Copper markets are having a moment, not the calm, predictable kind.
A mix of extreme weather, geopolitics, and booming demand is tightening global supply, pushing prices toward record territory and keeping traders on edge.


Copper rally heats up on supply shocks

Argentina is heading deeper into the andes in a bid to ecome a global mining powerhouse, as President Javer Milei accelerates projects tied to copper, lithium, gold and uranium, despite mounting environmental concerns.


Miley Govt Pushes Billion-Dollar Mining Drive

Copper has superior electrical and thermal conductivity, durability, and antimicrobial properties. This metal is used in fighter jets, the production of motors, turbines, and renewable energy sources like solar and wind power. Let's have a look at the world's top 7 copper producers.

Copper the next Gold? List of the top 7 copper-producing countries in the world

China announced on January 6 that it has identified over 20 million tons of new copper resources on the Tibetan Plateau since the start of its 14th Five-Year Plan in 2021. This discovery positions Tibet as a potential world-class copper resource hub. The cumulative copper stockpile in the region is now estimated to reach 150 million tons, according to a press release by the China Geological Survey. Watch to know more!

China Discovers Vast Copper Deposit on Tibetan Plateau

Leading miner BHP group has proposed a takeover of Anglo American. The deal, which has valued the smaller miner at 39 billion dollars, would create the world’s top copper producer. Moreover, this could spark the industry’s biggest shakeup in over a decade.

Merger deal to create world’s top copper producer

Getting a professional polishing of family Copper before the Islamic holy fasting month is a long-held custom in Tunisia.

Tunisians polish their Copper-made home products

Zambia’s Foreign Minister Stanley Kakubo stepped down following massive public outcry over his alleged dealings with a Chinese businessman.

The announcement came on Tuesday (Dec 26) from the president’s office, hours after a social media frenzy triggered by a video depicting individuals counting substantial sums of cash.

The scandal gained traction after a purported handwritten note, along with the video, went viral on social media, suggesting dealings between a Chinese and a Zambian mining firm, involving a hefty sum of $100,000.

The note, dated July 8, 2022, had the names of Kakubo and a certain ‘Mr. Zang’. However, WION could not verify the authenticity of these details.

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Hon <a href="https://twitter.com/HonKakubo1?ref_src=twsrc%5Etfw">@HonKakubo1</a> is that you ? <a href="https://twitter.com/HHichilema?ref_src=twsrc%5Etfw">@HHichilema</a> people are saying your minister Stanley Kakubo received money from a Chinese &amp; we want answers the corrupt are in your cabinet if you don’t act will be sure you’re just persecuting opposition using <a href="https://twitter.com/ACCZambia?ref_src=twsrc%5Etfw">@ACCZambia</a> fight real corruption HH <a href="https://t.co/0q4Glv4xRo">pic.twitter.com/0q4Glv4xRo</a>
— CLEMENTINA (@clementinalombe) <a href="https://twitter.com/clementinalombe/status/1739528547285275053?ref_src=twsrc%5Etfw">December 26, 2023</a></blockquote>
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<h2>President commends Kabuko's work&nbsp;</h2>

The president’s office released a statement confirming that Kabuko has resigned and applauded his leadership and commendable work during his tenure.

“The President thanks Hon, Kakubo MP for his service to the Government of the Republic of Zambia as Cabinet Minister and implores him to continue to serve diligently in his capacity as Member of Parliament for Kapiri Mposhi Constituency,” President Hakainde Hichilem said, without specifying the reason for his resignation.

However, 43-year-old Kakubo, an MP since 2016, quickly issued his own statement, giving reasons as to what made him take the decision

&nbsp;“In view of the matter that is currently in the media regarding malicious claims over a business transaction between my private family business and our business partner with whom we still have good relation,” he said.

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“This decision is to ensure that our government is not distracted from continuing to look for solutions for bettering the lives of our people,” he said, adding that he would remain “loyal” to the government.

<h2>China's influence in Zambia</h2>

Zambia, endowed with many natural resources, is heavily reliant on copper mining. It has been a part of the country’s history and remains its economic backbone to date.

Also read |&nbsp;&nbsp;<a href="https://www.wionews.com/world/ukraine-considers-lowering-military-mobilisation-age-to-25-almost-two-years-into-war-with-russia-673603">Ukraine considers lowering military mobilisation age to 25, almost two years into war with Russia</a>

China, a major importer of Zambian copper, is heavily involved in the Zambian mining industry.

Furthermore, China has also been a major player in international efforts to restructure Zambia’s foreign debt. Zambia defaulted on its sovereign debt in 2020 as the COVID-19 crisis grew, reports AFP news agency.

Zambia’s Foreign Minister Stanley Kakubo stepped down following massive public outcry over his alleged dealings with a Chinese businessman. The announcement came on Tuesday (Dec 26) from the president’s office, hours after a social media frenzy triggered by a video depicting individuals counting substantial sums of cash.

