Two weeks into the second quarter, the 九游下载apk TOP 50* ranking of the world鈥檚 most valuable miners had a combined market capitalization of $1.36 trillion, up $79.7 billion so far in 2025.

The total stock market valuation of the world鈥檚 biggest mining companies remains almost $400 billion below the peak hit in the second quarter of 2022.

This snapshot was taken at the close of trading on 17 April and not at the start of Q2 as usual to avoid some of the market distortions brought on by the chaotic weeks following Trump鈥檚 on-again off-again tariffs.

This flatters the index to some extent as gold stocks rode the coattails of the record setting bullion price and almost all big names regained some ground after the severe sell-off during the first week of April.

Newcomers

The volatile trading saw the greatest number of new entries 鈥� six in all 鈥� in a quarter since 九游下载apk started tracking the Top 50 six years ago. From $6.7 billion at the end of 2024, the lowest ranked entry must now be worth $8 billion.

Mining and metals arguably suffered some of the biggest swings and roundabouts as the economic effects of a trade war and the focus on critical minerals played havoc 鈥� exemplified by the volatility on copper markets.

The bellwether metal hit a record high in the US at the end of March, only to plunge more than 20% over the next week and a half and then make up a big chunk of those losses going into the long weekend.

Amid the hectic trading, copper producers and diversified companies with large base metal portfolios lost a combined $53 billion to April 17 and are now trading $205 billion below their collective peak end-Sep 2024 as the sector鈥檚 ranks thin.

Lundin Mining dropped out of the Top 50 during Q1 following another copper counter, Poland鈥檚 KGHM, which did not make the cut off in Q4 last year. Q1 was a mixed blessing for the Canadian mining empire with the copper producer making way for Lundin Gold, entering the Top 50 for the first time after doubling in value in USD terms to $10.1 billion in Toronto.

Huayou Cobalt鈥檚 inclusion proved to be short-lived while South32 failed to make the cut for the first time since being spun out of BHP a decade ago. The base metals sans copper producer sits at position 51 after being narrowly edged out by Shanjin International Gold, so the stock may well return if (and not necessarily when) profit-taking in gold and gold stocks starts to make sense.

Another notable mover of 2025 is Amman Mineral, the worst performer in the index which lost over $10 billion in value as reality about its piercing run since its debut in Jakarta early 2023 continues to set in. The Indonesian copper-gold company is now worth an eye-catching $20 billion less than its high point at the end of Q2 last year, even after investors ran up the stock more than 20% just in the last week.

Nothing counters gold

While the direction of the copper price over the last few months was almost impossible to judge, gold鈥檚 record breaking run looked inevitable. At $3,420 per ounce gold at the time of writing, the yellow metal has now finally also surpassed its 1980 peak in inflation-adjusted terms.

Unsurprisingly, precious metals counters dominate the best performer list and make up the majority of new entrants. Gold, silver and PGM miners and royalty companies now represent a third of the value of the Top 50. The strength in precious metals has also seen Canada overtake Australia for the first time in terms of the value of miners headquartered there.

At 22% of the index, the 13 Canadian companies collectively are worth a smidgen under $300 billion compared to $275 billion for the now eight Australian firms with the inclusion for the first time of Sydney-based gold stock Evolution Mining. In their current form Melbourne-based BHP and Rio Tinto have been the top two global mining stocks since the turn of the century, together worth $220 billion today.

The 九游下载apk Top 50 tracks stock value in USD terms not share price gains on local exchange and many stocks in the ranking benefitted from strengthening currencies against the USD.

South Africa鈥檚 Harmony Gold tops the gainers after jumping 24 spots to enter the ranking at no 37 following a 117% advance since end-2024. Like Harmony, Goldfields also benefited from the strong rand against the greenback, lifting the Johannesburg-based company鈥檚 shares by 83% year to date.

Russia鈥檚 Polyus, which added $14.4 billion in Q1,聽was only beaten by the top two gold stocks Newmont and Agnico Eagle which added $18.6 billion and $19.9 billion year to date in market cap gains.聽The ruble has strengthened by 20% against the US dollar in 2025 and Norilsk Nickel, thanks to captive investors on the MCX, has maintained its good standing in the Top 50 despite sanctions and trading restrictions. Norilsk is still worth north of $20 billion but still a far cry from its聽peak position as the world鈥檚 number 5 most valuable mining company reached mid-2021.

London-listed Fresnillo returns to the index after years in the wilderness thanks to a 74% surge in value for the Mexican silver and gold miner, majority owned by Mexican industrial group Pe帽oles. Together with Southern Copper, owned by Grupo Mexico, the country now represents nearly 6% of the value of the Top 50.

Gold counters are likely to only increase in number and size over the rest of 2025. Kazatomprom dual-listed in London and Astana in 2018, and Uzbekistan is now readying an IPO for Navoi Mining and Metallurgy Combinat 鈥� the world鈥檚 fourth largest gold mining company and significant uranium producer later this year.

Rare earth representation

China Northern Rare Earth is the only producer of the 17 elements in the ranking and despite the frenzy surrounding the sector as China tightens control. There are no obvious REE candidates that could join the Top 50 in short order.

MP Materials, which operates the Mountain Pass mine in California, has surged by 69% in value year to date but the Las Vegas-based company is still worth only $4.3 billion.

The company鈥檚 valuation peaked above $8 billion in March 2022, but the whole mining industry was riding high at the time and the high price ticket for entry at the time meant it fell just outside the ranking. Australia鈥檚 Lynas Rare Earths have also come close in the past and is up 26% this year for a valuation of $5.3 billion.

Lithium down to a single stock

Lithium鈥檚 representation in the ranking is down from six companies to a single stock 鈥� Chile鈥檚 SQM languishing in position 42 and worth less than $10 billion 鈥� following the exit of China’s Tianqi and US-based Albemarle during the quarter, with the latter dropping by 38% in 2025.

The value destruction caused by the slump in lithium prices has been nothing short of astonishing. Lithium stocks in the index peaked in the second quarter of 2022 with a combined value of nearly $120 billion.

While Albemarle now worth $6.2 billion may well make a comeback (the longer term prospects for lithium demand remains bright), the absorption of Arcadium by Rio Tinto makes it unlikely that the Top 50 will see a rush of lithium stocks any time soon, a rebound of the commodity notwithstanding.

Zangge Mining, which does derive a good proportion of income from lithium, but is mostly a fertilizer producer, is bubbling under at number 53. The Chinese company may not stick around either 鈥� it鈥檚 the subject of takeover overtures by Zijing Mining, which also helps explain the 25% rise in the stock on the Shenzen exchange in USD terms.

Notes:

Source: 九游下载apk, stock exchange data, company reports. Share data from primary-listed exchange at close April 17/18, 2025 close of trading converted to US$ where applicable. Percentage change based on US$ market cap difference, not share price change in local currency.

As with any ranking, criteria for inclusion are contentious. We decided to exclude unlisted and state-owned enterprises at the outset due to a lack of information. That, of course, excludes giants like Chile鈥檚 Codelco, Uzbekistan鈥檚 Navoi Mining (the gold and uranium giant may list later this year), Eurochem, a major potash firm, and a number of entities in China and developing countries around the world.

Another central criterion was the depth of involvement in the industry, and how far upstream is the bulk of its revenue, before an enterprise can rightfully be called a mining company.

For instance, should smelter companies or commodity traders that own minority stakes in mining assets be included, especially if these investments have no operational component or even warrant a seat on the board?

This is a common structure in Asia and excluding these types of companies removed well-known names like Japan鈥檚 Marubeni and Mitsui, Korea Zinc and Chile鈥檚 Copec.

Levels of operational or strategic involvement and size of shareholding were other central considerations. Do streaming and royalty companies that receive metals from mining operations without shareholding qualify or are they just specialized financing vehicles? We included Franco Nevada, Royal Gold and Wheaton Precious Metals on the basis of their deep involvement in the industry.

