December 17th, 2025 - The Mine Wire

METALS MARKET

^{**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:

🇺🇸 🇧🇾 Last week we wondered what President Trump was thinking when threatening tariffs on Canadian Potash. Well we got our answer. The United States lifted its sanctions on Belarusian potash in exchange for Belarus releasing 123 political prisoners. This certainly seems like a shrewd move by Trump and one that presumably helps bring down potash prices for U.S. farmers. (Reuters)

🇺🇸 In other Trump news, the President has expanded the list of countries subject to a full travel ban, prohibiting citizens from an additional seven countries from entering the United States. The travel ban blocks citizens from Burkina Faso, Mali, Niger, South Sudan, Syria, Laos, Sierra Leone, and holders of Palestinian Authority documents.

🇦🇺 The Australian Government is stepping in to help save Rio Tinto’s Tomago Aluminum smelter just outside Newcastle, New South Wales. While the details were mum, Prime Minister Albanese said, “I have a simple message for the workers here in Tomago today. That is, we have got your back. We are working with the company, we are working with the NSW government to make sure that there is a long-term energy solution to go forward beyond 2028.” (AFR)

🇨🇦 The Ontario government has officially launched the $500m Critical Minerals Processing Fund, which will provide strategic financial support to projects that accelerate the province’s critical minerals processing capacity and strengthen domestic supply chains. Those interested are advised to reach out to Invest Ontario for more information. (Ontario)

🇻🇳 Vietnam’s National Assembly approved a ban on unprocessed rare earth ore exports effective January 2026. All rare earths are classified as strategic national assets under exclusive state control. The amended law requires foreign companies to invest in domestic processing facilities or partner with state-approved operators. This move reflects Vietnam’s ambition to transition from a raw material supplier to a midstream powerhouse. (Reuters)

🇬🇭 Ghana has banned mining in forest reserves as it looks to safeguard water bodies and stop deforestation. The country is known for Galamsey or small-scale illegal gold mining that has caused deforestation, polluted water and threatened food security despite government initiatives to control it.

MINING MATTERS FROM AROUND THE WORLD 🌎

🇬🇧 🇨🇦 Anglo American plc and Teck Resources Limited have received regulatory approval for their “merger of equals” from the Government of Canada under the Investment Canada Act. With overwhelming support of both companies’ shareholders, the merger will go through with the head office located in Vancouver and a primary listing on the London Stock Exchange. The Canadian government was reportedly pushing for a redomiciling to Canada, but Anglo American made it clear that was not on the table. Clearly, the advocacy from both companies paid off as they gained government approval. (Teck Resources)

🇰🇷 🇺🇸 Korea Zinc has entered into a strategic partnership with the U.S. Department of War and the U.S. Department of Commerce, who will jointly invest in the construction of a large-scale smelter in Clarksville, Tennessee. The project is expected to have $6.6bn in capital expenditures, with a total planned investment of $7.4bn including working capital and financing costs. Commercial operations will commence in 2029 with 13 planned products including basic industrial metals such as zinc, lead, and copper; precious metals including gold and silver; and key strategic minerals such as antimony, indium, bismuth, tellurium, cadmium, palladium, gallium, and germanium. This deal moved quickly over 4 months according to reports. Congratulations to all involved! (Korea Zinc)

🇨🇦 🇧🇷 Vancouver’s Equinox Gold has agreed to sell its 100% interest in the Aurizona Mine, RDM Mine and Bahia Complex located in Brazil to a subsidiary of China’s CMOC Group for total consideration of $1.015bn. The sale allows Equinox to pay off roughly $800m in loans while shifting its focus to its core North American assets (Valentine, Greenstone & Castle Mountain Mines). CMOC shares jumped as much as 3.4% in Hong Kong on Monday while Equinox Gold was down over 5%.

🇨🇦 Seabridge Gold Inc. plans to spin-out its wholly owned subsidiary, Seabridge Gold (NWT) Inc. (to be renamed "Valor Gold") which owns 100% of the Courageous Lake Gold Project, located in Canada's Northwest Territories. Following the spin-out, Valor Gold will be focused on advancing the Project through exploration, engineering and permitting. It is contemplated that Valor Gold shares would be distributed to Seabridge shareholders and listed on, at least, one major public stock exchange. Seabridge would continue focusing primarily on its KSM gold/copper project and its other exploration assets. Seabridge’s leadership believes a separate listing will maximize value for shareholders by creating focused exposure on the Courageous Lake project which is often overshadowed by the KSM project.

🇦🇺 Australia’s Fortescue has agreed to buy Vancouver’s Alta Copper for approximately C$138.8m on a fully diluted basis. Giulio T. Bonifacio, President & CEO of Alta Copper, commented, “This all-cash premium offer from Fortescue is an excellent outcome for our shareholders given the significant costs and risk associated with advancing the Cañariaco project. We believe this represents the right time to deliver a substantial non-dilutive success to Alta Copper Shareholders and is consistent with our philosophy of delivering returns to shareholders at the appropriate point in the development plan of the Cañariaco project.”

🇨🇦 Unfortunately some sad news out of Canada this week. Our thoughts and prayers go out to the family, friends and colleagues of the miner who died in an underground mining collapse in Saskatchewan on Monday. The Mosaic Company confirmed the incident happened at the K3 underground mine in Esterhazy. Mosaic is currently investigating the incident with little details shared at this stage. (CBC)

MINING BITS

🇺🇸 The Nasdaq implemented new rules giving it expanded power to block IPOs, even if companies meet basic listing standards, primarily targeting risky small-cap foreign firms prone to manipulation and "pump-and-dump" schemes, by scrutinizing factors like jurisdiction, legal recourse for U.S. investors, adviser integrity, and board experience to prevent extreme volatility. We actually like this a lot. Capital market integrity is critical for economic growth, investor protection, and overall financial system stability.

🇨🇦 Vancouver-based miner WestKam Gold Corp. has been penalized $222,099 for intentional environmental violations at Bonaparte gold mine near Kamloops, British Columbia. Jennifer Mayberry, Director of the Environmental Management Act, determined in her Dec. 1 ruling that the violations were both “major” and highly deliberate. We hate to name and shame, but if true, this is unacceptable and erodes public trust in other miners. (BIV)

🌍 The Africa Center for Strategic Studies published a spotlight article titled, “China’s Critical Minerals Strategy in Africa.” This is a very thorough analysis of China’s dominant role in both the production and processing of critical minerals and the strategies it has used to gain a massive foothold on the African continent. The author proposes six best practices to ensure Africans get the most out of external partnerships, whether it be with China or other countries/companies. (Africa Center)

🇺🇸 The Center for Strategic & International Studies takes a look at the global cobalt market and the need for price floors to stabilize U.S. security. In particular, we liked the economic viability map by country which shows the average cost per pound. Definitely worth a read if you are interested in cobalt as many thought provoking recommendations. (CSIS)

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