Barr, a Republican from Kentucky and Trump ally on the House Financial Services Committee, has backed the plan to eliminate or drastically alter the CFPB and said he wants to get rid of what he calls 'one-size-fits-all' regulation for banks."

Barr has received millions of dollars in campaign donations from the financial sector and "introduced many pieces of pro-industry legislation, including significant rollbacks of protections stemming from the 2008 financial crisis," according to the watchdog group Accountable.US.

Biden admin moves to block mining in N.M.

By Hannah Northey | 12/12/2024 

The Interior Department on Thursday moved to bar mining for two years along the Pecos River.

Secretary of Interior Deb Haaland initiated the withdrawal of about 165,000 acres in the Upper Pecos watershed in Santa Fe, New Mexico, from new mining claims and the issuance of new federal mineral leases, subject to valid existing rights

. Rick Scuteri/AP

The Biden administration on Thursday moved to temporarily protect thousands of acres of public land along the Pecos River in New Mexico from a mining boom taking hold across the West.

Secretary of Interior Deb Haaland initiated a two-year withdrawal of about 165,000 acres in the Upper Pecos watershed in Santa Fe, New Mexico, from new mining claims and the issuance of new federal mineral leases, subject to valid existing rights.

The agency’s move responds to a growing push among Democrats in the Land of Enchantment for permanent protection in a part of the state with critical water resources tied to tourism, agriculture and biodiversity.
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Earlier this month, Sen. Martin Heinrich of New Mexico and other Democrats in the state — including Sen. Ben Ray Luján and Reps. Teresa Leger Fernandez, Melanie Stansbury and Gabe Vasquez — called on the Forest Service to complete the initial steps of the mineral withdrawal process in the Upper Pecos Watershed, warning that the area was vulnerable to mining and mine pollution.

They pointed to incidents in the past that have damaged the river, including when a closed mine spilled toxic waste into the Pecos in 1991, killing fish along an 11-mile stretch, triggering a costly, time-consuming cleanup that scarred the river.

While the agency’s protects are temporary, Congress can impose permanent protections. Last year, Heinrich, Luján, and Leger Fernandez introduced the Pecos Watershed Protection Act to protect portions of the Pecos Watershed in northern New Mexico from all mineral development.

Heinrich called the temporary protection a “major victory.”

“The Upper Pecos Watershed has an unfortunate history of poorly managed mining and development projects that have put New Mexicans and our ways of life and cultures at risk,” he said. “While we continue pressing our colleagues in Congress to pass our Pecos Watershed Protection Act to ensure permanent protection from harmful mining operations, we urge the Bureau of Land Management and the Forest Service to move forward with longer-term administrative protections. I urge them to schedule the required public meeting on this administrative protection proposal immediately.”

The agency’s move drew immediate praise from Trout Unlimited, which has long called for protecting the headwaters of the Pecos River. The area has emerged as a focal point for conservation groups in the state since a mining company first showed interest in the area in 2019.

Dan Roper, Trout Unlimited’s New Mexico state lead, said that while mining will continue to play a role in New Mexico’s economy, the administration’s announcement shows that “some places are simply too special to mine.” The area, said Roper, is “one of the state’s most popular fishing destinations, and the watershed is an important water source for downstream communities and irrigators.”

According to the agency’s release, the Departments of Interior and Agriculture will now initiate a process to propose through which the secretary of Interior will implement a 20-year withdrawal for lands in San Miguel and Santa Fe counties, areas that include land encompassing multiple Pecos River tributaries, including Dalton Canyon, Macho Canyon, Wild Horse Creek, Indian Creek and Doctor Creek.

The proposed withdrawal area includes approximately 163,483 acres of National Forest System lands and 1,327 acres of Bureau of Land Management-managed public lands.

The BLM will also publish an announcement in the Federal Register in the coming days, initiating a 90-day public comment period to gather input on the proposal, according to the release. The agencies are also planning to host at least one hybrid public meeting.

