Algeria Inaugurates Strategic Railway to Giant Sahara Mine

A view shows the Santa Cruz chapel in the city of Oran, Algeria May 22, 2024. REUTERS
A view shows the Santa Cruz chapel in the city of Oran, Algeria May 22, 2024. REUTERS
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Algeria Inaugurates Strategic Railway to Giant Sahara Mine

A view shows the Santa Cruz chapel in the city of Oran, Algeria May 22, 2024. REUTERS
A view shows the Santa Cruz chapel in the city of Oran, Algeria May 22, 2024. REUTERS

Algerian President Abdelmadjid Tebboune inaugurated a nearly 1,000-kilometre (621-mile) desert railway to transport iron ore from a giant mine, one of the longest in the country.

The line will bring iron ore from the Gara Djebilet deposit in the south to the city of Bechar located 950 kilometres north, to be taken to a steel production plant near Oran further north.

The project is financed by the Algerian state and partly built by a Chinese consortium, according to AFP.

During the inauguration, Tebboune hailed "the completion of a strategic and historic national achievement, long spoken of as a distant dream".

This project aims to increase Algeria's iron ore extraction capacity, as the country aspires to become one of Africa's leading steel producers.

The iron ore deposit is also seen as a key driver of Algeria's economic diversification as it seeks to reduce its reliance on hydrocarbons, according to experts.

President Tebboune attended an inauguration ceremony in Bechar, welcoming the first passenger train from Tindouf in southern Algeria and sending towards the north a first charge of iron ore, according to footage broadcast on national television.

The mine is expected to produce four million tonnes per year during the initial phase, with production projected to triple to 12 million tonnes per year by 2030, according to estimates by the state-owned Feraal Group, which manages the site.

It is then expected to reach 50 million tonnes per year in the long term, it said.

The start of operations at the mine will allow Algeria to drastically reduce its iron ore imports and save $1.2 billion per year, according to Algerian media.



HUMAIN, Mistral Collaborate to Advance Sovereign AI in Saudi Arabia and Regionally

Guests at the booth of Saudi AI company HUMAIN during the Future Investment Initiative conference in Riyadh (Company photo)
Guests at the booth of Saudi AI company HUMAIN during the Future Investment Initiative conference in Riyadh (Company photo)
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HUMAIN, Mistral Collaborate to Advance Sovereign AI in Saudi Arabia and Regionally

Guests at the booth of Saudi AI company HUMAIN during the Future Investment Initiative conference in Riyadh (Company photo)
Guests at the booth of Saudi AI company HUMAIN during the Future Investment Initiative conference in Riyadh (Company photo)

Saudi Arabia’s HUMAIN and French Artificial Intelligence company Mistral have announced a strategic collaboration spanning AI infrastructure, advanced model development, and the deployment of AI solutions in Saudi Arabia and across the region.

“Together, the companies will pursue the development and localization of advanced AI models, with initial areas of focus including cybersecurity and voice,” HUMAIN said in a statement on Monday.

“The companies also plan to develop frontier models that perform strongly in Arabic language to help support the broader region. This represents a collaboration in the hundreds of millions of Euros.”

“As part of the collaboration, Mistral will explore using HUMAIN's data center infrastructure to support growing local compute needs,” said the statement.

It added that the two companies also plan to develop a joint go-to-market strategy in the Kingdom focused on bringing advanced AI solutions to regulated industries.

CEO of HUMAIN Tareq Amin said on X that “the collaboration spans AI infrastructure, advanced model development and AI solutions, including plans to develop and localize frontier models with strong Arabic-language capabilities.”

According to the HUMAIN statement, “the collaboration is designed to meet growing demand for sovereign AI: AI that keeps data, intelligence, compute, and operations under the customer's control.”

“That means data can remain within customer-defined boundaries, models can be adapted and owned on open weights, training and inference can run on infrastructure and in jurisdictions the customer chooses, and AI systems can be deployed, governed, observed, and improved over time without ceding control of the learning loop to an external platform.”

The statement stressed its importance in financial services, manufacturing, telecommunications, cybersecurity, and the public sector.


Oil Steadies as Investors Weigh Impact of Latest US Sanctions on Iran

 Tankers anchor near Venezuelan state oil company PDVSA's Jose terminal while waiting to load and discharge, in Puerto La Cruz, Venezuela August 9, 2026. (Reuters)
Tankers anchor near Venezuelan state oil company PDVSA's Jose terminal while waiting to load and discharge, in Puerto La Cruz, Venezuela August 9, 2026. (Reuters)
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Oil Steadies as Investors Weigh Impact of Latest US Sanctions on Iran

 Tankers anchor near Venezuelan state oil company PDVSA's Jose terminal while waiting to load and discharge, in Puerto La Cruz, Venezuela August 9, 2026. (Reuters)
Tankers anchor near Venezuelan state oil company PDVSA's Jose terminal while waiting to load and discharge, in Puerto La Cruz, Venezuela August 9, 2026. (Reuters)

Oil prices recovered ground on Tuesday after settling down more than 2% in the previous session, with investors assessing the impact of the latest US sanctions against Iran.

