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According to Irans Mehr News Agency: Preliminary reports indicate that Iran launched an attack on a US missile launch site in Kuwait.On July 12, local time, US President Trump stated that the US had launched a "fierce strike" against Iran the previous night. In an interview that day, Trump claimed that the US and Iran had reached an agreement the previous day, and Iran was "prepared to give up everything," but hours later, a ship was attacked by a drone. The US military stated that after an attack on a merchant ship in the Strait of Hormuz, the US military launched a new round of strikes against approximately 140 Iranian military targets. This is the third US strike against Iran in a week. There are differing opinions regarding the navigation status of the Strait of Hormuz. Irans Persian Gulf Straits Authority announced on social media on July 12 that the Strait of Hormuz is currently impassable. Trump, however, stated, "As far as the United States is concerned, the Strait of Hormuz remains open."Market news: British Prime Minister-designate Andy Burnham plans to expand the autumn budget. British officials are considering releasing the budget in October.July 12 – As part of a “political strategy” adjustment, Ukrainian President Volodymyr Zelensky is considering replacing the country’s prime minister. With Ukraine preparing for winter amid ongoing threats of Russian attacks, he may nominate a state-owned energy company executive or a former prime minister to succeed him. According to sources, Zelensky is considering appointing Sergei Koletsky, head of the state-owned oil and gas company, or former prime minister and current energy minister Denis Shmyhal for the position. Zelensky met separately with Koletsky and Shmyhal on Sunday and received briefings. He has invited current prime minister Yulia Sviridenko to “take charge of new and important areas with key partners” and thanked her for her “clear, robust, and efficient work” over the past year. Zelensky also met with officials including the mayor of Kharkiv and the defense minister. Zelensky stated that winter preparations are of paramount importance, Ukraine needs to be prepared for any threat, and the transformation of state-owned enterprises must be accelerated.On July 12, 2026, the head of the Asian Department of the Ministry of Foreign Affairs issued a statement regarding the Japanese Foreign Ministers hype surrounding the tenth anniversary of the "South China Sea arbitration ruling" and Japans joint statement with other countries. The Chinese side urgently summoned the chief minister of the Japanese Embassy in China to lodge a solemn representation, expressing strong dissatisfaction and protest. China pointed out that Japan bears historical responsibility for the South China Sea issue and has not yet settled accounts, and has no right to make irresponsible remarks. Japans egregious words and actions challenge the post-war international order and international rule of law, adhere to double standards, distort facts, undermine peace and stability in the South China Sea, and violate the common interests and wishes of regional countries. This has aroused historical vigilance and strong indignation from the international community, including China, regarding Japans aggression and colonial atrocities since modern times. China will resolutely and forcefully counter Japans provocations and firmly defend its territorial sovereignty and maritime rights. China also lodged a strong protest regarding the Taiwan issue, Japans abandoned chemical weapons, Japanese parliamentarians unwarranted comments on Chinas ethnic policies, and a series of negative developments in Japans military and security.

General Motors will invest in an Australian mining firm

Charlie Brooks

Oct 12, 2022 11:37

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General Motors Co stated on Tuesday that it will invest up to $69 million and acquire a stake in Queensland Pacific Metals to secure a new supply of nickel and cobalt for battery cells used in U.S. manufacturer vehicles.


GM noted that the investment will enable electric vehicles to qualify for consumer incentives under the United States' new clean energy tax credits. The nickel laterite ore, according to GM, will be processed using a new, patented procedure that reduces waste.


A law enacted in August requires automakers to get battery materials from nations with free trade agreements in order to qualify for U.S. consumer EV tax credits.


GM's investment will help the development of its projected Northern Australia Townsville Energy Chemicals Hub (TECH) Project. GM announced that nickel laterite ore of superior quality will be brought from New Caledonia.


GM has already secured the necessary battery raw materials to reach its goal of 1 million yearly units in North America by 2025.


GM claimed that the "new collaboration builds on these commitments as we seek to secure supply through the end of the decade and contribute to the growth of the EV industry."


The CEO of Queensland Pacific Metals, Stephen Grocott, remarked, "GM's investment in our company and the accompanying offtake brings us one step closer to building the TECH Project."


GM revealed in August that it was prepaying Livent (NYSE:LTHM) Corp $198 million for a guaranteed six-year supply of lithium, a transaction that demonstrates the auto industry's rising anxiety over a tightening market for the metal used in electric vehicle battery cells.


It is uncommon in the mining industry for a metal supply guarantee to be paid for in advance. Livent operates producing facilities for lithium in the United States and Argentina.

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