Syrah Resources declares force majeure for graphite mine in Mozambique

NOW MOZAMBIQUE FACES A CYCLONE

Bloomberg News | December 11, 2024 

Syrah Resources’ Balama graphite operation. Image from Syrah via Youtube.

Shares in Syrah Resources Ltd. plunged after the Australian miner declared force majeure for its Balama graphite mine in Mozambique due to ongoing civil unrest, causing it to default on US government-backed loans.


The stock fell as much as 32% before closing down 28% at 19 Australian cents (12 cents). In November 2022 they traded at around A$2.62 apiece.

Mozambique has been rocked by protests against a disputed election since early October. At least 100 fatalities have been reported, most of them demonstrators shot during clashes with police. Hundreds more people have been injured and thousands arrested. In December 2021, Syrah entered an agreement with Tesla Inc. to supply graphite from its plant in Louisiana that sources material from Balama.

“The impacts and duration of the protest actions have triggered events of default in the company’s loans with United States International Development Finance Corp. and US Department of Energy,” Syrah said in a filing Thursday.

Syrah Resources received a $150 million binding loan with US International Development Finance Corp. to provide long-term capital support for Balama, it said in a statement in October. It also received about $98 million through the US Department of Energy to build a downstream processing facility in the US.

Transport to the Balama mine, which supplies graphite — an important component in batteries for electric vehicles — and operation of a processing plant continued to be interrupted, Syrah said Thursday. Workers had been sent home and security contractors were on site, it added.

“Sustained efforts by the company to achieve a positive resolution of protest actions through lawful and constructive dialog with Mozambique government authorities, host community leaders and protesters, and the pursuit of legal avenues, have been unsuccessful to date,” Syrah said.

Earlier this week, Perth-based South32 Ltd. withdrew its guidance for its aluminum smelter in Mozambique, saying transport of its raw materials had been interrupted.

Syrah’s biggest shareholder is major pension fund AustralianSuper Pty Ltd., which holds a 32% stake.

“AustralianSuper is in regular discussions with the company and other key stakeholders about the situation and we continue to monitor it,” the pension fund said in an emailed statement.

(By Paul-Alain Hunt)

BHP seeks Brazil growth to emerge from shadow of mining disaster

Bloomberg News | December 13, 2024 | 

Alegria Sul pit at Samarco. Image from BHP.

BHP Group, the world’s biggest miner, is looking to expand in Brazil as it seeks to move on from a 2015 mining disaster.


A settlement for a deadly tailings dam collapse at its Samarco joint venture with Vale SA has removed the main barrier to invest in the South American nation, said Emir Calluf, BHP’s new Brazil president.

“BHP is determined to have a brand in Brazil, not just be a shadow of Samarco,” Calluf said in an interview, adding that the nation’s mineral potential is underexploited compared to countries such as Australia, Canada and Chile. “Brazil has only 4% of its mineral potential explored. It has plenty of opportunity and we’re going to look at it.”

Calluf, who was named to the new role earlier this month, said BHP continues to be committed to Samarco, whose high-grade iron ore pellets are a key product for steel mills looking to produce material with lower emissions. He said the company has no plans to dispose of its 50% stake in the joint venture.

“BHP won’t sell it,” he said. “We’re looking at Brazil with fresh eyes and Samarco is important.”

BHP still faces one of the largest class-action lawsuits in the UK for the dam collapse, but the settlement signed in October “made peace with Brazilian society,” said Calluf, who took part in the negotiations as legal vice-president for Americas.

The new Brazil leader said he’s following BHP’s global directive to expand in core areas that include copper and iron ore as well as coal and potash. Such a strategy has led BHP to pursue acquisitions, including last year’s takeover of OZ Minerals Ltd., this year’s failed attempt to buy Anglo American Plc and a joint bid with Lundin Mining Corp. to buy Filo Corp. in July.

