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Europe’s largest deposit of rare-earth minerals sits directly in the path of an ancient reindeer migration route 124 miles above the Arctic Circle

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High atop the Luossavaara Mountain in northern Sweden, Sami reindeer herder Lars-Marcus Kuhmunen mapped out a bleak future for himself and other Indigenous people whose reindeer have roamed this land for thousands of years.

An expanding iron-ore mine and a deposit of rare-earth minerals are fragmenting the land and altering ancient reindeer migration routes. But with the Arctic warming four times faster than the rest of the planet, herders say they need more geographic flexibility, not less, to ensure the animals’ survival.

If a mine is established at the deposit of rare-earth minerals called Per Geijer, which Sweden heralds as Europe’s largest, Kuhmunen said it could completely cut off the migration routes used by the Sami village of Gabna.

That would be the end of the Indigenous way of life for Kuhmunen, his children and their fellow Sami reindeer herders, he said, in this far-north corner of Sweden some 200 kilometers (124 miles) above the Arctic Circle.

“The reindeer is the fundamental base of the Sami culture in Sweden,” Kuhmunen said. “Everything is founded around the reindeers: The food, the language, the knowledge of mountains. Everything is founded around the reindeer herding. If that ceases to exist, the Sami culture will also cease to exist.”

Sami reindeer herders follow generations of tradition

Sami herders are descended from a once-nomadic people scattered across a region spanning the far north of Sweden, Norway, Finland and the northwestern corner of Russia. Until the 1960s, members of this Indigenous minority were discouraged from reindeer herding, and the church and state suppressed their language and culture.

In Sweden alone there are at least 20,000 people with Sami heritage, though an official count does not exist because an ethnicity-based census is against the law. Today, a Sami village called a sameby is a business entity dictated by the state, which determines how many semi-domesticated reindeer each village can have and where they can roam.

“It’s getting more and more a problem to have a sort of sustainable reindeer husbandry and to be able to have the reindeers to survive the Arctic winter and into the next year,” said Stefan Mikaelsson, a member of the Sami Parliament.

In the Gabna village, Kuhmunen oversees about 2,500 to 3,000 reindeer and 15 to 20 herders. Their families, some 150 people in total, depend on the bottom line of the business.

Even before the discovery of the Per Geijer deposit, they had to contend with the expanding footprint of Kiirunavaara. The world’s largest underground, iron-ore mine has forced the village’s herders to lead their reindeer through a longer and harder migration route.

Mining could reduce dependence on China but hurt Sami herders

Swedish officials and LKAB, the state-owned mining company, say the proposed Per Geijer mine could reduce Europe’s reliance on China for rare-earth minerals. LKAB hopes to begin mining there in the 2030s.

Besides being essential to many kinds of consumer technology, including cellphones, hard drives and electric and hybrid vehicles, rare-earth minerals also are considered crucial to shifting the economy away from fossil fuels toward electricity and renewable energy.

But if work on Per Geijer goes forward, Kuhmunen said there will be no other routes for the Gabna herders to take the reindeer east from the mountains in the summer to the grazing pastures full of nutrient-rich lichen in the winter.

The village will contest the mine in court but Kuhmunen said he is not optimistic.

“It’s really difficult to fight a mine. They have all the resources, they have all the means. They have the money. We don’t have that,” Kuhmunen said. “We only have our will to exist. To pass these grazing lands to our children.”

Darren Wilson, LKAB’s senior vice president of special products, said the mining company is seeking solutions to assist the Sami herders, though he would not speculate on what they might be.

“There are potential things that we can do and we can explore and we have to keep engaging,” he said. “But I’m not underestimating the challenge of doing that.”

Climate change’s impact on reindeer husbandry

Climate change is wreaking havoc on traditional Sami reindeer husbandry.

Global warming has brought rain instead of snow during the winter in Swedish Lapland. The freezing rain then traps lichen under a thick layer of ice where hungry reindeer can’t reach the food, according to Anna Skarin, a reindeer husbandry expert and Swedish University of Agricultural Sciences professor.

In the summer, mountain temperatures have risen to 30 degrees Celsius (86 Fahrenheit) and left reindeer over-heated and unable to graze enough to gain the weight needed to sustain them in winter.

Some in Sweden suggest putting the reindeer onto trucks to ferry them between grazing lands if the Per Geijer mine is built. But Skarin said that isn’t feasible because the animals eat on the move and the relocation would deny them food to be grazed while walking from one area to another.

“So you’re kind of both taking away the migration route that they have used traditionally over hundreds and thousands of years,” she said, “and you would also take away that forage resource that they should have used during that time.”

For Kuhmunen, it would also mean the end of Sami traditions passed down by generations of reindeer herders on this land.

“How can you tell your people that what we’re doing now, it will cease to exist in the near future?” he said.

