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June 20, 2025

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The Fed should absolutely stop talking about being “data dependent”. That’s so far from the truth. If they were data dependent, we’d have either seen a rate cut today or Fed Chief Powell would have been discussing one for the next meeting. Inflation reports since the last Fed meeting have been benign. Economic reports, on the other hand, have shown weakness and are pointing to the need for lower interest rates.

Powell was having none of it. During Wednesday’s press conference, one reporter asked the Fed Chief why the Fed was able to lower rates in December, despite knowing that tariffs and their potential impacts were on the way. I thought it was a great question, because Powell was using future tariff impacts on inflation as the primary reason for holding rates steady today. It was a perfect illustration of The Waffler at his best. When another reporter asked Powell about his frequent comments that the Fed is data dependent and that all current data points to the need for an interest rate cut, The Waffler noted the Fed needs to “look ahead”. So which is it? Is interest rate policy being guided by current data or by looking ahead?

This is a repeat of 2021 and 2022. Remember all the inflation news and how The Waffler said inflation was transitory. I guess he was looking ahead when he made those comments. He and his band of wafflers looked ahead and got it wrong. Then, inflation data poured in higher than expected for months and he finally started his data dependency talk.

The Fed has been late to every single party for 7 years now and running. They’re running late again. Eventually, Mr. Waffler will get it right and our major indices will all move to all-time highs. For now, though, the reason for any period of consolidation or, worse yet, selling can be laid at the doorstep of none other than The Waffler.

Personally, I’m exhausted by the constant “listen to what I say until I change it” approach to interest rate policy. Yes, we’ve had a 100-year pandemic and a resulting inflation problem that’s been worse than any since the 1970s. We’ve had two trade wars. I get it. But I firmly believe that the extreme volatility and the four (FOUR!!!!!!!) cyclical bear markets that we’ve endured since The Waffler became the Fed Chief is, in large part, his fault. He was sworn in on February 5th, 2018 and the stock market has been a roller coaster ever since:

Name the last time that the U.S. has seen 4 different cyclical bear markets, all starting from all-time highs, within a 7-year period. Start the Jeopardy music.

His mismanagement of interest rates didn’t start with the pandemic. I wrote an article in December 2018, during his first year, saying that his call for two rate hikes in 2019 would never happen. The next interest rate move? A cut several months later in 2019. Here’s the article I wrote back then as we bottomed in December 2018:

“How The Grinch Stole Christmas” Featuring Jerome Powell

No one has been wrong more than The Waffler.

Now maybe you’re sitting back and saying, “Tom, what’s the big deal? The tariffs are a threat. Why not just wait it out and be sure there are no lingering inflationary pressures?” Well, if you don’t mind the potential of a 5th cyclical bear market before we finally boot this guy to the curb, then I say GO FOR IT. Why try to hasten an economic meltdown when it’s unnecessary? Who believes anything The Waffler says? He said we were going to get two rate hikes in 2019. We got an interest rate cut instead. He said inflation was transitory in 2021. Then the Fed had to start raising rates at an absurd rate, because inflation skyrocketed and he waited way too long to turn hawkish. The stock market bottomed in June 2022 and was returning back towards all-time highs just prior to his infamous “more pain ahead” speech from Jackson Hole, WY on August 26th, 2022. Subsequent to that speech, the stock market fell precipitously for two months before once again finding a new bottom. That entire selling episode was caused solely by his irresponsible remarks.

And now where are we? Holding rates steady while the European Central Bank (ECB) has cut rates for 8 straight meetings. The Waffler will eventually get it right. Unfortunately, a lot of innocent investors and traders will continue to pay the price – until someone finally shows him the exit.

His term expiration cannot get here soon enough for me. GOOD RIDDANCE MR. WAFFLER!

Market Manipulation

I’ve written often about what I call the “legalized thievery” of market makers. The extreme volatility over the past several years has triggered market manipulation like we’ve never seen before. The good news is that once you understand how it works, trading the stock market gets a whole lot easier. At EarningsBeats.com we’ve timed exits out of the stock market almost perfectly, prior to the onset of cyclical bear markets. Missing out on 20%+ declines and then jumping back in at or near major bottoms increases stock market returns dramatically.

