Sunday, Mar 09, 2025 // (IG): BB // GITHUB // SN R&D
Global Mining Giants Cut Back on Exploration Investments
Bottom Line Up Front (BLUF): Major mining companies have reduced exploration investments for the second consecutive year, with total spending falling by 6% to $12.5 billion in 2024, according to S&P Capital IQ. This decline is driven by inflation, higher interest rates, and weak commodity prices despite strong demand for critical minerals like lithium and copper. While lithium exploration has surged 360% since 2020, overall exploration budgets remain lower than past commodity booms.
Analyst Comments: The decline in exploration spending highlights the mining sector's struggle with financial constraints and shifting priorities. While demand for battery metals like lithium and copper is expected to grow, short-term price volatility has deterred investments in discoveries. Instead, companies focus on developing existing mines rather than taking on the higher risks of greenfield exploration. This strategy may lead to future supply shortages, particularly in critical minerals needed for the energy transition. If investment doesn't rebound, geopolitical competition over key resources could intensify, potentially benefiting resource-rich nations like China and Chile.
FROM THE MEDIA: Mining exploration budgets shrank in 2024, marking the second year of decline as economic pressures slowed investment. Gold remained the most explored metal, attracting $5.6 billion of total spending, while combined investment in copper, lithium, and nickel rose to nearly 40% of total exploration funds, up from 27% in 2020. Despite the broader downturn, lithium exploration continued its upward trend, reaching $1.1 billion in 2024—a 360% increase since 2020. Industry experts warn that the current focus on mergers and acquisitions (M&A) over discoveries could lead to long-term supply shortages. Mining executives, including Anglo-American CEO Duncan Wanblad, argue that the world has “underinvested in exploration for a very long time” and that this trend needs to change.
READ THE STORY: FT
POTUS Alleged Ties to Putin: A Geopolitical Shift with Global Consequences
Bottom Line Up Front (BLUF): Donald Trump’s growing alignment with Russian President Vladimir Putin has sparked concerns over U.S. foreign policy. Critics argue that his recent actions—such as halting military aid to Ukraine and advocating for a peace deal favorable to Russia—undermine NATO, embolden authoritarian regimes, and threaten Western security. Speculation continues over whether Trump’s ties to Russia date back to the 1980s when former KGB officers claimed he was recruited as an asset.
Analyst Comments: Trump’s shift toward Russia dramatically reverses traditional U.S. foreign policy. If his administration follows through with reducing NATO commitments and easing sanctions on Russia, Europe may be forced to bolster its defense capabilities, potentially accelerating European military independence. The possibility of a U.S.-Russia partnership also raises concerns in Asia, where China could exploit shifting alliances to strengthen its global position. While speculation about Trump’s longstanding ties to Russian intelligence remains unproven, the geopolitical impact of his policies is already unfolding, creating uncertainty for U.S. allies.
FROM THE MEDIA: A recent Guardian opinion piece by Simon Tisdall explores Donald Trump’s increasing alignment with Vladimir Putin, raising concerns over its impact on global security. The article revisits longstanding allegations that Trump was cultivated as a Russian asset in the 1980s, referencing the Steele dossier and the Mueller report, which documented Russian efforts to influence the 2016 U.S. election. Tisdall highlights Trump’s recent decisions, including cutting U.S. military aid to Ukraine and pushing for a peace deal favorable to Russia. He argues that these moves weaken NATO and embolden authoritarian regimes. The piece warns that Trump's policies could reshape global alliances, potentially leading to a power shift where a U.S.-Russia-China bloc challenges the existing international order.
READ THE STORY: The Guardian
U.S. ‘Strategic Bitcoin Reserve’ Plan Raises Economic and Ethical Questions
Bottom Line Up Front (BLUF): President Donald Trump has signed an executive order to create a "Strategic Bitcoin Reserve" composed of seized cryptocurrency held by the U.S. government. A second “National Digital Asset Stockpile” will store other confiscated cryptocurrencies. The plan does not involve taxpayer funds but raises concerns about economic feasibility, market impact, and potential conflicts of interest among administration officials with crypto ties.
Analyst Comments: The plan has no precise mechanism for expanding the reserve beyond seized assets, which limits its long-term effectiveness. Economists warn that holding Bitcoin as a national reserve asset could be risky due to price volatility and the lack of yield compared to traditional reserves like bonds. Additionally, Democrats have raised concerns about conflicts of interest, as AI and Crypto Czar David Sacks and other officials have prior investments in digital assets. This policy could influence other governments and U.S. states to adopt similar reserves if formalized into law.
