August 6th, 2025 - The Mine Wire

METALS MARKET

🇺🇸 The largest single-day drop in copper prices on record occurred August 1st, following President Trump’s announcement that refined copper would be exempt from the 50% import tariff. While the initial expectation was a broad tariff on copper, the actual announcement focused on copper wire and pipe, excluding ores and concentrates. This led to a sharp correction in U.S. copper prices, reversing a recent surge in prices.

^{**For our chart above we are taking prices from Tuesday 4pm EST to Tuesday 4pm EST, so not the typical week of Monday through Friday.}

KEEPING AN EYE ON GOVERNMENT DECISIONS

Here are some of the notable government policy moves this week:

• 🇦🇺 The Western Australian government has announced its 32nd round of the Exploration Incentive Scheme (EIS). By co-funding exploration drilling, geophysics and energy analysis, the EIS helps companies take on high-risk, high-reward projects in underexplored and remote regions. Applications close at 4pm on Friday, August 29th, 2025. Who doesn’t get excited by some government grants? (WA Government)

• 🇦🇺 The Western Australian government also introduced new laws to clarify that land held under a miscellaneous license is exempt from local government rates. While it was long understood that these lands were not rateable under the Local Government Act 1995, the Supreme Court of Western Australia recently ruled that local governments could levy rates on land held under these licenses, potentially creating millions of dollars in additional costs for mining and exploration companies throughout the state. Given that some local councils were frothing at the mouth to take advantage of these new tax revenue streams, we aren’t surprised they were upset with the move. (WA Government) & (Government Interview)

• 🇦🇺 Australia will provide A$135m (US$87.4m) in financial support for two smelters owned by Trafigura unit Nyrstar, as part of its strategy to become a key supplier of critical minerals to Western allies. Australia, like the United States, is looking at a potential price floor for rare earth elements to support the domestic industry and battle China’s aggressive tactics in the space. (Financial Times)

• 🇳🇿 The New Zealand government has passed legislation to reopen offshore oil and gas exploration. Under the previous Arden administration, offshore exploration was banned. (Reuters)

• 🇺🇸 The United States came to an agreement with the European Commission on a 15% tariff, which is the highest rate since the 1930’s for the continent. The U.S. demanded that China and India stop purchasing Russian and Iranian oil or continue to suffer tariff consequences. Both countries softy yet firmly told the U.S. to um, mind its own business. China is fighting back by preventing rare earth exports to the United States defense industry. India is taking a different route, calling the United States hypocritical given its own purchase of Russian uranium, fertilizer and other critical imports. They’ve also pointed out that the EU continues to import vast quantities of natural gas from Russia.

• 🇺🇸 The U.S. Department of Defense announced a $10m award to Elk Creek Resources, a subsidiary of NioCorp Developments Ltd. (NASDAQ: NB). The news sent the stock up 15.66% on the day. The funding supports the development of the United States' first polymetallic deposit targeting near-term production of Scandium, Niobium, Titanium, and other critical minerals. The project is located near Elk Creek, Nebraska. Go Cornhuskers! (U.S. DoD)

• 🇳🇦 Namibia’s Deputy Prime Minister and Minister of Industries, Mines and Energy Natangue Ithete said the country is considering a new policy that would require 51% Namibian ownership in all new mining ventures. He said, "It is our collective responsibility to ensure that the exploitation of resources results in tangible benefits for all Namibians."

MINING MATTERS FROM AROUND THE WORLD 🌎

• 🇨🇱 🇧🇴 Last week we celebrated the harrowing rescue of workers at Newmont’s mine in British Columbia. Unfortunately, there is no cause for celebration this week as two state miners in South America saw loss of life. At Codelco’s El Teniente underground mine, six workers passed away after a 4.2 magnitude tremor trapped miners. In Bolivia, a landslide killed 5 miners at Comibol’s open-pit Amayapampa gold mine. Our thoughts & prayers go out to the families of these miners.