Zambia’s Foreign Minister Stanley Kakubo stepped down following massive public outcry over his alleged dealings with a Chinese businessman. The announcement came on Tuesday (Dec 26) from the president’s office, hours after a social media frenzy triggered by a video depicting individuals counting substantial sums of cash. The scandal gained traction after a purported handwritten note, along with the video, went viral on social media, suggesting dealings between a Chinese and a Zambian mining firm, involving a hefty sum of $100,000. The note, dated July 8, 2022, had the names of Kakubo and a certain ‘Mr. Zang’. However, WION could not verify the authenticity of these details. Hon @HonKakubo1 is that you ? @HHichilema people are saying your minister Stanley Kakubo received money from a Chinese & we want answers the corrupt are in your cabinet if you don’t act will be sure you’re just persecuting opposition using @ACCZambia fight real corruption HH pic.twitter.com/0q4Glv4xRo — CLEMENTINA (@clementinalombe) December 26, 2023 × President commends Kabuko's work The president’s office released a statement confirming that Kabuko has resigned and applauded his leadership and commendable work during his tenure. “The President thanks Hon, Kakubo MP for his service to the Government of the Republic of Zambia as Cabinet Minister and implores him to continue to serve diligently in his capacity as Member of Parliament for Kapiri Mposhi Constituency,” President Hakainde Hichilem said, without specifying the reason for his resignation. However, 43-year-old Kakubo, an MP since 2016, quickly issued his own statement, giving reasons as to what made him take the decision “In view of the matter that is currently in the media regarding malicious claims over a business transaction between my private family business and our business partner with whom we still have good relation,” he said. Also read | Turkish parliamentary committee greenlights Sweden’s NATO bid “This decision is to ensure that our government is not distracted from continuing to look for solutions for bettering the lives of our people,” he said, adding that he would remain “loyal” to the government. China's influence in Zambia Zambia, endowed with many natural resources, is heavily reliant on copper mining. It has been a part of the country’s history and remains its economic backbone to date. Also read | Ukraine considers lowering military mobilisation age to 25, almost two years into war with Russia China, a major importer of Zambian copper, is heavily involved in the Zambian mining industry. Furthermore, China has also been a major player in international efforts to restructure Zambia’s foreign debt. Zambia defaulted on its sovereign debt in 2020 as the COVID-19 crisis grew, reports AFP news agency.

Zambia’s Foreign Minister Stanley Kakubo steps down after public outcry over Chinese business dealings

Amid recession fears and a weak Chinese market, Copper has nosedived to its lowest level in the last twenty months. The important red-metal element, used in almost everything from automobiles to smartphones to wires to home appliances has dropped below $7,000 a tonne for the first time since November 2020.

Amid recession fears and a weak Chinese market, Copper has nosedived to its lowest level in the last twenty months. The important red-metal element, used in almost everything from automobiles to smartphones to wires to home appliances has dropped below $7,000 a tonne for the first time since November 2020. The precarious tumble of the metal is evident from its stock market performance as well. At the London Metal Exchange, the metal is already down 25 per cent. Reportedly, the metal is expected to rival the decline it suffered at the peak of 'The Great Recession' of 2008. The red metal and its production, as well as supply, have been obstructed due to the slowdown in the Chinese economy, which on Friday grew at a pace of 0.4 per cent in the first quarter of the year. China, the world's largest metal consumer is struggling It is pertinent to note that China is the largest metal consumer in the world. Owing to Xi Jinping's 'Zero-Covid tolerance' scheme where entire cities have been closed due to a small number of cases, China's economy has been drastically hit. This means the use of Copper has reduced significantly. Read More: China's economic growth drops to 0.4 per cent amid draconian lockdown measures and severe heatwave Pair it up with surging energy costs weighing heavy on Europe and the US facing its worst-ever bout of inflation and the situation becomes worrisome. Copper making deep drops in the market is not a recent phenomenon either. When the pandemic hit the globe in 2020, the precious metal slipped nearly 19.8 per cent in Q1. Goldman Sachs has only added to the gloom by remarking that the metal is expected to slip below the $6,700 mark in the coming three months as China continues to remain sluggish in its economic recovery. (With inputs from agencies)

Copper nosedives to its 20-month low; expected to tumble even more

As per an official of the Archaeological Survey of India,&nbsp;Artefacts&nbsp;dating back to 1600-2000 BC including weapons made of copper and pieces of pottery have been found&nbsp;in the Mainpuri district of&nbsp;India's Uttar Pradesh, reported PTI.

According to&nbsp;Raj Kumar Patel,&nbsp;ASI's Superintending Archaeologist of Agra Circle, the location where the objects were found in the&nbsp;Ganeshpura village of Kurawali tehsil belonged to the&nbsp;chalcolithic period, also known as the&nbsp;copper age.

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&nbsp;A&nbsp;farmer had found&nbsp;the ochre colour pottery, anthropomorphic figures and the copper weapons in a field on June 10.

"Initially, he tried to hide these thinking that he got some precious objects," PTI&nbsp;quoted the official from the Archaeological Survey of India.

The official also added that&nbsp;police and the local administration recovered the objects from him later.

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Patel told PTI, "We stayed for about eight days in the village and carried out a scientific investigation of the field from where the objects were found. It was found that the weapons and other objects found are 3800-4000 years old and belong to the chalcolithic or copper age. The weapons are of made pure copper."

The weapons included some swords measuring close to one metre long and harpoons of multiple&nbsp;types. Among the ones found, one&nbsp;of the harpoons has four edges.

Experts claim that according to the size of the objects, the weapons were seemingly used by&nbsp;warriors or the army.

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According to Vasant Kumar Swarnkar, spokesperson of the Archaeological Survey of India, "such artefacts are typically&nbsp;found in the Ganga-Yamuna doab."

"Our investigation is on and only after proper investigation, we would be able to speak more on the findings," PTI quoted Swarnkar.

(With inputs from agencies)

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As per an official of the Archaeological Survey of India, Artefacts dating back to 1600-2000 BC including weapons made of copper and pieces of pottery have been found in the Mainpuri district of India's Uttar Pradesh, reported PTI.