FROM THE MEDIA: Trump’s executive order, signed on March 7, 2025, formalizes the creation of two national cryptocurrency reserves. The Strategic Bitcoin Reserve will hold only Bitcoin, while the National Digital Asset Stockpile will include various other cryptocurrencies. The assets will come exclusively from crypto seized through law enforcement operations, ensuring no taxpayer money is spent. The U.S. is estimated to hold around 200,000 Bitcoin (valued at $17 billion), but an official audit has been ordered to confirm holdings. The announcement initially triggered a 6% drop in Bitcoin’s price, reflecting uncertainty about the plan’s execution. Meanwhile, Democratic lawmakers, including Senator Elizabeth Warren, have demanded greater transparency, warning of potential ethical concerns tied to officials with crypto investments.
READ THE STORY: Wired
End to Iraq’s Waiver for Importing Iranian Electricity
Bottom Line Up Front (BLUF): The Trump administration has revoked Iraq’s waiver that allowed it to import electricity from Iran, a move aligned with the "maximum pressure" campaign against Tehran. This decision cuts off a key revenue stream for Iran and pressures Iraq to reduce its reliance on Iranian energy. The State Department reiterated its goal of isolating Iran economically and urged Iraq to seek alternative energy sources.
Analyst Comments: Iraq, which relies on Iranian electricity for about 4% of its energy needs, may face short-term power shortages and increased domestic pressure to secure new suppliers. The decision also serves as leverage to push Iraq toward U.S.-backed energy projects, including increased Kurdish oil exports through Turkey. However, the move risks straining U.S.-Iraq relations, as Baghdad has resisted complete disengagement from Iran due to geopolitical and economic ties.
FROM THE MEDIA: This move follows Trump's renewal of the "maximum pressure" strategy upon re-entering office in January. The State Department cited Iran’s nuclear ambitions, missile programs, and support for militant groups as reasons for the crackdown. Previous administrations, including Trump’s first term and Biden’s presidency, had repeatedly renewed Iraq’s waiver while urging Baghdad to diversify its energy sources. The U.S. is now pressuring Iraq to expand energy cooperation with American firms and boost Kurdish oil exports via Turkey.
READ THE STORY: Reuters
Top Democrat Blocks U.S. Arms Sales to UAE Over Alleged Role in Sudan Conflict
Bottom Line Up Front (BLUF): Rep. Gregory Meeks (D-N.Y.), the top Democrat on the House Foreign Affairs Committee, has been blocking U.S. arms sales to the UAE due to its alleged support for the Rapid Support Forces (RSF) militia in Sudan. The RSF has been accused of genocide and war crimes in Sudan’s ongoing civil war. Meeks plans to introduce legislation—the “U.S. Engagement in Sudanese Peace Act”—to halt arms sales to any country aiding either side in the conflict. Other Democratic lawmakers, including Sen. Chris Van Hollen and Rep. Sara Jacobs, are also pushing for similar restrictions.
Analyst Comments: This move signals growing U.S. scrutiny of the UAE’s foreign activities, especially its alleged support for armed groups in conflict zones. The Biden administration had already accused the RSF of genocide before leaving office, and Meeks’ actions reflect continuity in U.S. concerns despite the transition to the Trump administration. However, with Republicans controlling both the House and Senate, the fate of Meeks’ bill is uncertain. The UAE’s strategic role in the Middle East may complicate efforts to impose broad restrictions, especially given Trump’s history of prioritizing arms sales and regional alliances over human rights concerns.
FROM THE MEDIA: Politico says Rep. Gregory Meeks has been privately blocking arms sales to the UAE since late 2024. He is now making his stance public by introducing a bill to curb U.S. military support for countries fueling Sudan’s war. The UAE has been accused of arming the RSF militia, while the Sudanese Armed Forces (SAF) receive backing from Egypt, Saudi Arabia, and Iran. The Sudanese government has even filed a case at the International Court of Justice (ICJ), accusing the UAE of complicity in genocide. Meeks’ bill proposes tighter sanctions, a special U.S. envoy for Sudan, and a halt to arms sales. Meanwhile, Van Hollen and Jacobs’ upcoming bill explicitly targets the UAE, signaling bipartisan concern over its alleged actions.
READ THE STORY: Politico
France and Germany Clash Over €150bn EU Defense Fund
Bottom Line Up Front (BLUF): France and Germany are at odds over how to allocate the proposed €150bn EU defense fund. Berlin advocates for including non-EU allies like the UK, Norway, and Turkey, while Paris insists on a strictly "Buy European" approach. The European Commission aims to finalize the details within two weeks, but Macron’s resistance could slow the process.
