Monthly Archives: March 2022

Japan will strip Russia of its "most favored nation" status to punish Moscow for its aggression in Ukraine, following in the footsteps of the United States and European nations, Prime Minister Fumio Kishida said Wednesday.

To hold Russia accountable for its "irrational and inhumane" onslaught, Japan will take additional sanctions by expanding the scope of asset freezes targeting elites and business oligarchs close to President Vladimir Putin, he said.

"We will take severe sanctions against Russia in coordination with the United States and European nations in the G7," Kishida said at a press conference, noting that "resolute" action is necessary.

"Do we want an international order based on universal values such as freedom, democracy, the rule of law and human rights, or one that tolerates the use of force to change the status quo and is based on the rule of force?" he said.

The "most favored nation" status under World Trade Organization rules has given Russia the best possible trade terms on key products.

The Group of Seven -- Britain, Canada, France, Germany, Italy, Japan and the United States, plus the European Union -- had vowed to take independent actions to stop their favorable treatment of Russia.

The status removal would mean higher tariffs on Russian products. Consumers in Japan would see Russian crabs, salmon and other seafood items sold at higher prices.

Revoking the status by itself does not immediately affect energy resources, ranging from liquefied natural gas, crude oil and coal, to palladium, a key metal used in electronics, because they are tariff-free.

For resource-poor Japan, how far it can go in punishing Moscow is a delicate balancing act, given Russia is one of the major LNG exporters to the country.

"For a net importer of energy and food items, the blows to the economy and people's livelihoods are concerning," he said, as Russia has begun to take retaliatory steps and commodity prices have been surging.

"But we can never give in to threats posed by Russia to show that we are with the people of Ukraine and to protect the peace and order of the international community," he said.

Asked about the future of oil and gas projects on Sakhalin island in the Russian Far East, the prime minister stressed the need to factor in energy security before deciding on cutting reliance on Russian resources.

The government and Japanese companies hold interests in the projects. The Russian military attack since late February has prompted U.S. oil major Exxon Mobil Corp to announce its withdrawal from the Sakhalin 1 and Britain's Shell PLC from the Sakhalin 2.

Japan has joined other members of the G7 in removing some Russian banks from the international payment network SWIFT but not an oil embargo imposed by the United States, a net energy exporter.

Following through on the G7 pledge, Japan will block Russian access to financing by international organizations, such as the International Monetary Fund and the World Bank, Kishida said.

The war in Ukraine has sent ripples beyond Europe to the Indo-Pacific region where China's economic and military clout has heightened tensions and raised regional concerns. With China and Russia having close relations, eyes are on Beijing's response as pressure mounts on Moscow to end its offensive, a violation of international law.

Any unilateral use of force to change the status quo should not be tolerated in Ukraine or anywhere, Kishida said, adding, "We call on China to take responsible action."

Kishida vowed to send additional supplies to Ukraine on top of bulletproof vests and helmets and to extend humanitarian assistance by taking in people fleeing the conflict-hit Eastern European nation and assisting them in their daily lives in Japan.

The government has begun accepting people from Ukraine via third countries, giving them short-term visas. Those who have relatives and acquaintances have received priority in entering Japan, but the government is arranging to open the door for those who do not and allow them to work if their stay is prolonged.

"In Japan, we say, 'We have each other when in trouble,'" Kishida said. "We would like to offer help to people evacuating Ukraine."

See more here:

Japan to revoke Russia's most favored nation status over Ukraine - Japan Today

Vancouver, BC - TheNewswire - March 16, 2022 - Global Energy Metals Corporation (TSXV:GEMC) (OTC:GBLEF) (FSE:5GE1) (Global Energy Metals, the Company and/or GEMC), a company involved in investment exposure to the battery metals supply chain, is pleased to report a drilling contract has been executed with Schonknecht Drilling Pty Ltd. for 2022 work at the Millennium Project in NW Queensland. Drilling is currently scheduled to commence in April.