As per an official of the Archaeological Survey of India, Artefacts dating back to 1600-2000 BC including weapons made of copper and pieces of pottery have been found in the Mainpuri district of India's Uttar Pradesh, reported PTI. According to Raj Kumar Patel, ASI's Superintending Archaeologist of Agra Circle, the location where the objects were found in the Ganeshpura village of Kurawali tehsil belonged to the chalcolithic period, also known as the copper age. Also read | Preserved for centuries: Tortoise and her egg found in new Pompeii excavations A farmer had found the ochre colour pottery, anthropomorphic figures and the copper weapons in a field on June 10. "Initially, he tried to hide these thinking that he got some precious objects," PTI quoted the official from the Archaeological Survey of India. The official also added that police and the local administration recovered the objects from him later. Watch | Six-metre long whale found dead on a beach in Panama Patel told PTI, "We stayed for about eight days in the village and carried out a scientific investigation of the field from where the objects were found. It was found that the weapons and other objects found are 3800-4000 years old and belong to the chalcolithic or copper age. The weapons are of made pure copper." The weapons included some swords measuring close to one metre long and harpoons of multiple types. Among the ones found, one of the harpoons has four edges. Experts claim that according to the size of the objects, the weapons were seemingly used by warriors or the army. Also read | Scientists decode secret of eternal youth: Be born as turtle According to Vasant Kumar Swarnkar, spokesperson of the Archaeological Survey of India, "such artefacts are typically found in the Ganga-Yamuna doab." "Our investigation is on and only after proper investigation, we would be able to speak more on the findings," PTI quoted Swarnkar. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Copper age weapons, pottery found in India's Uttar Pradesh

The main workers' union at the&nbsp;world's biggest&nbsp;copper&nbsp;mine,&nbsp;Chile's Escondida, announced Friday it had&nbsp;reached&nbsp;an&nbsp;agreement&nbsp;with Anglo-Australian giant BHP to&nbsp;avoid&nbsp;a&nbsp;strike.

The union, which counts more than 2,000 members, said it had obtained "almost unanimous" approval for a new collective&nbsp;agreement&nbsp;proposed by management, cancelling a&nbsp;strike&nbsp;notice that it had filed on July 31.

BHP had already said earlier in the week that negotiations had ended, "resulting in the final content of the collective contract and closing conditions," however the&nbsp;agreement&nbsp;had yet to be accepted by the union.

Neither BHP nor the union published the financial details of the deal, although the company confirmed in a bulletin that the negotiated conditions would be in force for 36 months.

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"This afternoon, after almost unanimous acceptance by our base, we formalised the signing of our new collective contract, which includes the gains obtained during collective bargaining," the union said.

Local media reported that the&nbsp;agreement&nbsp;included a bonus for each union member of $23,000, as well as nearly $4,000 for extra days worked, in addition to other provisions.

Workers at the Escondida&nbsp;mine&nbsp;had announced their intention to&nbsp;strike&nbsp;after insisting their demands for a one-off bonus to recognize their work during the coronavirus pandemic had not been met.

In 2017, Escondida workers staged a 44-day&nbsp;strike&nbsp;-- the longest ever in the Chilean mining industry -- that lost BHP $740 million and provoked a 1.3 percent fall in the country's GDP.

Chile&nbsp;is the&nbsp;world's&nbsp;largest&nbsp;copper&nbsp;producer, with 5.6 million tons a year that make up 28 percent of global output, much of which is sold to China, the&nbsp;world's biggest consumer.

Mining makes up 10-15 percent of&nbsp;Chile's GDP and half of its exports.

The main workers' union at the world's biggest copper mine, Chile's Escondida, announced Friday it had reached an agreement with Anglo-Australian giant BHP to avoid a strike.

The main workers' union at the world's biggest copper mine, Chile's Escondida, announced Friday it had reached an agreement with Anglo-Australian giant BHP to avoid a strike. The union, which counts more than 2,000 members, said it had obtained "almost unanimous" approval for a new collective agreement proposed by management, cancelling a strike notice that it had filed on July 31. BHP had already said earlier in the week that negotiations had ended, "resulting in the final content of the collective contract and closing conditions," however the agreement had yet to be accepted by the union. Neither BHP nor the union published the financial details of the deal, although the company confirmed in a bulletin that the negotiated conditions would be in force for 36 months. Also read | Businesses in Portland, Oregon, close early amid scorching heat "This afternoon, after almost unanimous acceptance by our base, we formalised the signing of our new collective contract, which includes the gains obtained during collective bargaining," the union said. Local media reported that the agreement included a bonus for each union member of $23,000, as well as nearly $4,000 for extra days worked, in addition to other provisions. Workers at the Escondida mine had announced their intention to strike after insisting their demands for a one-off bonus to recognize their work during the coronavirus pandemic had not been met. In 2017, Escondida workers staged a 44-day strike -- the longest ever in the Chilean mining industry -- that lost BHP $740 million and provoked a 1.3 percent fall in the country's GDP. Chile is the world's largest copper producer, with 5.6 million tons a year that make up 28 percent of global output, much of which is sold to China, the world's biggest consumer. Mining makes up 10-15 percent of Chile's GDP and half of its exports.

Agreement reached to avoid strike at world's largest copper mine in Chile

Pakistan's military is taking a key role in the development of one of the world`s biggest untapped copper and gold deposits, which is currently stalled by a multi-billion dollar legal wrangle with foreign mining firms, multiple sources familiar with the situation said.

The Reko Diq mine has become a test case for Prime Minister Imran Khan's ability to attract serious foreign investment to Pakistan as it struggles to stave off an economic crisis that has forced it to seek an International Monetary Fund bailout.

Ten current and former provincial and federal government officials and mining sources familiar with the project in the Baluchistan region say the military has become the most important voice on the future of Reko Diq, which it sees as a strategic national asset.

The military will not only be in a position to decide which investors develop the deposit, but an army-controlled engineering firm, Frontier Works Organization (FWO), is positioning itself to be a member of any consortium involved, these people said.

"This has been taken over by GHQ," said a senior Baluchistan government official, referring to the Pakistan army`s General Headquarters in the garrison city of Rawalpindi.

In a statement in response to Reuters` questions about its role in Reko Diq, the military spokesman`s office said: "(The military) may only participate in government`s plan of development of Reko Diq, as per national requirements."