Analyst Comments: The divide between France and Germany highlights a broader strategic dilemma for Europe—prioritizing European defense autonomy versus ensuring rapid military readiness amid growing security concerns. With uncertainty over U.S. support under Trump’s presidency, the EU must balance strengthening domestic defense industries while ensuring immediate military needs are met, particularly for Ukraine. If France blocks or delays the fund, it could weaken Europe's defense posture at a critical time.
FROM THE MEDIA: The European Commission proposed a €150bn loan-based defense fund to boost EU military production, but disagreements over procurement rules have emerged. German Chancellor Olaf Scholz insists that the fund should be open to non-EU partners who are "trusted allies." However, French President Emmanuel Macron is pushing for exclusively European-made weapons, arguing that funding external defense industries would undermine EU sovereignty. Previous efforts to implement a smaller €1.5bn defense fund stalled due to similar disputes. Brussels is now racing to finalize the plan within two weeks, as officials fear another deadlock could cripple Europe's rearmament efforts.
READ THE STORY: FT
Tech-Backed ‘Freedom Cities’ Plan Gains Momentum in Trump Administration
Bottom Line Up Front (BLUF): Tech industry groups advocating for “Freedom Cities”—semi-autonomous zones with deregulated business environments—are actively meeting with Trump administration officials to push for legislation enabling their creation. These cities would bypass federal biotech, nuclear energy, and construction regulations while offering low taxes and minimal government oversight. The proposal is drafted into Congressional legislation and may involve interstate compacts, federal enclaves, or executive orders.
Analyst Comments: The Freedom Cities initiative aligns with the Trump administration’s pro-business, anti-regulation stance, but its legal feasibility and economic impact remain uncertain. The tech industry’s deep involvement, with backing from figures like Peter Thiel and Marc Andreessen, suggests a growing push for private governance models. However, the lack of worker protections, environmental oversight, and public accountability raises ethical and political concerns. If successful, this plan could reshape urban development and challenge traditional regulatory frameworks in the U.S. The proposal may face significant opposition from Democrats, labor groups, and environmental advocates.
FROM THE MEDIA: Groups connected to “startup nations” like Próspera in Honduras are working on legislation to establish deregulated U.S. cities that bypass federal regulations in biotech, nuclear energy, and construction industries. The Freedom Cities Coalition, backed by NeWay Capital, has been engaging with White House officials, claiming strong interest from the Trump administration. The proposal outlines three potential pathways: interstate compacts that let states create deregulated zones, federal enclaves with special economic exemptions, and executive orders to fast-track city development. Proponents argue that Freedom Cities could spur innovation and attract investment, while critics warn they could become corporate-controlled enclaves that erode democracy and workers' rights.
READ THE STORY: Wired
Second Kremlin Spy Ring Targeting Russian Dissidents Uncovered in the UK
Bottom Line Up Front (BLUF): British authorities have uncovered a second Kremlin-linked spy ring targeting Russian dissidents in the UK following the conviction of six Bulgarian nationals for espionage. UK police warned investigative journalist Roman Dobrokhotov and his family of ongoing surveillance attempts by Russian intelligence operatives. The discovery raises concerns about Russia's continued covert activities against political opponents in Western countries.
Analyst Comments: The transition of the targeting operation from the FSB to the GRU suggests that Russian intelligence remains committed to covert actions in the UK despite previous arrests. The attempted poisoning and abduction plots resemble past Kremlin operations, such as the 2018 Skripal poisoning in Salisbury. Western intelligence agencies will likely increase counter-espionage efforts, but the UK remains a key battleground for Russian intelligence activities.
FROM THE MEDIA: UK counterterrorism police issued a warning to journalist Roman Dobrokhotov in 2024 about renewed Russian surveillance efforts against him. Dobrokhotov, known for exposing Russian intelligence officers involved in the 2018 Salisbury nerve agent attack, fled Moscow in 2021 and relocated to Britain. Authorities believe the previous spy ring, led by six Bulgarian nationals, was replaced by new operatives linked to Russia's GRU military intelligence. Messages intercepted by police revealed detailed tracking of Dobrokhotov’s movements, including an attempt to steal his iPhone PIN and discussions about potential poisoning or abduction. UK security services continue to monitor Russian dissident communities, warning that foreign espionage remains an active threat.