Vertically integrated concerns like Alcoa and energy companies such as Shenhua Energy or Bayan Resources where power, ports and railways make up a large portion of revenues pose a problem. The revenue mix also tends to change alongside volatile coal prices. Same goes for battery makers like China鈥檚 CATL which is increasingly moving upstream, but where mining will continue to represent a small portion of its valuation.

Another consideration is diversified companies such as Anglo American with separately listed majority-owned subsidiaries. We鈥檝e included Angloplat in the ranking but excluded Kumba Iron Ore in which Anglo has a 70% stake to avoid double counting. Similarly we excluded Hindustan Zinc which is listed separately but majority owned by Vedanta.

With other groups like Mexico鈥檚 Penoles where refining and chemicals make up a substantial part of the business where possible the Top 50 would include separately listed operating subsidiaries that are dedicated to mining. This is also why Southern Copper represents Grupo Mexico in the ranking.

Many steelmakers own and often operate iron ore and other metal mines, but in the interest of balance and diversity we excluded the steel industry, and with that many companies that have substantial mining assets including giants like ArcelorMittal, Magnitogorsk, Ternium, Baosteel and many others.

Head office refers to operational headquarters wherever applicable, for example BHP and Rio Tinto are shown as Melbourne, Australia, but Antofagasta is the exception that proves the rule. We consider the company鈥檚 HQ to be in London, where it has been listed since the late 1800s.

Please let us know of any errors, omissions, deletions or additions to the ranking or suggest a different methodology: email Frik Els at fels@mining.com with Top 50 in the subject line.

US President Donald Trump鈥檚 recent executive orders prioritizing domestic mineral development have created new opportunities, with GreenMet chief executive Drew Horn calling government involvement a crucial catalyst for growth.

In an interview with 九游下载apk host Devan Murugan, Horn emphasized aligning private investments with federal policies to strengthen critical mineral supply chains. As a former lead on critical minerals in the first Trump administration, Horn highlighted midstream processing and metallurgy as key gaps in the US supply chain.

Horn, a strong advocate for US investment in Greenland鈥檚 mineral resources, dismissed sovereignty concerns, stressing local business support for development. He highlighted the immediate opportunities available, with Greenmet actively advancing projects backed by institutional investors.

Horn also discussed GreenMet鈥檚 partnership with Torngat Metals in Canada鈥檚 Strange Lake rare earths project, underscoring the need for US-Canada collaboration to secure North America鈥檚 rare earth supply chains.

The Congolese government first brought up the possible deal two weeks ago, after President Felix Tshisekedi gave an interview to the New York Times stating that the Trump administration has shown interest in its vast wealth of minerals.

One of Africa’s most richly endowed countries, the DRC is world鈥檚 largest producer of cobalt — a critical mineral used in many industrial applications including electric vehicle batteries — accounting for over 70% of global production. It also holds significant reserves of gold, copper, tin, lithium and tantalum.

However, many of the mineral-rich areas in eastern DRC are now under the control of the M23 rebel group, who, according to United Nations experts, has been backed by the neighbouring Rwanda and smuggling Congo’s minerals through the border.

While still in the early stages, any potential minerals deal with the US would likely equip Congo with military reinforcements to put an end to the conflict.

In a letter to US Secretary of State Marco Rubio, Congolese Senator Pierre Kandi Kalambayi has proposed granting American companies mining rights in exchange for US support in training and equipping the Congolese armed forces, the Financial Times .

“There is a desire for us to diversify our partners,” Congolese government spokesman Patrick Muyaya said last week, adding there were “daily exchanges” between Congo and the U.S.

The US also sees this as an opportunity to counter China’s dominance in the African nation’s mining sector.

“The DRC has a significant share of the world’s most important minerals needed for advanced technologies. The United States is open to discussing partnerships in this sector that align with the ‘America First’ program of the Trump administration,’ a State Department spokesperson told FT.

On Sunday, the State Department confirmed to Reuters its interest in the critical minerals deal, noting that Congo holds “a significant share of the world’s critical minerals required for advanced technologies.”

This marks the second time the award has been set aside, prolonging a dispute that has spanned over two decades.

The conflict dates back to the late 1990s when WWM invested in Kazakhstan’s uranium industry, managing and operating one of the country’s largest uranium-processing facilities. The company entered into agreements with the Kazakh government, committing resources to modernize the nation’s uranium processing capabilities. 

Subsequent actions by the Kazakh authorities, including the revocation of necessary licenses and the imposition of bureaucratic hurdles, led to the suspension of WWM’s operations and the eventual confiscation of its assets.

In October 2019, an international arbitration tribunal found Kazakhstan in breach of international law and the Canada-USSR Bilateral Investment Treaty, awarding WWM over $40 million in damages, with total compensation when including legal costs. 

Kazakhstan challenged this decision, and in , the English High Court set aside the quantum findings of the arbitral award, remitting issues concerning causation and the quantification of loss back to the tribunal for reconsideration.聽

World Wide Minerals will now have to submit an appeal to an arbitral tribunal for a third time.聽

“World Wide Minerals strongly disagrees with the High Court鈥檚 ruling and is deeply disappointed that the Court has again interfered with the company鈥檚 decades-long efforts to obtain justice for聽Kazakhstan鈥檚聽proven violation of the relevant investment treaty,” president and CEO Ann Marie Carroll聽said.

The fresh cancellation of the award underscores the complexities foreign investors may encounter in Kazakhstan’s mining sector, particularly within its uranium industry. 

Earlier this week, Ukraine’s Deputy Prime Minister Olha Stefanishyna said that the minerals deal is close, and a new draft has been almost agreed for both country’s leaders to sign off on. Ukraine鈥檚 parliament is expected to recommend on Wednesday that President Volodymyr Zelenskiy sign the deal.

Sources later confirmed to Reuters that Zelenskiy is due in Washington on Friday make the deal official.

Both sides have been locked in negotiations since Ukraine rejected the initial offer presented by the US earlier this month. President Zelenskiy has repeatedly stated that guaranteed US military support must be part of any deal. A breakthrough was made this past weekend when the US reduced its demand of $500 billion worth of critical mineral resources as repayment for military aid.

痴补谤颈辞耻蝉听聽have suggested that Ukraine has upwards of $10 trillion in mineral deposits, including those containing rare earth elements that are essential to defense and other high-tech industries. However, these deposits have yet to be internationally recognized as economically viable. Ukrainian data shows that the country has deposits of 22 of the 34 minerals identified by the EU as critical.

While details of the agreement are undisclosed, and it is expected that the parties will jointly develop these minerals on a 50/50 basis.

On the US side, a deal represents a way for President Donald Trump to encourage buy-in from his supporters for continued backing for Ukraine, which relies on US and European allies for weapons and ammunition.

Justin Logan, director of defense and foreign policy studies at the Cato institute, told Bloomberg that the deal was about Trump being able to 鈥渄omestically market a political win,鈥� and for Zelenskiy about deescalating tensions with the US.

鈥淲e鈥檙e going to take a look and if there鈥檚 27 tons of gold, we鈥檒l be very happy,鈥� Trump told the audience. 鈥淚 don鈥檛 know how the [expletive] we鈥檙e going to measure it, but that鈥檚 okay. We want to see lots of nice, beautiful, shiny gold in Fort Knox.鈥�

Given the pivotal role gold plays in both historical and modern financial systems, proving that Fort Knox holds the expected 147.3 million ounces (worth about $428 billion at today’s prices) is essential. The implications of a shortfall could be profound, triggering market instability, devaluing the US dollar, and causing gold prices to skyrocket.

Market confidence and stability

The perception that Fort Knox houses one of the largest gold reserves in the world helps underpin confidence in the US financial system. If a full audit were to reveal that the reserves are lower than reported, it could send shockwaves through global markets, prompting a selloff of US assets and creating a ripple effect across international markets.

The last full audit of the depository was in 1953. In 1974, journalists and Congress members took a brief tour, often mistaken for an inspection. Since then, only routine vault seal checks have occurred, with access limited to Treasury officials like Steve Mnuchin in 2017.