But it acknowledged that FWO, best known for building roads through Pakistan`s rugged and lawless border regions, has developed "substantial" mining capability in recent years and would be interested in taking a role in the project.

"If an opportunity arises of participating in developing Reko Diq, FWO may work at par with other competitors (or) companies provided the project is financially viable (or) suitable," the statement said. When asked, a spokesman declined to elaborate on the statement.

Pakistan`s Information Minister Fawad Chaudhry said civilian authorities in the insurgency-hit southwestern province of Baluchistan were in charge of Reko Diq and, along with Khan, would take a decision, but added that the military "and all other stakeholders are obviously important players".

FWO referred questions to the military spokesman`s office. Khan`s spokesman Iftikhar Durrani said Baluchistan province was in charge of Reko Diq, and referred questions to the provincial government and the military spokesman`s office.

The manoeuvring behind the project shows how the military, which has historically dictated Pakistan`s security and foreign policy, is leveraging its sway over the civilian government at federal and provincial level to carve a growing role in the nation`s business affairs.

The army has ruled the nuclear-armed nation for nearly half its history and is considered to have a major influence over Khan`s recently elected government. A military spokesman declined to comment.

"The military has taken a front seat," said Ayesha Siddiqa, author of the book "Military Inc.", which analyses the army`s business interests and influence in Pakistan.&nbsp;

"They`ve understood that the economy is important for having a strong military," she said. "Control of the economy also gives the military a handle over expanding their business interests."

TALKS

Buried at the foot of an extinct volcano near the frontier with Iran and Afghanistan, the mine`s development has long been delayed by a dispute with previous investors in the project, Canada`s Barrick Gold and Chile`s Antofagasta.

The government is urgently trying to settle the dispute as a World Bank arbitration tribunal, which ruled against Pakistan in 2017, is in the next few months expected to announce how much in damages the country must pay to the foreign firms, who are claiming more than $11 billion.

The dispute relates to the withholding of a mining lease.

Islamabad is also trying to find new partners to invest in the project.

But any new investors will need the blessing of Pakistan`s military, according to government officials and mining sources.&nbsp;

State-run companies from resource-hungry China have long coveted Reko Diq and more recently Saudi Arabia has shown interest, according to Pakistani officials.

&nbsp;Some Western diplomats say the Reko Diq dispute has been a significant foreign investment deterrent, with international businesses unnerved at how Pakistan dealt with the companies that had pledged to invest $3.3 billion to develop the country`s then-biggest mining project.

Barrick Gold and Antofagasta, whose joint venture Tethyan Copper Company (TCC) discovered vast mineral wealth in Reko Diq, say they had invested more than $220 million by the time the Baluchistan government, in 2011, unexpectedly refused to grant them the critical mining lease needed to keep operating.

Pakistan argued its move was legitimate because TCC`s feasibility study was incomplete and the country`s Supreme Court voided the deal in 2013. But in 2017 the World Bank`s International Centre for Settlement of Investment Disputes (ICSID) ruled against Pakistan.

TCC did not respond to requests for comment and Antofagasta and Barrick Gold both declined to comment. Reuters could not determine whether either company would be willing to return to the project.

FOREIGN INVESTORS

The last serious attempt at settling the Reko Diq case was scuppered in 2016 by the military, which vetoed paying hundreds of millions of dollars to TCC, according to a senior Baluchistan official and two former senior officials in Islamabad.

But the military has since changed its stance and is more open to a settlement with TCC, according to a lawmaker close to the military and a source close to Prime Minister Khan. The military was also involved in appointing Pakistan`s current legal team.

In response to a Reuters question about blocking the previous settlement effort, the military said: "Let`s see how the case progresses." It did not elaborate or comment on whether it was playing any role in the latest negotiations.

Some mining experts say a likely solution would be for a new investment consortium to pay the settlement fee on behalf of cash-strapped Pakistan in exchange for future royalty fees or mining rights.&nbsp;

Information Minister Chaudhry said Pakistan was engaged in negotiations with "both" the current investors about a settlement and also potential new investors, with interest coming from the Middle East and Europe. He declined to name the potential investors.

Pakistani Finance Minister Asad Umar said in October that Saudi Arabia has inquired about investing in Reko Diq and another government official confirmed talks were ongoing.

Saudi Arabia did not respond to a Reuters request for comment on Reko Diq. During Crown Prince bin Salman`s visit to Pakistan last month, the kingdom pledged to invest $2 billion in mineral development projects, though the provisional agreements were vague and did not mention any specific projects.

China`s state-owned miner China Metallurgical Group Corporation (MCC), which operates the Saindak copper and gold mine close to Reko Diq, has been eyeing the bigger deposit for more than a decade, according to mining and MCC officials.

A few years ago Chinese state giant Norinco also made an approach, according to two sources familiar with Norinco`s offer.

MCC and Norinco did not respond to requests for comment.

When a mining company approached former general Abdul Quadir Baloch about Reko Diq around 2016, when he was federal minister for the frontier regions, he took their proposal not only to then-premier Nawaz Sharif, but also to the army chief.

"The military has to give a (security) guarantee to any company coming in to explore or exploit this project, so they are a stakeholder," said Baloch.

The military declined to comment on Baloch`s assertions. Sharif, who has since been jailed on corruption charges, could not be reached for comment.

The army-run FWO does not have the funds or the expertise to develop the Reko Diq project, which boasts 5.9 billion tons of ore. But it could be part of a consortium alongside global miners who have the know-how to mine such a gargantuan deposit.

The military`s role in developing natural resources in Baluchistan also carries risks, however, analysts say.

Indigenous Baloch people view outsiders with suspicion, and their anger about Islamabad exploiting the province`s vast natural resources has been one of the key themes fuelling a separatist insurgency that began around 2004.

