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US against EU push to censure Iran for nuclear activity

  • Market: Electricity, Metals
  • 27/05/24

US president Joe Biden's administration is opposing a European push — spearheaded by France — to rebuke Iran for advances in its nuclear program at the UN nuclear watchdog the IAEA's board of governors meeting in June, a diplomatic source with knowledge of the matter told Argus.

"The US isn't enthused about the European effort to censure Iran at the IAEA's member state board meeting in early June," the diplomat said. "But there is a general European atmosphere that is exploring options and measures regarding Iran's nuclear program."

The Biden administration is concerned about the need to manage tensions with Tehran, particularly at what is a highly sensitive moment, the source said.

"Bear in mind, this board of governors meeting is happening around 10 days after the helicopter crash killed (Iran's president Ebrahim) Raisi and (foreign minister Hossein) Amir-Abdollahian" both of whom were primary interlocutors with IAEA director General Rafael Grossi on the nuclear file, the source said.

"There is currently a vacuum in Tehran. Timing is bad," the source said, explaining the US position.

A US State Department spokesman could not be reached for immediate comment.

Concerns among western officials have grown over Iran's nuclear activity in recent years. Former US president Donald Trump in 2018 pulled the US out of a 2015 nuclear deal, resulting in an erosion of strict limits that the agreement had placed on Iran's nuclear program.

Iran, in 2019, began breaching the restrictions and then pushed far beyond them. Tehran has enough highly enriched fissile material for three nuclear weapons, according to the IAEA. Iran is enriching uranium to up to 60pc purity, close to the near 90pc considered to be weapons grade, according to the IAEA.

Grossi in March said inspections in Iran were not what they should have been and called for additional monitoring capabilities, given the depth and breadth of the program.

"On Iran, recent negative developments haven't gone unnoticed. Nuclear threats by Iranian officials, and Grossi's recent interview all sent negative signals," the source said.

The Biden administration has always maintained that it is seeking a diplomatic solution for Iran's nuclear program. And since the conflict between the Gaza-based Palestinian militant group Hamas, backed by Iran, and Israel broke out, the US has attempted to stop the spillover of the conflict into the wider region.

US and Iranian officials have met at least twice for indirect talks in Oman this year.

What are the options?

"There is real concern nowadays within the international community that no one exactly knows where Iran is at the moment when it comes to nuclear enrichment," the source says. The IAEA has lost its "continuity of knowledge" in relation to the production and inventory of centrifuges, rotors and bellows, heavy water and uranium ore concentrate.

"But the options are limited," the source said. The most the IAEA can do if a state is out of compliance with its obligations under the Non-Proliferation Treaty Safeguards Agreement is to report its concerns to the UN Security Council.

Since June 2020, The IAEA's board of governors has adopted three resolutions regarding Iran's cooperation regarding the non-proliferation agreement.

"Two reports are to be published ahead of the meeting in June. Their outcome will set the scene on whether another resolution will adopted or not," the source said.


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14/11/25

S Korea expands car support, plans trade-in EV policy

S Korea expands car support, plans trade-in EV policy

Singapore, 14 November (Argus) — The South Korean government has announced a wide range of financing and support for its automobile industry, while raising its electric vehicle (EV) subsidies budget and disclosing plans for a trade-in scheme to spur EV purchases. Over 15 trillion South Korean won ($10.31bn) of policy financing will be earmarked by the country for its car and auto parts makers in 2026, said the country's trade and industry ministry (Motie) on 14 November. It comes as intensifying competition in artificial intelligence autonomous driving technology and impacts on the domestic automobile manufacturing base threatens the country's auto sector that is its manufacturing stronghold, Motie said without providing more details, adding to the potential burden from earlier US-South Korea tariff deal . The country is looking to maintain a domestic car production of 4mn units/yr while improving the production quality. The government will also raise its budget for EV subsidies to around W936bn next year, up from an estimated W715bn this year. It is looking to establish a new purchase financing program for electric and hydrogen buses. It also plans to introduce a trade-in subsidy of up to W1mn for new EV buyers who scrap their old cars starting in 2026, in a similar fashion to China's efforts to spur Chinese EV purchases. "Considering the South Korean government's previous policy trajectory, a gradual reduction in EV subsidies would have been the more expected approach," Beomseok Kim, analyst at South Korean market intelligence firm SNE Research told Argus today. But the government appears to have determined that stronger stimulus is needed to re-energise domestic demand given a slower pace of electrification than initially projected, Kim added. The package expanding incentives beyond the 2025 levels signals the government's commitment to keep the momentum alive. South Korea's battery EV domestic sales hit an all-time-high earlier in September, riding on its current eco-friendly vehicle domestic sales uptrend. The South Korean government is expecting an accelerated eco-friendly vehicle adoption trend and it is planning ahead by supporting internal combustion engine (ICE) car parts makers' transition. Financial and R&D support will be focused on its industrial green transformation strategy, while designating 200 "future vehicle specialised companies" by 2030 and having 70pc of its ICE parts companies transition to future vehicles parts firms. The country is eyeing mass production of autonomous vehicles by 2028, with institutional improvements supporting the ambition to be potentially achieved by the end of 2026. South Korean conglomerate Hyundai Motor earlier in October unveiled its goal of turning India into an export hub through a planned Indian investment of $5.1bn through to 2030. By Joseph Ho Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Rio Tinto halts flagship Li project in Serbia