With over $10 million raised at the end of last year, Global Energy Metals joint venture partner, ASX listed Metal Bank Limited (MBK), is fully capitalized to pursue and sole fund this work program as part of MBKs right to earn up to 80% of the Millennium Copper, Cobalt and Gold project which holds a JORC 2012-compliant Inferred Resource of 5.9Mt @ 1.08% CuEq1 across 5 granted Mining Leases.

In 2021, MBK established an Exploration Target of 810Mt @ 1.0-1.1% CuEq2, with the first drill program intercepting 5m @ 2.92% Cu, 0.50% Co and 1.19g/t Au (within 22m @ 2.22%)3 and confirming northern extensions to the mineralisation system.

The 2022 drilling program is aimed at expanding existing resources at the Central and Southern Areas and defining new resources in the Northern Area with the overall goal of converting the Exploration Target into resources.

Click Image To View Full Size

Figure 1: MI21RC07 drill setup nearing completion of 2021 drill program

Highlights

GEMCs JV partner funded 2022 exploration program at the Millennium Cu-Co-Au Project, NW Queensland is underway with drilling to commence in April;

The Project holds a JORC 2012-compliant Inferred Resource of 5.9Mt @ 1.08% CuEq2 across 5 granted Mining Leases;

The 2022 exploration program includes extension, infill and metallurgical work aimed at significantly increasing existing resources to underpin an updated JORC 2012 Resource statement in late 2022;

The Project provides exposure to copper and cobalt in demand, critical components for the renewable energy transition;

Global Energy Metals currently holds 100% of the MIllennium project with MBK having the right to earn, in stages, up to an 80% interest in the Project; and

With a recent successful capital raising by MBK, GEMC will benefit from having a well funded partner to pursue exploration and development work at Millennium aimed at increasing the projects Resources.

Commenting on the Millennium exploration program for 2022, Metal Banks Chair, Ins Scotland said:

The 2022 work program at Millennium is aimed at increasing the existing Millennium Resource of 5.9Mt @ 1.08% CuEq1. As Australia looks to establish itself as a global critical minerals supplier, at a time of supply constraint and unprecedented copper and cobalt prices, the Millennium projects current Resource already provides significant value not yet factored into the current share price. With a combination of resource growth and the projects granted Mining Leases the project presents a real opportunity for near-term development.

Copper and Cobalt

The Millennium Project provides exposure to copper and cobalt in demand, critical components for the renewable energy transition.

Cobalt has increased 11,500 USD/MT or 16.31% since the beginning of 2022 and copper reached a record high above the $5-per-pound level in March (see Figure 2).

Located on granted Mining Leases, with an existing Resource and significant expansion potential, the Project presents an excellent opportunity to advance and develop a copper-cobalt asset of significant size in close proximity to processing solutions and excellent infrastructure in the Mount Isa region. With escalating prices, Millenniums low logistics and processing risks, the project is well placed to participate in the battery revolution.

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Figure 2: Cobalt and Copper price charts: source tradingeconomics.com

Millennium Work Program

A three-phase work program for 2022 has been developed to confirm the Exploration Target and future Resource expansion and development potential.

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Figure 3: Millennium Cu-Co-Au Project long section showing existing drilling, current resource blocks and priority targets. NB: Intervals are CuEq%-metre as previously reported.4

The work program comprises:

Phase 1 1800-2000m RC/DD Exploration Target confirmation of scale drilling program. The aim of this program will test the open Southern and Central Area shoots at depth, the shallow Northern Area extension and infill, and adjacent Pilgrim/Fountain Range/Quamby Fault Zone resource potential;

Phase 2 2000m RC/DD drilling extension program to infill Resource gaps, extend near surface existing Resources, first pass testing of peripheral targets and Phase 1 follow-up; and

Phase 3 1500m RC Resource infill, metallurgical test work, economic assessment and follow-up work from Phase 1 and 2.

Upon receipt and assessment of results MBK will embark on a JORC 2012-compliant Resource update and Scoping Study utilising appropriate economic parameters aimed for completion late 2022.

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Figure 4: Millennium Cu-Co-Au Project plan showing interpreted geology, 2016 Inferred Resource and drilling to date.