Brent crude futures rose 27 cents, or 0.3%, to $92.44 a barrel by 0330 GMT, while US West Texas Intermediate crude was up 37 cents, or 0.4%, at $85.38.

Both contracts settled lower on Monday, with US crude oil falling to a one-week low on profit taking after prices rallied over the previous two weeks.

"The market seems largely unfazed by Washington's push for tighter economic pressure ‌on Iran, with ‌traders treating the US effort to nudge partners away from Iranian ‌trade ⁠as marginal rather than ⁠market moving," said ING commodity strategists in a note on Tuesday.

US Treasury Secretary Scott Bessent on Monday unveiled an expansion of sanctions to cut off Iran's economic lifeline, to force an end to the war between them, telling countries they would need to sever their business ties or risk being cut out of the dollar-based financial system.

However, he declined to identify the countries that would be targeted or reveal when those penalties would take effect, saying ⁠he would instead provide them time to comply with ‌the new directive.

While US Defense Secretary Pete Hegseth said ‌on Monday the US would not rule out using military force against Iran, the country is turning ‌towards more economic coercion, which analysts said removed concerns about threats to Middle ‌Eastern oil supply because of the war.

"Markets appear to be pricing economic pressure as a lower-risk path for physical supply than kinetic action, which is why the initial reaction was for oil to move lower rather than spike higher," said Tim Waterer, chief market analyst at KCM.

However, he warned, "Iran still ‌retains the ability to respond by disrupting shipping, which continues to keep a residual premium in the oil price."

Iran is still maintaining it should have control over the key Strait of Hormuz, which before the war started in February typically carried cargoes equal to about 20% of global oil use. On Monday, it named 45 tankers that had broken its rules on crossing the strait and threatened action against them, including confiscating their cargoes.

The supply disruptions as a result of the US-Israeli war on Iran that started on February 28 have caused countries to draw down their commercial and strategic reserves.

On Monday, the Department of Energy reported stocks of crude oil in the US Strategic Petroleum Reserve fell by about 3.7 million barrels to 289.7 million barrels last week, the lowest since November 1982.


Gold Steadies after Hitting over 3-month Peak, US Inflation Data Looms

A saleswoman adjusts gold jewelry displayed for sale in a shop in Lianyungang City, eastern Jiangsu Province, China (AFP)
A saleswoman adjusts gold jewelry displayed for sale in a shop in Lianyungang City, eastern Jiangsu Province, China (AFP)
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Gold Steadies after Hitting over 3-month Peak, US Inflation Data Looms

A saleswoman adjusts gold jewelry displayed for sale in a shop in Lianyungang City, eastern Jiangsu Province, China (AFP)
A saleswoman adjusts gold jewelry displayed for sale in a shop in Lianyungang City, eastern Jiangsu Province, China (AFP)

Gold held steady after hitting its highest in more than three months on Tuesday, as investor focus shifted to upcoming US inflation data and a speech later this week by Federal Reserve Chair Kevin Warsh.

Spot gold steadied at $4,645.67 per ounce by 0651 GMT, after scaling its highest since May 14 earlier. US gold futures rose 0.1% to $4,702.00.

"Looking ahead, we expect dips in gold to be well-supported from ⁠buyers looking for ⁠gold to make its way towards the next upside resistance at $4,900/$5,000," IG market analyst Tony Sycamore said.

Prices rose sharply last week after the US Treasury Department said it would double the size of liquidity support buyback operations for longer-dated notes and bonds. The announcement spurred currency debasement fears.

"These US ⁠dollar debasement fears should see gold be well-supported in the coming weeks, as the Fed has not been sending a clear signal it is ready to fight higher inflation," TD Securities said in a note.

"However, it's too early for the metal to surge to our $5,350/oz target, given the risk rates on the short term may eventually rise as crude grinds higher."

While gold is widely regarded as an inflation hedge, elevated rates can curb its appeal as it is a ⁠non-yielding asset.

Fed Chairman ⁠Warsh's debut speech at the annual Jackson Hole conference this week has taken on added weight as traders and analysts look for guidance about the recent jump in bond yields and for reassurance of his independence from the Trump administration.

The US Personal Consumption Expenditures report, the Fed's preferred inflation gauge, is due on Wednesday.

On the geopolitical front, Iran promised to retaliate against expanded US economic sanctions that Washington said would cut off Tehran's economic lifeline.

Among other metals, spot silver fell 0.7% to $68.43 per ounce, platinum lost 1.1% to $1,854.67 and palladium slipped 1.4% to $1,338.15.