Anglo American PLC said Monday that it has started commercial copper operations at its Quellaveco project in Peru, and narrowed 2022 guidance for copper from Chile.
The mining company said it expects the site, of which it owns 60%, to produce more than 300,000 metric tons a year of copper equivalent volume on average over its first 10 years. The mine alone is expected to lift the company's total global output by 10% in copper equivalent terms and take its total copper production close to 1 million tons a year.
Iran's Hard-Line Government Faces Growing Unrest Over Women's Rights
Antigovernment protests in Iran gathered strength Sunday with new demonstrations in scores of cities and indications that unrest was growing, posing one of the biggest challenges the country's conservative Islamic rulers have faced in years.
A movement initially led by young people that focused on the country's strict Islamic dress code for women appeared to be broadening into a mass outpouring of pent-up dissatisfaction among middle-class workers and even religious Iranians at the regime's treatment of its own citizens.
U.S. Warns Russia of 'Catastrophic Consequences' of Using Nuclear Weapons in Ukraine
WASHINGTON-National security adviser Jake Sullivan said the U.S. has warned Russia that it would face "catastrophic consequences" if it uses nuclear weapons in Ukraine.
"We have communicated directly privately to the Russians at very high levels that there will be catastrophic consequences for Russia if they use nuclear weapons in Ukraine," Mr. Sullivan said Sunday on the ABC News show "This Week."
Gucci, Burberry Join Booming Secondhand Luxury Trade
LONDON-The booming market for secondhand luxury goods is creating a dilemma for makers of high-end handbags, fashion and jewelry: Join the trend, or ignore it.
Secondhand luxury isn't new, but its popularity is surging. Steep price hikes by prestigious brands like Chanel SA are driving some luxury buyers to look for less expensive used items. Others are seizing on secondhand goods' sustainability bona fides: A used pair of designer jeans doesn't cost any more of the planet's resources to make.
In Brexit's Wake, U.K. Still Lacks a U.S. Trade Deal
One of the big dividends of Brexit was supposed to be a U.K. trade deal with the U.S., helping offset the economic pain of putting up trade barriers with the European Union, Britain's largest trading partner.
That isn't happening soon, further adding to the woes of a U.K. economy beset by slow growth, a plummeting pound and high inflation.
Climate Change Forces French Vineyards to Alter the Way They Make Wine
BORDEAUX, France-The wildfire began on an usually dry summer day in a forest bordering the Liber Pater vineyard. Winemaker Loïc Pasquet saw the flames rise and spread toward his precious vines, which produce Bordeaux that sells for $30,000 a bottle.
Hours before evacuating Mr. Pasquet and his staff destroyed the grass around the vineyard to prevent it from catching fire and dug trenches to block the blaze's path. He also sprayed local trees with water drawn from the vineyard's ponds. The vineyard was spared.
GLOBAL NEWS
Central Banks May Stoke Risks by Raising Interest Rates Together
Central banks around the world are raising their key interest rates in the most widespread tightening of monetary policy on record. Some economists fear they may go too far if they don't take into account their collective impact on global demand.
According to the World Bank, the number of rate increases announced by central banks around the world was the highest in July since records began in the early 1970s. On Wednesday, the Federal Reserve delivered its third 0.75 percentage-point increase in as many meetings. This past week its counterparts in Indonesia, Norway, the Philippines, South Africa, Sweden, Switzerland, Taiwan and the U.K. also upped rates.
China PBOC Raises Forex Risk Reserve Ratio for Forward Trading
China's central bank said Monday that it would increase the risk reserve requirement ratio for financial institutions when conducting foreign-exchange forward trading, as the yuan faces increasing depreciation pressure.
The People's Bank of China said the risk reserve requirement for forward foreign-exchange sales will be raised to 20% from currently zero. The move, which the central bank said is aimed at stabilizing expectations in the foreign-exchange market, will take effect Wednesday.
Japan's Intervention to Buy Yen Was Appropriate, BOJ Governor Says
OSAKA -- Bank of Japan Gov. Haruhiko Kuroda said Monday that the Ministry of Finance's decision to intervene in the currency market last week by buying yen and selling dollars was an appropriate move.
The recent weakening of the yen was "rapid and one-sided," Mr. Kuroda said at a news conference after meeting with business leaders in Osaka.
China Stresses Its Taiwan Stance at U.N.
NEW YORK-China's foreign minister promoted one issue above all others in a flurry of diplomatic meetings at the United Nations this week: Beijing's sovereignty over Taiwan.
Addressing the U.N. on Saturday on behalf of President Xi Jinping, Chinese Foreign Minister Wang Yi described Taiwan as China's sovereign territory since ancient times and vowed resolute action to forestall separatist activity.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
09-26-22 0540ET