Millennium Project MBK earning up to 80%

The Millennium Copper and Cobalt Project near Cloncurry in NW QLD currently holds a JORC 2012-compliant Inferred Resource of 5.9Mt @ 1.08% CuEq1 (Cu-Co-Au-Ag) across 5 granted Mining Leases with significant potential for expansion.

The Millennium Project is located 19km from the Rocklands copper-cobalt project, operated by Copper Resources Australia Pty Ltd., with an established processing plant capable of treating Millennium-style ores once recommissioned.

Recent MBK drilling provided confidence in growth upside to the existing Resource. This included encouraging infill/extension work in the Southern Area Resource (MI21RC01-2) and significantly expanding the system strike and scale into the Northern Area (MI21RC03-07) (Figures 3 &4).

Following completion of the recent drill program a review commenced of the existing Resource in the Southern and Central Areas of the Project, recent drill results and other previous drilling. In conjunction with significant appreciation in copper and cobalt prices since maiden Resource reporting, results from this review provided support for an initial Exploration Target3,4 for the Project of 810Mt @ 1.0 1.1% CuEq2 (Figures 3 &4).

This Exploration Target is based on extensions both along strike and at depth in both the Southern and Central Area copper-cobalt-gold Resources and also in the Northern Area, where shallow copper intervals at broad spacing have been returned some 800-1000m north of the closest Resource.

It should be noted that the Exploration Target is conceptual in nature. There has been insufficient drilling at depth of the existing Resource and in the Northern Area of the project and insufficient information relating to the Reasonable Prospects of Eventual Economic Extraction (RPEEE) of the Millennium project to estimate a Mineral Resource over the Exploration Target area, and it is uncertain if further study will result in the estimation of a Mineral Resource over this area. It is acknowledged that the currently available data is insufficient spatially in terms of the density of drill holes, and in quality, in terms of final audit procedures for down hole data, data acquisition and processing, for the results of this analysis to be classified as a Mineral Resource in accordance with the JORC Code.

Qualified PersonMr. Paul Sarjeant, P. Geo., is the qualified person for this release as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

1 HMX ASX Announcement dated 6 December 2016 and MBK ASX Release dated 13 December 2021 MBK signs Earn-in and JV Agreement for the Millennium Project.

2 MBK ASX Release dated 13 December 2021 MBK signs Earn-in and JV Agreement for the Millennium Project.

3 MBK ASX Release 2 September 2021 Millennium drilling completed with first two holes assayed

4 MBK ASX Announcement dated 26 October 2021 Livingstone Acquisition & Entitlement Offer to raise $6.34M

Global Energy Metals Corporation

(TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1)

Global Energy Metals Corp. offers investment exposure to the growing rechargeable battery and electric vehicle market by building a diversified global portfolio of exploration and growth-stage battery mineralassets.

Global Energy Metals recognizes that the proliferation and growth of the electrified economy in the coming decades is underpinned by the availability of battery metals, including cobalt, nickel, copper, lithium and other raw materials. To be part of the solution and respond to this electrification movement, Global Energy Metals has taken a consolidate, partner and invest approach and in doing so have assembled and are advancing a portfolio of strategically significant investments in battery metal resources.

As demonstrated with the Companys current copper, nickel and cobalt projects in Canada, Australia, Norway and the United States, GEMC is investing-in, exploring and developing prospective, scaleable assets in established mining and processing jurisdictions in close proximity to end-use markets. Global Energy Metals is targeting projects with low logistics and processing risks, so that they can be fast tracked to enter the supply chain in thiscycle. The Company is also collaborating with industry peers to strengthen its exposure to these critical commodities and the associated technologies required for a cleaner future.

Securing exposure to these critical minerals powering the eMobility revolution is a generationalinvestment opportunity. Global Energy Metals believe the the time to be part of this electrification movement.

For Further Information:

Global Energy Metals Corporation

#1501-128 West Pender Street

Vancouver, BC, V6B 1R8

Email: info@globalenergymetals.com

t. + 1 (604) 688-4219

http://www.globalenergymetals.com

Twitter: @EnergyMetals | @USBatteryMetals | @ElementMinerals

Subscribe to the GEMC eNewsletter

Cautionary Statement on Forward-Looking Information:

Certain information in this release may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with regulatory approvals and timelines. Although Global Energy Metals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that managements beliefs, estimates or opinions, or other factors, should change.

