The miner that it’s actively negotiating to buy 100% of Gold Road through an Australian scheme of arrangement — just hours after Gold Road’s shares .

Gold Road had dismissed the first approach as “highly opportunistic” and claimed it undervalued the company. Price and timing were the key sticking points, chief executive Duncan Gibbs said at the time.

Gold Fields had offered A$2.27 per share in cash, plus a variable component tied to Gold Road’s stake in De Grey Mining. In response, Gold Road proposed acquiring Gold Fields’ 50% stake in the Gruyere mine at a matching valuation. Gold Fields rejected that counter-offer and refused further talks on divesting its interest.

Now, Gold Fields is back at the table, driven by its determination to secure full control of Gruyere — one of Western Australia’s largest gold mines. Gold Road discovered the deposit in 2013 and sold a 50% interest to Gold Fields in 2016 to fund development and exploration.

Gruyere has produced over 1.5 million ounces since beginning operations in 2019. It delivered record output of nearly 92,000 ounces in the final quarter of 2024.

Gold Fields cautioned there’s no guarantee a deal will materialize. That uncertainty pushed its Johannesburg-listed shares down as much as 6.4% Friday, though the stock was up 1.6% in pre-market trading in New York to $21.66.

Gold Road’s shares, due to “media speculation regarding a potential change of control transaction”, will remain trading when the market opens on May 6, unless the company issues an announcement before then.

The bid comes amid a surge in gold prices and deal-making. With gold briefly topping $3,500 an ounce last month, the sector has seen a new wave of mergers and acquisitions. Recent deals include Equinox Gold’s  (TSX: EQX) C$2.6 billion ($1.88 billion) acquisition of Calibre Mining in Canada, and China’s CMOC Group buying Lumina Gold for C$581 million ($421m).

A manager for the disaster-stricken Eagle mine in Yukon on Wednesday described for the legislative assembly the huge amount of work remaining in the cleanup effort.

After the heap-leach pad slide at the Eagle mine last June, a pond began leaking and a containment berm was put up, but no engineer of record was involved, Michelle Grant, PricewaterhouseCoopers’ (PwC’s) senior vice-president told the Yukon Legislative Assembly. The mine’s Irosa Pond 2 remains leaky and can’t be repaired until it’s emptied of treated water, Grant told MLAs.

“We continue to assess opportunities to monetize gold and other precious metals held within the waste and or water materials at the Eagle Gold mine,” Grant told legislators under oath, noting the on-site inventory still exceeds C$224 million even after impairment.

The session followed Speaker Jeremy Harper’s threat of contempt proceedings last week after PwC declined to appear without a court order. PwC had given ministers and MLAs a detailed briefing on April 16 but insisted it would only testify if a judge required it.

Heavy cleanup effort

Last June’s pad collapse unleashed millions of tonnes of waste and at least 280,000 cubic metres of cyanide-containing solution beyond containment. It triggered Victoria Gold’s receivership and set off court fights over cleanup authority. In just a year, PwC has had to boost storage, speed up water treatment, secure new financing and prepare for a court-approved sale. PwC hired a safety expert to improve safety protocols and signs across the site, Grant said.

New reverse-osmosis trailers treat mine water to meet federal standards for metal and diamond mining under the Fisheries Act. However, they still don’t meet the mine’s own licence limits. Grant confirmed there is no set date for full compliance. She also revealed that a safety berm built on Oct. 25 to contain slide debris went up without the proper engineering sign-off.

In April, the Yukon government topped-up its receivership lending agreement with PwC, adding C$115 million through Sept. 30. This ensures there’s funding for site care and remediation into the next fiscal year. That brings to C$220 million the amount Yukon has authorized to PwC for the cleanup, after C$155 million was approved last year.

MLAs probe for updates

Legislators zeroed in on water management and timetables. They pressed Grant on when the reverse-osmosis upgrade will meet discharge limits and how many of the temporary ponds still leak. They drilled into the Yukon’s C$115 million top-up – asking what’s been spent so far and what comes next.

Grant confirmed PwC has installed 400,000 cubic metres of temporary water storage and will add another 110,000 cubic metres by mid-May to limit untreated runoff.

Through April 15, the receiver has spent C$9.9 million on contracts with firms affiliated with the Nacho Nyäk Dän First Nation under its funding terms. PwC has kept 147 Victoria Gold employees on payroll, including four Nacho Nyäk Dän citizens and 50 Yukon residents.

Mine sale process

An independent review board must file its findings by June 15 and publish them by June 30. PwC will apply to court on or before June 30 to approve its sale of the bankrupt company’s assets and investment-solicitation process so bidders can review that report.

PwC took control on Aug. 14, 2024, and immediately repaired the 43-km access road to secure transport of chemicals and equipment. Victoria’s own cash-flow forecasts showed it would run out of funds by Nov. 2024 without emergency lending – underlining the receivership’s necessity, Grant explained.

The new standard suite expands the due diligence toolkit for responsible sourcing, processing and manufacturing of raw materials to meet new and emerging regulatory requirements and to encourage continuous improvement of supplier practices across a comprehensive set of indicators, RMI said.

The standard suite underwent an extensive review process in 2024-2025, beginning with benchmarking against new and incoming regulations, including the EU Battery Regulation, the EU Corporate Sustainability Due Diligence Directive, and the German Supply Chain Due Diligence Act.

The new standard suite includes the revised Facility Standard for Social, Environmental, OHS and Governance Risks, applicable for assessment of a mineral processor’s operations; and the Supply Chain Due Diligence Module Plus, focused on risk management systems for sourcing primary and secondary materials.

The module is an add-on available only in combination with the RMI’s Responsible Minerals Assurance Process (RMAP) standards or Downstream Assessment Program (DAP).

The new standard suite provides a strengthened framework for risk management, based on internationally recognized guidelines including the United Nations Guiding Principles on Business and Human Rights and the OECD Guidelines on Responsible Business Conduct.

The standards were also designed to support requirements outlined in new mandatory due diligence regulations, including the EU Battery Regulation and the EU Corporate Sustainability Due Diligence Directive.

These standards help companies identify, assess and mitigate risks, remedy impacts, monitor and report on sustainability management systems, and enhance transparency and accountability within their supply chains, RMI said.

The evolving regulatory landscape and voluntary standards present a significant expansion of expectations, actions, and investment by companies all along the minerals value chain. As such, the RMI said it has also expanded its team providing technical assistance, as well as new trainings, guidance and tools available to mineral processors engaged in an RMI assessment, free of charge.

“With this new standard suite and accompanying training and technical assistance resources, the RMI has significantly expanded its due diligence support to RMI members and mineral processors in our assessment program,” RMI executive director Jennifer Peyser said in a statement.

“The RMI standards remain rooted in longstanding international norms while now reflecting newly emerging company needs and stakeholder expectations for regulatory compliance, managing sustainability risks and impacts, and fostering responsible mineral supply chains,” Peyser said.

More information about the new RMI standards and associated tools .

Fast-tracking approvals

Carney’s administration plans to establish a “Major Federal Project Office” with a “one project, one review” mandate. This initiative aims to streamline environmental assessments by eliminating duplication between federal and provincial processes, thereby accelerating the approval of mining projects. Such a move is poised to benefit companies involved in critical mineral extraction, including lithium, nickel, and cobalt, by reducing bureaucratic delays.