It’s time that everyone understands how the stock market works. On Saturday, June 28th, at 10:00am ET, we will be hosting a FREE webinar, “Trading the Truth: How Market Manipulation Creates Opportunity”. This event promises to be a real eye-opener, unless you’re already an EarningsBeats.com member (in which case you’ve already become a seasoned veteran regarding manipulation). Do you want to see big stock market declines before they happen? I will teach you how.

Seating is limited and this event will be packed, I can guarantee you that. PLEASE be sure to register NOW and save your spot. Again, there is NO COST. Registration is easy. Simply CLICK HERE to register and for more information.

(By the way, if you’re not available to attend LIVE on Saturday, June 28th, you should still register. All those who register will receive a copy of the recording after the event and it will be time stamped.)

Happy trading!

Tom

(TheNewswire)

NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, BC TheNewswire – June 19, 2025 Heritage Mining Ltd. (CSE: HML FRA:Y66) (‘ Heritage ‘ or the ‘ Company ‘) is pleased to announce that the board has approved the grant of incentive stock options pursuant to its stock option plan (the ‘ Plan ‘) to certain directors, officers, and consultants to purchase up to an aggregate of 2,925,000 common shares in the capital of the company (the ‘ Options ‘). The Options are exercisable at a price of $0.05 per common share and will expire three years from the date of grant. The Options are subject to the terms of the Plan, the applicable Option agreements and the policies of the Canadian Securities Exchange (‘ CSE ‘).

The Company further announces that it has agreed to settle $76,124 of debt owing to certain consultants, service providers and a director and officer of the Company by issuing an aggregate of 1,522,480 common shares (the ‘ Shares ‘) in the capital of the Company at a deemed price of $0.05 per common share (the ‘ Debt Settlement ‘).

‘We greatly appreciate the support settling current debt for equity as we progress our exploration efforts across all projects in our Ontario Project Portfolio. We also have taken an inclusive effort regarding our option program and have recognized and rewarded valued team members of the Company. We look forward to communicating project findings and conclusions once available in the near future.’ Commented Peter Schloo, President, CEO and Director.

The Debt Settlement is subject to the approval of the Canadian Securities Exchange and all Shares issued pursuant to the Debt Settlement will be subject to a statutory hold period of four (4) months and one (1) day from the date of issuance, in accordance with applicable securities laws and the policies of the CSE. The Debt Settlement will not create a new control person.

The Company believes the Debt Settlement is in the best interest of its shareholders to reduce the amount of accrued indebtedness and improve its financial position.

The issuance of a portion of the Shares pursuant to the Debt Settlement constitutes a Related Party Transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (‘ MI 61-101 ‘), as a company controlled by Peter Schloo, a director and officer of the Company, will receive an aggregate of 166,640 Shares. The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the related party participation in the Debt Settlement as the fair market value of such related party participation does not exceed 25% of the Company’s market capitalization. The material change report in relation to the related party transactions may not filed more than 21 days before the completion of the Debt Settlement as the Company wished to complete the Debt Settlement as soon as commercially feasible. The disinterested directors of the Company have approved the terms of the Debt Settlement.

ABOUT HERITAGE MINING LTD.

The Company is a Canadian mineral exploration company advancing its two high grade gold-silver-copper projects in Northwestern Ontario. The Drayton-Black Lake and the Contact Bay projects are located near Sioux Lookout in the underexplored Eagle-Wabigoon-Manitou Greenstone Belt . Both projects benefit from a wealth of historic data, excellent site access and logistical support from the local community. The Company is well capitalized, with a tight capital structure.

For further information, please contact:

Heritage Mining Ltd.

