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According to the Wall Street Journal, the Houthi rebels have reportedly established joint operations command centers in Lebanon and Iraq.On October 17, the Iranian Islamic Revolutionary Guard Corps Navy issued a statement on social media saying that its "second supertanker" struck a mine in the Strait of Hormuz, resulting in a violent explosion and fire. The statement said the tanker, carrying over 2 million barrels of crude oil, attempted to pass through the Strait of Hormuz with US support after shutting down all navigation and radar systems. Earlier that day, the Iranian Revolutionary Guard Corps Navy had also issued a statement saying that a supertanker had struck a mine in the Strait of Hormuz, resulting in an explosion and fire. The statement also reiterated that "the Strait of Hormuz is closed."The foreign ministers of Egypt and Iran met to discuss the Middle East crisis.On October 17, the International Committee of the Red Cross (ICRC) confirmed that the Houthi rebels in Yemen released 159 people detained in connection with the conflict. The ICRC stated that it was not involved in deciding who or how many people were released. The ICRC remains ready to assist or support the future release, transfer, and repatriation of detainees in connection with the Yemeni conflict, acting as a neutral intermediary, upon request from all parties.On October 17th, Ukrainian President Volodymyr Zelenskyy stated on Saturday that Ukraine is unable to use its interception system to counter Russian drone attacks due to speed limitations imposed by Starlink. He added that Kyiv is discussing the issue with US officials. Zelenskyy stated that Ukrainian officials have been informed that the limitations are related to technical issues. He noted that Ukraine has tested Starlink within the EU without encountering similar problems, and that the Starlink system operates faster there.

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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