Carney has not provided clarity on how the consent process would be expedited to meet the timeline pressures of energy and infrastructure development. This ambiguity is notable, particularly as his promise to avoid forcing projects through appears to contradict his assurances that major projects will proceed swiftly. Past provincial experiences, such as B.C.’s attempts to expedite development under similar consent commitments, suggest that balancing these priorities is fraught with legal and political difficulty.

Carney’s approach implies an acknowledgment of a de facto Indigenous veto over resource projects—but rather than confronting this head-on, he proposes to “buy in” Indigenous participation through public financing mechanisms. This creates a practical route around a hard veto by offering Indigenous communities ownership stakes that align their interests with project success.

Reconciling the urgency of certain projects with the potentially time-consuming process of obtaining consent from multiple Indigenous nations will prove tricky. It begs the question of whether or not this model serves the public interest.

On one hand, it represents a constructive shift from conflict to partnership, promoting reconciliation and potentially leading to more stable and inclusive development. It avoids the legal and ethical risks associated with imposing projects on unwilling nations. On the other hand, it raises questions about the use of taxpayer-backed funds as a means of securing project approval. There is a risk that such financing becomes a permanent cost of doing business, even for projects that may not deliver strong returns to the public.

Whether this is sustainable or fair depends on how transparent and equitable the resulting arrangements are — and whether public funds are being used to create true partnerships or merely to neutralize opposition.

Investment in critical minerals

The Carney-led government plans to invest in the development of critical minerals by: 

• Connecting critical mineral projects to supply chains , enhancing integration within the Canadian economy;
• Supporting clean energy and critical minerals projects through the FLMF to reduce reliance on other countries and protect Canadian jobs;
• Accelerating exploration and extraction, including from recycling, by investing in prospecting activities and 
• Attracting and de-risking investment in critical mineral exploration and extraction through additional investments and expanded tax credits. 

US tariffs

In response to US President Donald Trump’s imposition of tariffs on Canadian imports, Carney has pledged a firm stance. His administration plans to invest billions to reduce Canada’s economic dependence on the southern neighbour, including a $2 billion strategic response fund to protect Canadian workers and fortify the auto supply chain.

This shift towards trade diversification and economic resilience is likely to open new markets for Canadian mining exports, particularly in Asia and Europe, thereby reducing vulnerability to US trade policies.

Energy superpower

Mark Carney’s campaign message on energy, echoing Stephen Harper’s , signals a sweeping ambition — but with a broader, more climate-conscious twist. In his election night speech, Carney declared it was “time to build Canada into an energy superpower in both clean and conventional energy” and pushed for an industrial strategy that boosts competitiveness while addressing climate change.

Now leading a Liberal government, Carney faces the challenge of balancing economic growth with environmental responsibility. His platform includes designed to fast-track approvals for infrastructure such as pipelines and transmission lines. He has also pledged to streamline regulatory processes to reduce delays that have long hindered energy and resource development.

Carney supports carbon capture and storage technology, a key strategy for the oil and gas sector to reduce emissions. His promise of federal backing extends to major infrastructure and extraction efforts, notably the Ring of Fire in northern Ontario. The region is rich in critical minerals essential for electric vehicles, batteries and other technologies vital to a low-carbon economy.

Some First Nations groups with claims in the area oppose development, which could take a decade to implement judging by other projects. Environmentalists say it will release the same global warming gases from the region’s muskeg that the electric-battery vehicle metals it would produce are supposed to limit.

Canada’s elected Prime Minister has also committed to advancing transportation and energy projects in the Arctic, paired with a planned expansion of the country’s military presence in the region.

Environmental commitments

While promoting mining development, Carney’s administration also maintains environmental commitments, such as upholding the industrial carbon tax and imposing caps on oil and gas emissions. This approach aims to ensure that mining growth aligns with Canada’s climate goals. 

Despite facing challenges such as taxation, immigration and political influences, including Trump’s rhetoric, Canada’s natural resource development was a common topic brought up by the two main political parties.

Carney’s recent victory signals a proactive approach to strengthening Canada’s mining industry, a significant contributor to the country’s economy. The sector accounted for nearly 20% of the country’s gross domestic product in 2022, alongside C$422 billion ($305 billion) in exports.

PM and Liberal Party head Mark Carney, who’s leading in the polls, has pledged to approve resource projects within two years and broaden exploration tax credits as part of a plan to make Canada both an “energy superpower” and “the global supplier of choice for critical minerals.”

Conservative Party leader Pierre Poilievre, meanwhile, has vowed to open a resource-focused project office with an even shorter time limit – one year – to get “shovels in the ground” as fast as possible.  He also says he’ll build long-discussed infrastructure for Ontario’s Ring of Fire region, a set of three new roads and power lines linking future mines with the southern road network. Even so, his platform is thin on details about mining.

“Both parties would unlock stronger growth via major infrastructure and resource development, but each differs in approach,” Scotiabank Economics Vice President Rebekah Young said in a report issued Friday. “A complicated jurisdictional landscape, compounded now by global uncertainties, means either party would have its work cut out to spur greater investment.”

Critical minerals and industrial metals have emerged as essential economic building blocks in recent years as the world gears up for the coming energy transition. In the United States, President Donald Trump recently signed an executive order to increase American critical mineral production to dent China’s dominance after launching a Section 232 probe on all critical mineral imports – a process that typically results in tariffs.

‘Energy superpower’ goal

“Making Canada an energy superpower starts with critical metals and minerals, vital components to build everything from solar panels to electric vehicles,” Carney said last week during a campaign stop in Vancouver. “The market for these minerals is currently dominated by China and Russia. That must change.”

In his first election campaign, Carney has pledged to “kick-start” the “clean energy supply chain” by investing in critical minerals, spurring private investment and supporting early-stage mining companies.

If elected, Carney is proposing to adopt “Buy Canada” standards for products such as steel and aluminum while putting an increased focus on feedstock for battery supply chain buildouts.

First and Last Mile

A key measure included in the 67-page Liberal platform is the creation of the First and Last Mile Fund, an investment vehicle that Carney says will connect critical mineral projects to supply chains by supporting on-site development, processing and refining capacity.

Carney also wants to broaden the Critical Mineral Exploration Tax Credit by including critical minerals necessary for defence, semiconductors, energy and clean technologies to the list of qualifying minerals.

A Liberal government would also expand eligible activities under Canadian exploration expenses to include the costs of engineering, economic and feasibility studies for critical minerals projects.

“All of these measures taken together will make Canada the global supplier of choice for critical metals and minerals,” Carney said.

Repealing obstructive laws

Poilievre, Carney’s main rival for the top job, has vowed to repeal various policies passed under former Liberal prime minister Justin Trudeau – including the Impact Assessment Act known as Bill C-69.

He calls the “No More Development” law, saying it “makes it impossible to build the mines, pipelines and other major energy infrastructure Canada needs.” Removing it would trigger a boom in the country’s resource sector, he says.

