June 18th, 2025 - The Mine Wire

METALS MARKET

WTI Crude is up nearly 16% this week as Israel and Iran confrontation heats up. Israel has so far avoided strikes on oil export infrastructure in Iran, easing immediate fears of a global supply shock. However, further escalations or an attempt by Iran to block the straight of Hormuz, could send oil soaring in the coming week(s).

^{**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.}

CANADA HOSTS G7 MEETING IN KANANASKIS, ALBERTA

WHAT IS THE G7 & WHO ATTENDED?

The Group of Seven countries met earlier this week in Kananaskis, Alberta. The group comprises Canada, France, Germany, Italy, Japan, The United Kingdom and The United States. The European Union also attends G7 meetings as well as other heads of state who are not part of the G7 but have been invited by the host country.

This year Mexico, India, Ukraine, Australia, Brazil, Indonesia, South Africa and South Korea attended while Saudi Arabia’s crown prince turned down the opportunity to attend. The G7 had previously been expanded to the G8 to include Russia, but the nation was expelled in 2014 when it invaded Crimea.

PRESIDENT TRUMP LEAVES AFTER DAY 1

While a host of communiques came out of the G7 meetings, the media was caught up in President Trump leaving after the first day. With tensions rising in the middle east it makes sense that the President would want to be in Washington D.C. with his military advisors.

With that said, two things can be true at the same time and we wouldn’t be surprised if the President wanted to avoid a second day of world leaders pushing trade issues. Add in a visit by Ukraine’s President on day 2 and Trump was probably too happy to stick it to the hosts. In fact, the President once again mentioned that Russia should have been invited to the meeting - something he also mentioned back in 2018 when the G7 meeting was in Quebec.

Certainly a number of world leaders looking for face time including Mexico, India and Ukraine, were disappointed with the U.S. President’s absence.

TRADE DEALS

The biggest winner from the G7 may have been the United Kingdom which announced a trade deal with the United States. The Brits will be able to send 100,000 cars per year to the United States at a 10% tariff rate while their aerospace sector will be excluded from any tariffs. The U.S. plans to impose a quota on U.K. steel and aluminum that will be exempt from the 25% tariff but those quotas have yet to be set. The U.K. in turn agreed to lower tariffs on U.S. beef and ethanol.

The Canadian Prime Minister may have had the second best outcome as President Trump agreed to get to “the bottom of a deal” in the next 30 days.

IMPLICATIONS FOR MINING

There were six communiques that came out of the G7 related to critical minerals mining, artificial intelligence, quantum innovation, wildfires, foreign interference and transnational crime. The G7 Critical Minerals Action Plan communique had the support of Australia, India and South Korea. Three areas of commitment were identified:

Building standards-based markets: “We recognize that critical minerals markets should reflect the real costs of responsible extraction, processing, and trade of critical minerals, while ensuring labour standards, local consultation, anti-bribery and corruption measures and addressing negative externalities, including pollution and land degradation.” Further the G7 commits to the development of a roadmap to promote standards-based markets for critical minerals and will task their Ministers to have this completed by the end of 2025.

Mobilizing capital and investing in partnerships: “To build on this momentum, we encourage multilateral development banks, as well as private sector lenders, to make further capital available for investment in standards-based critical minerals projects, including through innovative financing. We also encourage them to leverage existing financing mechanisms to de-risk projects, maximize and mobilize private capital, and increase the resilience and security of global critical minerals supply chains.” For this, the G7 talks about working with developing nations to build out critical infrastructure to enable projects while also working on debt sustainability and fair finance.

Promoting innovation: “We will intensify our collaboration to fill targeted innovation gaps in critical minerals research and development, with a focus on processing, licensing, recycling, substitution and redesign, and circular economy. We will work with partner organizations to showcase new technologies and production processes.”

Finally, the G7 highlighted the upcoming Conference on Critical Materials and Minerals, to be chaired by the United States in Chicago, in September 2025, in order to advance this work.

For more information on the release click here.