Pakistan's military is taking a key role in the development of one of the world`s biggest untapped copper and gold deposits, which is currently stalled by a multi-billion dollar legal wrangle with foreign mining firms, multiple sources familiar with the situation said.

Pakistan's military is taking a key role in the development of one of the world`s biggest untapped copper and gold deposits, which is currently stalled by a multi-billion dollar legal wrangle with foreign mining firms, multiple sources familiar with the situation said. The Reko Diq mine has become a test case for Prime Minister Imran Khan's ability to attract serious foreign investment to Pakistan as it struggles to stave off an economic crisis that has forced it to seek an International Monetary Fund bailout. Ten current and former provincial and federal government officials and mining sources familiar with the project in the Baluchistan region say the military has become the most important voice on the future of Reko Diq, which it sees as a strategic national asset. The military will not only be in a position to decide which investors develop the deposit, but an army-controlled engineering firm, Frontier Works Organization (FWO), is positioning itself to be a member of any consortium involved, these people said. "This has been taken over by GHQ," said a senior Baluchistan government official, referring to the Pakistan army`s General Headquarters in the garrison city of Rawalpindi. In a statement in response to Reuters` questions about its role in Reko Diq, the military spokesman`s office said: "(The military) may only participate in government`s plan of development of Reko Diq, as per national requirements." But it acknowledged that FWO, best known for building roads through Pakistan`s rugged and lawless border regions, has developed "substantial" mining capability in recent years and would be interested in taking a role in the project. "If an opportunity arises of participating in developing Reko Diq, FWO may work at par with other competitors (or) companies provided the project is financially viable (or) suitable," the statement said. When asked, a spokesman declined to elaborate on the statement. Pakistan`s Information Minister Fawad Chaudhry said civilian authorities in the insurgency-hit southwestern province of Baluchistan were in charge of Reko Diq and, along with Khan, would take a decision, but added that the military "and all other stakeholders are obviously important players". FWO referred questions to the military spokesman`s office. Khan`s spokesman Iftikhar Durrani said Baluchistan province was in charge of Reko Diq, and referred questions to the provincial government and the military spokesman`s office. The manoeuvring behind the project shows how the military, which has historically dictated Pakistan`s security and foreign policy, is leveraging its sway over the civilian government at federal and provincial level to carve a growing role in the nation`s business affairs. The army has ruled the nuclear-armed nation for nearly half its history and is considered to have a major influence over Khan`s recently elected government. A military spokesman declined to comment. "The military has taken a front seat," said Ayesha Siddiqa, author of the book "Military Inc.", which analyses the army`s business interests and influence in Pakistan. "They`ve understood that the economy is important for having a strong military," she said. "Control of the economy also gives the military a handle over expanding their business interests." TALKS Buried at the foot of an extinct volcano near the frontier with Iran and Afghanistan, the mine`s development has long been delayed by a dispute with previous investors in the project, Canada`s Barrick Gold and Chile`s Antofagasta. The government is urgently trying to settle the dispute as a World Bank arbitration tribunal, which ruled against Pakistan in 2017, is in the next few months expected to announce how much in damages the country must pay to the foreign firms, who are claiming more than $11 billion. The dispute relates to the withholding of a mining lease. Islamabad is also trying to find new partners to invest in the project. But any new investors will need the blessing of Pakistan`s military, according to government officials and mining sources. State-run companies from resource-hungry China have long coveted Reko Diq and more recently Saudi Arabia has shown interest, according to Pakistani officials. Some Western diplomats say the Reko Diq dispute has been a significant foreign investment deterrent, with international businesses unnerved at how Pakistan dealt with the companies that had pledged to invest $3.3 billion to develop the country`s then-biggest mining project. Barrick Gold and Antofagasta, whose joint venture Tethyan Copper Company (TCC) discovered vast mineral wealth in Reko Diq, say they had invested more than $220 million by the time the Baluchistan government, in 2011, unexpectedly refused to grant them the critical mining lease needed to keep operating. Pakistan argued its move was legitimate because TCC`s feasibility study was incomplete and the country`s Supreme Court voided the deal in 2013. But in 2017 the World Bank`s International Centre for Settlement of Investment Disputes (ICSID) ruled against Pakistan. TCC did not respond to requests for comment and Antofagasta and Barrick Gold both declined to comment. Reuters could not determine whether either company would be willing to return to the project. FOREIGN INVESTORS The last serious attempt at settling the Reko Diq case was scuppered in 2016 by the military, which vetoed paying hundreds of millions of dollars to TCC, according to a senior Baluchistan official and two former senior officials in Islamabad. But the military has since changed its stance and is more open to a settlement with TCC, according to a lawmaker close to the military and a source close to Prime Minister Khan. The military was also involved in appointing Pakistan`s current legal team. In response to a Reuters question about blocking the previous settlement effort, the military said: "Let`s see how the case progresses." It did not elaborate or comment on whether it was playing any role in the latest negotiations. Some mining experts say a likely solution would be for a new investment consortium to pay the settlement fee on behalf of cash-strapped Pakistan in exchange for future royalty fees or mining rights. Information Minister Chaudhry said Pakistan was engaged in negotiations with "both" the current investors about a settlement and also potential new investors, with interest coming from the Middle East and Europe. He declined to name the potential investors. Pakistani Finance Minister Asad Umar said in October that Saudi Arabia has inquired about investing in Reko Diq and another government official confirmed talks were ongoing. Saudi Arabia did not respond to a Reuters request for comment on Reko Diq. During Crown Prince bin Salman`s visit to Pakistan last month, the kingdom pledged to invest $2 billion in mineral development projects, though the provisional agreements were vague and did not mention any specific projects. China`s state-owned miner China Metallurgical Group Corporation (MCC), which operates the Saindak copper and gold mine close to Reko Diq, has been eyeing the bigger deposit for more than a decade, according to mining and MCC officials. A few years ago Chinese state giant Norinco also made an approach, according to two sources familiar with Norinco`s offer. MCC and Norinco did not respond to requests for comment. When a mining company approached former general Abdul Quadir Baloch about Reko Diq around 2016, when he was federal minister for the frontier regions, he took their proposal not only to then-premier Nawaz Sharif, but also to the army chief. "The military has to give a (security) guarantee to any company coming in to explore or exploit this project, so they are a stakeholder," said Baloch. The military declined to comment on Baloch`s assertions. Sharif, who has since been jailed on corruption charges, could not be reached for comment. The army-run FWO does not have the funds or the expertise to develop the Reko Diq project, which boasts 5.9 billion tons of ore. But it could be part of a consortium alongside global miners who have the know-how to mine such a gargantuan deposit. The military`s role in developing natural resources in Baluchistan also carries risks, however, analysts say. Indigenous Baloch people view outsiders with suspicion, and their anger about Islamabad exploiting the province`s vast natural resources has been one of the key themes fuelling a separatist insurgency that began around 2004.