Impact on the US dollar

Although the US dollar is no longer backed by gold, the presence of a substantial gold reserve provides an implicit assurance of stability. If Fort Knox were found to contain less gold than expected, confidence in the dollar could erode, leading to depreciation. This decline would make US imports more expensive, contributing to inflation, while making exports more competitive. 

While some policymakers, such as Trump鈥檚 nominee for the Council of Economic Advisers, Stephen Miran, have suggested that selling US gold reserves could weaken the dollar intentionally to promote trade advantages, an uncontrolled drop in confidence would be a far riskier outcome.

Gold prices and central banks

Doubts about US reserves could fuel increased demand from investors and central banks, potentially sending prices soaring.

Emerging markets, which have been stockpiling gold in recent years, would likely accelerate their acquisitions, exacerbating price spikes. Higher gold prices could benefit existing gold holders, but might also make the metal less accessible for those seeking to hedge against economic uncertainty.

Geopolitics

Another effect of finding less gold than expected would be the weakening of the US global standing and bargaining power. Countries such as China and Russia, which have been actively increasing their gold reserves, might capitalize on the situation to promote alternative financial systems less reliant on US influence.

Need for transparency

The lack of a comprehensive audit since 1953, combined with restricted access to the facility, has fuelled decades of conspiracy theories. Some believe the gold remains untouched in vaults, while others suspect secret sales or fake bars.

High-profile figures like Elon Musk and Senator Rand Paul have amplified calls for transparency, arguing that the American public deserves proof that their national assets remain intact.

A full, independent audit 鈥� potentially even a live-streamed verification 鈥� would dispel doubts and reinforce trust in US financial institutions.

Under the agreement, Calibre shareholders will receive 0.31 of an Equinox share for each Calibre share. Equinox鈥檚 stock fell 3% to $6.6 on Monday morning in New York, giving the company a market capitalization of $3 billion. Calibre shares were down 7% in Toronto at C$2.8 ($1.9), giving the company a market cap of C$2.5 billion ($1.7 billion).

The implied market capitalization of the combined company is estimated at $5.4 billion, the two miners said in the statement.

Canada鈥檚 second-largest gold producer

The deal, expected to close by the second quarter of this year, will create a company with nine producing mines, one mine under construction, and five projects across five countries.

Equinox produced a record 621,870 oz. of gold in 2024 from seven operating mines in Canada, the US, Mexico and Brazil.

The company’s Greenstone mine in Ontario achieved commercial production in November 2024 and is expected to become one of Canada鈥檚 largest and highest-grade open-pit gold mines. At full production, it is projected to produce an average of 390,000 oz. per year for the first five years and 330,000 oz. annually over an initial 15-year mine life.

Equinox will now add Calibre’s Valentine gold mine in Newfoundland & Labrador. The mine is nearing construction completion, with first gold production targeted for mid-2025.

Calibre also has assets in Nicaragua and Nevada.

According to the two companies, the new Equinox Gold has the potential to produce more than 1.2 million oz. of gold annually with Greenstone and Valentine at full capacity, making it the second-largest gold producer in Canada behind Agnico Eagle, and a top 15 gold producer globally.

The proposed acquisition follows a series of major deals in the gold sector over the past year, including Gold Fields鈥� purchase of Osisko Mining and AngloGold Ashanti鈥檚 acquisition of Centamin.

Management of the combined company will include executives from both Equinox and Calibre. Greg Smith, Equinox鈥檚 current president and chief executive officer, will serve as its CEO, while Calibre CEO Darren Hall joins as its new president and chief operating officer.

The board of directors will consist of 10 members, with Ross Beaty serving as chair. Five additional directors will come from Equinox including Smith.

“The combination of Equinox and Calibre brings together two new Canadian cornerstone gold mines鈥擥reenstone and Valentine 鈥� a portfolio of operating gold mines in the Americas, and two excellent operating teams to create a gold mining powerhouse,” Beaty said in a statement.

The company will continue to operate under the Equinox Gold name and remain headquartered in Vancouver, Canada.

The figure represents a 10:1 increase in rare earth concentrate, the company said. It highlighted that 93.5% of non-rare earth material can be removed during early-stage processing. This means that only 6.5% of the mined ore will require further refining, which reduces processing costs.

鈥淭hese results confirm exactly what we anticipated 鈥� Halleck Creek ore can be efficiently upgraded using simple, low-cost conventional processing methods,鈥� chief executive Chris Gibbs said in a news release. 鈥淲ith these results in hand, we will issue an updated scoping study shortly, incorporating the resource increase announced earlier this month.鈥�

The critical mineral-focused company noted that is advancing metallurgical test work to optimize processing efficiency and conducting hydrometallurgical testing to refine the flowsheet. 

The Halleck Creek project鈥檚 resource contains 2.63 billion tonnes at 3,292 parts per million total TREO and 7.48 million tonnes of contained TREO, including neodymium and praseodymium oxides.

Shares in American Rare Earths fell 4.7% on Thursday, closing at 31 Australian cents. This left the miner with a market capitalization of A$151.7 million ($97m).

IGO posted on Thursday a net loss after tax of A$782 million ($498.5 million) for the December 2024 half, which included its share of net loss of A$602.2 million from its partner in the Kwinana refinery, Tianqi Lithium Energy Australia (TLEA).

Kwinana, south of Perth, is owned by TLEA, which is 51% owned by China鈥檚 Tianqi Lithium (SHE: 002466) and 49% by IGO.

The TLEA loss included an impairment of A$524.6 million against the Kwinana assets.

The half-year loss also included an impairment charge of A$115 million against the IGO鈥檚 exploration assets as part of a review announced during its September strategy day. The group鈥檚 underlying net loss for the December half was A$85 million. 聽

In January, the TLEA joint venture announced it would suspend the construction of the second train of the Kwinana plant, triggering an impairment charge for IGO.

IGO did not declare a dividend. It had cash of A$247 million at the end of December with A$720 million of undrawn debt.

Speaking on a conference call, IGO CEO Ivan Vella described the loss as disappointing but said the company wasn鈥檛 shying away from the results.

鈥淚 guess I take some comfort that we鈥檙e getting under the covers of this business and making some tough decisions in a thoughtful way, in a calm way,鈥� he said.

Vella joined IGO from Rio Tinto (LSE/ASX: RIO) in December 2023, ahead of a 鈥渢ough year鈥� for IGO in which it suspended its Cosmos nickel development and put its Forrestania nickel operations on care and maintenance.

鈥淭here鈥檚 a lot of things I didn鈥檛 expect at the outset when I joined,鈥� he said.

Kwinana future uncertain

Tianqi first broke ground on Kwinana in 2016 and sold part of its stake in the refinery and the Greenbushes lithium mine in Western Australia to IGO in 2021.

Train 1 produced its first battery grade hydroxide in 2021 but has struggled to ramp up since then.

Kwinana Train 1 produced 3,095 tonnes of lithium hydroxide in the December half, up 153% year-on-year, while conversion costs dropped 40% to A$27,136 per tonne.

Revenue was A$32.2 million, while the facility posted an earnings before tax, depreciation and amortization (EBITDA) loss of A$161.1 million.

鈥淭he future of the Kwinana lithium hydroxide refinery remains uncertain, with closure and a complete write-down a potential outcome should production rates not improve,鈥� Hayden Bairstow, head of research at investment bank Argonaut said.

Guidance for Kwinana for the current half is 7,000-8,000t of hydroxide, which factors in an unplanned shutdown during January and February, at conversion costs of A$22,000-25,000/t.

Vella said IGO would continue discussions with Tianqi around Train 1.

鈥淲hat I like to see in any asset that I’ve ever worked with is clear understanding of the current status of the asset and the performance of the asset,鈥� he said.

鈥淲e know that this has been a challenged ramp-up, so the more clarity I can see with which we look through all of the problems, all of the things that need to be fixed or changed or amended, based on what we know, and we’ve had, obviously, a lot of time now to learn those things. 

