2025-07-09 23:20

EnergyX expands Smackover holdings to 47,500 acres amid low lithium prices EnergyX plans lithium refinery in Texas, aims for 50,000 metric tons annual production by 2030 GM has first refusal rights on EnergyX lithium projects July 9 (Reuters) - EnergyX, the lithium technology startup backed by General Motors (GM.N) , opens new tab, has bought 35,000 acres (14,164 hectares) in the Smackover formation from Pantera Lithium (PFE.AX) , opens new tab, the latest deal for access to the U.S. brine formation teeming with supplies of the battery metal. The deal boosts the holdings of privately held EnergyX to roughly 47,500 acres in the Smackover, an underground geological formation stretching from Florida to Texas filled with lithium-rich brine. It also underscores the growing interest in boosting U.S. production of the metal despite low market prices. Sign up here. Chevron (CVX.N) , opens new tab in recent weeks has bought Smackover acreage, joining Exxon Mobil (XOM.N) , opens new tab, Albemarle (ALB.N) , opens new tab, Standard Lithium (SLI.V) , opens new tab and others with holdings in the region. Analysts estimate the Smackover could contain more than 4 million metric tons of lithium, enough to make millions of electric vehicles and other electronic devices. EnergyX's A$40 million ($26.1 million) agreement to buy the acreage in southern Arkansas from Australia-based Pantera includes A$6 million in cash as well as roughly 2.3 million shares in EnergyX that the companies are valuing at A$14.50 ($9.47) each. EnergyX, which is controlled by CEO Teague Egan, has discussed a public listing in the past. Pantera, which itself had first agreed to buy the acreage in 2023, will be a minority shareholder in EnergyX after the deal closes, expected later this year. Shares of Pantera more than doubled in Australian trading after the announcement. The deal "connects one of North America's most prospective lithium brine basins with EnergyX's advanced extraction tech and downstream ambitions," said Barnaby Egerton-Warburton, Pantera's executive chairman. EnergyX is also building a lithium refinery in nearby Texas that will process lithium from the Smackover brine. The company aims to be producing 12,500 metric tons of lithium per year by 2028 and 50,000 metric tons per year by 2030. GM, which led a $50 million financing round for the company in 2023, has the right of first refusal to buy lithium from any project that EnergyX develops. All of the companies aiming to extract lithium from the Smackover will need to use direct lithium extraction (DLE), something that has never been done before at commercial scale. DLE technologies could, if successful, produce the battery metal faster and cheaper than traditional evaporation ponds from brine deposits found throughout the globe, including in the Smackover. Egan, who founded the company in 2018, described the push into the Smackover as a competition. "The race is on to see who will be the first to produce commercial battery-grade lithium," he said. EnergyX will have to apply for a lithium royalty rate from Arkansas officials, who in recent weeks have approved rates for nearby lithium projects from Exxon and Standard Lithium. EnergyX tried unsuccessfully , opens new tab last year to buy Galan Lithium's (GLN.AX) , opens new tab assets in Argentina. A consortium led by South Korean conglomerate Posco Holdings (005490.KS) , opens new tab is an EnergyX investor. EnergyX is also developing a lithium project in northern Chile. ($1 = 1.5328 Australian dollars) https://www.reuters.com/legal/litigation/gm-backed-energyx-buys-lithium-rich-acreage-us-smackover-formation-2025-07-09/

2025-07-09 23:00

July 9 (Reuters) - U.S. semiconductor startup Groq has spoken to investors about raising between $300 million and $500 million at a $6 billion post-investment valuation, The Information reported on Wednesday, citing people with knowledge of the matter. The company is seeking the cash to fulfill a recently inked deal with Saudi Arabia, the report said. Sign up here. In February, Groq secured a $1.5 billion commitment from Saudi Arabia to expand the delivery of its advanced artificial intelligence chips to the country. Groq has told investors that the contracts in Saudi Arabia will help the company bring in about $500 million in revenue this year, the report added. Groq did not immediately respond to a Reuters request for comment. In August last year, Groq raised $640 million in a Series D funding round led by Cisco Investments, Samsung Catalyst Fund and BlackRock Private Equity Partners, among others, which brought its valuation to $2.8 billion. The Silicon Valley firm is known for producing AI inference chips that optimize speed and execute commands of pre-trained models. https://www.reuters.com/business/ai-chip-startup-groq-discusses-6-billion-valuation-information-reports-2025-07-09/