READ THE STORY: The Guardian // FT
Trump's Tariffs Trigger Retaliation from China, Canada, and Mexico
Bottom Line Up Front (BLUF): President Donald Trump has imposed 25% tariffs on imports from Canada and Mexico and doubled tariffs on Chinese goods to 20%, citing the need to curb fentanyl trafficking. In response, China and Canada have already announced retaliatory tariffs on key U.S. exports, while Mexico is set to follow. The trade war risks exacerbating inflation and disrupting supply chains across North America.
Analyst Comments: Trump’s aggressive tariff strategy is a high-stakes gamble that could destabilize the North American economy. While aimed at pressuring trading partners into stricter anti-narcotics enforcement, the immediate consequence is escalating tensions with key allies and China. The retaliatory measures, mainly targeting U.S. agriculture and manufacturing, could inflame domestic economic concerns and lead to higher consumer prices. With additional tariffs and trade restrictions on the horizon, the situation may further strain diplomatic and economic relations, potentially leading to a prolonged trade war.
FROM THE MEDIA: In response, China imposed 15% tariffs on U.S. agricultural products like wheat, corn, and chicken while restricting exports to certain American companies. Canada retaliated with a 25% tariff on $20.7 billion worth of U.S. goods, with additional tariffs planned in 21 days. Prime Minister Justin Trudeau vowed to challenge the tariffs through the USMCA and WTO while also considering further non-tariff measures. Mexico has announced it will unveil its own countermeasures on Sunday. Economists warn that the trade war could drive up prices for American consumers, disrupt supply chains, and slow economic growth.
READ THE STORY: CNN
Neuralink Seeks Trademark for 'Telepathy' as Musk Expands Brain-Computer Interface Vision
Bottom Line Up Front (BLUF): Elon Musk’s Neuralink has filed trademark applications for "Telepathy," "Telekinesis," and other names, signaling its ambitions for brain-computer interfaces (BCIs). The filings suggest Neuralink aims to enable not just device control for paralyzed individuals but potentially direct communication between humans via brain implants. The company’s technology remains experimental, with only a few human recipients so far.
Analyst Comments: Neuralink’s move to trademark terms like "Telepathy" highlights its long-term goal of merging human cognition with artificial intelligence. While initially targeting medical applications such as restoring mobility and communication for disabled individuals, the broader vision appears to involve direct neural communication. If successful, this technology could revolutionize human interaction but also raise ethical, privacy, and cybersecurity concerns. With regulatory hurdles and public skepticism, the company faces significant challenges before mass adoption becomes viable.
FROM THE MEDIA: Swiss cybersecurity firm PRODAFT has uncovered new details about Ragnar Loader, an advanced malware framework linked to ransomware groups and financially motivated attackers. Initially documented in 2021 by Bitdefender, Ragnar Loader has been used in various attacks, including a failed FIN8 operation against a U.S. financial institution. The malware features strong encryption, DLL plugin execution, shellcode injection, and a Linux-based remote access module ("bc")—similar to the BackConnect modules in QakBot and IcedID. Ragnar Loader enables prolonged network infiltration and efficient ransomware deployment by integrating PowerShell pivoting token manipulation, and stealthy C2 communications.
READ THE STORY: Wired
Chinese Investors Secretly Channel Millions into Musk’s Companies Through Private Deals
Bottom Line Up Front (BLUF): Wealthy Chinese investors quietly invest millions of dollars into Elon Musk’s private ventures, including SpaceX, Neuralink, and xAI, through special-purpose vehicles (SPVs) that shield their identities. Profit motives drive these investments, but their secretive nature raises concerns about potential foreign influence, especially given Musk’s increasing role in U.S. politics and government reform under President Donald Trump.
Analyst Comments: The covert influx of Chinese capital into Musk’s enterprises highlights the complex intersection of business, politics, and national security. While the investments appear financially motivated, they underscore China’s continued interest in U.S. technology sectors despite geopolitical tensions. Using opaque investment structures to bypass scrutiny raises concerns about potential conflicts of interest and whether Musk’s deep ties to China could impact his policy influence in Washington. As U.S.-China relations remain tense, regulatory oversight on such transactions may increase.
FROM THE MEDIA: According to the Financial Times, Chinese asset managers have facilitated over $30 million in investments into Musk’s SpaceX, xAI, and Neuralink over the past two years. These investments are routed through offshore SPVs, which obscure investor identities and help bypass U.S. national security concerns. Musk’s ventures remain attractive to Chinese investors, particularly as China’s domestic economy slows. Despite Beijing’s restrictions on private capital flows, firms like Homaer Financial have successfully raised funds for Musk’s companies, citing strong U.S. government support for SpaceX. While such investments are not illegal, they contribute to growing concerns over foreign capital influencing key U.S. technology sectors.