“We will get big projects built again by repealing the Liberal anti-development laws and regulations that have cost us half a trillion dollars in lost investment over the last decade,” Poilievre said in a campaign document posted on his party’s website. “We’ll also work with Indigenous partners to process and sell our clean natural resources to get foreign countries off burning higher-emission fuels and fight climate change.”

Although the 30-page Conservative platform has a section on Canadian energy and resources, “mining” and “minerals” don’t appear at all in the document. The word “mines” is mentioned once.

If he becomes PM, Poilievre has vowed to accelerate priority resource projects and usher in “One and Done” approvals. He would create a single Rapid Resource Project Office to streamline all regulatory approvals into one application and environmental review, in cooperation with the provinces, with a target of six-month decisions and a one-year maximum timeline.

Fast-tracking projects

A key pledge for miners involves building the infrastructure project to Ontario’s Ring of Fire region, which is known for its vast potential but slow progress towards getting any mines built. A Conservative government would approve federal permits to harvest chromite, cobalt, nickel, copper and platinum in the area, Poilievre says.

In the Conservative leader’s view, these measures would give the Canadian economy a boost of several billion dollars, “allowing us to become less dependent on the Americans, while our allies overseas would no longer have to rely on hostile regimes for these metals, turning dollars for dictators into paycheques for our people.”

The company’s US subsidiary, TMC USA, filed the applications under the Deep Seabed Hard Mineral Resources Act (DSHMRA) and regulations set by the National Oceanic and Atmospheric Administration (NOAA), which collectively form the US seabed mining code. 

The move comes just days after President Donald Trump issued an executive order to fast-track offshore mining, aiming to boost access to critical minerals despite strong opposition from environmental groups.

TMC’s two exploration licence applications cover a combined 199,895 square kilometres, while the commercial recovery permit covers 25,160 square kilometres within the Clarion-Clipperton Zone, a resource-rich swath of the Pacific Ocean between Hawaii and Mexico. These areas include the company’s indicated and measured polymetallic nodule resources.

The zones hold 1.63 billion wet metric tonnes of SEC SK 1300-compliant nodules, with an estimated exploration upside of 500 million tonnes, according to the company.

The resource is projected to contain 15.5 million tonnes of nickel, 12.8 million tonnes of copper, 2 million tonnes of cobalt, and 345 million tonnes of manganese — metals critical for batteries, clean energy, infrastructure and defence applications.

“This marks a major step forward — not just for TMC USA, but for America’s mineral independence and industrial resurgence,” CEO Gerard Barron said in a statement. “We’re offering the US a shovel-ready path to new and abundant supplies of critical metals.”

The Trump administration views deep-sea mining as a strategic route to reduce dependence on foreign mineral supply chains. A White House official suggested the industry could generate up to 100,000 jobs and add hundreds of billions to the economy over the next decade.

Hurdles remain

The company’s ambitions are not without controversy. Environmentalists have long warned that the impacts of deep-sea mining are poorly understood. Critics argue more scientific research is needed before any commercial extraction begins, citing risks to fragile ecosystems and ocean biodiversity.

Supporters counter that deep-sea mining is essential to meet rising global demand for minerals. The International Energy Agency (IEA) will grow by 40% in the coming years, driven by clean technology and electrification.

TMC has pledged to mitigate environmental damage by leaving at least 30% of its contract areas untouched. The company also claims its modern nodule collector disturbs only the top three centimetres of seabed sediment, far less than earlier technologies.

Still, TMC’s application could reignite tensions at the international level. The company has been operating in the Clarion-Clipperton Zone for years under exploration contracts backed by the UN-affiliated International Seabed Authority (ISA), which governs mining in international waters. But the US is not a signatory to the UN Convention on the Law of the Sea, and TMC’s move to seek approval under US law may be seen as sidestepping international consensus.

Critics warn such actions could undermine more than a decade of negotiations aimed at finalizing global regulations for seabed mining, potentially setting a precedent for other countries or companies to bypass multilateral frameworks.

In a tense exchange of letters this week, Yukon Legislative Assembly speaker Jeremy Harper urged that PwC’s senior vice-president and another representative attend a committee of the whole meeting to provide witness testimony. During an assembly debate on Friday, a contempt motion was put forward, the Canadian Press reported. That followed the company’s legal counsel saying in a reply letter that the government lacks the authority to compel its attendance to the meeting.

In response to the government’s claim that senior vice-president Michelle Grant could be “sanctioned” if she doesn’t attend, counsel Peter Ruby with Goodmans LLP said it’s a threat that PwC must take seriously.

“We ask that you please promptly provide the compelling authority on which you rely so that it may be properly considered,” Ruby wrote.

The back and forth comes almost one year since a heap leach pad failure at the Eagle site last June caused a landslide. The accident unleashed millions of tonnes of material and at least 280,000 cubic metres of cyanide-containing solution left the pad’s containment, according to government estimates.

About six weeks later, Victoria was placed into PwC receivership by court order after the Yukon government was dissatisfied with the company’s clean up efforts.

Contempt motion adjourned

Debate on the contempt motion was adjourned until Monday, and PwC’s appearance before the assembly is expected on Tuesday, CP reported.

However, PwC maintains that it would only attend the assembly to provide testimony if it was ordered by a court, Ruby said.

It wasn’t clear if such an order had been made and the websites of Goodmans and PwC offered no information on it.

PwC also intends to ask a court that the “threat of sanctions” made in Harper’s Wednesday letter be stayed under the terms of the receivership order, Ruby added.

The Northern Miner has requested comment from Harper and Goodmans.

The company, 90% owned by billionaire Patrice Motsepe’s African Rainbow Capital Investments, applied in March to extract phosphate — a key ingredient in fertilizer production — from land within the park. 

The application sparked immediate backlash from conservation groups, including , which is with Kropz over the Elandsfontein mine.

“SANParks cannot allow any mining activities within a declared national park, as this is prohibited,” spokesperson JP Louw said. He confirmed the agency has informed Kropz of its decision

Located in a biodiversity hotspot, the West Coast National Park is home to 250 bird species—over a quarter of South Africa’s total—including flamingos and sandpipers. The park also features ancient human footprints and a seasonal bloom of wildflowers that draws tourists from across the country.

Kropz acquired the Elandsfontein phosphate deposit in 2010 and has developed an open-pit mine and processing facility with an annual capacity of one million tonnes. Despite this, the project has faced persistent opposition from environmentalists concerned about its proximity to the park.

In addition to Elandsfontein, Kropz operates phosphate projects in the Republic of Congo and aims to become a leading mine-to-market plant nutrient company in sub-Saharan Africa.

Trading in Kropz shares was suspended in mid-April. At the time, the company had lost more than 55% of its value, closing with a market capitalization of £9.5 million ($12.7 million).

The licences, sponsored by the UK and located in the Pacific Ocean, are held by UKSR, which was acquired in 2023 by Norway’s Loke Marine Minerals from US defense contractor Lockheed Martin. Loke filed for bankruptcy earlier this month, prompting an auction for its assets.

The Department for Business and Trade said the transfer of these licences could be assessed under the National Security Investment Act, according to an email sent to Loke’s CEO Walter Sognnes and reviewed by the Financial Times. The government official also reportedly suggested restructuring UKSR under a UK holding company to avoid scrutiny, stating that having a Norwegian parent company would be “problematic”, according to the the FT.