鈥淎nd then it’s about saying, okay, with that clarity, what sort of investments required to close the gap, and what sort of performance do we think can be delivered from that? And of course, that’s where it gets a bit more challenging.鈥�

Vella said there were also market and geopolitical factors to consider, including a recent move by China to restrict the export of certain lithium technologies and expertise, but said IGO would need to see a pathway to profitability.

鈥淲e’ve got to get a return from every dollar that we invest and that’s the default position that we’re chasing,鈥� he said.

Greenbushes the shining light

The Greenbushes lithium mine, in which IGO holds a 24.9% stake, recorded EBITDA of A$591.7 million, down from close to A$3.2 billion a year earlier.

Vella said the operation continued to generate strong margins even at weak lithium prices.

Half-year production at Greenbushes was 798,000t of spodumene at unit costs of A$300/t.

Full-year production is expected to be at the upper end of guidance of 1.35-1.55 million tonnes of spodumene, while cash costs are likely to be at the lower end of guidance of A$320-380/t.

鈥淕reenbushes, which accounts for over 85% of our valuation, and our positive outlook for spodumene prices is the key driver behind our positive view on IGO,鈥� Bairstow said.

Argonaut maintained a buy rating for the company and a price target of A$6.70.

IGO shares opened more than 5% lower on Thursday, touching a four and a half year-low of A$4.30 during early trade. The stock recovered through the day and closed 0.4% lower at A$4.62.

The company said the test is part of an 18-month feasibility program designed to process a 2,000-tonne sample of deep-seafloor polymetallic nodules at its partner PAMCO鈥檚 facility in Hachinohe.

After the commercial-scale production of calcine in September 2024, PAMCO operators conducted a 14-day continuous smelting campaign in January and February. They fed approximately 450 tonnes of calcine into an electric-arc furnace, producing high-grade nickel-copper-cobalt alloy and manganese silicate.

鈥淪uccessfully converting nodules into high-grade nickel-copper-cobalt alloy and manganese silicate at PAMCO鈥檚 existing facility is a major milestone, eliminating the need to build new infrastructure from scratch,鈥� TMC鈥檚 head of onshore development Jeffrey Donald said in a news release.

In November 2023, TMC signed a memorandum of understanding with PAMCO to complete a feasibility study for processing 1.3 million tonnes of wet polymetallic nodules per year into high-grade alloy and manganese silicate, key feedstock for energy infrastructure and steel production.

Trump administration support expected

TMC shares have trended higher since the beginning of the year amid growing anticipation of support for deep-sea mining under the Trump administration.

In December, the House of Representatives passed its annual defense funding bill, which included a provision directing the Secretary of Defense to conduct a feasibility study on processing deep-sea minerals within the US.

Members of the Trump administration, including Secretary of State Marco Rubio, have previously expressed support for ocean mining.

鈥淚f the US is to get involved in deep-sea mining, the political stars are more aligned than ever,鈥� said Duncan Wood, president and CEO of the California-based think tank Pacific Council, in an interview with .

The ocean floor is believed to hold vast reserves of metals such as nickel, manganese, and cobalt, with an estimated value ranging from $8 trillion to over $16 trillion. However, scientists caution that much remains unknown about the deep ocean and warn of potential environmental impacts on ecosystems already under threat from pollution, trawling and climate change.

TMC, in partnership with the Republic of Nauru, plans to submit its first application to mine the seafloor on June 27, ahead of the International Seabed Authority鈥檚 second meeting in July.

The United Nations body responsible for regulating deep-sea mining is scheduled to meet in March to discuss rules and regulations for seabed mining.

According to Bristow, moving south could result in a more efficient marketplace and attract a broader base of investors.

The relocation could also position Barrick for inclusion in the S&P 500 index, which would trigger automatic purchases from numerous mutual funds and exchange-traded funds that track the index.

Currently, Colorado-based Newmont Corp. is the only gold mining company in the S&P 500.

Presence in US and Canada

The Nevada Gold Mines joint venture 鈥� 61.5% owned by Barrick and 38.5% by Newmont (TSX: NGT; NYSE, ASX: NEM) 鈥� is the company鈥檚 largest operation, and the world鈥檚 biggest gold-producing complex. It is expected to produce between 1.54 and 1.7 million oz. of attributable gold this year, accounting for nearly half of Barrick鈥檚 total output.

Barrick is also developing the Goldrush project in Nevada, which is anticipated to produce over 400,000 oz. per year by 2028. In addition, the company owns the Fourmile gold project in the state.

In Canada, Barrick runs the Hemlo mine in Ontario, which has produced more than 21 million oz. of gold and has been in continuous operation for over 30 years. The mine鈥檚 2025 attributable production forecast is between 140,000 and 160,000 oz.

Bristow told The Globe and Mail that a second Trump administration could facilitate the move to the United States under its “America First” agenda.

Relocating to the US is a “complex, costly, and time-consuming process” due to intricate tax regulations. One faster alternative would be acquiring a major US company, but according to Bristow, there are currently few attractive acquisition targets.

Since taking over as Barrick鈥檚 CEO, Bristow has significantly reduced headcount at its Toronto headquarters, cutting staff from 130 to 65. The company also shifted its corporate domicile to British Columbia.

Currently, Bristow resides in Mauritius. Meanwhile, Barrick chairman John Thornton, who joined the company in 2012, lives in Palm Beach, Florida.

China鈥檚 CMOC Group, the world鈥檚 largest cobalt miner, set a new production record last year and plans to maintain similar output levels through 2025, driven by ramped-up operations at two African mines.

The company recently provided a 2025 output guidance of 100,000-120,000 tonnes on its WeChat account, after producing 114,165 tonnes in 2024. Notably, CMOC surpassed its 2024 full-year production forecast within the first nine months of the year.

As of January 23, 2025, spot cobalt was trading at $11.02 per pound.

Cobalt is often extracted as a byproduct from digging up copper, which CMOC is bullish on over the longer term. For the red metal, the company is targeting production of between 600,000-660,000 tonnes in 2025, compared with 650,000 tonnes last year.

(With files from Bloomberg)

The JV temporarily suspended production activities at Block No. 1 of the Inkai deposit on January 1 due to the absence of required approvals from state authorities. The delay was caused by the late submission of the necessary documentation.

The in-situ recovery project, in which Cameco holds a 40% stake and Kazatomprom 60%, is the largest uranium operation in the Central Asian country.

According to Kazatomprom, JV Inkai LLP has resolved the approval issue and resumed mining operations. The potential impact of the suspension on Inkai鈥檚 2025 production plans is currently being assessed.

“Kazatomprom remains fully committed to fulfilling contractual obligations to all existing customers and maintains sufficient inventory levels to comfortably manage deliveries throughout 2025,” the company stated.

Kazatomprom said it does not anticipate any significant impact on its production forecast of 65鈥�68.9 million tonnes of uranium oxide (U3O8), according to a previous note from BMO at the time of the suspension.

Inkai鈥檚 output is forecasted to total 9.3 million pounds this year, representing 14% of Kazakhstan鈥檚 production and 16% of Cameco鈥檚, according to BMO estimates.

Cameco鈥檚 shares fell 12% to $49.25 apiece on Monday morning in New York, for a market capitalization of $21.4 billion.

Shares in Kazatomprom fell 1.7% to $37.20 apiece in London, giving it a market cap of $10.2 billion.

The company and its Canadian partner Trilogy Metals (TSX, NYSE: TMQ) hold development rights and would benefit if plans for a controversial industrial road to the area gain approval.

The 211-mile (340-km) road, which would enable mining operations in the region, was blocked in June by Interior Department due to environmental concerns. The two-lane, all-season gravel road would run through the Brooks Range foothills and the Gates of the Arctic National Park and Preserve, crossing 11 rivers and thousands of streams before it reached the site of a future mine.

The Biden administration’s decision protected 28 million hectares of federal land from mineral development. Proposals to revisit and expedite the project have since surfaced in documents associated with , a conservative policy blueprint for a second Trump term.聽

While Trump distanced himself from the document during his campaign, mining stakeholders such as South32 are hopeful that the road鈥檚 approval could be back on the table.