Peter Schloo, CPA, CA, CFA

President, CEO and Director

Phone: (905) 505-0918

Email: peter@heritagemining.ca

FORWARD-LOOKING STATEMENTS

This news release contains certain statements that constitute forward looking information within the meaning of applicable securities laws. These statements relate to future events of the Company. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as ‘seek’, ‘anticipate’, ‘plan’, ‘continue’, ‘estimate’, ‘expect’, ‘forecast’, ‘may’, ‘will’, ‘project’, ‘predict’, ‘potential’, ‘targeting’, ‘intend’, ‘could’, ‘might’, ‘should’, ‘believe’, ‘outlook’ and similar expressions are not statements of historical fact and may be forward looking information. All statements, other than statements of historical fact, included herein are forward-looking statements.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks include, among others, the inherent risk of the mining industry; adverse economic and market developments; the risk that the Company will not be successful in completing additional acquisitions; risks relating to the estimation of mineral resources; the possibility that the Company’s estimated burn rate may be higher than anticipated; risks of unexpected cost increases; risks of labour shortages; risks relating to exploration and development activities; risks relating to future prices of mineral resources; risks related to work site accidents, risks related to geological uncertainties and variations; risks related to government and community support of the Company’s projects; risks related to global pandemics and other risks related to the mining industry. The Company believes that the expectations reflected in such forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. These statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update any forward‐looking information except as required by law.

This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States, or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors.

Copyright (c) 2025 TheNewswire – All rights reserved.

News Provided by TheNewsWire via QuoteMedia

This post appeared first on investingnews.com

Critical Metals (NASDAQ:CRML) got a boost on Monday (June 16), landing a letter of interest (LOI) for a non-dilutive US$120 million funding package from the Export-Import Bank of the US (EXIM).

The funds would be used to advance its Tanbreez rare earths project in Southern Greenland.

Touted as one of the world’s largest rare earths deposits, Tanbreez is expected to produce up to 85,000 metric tons of rare earth material annually, with more than 27 percent classified as heavy rare earth elements.

“This is a tremendous milestone for Critical Metals Corp which highlights to the rare earths supply chain, Western Governments and investors that Tanbreez is a world-class asset that will provide mission-critical rare earth metals to counter China’s continued dominance,” said Critical Metals CEO and Chairman Tony Sage.

The funding would support pre-production, technical studies and early mining activities. EXIM’s financing falls under its new Supply Chain Resiliency Initiative and comes with a 15 year repayment term.

Critical Metals acquired a controlling stake in Tanbreez in June 2024 in a transaction valued at up to US$211 million. It expects the asset to require US$290 million in capital expenditure to advance to initial commercial production.

The US$120 million from EXIM would support key early stage work at Tanbreez, including technical and economic studies, pre-production activities and the start of mining operations.

The company is aiming to complete a definitive feasibility study by late 2025.

Critical Metals also plans to invest an additional US$10 million in exploration this year, giving it the option to increase its ownership in the project to 92.5 percent through the acquisition of a further 50.5 percent stake.

“We are now razor focused to put Tanbreez into production as soon as possible,’ said Sage.

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

A court in Bamako has ordered the temporary transfer of operational control of Barrick Mining’s (TSX:ABX,NYSE:B) Loulo-Gounkoto gold-mining complex to a state-appointed administrator for six months.

The ruling, handed down on Tuesday (June 17) by the Tribunal de Commerce, empowers former health minister and certified accountant Soumana Makadji to run one of Barrick’s most lucrative global assets.

The company has described the move as “unjustified” and “unprecedented.”

According to Judge Issa Aguibou Diallo, the ruling was made under Article 160-1 of the OHADA corporate law framework, which allows a court to appoint a provisional administrator when the regular functioning of a company becomes impossible. The administrator, Makadji, is tasked with reopening the mine site, participating in negotiations with Barrick and reporting to the court on a quarterly basis — though not to the government.

Makadji is seen in Bamako as a technocrat with strong ethical credentials. His appointment is intended to stabilize operations at Loulo-Gounkoto, which Barrick suspended in January 2024 after the Malian government physically removed unsold gold from the mine and froze the company’s ability to export.

Despite the administrative change, Barrick maintains that its subsidiaries remain the legal owners of the mine.

In a statement released on Monday (June 16), the company emphasized that its “ongoing efforts to reach a constructive and sustainable resolution” have been met with escalatory actions by the state.

“While the company has made a number of good-faith concessions in the spirit of partnership, it cannot accept terms that would compromise the legal integrity or long-term viability of the operations,” Barrick said.

Arbitration and legal fallout

Barrick has already launched international arbitration proceedings at the World Bank’s International Center for Settlement of Investment Disputes, as per a May 29 Reuters article.