The Act grants the British government authority to examine and intervene in transactions deemed a threat to national security. The department declined to comment when contacted by FT.

The potential sale comes amid heightened global interest in critical minerals used in batteries, such as nickel, cobalt and copper, which are found on the ocean floor.

US President Donald Trump recently voiced support for accelerating deep-sea mining, adding pressure on allies to secure mineral supply chains.

Loke, which had been developing seabed mapping technology, said any ownership structure would be discussed by the future owner and UK authorities.

Seabed mining permits in international waters require state sponsorship under the UN Convention on the Law of the Sea. China currently leads in the number of such licences. Norway plans to begin commercial deep-sea mining in its national waters, while the UK, France and Germany remain cautious over environmental concerns.

The Jamaica-based International Seabed Authority (ISA) previously warned Loke that UKSR risked non-compliance with exploration terms. The company has also reportedly fallen behind on licence payments.

Sources close to Loke said the company struggled to raise capital, blaming regulatory uncertainty and delays by ISA member states.

“No international regulation has taken longer to get into place than this one,” one source told FT.

Among the bidders for UKSR’s licences was environmental group Greenpeace, which entered the auction as a stunt to protest the commercialization of deep-sea mining. Other bidders include Loke’s founders and UK-based TechnipFMC, one of its investors.

Duncan Currie, legal adviser to the Deep Sea Conservation Coalition, criticized foreign control of licence-holding firms, stating that it undermines the legal framework that governs seabed access.

Australia has two major political parties, Labor and Liberal, though the Liberal Party and National Party have an alliance known as the Coalition.

Before the election was called in late March, the two main parties were neck and neck in the polls.

Peter Dutton, leader of the conservative Liberal Party, initially leaned into the early popularity of US President Donald Trump, a move that has led to him being nicknamed “Trump Lite” or “Temu Trump”.

That strategy seems to have backfired in recent weeks, with Dutton and the Liberals slipping in the polls.

While the Australian Labor Party, led by Prime Minister Anthony Albanese, is leading on a two-party preferred basis, if it can not win a majority, it will likely look to the Australian Greens for support to be able to form government.

Campaigns launched

Both Labor and the Coalition formally launched their campaigns on Sunday, April 13.

Albanese held his campaign launch in Perth in a nod to the importance of Western Australian resources sector.

He was introduced by popular WA Premier Roger Cook, who won re-election last month in a landslide.

Two days before the launch, Albanese and Resources Minister Madeleine King were hosted by Rio Tinto during a visit to the Pilbara town of Karratha.

Labor did not outline any new policies to support the resources sector but has pledged A$8 billion ($5.1 billion) of additional investment in renewable energy and low emissions technologies via an expansion of the Clean Energy Finance Corporation. 

Dutton launched his campaign in Sydney and promised to be a “friend of the mining and resources sector”.

He has warned Labor would shut down mining, particularly if it needs the support of the Greens.

Dutton and Shadow Resources Minister Susan McDonald unveiled the Coalition’s “Plan for a Strong Resources Industry”, which promises to cut red and green tape, expand the critical minerals list to include uranium, zinc, bauxite, alumina, aluminium, potash, phosphate and tin, and refocus the critical minerals strategy to better align with the defence and strategic needs of Australia and its allies.  

The plan also included a A$3.4 billion investment in Geoscience Australia over 35 years to map all of Australia, an announcement slammed by Albanese.

“That was in last year’s budget, last year’s budget that the Coalition, now, more than a year later, they’ve decided to pretend that it’s a new policy announcement at this election,” he told reporters. 

Three years of Albanese

The current government has a mixed record when it comes to mining.

One of the initiatives popular with the mining sector was the establishment of the Critical Minerals Production Tax Incentive (CMPTI), a 10% tax credit for processing and refining costs of Australia’s 31 critical minerals from July 1, 2027.

The bill was passed by the Senate in February.

“This is the first time any Australian government has put their money where their mouth is for the critical minerals industry,” the Association of Mining and Exploration Companies (AMEC) CEO Warren Pearce said.

“This will stimulate billions in new investment in critical minerals processing, which will be far more valuable than the incentives on offer.”

One of the low points of the government’s relationship with miners was the rejection of Regis Resources’ (ASX: RRL) McPhillamys gold mine last year.

After a lengthy approvals process, the proposed mine was approved by New South Wales and federal regulators but was overturned by federal Environment Minister Tania Plibersek on Aboriginal heritage grounds.

“That is a really bad message for Australia and the rest of the world,” Minerals Council of Australia (MCA) chair Andrew Michelmore told the Melbourne Mining Club in March.

Last year, the government introduced the ‘Same Job, Same Pay’ industrial relations legislation, which was slammed by BHP (ASX: BHP) as requiring it to pay inexperienced labor hire workers the same as a worker with decades of experience, impacting costs and productivity.

Dutton said he would not repeal the law.

“I understand the difficulty for some of the companies who are facing already a fairly militant union sector and want reforms but that’s our position,” he said on April 3.

Coalition all-in on nuclear

One of the Coalition’s key election policies is a plan to introduce nuclear energy into Australia’s power mix, which has been estimated to cost A$331 billion.

The policy has won the support of the MCA, while BHP is open to nuclear being considered.

“For Australia to be able to compete globally – and let’s face it, there’s economic headwinds that we’re leaning into in the coming years and decades in Australia – we have to be able to keep existing businesses competitive and to be able to grow new industries to overcome some of those headwinds,” BHP CEO Mike Henry told reporters in February.

“That requires affordable, reliable supply of electricity, whilst meeting this long-term ambition of being net zero. In order to achieve that, we have been strong proponents of a technology neutral strategy, and so, are we supportive of nuclear being part of the mix for consideration? Yes.”

Fortescue (ASX: FMG) founder and executive chairman Andrew Forrest has a different view, telling a Perth event on April 10 that he was close to the nuclear industry and knew it well after weighing up its potential for the past two decades.

He questioned why the taxpayer should have to pay for technology he described as “high cost and high risk” when compared to renewables.

“I know young males think nuclear is pretty cool but all I can say is, that’s until they’re educated. That’s until they’re told it’s not cool, it’s highly expensive to build, it’s almost impossible to take down and its power costs are nothing fancy at all,” Forrest said.

Permitting in focus

Lengthy approvals processes are a sticking point for the mining sector, something the Coalition has promised to address.

In a speech to the WA Mining Club in March, MCA chief executive Tania Constable accused the Albanese government of taking “a particular bent against our industry”.

“There is no reason in 2025 that environmental assessments and approvals could not move from years to hours, with the use of AI and enhanced environmental data,” she said.

Miners have been particularly vocal in its opposition against the government’s now-defunct Nature Positive legislation, which proposed the establishment of a national environmental protection agency, in addition to existing state agencies.

The bill never passed the Senate after protests from the resources sector and WA Premier Roger Cook, with even the Greens opposing it.

Plibersek says Labor is still keen to establish a federal environmental protection agency, but rather than duplicating approvals processes, she maintains it would speed up permitting.

“Our laws are 25 years old. They’re not fit for purpose, they don’t protect the environment, they’re not good for business,” she told the ABC on April 12.