BHP and Vale may cross paths again in Brazil. BHP is assessing the future of copper mines inherited from OZ Minerals in northern Brazil’s Carajás region, next to Vale operations. Vale acquired a stake at Anglo American’s Minas-Rio, an iron ore plant that could end up with BHP if the company decides to pursue another Anglo buyout attempt.

Calluf doesn’t rule out finding partners to develop assets, such as what BHP is doing with Lundin in Argentina with the Filo acquisition. BHP also has mining rights in Brazil and retains some mineral research activity in iron ore areas in the country’s southeast state of Minas Gerais, according to documents from Brazil’s mining regulator.

(By Mariana Durao)

Global scramble for critical minerals fuelling protectionism

Cecilia Jamasmie | December 12, 2024 | 

Protests in Serbia cost Rio Tinto in 2022 its Jadar lithium project. (Screenshot from: Sharjah24 News | YouTube.)

A growing wave of protectionism is sweeping across 72 nations, as governments scramble to secure access to critical minerals essential for strategic industries, new research by global risk intelligence firm Verisk Maplecroft shows.


The study reveals a surge in state intervention not seen in Western democracies since the early 20th century, driven by concerns over national security and supply chain stability.

Verisk Maplecroft’s Resource Nationalism Index (RNI), which measures protectionism and interventionism in the energy and mining space across 198 countries, highlights a sharp increase in protectionist policies over the past five years. The trend is most pronounced in Europe and North America, where geopolitical tensions and a fractured global landscape are reshaping economic practices.

Europe has been at the forefront of this shift, with major economies like Germany, Spain, the UK, and Poland showing significant declines in the RNI rankings. Germany, in particular, has plummeted 122 places in the index, reflecting its aggressive policies to reduce dependence on external energy and mineral sources.

Source: Verisk Maplecroft’s Resource Nationalism Index

Berlin has implemented short-term measures, including the seizure of Russian energy assets after the Ukraine invasion, alongside long-term strategies such as subsidies for domestic manufacturing and partnerships with resource-rich nations like Canada and Australia. These efforts aim to secure access to essential minerals like lithium and cobalt while bolstering domestic processing capabilities.

The European Union is also ramping up its initiatives through frameworks like the European Raw Materials Alliance (ERMA) and the Critical Raw Materials Act, which focus on sustainable mining, recycling, and reducing reliance on non-European sources.
North American allies

In North America, policies to safeguard critical minerals have led to tightening trade and investment rules. The US has enacted the CHIPS and Science Act and the Inflation Reduction Act to boost domestic production while restricting Chinese involvement in key sectors. Initiatives like the Mineral Security Partnership have strengthened collaboration with allied nations, further entrenching trade barriers with geopolitical rivals.

Canada, meanwhile, has adopted a multi-faceted approach through its Critical Minerals Strategy and the Investment Canada Act. These measures not only limit foreign investments, particularly from China, but also encourage sustainable resource development under strict environmental and labour standards.

In 2022, Ottawa ordered three Chinese investors to sell their stakes in a trio of Canadian lithium firms. This was part of a wider push to block Chinese firms from delving further into Canada’s critical minerals sector.

In June, Ottawa stepped in to block a potential deal that would have seen Australia’s Vital Metals selling its stockpiled rare earth material, which it mines in Canada, to China’s Shenghe Resources Holding Co. Prime Minister Justin Trudeau’s administration offered a higher sum for Vital to sell its rare earths to the Saskatchewan Research Council.

Source: Verisk Maplecroft’s Resource Nationalism Index

Canada has also partnered with nations like Australia and the US to strengthen critical mineral supply chains through agreements that prioritize resource access.

The country is also part of the Five Eyes Alliance, which includes the US, Britain, Australia and New Zealand, which aim to tackle the price manipulation of critical metals.