Pakistan military eyes key role developing giant copper and gold mine: Sources

Police allegedly used assault rifles to shoot at protesters in Tamil Nadu's Thootukudi, where <a href="http://www.wionews.com/india-news/tamil-nadu-at-least-11-killed-in-clashes-with-police-over-protests-against-sterlite-plant-139005">11 people died</a> on Tuesday.&nbsp;

A video released by news agency ANI shows a man in civilian clothes taking position on top of what appears to be a police van. He is armed with an SLR (self-loading rifle).&nbsp;

A number of policemen in uniform mill about the van.&nbsp;

In the video, a voice in the background says, "At least one should die."&nbsp;

The man on top of the van fires.&nbsp;

Thousands of people had hit the streets of Thootukudi (earlier called Tuticorin) Tuesday. They were protesting against a Sterlite copper-smelting plant which they say has caused immense environmental damage. They also allege the plant has caused an outbreak of disease in the area.&nbsp;

Sterlite is owned by the Vedanta group.&nbsp;

The protests against the plant have been going on for years. In 2013, the Supreme Court ordered the company to pay a Rs 100-crore fine.&nbsp;

The protests against the plant erupted again in February when it announced that it was doubling its capacity.&nbsp;

Tuesday had been the 100th consecutive day of protest.&nbsp;

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<a href="https://twitter.com/hashtag/WATCH?src=hash&ref_src=twsrc%5Etfw">#WATCH</a> Local police in Tuticorin seen with assault rifles to disperse protesters demanding a ban on Sterlite Industries. 9 protestors have lost their lives. <a href="https://twitter.com/hashtag/TamilNadu?src=hash&ref_src=twsrc%5Etfw">#TamilNadu</a>. (Earlier visuals) <a href="https://t.co/hinYmbtIZQ">pic.twitter.com/hinYmbtIZQ</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/998964917905453057?ref_src=twsrc%5Etfw">May 22, 2018</a></blockquote>
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Who ordered the police firing on protestors? Why were automatic weapons used to disperse the crowd and under what law is this permitted? Why were rubber/ plastic bullets or other means NOT used to avoid fatal injuries? Why was no warning given before firing? <a href="https://twitter.com/hashtag/SterliteProtest?src=hash&ref_src=twsrc%5Etfw">#SterliteProtest</a>
— M.K.Stalin (@mkstalin) <a href="https://twitter.com/mkstalin/status/999124168871362560?ref_src=twsrc%5Etfw">May 23, 2018</a></blockquote>
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Why was there not adequate police presence to maintain law and order during <a href="https://twitter.com/hashtag/SterliteProtest?src=hash&ref_src=twsrc%5Etfw">#SterliteProtest</a>? Is it accurate to say that there was a total failure of State intelligence which led to these unfortunate deaths? Did IG-Intelligence brief police and <a href="https://twitter.com/CMOTamilNadu?ref_src=twsrc%5Etfw">@CMOTamilNadu</a> on the situation?
— M.K.Stalin (@mkstalin) <a href="https://twitter.com/mkstalin/status/999124439169089536?ref_src=twsrc%5Etfw">May 23, 2018</a></blockquote>
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On Wednesday, the Madurai bench of the Madras High Court stayed the plant's planned expansion.&nbsp;

And the Union Ministry of Home Affairs has asked the Tamil Nadu government for a report on the killings.&nbsp;

The National Human Rights Commission has also issued notices to the Tamil Nadu Chief Secretary and the Director General of Police and asked for reports within two weeks.&nbsp;

&nbsp;

A video released by news agency ANI shows a man in civilian clothes taking position on top of what appears to be a police van. He is armed with an SLR (self-loading rifle)