鈥楪ame changer鈥� asset

Ambler Metals, formed in 2019 by South32 and Trilogy Metals have exploration rights over the Upper Kobuk Mineral Projects (UKMP).

The assets, consisting of the Arctic and earlier-stage Bornite copper projects, have a combined resource of 8 billion pounds of copper, 3 billion pounds of zinc and 1 million ounces of gold equivalent.

The proposed mine is expected to produce more than 159 million pounds of copper, 199 million pounds of zinc, 33 million pounds of lead, 30,600 ounces of gold and 3.3 million ounces of silver over a 12-year mine life.

South32 chief executive, Graham Kerr, underscored the strategic importance of the Ambler Mining District.

鈥淚t鈥檚 a long-term play, but in a couple of years, we鈥檒l know the size of the resource,鈥� Kerr said in an interview . He noted that the geology of the region suggested clusters of significant copper deposits, making further exploration highly promising.

Ambler Metals has already identified a high-grade copper deposit but faces challenges due to the area鈥檚 narrow seasonal window for exploration. Despite these constraints, Kerr believes that discovering another major deposit could be a 鈥済ame-changer鈥� for the company and its partners.

The stakes are high as demand for copper is expected to surge in the coming years, driven by its critical role in the energy transition and renewable technologies.

BHP (ASX, NYSE: BHP), the world’s largest miner, expects that global copper consumption will increase by an additional 1 million tonnes annually, on average, until 2035.聽The Union Bank of Switzerland (UBS) backs this projection, forecasting that copper supplies will fall in the coming six to 12 months, which could lead to a deficit of more than 200,000 tonnes in 2025.

Major new copper discoveries are increasingly rare, and the Ambler region鈥檚 untapped resources have attracted significant interest. Shares in Trilogy Metals surged nearly 100% following Trump鈥檚 recent electoral victory, reflecting market optimism about the potential policy shift.

Long-term opportunity

Environmentalists and Indigenous groups have long opposed the road project, citing potential damage to ecosystems and traditional lands. The Biden administration鈥檚 decision to block the road was seen as a victory for conservation efforts. Reopening the debate under the Trump administration could ignite fresh conflicts between economic interests and environmental protections.

The path forward remains uncertain. Approval of the industrial road would be crucial to unlocking the district鈥檚 full potential and boosting copper production in an era of high demand. 

As Kerr noted, the opportunity is a long-term one, but the rewards could reshape the copper mining landscape if realized.

(With files from Bloomberg)

For Orla, which currently operates the Camino Rojo mine in Mexico, acquiring Musselwhite will elevate it聽from a single-asset producer to a multi-asset miner.

Orla Mining CEO Jason Simpson told聽MINING.com host Devan Murugan that reactions to the acquisition 鈥� from shareholders to employees at the mine 鈥� have been unanimously聽positive.

鈥淲e have a lot of work to do, and we look forward to working with all stakeholders to create value for everybody,鈥� Simpson said. 聽“Our understanding of the asset and the important relationships is longstanding.”

Watch the full interview:

With the move, the Canadian miner has returned to its 70% stake in the project. The transaction was finalized on November 30.

In December 2022, Iamgold and Sumitomo amended their C么t茅 Gold joint venture agreement, which resulted in Sumitomo acquiring a 9.7% interest.

As part of the agreement, Iamgold retained a right of repurchase, which it has now exercised, completing the repurchase of Sumitomo’s shares for $377 million. This amount includes a $23.7 million fee for the repurchase option, which had accrued during 2023.

C么t茅 will be Canada’s third-largest gold operation once at full capacity. In the first six years of production, its expected annual gold output is set at 495,000 oz. Over the life of the mine, production will average 365,000 oz. per year.

Located 125 km southwest of Timmins, Ontario,聽C么t茅 produced its first dor茅 bar聽in April, then achieving commercial production聽in August.

Total gold production from C么t茅 Gold this year is expected to be 220,000-290,000 oz.

“In the near term, C么t茅 remains on track for exiting this year at 90% of nameplate throughput, positioning the project well to achieve full run rate next year,” Iamgold CEO Renaud Adams said in a news release.

In addition to C么t茅, Iamgold operates two other mines 鈥� Essakane in Burkina Faso and Westwood in Quebec, Canada.

Shares of Iamgold fell 0.7% to C$7.66 apiece on Monday morning in Toronto, for a market capitalization of C$4.2 billion ($3bn).

The Canadian businessman has had a legendary career, beginning with his founding of Goldcorp, which was acquired by Newmont in a $10 billion deal, to being a key figure behind McEwen Mining, a company with half a billion (USD) in market capitalization.

Now a Canadian Mining Hall of Famer, McEwen has set his sights on developing the world’s biggest green copper mines that are environmentally sustainable and also serve as destination-worthy sites. A key part of this vision is the creation of McEwen Copper for the development of the Los Azules project in Argentina, a 27-year mine in the making.

This week, McEwen sat down with CEO.ca to discuss his decades-long journey, detailing dramatic stories developed along the way, both within the boardrooms and at mine sites, as well as his approach to revolutionizing the mining industry.

Watch the full interview:

In a conversation with 九游下载apk’s host Devan Murugan, Gialich said that AstroForge’s unique positioning in space will enable the company to achieve profit margins superior to traditional, earth-based mining, largely due to the abundance and purity of space resources.

Gialich also emphasizes that this mission isn鈥檛 just about profit 鈥� it鈥檚 also a response to pressing environmental concerns. On Earth, mining for precious metals is one of the most polluting industrial processes, consuming enormous energy and generating significant waste, Gialich says. AstroForge aims beyond Earth鈥檚 ecosystem, reducing environmental harm while meeting humanity鈥檚 growing demand for critical materials, essential in technology and manufacturing.

The company鈥檚 venture, if successful, could revolutionize resource acquisition by creating a sustainable supply chain that reduces reliance on Earth鈥檚 finite resources. Through this approach, Gialich and AstroForge hope to demonstrate the viability of space-based mining, ultimately making it possible to support human life on Earth without compromising the planet’s ecological balance.

Watch the full interview:

With grades 25 times higher than Coeur’s existing silver sites and costs 35% lower, Las Chispas is expected to significantly boost Coeur鈥檚 profitability and production capacity CEO Mitchell J. Krebs told 九游下载apk’s host Devan Murugan.

The addition of Las Chipas also elevates the company to one of North America’s top silver producers with an annual output of 21 million ounces of silver and 432,000 ounces of gold, Krebs said.

Krebs hailed Las Chispas as a 鈥渕oney-making asset at almost any silver price,鈥� adding that it supports the company鈥檚 focus on high-grade, cost-efficient mining. 

Mines such as Las Chispas can play a critical role in sustainable silver supply chains, he noted, as higher-grade deposits often require less energy and water for extraction, potentially lowering the environmental impact of mining.

This acquisition strengthens Coeur’s five-mine portfolio across North America, which now includes three leading silver producing mines: Nevada鈥檚 Rochester, Chihuahua鈥檚 Palmarejo, and Sonora鈥檚 Las Chispas. 

Watch the full interview:

Nations Royalty Corp. (CVE: NRC) is 77% Indigenous owned and its unique approach has attracted the backing renowned mining entrepreneur Frank Guistra.

The company enables Indigenous groups to keep ownership of royalty assets while receiving early economic benefits from mining projects on their land.

Royalties are not negotiated directly with mining companies, but through partnership with First Nations and Indigenous groups that have existing royalties. 

Nations Royalty chief investment officer Derrick Pattenden says the sharing of royalties between Indigenous groups has benefits beyond increased diversification.