The US has created several groups, such as the Committee on Foreign Investment (CFIUS), to increase scrutiny on foreign acquisitions of critical mineral assets. Early this month, the US also introduced restrictions on exporting semiconductors and critical materials to China, limiting Beijing’s ability to develop advanced technologies. The Asian giant responded by banning exports of gallium, germanium, antimony, and other key high-tech materials with potential military applications to the US.
Fragmented global economic

The rise in resource nationalism, described by Verisk Maplecroft as “strategic,” underscores the challenges posed by a fragmented global economic order. Jimena Blanco, the firm’s chief analyst, noted that supply chain security has become a top priority for states, opening doors for incentive programs while also narrowing opportunities to “friendly” jurisdictions.

The report warns of increased trade tensions as nations like China and the US engage in tit-for-tat measures.


The study also identifies the top 10 highest-risk jurisdictions, including long-standing resource nationalists like Venezuela, Russia, and Zimbabwe. These countries continue to use policies such as nationalization and resource rent hikes to exert control over their mineral wealth.

As resource nationalism becomes more sophisticated, Western economies appear poised to deploy a mix of trade barriers, investment controls, and sustainability standards to maintain strategic autonomy.

For investors, the evolving policies signal a complex landscape with potential risks throughout the global supply chain.

“Western nations will likely increase localized supply chains and stricter trade policies, adding layers of complexity for global businesses,” Blanco said.

The race for critical minerals, a cornerstone of green energy and advanced technology, seems destined to deepen economic divides worldwide.

Forensic technology aids Brazil’s crackdown on illicit Amazon gold trade

Reuters | December 14, 2024 |

Image courtesy of Antoniocarlos32 | Wikimedia Commons.

Harley Sandoval, an evangelical pastor, real estate agent and mining entrepreneur, was arrested in July 2023 for illegally exporting 294 kilos of gold from Brazil’s Amazon to the United States, Dubai and Italy.


On paper, the gold was sourced from a legal prospect Sandoval was licensed to mine in the northern state of Tocantins. But police said not an ounce of gold had been mined there since colonial times.

Using cutting-edge forensic technology, along with satellite imagery, Brazil’s Federal Police said it was able to establish that the exported gold did not come from the Tocantins prospect. Instead, it had been dug up from three different wildcat mines in neighboring Pará, some on protected Indigenous reservation lands, according to previously unreported court documents dated November 2023 seen by Reuters.


The prosecution is one of the first in Brazil using the new technology to tackle clandestine trading that may account for as much as half of the gold output of Brazil, a major producer and exporter of the precious metal. Illegal gold mining has surged at thousands of sites in the Amazon rainforest, bringing environmental destruction and criminal violence to the region.

Seizures of illegally mined gold have surged seven-fold in the past seven years, according to Federal Police records obtained exclusively by Reuters.

Sandoval, who has been released pending trial and continues to preach with his wife at a Pentecostal Evangelical church in the central Brazilian city of Goiania, denies the allegations. He maintains there is no way to establish where the gold was mined once it is melted down into ingots for export.

“That’s impossible. To export gold one always has to melt it down,” he told Reuters by telephone.
The DNA of gold

Historically, gold is notoriously difficult to trace, especially once metal from different sources has been melted together, erasing the original signatures. After that, it can easily be traded as a financial asset or be used in the jewelry industry.

But investigators say that’s starting to change. A police program called “Targeting Gold” is creating a database of samples from across Brazil that are examined with radio-isotope scans and fluorescence spectroscopy to determine the unique composition of elements.

The technique, long used in archaeology, was pioneered in mining by University of Pretoria geologist Roger Dixon to help distinguish between legal and stolen gold.

The program developed in partnership with university researchers includes the use of powerful light beams from a particle accelerator at a Sao Paulo lab to study nano-sized impurities associated with gold, be it dirt or other metals like lead or copper, that help trace its origins.

Humberto Freire, director of the Federal Police’s recently-created Environment and Amazon Department, said the technology allows scientists to analyze “the DNA of Brazilian gold.”

“Nature has marked the gold with isotopes and we can read these unique fingerprints with radio-isotope scans,” Freire said. “With this tool we can trace illegal gold before it gets refined for export.”