Police allegedly used assault rifles to shoot at protesters in Tamil Nadu's Thootukudi, where 11 people died on Tuesday. A video released by news agency ANI shows a man in civilian clothes taking position on top of what appears to be a police van. He is armed with an SLR (self-loading rifle). A number of policemen in uniform mill about the van. In the video, a voice in the background says, "At least one should die." The man on top of the van fires. Thousands of people had hit the streets of Thootukudi (earlier called Tuticorin) Tuesday. They were protesting against a Sterlite copper-smelting plant which they say has caused immense environmental damage. They also allege the plant has caused an outbreak of disease in the area. Sterlite is owned by the Vedanta group. The protests against the plant have been going on for years. In 2013, the Supreme Court ordered the company to pay a Rs 100-crore fine. The protests against the plant erupted again in February when it announced that it was doubling its capacity. Tuesday had been the 100th consecutive day of protest. #WATCH Local police in Tuticorin seen with assault rifles to disperse protesters demanding a ban on Sterlite Industries. 9 protestors have lost their lives. #TamilNadu. (Earlier visuals) pic.twitter.com/hinYmbtIZQ — ANI (@ANI) May 22, 2018 × Who ordered the police firing on protestors? Why were automatic weapons used to disperse the crowd and under what law is this permitted? Why were rubber/ plastic bullets or other means NOT used to avoid fatal injuries? Why was no warning given before firing? #SterliteProtest — M.K.Stalin (@mkstalin) May 23, 2018 × Why was there not adequate police presence to maintain law and order during #SterliteProtest? Is it accurate to say that there was a total failure of State intelligence which led to these unfortunate deaths? Did IG-Intelligence brief police and @CMOTamilNadu on the situation? — M.K.Stalin (@mkstalin) May 23, 2018 × On Wednesday, the Madurai bench of the Madras High Court stayed the plant's planned expansion. And the Union Ministry of Home Affairs has asked the Tamil Nadu government for a report on the killings. The National Human Rights Commission has also issued notices to the Tamil Nadu Chief Secretary and the Director General of Police and asked for reports within two weeks.

Video: In Tamil Nadu police allegedly used assault rifles to shoot at protesters

Actor and Makkal Neethi Mayyam chief Kamal Haasan on Sunday expressed solidarity with the protest against Vedanta's copper making unit Sterlite near Tuticorin, and sought its closure.

"The expansion (of Sterlite Copper, a unit of Vedanta) should not at all be allowed...If possible it will be good to close down this (existing) unit," he told reporters in Tuticorin.

Staunchly opposing the copper smelter plant's proposed expansion, he said lives of people were more important than producing copper.

The Makkal Neethi Maiyam chief asked "what is the necessity to put up the plant near residential and agricultural zone? ...To say that the location is close to the port is not acceptable."

News agency PTI quoted the actor as saying that he would reverberate the voice of the people against the plant wherever he went.

The actor would consult&nbsp;legal experts to see if there was any possibility for legal intervention in the issue.

Asked if his party had planned any protest over the Cauvery issue, Haasan said a meeting has been convened on April 4 at Tiruchirappalli to deliberate the matter.

Earlier, he visited A Kumarareddiapuram village in Tuticorn district and expressed solidarity with the people for their protest which entered the 49th day today.

Residents of the village have been demanding that the plant be shut down immediately alleging that they faced serious health issues due to pollution from the unit.

Haasan, addressing the protesters said he visited them as an individual and not as a party head.

"My humble view is that a business need not be run by ruining your lives," he said.

He said for him being humane was more important than being an actor.

"I am a Tamilian first. I have not come here as a politician. I have not come here for publicity. I have had enough publicity already," he said.

Haasan, apparently pointing to allegations of health issues due to the copper unit, said "the injustice that is being perpetrated on you is a reflection of the ugly face of commercial greed."

He said the central and state governments had not heard the voice of the people and that "the people should make them hear the same now".

Actor Rajinikanth yesterday took a dig apparently at the ruling AIADMK over the issue of the expansion of the copper plant, saying the government was not responding to the protests by locals.

Staunchly opposing the copper smelter plant's proposed expansion, Kamal said lives of people were more important than producing copper.

Actor and Makkal Neethi Mayyam chief Kamal Haasan on Sunday expressed solidarity with the protest against Vedanta's copper making unit Sterlite near Tuticorin, and sought its closure. "The expansion (of Sterlite Copper, a unit of Vedanta) should not at all be allowed...If possible it will be good to close down this (existing) unit," he told reporters in Tuticorin. Staunchly opposing the copper smelter plant's proposed expansion, he said lives of people were more important than producing copper. The Makkal Neethi Maiyam chief asked "what is the necessity to put up the plant near residential and agricultural zone? ...To say that the location is close to the port is not acceptable." News agency PTI quoted the actor as saying that he would reverberate the voice of the people against the plant wherever he went. The actor would consult legal experts to see if there was any possibility for legal intervention in the issue. Asked if his party had planned any protest over the Cauvery issue, Haasan said a meeting has been convened on April 4 at Tiruchirappalli to deliberate the matter. Earlier, he visited A Kumarareddiapuram village in Tuticorn district and expressed solidarity with the people for their protest which entered the 49th day today. Residents of the village have been demanding that the plant be shut down immediately alleging that they faced serious health issues due to pollution from the unit. Haasan, addressing the protesters said he visited them as an individual and not as a party head. "My humble view is that a business need not be run by ruining your lives," he said. He said for him being humane was more important than being an actor. "I am a Tamilian first. I have not come here as a politician. I have not come here for publicity. I have had enough publicity already," he said. Haasan, apparently pointing to allegations of health issues due to the copper unit, said "the injustice that is being perpetrated on you is a reflection of the ugly face of commercial greed." He said the central and state governments had not heard the voice of the people and that "the people should make them hear the same now". Actor Rajinikanth yesterday took a dig apparently at the ruling AIADMK over the issue of the expansion of the copper plant, saying the government was not responding to the protests by locals.

Kamal Haasan joins anti-Sterlite stir; seeks unit's closure

The dollar rose to its highest level in two weeks on Thursday over the optimism about the United States would successfully push through tax reforms, while world shares rebounded after two straight days of losses.

The U.S. currency slipped against the safe-haven, Japanese yen on Wednesday after U.S. President Donald Trump said he would recognize Jerusalem as the capital of Israel - a move that imperiled Middle East peace efforts and provoked widespread condemnation.&nbsp;But amidst a broader climb in global stocks on Thursday, the greenback rose 0.3 percent against the yen to trade at 112.60 yen and hit a two-week high against a basket of peers.