“We want better environmental protections and faster, clearer decision making. We can do both, but it’s going to take common sense and compromise.”

The same day, WA Liberal Senator Michaelia Cash told reporters the policy would have a “devastating” impact on mining projects.

Incentive schemes under threat

The Coalition has committed to repeal the CMPTI, with Dutton long maintaining that projects needed to be economically viable on their own.

Former WA Nationals leader turned federal Nationals candidate Mia Davies criticised the stance.

“Good policy deserves support,” she told the ABC on April 15. 

Her comments were welcomed by AMEC CEO Warren Pearce, which described the CMPTI as a policy that focused on realising more value from Australia’s minerals.

“Right now, it is the only policy that does so – that’s the truth of it,” he said.

In March’s federal budget, it was revealed that it would not extend the Junior Minerals Exploration Incentive (JMEI).

Earlier this year, modelling by BDO, commissioned by AMEC, found the JMEI had stimulated A$404 million in greenfield exploration activity since 2017, at a cost to taxpayers of A$182.2 million in credits.

The Coalition has vowed to reintroduce the JMEI, pledging A$100 million for the scheme.

“The reinstatement of the incentive is necessary to decrease the risk for junior explorers,” MCA’s Constable said.

“Australia’s vibrant junior exploration sector plays a crucial role in the mining ecosystem by driving innovation, discovering new mineral deposits, and providing the foundation for future large-scale mining operations.”

Strategic minerals reserve

In a statement responding to US tariffs on April 3, Albanese announced that if re-elected, his government would establish a Critical Minerals Strategic Reserve.

Albanese and King have each said more details of the policy would be provided before the election.

King’s office did not respond to requests for comment.

Cook confirmed he was working “closely” with Albanese on the details of the policy.

AMEC’s Pearce suggested a Critical Minerals Strategic Reserve could further incentivize critical minerals exploration and production and create a strategic stockpile that provided greater resilience against global trade measures, and greater influence over critical mineral supply chains.

“Make no mistake. Australia is a critical minerals powerhouse. We can be the reliable supplier of critical minerals to the world, including the United States,” he said.

“Given the ground is moving so quickly, the onus is now on our political parties, to figure out how best to take advantage of this opportunity.”

That ended two years ago when, at the age of 43, he was diagnosed with advanced black lung disease. He’s now waiting for a lung transplant, breathes with the help of an oxygen tank, and needs help from his wife to do basic tasks around the house.

His saving grace, he says, is that he can still earn a living. A federal program run by the Mine Safety and Health Administration and the National Institute for Occupational Safety and Health called Part 90 meant he was relocated from underground when he got his diagnosis to a desk job dispatching coal trucks to the same company, retaining his pay.

“Part 90 – that’s only the thing you got,” he told Reuters while signing a stack of documents needed for the transplant, a simple task that left him winded. “You can come out from underground, make what you made, and then they can’t just get rid of you.”

That program, which relocates coal miners diagnosed with black lung to safer jobs at the same pay – along with a handful of others intended to protect the nation’s coal miners from the resurgence of black lung – is grinding to a halt due to mass layoffs and office closures imposed by President Donald Trump and billionaire Elon Musk’s Department of Government Efficiency, according to Reuters reporting.

Reuters interviews with more than a dozen people involved in medical programs serving the coal industry, and a review of internal documents from NIOSH, show that at least three such federal programs have stopped their work in recent weeks.

A decades-old program operated by NIOSH to detect lung disease in coal miners, for example, has been suspended. Related programs to provide x-rays and lung tests at mine sites have also shut down and it is now unclear who will enforce safety regulations like new limits on silica dust exposure after nearly half of the offices of MSHA were slated to have their leases terminated.

The details about the black lung programs halted by the government’s mass layoffs and funding cuts have not previously been reported.

“It’s going to be devastating to miners,” said Anita Wolfe, a 40-year NIOSH veteran who remains in touch with the agency. “Nobody is going to be monitoring the mines.”

The cuts come as Trump voices support for the domestic coal industry, a group that historically has supported the president.

At a White House ceremony flanked by coal workers in hard hats earlier this month, Trump signed executive orders meant to boost the industry, including by prolonging the life of aging coal-fired power plants.

“For too long, coal has been a dirty word that most are afraid to speak about,” said Jeff Crowe, who Trump identified as a West Virginia miner. Crowe is the superintendent of American Consolidated Natural Resources, successor to Murray Energy.

“We’re going to put the miners back to work,” Trump said during the ceremony. “They are great people, with great families, and come from areas of the country that we love and we really respect.”

Andrew Nixon, a spokesperson for the Department of Health and Human Services, which oversees NIOSH, said that streamlining government will better position HHS to carry out its Congressionally mandated work protecting Americans.

Representatives for MSHA and the White House did not respond to requests for comment.

Black lung has been on the rise over the last two decades, and has increasingly been reported by young workers in their 30s and 40s despite declining coal production.

NIOSH estimates that 20% of coal miners in Central Appalachia now suffer from some form of black lung disease, the highest rate that has been detected in 25 years, as workers in the aging mines blast through rock to reach diminishing coal seams. Around 43,000 people are employed by the coal industry, according to the Bureau of Labor Statistics.

More mining, more risk

Around 875 of NIOSH’s roughly 1,000-strong workforce across the country were terminated amid sweeping job cuts announced by HHS this month, according to three sources who worked for NIOSH.

That’s put the department’s flagship black lung program, the Coal Workers’ Health Surveillance Program, on hold, according to an internal NIOSH email dated April 4.

“We will continue to process everything we currently have for as long as we can. We have no further information about the future of CWHSP at this time,” the email says.

The CWHSP’s regular black lung screenings, which deploy mobile trailers to coal mines to test coal miners on site have ended too, because there’s no money to fuel the vehicles or epidemiologists to review the on-site x-rays or lung tests, according to sources familiar with the program.

For many miners, this program is the sole provider of medical checkups, according to NIOSH veteran Wolfe.

The loss of staff at NIOSH has also crippled black lung-afflicted miners’ ability to get relocated with pay as part of the Part 90 program.

Miners can only become eligible for the Part 90 benefit by submitting lung x-rays to NIOSH that show black lung. But all NIOSH epidemiologists in West Virginia required to review the x-rays were laid off, according to Scott Laney, who lost his job as an epidemiologist.

Laney told Reuters he and his fellow laid-off team have been working in an informal “war room” in his living room to try to draw attention to the issue among Washington lawmakers.

“I want to make sure that if there are more men who are going into the mines as a result of an executive order, or whatever the mechanism, they should be protected when they do their work,” he said.

Sam Petsonk, a West Virginia attorney who represents black lung patients, said relocating sick miners is crucial because the risks of continuing to work in dust-heavy areas while ill are so severe.

“It gets to the point that days and months matter for this program,” he said.

Silica threat

Last year, MSHA finalized a new regulation that would cut by half the permissible exposure limit to crystalline silica for miners and other workers – an attempt to combat the rising rates of black lung.

Enforcing that rule, which comes into force in August after being pushed back from April by the Trump administration, may prove difficult given the staff cuts and planned office closures at MSHA, said Chris Williamson, a former Assistant Secretary of Labor for Mine Safety and Health under the Biden administration.