The company has asked the tribunal to declare that its Malian subsidiaries are protected under longstanding mining conventions, which it argues are not subject to retroactive legislative changes. Mali, however, contends that the convention covering Loulo expired in April 2023, subjecting it to the updated mining code.

The arbitration tribunal has now been formally constituted, and Barrick has filed a request for provisional measures to prevent Mali from further intervening until the dispute is resolved.

A disputed settlement

In February 2024, a tentative settlement appeared close. According to Jeune Afrique, Barrick had agreed in principle to pay 225 billion West African CFA francs (roughly US$396 million) in instalments, recognize the new 2023 mining code and convert Mali’s 20 percent equity stake in Loulo-Gounkoto into “priority shares.”

The government would in turn release the seized gold and free the detained executives.

But the deal collapsed. A Malian negotiator later claimed Barrick had signed the “wrong” agreement and warned the government had “the right to take control of the mines” if the company failed to resume operations.

The ruling junta, led by Colonel Assimi Goïta, has made resource nationalism a hallmark of its post-coup economic strategy. Since coming to power in 2020, the military-led regime has shown a willingness to pressure foreign firms to comply with state priorities, especially in strategic sectors like mining.

The Loulo-Gounkoto dispute is now emblematic of the wider uncertainty surrounding foreign investment in Mali, a country where gold accounts for over 70 percent of export earnings.

Future implications

Loulo-Gounkoto is a cornerstone of Barrick’s global portfolio.

In 2023, the complex produced 723,000 ounces of gold, second only to Barrick’s Carlin mine in Nevada. It boasts remaining reserves of 7.3 million ounces, making it one of the largest high-grade gold systems in the world.

The financial implications of the shutdown are significant. Analysts warned in December that continued disruptions at the site could cut 11 percent from Barrick’s projected 2025 EBITDA.

Morningstar had earlier projected that Loulo-Gounkoto would contribute 250,000 ounces to Barrick’s output this year — an estimate now scrapped from the company’s 2025 guidance.

Further complicating matters, the permit for the Loulo section of the complex is set to expire in February 2025, just weeks after the six month provisional administration period ends. Barrick said it applied for a renewal four months ago, but has received no response from the government. The Gounkoto permit remains valid for another 17 years.

Barrick has said it remains committed to reaching a “mutually acceptable solution” and has appealed the court’s decision. But with no public comment from the Malian government and the provisional administrator now in place, a quick resolution appears unlikely.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

After days of tit-for-tat strikes between Israel and Iran, for the civilians caught up in Israel’s bombing campaign, life is filled with uncertainty.

A week into the conflict, Iranians’ contact with the outside world is difficult, hampered by sporadic internet and phone coverage. Some – typically wealthy activists – have access to Starlink terminals providing independent internet access.

“We have electricity but gasoline is useless to us because we have nowhere to go outside Tehran,” he said, after long lines of traffic departing the capital were seen in recent days.

Glued to the TV watching an outlawed Iranian broadcaster based in London, he said his family hadn’t left their house in recent days.

⁠”Daily life is filled with constant fear and distrust,” he said.

From Shiraz in southern Iran, a 55-year-old English teacher described a “huge group of people waiting” to withdraw cash at a bank branch in the city center.

“The workers were completely overwhelmed and said they just cannot process all these requests for cash. I wouldn’t say it was chaotic, but I do feel there is an underlying feeling of panic,” he said.

Destruction and despair

A hairdresser from Shiraz lamented the destruction being inflicted: “I don’t even know what to say. You watch the videos, the photos. People are being killed, our country is being looted, falling apart like this.”

“Israel and the US don’t care about the Iranian people,” she said. “You want to hit the real target, but it’s surrounded by ordinary people. They’re destroying the country.”

Bleak prospects

More than 200 people have been killed in Iran, according to Tehran, with Israel’s strikes taking out much of the key leadership in the country’s military and nuclear program. But Iran has accused Israel of also targeting its energy and digital infrastructure.

“We are paying the price for a dictatorship and its arrogance,” shared a nurse from Mashad, northeast Iran, whose father was a decorated war veteran. “But now that all its forces (in the region) have been destroyed, it seems that its own turn has come,” she added.

Watching the attacks on a deeply unpopular regime, some Iranians confessed to welcoming the strikes, even as civilians were caught up in the bombings.

