Twitter

Miners set to reap rewards of high gold prices but remain cautious on spending – by Ian Bickis (Canadian Press – April 25, 2025)

https://www.thecanadianpressnews.ca/

TORONTO – Record gold prices are translating into higher profits for Canadian producers and excitement about the potential for more growth, though miners remain cautious on spending. Agnico Eagle Mines Ltd. was among the first big producers to report results after a quarter that saw gold top US$3,000 an ounce, while this week it pushed to over US$3,500 an ounce for the first time on U.S. instability fears.

The higher prices led Agnico Eagle, one of the world’s biggest gold producers, to report record adjusted net income of US$770 million for the quarter ending March 31, up from US$377 million last year. “The gold price performance over the past year has been remarkable,” said chief executive Ammar Al-Joundi on an earnings call Friday.

Read more

Barrick is cashing in on gold’s record rally with asset sales – by Jacob Lorinc (Bloomberg News – April 23, 2025)

https://www.bnnbloomberg.ca/

For Barrick Gold Corp., one of the world’s top bullion producers, the precious metal’s blistering rally to record prices is looking like a great opportunity to raise some cash as the company looks to pivot harder into copper mining.

First, the company announced on Tuesday that it’s exiting an Alaskan mining project by selling its 50% stake to billionaire John Paulson and Novagold Resources Inc. for US$1 billion. Meanwhile, Barrick has also signalled more deals on the horizon as it seeks buyers for mines in Africa and North America.

Read more

Will uranium ever get its day in the sun? – by Mark Wembridge and Elouise Fowler (Australian Financial Review – April 27, 2025)

https://www.afr.com/

It was one of the hottest trades of last year. Now the commodity has a new claim to fame – it dominates the list of most-shorted stocks on the ASX.

Uranium, one of the hottest trades of last year, has a new claim to fame, an unwanted one. Companies exploring or mining the commodity make up six of the 20-most-shorted stocks on the local bourse.

It is a big change from the bull market of 2023 and 2024, when demand for a new, emissions-free fuel source buoyed expectations that local uranium stocks would be big winners from the end of coal and gas generation. Opposition Leader Peter Dutton made nuclear the centrepiece of his energy policy; countries around the world scrambled to build new plants.

Read more

Trump’s push to save the fading coal industry gets a warm embrace in West Virginia – by Leah Willingham and John Raby (Associated Press – April 27, 2025)

https://apnews.com/

FAYETTEVILLE, W.Va. (AP) — The winner of this year’s West Virginia Coal Festival teen beauty pageant walks among the ruins of a community abandoned 70 years ago and imagines the rusted remains of coal tipples and processing plants coming back to life.

Ava Johnson knows West Virginia coal will not ever be what it once was. But as she makes her way along overgrown railroad tracks near the abandoned Kay Moor mine in the New River Gorge National Park looking for spikes for her collection, the 16-year-old history buff says she has heard people talking with hope about the future of an industry that has brought good-paying jobs to her state for the better part of two centuries.

Read more

Kitimat has seen it all – by Nancy Macdonald (Globe and Mail – April 25, 2025)

https://www.theglobeandmail.com/

In this northern B.C. port town, voters used to booms and busts are now caught between both at once

Kitimat’s construction boom is tapering off. The Help Wanted signs that used to decorate businesses are coming down. And hotel rooms in the northern B.C. port city are no longer packed with construction workers, as the process of building a new, $18-billion gas terminal winds down at the harbour.

But judging by the abundance of $80,000 pickup trucks, the local economy is still going gangbusters. Residents here have learned to be cautiously optimistic in the face of economic threat, and also restrained in their enthusiasm when things are looking up. Right now, they’re having to do both at the same time.

Read more

Australia aims to become a critical minerals powerhouse – by Dylan Brown (Australian Mining – April 28, 2025)

Home

The Federal Government has announced plans to establish a Critical Minerals Strategic Reserve if re-elected, with plans to invest $1.2 billion into the initiative.

The Federal Government is aiming to bolster Australia’s economic resilience and national security, transitioning from a critical mineral supplier to a global market leader, strategically capitalising on the rising demand for rare earths, high-tech manufacturing materials and resources for the energy transition. Prime Minister Anthony Albanese said the Critical Minerals Strategic Reserve would help Australia unlock its full potential of critical minerals at a critical time in the economy.

Read more

London environmentalists say Ontario’s mining push puts endangered species at risk – by Alessio Donnini (CBC News London – April 26, 2025)

https://www.cbc.ca/news/canada/london/

One environmentalist points to a 2021 audit that said Ontario should do more to protect wildlife

Environmentalists in London and across the province say the Ontario government’s push to cut so-called red tape to speed up the development of mining and construction projects could have dire consequences for endangered species.

Particularly concerning aspects of this push are moves that, according to researcher and environmental activist Brendon Samuels, weaken environmental protections in the name of short-term economic gain.

Read more

As Pakistan bets on a mining boom, can it equal Indonesia’s nickel success? – by Tom Hussain (South China Morning Post – April 26, 2025)

https://www.scmp.com/

A landmark deal unlocking vast copper and gold reserves has Pakistan eyeing a transformative economic shift

Pakistan is poised to join the ranks of the world’s top producers of critical metals by the end of the decade, thanks to an April 8 deal between the government and Canadian mining giant Barrick Gold.

Together, they aim to unlock the vast potential of Reko Diq, home to the world’s largest known untapped deposits of copper and gold with near-term production potential. Chinese firms are already on the ground, Saudi Arabia is on the verge of investing, and the United States is clamouring for access to Pakistan’s mineral wealth.

