June 4th, 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:

• 🇨🇦 Canada’s new Prime Minister Mark Carney, met with provincial and territorial Premiers in Saskatoon this week. The most salient point in Ottawa’s communiqué related to permitting and approval timelines: “First Ministers are committed to immediately begin to address project approval and permitting efficiency and timelines for all projects. Premiers welcomed the Prime Minister’s commitment to ensuring all federal assessment decisions are rendered within two years, beginning with projects of national interest. First Ministers also agreed to work toward efficiently and effectively implementing ‘one project, one review’ with the goal of a single assessment for all projects, in a manner that respects federal, provincial, and territorial jurisdiction, enhancing co-ordination activities on permitting and eliminating duplication.” Ontario’s Premier said it was the best meeting in 10 years while Alberta’s Premier said she was encouraged by the meeting. Only time will tell whether progress is made, but we like what we see so far. (Government of Canada)

• 🇨🇦 Meanwhile, in Ontario, First Nations groups were up in arms over Bill 5. While the government made some last-minute changes, Grand Chief Alvin Fiddler of Nishnawbe Aski Nation, which represents 49 First Nations in northern Ontario said, “It’s just way too late in the process. It’s an insult to our leadership for the government to now come back to us with some proposed amendments.” Another First Nations leader said it’s “it's putting lipstick on a pig”. The government has said the Bill includes a duty to consult but First Nation groups are worried that the government is going to use the legislation to ram through projects in the Ring of Fire. We expect this one to heat up but hope that individual projects can move forward with the support of local communities & First Nations groups. (CTV News) & (Globe & Mail)

• 🇨🇦 A reporter in Manitoba asked Premier Wab Kinew to respond to hearsay about a wildfire starting at Alamos Gold’s Flin Flon mine site and whether the miner should be charged. Watch this masterclass in how to shutdown a reporter’s question in a direct yet respectful way. (Instagram)

• 🇨🇦 The Canadian government announced $15m to create 470 employment and skills training opportunities for youth across Canada in natural resources sectors including energy, forestry, mining, earth sciences and clean technology. Employers can apply for funding to hire, train and mentor youth aged 15 to 30 for up to 12 months. The Green Jobs program for mining is delivered by the Mining Industry Human Resources Council. (Government of Canada) and (MIHRC)

• 🇺🇸 President Trump signed an executive order to raise the tariff on steel and aluminum imports from 25% to 50%, starting on June 4th, 2025. Tariffs on steel and aluminum imports from the United Kingdom will remain at 25%, with possible changes or quotas starting July 9th, 2025, depending on the status of the U.S.-UK Economic Prosperity Deal. (The White House)

• 🇺🇸 Last week, The U.S. Court of International Trade ruled that President Trump’s tariffs under the International Emergency Economic Powers Act, had exceeded his authority. The court ruled that Congress had the constitutional authority to impose tariffs, not the President. Yet, the next day, The United States Court of Appeals for the Federal Circuit in Washington said it was pausing the lower courts ruling until it could hear the government’s appeal. So if you were hoping for a reprieve on U.S. tariffs, we wouldn’t advise you to hold your breath just yet. (Reuters)

• 🇵🇦 The Panamanian government has approved the export of 120,000 tons of copper at First Quantum Mineral’s Cobre Panamá mine in order to fund maintenance and environmental protection measures. The government made it clear that the approval is not a reopening of the mine. (AP News)

• 🇬🇦 Gabon is the latest country to announce export controls on its mineral wealth. The West African nation said it will implement an export ban on raw manganese starting in 2029. Gabon wants domestic processing so it can capture more of the value chain. French miner Eramet which has significant operations in country, said it would work constructively with the Gabonese government. Despite that, the news sent the miner’s share down 4% on the day. (Reuters)

• 🇧🇼 Botswana this week said it will need to revise its growth estimate for the 2025/26 year to roughly 0% as the diamond market continues to struggle. The country generates roughly 30% of its revenue from the sector. The downturn is having an impact on liquidity in Botswana and threatens the financial stability of the government. Want to help out? Well you could make that diamond purchase or take that African safari you’ve always dreamed about. Did you know that Botswana has the largest population of elephants in Africa with roughly 130,000? (Reuters)

• 🇰🇿 Kazakhstan may transfer a series of newly discovered rare earth metal deposits to the state-owned mining company Tau-Ken Samruk, according to Erlan Akbarov, Chairman of the Geology Committee under the Ministry of Industry and Construction. This month, the Ministry of Industry and Construction is expected to open electronic auctions granting private investors the right to explore and develop 50 gold and rare metal deposits. (The Times of Central Asia)

• 🇨🇳 Everyone and their dog are raising the alarm on China’s export ban on rare earth metals and magnets. While China has started to slowly trickle out export licenses, they have been slow to grant approvals. Global automakers from the U.S., Germany, South Korea, Japan and India have all said shutdowns are around the corner if this isn’t resolved soon. President Trump has expressed outrage and accused China of violating terms of a deal reached this month to temporarily dial back tariffs and other trade restrictions. On his Truth Social Platform, President Trump said, “"China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US." While there is near term pain for manufacturers, this ban continues to light a fire under the rumps of the United States and others as governments look to develop their own secure rare earth supply chains. (Reuters)

The MineConnect Toronto Mini Mining Forum on June 19th at the Westin Harbour Castle brings together Ontario’s mining supply and services sector for an afternoon of insights, networking, and industry collaboration.

The agenda includes a focused policy and procurement session with government and procurement leaders, a critical minerals panel exploring Ontario’s role in global supply chains, and an innovation-focused discussion highlighting the technologies and partnerships shaping the future of mining. A fireside chat with Minister Greg Rickford and Wyloo Canada CEO Kristan Straub will offer candid insight into the path forward for the Ring of Fire — including infrastructure, Indigenous partnerships, and opportunities for Ontario suppliers.