The program has helped fuel an increase in gold seizures since leftist President Luiz Inacio Lula da Silva took office last year — up 38% in 2023 from 2022, according to government numbers seen by Reuters. New Brazil central bank gold market regulations, including mandatory electronic tax receipts for all trades and tightened monitoring of suspect transactions, have also helped, according to Freire.

“We estimate that around 40% of the gold that is extracted in the Amazon is illegal,” he told Reuters. Brazil exported 110 tonnes of gold in 2020 worth $5 billion, according to official data, ranking among the world’s top 20 exporters. Last year, exports were 77.7 tonnes, a drop the government attributes to improved enforcement of illegal mining.
Indigenous tensions

Lula’s predecessor, far-right President Jair Bolsonaro weakened environmental controls in the Amazon.

That triggered a new gold rush in Brazil, spurred by record world gold prices that were driven up by geopolitical tensions and central bank purchases, led by China.

Prices have continued to new highs, trading at around $2,650 per ounce on Friday.

Gold rushes have been a hallmark of mineral-rich Brazil from its Portuguese colonial past. But the latest surge in wildcat mining beginning during Bolsonaro’s administration has been unprecedented. Satellite images show there are some 80,000 such prospects today in the Amazon rainforest, more than ever registered before.

Once dominated by prospectors with gold pans, artisanal mining in Brazil has become an industrial-scale activity with heavy excavating machinery and million-dollar river dredgers. Criminal organizations fly people, equipment and gold into and out of the region with helicopters and planes that land at clandestine airstrips.

Their excavations often leave behind gaping ponds of sludge contaminated with mercury, used to separate the gold from dirt and other minerals.

Last year, thousands of miners who invaded the Yanomami territory, the country’s largest Indigenous reservation on the northern border with Venezuela, brought violence and disease that caused malnutrition and a humanitarian crisis among the tribe, prompting Lula to send in troops.


But many returned this year after the military pulled out. Lula, who has pledged to stamp out illegal gold mining, tried to fight back by deploying special forces of the environmental protection agency Ibama into Indigenous reservations and forest conservation parks.

Police say cracking down on the organized crime gangs that back the wildcat miners is the next step in staunching an illegal trade that feeds the jewelry and watch industry in Switzerland, which buys 70% of Brazil’s exported gold, according to government trade data.

Amazon neighbors, including Colombia and French Guiana, are considering adopting the Brazilian gold analysis method to deal with their illegal gold trade and European governments have shown interest, including Switzerland and Britain, the top importers from Brazil after Canada, police and diplomats said.

Brazil accounts for just 1% of gold imported by Switzerland, a global trade hub for the metal, and “measures are in place to import only legally mined gold,” a Swiss embassy statement said. The embassy said it has set up a working group with other importing countries to study traceability and anti-counterfeiting tools.

A 2022 study by non-profit watchdog Instituto Escolhas found that 52% of the gold exported from the Amazon was illegal, nearly all from protected Indigenous reservation lands or national conservation parks.

A vibrant lobby for informal gold mining has survived Bolsonaro in Brazil’s Conservative Congress, where pending bills propose legalizing wildcat mining.

For now, though, gold samples from across Brazil are being added to a database with the help of scientists at the Federal Police’s criminology institute lab in Brasilia, where forensic expert Erich Moreira Lima oversees microscopic scanning of gold nuggets that are kept in a safe.

“Now that we have a team set up, we hope to analyze the 30,000 gold samples the Brazilian Geological Service has collected. In a few years, we should have mapped all Brazil’s 24 gold producing regions,” he told Reuters.

Geologist Maria Emilia Schutesky and her team at the National University of Brasilia’s geosciences lab conduct mass spectrometry scans on gold samples to identify associated molecules, such as lead, to place the gold’s origins.

“We researchers seek a 100% ability to trace gold, but that is more than what the police needs to prove a crime, which is just to establish that the gold does not come from where a suspects claims it is from,” Schutesky said.