• 🇨🇦 🇦🇺 The Australian reported that “Agnico Eagle’s executives were spotted at Bellevue Gold’s flagship Western Australian project, fueling speculation that the world’s second-largest gold producer is weighing a bid for the struggling $1.2bn miner.” Agnico Eagle’s Fosterville underground gold mine in the state of Victoria is the company’s only producing asset down under. (The Australian)

• 🇲🇱 In other gold producer news, B2Gold announced that the Malian government has given it permission to commence underground mining at Fekola. The new permits and expanded operations will be owned 65% by B2Gold and 35% by the state of Mali. (Financial Post)

• 🇺🇸 Nevada Gold Mines (NGM) & Komatsu have announced a partnership that will bring Komatsu’s FrontRunner Autonomous Haulage System to the company’s Cortez mine. NGM will be automating their fleet of 300 and 230 tonne haul trucks across their surface operations. Sedna and Nokia will deploy a customized 5G communications infrastructure to support the performance & reliability of the system. Sliding down a wet ramp in a haul truck at night was a rite of passage for us at the mine site - one we are happy to see disappear with automation! (Barrick)

• 🇺🇸 Uranium Energy Corp announced that its Sweetwater Uranium Complex has been designated as a transparency project by the U.S. Federal Permitting Improvement Steering Council as part of the implementation of President Trump's Executive Order on Immediate Measures to Increase American Mineral Production. The stock was up over 3% on the day and up over 44% the past month. (PR Newswire)

• 🇺🇸 General Matter, a U.S. start-up, signed a deal with the U.S. Department of Energy to build a uranium enrichment facility at a former federal plant in Kentucky. Construction is expected to start in 2026, with operations commencing around 2034. We like it, we like it a lot. (Reuters)

• 🇿🇲 First Quantum Minerals announced a $1bn gold stream deal with Royal Gold whereby it will receive a $1.0bn upfront cash payment in exchange for gold deliveries referenced to copper production from the Kansanshi Mine located in Zambia. More info on the deal here —> (FQM)

• 🇺🇸 Yesterday, Caterpillar warned that U.S. tariffs could cost the construction equipment maker up to $1.5bn in 2025. CEO Joe Creed said, "Impact of tariffs was around the top end of our estimated range for the quarter and it's likely to be a more significant headwind to profitability in the second half of 2025.” Caterpillar imports critical parts which are subject to varying tariffs. Throw in weak demand from the construction sector and the near term outlook looks a bit shaky. (Reuters)

MINING BITS

• 🇨🇦 For those in North Bay, Ontario, the Ontario Provincial Police have confirmed they are investigating allegations involving the Mayor Peter Chirico. Last month it was reported that a freedom of information request uncovered roughly $16,000 in personal expenses by the Mayor on his corporate card. While some of these may be borderline, certainly the $3,200 in seasonal golf memberships, cigarettes and pet food are not things that taxpayers expect politicians to spend on. The Mayor has paid back the expenses, but some have asked for a deeper look into past expenses. City council surprisingly voted against an outside audit 7 to 3. This looks more like a case of pigs at the trough than corruption, but certainly explains why trust in politicians is low in most jurisdictions globally. (CTV News)

• 🇺🇸 Do you live in Arizona, travel there regularly, or always wanted to go? World Atlas takes a look at the “8 Most Breathtaking Towns In Arizona.” Several of these towns got their starts during past mining booms. (World Atlas)

• 🇧🇷 BP has made its biggest oil and gas discovery in 25 years after drilling a successful well in a field off the coast of Brazil in the Santos Basin. The oil giant plans to invest $10bn per year to increase exploration and production for oil and gas as it shifts its focus away from renewables. (Financial Times)

• 🇵🇪 Peru seized an illegal 4 ton shipment of mercury that was destined for illegal gold mining operations in Bolivia. The seizure is one of the largest ever globally. The mercury was hidden in crushed gravel bags and originated in Mexico. (AP News)

• 🇯🇵 🇰🇷 🇹🇼 Asia’s seaborne imports of thermal coal were up in July by 12% compared to June. While China & India trimmed imports due to domestic supply and rising generation from renewables, Japan, South Korea and Taiwan all significantly increased imports. (Reuters) 

Not Signed Up to The Mine Wire Yet? 

We do the hard work and curate news from around the globe related to mining and bring it to you once a week in a free and easy to read format. Whether you’re a seasoned industry professional or a curious enthusiast, our newsletter delivers the latest updates, cutting-edge trends, and expert analysis straight to your inbox in an exciting format once a week. Subscribe below!