2025-07-09 22:46

Officials face questions about whether warnings could have been issued sooner Ninety-five dead in Kerr County, including 36 children Flash flood in New Mexico claims three lives KERRVILLE, Texas, July 9 (Reuters) - Officials in flood-stricken central Texas on Wednesday again deflected mounting questions about whether they could have done more to warn people ahead of devastating flash flooding that killed at least 119 people on July 4. At a morning news briefing in Kerr County, where the vast majority of victims died, Sheriff Larry Leitha defended the actions of emergency responders as the tragedy unfolded in the early morning hours on Friday. Sign up here. Pressed about how long it took for officials to respond to "Code Red" alerts about the flash flooding, Leitha declined to respond directly, saying his focus was on finding missing people and that a full analysis of what, if anything, went wrong would come later. "We will answer those questions," he said. "We're not running, we're not going to hide from everything. That's going to be checked into at a later time. I wish I could tell you that time." As of Tuesday evening, there were more than 170 people still unaccounted for, according to figures provided by Texas Governor Greg Abbott, suggesting the death toll could still rise significantly. Searchers have not found anyone alive since Friday. The Kerr County seat, Kerrville, was devastated when torrential rains lashed the area early on Friday, dropping more than a foot of rain in less than an hour and swelling the Guadalupe River to a height of nearly 30 feet (9 meters). The death toll in Kerr County was 95 as of Wednesday morning, including three dozen children, Leitha told reporters. That figure includes at least 27 campers and counselors from Camp Mystic, a Christian girls' summer retreat on the banks of the Guadalupe. In Hunt, a community in western Kerr County, Jose Olvera's family set up a shrine near the spot where he and his wife were swept away by floodwaters outside their ranch house. The family found Olvera's body next to a nearby stream, his foot protruding from underneath a tree branch. His wife remains missing. "This could have been avoided, something like this," said Olvera's son, Macedonio, sitting outside the home and surrounded by debris. "There are ways to detect things, appropriate alerts to let the community know what is happening." Abbott on Tuesday sought to push aside questions about who was to blame for the mounting death toll. Invoking American football as an analogy, he told reporters that blame was the "word choice of losers" in the sport revered in Texas. "Every football team makes mistakes," he said. "The losing teams are the ones that try to point out who's to blame. The championship teams are the ones who say, 'Don't worry about it, man. We got this. We're going to make sure that we go score again and we're going to win this game.'" The governor said the Texas legislature would convene a special session later this month to investigate the emergency response and provide funding for disaster relief. COMMUNICATION CHALLENGES The state emergency management agency warned last Thursday on the eve of the disaster that parts of central Texas faced a threat of flash floods, based on National Weather Service forecasts. But twice as much rain as forecast ended up falling over two branches of the Guadalupe just upstream of the fork where they converge, sending all of that water racing into the single channel where it slices through Kerrville, City Manager Dalton Rice has said. The amount of rainfall in such a short period of time made it impossible to order evacuations without further endangering people, Rice said. He also noted that the county is sprawling and rural, with spotty cell phone service, creating communication challenges. County officials had considered installing an early-warning system about eight years ago but abandoned the proposal after failing to secure state grant money to fund it, according to the Houston Chronicle. Kerr County sits at the center of a section of Texas Hill Country that is particularly susceptible to flash floods, due to the terrain. Elsewhere on Tuesday, three people died in New Mexico, two of them young children, when a flash flood swept through the village of Ruidoso in mountains around 135 miles (217 km) southeast of Albuquerque, the state's largest city. The flooding was sparked by heavy rain that fell on wildfire burn scars, causing a rapid runoff of water that saw the Rio Ruidoso River rise to a record 20 feet, five feet higher than its previous historical high, the village said in a statement. Scientists say climate change has made extreme flood events more frequent and damaging by creating warmer, wetter weather patterns. https://www.reuters.com/sustainability/climate-energy/crews-search-dozens-missing-after-texas-floods-2025-07-09/

