2025-11-19 18:48

US and Saudi reach initial civil nuclear agreement US energy secretary says it does not allow Saudi to enrich uranium Senators warn against creating Middle East arms race WASHINGTON, Nov 19 (Reuters) - U.S. lawmakers cautioned against ushering in a nuclear arms race in the Middle East after the United States and Saudi Arabia said they signed an initial agreement on civil nuclear energy cooperation. U.S. Energy Secretary Chris Wright, Interior Secretary Doug Burgum and Saudi Energy Minister Prince Abdulaziz bin Salman signed an initial civil nuclear cooperation agreement on Tuesday as Saudi Crown Prince Mohammed bin Salman, the kingdom's de facto ruler, made his first White House visit in more than seven years. Sign up here. Talks between the countries on nuclear power cooperation have been going on for years including during the administration of former President Joe Biden. But progress has been difficult because the Saudis have resisted U.S. stipulations that would rule out enriching uranium or reprocessing spent fuel - potential paths to a bomb. DEMOCRAT CALLS FOR ENHANCED INSPECTIONS Senator Jeanne Shaheen, the top Democrat on the Senate Foreign Relations Committee, said any deal with Saudi Arabia must include enhanced inspections through an agreement known as the Additional Protocol, which boosts the ability of the International Atomic Energy Agency to verify peaceful use of all nuclear material. It is critical that the U.S. hold Saudi Arabia to the "gold standard" in what is known as a 123 Agreement to ensure Riyadh will not enrich uranium or reprocess plutonium, as the United Arab Emirates agreed in 2009 when it signed a civil nuclear pact with Washington, she said. "We must not fuel a nuclear arms race in the Middle East." Concern about proliferation related to nuclear energy rose after the crown prince told CBS in 2018 that "Saudi Arabia does not want to acquire any nuclear bomb, but without a doubt if Iran developed a nuclear bomb, we will follow suit as soon as possible." Wright told Fox News on Wednesday that uranium enrichment was not in the initial agreement. "It's not about enrichment, it's not about anything related to weapons," Wright said. A day earlier he said the deal has "bilateral safeguard agreements" and a commitment to non-proliferation. Some lawmakers and non-proliferation experts said the agreement must not expand to allow enrichment and reprocessing. "We can’t hand Saudi Arabia the keys to nuclear tech while ignoring its desire for nuclear weapons," said Senator Ed Markey, a Democrat. "I’m urging the Trump administration to insist on the gold standard safeguards - enrichment bans and full inspections - before any deal." Andrea Stricker, a non-proliferation expert and deputy director and research fellow at the Foundation for Defense of Democracies, said if the U.S. is lax on safeguards with Saudi Arabia, it will be even more difficult to hammer home with Iran that reconstituting enrichment and reprocessing are off limits. "Let's hope the 123 extends only to civil nuclear energy and U.S. reactor cooperation," as Wright said on Fox, Stricker said. https://www.reuters.com/world/middle-east/us-lawmakers-say-any-civil-nuclear-deal-with-saudi-must-not-create-arms-race-2025-11-19/

2025-11-19 18:08

LONDON, Nov 19 (Reuters) - Muddy Waters' founder Carson Block said on Wednesday he has taken a long position in Canadian gold miner Snowline Gold Corp (SGD.V) , opens new tab, marking a departure for the famed short seller. Snowline Gold Corp is involved with potential projects Block believes are undervalued compared to the price of gold and how much of the valuable metal the sites can produce, Block told attendees at the Sohn Conference in London. Sign up here. Describing public reports the junior miner has released, Block said that he believed the company had taken a conservative approach to its own growth projections. "We think this project works at $1,800 gold and don't see much downside risk here at the price," said Block. Gold is traing at around $4,070 an ounce , not far from recent record highs. The junior gold miner is located in the Yukon, Canada with multiple projects including the Rogue Valley Deposit which is reckoned to hold around 8 million ounces of gold. The company did not immediately respond to a request for comment. A long position is a essentially a bet that an asset will rise in value. https://www.reuters.com/world/americas/muddy-waters-carson-block-says-he-is-long-snowline-gold-corp-2025-11-19/