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Pietro De Cristofaro in Kiruna, Sweden, contributed to this report.

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The Associated Press’ climate and environmental coverage receives financial support from multiple private foundations. The AP is solely responsible for all content. Find the AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.

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SpaceX to offer insider shares at record-setting $800 billion valuation

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SpaceX is preparing to sell insider shares in a transaction that would value Elon Musk’s rocket and satellite maker at as much as $800 billion, people familiar with the matter said, reclaiming the title of the world’s most valuable private company. 

The details, discussed by SpaceX’s board of directors on Thursday at its Starbase hub in Texas, could change based on interest from insider sellers and buyers or other factors, said some of the people, who asked not to be identified as the information isn’t public. SpaceX is also exploring a possible initial public offering as soon as late next year, one of the people said. 

Another person briefed on the matter said that the price under discussion for the sale of some employees and investors’ shares is higher than $400 apiece, which would value SpaceX at between $750 billion and $800 billion. The company wouldn’t raise any funds though this planned sale, though a successful offering at such levels would catapult it past the record of $500 billion valuation achieved by OpenAI in October.

Elon Musk on Saturday denied that SpaceX is raising money at a $800 billion valuation without addressing Bloomberg’s reporting on the planned offering of insiders’ shares. 

“SpaceX has been cash flow positive for many years and does periodic stock buybacks twice a year to provide liquidity for employees and investors,” Musk said in a post on his social media platform X. 

The share sale price under discussion would be a substantial increase from the $212 a share set in July, when the company raised money and sold shares at a valuation of $400 billion. The Wall Street Journal and Financial Times earlier reported the $800 billion valuation target.

News of SpaceX’s valuation sent shares of EchoStar Corp., a satellite TV and wireless company, up as much as 18%. Last month, EchoStar had agreed to sell spectrum licenses to SpaceX for $2.6 billion, adding to an earlier agreement to sell about $17 billion in wireless spectrum to Musk’s company.

Subscribe Now: The Business of Space newsletter covers NASA, key industry events and trends.

The world’s most prolific rocket launcher, SpaceX dominates the space industry with its Falcon 9 rocket that lifts satellites and people to orbit.

SpaceX is also the industry leader in providing internet services from low-Earth orbit through Starlink, a system of more than 9,000 satellites that is far ahead of competitors including Amazon.com Inc.’s Amazon Leo.

Elite Group

SpaceX is among an elite group of companies that have the ability to raise funds at $100 billion-plus valuations while delaying or denying they have any plan to go public. 

An IPO of the company at an $800 billion value would vault SpaceX into another rarefied group — the 20 largest public companies, a few notches below Musk’s Tesla Inc. 

If SpaceX sold 5% of the company at that valuation, it would have to sell $40 billion of stock — making it the biggest IPO of all time, well above Saudi Aramco’s $29 billion listing in 2019. The firm sold just 1.5% of the company in that offering, a much smaller slice than the majority of publicly traded firms make available.

A listing would also subject SpaceX to the volatility of being a public company, versus private firms whose valuations are closely guarded secrets. Space and defense company IPOs have had a mixed reception in 2025. Karman Holdings Inc.’s stock has nearly tripled since its debut, while Firefly Aerospace Inc. and Voyager Technologies Inc. have plunged by double-digit percentages since their debuts.

SpaceX executives have repeatedly floated the idea of spinning off SpaceX’s Starlink business into a separate, publicly traded company — a concept President Gwynne Shotwell first suggested in 2020. 

However, Musk cast doubt on the prospect publicly over the years and Chief Financial Officer Bret Johnsen said in 2024 that a Starlink IPO would be something that would take place more likely “in the years to come.”

The Information, citing people familiar with the discussions, separately reported on Friday that SpaceX has told investors and financial institution representatives that it’s aiming for an IPO of the entire company in the second half of next year.

Read More: How to Buy SpaceX: A Guide for the Eager, Pre-IPO

A so-called tender or secondary offering, through which employees and some early shareholders can sell shares, provides investors in closely held companies such as SpaceX a way to generate liquidity.

SpaceX is working to develop its new Starship vehicle, advertised as the most powerful rocket ever developed to loft huge numbers of Starlink satellites as well as carry cargo and people to moon and, eventually, Mars.



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National Park Service drops free admission on MLK Day and Juneteenth while adding Trump’s birthday

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The National Park Service will offer free admission to U.S. residents on President Donald Trump’s birthday next year — which also happens to be Flag Day — but is eliminating the benefit for Martin Luther King Jr. Day and Juneteenth.

The new list of free admission days for Americans is the latest example of the Trump administration downplaying America’s civil rights history while also promoting the president’s image, name and legacy.

Last year, the list of free days included Martin Luther King Jr Day and Juneteenth — which is June 19 — but not June 14, Trump’s birthday.