He told Reuters that before he left MSHA in January, there were 20 mine inspector positions unfilled. A pipeline of 90 people that had already secured MSHA inspector job offers, meanwhile, had their offers rescinded after Trump took office, and around 120 other people took buyouts.

Mine inspectors are meant to uphold safety standards that reduce injuries, deaths and illnesses at the mines.

That loss of staff and resources raises the likelihood that black lung could become even more pervasive among Appalachian coal miners – particularly if mining activity increases, said Drew Harris, a black lung specialist in southern Virginia.

“As someone who sees hundreds of miners with this devastating disease it’s hard for me to swallow cutting back on the resources meant to prevent it,” he said.

Kevin Weikle, a 35-year-old miner in West Virginia who was diagnosed with advanced black lung disease during a screening in 2023, said the cuts make no sense at a time the administration wants to see coal output rise and will set back safety standards by decades.

“Don’t get me wrong, I mean, I’m Republican,” Weikle said. “But I think there are smarter ways to produce more coal and not gut safety.”

(By Valerie Volcovici; Editing by Richard Valdmanis and Anna Driver)

The move secures the permit’s validity and clears the way for final export approvals for spodumene concentrate, expected to begin next quarter. It also resolves compliance issues around Malian government participation, as required by the country’s new mining framework.

LMLB is 65% owned by Kodal Mining UK (KMUK), a joint venture between Kodal Minerals (49%) and China’s Hainan Mining (51%). The remaining 35% stake is held by the Malian government.

Shares in Kodal rose 3.7% to 0.39p in mid-afternoon London trading, pushing its market cap to nearly £80 million ($106 million).

Bougouni is on track to become Mali’s second operational lithium mine, following Ganfeng Lithium’s first spodumene production at the Goulamina project in December.

Kodal chief executive officer, Bernard Aylward, said earlier this month the company was confident it would meet its production target of 11,000 tonnes of spodumene concentrate per month.

Located 170 kilometres south of Bamako, Bougouni sits in a mining-rich region that includes Hummingbird Resources’ Yanfolila gold mine and B2Gold’s Fekola operation.

Mali’s military government has tightened control over the mining sector since seizing power, introducing a new mining code in August 2023. The law increases the state’s share of mining revenues and scraps tax exemptions for mining firms.

The junta has proved aggressive in implementing the new rules, souring relations with major investors, including Barrick Gold, Resolute Mining and B2Gold.

The mining industry is under pressure to engage more with First Nations communities, and Indigenous leaders should be assertive in protecting their interests, Day said in an interview last month. Through his new venture, Thadu Consulting, Day wants to change the way industry and Indigenous nations collaborate for everyone’s benefit.

“You teach people how to treat you,” Day said at the Prospectors and Developers Association of Canada’s annual conference in Toronto. “Indigenous people shouldn’t just be involved in the decision making and when it comes to talking about the environment, they should be part owners in these projects.”

Day is using his 12 years of government experience to challenge industry practices, which often limit Indigenous voices to just token consultations. Thadu aims to foster stronger relationships that deliver real benefits and shared ownership in resource development, he said.

Watch the full interview below with The Northern Miner’s western editor, Henry Lazenby.

The case filed with the Supreme Court of Victoria in Melbourne contends that Paladin made misleading representations and contravened its ASX continuous disclosure obligations between June 27 and Nov. 11, according to Paladin and Melbourne-based law firm Slater and Gordon.

“Paladin intends to strongly defend this claim,” the miner said in .

The Perth, Australia-based company restarted its main producer, the Langer Heinrich mine in Namibia, in late 2023 after being on care and maintenance since 2018. The first official production guidance was announced on June 27 for the fiscal year 2025 (July 1, 2024, to June 30, 2025), projecting an output of 4 million to 4.5 million lb. of uranium oxide (U₃O₈). This guidance was later revised on Nov. 12 to 3 million to 3.6 million lb. due to operational challenges including variability in stockpiled ore and water supply disruptions.

Then last month Paladin withdrew its 2025 guidance entirely following unseasonal heavy rainfall that disrupted mining operations.

Shares in Paladin fell 2% to C$3.95 apiece in Toronto on Wednesday morning, giving it a market capitalization of about C$1.54 billion. They’ve traded in a range of C$3.34 to C$8.55 since they listed in Canada in December.

Ian Weatherlake

Paladin’s ASX share price dropped by 22% across two trading day after the Nov. 12 output downgrade, says Slater and Gordon. The firm is leading the class action seeking undisclosed damages on behalf of Ian Weatherlake, the trustee for the Ian Weatherlake Staff Superannuation Fund and the Ian Weatherlake Family Trust. Their assets aren’t publicly disclosed.

“This claim alleges that Paladin knew or ought to have known that its June guidance was unreasonably optimistic and there was a material risk it would not be met,” the law firm says. “We allege that the plaintiff and group members paid more for shares in Paladin than would have been the case had the company revealed the true situation and alternatively, that some group members would not have purchased shares at all.”

A timeline for the class action isn’t yet clear, Ian Hamilton, a Paladin spokesperson based in Toronto, said by email Wednesday. There’s nothing more to add to the company’s statement at this point, he said.

Investors who purchased Paladin shares between April 2, 2024, and Nov. 12, 2024, may be eligible to participate in the class action. Slater and Gordon has provided a registration form on its website for interested shareholders.

Fission takeover

In December, the Canadian government approved Paladin’s $1.1-billion all-share takeover of Fission Uranium after a three-month national security review since Chinese state-owned companies held stakes in both firms. The approval bars Paladin from selling uranium, sourced from the Patterson Lake South (PLS) project that Fission was developing, to end-users in China.

PLS is an advanced-stage project in Saskatchewan hosting the high-grade Triple R deposit. It is expected to produce about 9.1 million lb. of U₃O₈ annually over a 10-year mine life starting in 2029, according to a 2023 feasibility study.

The company also holds the Michelin project in Newfoundland and Labrador, an advanced exploration project with a resource of 127.7 million lb. at 860 parts per million (ppm) U₃O₈. It has the potential for both open-pit and underground mining operations.

The Mount Isa project in Queensland, Australia, has a resource of 148.4 million lb. at 680 ppm U₃O₈, with potential for a 5 million to 7 million lb. a year open-pit mine. In Western Australia, the Manyingee and Carley Bore projects have a combined resource of 41.5 million lb. at 510 ppm U₃O₈, with potential for in-situ recovery mining methods.

Ana Juarez, CTA Environmental Consultant president, said Panamanians are only now beginning to grasp both the economic fallout of the suspension and the benefits the project had brought — benefits, she said, that were not fully recognized at the time.

Cobre Panama, Central America’s largest open-pit copper mine, produced 330,863 tonnes of copper in 2023 before the government ordered to shut it down. It would’ve become a 100 million tonnes a year operation in 2024, placing it near the top of the world’s copper throughput ranking. 

Speaking to , Juarez pointed to international examples of successful government-industry partnership, such as Barrick’s Reko Diq copper and gold project in Pakistan and El Salvador’s revamped mining law, both of which include government equity stakes. These models, she said, help foster a broader sense of public benefit and ownership.

