EU, Africa Leaders to Talk Trade and Minerals, as Ukraine Looms Large

Angola this year celebrated 50 years since its independence from Portugal. Julio PACHECO NTELA / AFP
Angola this year celebrated 50 years since its independence from Portugal. Julio PACHECO NTELA / AFP
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EU, Africa Leaders to Talk Trade and Minerals, as Ukraine Looms Large

Angola this year celebrated 50 years since its independence from Portugal. Julio PACHECO NTELA / AFP
Angola this year celebrated 50 years since its independence from Portugal. Julio PACHECO NTELA / AFP

European and African leaders gather in Angola Monday for a summit aimed at deepening economic and security ties that will serve as a backdrop to emergency talks on Ukraine.

France's Emmanuel Macron, Germany's Friedrich Merz and Kenya's William Ruto are among dozens of European Union and African leaders expected in Luanda amid a US-European rift over a Washington plan to end the Ukraine conflict.

Talks with African nations will center on trade, migration and critical raw materials.

But EU minds will in part be focused on efforts to push back at a draft plan by US President Donald Trump to stop Russia's war in Ukraine, proposals initially seen as heavily tilted in favor of Moscow.

After top US and Ukrainian representatives met in Geneva on Sunday for talks on a new version of the proposal, EU leaders were to hold a "special meeting" on the sidelines of the Luanda gathering on Monday.

There is "still a lot of work to be done on the 28-point plan", Finnish President Alexander Stubb told AFP in Johannesburg on Sunday.

The seventh gathering of its kind, the two-day Angola summit comes on the heels of a G20 meeting in South Africa where a US boycott underscored geopolitical fractures.

It marks 25 years of EU-African Union relations -- ties that analysts say need revamping if Europe wants to hold on to its role as the continent's top partner.

Africa has emerged as a renewed diplomatic battleground, with China, the United States and Russia competing for its minerals, energy potential and political support.

The EU is the leading supplier of foreign direct investment to the continent and its leading commercial counterpart. Trade in goods and services hit 467 billion euros ($538 billion) in 2023, according to Brussels.

Yet it has suffered setbacks, at times fueled by resentment at the West's colonial past, with China securing strategic resources in some countries and Russia taking over as preferred security partner in others.

"We don't have that situation anymore where Europe was the only partner," Geert Laporte of ECDPM, a European think tank said. EU capitals now need to come up with an "offer that is attractive enough to beat" the competition, he added.

That would require investments in infrastructure, energy and industrial projects that generate employment and economic growth in Africa -- and a move away from lofty statements of support, observers say.

"Africa is looking not for new declarations but for credible, implementable commitments," said AU spokesman Nuur Mohamud Sheekh.

Tackling illegal migration to Europe and security cooperation are on the agenda, as is a diplomatic push to grant Africa a stronger voice in global governance bodies.

But boosting trade will likely be the top priority, as US tariffs buffet both continents.

The EU is expected to offer its expertise to help build up intra-African trade, which currently accounts for a paltry 15 percent of the total, diplomats said.

It will also seek to secure critical minerals needed for its green transition and ease its dependency on China for rare earths, essential for tech and electronic goods.

The 27-nation bloc will likely showcase new investments under the Global Gateway -- a massive infrastructure plan that Brussels hopes can counter China's growing influence.

Summit-host Angola is home to one of the EU initiative's signature undertakings: the Lobito corridor, a railway project funded in partnership with the United States to connect mineral-rich areas of the Democratic Republic of Congo and Zambia to the Atlantic coast.

EU diplomats have been at pains to present such projects as win-wins but critics retort that the scheme repeats some extractive colonial practices and has yet to deliver significant improvements for local communities.

"Investment must move from PowerPoint to the factory floor," said Ikemesit Effiong, of the Nigeria-based consultancy SBM Intelligence.

"Europe's credibility now depends on whether it can support the delivery of projects that create value in Africa, not just visibility for Brussels."



Iran's Central Bank Chief Resigns

A man walks past a sign at a currency exchange bureau as the value of the Iranian rial drops, in Tehran, Iran, December 20, 2025. (Via Reuters)
A man walks past a sign at a currency exchange bureau as the value of the Iranian rial drops, in Tehran, Iran, December 20, 2025. (Via Reuters)
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Iran's Central Bank Chief Resigns

A man walks past a sign at a currency exchange bureau as the value of the Iranian rial drops, in Tehran, Iran, December 20, 2025. (Via Reuters)
A man walks past a sign at a currency exchange bureau as the value of the Iranian rial drops, in Tehran, Iran, December 20, 2025. (Via Reuters)

Iran's central bank chief, Mohammad Reza Farzin, has resigned, the semi-official ​Nournews agency reported on Monday, citing an official at the president's office, as the country battles a slump in its rial currency and high inflation.

The rial, which has been falling as the Iranian economy has suffered from the impact of Western sanctions, fell to a ‌new record low on ‌Monday at around 1,390,000 ‌to ⁠the ​dollar, according ‌to websites displaying open market rates.

Iranian media outlets reported there had been demonstrations in the capital Tehran, mainly by shop owners, against the economic situation.

Farzin has headed the central bank since December 2022. His resignation will be reviewed by President Masoud ⁠Pezeshkian, the official added, according to Nournews.