“Still, I’ll say it, I’m genuinely happy. Really, deeply happy!” she added. “I believe it’s worth it, for the sake of future generations.”

But a week into the fighting, even as diplomatic channels for peace start to coalesce, there’s still no sign of an end to the bombings. Uncertainty has only been fueled by US President Donald Trump teasing the possibility of US aircraft joining the bombing campaign.

Iran’s Supreme Leader Ayatollah Khamenei has slammed Trump’s call for surrender, warning that America’s involvement in Israel’s military campaign would “100% be at their loss.”

Other Iranians share his defiance.

“The mood in Iran is starting to morph into an environment of nationalism,” according to a 69-year-old Iranian-American woman visiting Tehran. “I saw a lot of cars waving the Islamic Republic flag from their windows as we drove out of town.”

“Now that Trump has come this far, he will see it through to the end. They don’t let a wounded bear go free,” she said.

This post appeared first on cnn.com

A serial rapist who was convicted of raping 10 women in the United Kingdom and China has been jailed for life with a minimum term of 24 years.

Zhenhao Zou, 28, was sentenced Thursday at Inner London Crown Court. Judge Rosina Cottage told him he would serve 22 years and 227 days before he was eligible for parole, taking into account time spent on remand, according to the UK’s PA Media.

Zou was found guilty in March of 11 counts of rape, one count of false imprisonment, three counts of voyeurism and a number of other offenses, including the possession of extreme pornographic images and the possession of a controlled drug with intent to commit a sexual offense.

Many of his victims were “unconscious and rendered defenseless” after being drugged, according to prosecutors.

Police and prosecutors said Zou, who also used the name “Pakho” online, contacted students of Chinese heritage on WeChat and dating apps, inviting them to his apartments in London and China to drug and assault them. The police said he also took items from his victims, including jewelry and clothing.

The UK’s Crown Prosecution Service said Zou filmed some of the attacks using a mobile device and hidden cameras. The police said he “manipulated and drugged women in order to prey on them in the most cowardly way.”

Zou was a PhD student at University College London. He was arrested in January 2024 after one of his victims came forward to police.

Prosecutors in March said that the “courageous women who came forward to report Zhenhao Zou’s heinous crimes” had been “incredibly strong and brave” and that there was “no doubt” that their evidence had led to his convictions.

Ivana Kottasová contributed to this report.

This post appeared first on cnn.com

Transporting the world’s second largest land mammal halfway across the second largest continent isn’t exactly easy.

But in a 3,400-kilometer (2,100-mile) journey that involved crates, cranes, trucks, and a Boeing 747, 70 captive bred southern white rhinos were moved from South Africa to Rwanda’s Akagera National Park in early June as part of an initiative to “rewild” them.

The creatures, which can weigh over 2,000 kilograms (more than 4,000 pounds), originated from a controversial breeding program started in the 1990s by property developer John Hume.

Hume, who spent years lobbying for the legalization of the rhino horn trade, amassed stockpiles of horn, obtained by trimming them without harming the animals, with the aim of flooding the market to driver poachers out of business and to fund conservation efforts.

But he ran out of money, and with the horn trade still banned under international law, he put the rhinos up for sale in 2023. He told Agence France-Presse (AFP) at the time that he’d spent around $150 million on the project – with surveillance being the largest cost. “I’m left with nothing except 2,000 rhinos and 8,000 hectares (20,000 acres) of land.”

He didn’t receive a single bid. African Parks — a conservation nonprofit that manages 23 protected areas across the continent — stepped in to acquire for an undisclosed sum what was the largest rhino captive breeding operation in the world, with plans to “rewild” the animals over 10 years.

The translocation marked the first cross-continental move for African Parks’ Rhino Rewild initiative.

“It’s a very important milestone,” says Taylor Tench, a senior wildlife policy analyst at the nonprofit Environmental Investigation Agency US, who wasn’t involved in the relocation. “This is definitely a big development with respect to African Parks’ efforts.”

‘A story of hope’

Today, there remain only about 17,000 southern white rhinos in Africa and they’re classified as “near threatened” on the International Union for Conservation of Nature’s Red List. That means the 2,000 southern white rhinos that African Parks bought, and plans to spread around the continent, comprise more than 10% of the remaining population.