Public shifts

Public opinion in Panama appears to be shifting, which would help a potential partnership between the company and the country’s government. A from April 1 to 14 found that 70% of respondents believe the mine benefits the country’s economy. When asked directly about reopening the mine, 45% supported restarting operations, 35% opposed it, and 20% were undecided.

Regarding the conditions for resuming operations, 40% of those surveyed wanted a better deal for Panama, 30% called for transparency in how revenues are used, and 20% emphasized the need for environmental safeguards. On the question of national sovereignty and government negotiations, 45% expressed neutrality, 30% approval, and 25% disapproval.

In a public relations push, First Quantum opened the mine to visitors in late March as part of its #CobreConnecta campaign aimed at building support for a restart. But President Jose Raul Mulino swiftly halted the tours, saying the company had not consulted the government and that no meaningful progress had been made toward resolving the dispute. He stressed that First Quantum should not give the impression the site is operational.

“Thousands of Panamanians have now seen the project up close and thousands more have been exposed to Cobre Panama through the #CobreConnecta program,” says ��������apk’s Frik Els in a report from the site.

Els also questioned whether First Quantum was at fault for the shutdown.

“The closure of Cobre Panama must rank near the top of policy failures and political self-harm — particularly in a country that can so ill afford it,” he said.

“Cobre Panama was the lightning rod for discontented citizens.”

The company had been in a trading halt for more than two weeks ahead of a guidance downgrade and capital raising. Its shares had already dropped 14% in the two days before the halt, reflecting market unease about the mine’s ramp-up.

Even Bellevue’s mining contractor, Develop Global (ASX: DVP), had to release a statement last week due to “rumours circulating in the investment community”, reaffirming its strong relationship with the company and noting the producer was up to date with its contract payments. 

Production at the Bellevue mine, the company’s flagship operation, fell well short of expectations in the March quarter, delivering 25,146 ounces of gold—about 30% below market forecasts. 

The company blamed the weak result on operational and geological issues, including the deferral of high-grade zones, dilution, and poor grade performance in three stopes on the outer fringes of the orebody. The result triggered a cash outflow of roughly A$32 million, reducing its cash and bullion position to A$49 million at March 31, down from A$81 million three months earlier.

The Bellevue mine, in Western Australia’s Goldfields region, started production October 2023 and reached commercial production in May 2024, achieving its June 2024 half-year guidance of 80,000 ounces of gold. 

Now the company has cut full-year guidance for the second time this year. It expects to produce 129,000–134,000 ounces of gold at significantly higher all-in sustaining costs (AISC) of A$2,425–A$2,525 per ounce. This follows an earlier downgrade in January to 150,000–165,000 ounces from 165,000–180,000 ounces, after producing just 65,600 ounces in the first half.

Bellevue said the March quarter challenges were “isolated” and that it has de-risked its June quarter mine plan, targeting 40,000–45,000 gold ounces.

The company, however, has walked back its near-term production ambitions, now guiding to around 150,000oz in fiscal year 2026, down from a previously stated goal of reaching a 200,000oz annualized run rate in the June quarter. A five-year plan aiming for 250,000oz of annual production by FY28 has been withdrawn.

An expansion of its processing plant from 1Mtpa to 1.6Mtpa has also been paused, reducing growth capital expenditure by A$75 million. Expected production from FY27–FY29 is now projected at around 190,000oz annually.

Balance sheet repair 

In July last year, Bellevue unsettled the market by announcing a surprise A$175 million equity raising, most of which was used to reduce its Macquarie Bank debt facility by A$120 million to around A$100 million. 

A quarterly production-based test at the end of March triggered a loan review, which Macquarie agreed to waive following a review of the revised Bellevue mine plan.

To strengthen its balance sheet, Bellevue launched on Monday a fully underwritten placement at A$0.85 per share—a 25.8% discount to its last traded price of A$1.145 on March 26. The raise is being backed by Canaccord Genuity, UBS and Argonaut PCF. Of the proceeds, A$110.5 million will be used to close near-term hedge positions, allowing Bellevue to regain exposure to high spot gold prices, currently near A$5100/oz.

Bellevue had hedged 193,800oz of gold at an average price of A$2835/oz through 2027, well below current market prices. Bell Potter Securities estimates hedging losses of about A$52 million for the December 2024 half-year. As part of the restructure, some contracts have been pushed to the March 2028 quarter at a restructured average forward price of A$3380/oz. The remaining A$40 million from the raise will bolster the company’s cash position to A$89 million.

“Alongside the updated mine plan, the strengthened balance sheet and close out of near-term hedge contracts provides Bellevue with increased exposure to record spot gold prices through to the end of 2025,” Bellevue managing director Darren Stralow said in a statement. 

“Coupled with the support of our funding partner, we are well funded to deliver significantly improved production and generate strong free cashflow for the remainder of the June quarter and through FY26.” 

Review underway 

In parallel with the capital raising, Bellevue has launched a strategic review to explore options to “maximize value for shareholders,” including operational improvements and a path to long-term profitability. The company revealed it had received unsolicited takeover interest, although no formal offers have been made. It has appointed UBS, the Lisle Group and King & Wood Mallesons as advisors.

Chief operating officer Bill Stirling will step down, though he will remain with the company during the transition to a new appointment.

Bellevue shares are expected to resume trading on Tuesday.

The offer strengthens the Rio Tinto and Mitsui partnership in the iron ore-rich region and follows Mitsui’s recent $5.34 billion acquisition of Rio’s Rhodes Ridge project. 

CZR’s board has already accepted the proposal, which outbids a competing offer from Fenix Resources (ASX: FEX).

Fenix, led by former rugby player John Welborn, must now either match or improve its bid if it wants to secure the 98.4-million-tonne Robe Mesa project. Its earlier all-scrip offer valued CZR at A$61 million ($38m) in February, based on a trading price of A$30.5 cents per Fenix share. The bid would have increased to A$98 cents per CZR share if 75% of shareholders had accepted by the March 21 deadline — a condition that was not met. Fenix shares have since dropped to A$28 cents.

The Rio-led offer includes a A$650,000 exclusivity payment and targets only the Robe Mesa tenements. CZR, backed by Australian billionaire prospector Mark Creasy, would retain its other assets. These include a 50% stake in the Ashburton Link export project, the Croydon gold project near De Grey’s Hemi discovery, the Buddadoo polymetallic project, and exploration ground at Shepherd’s Well and Yarrie.

CZR called the Rio-led bid “superior,” noting its higher value and the flexibility it provides to fund development of its remaining assets. Creasy, who owns 52.2% of CZR and already holds a 15% stake in Robe Mesa, said he would support the deal unless a better one emerged.

CZR shares rose 9.38% on Friday to close at A$30 cents, valuing the company at A$$69.8 million ($44m). Fenix shares fell to A$30 cents, leaving it with a market capitalization of A$204 million ($128m).

Patricio Aguilera, head of Sernageomin, said that the contractor, TeamWork, was working on the concentrator when the incident occurred.

“When the company reported the incident, an emergency team immediately went to the area to begin the investigation. It began yesterday (Wednesday), and today the PDI (Investigative Police) and the Ministry of Labor and Health are working together,” Aguilera said.

Following the accident, work at the plant was halted to facilitate the investigation, he added.