Watch the full interview with MINING.com鈥檚 Devan Murugan:

• Stockpiling. The  supported and the  supports increased mineral stockpiling. According to the Department of Defense, the National Defense Stockpile (NDS), as of March 2023, only had inventories to cover of the US military鈥檚 and essential civilian demand鈥檚 estimated material shortfalls in a hypothetical one-year conflict with China, followed by a three-year recovery. The president could tap the for mineral stockpiling, as well as the (DPA) fund. The Eisenhower Administration DPA funds for mineral stockpiling during the Cold War, and the president still has this authority (50 USC 搂4533). Importantly, the next administration鈥檚 Department of Defense should stockpiling minerals extracted and processed in the United States.

• Subsidies. The Trump Administration and the Harris campaign subsidies for critical mineral projects. The Trump Administration聽聽critical mineral processing projects eligible for direct loans under the Advanced Technology Vehicle Manufacturing (ATVM) program, and the Biden-Harris Administration has聽聽to such projects. The next administration鈥檚 Department of Energy could also deem mining projects eligible under the ATVM program by issuing a draft rule that adds 鈥渕ining鈥� to 10 CFR 611.2 鈥溾�� (3). To specifically lower costs for US mineral processing facilities, the next administration鈥檚 Internal Revenue Service could propose new regulations extending the production costs covered by the to feedstock acquisition, as has been urged by and .

• Procurement. Both the and administrations support increased domestic content requirements for government procurement. Under the authority of , the next administration鈥檚 Federal Acquisition Regulatory Council could issue a draft rule that adds a new part to the Federal Acquisition Regulations, requiring that acquisitions of specified clean energy technologies contain a certain threshold percentage of minerals extracted in the United States. For example, the draft rule could ultimately require that the 鈥攖he federal government鈥檚 main source for procuring non-tactical vehicles鈥攐nly acquire electric vehicles with batteries containing a high percentage of chemicals derived from US-extracted minerals. The next administration鈥檚 US Postal Service adopt a similar content requirement in its for electric vehicle acquisitions.

• Tariffs. Trump has pledged   increases, while the Biden-Harris Administration  tariffs on  imported from China. Domestic mineral projects like 鈥檚 Hermosa manganese-zinc project support such trade protections to reduce US reliance on foreign minerals. The next president could () impose tariffs on any mineral imports immediately under the  (IEEPA). The only prerequisite is a national emergency declaration, like the critical minerals . If concerned about the legality of levying tariffs under IEEPA, the president could also direct the secretary of commerce to open a  into mineral imports, although the tariff imposition would likely take several months to occur.

• Permitting. Both  and  support expedited permitting for building major projects. Previously, most US mining projects  Clean Water Act section 404 permits鈥攚hich  the National Environmental Policy Act鈥攂ut the Supreme Court鈥檚  in Sackett v. Environmental Protection Agency (2023)  the areas requiring these permits, possibly lowering the permitting requirements for many mine projects. Determining whether a project requires a section 404 permit, however, can take  based on the district. To expedite this process, the next administration鈥檚 US Army Corps of Engineers could issue a regulatory guidance letter directing district engineers to prioritize the review of approved jurisdictional determinations for sites of potential mining projects.

In short, the next president鈥檚 administration has significant unilateral authority to support US mining of critical minerals.聽First, it could increase mineral stockpiling by tapping both the NDS Transaction Fund and DPA fund for mineral acquisitions.

The next administration could also expand existing subsidies鈥攍ike the ATVM direct loan program鈥攖o mining projects. For government acquisitions of clean energy technologies, it could set content requirements for US-extracted minerals.

The next administration could, additionally, impose tariffs on mineral imports of their choosing by issuing a national emergency declaration concerning mineral imports under IEEPA.

Lastly, it could expedite permitting by prioritizing jurisdictional determinations for sites of potential mining projects. On January 20, 2025, the next US president could鈥攁nd should鈥攖ake these actions to bolster US mining of critical minerals.

** Gregory Wischer is the founder of Dei Gratia Minerals, a critical minerals consulting firm.

With the clean energy transition well underway and demand for critical minerals skyrocketing, mining companies are facing an astounding $1 trillion funding gap as tough financing and economic conditions make it more difficult to deliver the metals needed. 

EY published a recent report on the top risks and opportunities for the mining industry 鈥� topping the list: access to capital. Last year access to capital came in number 2 in EY鈥檚 report, after environmental social and governance (ESG).  

鈥淩aising capital for new mines and raising capital to expand existing mines in a brownfield environment, or even access to capital to streamline portfolios, has become front and center for mining executives,鈥� Theo Yameogo, EY鈥檚 Mining and metals Leader for the Americas and Canada, said in an interview.  

Yameogo pointed out that to help address this gap, pension funds need to become bigger players in the mining sector, because there will be no energy transition without metals and minerals.  

Watch the full interview with MINING.com鈥檚 Devan Murugan:  

EarthLabs Expeditions is an ‘off-the-beaten-path’ epic journey into the unknown, where the adventure is unscripted, discovery has no limits, and the truth is raw, real, and riveting. 

The latest episode visits (TSXV: WRLG) (OTCQB: WRLGF), offering an unfiltered and behind-the-scenes look at their modern take on an historic gold project and how it fits into the broader world of mineral exploration and mining.聽

West Red Lake Gold recently acquired the Madsen Mine and several other known and prospective resources in the prolific Red Lake Gold District of Ontario, Canada. 

The district is renowned for its rich gold deposits, having produced over 30 million ounces of high-grade gold. Backed by a seasoned management team and strategic investors including Frank Giustra, the company is pushing to restart the Madsen mine on solid footing while also exploring new targets with new potential.  

Join host Jonathan Brazeau on a tour to learn about the work underway to accurately define the resource and structure of the deposit, improve and optimize the existing infrastructure, and restart the historic mine.  

Watch the full video:

The episode linked is a paid advertisement for West Red Lake Gold to enhance public awareness of West Red Lake Gold, its products, its industry and as a potential investment opportunity.

According to , demand for steel is not expanding fast enough in the country, which has turn to imports, especially from China.

Luxembourg-based ArcelorMittal, controlled by Indian billionaire Lakshmi Mittal, was is the midst of expanding the facilities at Monlevade, Brazil.

鈥淎s with any project of this size, the company is monitoring the macroeconomic scenario and the steel industry in the country, which has been impacted by increased imports, and the growth in demand for steel has been lower than expected,鈥� ArcelorMittal said in the statement .

In the January-May period, Brazil’s steel industry experienced the impact of high import levels, which increased a further 26.4% from the same period in 2023 to 2.31 million tonnes, data from the Brazilian Steel Institute, (IABr), shows.

Crude steel production increased by 0.6% year-on-year in the five-month period to 13.56 million tonnes, while domestic sales grew 1.9% to 8.32 million tonnes.

Earlier this year, the Brazilian government introduced import quotas and hiked import taxes to 25% on 11 rolled steel products categories to protect the local industry.

The flow-through model, which no other country has, allows resource companies to renounce tax expenses associated with exploration activities in Canada to investors, who can deduct the expenses in calculating their own taxable income. 

This year, Canada implemented changes to the Alternative Minimum Tax (AMT) rules, and the increase in the Capital Gains Inclusion rate which created uncertainty in the market.  

PearTree Financial founder and CEO Ron Bernbaum evaluates how Ottawa鈥檚 new tax rules are impacting the mining sector, and the outlook for critical mineral exploration, which plays a key role in the green energy transition. 

Watch the full interview with MINING.com鈥檚 Devan Murugan:  

Joint venture videos are paid-for content in arrangement with 九游下载apk.

The reopening of activities happened on Sep. 5 and it follows the province鈥檚 authorization to restart operations at a portion of the mine, located 20 kilometres south of Tumbler Ridge. 

“We were very excited to receive it,” chief executive Brian Sullivan . “We’re going to spend upwards of $500 million bringing it back into production. It will have a permanent workforce of more than 400 permanent good paying jobs.鈥�

Conuma, which now operates four mines in the province 鈥� Brule, Wolverine, Willow Creek, and Quintette 鈥� acquired the latter in 2022 from Teck Resources for $120 million.聽

In June, the company was fined for over 400 environmental protection violations at its Brule mine site, committed between 2020 and 2023. These infractions included failing to monitor mine waste discharge into fish-bearing waters and neglecting to limit airborne particulate emissions.