The MSCI World Index, which tracks shares in 47 countries, was up 0.1 percent.&nbsp;Underpinning some of the dollar&#39;s gains analysts said was some cautious optimism on progress over U.S. tax reforms.&nbsp;

U.S. Senate Republicans agreed to talks with the House of Representatives on sweeping tax legislation on Wednesday, amid early signs that lawmakers could bridge their differences and agree on a final bill ahead of a self-imposed December 22 deadline.

&quot;The dollar is fighting back a little bit but there&#39;s still some caution, as it could still be a few weeks until we know the outcome of the tax reform bill&quot;, said Rabobank currency strategist Jane Foley, in London. She further added, &quot;The yen will be sensitive if geopolitical tensions rise again, and I think there&#39;s an inevitability to that, so I don&#39;t think there&#39;s going to be too much upside for dollar/yen in this environment&quot;.

Upbeat U.S. private-sector employment data released on Wednesday also provided some support to the dollar. But strategists said the currency would trade in narrow ranges until the release of the closely watched non-farm payrolls report on Friday.&nbsp;Bitcoin soared to a record high of more than $14,500, up almost 7 percent on the day and continuing a staggering surge from less than $1,000 at the beginning of the year.

Stock Recover

European stock markets appeared to take their cues from a general recovery in tech stocks overnight in Asia and Wall Street.&nbsp;The pan-European STOXX 600 was up 0.2 percent with tech stocks initially up 0.5 percent. Financials, industrials, and healthcare shares also added points to the index.

&quot;We have seen some aggressive moves in Asia, whereas Europe seems to be a bit more subdued&quot;, said David Madden, an analyst at CMC Markets in London. He further said, &quot;It&#39;s almost like European markets look for an excuse to selloff but it takes them a lot to be convinced to actually push higher&quot;.

Shares in the energy sector, which weighed on shares earlier in Wall Street and Asia, rose in Europe, as oil prices recovered from a big fall on Wednesday.&nbsp;U.S. West Texas Intermediate crude futures traded at $56.13 per barrel in European trade, up 0.3 percent on the day.&nbsp;Brent futures gained 0.4 percent to $61.45 per barrel.

MSCI&#39;s broadest index of Asia-Pacific shares outside Japan edged up 0.2 percent as some technology bellwethers rebounded, with Tencent rising over 3 percent and Alibaba more than 2 percent.&nbsp;In Japan, the Nikkei jumped 1.5 percent, recouping much of its 2.0 percent loss the previous day, which was its biggest fall since late March.

The price of copper, seen as a barometer of global economic health because of its extensive industrial use, also fell sharply earlier this week, raising worries about the world growth outlook.&nbsp;Copper traded at $6,576 a tonne, up 0.5 percent on the day and above a two-month low of $6,507.5 touched on Tuesday.&nbsp;

European stock markets made general recovery in tech stocks overnight

The dollar rose to its highest level in two weeks on Thursday over the optimism about the United States would successfully push through tax reforms, while world shares rebounded after two straight days of losses. The U.S. currency slipped against the safe-haven, Japanese yen on Wednesday after U.S. President Donald Trump said he would recognize Jerusalem as the capital of Israel - a move that imperiled Middle East peace efforts and provoked widespread condemnation. But amidst a broader climb in global stocks on Thursday, the greenback rose 0.3 percent against the yen to trade at 112.60 yen and hit a two-week high against a basket of peers. The MSCI World Index, which tracks shares in 47 countries, was up 0.1 percent. Underpinning some of the dollar's gains analysts said was some cautious optimism on progress over U.S. tax reforms. U.S. Senate Republicans agreed to talks with the House of Representatives on sweeping tax legislation on Wednesday, amid early signs that lawmakers could bridge their differences and agree on a final bill ahead of a self-imposed December 22 deadline. "The dollar is fighting back a little bit but there's still some caution, as it could still be a few weeks until we know the outcome of the tax reform bill", said Rabobank currency strategist Jane Foley, in London. She further added, "The yen will be sensitive if geopolitical tensions rise again, and I think there's an inevitability to that, so I don't think there's going to be too much upside for dollar/yen in this environment". Upbeat U.S. private-sector employment data released on Wednesday also provided some support to the dollar. But strategists said the currency would trade in narrow ranges until the release of the closely watched non-farm payrolls report on Friday. Bitcoin soared to a record high of more than $14,500, up almost 7 percent on the day and continuing a staggering surge from less than $1,000 at the beginning of the year. Stock Recover European stock markets appeared to take their cues from a general recovery in tech stocks overnight in Asia and Wall Street. The pan-European STOXX 600 was up 0.2 percent with tech stocks initially up 0.5 percent. Financials, industrials, and healthcare shares also added points to the index. "We have seen some aggressive moves in Asia, whereas Europe seems to be a bit more subdued", said David Madden, an analyst at CMC Markets in London. He further said, "It's almost like European markets look for an excuse to selloff but it takes them a lot to be convinced to actually push higher". Shares in the energy sector, which weighed on shares earlier in Wall Street and Asia, rose in Europe, as oil prices recovered from a big fall on Wednesday. U.S. West Texas Intermediate crude futures traded at $56.13 per barrel in European trade, up 0.3 percent on the day. Brent futures gained 0.4 percent to $61.45 per barrel. MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.2 percent as some technology bellwethers rebounded, with Tencent rising over 3 percent and Alibaba more than 2 percent. In Japan, the Nikkei jumped 1.5 percent, recouping much of its 2.0 percent loss the previous day, which was its biggest fall since late March. The price of copper, seen as a barometer of global economic health because of its extensive industrial use, also fell sharply earlier this week, raising worries about the world growth outlook. Copper traded at $6,576 a tonne, up 0.5 percent on the day and above a two-month low of $6,507.5 touched on Tuesday.

Dollar hits two-week high on US tax reform optimism, world shares climb

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