(By Fabián Andrés Cambero; Editing by Alexander Villegas and Chizu Nomiyama)

Trump directed federal agencies to lift Obama-era limits on coal mining, leasing, and exports. He instructed the Interior Department to locate coal deposits on federal lands, remove barriers to mining, and fast-track leasing processes.

“All those plants that have been closed are going to be opened if they’re modern enough, or they’ll be ripped down and brand new ones will be built,” Trump said, surrounded by coal miners in hard hats at the White House. “We’re going to put the miners back to work.”

Coal companies held just 279 federal leases across nearly 422,000 acres as of 2023, a sharp drop from 489 leases covering about 730,000 acres in 1990.

Trump also ordered his newly formed National Energy Dominance Council to classify coal as a critical mineral, equating it with materials essential for defence systems and battery production. The move builds on a previous executive order allowing emergency powers and funding to boost domestic supply chains for critical minerals and rare earths.

“Coal is the single most reliable, durable, secure and powerful form of energy,” Trump said Tuesday. “It’s cheap, incredibly efficient, high density, and it’s almost indestructible. You could drop a bomb on it, and it’s going to be there for you to use the next day, which you can’t say with any other form of energy.”

The Department of Energy and other agencies will now examine whether more coal-fired plants can be kept online or reactivated to meet rising electricity demand. Some aging coal plants previously set for retirement may stay in operation.

This surge in power demand stems from rapid growth in data centres, artificial intelligence and electric vehicles (EVs). Trump argues coal is essential to power these technologies and to support industries like steelmaking.

Despite Trump’s long-standing pledge to bring back what he calls “beautiful” coal, the sector has been in long-term decline. US coal production has fallen dramatically in recent years, outpaced by cheaper natural gas and increasingly affordable renewable energy.

EPA’s help

Trump’s Environmental Protection Agency is , including limits on mercury and carbon dioxide. It’s considering exemptions for certain facilities from air quality rules.

Environmental groups blasted the executive order, calling it a backward move at odds with market trends. Renewables now dominate new power generation: 93% of electricity added to the US grid this year will come from solar, wind, and batteries, according to government forecasts.

Coal accounts for only 15% of power generation in the US today, down from more than half in 2000, according to the US Energy Information Administration.

While Trump failed to revive coal during his first term, the landscape has shifted. Utilities now warn that retiring coal plants too quickly could strain the grid, especially as extreme weather events become more frequent due to climate change.

The executive order underscores Trump’s broader energy strategy: maximize domestic fossil fuel production to meet surging power demands and maintain grid reliability, regardless of environmental consequences.

(With files from Bloomberg, Reuters)

The transaction will quadruple Wesdome’s land position at its Eagle River operation, creating a 400 km² contiguous land package. Wesdome already owns 6.3 million Angus shares, about 10.4% stake in the target company.

Under the terms of the agreement, Angus shareholders will receive C$0.62 in cash and 0.0096 of a Wesdome share for each Angus share, for a total value of C$0.77 per share. The offer represents a 59% premium to Angus’ 20-day volume-weighted average price.

Wesdome chief executive Anthea Bath called the acquisition a “highly logical and strategic tuck-in,” emphasizing that it strengthens the company’s exploration potential between the Eagle River mine and mill.

“It reinforces our belief in the geological potential of the Mishibishu Lake greenstone belt, aligns with our focus on regional consolidation, and positions us to deliver sustainable, long-term growth supported by our strong balance sheet and existing infrastructure,” Bath said.

Since 2020, Angus has invested more than $20 million in exploration, identifying multiple targets and confirming geological continuity with Eagle River. Wesdome plans to continue advancing these targets, with a 2025 focus on high-priority zones including the Cameron Lake BIF and Eagle River Splay.

Angus president and CEO Breanne Beh described the deal as a validation of her team’s work, noting achievements such as consolidating the Golden Sky property, completing over 40,000 metres of drilling, and making several gold discoveries. She said the agreement offers shareholders immediate value and exposure to a well-established, well-financed gold producer.

Eagle River consists of two gold mines: the Eagle underground mine, in production since 1995; and the Mishi open pit, in production since 2002. The operation generated 94,561 ounces of gold in 2024. 

The transaction is subject to the approval by at least two-thirds of Angus shareholders at a special meeting expected in June 2025. Closing is anticipated in the second quarter.

The deal consolidates New Gold’s ownership of New Afton, located 10km west of Kamloops, British Columbia.

“This transaction allows New Gold to fully consolidate the free cash flow exposure to one of Canada’s highest quality gold/copper assets which we already own and operate,” chief executive officer Patrick Godin said in a statement.

To finance the deal, New Gold plans to use nearly $100 million from a gold prepayment arrangement. Under this structure, the company will receive cash upfront in exchange for delivering a fixed number of gold ounces over 12 months. Based on current pricing, the committed ounces represent about 8% of New Gold’s expected consolidated gold production during that period.

The Toronto-based miner recently extended New Afton’s mine life life through technical growth projects developed over the past few years. In February, the company reported a 15% increase in copper reserves and a 13% increase in gold reserves compared to year-end 2024.

The additional reserves, which came at no extra cost, are expected to support an extension of the mine’s life to 2031.

The order, according to , would affirm the United States’ right to extract critical minerals from the ocean floor, enabling companies to seek permits directly from the National Oceanic and Atmospheric Administration (NOAA).

The move would mark President Donald Trump’s latest push to secure international sources of nickel, copper and other essential minerals. It follows his recent invocation of emergency powers to boost domestic mineral production.

The International Seabed Authority (ISA), established in 1982 under the UN Convention on the Law of the Sea (UNCLOS) — which the US has not ratified — has spent years developing regulations for deep-sea mining.

In 2021, the island nation of Nauru sponsored Canada’s The Metals Company (NASDAQ: TMC) to begin deep-sea mining, forcing the ISA to draft rules before any company could start extracting minerals in international waters.

The 36-member ISA council has since met repeatedly to finalize regulations. In March, officials gathered in Jamaica to review hundreds of proposed amendments to a 256-page draft mining code, but the session ended without a resolution.

Frustrated by the ISA’s slow progress, TMC last week the Trump administration to issue deep-sea mining permits, arguing that “commercial industry is not welcome at the ISA.”

“The Authority is being influenced by a faction of States allied with environmental NGOs who see the deep-sea mining industry as their ‘last green trophy,’” TMC chairman and chief executive, Gerard Barron, .

“They have worked tirelessly to continuously delay the adoption of the Exploitation Regulations with the explicit intent of killing commercial industry.”

Growing interest

Governments interested in developing deep-sea mining within their territorial waters — typically 200 nautical miles from shore — include the Cook Islands, Norway and Japan.

Proponents of seabed mining contend that its environmental impact is lower than land-based extraction. Critics warn that the long-term consequences remain uncertain and advocate for further research before large-scale operations begin.

Supporters argue that deep-sea mining is crucial to meeting rising mineral demand. The  projects that demand for copper and rare earth metals will grow by 40%, while the need for nickel, cobalt, and lithium—driven by clean energy technologies—could rise by 60%, 70%, and 90%, respectively.

Beyond TMC, other companies exploring deep-sea mining include California-based , Russia’s , , , and Kiribati’s .