Read more

[Ring of Fire] This is why Donald Trump really wants to annex Canada – by Laura Osman (The Logic – April 27, 2025)

The Logic

Indigenous communities in the Ring of Fire stand to benefit greatly or suffer dearly in the race for critical minerals. Locals say their opposition to mining is misund

EABAMETOONG FIRST NATION, Ont. — In April, as Canada geese start to fly home from their winter retreat in the U.S., hunters in the Eabametoong First Nation head to the lakes and nearby creeks. As the sun sets over the remote Northern Ontario community, Dave Keeskitay, 40, returns from a hunt along what’s left of the melting ice road on Lornjack Bay. Sillouetted against a cotton-candy sky, he pulls a sled of goose decoys, his rifle slung over his shoulder. He bagged four birds that morning, but had no luck in the afternoon.

For hunters like Keeskitay in the remote communities south of the Hudson and James Bays, the seemingly endless peatlands and boreal forest are a lifeline. But the land that provides food and water to First Nations in the area also sits atop a potential treasure trove of critical minerals and precious metals, commonly known as the Ring of Fire, that could deliver communities here from poverty—or make survival in the region even harder.

Read more

Uranium Spotlight: Eight companies on the radar – by Staff (Northern Miner – April 28, 2025)

https://www.northernminer.com/

Rising electricity demand from new AI-driven technologies and government support for nuclear power as a base load energy source are ramping up interest in uranium. After years of underinvestment, exploration and development companies are racing to find new sources of the nuclear fuel, and put them into production. Below is a list of eight interesting uranium plays to watch.

Anfield Energy

Anfield Energy owns the Shootaring Canyon mill in southeastern Utah, one of only three licensed and permitted conventional uranium mills in the United States. The company’s portfolio of uranium and vanadium projects stretches across Utah, Colorado, New Mexico and Arizona.

Read more

First Nation challenges B.C.’s approval to raise Mount Polley mine tailings dam (CBC British Columbia/Canadian Press – April 15, 2025)

https://www.cbc.ca/news/canada/british-columbia/

The Xatsull First Nation has filed a petition in B.C. Supreme Court

A First Nation in B.C. has filed a legal challenge over the plan to allow the Mount Polley mine to raise its tailings dam a decade after a similar storage site at the mine gave way, creating one of the province’s largest environmental disasters.

The Xatsull First Nation has filed a petition in B.C. Supreme Court requesting a judicial review of the government’s decision to approve the raising of the dam by four metres without “meaningful” conversations with the nation.

Read more

The sinister history of America’s ‘uranium gold rush’ – by Erin Blakemore (National Geographic – July 12, 2024)

https://www.nationalgeographic.com/

The success of the Manhattan Project sent demand for uranium skyrocketing, and enterprising prospectors went out West in search of an overnight fortune. But many were exposed to lethal radiation in the mines.

Armed with picks and shovels, the prospectors turned to the American West intent on finding deposits of the mineral that would make their fortunes. Their pursuit of wealth led to vast riches—and left ghost towns in its wake.

But the year wasn’t 1849, and the miners weren’t in search of gold. Instead, it was the 1950s, and they carried Geiger counters along with their shovels. They were part of the United States’ last big mineral rush—a forgotten race to find uranium deposits at the dawn of the nuclear age.

Read more

Teck stumbles again at QB2 copper mine, while zinc business outperforms – by Niall McGee (Globe and Mail – April 25, 2025)

https://www.theglobeandmail.com/

Teck Resources Ltd. stumbled once again in its latest quarter, as it encountered more ramp-up problems at its giant QB2 copper mine, while its zinc business fired on all cylinders.

Teck put the high-altitude QB2 mine in the mountains of northern Chile into production in 2023, but the US$8.7-billion project went way over budget. The ramp-up has been difficult, with grade shortfalls and production misses among the early challenges.

Read more

Op-Ed: A credible strategy emerging to secure US critical supply chains – by Dominic Raab (Mining.com – April 24, 2025)

https://www.mining.com/

Dominic Raab is head of global affairs at Appian Capital, and former UK deputy prime minister and foreign secretary.

Amidst the polarized debate over the new US Administration’s trade policy, President Trump has taken a series of measures – from permitting reform to the nascent peace plan for Ukraine – demonstrating a concerted, new, strategic commitment to securing critical minerals supply chains.

The bedrock of the modern digital economy, from EV cars and smartphones to F-35 fighter aircraft, demand for critical minerals has doubled, creating a $320 billion market, and is set to double again by 2030. So too, today’s cutting-edge military hardware, on which our national security rests, depends on rare earths – from drones to submarines.

Read more

N.W.T. government announces tax break, funding for ailing diamond mines (CBC News North – April 22, 2025)

https://www.cbc.ca/news/canada/north/

Measures include ramping up local diamond valuations, temporary property tax relief

The Northwest Territories government has announced several new policies aimed at propping up the territory’s diamond mines. The targeted measures are aimed to provide financial relief to diamond mines while low diamond prices, supply chain disruptions and potential U.S. tariffs wreak havoc on the industry.

Mining is the largest private-sector contributor to the N.W.T.’s economy, with the N.W.T. government saying its three operating diamond mines collectively account for about 20 per cent of the territory’s GDP. All three N.W.T. diamond mines reported losses in 2024, and mining companies called for government support earlier this month.

Read more