(By Ricardo Brito and Anthony Boadle; Editing by Christian Plumb and Claudia Parsons)

US foreign investment panel split on Nippon-US Steel deal

Reuters | December 15, 2024 | 

Credit: US Steel

The US Treasury has informed Japan’s Nippon Steel that the panel reviewing its proposed $14.9 billion purchase of US Steel has not yet come to an agreement on how to address security concerns, the Financial Times reported on Sunday.


Treasury, which leads the Committee on Foreign Investment in the US (CFIUS), wrote to both companies on Saturday saying the nine agencies on the panel were struggling to reach a consensus ahead of the deadline to submit a recommendation to President Joe Biden, the report added, citing several sources familiar with the talks.

CFIUS, a powerful committee charged with reviewing foreign investments in US firms for national security risks, has until Dec. 22 to make a decision on whether to approve, block or extend the timeline for the deal’s review, Reuters has reported.

US Steel and CFIUS did not immediately respond to Reuters‘ requests for comments on the Financial Times report, while Nippon Steel declined to comment.

The US Treasury also declined to comment.

The acquisition has faced opposition within the US since it was announced last year, with both Biden and his incoming successor Donald Trump publicly indicating their intentions to block the purchase.

CFIUS told the two companies in September that the deal would create national security risks because it could hurt the supply of steel needed for critical transportation, construction and agriculture projects, according to a letter seen by Reuters.

(By Surbhi Misra; Editing by Jamie Freed and Diane Craft)

WWIII

Philippines Accuses Chinese Coast Guard of Using Dredgers for AIS Spoofing

Philippine Coast Guard spokesperson released data accusing China of spoofing AIS signals (Philippine News Agency)

Published Dec 13, 2024 12:24 PM by The Maritime Executive

 

During a briefing on Friday, December 13, in Manila, Commodore Jay Tarriela of the Philippine Coast Guard accused a China Coast Guard vessel and dredgers of AIS Spoofing to create panic and uncertainty. Tarriela presented a 60-day analysis of the AIS track of CCG 21543 saying it is evident the vessel “could not realistically navigate those routes.”

The latest incident took place as tensions remain high as China and the Philippines are trading verbal accusations after the latest incident in which the Chinese used water canons and bumped a Philippine Coast Guard vessel.

Tarriela said the investigation followed an incident on December 10. An independent watchdog group reported to the Philippine Coast Guard that the China Coast Guard vessel CCG 21543 appeared to be near the Zambales province in Central Luzon. The Philippine Coast Guard responded by sending its patrol boat BRP Teresa Magbanua to investigate.

On its way to the area of the supposed sighting, the Philippine Coast Guard vessel identified five vessels from AIS transmissions. In addition to the China Coast Guard vessel 21543, there were three Chinese-flagged dredgers and an additional dredger flagged in Sierra Leone. However, when the Teresa Magbanua reached the area it only found the three Chinese dredgers.

Tarriela told reporters that it is possible “the dredgers are being contracted by the CCG to do AIS spoofing for them.”

The Coast Guard boarded one of the three dredgers and reported it had a crew of Chinese and Filipinos. They found no irregularities and reported that all the licenses were valid. The PCG was not able to board the other two dredgers.

 

Philippine Coast Guard released a chart showing 60 days of AIS Signals from CCG 21543

 

The Philippine Coast Guard also tried to track CCG 21543 and analyzed 60 days of its AIS transmissions. The chart presented showed the vessel appearing in Manila, Zambales province, China, and even South Africa. 

“It is clear that the Chinese Coast Guard is engaging in AIS spoofing to mislead the international community, confuse authorities, and instigate public concern,” Tarriela writes in a social media posting with the track chart.

He said it in the intent of the Coast Guard to intensify its inspections not only of the three dredgers in the recent incident but all other dredgers operating in and around Manila Bay. He highlighted that AIS spoofing is a detainable offense.

China has repeatedly dismissed the Philippines’ claims as propaganda. They contend that the Philippines is the instigator of the clashes for invading Chinese waters and that the Philippines has been warned. China vows to continue to protect its sovereign waters.