2025-11-19 17:36

Lithium demand could rise to 1.5 million metric tons this year, SQM reports SQM lowers 2025-2027 capex to $2.7 billion Codelco lithium tie-up in Chile to close by year-end Nov 19 (Reuters) - Lithium demand could rise 25% this year versus 2024, Chilean producer SQM said on Wednesday, as it reported its best prices for the battery metal in two years driven by growth in electric vehicles and energy storage systems. The price jump helped propel SQM's net income for the third quarter 36% year-on-year to $178.4 million, compared with $131.4 million a year earlier. Revenue also rose, climbing 8.9% to $1.17 billion versus $1.08 billion in the same period last year. Sign up here. SQM's U.S.-listed shares rose on Wednesday to a high of $64.60 a share, their highest level in over two years. Lithium prices in recent months had cooled from record highs in 2022 as supply growth outpaced demand, pressuring margins for global producers, including SQM and U.S.-based Albemarle. Yet the July-to-September period marked stronger-than-expected demand, SQM said. "Although the market remains highly volatile, we are cautiously optimistic," said CEO Ricardo Ramos in a call with analysts, noting that he expected the trend to continue in the fourth quarter. "Demand fundamentals remain strong, not only for electric vehicles but also from energy storage systems," he said. However, SQM also significantly narrowed its investment outlook for 2025 to 2027, revising its capital expenditure estimate to $2.7  billion from a previous range of $3.1–$3.8  billion. The company acknowledged that it had delayed some investment decisions, but maintained its production and sales targets. The revised capex will be deployed evenly over each year, with about a quarter going to maintenance, the company said. As it looks ahead, SQM expects lithium demand this year to reach more than 1.5 million metric tons, a 25% boost from 2024, and climb to 1.7 million metric tons in 2026, said Pablo Hernandez, vice president of Strategy and Development for SQM's Chile lithium division. "We're still assessing demand growth expectations and we remain relatively conservative," he said of the outlook for next year. SQM, one of only two companies producing lithium in Chile alongside Albemarle, also makes fertilizers and industrial chemicals. SQM also said it expects its planned partnership with state miner Codelco to ramp up lithium extraction in the Atacama salt flat to be finalized by the end of the year. Only approval from Chile's comptroller is still pending after China's markets regulator cleared the deal last month. "We will close this year, that's for sure," Ramos told analysts. https://www.reuters.com/business/energy/chiles-sqm-quarterly-profit-rises-lithium-prices-rebound-2025-11-19/

2025-11-19 17:33

By David Ljunggren OTTAWA, Nov 19 (Reuters) - The Bank of Canada on Wednesday called for a coordinated economy-wide approach to boost weak productivity, an issue it said was becoming more pressing in the face of challenges caused by U.S. trade policy. Sign up here. The speech by Deputy Governor Nicolas Vincent was the latest effort by the central bank to urge policy makers to tackle decades of underperformance and insufficient investment. "Shocks to our economy have become more frequent, and we are too vulnerable to their impacts," he said in a speech to Quebec economists. "To put it bluntly, we're stuck in a vicious circle. When productivity is weak, it's much harder to meet current challenges and seize opportunities for the future." Canada's productivity has been lagging for 25 years, he noted. Average annual growth of labor productivity was about 3% in the 1960s and 1970s but fell to 1% between 2000 and 2019 and is now below 0.5%. Policy makers could help in three areas, he said: * creating a better investment climate, in part by trimming a cumbersome and complex regulatory framework * increasing competition in key sectors dominated by a few big players, such as telecommunications, passenger transportation and financial services * investing in talent by spending more on training and making it easier to recognise the credentials of foreigners "Weak productivity is a systemic problem that demands a coordinated approach across the economy ... given the tensions and conflicts that are destabilizing our economy, reversing the trend is more urgent than ever," he said. Although Canadian businesses facing strong international competition are more productive, competitive and resilient, weak investment means too few firms fall into this category, he said. When the Bank of Canada looked at factors driving inflation, the relationship between rising labor costs and productivity is particularly important, said Vincent. Stronger growth in productivity means incomes could rise while inflationary pressures remained limited, he added. ((Reuters Ottawa editorial; [email protected] , opens new tab)) Keywords: CANADA CENBANK/ https://www.reuters.com/world/americas/bank-canada-urges-coordinated-approach-boost-weak-productivity-2025-11-19/

2025-11-19 16:14

LONDON, Nov 19 (Reuters) - The hedge fund short selling partnership of Gotham City Research and General Industrial Partners (GIP) said on Wednesday it has taken a short position in the real estate investment trust, Iron Mountain . The company did not immediately respond for a request for comment. Sign up here. Daniel Yu and Cyrus de Weck said Iron Mountain's leveraged investments into data centers do not match what the firm has available long-term to spend. As of 15:55 GMT the Reit shareprice was down 5%. The team is known for their research on SES Imagotag, now Vusion Group and Spanish medical company, Grifols. https://www.reuters.com/markets/us/iron-mountain-reit-targeted-by-short-sellers-gotham-city-research-gip-2025-11-19/

2025-11-19 14:45

Nov 19 (Reuters) - Saudi Arabia will sign energy sector agreements with the U.S. worth $30 billion, the CEO of Saudi state oil giant Aramco, Amin Nasser, said on Wednesday in comments carried by Saudi state TV. His comments came during the U.S.-Saudi investment forum, being held in Washington. Sign up here. https://www.reuters.com/business/energy/saudi-arabia-sign-30-billion-worth-energy-deals-with-us-says-aramco-ceo-2025-11-19/