GEMCs operations could be significantly adversely affected by the effects of a widespread global outbreak of a contagious disease, including the recent outbreak of illness caused by COVID-19. It is not possible to accurately predict the impact COVID-19 will have on operations and the ability of others to meet their obligations, including uncertainties relating to the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and the length of travel and quarantine restrictions imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downturn that could further affect operations and the ability to finance its operations.

For more information on Global Energy and the risks and challenges of their businesses, investors should review the filings that are available at http://www.sedar.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

We seek safe harbour.

Go here to see the original:

Global Energy Metals Announces Partner Funded Drilling Campaign to Commence at the Millennium Cobalt-Copper-Gold Project - TheNewswire.ca

By AFP

Rising prices for food, sent soaring by Russia's invasion of Ukraine, are stoking fears of hunger and turmoil in a troubled corner of the Democratic Republic of Congo.

In this vast, poor and fragile country in the heart of Africa, three-quarters of households live below the poverty threshold.

But precarity is especially keen in the DRC's northeast, where the economy is hobbled by geographical remoteness and decades of violence.

"The authorities need to see what they can do, otherwise we are going to die of hunger," said Pascaline Buhume, a food hawker in Bukavu, a city on the southern flank of Lake Kivu which separates the DRC from Rwanda.

The local price of corn meal, rice, sugar, oil and tomatoes have all shot up, posing a mighty challenge for those who have to survive on a couple of dollars a day.

A 50-kilo (110-pound) sack of sugar which previously cost the equivalent of $43 now goes for $60, said Buhume.

A 20-kilo canister of cooking oil now costs $45 instead of $30, and a 25-kilo sack of rice has risen from $18 to $20.

A worried mother-of-five pointed out that a loaf of bread that previously went for 1,000 Congolese francs (50 cents) now cost 1,200 francs.

Janvier Mizo Kabare, president of a Kinshasa-based consumer rights group called LICOSKI, said Bukavu was an inflationary hotspot, suffering not just from a "dizzying spiral" in food costs but also a worrying rise in the price of fuel.

The average cost for a tanker bringing in petrol from across the border has risen from $726 to $900, said Urbain Kange, secretary of Bukavu's fuel industry association.

"We are doing what we can, but our suppliers in Tanzania, Rwanda and in Kenya tell us there is a shortage at their end," he explained.

Several petrol stations in Bukavu are already out of fuel, and the scarcity itself forces up prices.

"Getting fuel is becoming a real hassle," said Jeremie Cito, a motorbike taxi driver. As a result, he now had to charge 1,000 francs for a short run compared to 500 before, he added.

The situation is worsened by the fact that the province relies entirely on imports, said Paulin Bishakabalya, economics analyst with the Congo Federation of Businesses (FEC).

Rice, wheat, corn and oil could all be produced locally, he pointed out.

Eninga Abwe, who heads Bukavu's external trade office, said inspectors were being sent out to check markets for price-gouging.

Russian's invasion of Ukraine has dealt a blow to grain exports from both countries, which are major producers of wheat and other cereals.

Bishakabalya said the fog of uncertainty shrouding the world grain market was prompting some operators to hold back stock, and "that is pushing prices up too".

"The government has to act urgently," he said, calling for measures to spur production at home.

The DRC boasts massive mineral resource and millions of hectares (acres) of potential farmland.

But turning that land into productive agriculture requires capital to fix the country's decrepit transport system and political will to address administrative and other bottlenecks.

According to the World Bank more than 70 percent of the DRC's 90 million people live below the poverty threshold -- less than $1.90 a day.

UN Secretary General Antonio Guterres warned on Monday that the Ukraine crisis meant the world had to act to prevent a "hurricane of hunger and a meltdown of the global food system."

Eighteen African and less-developed countries import at least 50 percent of their wheat from either Ukraine or Russia, he said -- and among them was the DRC.

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Ukraine invasion sparks fears of hunger in eastern DR Congo - The East African