KEEPING AN EYE ON GOVERNMENT DECISIONS

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

• 🇺🇸 🇨🇳 President Trump announced that China will start exporting coveted rare earth minerals and magnets and in return, tariffs on Chinese goods will be set at 55%. Danny Russel, Vice President for International Security and Diplomacy at the Asia Society Policy Institute said Trump’s latest pressure campaign on China appeared to “be ending with a whimper, not a bang.” We have to agree. It is clear that China holds a strong hand with a near monopoly on global rare earth minerals processing. Advanced manufacturers in developed nations were already shutting down operations due to a lack of essential components. If we were China we would continue to keep a tight grip on export licenses to prevent foreign stockpiling. (AP News)

• 🇨🇳 🇲🇲 A Chinese backed militia in Myanmar, The United Wa State Army, has secured control of a new rare earth mine in its territory. While China has a near monopoly on rare earth processing, Myanmar accounts for half the total imports of the rare earth metal inputs. Given the geopolitical importance of China controlling rare earths, the country has backed The United Wa State Army to protect these new mines. A really interesting read → (Reuters).

• 🇺🇸 The U.S. Department of the Interior’s Office of Surface Mining Reclamation and Enforcement announced a proposed rule to rescind the 2024 “Ten-Day Notices and Corrective Action” rule which it called a problematic regulation from the prior administration that complicated how states and the federal government work together to oversee surface coal mining. The proposal will be posted next week and will be open for public consultation for 30 days. (OSMRE)

• 🇺🇸 The U.S. is considering a full or partial travel ban on 36 additional countries if they don’t resolve issues related to taking back their foreign nationals and addressing “questionable security” of their national passports. The countries include: Angola, Antigua and Barbuda, Benin, Bhutan, Burkina Faso, Cabo Verde, Cambodia, Cameroon, Cote D'Ivoire, Democratic Republic of Congo, Djibouti, Dominica, Ethiopia, Egypt, Gabon, The Gambia, Ghana, Kyrgyzstan, Liberia, Malawi, Mauritania, Niger, Nigeria, Saint Kitts and Nevis, Saint Lucia, Sao Tome and Principe, Senegal, South Sudan, Syria, Tanzania, Tonga, Tuvalu, Uganda, Vanuatu, Zambia, and Zimbabwe. (Reuters)

• 🇨🇦 Ontario’s Minister of Energy & Mines spoke at a Canadian Club Luncheon last Thursday to launch the government’s “Energy for Generations” plan. While mining is only mentioned 14 times in the report, the government talks about the importance of electricity access for mining development. The government specifically mentions the Greenstone and Red Lake areas as specific cases for transmission expansion. The report also mentions nuclear 121 times and the Minister talked up Ontario’s leadership in the space throughout his speech. Worth reading if you have operations in Ontario → (Government of Ontario)

• 🇨🇦 The Canadian Securities Administrators (CSA) is proposing changes to mining disclosure standards, aiming to modernize and streamline the existing rules without introducing new requirements. The amendments aim to provide clearer guidance on what information needs to be disclosed, reducing ambiguity and potential for misinterpretation. By clarifying requirements and streamlining processes, the changes are intended to lower the cost of capital for mining companies and promote capital formation. The amendments also emphasize the importance of disclosing material information, focusing on information that could reasonably be expected to affect the market price or value of a company's securities. They also propose to streamline the process for filing technical reports, potentially allowing for the use of summaries to satisfy certain AIF requirements. More here → (Ontario Securities Commission)

• 🇨🇦 The Nova Scotia government announced changes to speed up mining project approvals. Mimicking some other jurisdictions, the government talked up a new dedicated office to shepherd through projects. Some requirements, such as erosion and sedimentation control plans, that were previously part of the initial application can now be submitted after approval but before construction on a site begins. The government recently put out a call for uranium exploration applications but announced this week that there was zero interest. Given the public sentiment on uranium mining in the province, we aren’t surprised. (Nova Scotia Government)

• 🇨🇦 Alberta’s Premier, Danielle Smith, decided to hold a 2.5 hour townhall in Fort Macleod to discuss coal exploration in the Rockies. With roughly 500 in attendance, it sounds like the Premier faced a largely hostile crowd. While many heckled and raised placards reading “lie” and “false”, there were some in support of the mining project and its importance for economic development. Carmen Linderman, president of the group Citizens Supportive of Crowsnest Coal said, "We believe that this can be done responsibly," and "Our community needs high-paying jobs, mortgage-paying jobs." The Premier often cited a $15bn lawsuit by five coal companies to justify the government’s decision to allow exploration. One protestor in the video said, “You know what they say about miners, mine, mine, mine.” (Global News) and if you want to read a full on blast of the situation in a politically left print, here you go → (The Tyee).