13/11/25
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13/11/25

Rio Tinto halts flagship Li project in Serbia

London, 13 November (Argus) — Anglo-Australian miner Rio Tinto is indefinitely suspending development of Jadar, its flagship European lithium project in Serbia, as part of cost-cutting measures and in line with its new chief executive's initiatives to streamline operations. Rio instead will prioritize other shorter-term opportunities and reduce costs, according to reports confirmed by the company, which no longer could justify the required expenses and resource allocation given delays the permitting process. The company has been trying to commission the project since its discovery in 2004. It signed a memorandum of understanding with the Serbian government in 2017 to advance it, but was stopped by permitting issues and staunch opposition by local communities. Jadar, wholly owned by Rio Tinto, is one of the largest confirmed greenfield lithium resources in the world at 16.6mn metric tonnes (t) of lithium-borate ore with an average grade of 1.8pc lithium oxide, which is high compared with similar resources. Rio Tinto had committed $2.4bn to the project. Some market participants have long expressed skepticism over Jadar's chances. "I never believed it would happen for many reasons, from technical to social, and licensing perspectives," one market source told Argus . "Rio was basically losing money every year keeping it, so stopping it makes sense," said another one. The move comes less than three months after the company announced a global restructure of its operations under the guidance of newly appointed chief executive Simon Trott. Lithium is one of Rio Tinto's main divisions after the restructure. Earlier this year, the company finalized the $6.7bn acquisition of Arcadium Lithium , Argentina's largest producer. Rio is also primed to be one of Chile's largest lithium producers after securing two major mining concessions. By Chris Welch and Pedro Consoli Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Cop: Critical minerals discussions gain momentum


13/11/25
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13/11/25

Cop: Critical minerals discussions gain momentum

Belem, 13 November (Argus) — Conversations on the importance of critical minerals to a just energy transition have gained momentum at the UN Cop 30 climate summit, a delegate told Argus . The UK has proposed a draft text to include critical minerals — such as copper, lithium, nickel, cobalt and rare earth elements — in the supply chain of a just energy transition, Melissa Marengo, a senior program officer at New York-based environmental group Natural Resource Governance Institute, said. The text has been backed so far by the EU, Australia and a plethora of African nations. Tanzania stands out as a champion on the topic, she said. Mention of critical minerals and recommendations around their sustainable development in a Cop outcome could mark the "change of a paradigm" in how the world uses critical minerals, Marengo said. "Everyone knows we will need to set rules [to] access critical minerals", she added. A UN-convened panel last year outlined principles and recommendations on a sustainable and equitable critical minerals industry. Zimbabwe, Africa's top lithium producer, included minerals governance in its national position for Cop 30. South Africa, Uganda, and Burkina Faso — speaking on behalf of the group of least developed countries — echoed the call to integrate minerals into just transition discussions and the Cop 30 outcome. Brazil has also said it supports transparency, combatting illegal mining and corruption and protections for human rights and the environment. Brazilian president Luiz Inacio Lula da Silva had already set the stage for the conversations at last week's world leaders' summit, held just ahead of Cop 30. "We cannot discuss the energy transition without addressing critical minerals, which are essential for the production of batteries, solar panels, and energy systems", he said during a session on energy transition during the leaders' climate summit. Although the interest from developed ‘Global North' countries certainly stems from economic interests, having them mention the topic in the first days of Cop 30 is a win and "shows the minerals issue is now on track to be reflected in Cop 30 outcomes", Marengo said. Other countries, including Chile and Colombia, have been working on this topic in parallel to Cop 30. Chile is the world's foremost copper producer and the second-biggest lithium producer. Colombia plans to call for a global accountability framework on mining impacts. China, a key producer of solar panels and batteries, has not made any formal comments on the topic yet at Cop 30 but has been taking informal meetings in the matter, Marengo said. China is "the dominant refiner" for most critical minerals, "holding an average market share of around 70pc", energy watchdog the IEA said in May. China is more focused on the phase out of fossil fuels, one of the more prominent topics at Cop 30, Marengo said. And getting China on board of a text mentioning critical minerals might not be an easy task, she added, given its manufacturing industries. But she hopes any final text will include the UN guidelines. "It sets the very minimum considerations that should be taken when you want to extract minerals", she said. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Australia's main opposition party scraps net zero goal


