BMO Metals Brief

Research evidence excerpt

BMO Metals Brief

administration policy

implemented last year that made it harder for wind and solar energy projects to claim federal 4,200

tax subsidies, according to court documents published on Saturday. In August last year, the IRS

unveiled new rules which eliminated the ability for clean energy projects to “safe harbour” 4,000

subsidies while in development; however, these rules have now been sent back to the IRS for 3,800

“further consideration”. Elsewhere, the European Commission said on Monday that it had 09 Mar 09 Apr 09 May 09 Jun

approved a €23bn ($27bn) Italian state aid scheme for renewable electricity production,

Source: Bloomberg, BMO Capital Markets provided through two-way contracts for difference lasting 20 years.

 USA expands China military company list: The USA has expanded its list of “Chinese military

companies” operating in the USA, now including several of China’s largest companies across the Spot Iron Ore

technology space. The list, published by the Department of War yesterday, now includes two of 115

the world’s largest solar panel manufacturers, several humanoid companies, e-commerce giant

Alibaba, Baidu, battery makers EVE Energy and CALB Group and automakers BYD and Nio. The list

update comes less than a month after President Trump met Xi Jinping in Beijing; we see this list 110

expansion as symptomatic of the wider deglobalisation trend.

 Trafigura halts Cuban zinc shipments due to US blockades: Trafigura has told some Chinese 105 customers it will halt shipments of zinc concentrates from Cuba’s Castellanos mine due to $/tonne

tightening US sanctions and fuel supply disruptions, replacing cargoes with alternative sources,

according to Bloomberg. The mine has capacity of around 100kt of zinc concentrates annually, 100