2025-07-09 22:25

Samsung executive says foldable phones are ready for mainstream sales Foldable phones are 1.5% of smartphone market according to IDC but an important premium niche Canalys forecast predicts Samsung foldable phone sales flat this year Foldable phone pioneer Samsung is losing market share to Chinese rivals, Canalys says SEOUL, July 9 (Reuters) - Samsung Electronics (005930.KS) , opens new tab on Wednesday unveiled thinner, lighter foldable phones as it aims to fend off Chinese competition in the higher-margin, premium segment that remains untapped by arch rival Apple (AAPL.O) , opens new tab. The stakes are high. The South Korean company lost its global smartphone crown to Apple in 2023 and faces growing competition from Chinese rivals like Huawei (HWT.UL) and Honor. Sign up here. Meanwhile, Samsung's mainstay chip business has suffered a profit slump stemming in part from its delayed supply of artificial intelligence chips to Nvidia (NVDA.O) , opens new tab. Samsung's mobile president and chief operating officer, Choi Won-joon, said his most important mission was to make Samsung a leader in AI-powered smartphones. "I believe that foldable phones, integrated with AI features, are ready to become mainstream by offering a unique, differentiated experience," he told Reuters in his first media interview since being promoted in March. He said Samsung aims to take a leadership position in AI by enhancing cooperation with external partners like Google (GOOGL.O) , opens new tab, unlike Apple, which has been using in-house AI technology that has faced delays in adding key features. Samsung also in New York unveiled its first smartwatches equipped with Google's AI voice assistant, Gemini, which can make recommendations to the owner such as good locations for a run. PREMIUM HALO Samsung said in April that it was pushing ahead with a premium product strategy as U.S. tariffs threatened to dampen demand and raise component costs. The smartphone maker increased the U.S. price of its Galaxy Z Fold 7 by 5% to $1,999 from its predecessor Fold 6, while introducing a less expensive version of its Galaxy Z Flip 7 clamshell phone, Flip 7 FE, priced at $899. Galaxy Z Fold 7 is equipped with Qualcomm's (QCOM.O) , opens new tab super-fast processor Snapdragon 8 Elite, while Galaxy Z Flip 7 is powered by Samsung's in-house Exynos chips. Analysts said Samsung's new models tackled some of the issues with foldable phones such as bulkiness, and would create a premium halo around the brand. The Galaxy Z Fold 7 weighs 10% less than its predecessor and is 26% thinner. But high prices and a lack of use cases mean foldable phones are likely to remain a niche segment, the analysts said, with data from research firm IDC showing they account for just 1.5% of the total smartphone market. Research firm Canalys predicts Samsung's foldable shipments, which peaked in 2022, will remain flat or slightly decline in 2025, in line with the broader market's flat growth, according to data provided to Reuters. Samsung's foldable smartphones account for 4% of its total phone sales but 16% of those priced over $800, Canalys said. Its data shows Samsung's dominance of the foldable phone segment is being eroded by Honor and Huawei, which are enjoying strong sales, especially in China. Samsung, which held its unveiling event in New York on Wednesday, will focus on the United States, Europe and South Korea for foldable phone sales, Choi said. At a press conference later on Wednesday following the launch event, TM Roh, president and acting head of Samsung's device experience division, said Samsung is working towards launching a tri-foldable phone, which users can fold three ways, by the end of the year. In the meantime, Choi said Samsung accelerated output and shipments of smartphones bound for the U.S. to mitigate the impact of looming U.S. tariffs, without giving details. Samsung produces its smartphones in Vietnam, which accounts for more than half of its phone output, as well as in South Korea and India. He also said Samsung has been tackling China's export curbs on rare earths and rare earth magnets by diversifying suppliers beyond the dominant supplier and significantly increasing its own internal stockpiles. https://www.reuters.com/world/china/samsungs-bet-foldable-phones-faces-major-test-with-slimmer-new-model-2025-07-09/

2025-07-09 22:24

HOUSTON, July 8 (Reuters) - Zinc contamination in the Mars crude oil stream pushed down demand for the flagship U.S. coastal crude, slashing its prices on Tuesday, six traders and an industry source said. Any challenges to the quality of Mars, a popular offshore grade with U.S. refiners, could further tighten supply along the U.S. Gulf Coast at a time when the lack of heavy Venezuelan barrels has crunched availability. Sign up here. Mars traded at a 10-cent discount to crude oil at the Cushing storage hub in Oklahoma, easing from a 75-cent premium on Monday, traders and dealers said. Shell (SHEL.L) , opens new tab, which operates the Mars platform, said there are multiple operators that produce oil that are then commingled into Mars Crude. "Results of tests conducted by Shell Offshore Inc have determined that the product that we contribute to Mars Crude does not have any quality challenges," the company said. The contamination was likely caused by an additive used on a platform, two sources said. Zinc does not typically occur naturally in crude oil. Running crude with zinc through refineries can lead to corrosion and damage to units. The Mars platform has been producing around 160,000 barrels per day for the last 12 months, according to research firm Energy Aspects. The grade is delivered to Clovelly in Louisiana. https://www.reuters.com/business/energy/mars-crude-oil-prices-ease-zinc-contamination-sources-say-2025-07-09/