To view a copy of the newsletter, 

Keep us up to date on your company鈥檚 latest appointments and achievements by emailing us at editor@canadianminingjournal.com or .

Sheinbaum secured the most ballots on Sunday in the nation鈥檚 200-year democratic history, as much as 61% of the vote, according to a sample count by the country鈥檚 electoral authority. The tally also predicts her coalition of parties will secure two-thirds of both houses of Congress, allowing it to change the constitution without the opposition鈥檚 consent.

鈥淭he country鈥檚 security situation and rising fiscal deficit, coupled with the strengthening of the Mexican peso, will represent critical challenges for her presidency,鈥� Colin Hamilton, BMO Capital Markets director of commodities research, wrote in a note on Monday.

鈥淔rom a mining sector perspective it is unclear whether this will mean any lifting of restrictions, such as the de facto ban on new open pit mines, though we would see this as only a possibility rather than a probability in the near term.鈥�

Sheinbaum, a former mayor of Mexico City who has cited L贸pez Obrador as her mentor, campaigned on a platform of affordability and promises to tackle corruption. The election saw the murders of 37 candidates as drug cartels seek to control political outcomes.

Pros and cons

To her benefit, the president-elect with a doctorate in environmental engineering, exercised a technocratic approach to crime as mayor and enlisted the business community. But she faces challenges such as low investment from foreign companies new to Mexico, gangs smuggling drugs and migrants into the United States and the erosion of democratic institutions that may target judges next, according to The Economist magazine.

鈥淪heinbaum鈥檚 to-do list is clear: tackle disorder, boost trade and investment and strengthen democracy,鈥� the London-based publication wrote on Monday. 鈥淵et is she really up to the task? One fear is that despite her technocratic credentials and style she is a captive of Mr L贸pez Obrador鈥檚 agenda.鈥�

The campaign saw Sheinbaum speak more about policy continuity and protecting L贸pez Obrador鈥檚 legacy than about her own proposals, the magazine noted. Her predecessor governed by whim and bombast, it said.

Peso falls

Mexico鈥檚 peso fell against the dollar after the initial election result as investors raised concerns about the ruling Morena party winning unchecked power in Congress.

The currency dropped about 4% against the Canadian dollar, to trade at the weakest level since November. One bought 12.88 pesos on Monday compared with 12.39 pesos on Saturday.

An  in The Wall St. Journal on Sunday said Sheinbaum鈥檚 government may seek to directly elect Supreme Court justices, end proportional representation for congressional seats, and eliminate the Federal Economic Competition Commission and the National Institute for Transparency, Access to Information, and Protection of Personal Information.

鈥淭he reforms would be bad for Mexico, although in the short run things might not change much,鈥� Mary Anastasia O鈥橤rady wrote. 鈥淭he frog would boil slowly.鈥�

Quentin Yarie, the CEO from July 2015 before stepping down on Feb. 21 this year in an unrelated move, according to the company, oversaw a data collection process where he was the sole recipient of emailed assay results from Activation Labs. Red Pine alleges Yarie changed 532 assays out of 98,000 before forwarding them to staff for use in project modelling its 2019 resource update and marketing.

鈥淟ook, in the end, it could have been a lot worse in terms of timing and the impact,鈥� incoming CEO Michael Michaud said on a conference call on Wednesday. 鈥淲e still believe in the potential of the asset. This is the reason why I joined Red Pine, this is reason why I鈥檓 here today and am looking forward to becoming the CEO.鈥�

The scandal for the junior, which lost 60% of its share price when assay discrepancies were first revealed on May 1, may bring to mind the Bre-X Minerals fraud of the 1990s, but is on a much lower scale. Red Pine estimates the doctored assays aimed to marginally increase grade and could lower its Wawa project resource by as much as 12%. Bre-X involved blatant salting of core samples with incompatible gold nuggets.

鈥淐ertainly, though there was some manipulation of the assets, they were mostly embellishments,鈥� Michaud said. 鈥淚鈥檓 not really terribly upset about the 10 or 15% because we鈥檒l get that back easy.鈥�

New resource

Red Pine suspended planned drilling and said it would trim costs at the site as it prepares to issue a new resource update with completely verified assays from as much as 70,000 metres in drilling since the last update. It didn鈥檛 give a potential completion date.

Shares in Red Pine rose about 20% to C$0.11 apiece on Wednesday morning in Toronto, valuing the company at C$21 million. They plunged to C$0.08 apiece from C$0.21 on May 1 when the company first described the assay inconsistencies in a release. They had traded in a range of C$0.16 to C$0.24 this year until May.

Red Pine referred the alleged fraud to the Ontario Securities Commission. It didn鈥檛 mention any legal action of its own against Yarie. He hasn鈥檛 replied to a request last week for comment from The Northern Miner.

The project lies beside the town of Wawa near the northeast shore of Lake Superior, about 220 km north of Sault Ste. Marie. The site hosts several historical mines that produced about 120,000 oz. gold.

Red Pine acquired the project in 2014. It produced a resource for the Surluga deposit in 2015 and later merged it with one on a historical mine area, Minto, in 2018.

New CEO

The company on April 22 announced the appointment of Michaud as CEO. He is to take office around July 19. The leadership change had nothing to do with the alleged assay manipulation, chairman and interim CEO Paul Martin (not the former Prime Minister) repeated on Wednesday.

鈥淚n all cases, the manipulation that occurred was to increase the grade,鈥� Martin said on the call. 鈥淗owever, in virtually all cases, the manipulated grades were defendable at the time, based on among other things, the visual inspection of the core and assessment of the mineralogy, and one reason why the selective manipulations were not easily brought to light at the time.

鈥淭he changes were supported by the nuggety effect of the property as represented in the overwhelming number of unmanipulated assay results, often near where the selective manipulations were done.鈥�

Red Pine staff first noticed a discrepancy between a certified assay result received from Actlabs and the corresponding assay result in the company鈥檚 database on April 29. An investigation determined the assay altering was done from the spring of 2015 until Jan. 30 this year.

Investigation

The company divided its investigations into two periods of assay results: 2014-2019 that resulted in the mineral resource estimates set out in the NI 43-101 technical report dated June 21, 2023 with an effective resource date of May 31, 2019.

The independent geologist in charge of the resource update, known in mining regulations as the qualified person, was Brian Thomas of Sudbury-based Golder Associates, now part of Montreal-headquartered WSP. Thomas declined to comment when reached this week by our sister publication,聽The Northern Miner.聽He referred questions to his WSP manager, Anas Tuijar, who didn鈥檛 return a phone message.

A second period covered 2019 to the present, during which assay results were disclosed through news releases.

For the first period, Red Pine determined that the inconsistencies mean a reduction in inferred resources for Wawa鈥檚 Surlaga and Minto deposits.

It estimated the Surluga area will lose an estimated 39,500 to 54,000 oz. (between 205,000 and 240,000 tonnes grading, on average, 6 to 7 grams gold per tonne) from inferred resources. That compares with the previous estimate of 2.4 million tonnes grading 5.22 grams gold per tonne. The indicated resource of 1.2 million tonnes grading 5.31 grams gold is not expected to change.

The Minto deposit loses 8,000 to 12,000 indicated oz. (between 30,000 and 40,000 tonnes grading 8.5 to 9.5 grams gold), and 16,000 to 20,000 inferred ounces (75,000 to 85,000 tonnes grading 6.5 to 7.5 grams gold). It was previously reported to hold 105,000 indicated tonnes grading 7.5 grams gold per tonne and 354,000 inferred tonnes grading 6.6 grams gold.

Kazakhstan is expected to deliver the highest uranium production growth in 2024, GlobalData says, driven by the planned higher output from the country鈥檚 largest uranium producer Kazatomprom. The continuous ramp-up of Canada鈥檚 McArthur River uranium mine will also contribute to the global increase, it adds.