• 🇷🇺 Russia has offered to act as a mediator in the conflict between Israel and Iran. It has also offered to store Iran’s uranium in Russia. We think Russia should focus on resolving their own conflict first, but who are we. (Reuters)

• 🇲🇳 Mongolia’s parliament approved Zandanshatar Gombojav as the country’s new Prime Minister. He won the election by a vote of 108 to 9 in the 126 member parliament. The other nine members were absent. The former Prime Minister Oyun-Erdene Luvsannamsrai resigned 10 days ago after reports of lavish spending by his son. The public has felt that Mongolia’s elites have benefited from the nation’s mineral wealth while regular people continue to live in poverty. (AP News)

• 🇪🇨 Ecuador's mining ministry announced the launch of a new registry of concessions for the first time in seven years in an effort to attract more mining projects to the South American country and curb illegal operations. The concessions will open with small-scale mining projects in 2025 with all others starting in 2026. (Reuters)

MineConnect Harbour View Roadshow Cruise – Toronto | June 19

Join MineConnect and the Ontario Centre for Innovation Network for an unforgettable evening on the water! Set against the stunning backdrop of Toronto’s harbour, this roadshow cruise is your chance to connect with industry professionals, innovators, and mining supply and service leaders.

Enjoy engaging conversations, hors d'oeuvres, and drinks as we cruise the harbour. A featured speaker (TBC) will share insights into Ontario’s mining and innovation landscape, highlighting the power of collaboration across sectors.

Space is limited—secure your spot and be part of this unique networking experience!

Purchase Tickets Here

MINING MATTERS FROM AROUND THE WORLD 🌎

• 🇧🇦 Dundee Precious Metals Inc. (TSX: DPM) has agreed to purchase Adriatic Metals plc (LON: ADT1) for $1.3bn. Dundee will acquire 100% of the Vareš operation in Bosnia and Herzegovina, a producing silver-lead-zinc-gold underground mine. Given Dundee’s operations in the region, the acquisition seems to make a lot of sense. The shares of both companies were up on the news. (Global Newswire)

• 🇲🇱 Barrick Mining’s Mali operation has been put under state control. In response, Barrick has removed it’s Mali gold complex from its 2025 output forecast and confirmed that the International Centre for Settlement of Investment Disputes (ICSID) arbitration process is well underway. Barrick said it remains committed to engaging with the Government of Mali, in parallel, to identify a constructive, mutually acceptable solution. Meanwhile, Mali's military junta has started building a gold refinery in partnership with a Russian conglomerate, the Yadran Group to assert its “economic sovereignty”. (Barrick Mining) & (BBC)

• 🇲🇽 Congratulations to Sandvik which locked in a roughly US$45m equipment order from La Cantera Desarrollos Mineros, one of Mexico’s leading underground mining contractors. (Sandvik)

• 🇦🇺 Mine Vision Systems announced a strategic partnership with Hi! Engineers to enter the Australian market. FaceCapture, developed by Mine Vision Systems, is an industry-leading digital face mapping system that significantly improves the speed, safety, and accuracy of data collection for underground geologists. In Australia and interested? Reach out to these guys. (Mine Vision Systems)

• 🇨🇦 The Metals Company (NASDAQ: TMC) got a big nod of approval from Korea Zinc which invested $85.2m in the seabed miner. The stock is up almost 23% on the news and TMC is up a staggering 352% in 2025. There is a lot riding on President Trump’s support for the industry and only time will tell whether the $2bn market cap is cheap or frothy. (The Metals Co.)