The new free-admission policy takes effect Jan. 1 and was one of several changes announced by the Park Service late last month, including higher admission fees for international visitors.

The other days of free park admission in 2026 are Presidents Day, Memorial Day, Independence Day, Constitution Day, Veterans Day, President Theodore Roosevelt’s birthday (Oct. 27) and the anniversary of the creation of the Park Service (Aug. 25).

Eliminating Martin Luther King Jr. Day and Juneteenth, which commemorates the day in 1865 when the last enslaved Americans were emancipated, removes two of the nation’s most prominent civil rights holidays.

Some civil rights leaders voiced opposition to the change after news about it began spreading over the weekend.

“The raw & rank racism here stinks to high heaven,” Harvard Kennedy School professor Cornell William Brooks, a former president of the NAACP, wrote on social media about the new policy.

Kristen Brengel, a spokesperson for the National Parks Conservation Association, said that while presidential administrations have tweaked the free days in the past, the elimination of Martin Luther King Jr. Day is particularly concerning. For one, the day has become a popular day of service for community groups that use the free day to perform volunteer projects at parks.

That will now be much more expensive, said Brengel, whose organization is a nonprofit that advocates for the park system.

“Not only does it recognize an American hero, it’s also a day when people go into parks to clean them up,” Brengel said. “Martin Luther King Jr. deserves a day of recognition … For some reason, Black history has repeatedly been targeted by this administration, and it shouldn’t be.”

Some Democratic lawmakers also weighed in to object to the new policy.

“The President didn’t just add his own birthday to the list, he removed both of these holidays that mark Black Americans’ struggle for civil rights and freedom,” said Democratic Sen. Catherine Cortez Masto of Nevada. “Our country deserves better.”

A spokesperson for the National Park Service did not immediately respond to questions on Saturday seeking information about the reasons behind the changes.

Since taking office, Trump has sought to eliminate programs seen as promoting diversity across the federal government, actions that have erased or downplayed America’s history of racism as well as the civil rights victories of Black Americans.

Self-promotion is an old habit of the president’s and one he has continued in his second term. He unsuccessfully put himself forwardfor the Nobel Peace Prize, renamed the U.S. Institute of Peace after himself, sought to put his name on the planned NFL stadium in the nation’s capital and had a new children’s savings program named after him.

Some Republican lawmakers have suggested putting his visage on Mount Rushmore and the $100 bill.



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JPMorgan CEO Jamie Dimon says Europe has a ‘real problem’

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JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon called out slow bureaucracy in Europe in a warning that a “weak” continent poses a major economic risk to the US.

“Europe has a real problem,” Dimon said Saturday at the Reagan National Defense Forum. “They do some wonderful things on their safety nets. But they’ve driven business out, they’ve driven investment out, they’ve driven innovation out. It’s kind of coming back.”

While he praised some European leaders who he said were aware of the issues, he cautioned politics is “really hard.” 

Dimon, leader of the biggest US bank, has long said that the risk of a fragmented Europe is among the major challenges facing the world. In his letter to shareholders released earlier this year, he said that Europe has “some serious issues to fix.”

On Saturday, he praised the creation of the euro and Europe’s push for peace. But he warned that a reduction in military efforts and challenges trying to reach agreement within the European Union are threatening the continent.

“If they fragment, then you can say that America first will not be around anymore,” Dimon said. “It will hurt us more than anybody else because they are a major ally in every single way, including common values, which are really important.”

He said the US should help.

“We need a long-term strategy to help them become strong,” Dimon said. “A weak Europe is bad for us.”

The administration of President Donald Trump issued a new national security strategy that directed US interests toward the Western Hemisphere and protection of the homeland while dismissing Europe as a continent headed toward “civilizational erasure.”

Read More: Trump’s National Security Strategy Veers Inward in Telling Shift

JPMorgan has been ramping up its push to spur more investments in the national defense sector. In October, the bank announced that it would funnel $1.5 trillion into industries that bolster US economic security and resiliency over the next 10 years — as much as $500 billion more than what it would’ve provided anyway. 

Dimon said in the statement that it’s “painfully clear that the United States has allowed itself to become too reliant on unreliable sources of critical minerals, products and manufacturing.”

Investment banker Jay Horine oversees the effort, which Dimon called “100% commercial.” It will focus on four areas: supply chain and advanced manufacturing; defense and aerospace; energy independence and resilience; and frontier and strategic technologies. 

The bank will also invest as much as $10 billion of its own capital to help certain companies expand, innovate or accelerate strategic manufacturing.

Separately on Saturday, Dimon praised Trump for finding ways to roll back bureaucracy in the government.

“There is no question that this administration is trying to bring an axe to some of the bureaucracy that held back America,” Dimon said. “That is a good thing and we can do it and still keep the world safe, for safe food and safe banks and all the stuff like that.”



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