READ THE STORY: FT
FIN7, FIN8, and Others Use Ragnar Loader for Persistent Access and Ransomware Operations
Bottom Line Up Front (BLUF): Threat actors, including FIN7, FIN8, and Ragnar Locker, leverage Ragnar Loader, a stealthy malware toolkit, to maintain persistent access to compromised systems. The malware uses PowerShell-based payloads, strong encryption (RC4, Base64), and sophisticated process injection techniques to evade detection. It also enables lateral movement, privilege escalation, and remote control—making it a key tool in modern ransomware operations.
Analyst Comments: Ragnar Loader’s evolution highlights a growing trend in modular malware, where cybercriminals use rental models to distribute advanced toolkits across different threat groups. Its anti-analysis techniques and multi-platform capabilities (Windows and Linux) suggest that adversaries are refining methods to prolong access within enterprise networks. Organizations should harden PowerShell usage, implement behavioral detection, and monitor for anomalous remote connections to mitigate risks.
FROM THE MEDIA: Swiss cybersecurity firm PRODAFT has uncovered new details about Ragnar Loader, an advanced malware framework linked to ransomware groups and financially motivated attackers. Initially documented in 2021 by Bitdefender, Ragnar Loader has been used in various attacks, including a failed FIN8 operation against a U.S. financial institution. The malware features strong encryption, DLL plugin execution, shellcode injection, and a Linux-based remote access module ("bc")—similar to the BackConnect modules in QakBot and IcedID. Ragnar Loader enables prolonged network infiltration and efficient ransomware deployment by integrating PowerShell pivoting token manipulation, and stealthy C2 communications.
READ THE STORY: THN
Items of interest
Trump and the Decline of American Soft Power
Bottom Line Up Front (BLUF): Joseph Nye coined the term "soft power," argues that former U.S. President Donald Trump’s nationalist and transactional approach to foreign policy has significantly weakened America's global influence. Trump's disregard for alliances, international institutions, and democratic norms has eroded soft power, which relies on cultural appeal, values, and diplomacy. This shift may benefit geopolitical rivals like China, which is actively working to expand its influence.
Analyst Comments: The decline of American soft power under Trump is not just a short-term political issue but a structural shift with long-term consequences. America's influence has historically relied on a combination of military strength and the appeal of its democratic values. However, Trump's isolationist and often erratic foreign policy decisions—such as weakening NATO, withdrawing from international agreements, and downplaying human rights—have alienated allies and emboldened adversaries. If these trends continue, the U.S. risks losing its leadership role, allowing countries like China to reshape the global order.
FROM THE MEDIA: Nye highlights key examples, such as Trump's withdrawal from multilateral agreements, his dismissal of allies’ concerns, and his lack of commitment to democratic principles. He contrasts this with China's strategic investment in soft power through foreign aid and cultural initiatives. While the U.S. has historically recovered from soft power setbacks, Nye warns that Trump’s second presidency could cause more profound, lasting damage. He also emphasizes that much of America's soft power comes from civil society, universities, and cultural exports, which may counter government policies.
READ THE STORY: FT
What is Soft Power? (Video)
FROM THE MEDIA: The U.S. military carried out an attack against missile launch sites inside Houthi-controlled areas of Yemen after a Houthi attack late Wednesday that damaged a U.S.-owned commercial ship sailing in the Gulf of Aden. The attacks came as the United States redesignated Yemen’s Iranian-backed Houthi rebels as a global terrorist organization following weeks of missile and drone attacks on international shipping in the Red Sea and the Gulf. But as VOA Pentagon correspondent Carla Babb reports, critics remain concerned about Iran’s increasing aggression in the region.
The Demise of U.S.A.I.D. — and American Soft Power (Video)
FROM THE MEDIA: As President Trump demolishes the government’s biggest provider of foreign aid, the United States Agency for International Development, he is ending a 60-year bipartisan consensus about the best way to keep America safe from its enemies.
The selected stories cover a broad array of cyber threats and are intended to aid readers in framing key publicly discussed threats and overall situational awareness. InfoDom Securities does not endorse any third-party claims made in its original material or related links on its sites; the opinions expressed by third parties are theirs alone. For further questions, please contact InfoDom Securities at dominanceinformation@gmail.com.