• 🇬🇱 Critical Metals Corp. got a letter of interest from The Export-Import Bank of the United States for a loan worth up to $120m to fund the company's Tanbreez rare earths mine in Greenland. The stock is up 88% in the past week. (Reuters)

• 🇧🇼 Giyani Metals (CVE: EMM) also received a letter of interest from the Export-Import Bank of the United States for a loan of up to $225m to help build its manganese project in Botswana. (KITCO)

• 🇦🇺 It must be raining cash this week because Australia's Element 25 (ASX: E25) received a senior debt facility of up to A$50m from the Northern Australia Infrastructure Facility for the firm's Western Australia manganese project. (Reuters)

• 🇨🇦 Privately-owned Torngat Metals received C$110m bridge financing from Export Development Canada to support the next phase of its Strange Lake rare earth project. EDC's financing will support pre-construction activities, including engineering and environmental studies. This marks the first time EDC has extended financing to an early-stage mining project, reflecting its commitment to support the responsible development of the critical minerals sector in Canada and to contribute to the Government of Canada's Critical Minerals Strategy. (CISION)

• 🇦🇺 The Australian Renewable Energy Agency (ARENA) has committed A$19.8m to support a Front-End Engineering Design study for the NeoSmelt project in the Kwinana Industrial Area, south of Perth. NeoSmelt, which is managed by BlueScope, plans to develop Australia’s largest ironmaking electric smelting furnace. The consortium, founded by BlueScope, BHP and Rio Tinto also welcomes two new equity participants – Woodside Energy and Mitsui Iron Ore Development – to the NeoSmelt joint venture, with the five participants taking equal equity stakes in the joint venture. (Businesswire)

• 🇦🇺 Mineral Resources will pump $150m into its struggling Mt Marion Lithium operation while it’s joint venture partner, Ganfeng Lithium, will provide a matching $150m loan. The lithium joint venture lost $44.8m in 2024 and was operating in the red in the first quarter of 2025. (AFR)

MINING BITS

• 🇨🇦 Congratulations to Cyclic Materials which is investing $25m to establish a Centre of Excellence for rare earth recycling in Kingston, Ontario. The 140,000 square-foot facility will house Cyclic Materials’ first commercial “Hub” processing unit. The facility is designed to convert 500 tonnes of magnet-rich feedstock annually into recycled Mixed Rare Earth Oxide — a product containing crucial components for permanent magnets used in EV motors, wind turbines, and consumer electronics such as Neodymium, Praseodymium, Terbium, and Dysprosium. Given the geopolitical situation these days, this investment couldn’t come at a better time. (Cyclic Materials)

• 🇺🇸 Gracelin Baskaran from the Center for Strategic & International Studies has a new column out on “Building a New Market to Counter Chinese Mineral Market Manipulation.” In it she argues for creating an anchor market of countries that can work together to oppose China’s market manipulation. She then gives three policy changes: Harmonize tariffs across anchor market countries; Implement gradually increasing quotas that require mineral inputs to be sourced from anchor market countries; and Strengthen investment screening mechanisms and, when necessary, prohibit Chinese acquisitions of critical mineral assets within anchor market countries. (CSIS)

• 🇨🇦 New research from the Canadian Climate Institute finds governments should act swiftly to de-risk critical minerals investment and accelerate project timelines—without cutting corners on Indigenous rights and environmental protections—to avoid missing out on a multi-billion dollar economic opportunity. Read the report here → (CISION)

• 🇦🇺 Congratulations to the 8 finalists for BHP’s The Deep Mining Open Call, which launched in September 2024 and aimed to identify innovators with capability that could be applied to deep underground mining. With over 90 applications, these 8 finalists will receive support to accelerate and grow their ideas in a supportive environment that includes BHP funding, technical mentoring, opportunities for collaboration and access to BHP data and samples. The finalists are: Tripleye, Intelligent Robotics, LoopX, Minpraxis, CSIRO, Veracio & Roqsense, Advanced Navigation and Special Teams. (BHP)

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