Kazakhstan accounted for 37.3% (20.1kt) of total global uranium supply in 2023. Despite a 5.1% dip in output in 2023 due to planned lower production from Kazatomprom, its output is expected to recover in 2024, with forecast production of 23.2kt. This will be supported by the company鈥檚 plan to produce between 21.2-21.6kt on a 100% basis, while production is expected to increase to between 25.9-26.7kt with no restrictions in 2025.

Meanwhile, global uranium production in 2024 will be further bolstered by continuous ramp-up of Canada鈥檚 McArthur River, which is aiming to produce 6.9kt of uranium (8.2kt of U3O8) for 2024. In October 2023, the Canadian Nuclear Safety Commission renewed the licences for McArthur River for a further 20 years, allowing the mine to continue operations until October 2043.

Global uranium production is expected to grow with a compound annual growth rate of 4.1% from 2024 to 2030, as output reaches 76.8kt in 2030.

Read More: Uranium price jumps to 15-year high as top miner flags shortfall

W5 investigated how the Panamanian government’s 20-year mining concession with Canadian mining company First Quantum Minerals triggered mass protests and civil unrest amid allegations of corruption and fears of environmental degradation 鈥斅爌rompting the country’s Supreme Court to intervene.

Mining continues to engage with the many difficult issues that affect the future of the industry and broader society, judging by the topics and turn-out at this year鈥檚 Investing in African Mining Indaba in Cape Town.

鈥淭he event remains a forum for productive, if challenging, conversations,鈥� said Andrew van Zyl, SRK Consulting managing director, South Africa.

鈥淢any of these issues 鈥� from climate change and decarbonisation to the just energy transition 鈥� can be controversial; what is important, though, is that all stakeholders feel that they can participate in robust dialogue to find sustainable solutions.鈥�

Van Zyl acknowledged that many of the sector鈥檚 responses to the challenges of today and tomorrow were 鈥渨orks in progress鈥� but emphasized how constructively it had adapted in recent decades.

鈥淧art of the value of the Mining Indaba is that it brings together leaders and role players at both a strategic and technical level,鈥� he said. 鈥淭his allows not only for ideas to be shared and developed, but for experts to find practical strategies for implementing solutions.鈥�

The rapid pace of global changes was making these forums for knowledge sharing even more important, he noted, as decision makers in mining needed to factor in fast moving variables. This related as much to the political evolution of African countries as it did to technological advancements in the energy sector.

鈥淚t is more vital than ever that, as players in mining, we regularly and frequently update our world views with quality information 鈥� so that we retain a relevant opinion on future demands and opportunities,鈥� said Van Zyl.

An example is the steady improvement being made in renewable power generation and storage. Whereas certain orebodies were in the past uneconomic due to their remoteness from a centralised power grid, the renewable energy technologies of today could now remove that hurdle.

He pointed out that trends related to the energy transition continued to make commodity prices volatile 鈥� complicating the task of valuing mineral resources and planning mining operations. Various early-stage technologies in electric battery manufacture, for instance, still competed for market acceptance, affecting demand for the minerals each technology embodied.

鈥淎s in so many spheres that affect the demand for mineral commodities, the mining sector does not get to decide the final value of what it mines,鈥� he said. 鈥淣either does it decide on what the global economy wants to make with its mineral production; these external trends introduce ongoing disruption to which the sector must constantly adapt.鈥�

As an industry, he argued, mining will continue to drive improvements in fields such as safety, operating costs, employee diversity, social value and environmental impact 鈥� while navigating the broader socio-economic trends.

Its resilience was well tested by the Covid-19 pandemic, when mining came to the rescue of many economies and communities.

In South Africa, for instance, the mines鈥� experience and infrastructure in respiratory illness helped protect employees and their communities 鈥� while its stand-out economic performance supported the national fiscus at a time when much of the private sector was in crisis.

鈥淲e need to appreciate the value of having honest discussions on what mining has to offer, what its considerable contribution has been, and what kind of future we are working towards,鈥� said Van Zyl. 鈥淎s a regular participant in the Mining Indaba, we see this forum as helping promote such conversations.鈥�

The explorer entered voluntary administration , engaging in a formal restructuring. It鈥檚 now finalizing the audit of its 2023 financial accounts and is working towards resumption of trading on the Australian Stock Exchange in March this year, it said.

鈥淭he company鈥檚 balance sheet has been significantly restructured with all previous trade creditors and other payables agreeing to the settlement terms proposed in the deed of company arrangement presented on Jan. 19,鈥� managing director and chief executive,聽Matt聽Shackleton, .

Australian Potash noted it had also re-analyzed all previous results on the Lake Wells gold project and had identified walk up drill targets to target immediately. The explorer will also push forward with the requisite access and heritage agreements at the Nexus rare earths project in the West Arunta.

To mark the new phase, the company has , while Natalia Streltsova and Rhett Brans have resigned their directorships.

An analysis of the firm’s database reveals that BMO Capital Markets advised on transactions worth a total of $27.4 billion, positioning it at the forefront of significant industry consolidations. Canaccord Genuity Group advised on 15 deals throughout the year, leading the sector in terms of deal volume.

鈥淐anaccord Genuity Group registered significant growth in the volume of deals advised and ranking by this metric in 2023 compared with the previous year,” GlobalData lead analyst Aurojyoti Bose said.

鈥淚n fact, it was the only adviser to hit the double-digit deal volume in 2023.”

BMO Capital Markets secured joint second place by deal volume with nine transactions, with Allenby Capital matching this volume with nine deals of its own. Macquarie followed closely with seven deals and Rothschild & Co with six.

鈥淏MO Capital Markets was the top adviser by value in 2022 and managed to retain its leadership position in 2023 as well. The total value of deals advised by it jumped by more than double-fold in 2023 compared with 2022,” Bose added.

Goldman Sachs took second spot in this metric, advising on deals amounting to $25 billion. Bank of America was not far behind with advisory deals totalling $22.6 billion. Barclays and Lazard also featured prominently, advising on deals worth $21.8 billion and $20.3 billion respectively.

Before the official inductions, MC and Northern Miner Group president Anthony Vaccaro recapped the highs and lows of 2023 鈥� a difficult year that saw big shifts in geopolitics, terrible markets for miners, and sliding metals prices (with the exception of uranium and gold). 

Vaccaro, serving as MC for the fifth year running, got things rolling with a verbal and pictorial journey through the year that was, while reflecting on mining鈥檚 deep interconnection with global affairs, and playfully reimagining its public image. He also touched on the profound impact each of the night鈥檚 inductees have had on the industry in Canada and beyond. 

Watch the video below for his introduction to the 36th annual CMHF induction ceremony.

The report titled 鈥楾op of the charts: 鈥楩ive low-carbon tech trends worth tracking鈥� looks at five key charts and identifies some key underlying trends across the low-carbon landscape.

Alongside the fall in Chinese solar hardware costs, the report also examines the meteoric rise of renewable energy, the efforts being made to diversify battery raw materials supply, the progress of carbon capture and storage and the growth of domestic heat pumps.

鈥淲ith delegates at COP28 making a commitment to phase out fossil fuels, these five charts highlight the vital importance of all facets of the energy transition process,鈥� said Dr. Steven Knell, VP power & renewables at Wood Mackenzie, who co-authored the report. 鈥淭he charts (in the report) show the progress that is being made, but also underline how much still needs to be done.鈥�

The report also states that policy is widening to support the build-out of domestic supply chains for low-carbon technologies and to develop new sources of critical minerals to reduce global dependence on China. While in some cases such as Chinese solar module production, costs are coming down, in others they will remain high.

鈥淭he charts contained in the report indicate the global scale of the energy transition process and identifies some of the challenges,鈥� added Malcolm Forbes-Cable, VP upstream and carbon management consulting, another co-author.

鈥淲ith $70 billion needed to be invested in global CCUS (carbon capture, utilization and storage) transport and sequestration infrastructure before 2030, the financial implications alone will require global solutions.鈥