This event is designed to spark meaningful dialogue and create new business opportunities across the mining ecosystem. Whether you're a supplier looking to expand your reach, a policymaker shaping the sector’s future, or an innovator driving change, the forum offers a platform to engage directly with decision-makers and industry influencers.

The day wraps up with the Harbour View Roadshow — a casual evening networking cruise on Toronto Harbour, offering a relaxed setting to build connections with stakeholders from across the province.

Purchase Tickets Here

MINING MATTERS FROM AROUND THE WORLD 🌎

• 🇨🇦 Canada’s Nutrien is planning a major terminal at a Pacific Northwest port and is currently exploring sites in the United States and Canada. According to President & CEO, Ken Seitz, regulations, taxes and approval timelines will influence the company’s decision on whether to select the U.S. or Canada. Nutrien currently exports Potash through three locations - Vancouver, Saint John and Portland. With a tariff war and both the U.S. & Canada fighting for new business, it certainly seems like a perfect time to dangle a new investment. (Reuters) or (Globe & Mail)

• 🇨🇦 Congratulations to Artemis Gold Inc. (CVE: ARTG) which officially opened its Blackwater Mine in Northern British Columbia. The Premier, Minister of Mining & Critical Minerals as well as First Nations leaders were on site for the ceremony. Investors also liked the public news as the stock is up 13.5% since the release. (Artemis Gold)

• 🇨🇮 Awalé Resources (CVE: ARIC) scored a nod of approval from Fortuna Mining (TSX: FVI) which invested US$6m into the junior mining firm at a 19% premium. The investment results in Fortuna owning 15% of Awalé. The move seems to make sense given that both companies are operating in Côte d’Ivoire. (Awalé Resources)

• 🇿🇲 Terra Metals Inc., a U.S.-based critical minerals development company, and Metalex Commodities, a global energy and resources investment firm, have concluded final negotiations to establish Lunda Resources, a new copper and cobalt production powerhouse in Zambia. The agreement, which includes a $100 million initial funding commitment, will be signed next month at the U.S. Embassy in Lusaka, underscoring the strategic alignment with U.S. government priorities on critical mineral security. Construction is already underway on a 240-ton-per-hour copper and cobalt concentrator in Zambia. Congratulations to both organizations! (Global Newswire)

• 🇿🇦 Valterra Platinum (JSE: AMS) made its trading debut on the Johannesburg bourse as a standalone unit, completing a spin-off from parent Anglo American. Duncan Wanblad, CEO of Anglo American said, "Valterra Platinum has been a major part of the company for many years but now is the right time for it to optimize its value creation prospects on an independent path – it’s an outstanding business and team and I have every confidence that Valterra Platinum will thrive as a leader in the global platinum group metals industry.” (Reuters)

• 🇦🇺 🇧🇫 🇬🇭 Australian mining services provider Perenti (ASX: PRN) landed a A$1.1bn contract from Endeavour Mining (TSX: EDV) in Burkina Faso. The five year contract is for delivery of underground mining operations at the Siou and Wona areas of the Mana complex. Just a week earlier, Perenti had announced a similar five year deal for A$1bn where it will provide underground mining services at the Obuasi Gold Mine in Ghana for AngloGold Ashanti. What a great couple of weeks for Perenti! (Perenti)

MINING BITS

• 🇧🇼 Marie Claire takes a look at Botswana and it’s push to empower more women to take leadership roles in mining and other sectors. With role-models like Bogolo Kenewendo, Botswana’s Minister of Minerals and Energy or Ada Theia, Founder & Managing Director of Zoe Diamonds, the country has enacted policies to attract more women into STEM. One example is free education. “While primary and secondary school is free in Botswana (largely funded by diamond-mining revenues), university must be paid for unless you are a woman in STEM. The government pays tuition, accommodation, everything, says Mothibatsela.” A really interesting read on Botswana, the diamond industry and policies to attract more women into traditionally male roles. (Marie Claire)

• 🌍 A study covered by CNN Science shows that gold is coming to the earth’s surface from it’s core. About 99.95% of the earth’s gold is locked in the molten core, but new evidence suggests that some of it may find its way to the surface over time. Scientists examined volcanic samples and were able to extract all the elements in the platinum group, which includes platinum as well as the lesser-known rhodium, palladium, iridium, osmium and ruthenium. They then focused on Ruthenium to prove that the gold was actually from the earth’s core. Worth a read if you like this kind of stuff! (CNN Science)

• 🌕 Well if the core doesn’t it do it for ya, how about the Moon? In a new study, researchers estimate the number of lunar craters containing asteroid remnants with platinum group metal ores and hydrated minerals. Based on their numbers, they believe mining on the moon will be more economical than mining asteroids. However, the Outer Space Treaty signed by many countries, states that the Moon and other celestial bodies are not subject to national appropriation, meaning no country can claim ownership. The treaty is less clear about whether extracting resources from the Moon violates this principle. Some argue that extracting resources does constitute a form of appropriation, while others believe it's permissible as long as no territorial claims are made. What is clear, is that mining on the Moon might be the most feasible and economical way to start mining in space. (ScienceDirect)

• 🇨🇳 The Yimin open-pit coal mine in Inner Mongolia, China, has put into operations a fleet of 100 photovoltaic-battery-powered, self-driving trucks. The South China Morning Post says, “Now, instead of a thousand-man crew, just 24 people, divided into four teams, are needed to operate the 100 new trucks. Staff monitor and control the vehicles from the comfort of a remote control room, where live-feed videos and real-time traffic information are displayed on multiple screens.” There is a great video in the article showing the trucks in operation. Definitely worth a read —> (SCMP)

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