2025-07-09 22:17

Trump raises Brazil's Aug 1 tariffs to 50% from 10% Trump plans new tariffs on copper, semiconductors and pharmaceuticals Trump sends tariff letters to Philippines, Iraq, Sri Lanka, others EU and US nearing trade agreement, says EU trade chief Sefcovic EU seeks protections for auto industry in complex talks WASHINGTON/BRUSSELS, July 9 (Reuters) - U.S. President Donald Trump turned his trade ire against Brazil on Wednesday, threatening Latin America's largest economy with a punitive 50% tariff on exports to the U.S. and ordering an unfair trade practices investigation that could lead to even higher tariffs. Trump set the Aug. 1 tariff rate -- far higher than the 10% duty imposed on Brazil on April 2 -- in a tariff letter to Brazilian President Luiz Inacio Lula da Silva, that vented anger over what he called the "Witch Hunt" trial of Lula's right-wing predecessor, Jair Bolsonaro. Sign up here. Criticizing what he said were Brazil's attacks on free elections and speech and "SECRET and UNLAWFUL Censorship Orders to U.S. Social Media platforms," Trump also ordered the U.S. Trade Representative's office to open an unfair trade practices investigation into Brazil's policies under Section 301 of the Trade Act of 1974. The probe could lead to further tariffs on Brazilian exports. Trump's broadside against Brazil came as his administration was inching closer to a deal with its biggest trading partner bloc, the European Union. Trump earlier on his Truth Social media platform issued Aug. 1 tariff notices to seven minor trading partners: a 20% tariff on goods from the Philippines, 30% on goods from Sri Lanka, Algeria, Iraq, and Libya, and 25% on Brunei and Moldova. Those countries are bit players in the U.S. trade deficit, accounting for just under $15 billion in U.S. imports in 2024. Brazil is the 15th largest U.S. trading partner, with total two-way trade of $92 billion in 2024, and a rare $7.4 billion U.S. trade surplus. But Trump's letter to Lula contained the same language as previous form letters describing Brazil's trading relationship as "very unfair". The latest letters add to 14 others issued earlier in the week including 25% tariffs for powerhouse U.S. suppliers South Korea and Japan, which are also to take effect August 1 barring any trade deals reached before then. They were issued a day after Trump said he was broadening his trade war by imposing a 50% tariff on imported copper and would soon introduce long-threatened levies on semiconductors and pharmaceuticals. Trump's rapid-fire tariff moves have cast a shadow over the global economic outlook, paralyzing business decision-making. NEGOTIATIONS WITH THE EU Trump said trade talks have been going well with China and the European Union, which is the biggest bilateral trading partner of the U.S. Trump said he would "probably" tell the EU within two days what rate it could expect for its exports to the U.S., adding that the 27-nation bloc had become much more cooperative. "They treated us very badly until recently, and now they're treating us very nicely. It's like a different world, actually," he said. EU trade chief Maros Sefcovic said good progress had been made on a framework trade agreement and a deal may even be possible within days. Sefcovic told EU lawmakers he hoped that EU negotiators could finalise their work soon, with additional time now from the extension of a U.S. deadline to August 1 from July 9. "I hope to reach a satisfactory conclusion, potentially even in the coming days," Sefcovic said. However, Italian Economy Minister Giancarlo Giorgetti had earlier warned that talks between the two sides were "very complicated" and could continue right up to the deadline. EU officials and auto industry sources said that U.S. and EU negotiators were discussing a range of potential measures aimed at protecting the European Union's auto industry, including tariff cuts, import quotas and credits against the value of EU automakers' U.S. exports. HIGHEST TARIFF LEVELS SINCE 1934 Equity markets shrugged off the Republican president's latest tariff salvo on Wednesday, while the yen remained on the back foot after the levies imposed on Japan. Following Trump's announcement of higher tariffs for imports from the 14 countries, U.S. research group Yale Budget Lab estimated consumers face an effective U.S. tariff rate of 17.6%, up from 15.8% previously and the highest in nine decades. Trump's administration has been touting those tariffs as a significant revenue source. Treasury Secretary Scott Bessent said Washington has taken in about $100 billion so far and could collect $300 billion by the end of the year. The United States has taken in about $80 billion annually in tariff revenue in recent years. The Trump administration promised "90 deals in 90 days" after he unveiled an array of country-specific duties in early April. So far, only two agreements have been reached, with Britain and Vietnam. Trump has said a deal with India was close. Massachusetts Governor Maura Healey, a Democrat, blasted Trump for his "failed trade war". "President Trump was elected to lower costs, and all he is doing is raising prices and hurting our businesses," she said in a statement. https://www.reuters.com/world/asia-pacific/eu-seeks-trade-deal-with-trump-this-month-new-tariff-notices-due-2025-07-09/