Iranian state media reported ‌later on Monday, citing the communications ‍and information deputy ‍at the Iranian president's office, that former Economy ‍Minister Abdolnaser Hemmati will be appointed as the new central bank chief.

Iranian media have said the government's recent economic liberalization policies have put pressure on the ​open-rate currency market.

The open-rate market is where ordinary Iranians buy foreign currency, whereas businesses typically ⁠use state-regulated rates.

The reimposition of US sanctions in 2018 during President Donald Trump's first term has harmed Iran's economy by limiting its oil exports and access to foreign currency.

The Iranian economy is at risk of recession, with the World Bank forecasting GDP will shrink by 1.7% in 2025 and 2.8% in 2026. The risk is compounded by rising inflation, which hit a 40-month high of ‌48.6% in October, according to Iran's Statistical Center.


Lebanon Signs Deal to Purchase Natural Gas from Egypt

A diesel storage tank is seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018. REUTERS/Amr Abdallah Dalsh
A diesel storage tank is seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018. REUTERS/Amr Abdallah Dalsh
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Lebanon Signs Deal to Purchase Natural Gas from Egypt

A diesel storage tank is seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018. REUTERS/Amr Abdallah Dalsh
A diesel storage tank is seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018. REUTERS/Amr Abdallah Dalsh

Lebanon said Monday it plans to purchase natural gas from Egypt, seeking to reduce its reliance on fuel oil for its ageing power plants in a country hamstrung by regular electricity cuts.

The electricity sector has cost Lebanon more than $40 billion since the end of its 1975-1990 civil war, and successive governments have failed to reduce losses, repair crumbling infrastructure or even guarantee regular power bill collections.

Residents rely on expensive private generators and solar panels to supplement the unreliable state supply.

Prime Minister Nawaf Salam's office said in a statement that the memorandum of understanding between Lebanon and Egypt sought "to meet Lebanon's needs for natural gas allocated for electricity generation".

It was signed by Lebanese Energy Minister Joe Saddi and Egyptian Petroleum Minister Karim Badawi, according to AFP.

"Lebanon's strategy is first to transition to the use of natural gas, and second, to diversify gas sources," Saddi said, adding that "the process will take time because pipelines need rehabilitation".

Lebanon will "contact donor agencies to see how they can help finance the rehabilitation" of the Lebanese section of the gas pipelines, he said, adding that repair work would take several months.

President Joseph Aoun said the memorandum of understanding was "a practical and essential step that will enable Lebanon to increase its electricity production".

A statement from Cairo's petroleum and mineral resources ministry said that "Egypt is fulfilling its role in supplying Lebanon with natural gas, with the aim of supporting energy security for Arab countries".

In 2022, Lebanon signed a deal to import natural gas from Egypt and Jordan via Syria to boost power supply, but the contracts were never implemented due to financing issues and US sanctions on Syria.

Washington recently lifted it Syria measures following the fall of longtime ruler Bashar al-Assad last year.

In April, Lebanon signed a $250 million agreement with the World Bank to modernise its electricity sector.


Chile to Restore Global Leadership in Lithium Production

Aerial view of brine ponds and processing areas of the lithium mine of the Chilean company SQM (Sociedad Quimica Minera) in the Atacama Desert, Calama, Chile, on September 12, 2022. (AFP)
Aerial view of brine ponds and processing areas of the lithium mine of the Chilean company SQM (Sociedad Quimica Minera) in the Atacama Desert, Calama, Chile, on September 12, 2022. (AFP)
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Chile to Restore Global Leadership in Lithium Production

Aerial view of brine ponds and processing areas of the lithium mine of the Chilean company SQM (Sociedad Quimica Minera) in the Atacama Desert, Calama, Chile, on September 12, 2022. (AFP)
Aerial view of brine ponds and processing areas of the lithium mine of the Chilean company SQM (Sociedad Quimica Minera) in the Atacama Desert, Calama, Chile, on September 12, 2022. (AFP)

Chile's state-owned copper producer, Codelco, together with Chinese-backed private miner, SQM, announced on Saturday the creation of a giant company to exploit lithium, often referred to as "white gold."

The South American country is the world’s second-largest producer of lithium, a key component of EVs and other clean technologies and has about 40% of the world’s lithium reserves.

The partnership between the firms will allow them to jointly ramp up the exploration of lithium in the Atacama region of northern Chile.

The public-private partnership will be named Nova Andino Litio SpA, said Codelco, which described the agreement as one of the most significant deals in Chilean business history.

The Chinese firm Tianqi holds 22% stake in SQM.

In a statement, Codelco said the new partnership will carry out lithium exploration, extraction, production, and commercialization activities in the Atacama salt flat until 2060.

The agreement was approved by more than 20 national and international regulatory authorities, including those in China, Brazil, Saudi Arabia, and the European Union.

Chile was the last of the countries to clear the deal. Last month, China gave the green light to the planned partnership between Codelco and SQM.

The new venture is intended to help Chile regain global leadership in lithium production, a position it lost to Australia nearly a decade ago.

The partnership aims to expand lithium output in the Atacama region, with plans to increase production by around 300,000 tons per year. In 2022, Chile produced 243,100 tons of lithium.

The partnership also aligns with Chile’s National Lithium Strategy, announced in 2023 by the leftist government of President Gabriel Boric, aimed at reclaiming Chile’s global leadership in lithium production.