Although the international trade of rhino horn has been banned under the Convention on International Trade in Endangered Species (CITES) since 1977, demand from consumers in Asia who see it as a status symbol, or falsely believe it can cure ailments ranging from hangovers to cancer, is still driving poaching.

Poachers sometimes kill a rhino outright, or tranquilize it before cutting off its horn, sometimes hacking off a large portion of the animal’s face, leaving it bleeding to death.

In South Africa, where the majority of the population lives, 420 rhinos were poached in 2024. More than 100 were killed in the first three months of this year.

Tench says that rhino poaching was rampant in the continent from 2012 to 2015, and a “lot has been accomplished since then.” He added that Kenya lost no rhinos last year and that poaching has dropped significantly in Zimbabwe. Today, poaching is mostly concentrated in South Africa and Namibia, he says.

To better address the issue, Tench says more government resources should be dedicated to addressing the organized criminal networks behind the poaching and international trading of rhino horn, and to increased international cooperation.

Rickelton says there are a number of future relocation projects in various stages of discussion and planning. He adds that a strong framework is in place to ensure the locations that receive the rhinos provide a suitable habitat, security to keep the animals safe, and enough funding to care for them.

The move to Akagera National Park took more than a year and a half of planning and approvals. And the cost of moving each rhino, including three years of monitoring and management afterwards, is about $50,000 (the move was backed by the Howard G. Buffet Foundation).

The animals were first moved from the breeding program facility to the South African private game reserve Munywana Conservancy, to expose them to conditions more like Akagera. Then, the rhinos were loaded into individual steel crates, driven to an airport in Durban, South Africa, and carefully loaded by crane onto a Boeing 747.

After arrival in Kigali, Rwanda, the rhinos made the final leg of their journey by road. Now, the rhinos need to adapt to their new environment. They’ll be monitored by a veterinary team for several weeks.

Measures like a canine unit to reduce poaching are in place in Akagera, which has reduced poaching to “near zero” levels, according to the park.

There’s reason for optimism. In 2021, African Parks moved 30 rhinos to Akagera from a private game reserve in South Africa. Since, they’ve had 11 offspring. With the addition of 70 more rhinos, “we’ve now established a genetically viable herd of rhino,” says Rickelton.

He says that seeing the rhinos emerge from their crates at the end of the journey “makes months and months of really hard work and frustration and challenges really worth it.” Rickelton adds: “It’s a story of hope in a world of not too much positive.”

This post appeared first on cnn.com

The diplomat refused to be drawn on specifics but reiterated that the crux of the matter remained Iran’s controversial uranium enrichment program and that the talks would focus on “what kind of compromise would be feasible” on that issue.

But enrichment — which Iran says it needs for peaceful purposes, while also manufacturing large quantities of near-weapons-grade material — is a major sticking point, with the Trump administration vowing that any agreement with Iran would have to entirely prohibit the country from enriching any nuclear material.

For decades, Iran, which denies it intends to build a nuclear weapon, has categorically refused to give up its capabilities — instead plowing billions of dollars into refining the technology and constructing vast enrichment facilities, like the secretive Fordow installation, which is built deep underground inside a mountain.

After launching its first wave of strikes on Iran, Israel pointed to a recent report by the International Atomic Energy Agency, which acknowledged Iran is enriching uranium to a higher level than other countries without nuclear weapons programs, in violation of its nuclear non-proliferation obligations.

“Because Iran is now under immense military pressure, it might run out of options, and their nuclear capability is being degraded,” the diplomat said.

Until Trump’s decision to allow diplomacy another shot, the Geneva talks had looked like a European sideshow, with the US seemingly poised to join with Israel in the destruction of Iranian nuclear facilities.

The meeting, between the EU’s foreign policy chief, alongside the British, French and German foreign ministers and their Iranian counterpart, is now taking on greater significance, setting the stage for next steps and possibly acting as a bridge between Iran and the United States.

But there is an underlying fear in Geneva that the reinvigorated talks here, the first formal meetings with Iranian representatives since the escalation of the Israel-Iran conflict, will still go nowhere.

“It’s impossible to read anything Trump says because there is a daily barrage of statements,” the diplomat added.

This post appeared first on cnn.com