13/11/25
News
13/11/25

Australia's main opposition party scraps net zero goal

Sydney, 13 November (Argus) — Australia's main parliamentary opposition the Liberal Party has dropped its four-year-old policy of targeting net zero greenhouse gas (GHG) emissions by 2050, citing the expense of meeting the goal. If elected, the Liberal Party will remove the 2030 target of cutting greenhouse gas (GHG) emissions by 43pc from 2005 levels and the target of net zero emissions by 2050 from the Climate Change Act, leader Sussan Ley said on 13 November, accusing the Labor government of lying to the public on electricity prices and the cost of the energy transition. The centre-right party last held government from 2013-22 and adopted a policy targeting net zero by 2050 in 2021, under former prime minister Scott Morrison and during the US presidency of Joe Biden, a keen advocate of emissions reduction. Australia would remain in the Paris Agreement and commit to short-term targets under a future Liberal-led government, Ley said, without elaborating on what this would mean for the nation's 2030 and 2035 nationally determined contributions (NDC) to GHG reduction. The Liberals would cut emissions year-on-year via five-year blocks according to the NDC, said energy spokesman Dan Tehan, promising to prioritise energy affordability. "We will also reduce emissions in line with comparable countries by looking at what like-minded countries are doing overseas and making sure we are doing our fair share," Tehan said, adding that future development of technologies like carbon capture and storage would slash net emissions. The decision comes days after the Liberals' minority partner in the federal Coalition, the Nationals, agreed to dump a commitment to a legislated net zero emissions goal . Australia's Labor prime minister Anthony Albanese has doubled down on the nation's GHG reduction goals since 2022, recently unveiling a 62-70pc emissions reduction plan by 2035. Labor dominates the federal parliament and is likely to govern until 2031, in concert with the left-wing Australian Greens in the nation's upper house, the senate. Australia's next federal election must be held by 20 May 2028, but the Coalition is considered unlikely to return to power, having won just 43 out of 150 seats at this year's poll. By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Cop: California broadens climate collaborations


12/11/25
News
12/11/25

Cop: California broadens climate collaborations

Belem, 12 November (Argus) — California is expanding its work with other countries and subnational governments on climate change, clean energy and trade issues. The state signed a series of memorandums of understanding (MOU) on Tuesday as governor Gavin Newsom (D) attended the Cop 30 UN climate summit in Belem, Brazil. The California Air Resources Board (CARB) signed an agreement with Nigeria to collaborate on a wide range of issues, including the reduction of greenhouse gas (GHG) emissions, low-carbon transportation, sustainable freight shipping, renewable energy development and low-carbon trade. Newsom also signed an MOU with the Brazilian state of Para, where Belem is located, to increase collaboration on wildfire prevention and response, after which he met with Brazilian indigenous peoples minister Sonia Guajajara to discuss areas for joint cooperation on climate action, including the role of indigenous communities in California and Brazil. Newsom also met with Thekla Walker, environment minister for the German state of Baden-Württemberg, and German state secretary Jochen Flasbarth. Walker and California natural resources secretary Wade Crowfoot signed a joint statement reaffirming their cooperation on addressing climate change, including in areas such as increasing renewable energy use and low-carbon technology. The two states first signed an MOU on climate change in 2018. More agreements could be forthcoming at the Cop. Dutch climate envoy Jaime de Bourbon Parme on Wednesday said he spoke with Newsom yesterday about joining a Netherlands-led coalition to phase out fossil fuel subsidies and expressed hope the governor would do so. The two met to discuss progress discuss progress toward carbon neutrality and continued collaboration under an MOU they signed in 2022. Newsom is the highest profile US official attending the Cop, with the administration of President Donald Trump deciding not to send any high-level officials. He has been using the trip to promote climate policy action by US states in the face of opposition from Trump. By Michael Ball Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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