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Rio Tinto eyeing copper expansion

Is Rio Tinto (ASX: RIO) exploring new acquisition opportunities in the copper sector?

The question comes amid significant leadership changes within the company’s copper division, with Jakob Stausholm, CEO of Rio Tinto, hinting, “As we continue the ramp up of Oyu Tolgoi to become one of the world’s largest copper suppliers, we are also looking to the future with new opportunities across the world.”

This pronouncement comes after Katie Jackson, currently president of National Grid Ventures, has been appointed to take over as the head of Rio Tinto’s copper division effective September 1. Jackson, who brings a wealth of international experience in the energy sector, will succeed Bold Baatar, who is transitioning to the role of chief commercial officer.

You can read more on the matter here.

What’s going on?

• Russian Court Sentences Wall Street Journal Reporter to 16 Years on Espionage Charges (theDeepDive)

• Global tech outage disrupts industries, highlights online risks (Reuters)

• Canada’s Core Retail Sales Crater 1.4% In May (theDeepDive)

• Buyers shun new Toronto condos as sales hit 27-year low (Globe)

• DeSantis Thinks Marijuana Amendment Will Make Florida ‘More Blue’ (theDeepDive)

• Number of UK Bankruptcies Jumps to Highest in Over a Year (Bloomberg)

• Is ADVANCE Act The One To Overcome Decades of Nuclear Stagnation? (theDeepDive)

• Longtime Liberal Steve MacKinnon sworn into cabinet as labour minister (Globe)

• Vehicle Repo’s Jump 23% in First Half of 2024 (theDeepDive)

• Trump Basks in Total Control of GOP as Biden Campaign Hits Low (Bloomberg)

• Russian Military Personnel Payments Reach 7.5% Of Budget Expenditures Amid Ukraine Conflict (theDeepDive)

• Trump tramples on Republican Party effort to remake his image (Reuters)

• Two Provinces Offer to Share Asylum Seeker Burden as Quebec Pushes for Relief (theDeepDive)

What’s the latest?

• Global Outages: A botched update of CrowdStrike Holdings Inc.'s cybersecurity program caused widespread disruptions to Microsoft Corp. systems, impacting businesses and public services globally. The issue, which was not a cyberattack, affected airlines, banks, healthcare systems, and public transportation, leading to significant economic implications. Microsoft also reported an unrelated problem with its Azure cloud service.

• Retail Sales: Statistics Canada reports that retail sales in May dropped by 0.8% to $66.1 billion, driven by declines at grocery and alcoholic beverage retailers. Sales fell in eight of nine tracked subsectors, with food and beverage retailers seeing a 1.9% decrease, building material and garden equipment and supplies dealers down 2.7%, and general merchandise retailers down 1%. Core retail sales, excluding gasoline stations and motor vehicle and parts dealers, fell 1.4%.

• Tariff Talks: Canada has begun discussions with members of Donald Trump's circle to avoid potential new trade tariffs if he wins the U.S. presidential election. Despite Canada's public stance that Trump's proposed 10% tariff should not apply due to the Canada-U.S.-Mexico trade deal, Trump's allies, have not guaranteed an exemption. Canada's ambassador to the U.S. acknowledged these discussions and warned that a U.S. tariff would likely prompt retaliation with counter-penalties.

• Maui Settlement: Hawaiian Electric Industries Inc. and other entities have tentatively agreed to pay over $4 billion to settle lawsuits related to the wildfires that devastated Maui last year. This settlement, which awaits final approval, would resolve claims from thousands of homeowners and businesses. Other defendants include a unit of Charter Communications, state and local governments. Hawaiian Electric is expected to cover about $1.5 billion of the settlement.

• Zimbabwe Gold: Zimbabwe's largest gold producer, Kuvimba Mining House Ltd., is in talks with potential partners for a $150 million investment to increase production at its Shamva mine by 50%. Acting CEO Trevor Barnard announced that a feasibility study for a large-scale mine and processing plant has been completed, highlighting the significant and high-quality nature of the resource.

Phage therapy's rising demand

The stock market and stuff

• CrowdStrike CEO “Deeply Sorry” After IT Update Causes Major Global Microsoft Outage (theDeepDive)

• Copper Set for Worst Week Since 2022 as China Plenum Disappoints (Bloomberg)

• Occidental Weighs Selling EcoPetrol $3.6 Billion Permian Stake (Bloomberg)

• Oracle Agrees to $115 Million Settlement Over Privacy Violations (theDeepDive)

In the juniors

• Sierra Metals Sells Off Cusi Silver Mine In Effort To Focus On Copper Production (theDeepDive)

• Serve Robotics skyrockets as Nvidia takes stake (SA)

• Yukon’s Untapped Gold Potential with Simon Ridgway of Gold Group Management (theDeepDive)

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