May 28th, 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:

• 🇲🇳 The Australian Financial Review reported that the Mongolian government has filed a lawsuit in the British courts against Rio Tinto. It accuses the miner of political bribery related to its Oyu Tolgoi copper mine between 2008 and 2012. While this happened before the current CEO’s tenure, it is looks like the situation has yet to be resolved. There is no indication that this lawsuit contributed to the CEO’s resignation this week. (AFR)

• 🇦🇺 Australia’s NSW Resources is seeking feedback on the proposed Mine and Petroleum Site Safety (Cost Recovery) Regulation 2025. You have until 5pm on Wednesday, June 18th, 2025 to provide feedback. Have your say here —> (NSW Government)

• 🇦🇺 The Tasmanian government has issued a $7.5 million loan to Group 6 Metals (ASX: G6M) as the miner struggles to open its King Island tungsten mine due to financial troubles. The company recently failed to pay back $10 million to the Tasmanian government so the loan was converted into shares. Now the government owns 12% of Group 6 Metals and certainly doesn’t want to see its investment blown. (ABC)

• 🇵🇱 Poland is introducing investment spending deductions for copper miners that will lower tax revenues by an estimated 10 billion zlotys (US$2.66 billion) over ten years. The government pointed out that Poland’s largest copper miner, KGHM, supplies roughly 85% of the copper to Europe. The Minister of State Assets said, "By taking care of investments in Poland, by taking care of the development of KGHM, we also take care of the collective security of the West and the European Union." (Reuters)

• 🇳🇬 Nigeria’s Mining Minister announced that two Chinese backed lithium processing plants will go into operations this year. The oil nation has several additional projects on the horizon as it looks to diversify into the mining sector. (Reuters)

•  🇨🇦 Alberta’s Premier Danielle Smith said that the province won’t allow open-pit mines. Smith said the government heard loud and clear that Albertans don’t want mountaintop removal or strip mining. “They’re concerned that when you do that, it exposes the rock face to when it rains, selenium getting into the water system. So we’ve put a policy in place — you can’t do these things,” said Smith. “You can’t do open pit mining, you can’t do strip mining, but if you can find techniques that allow you to do new underground mining, then we’re going to be open to approving those projects.” (Calgary Herald)

• 🇨🇦 British Columbia’s Premier unveiled a plan to attract mining investments and promised more information in the coming weeks. While there was no mention of Bill 15, the release mentions First Nations consultation, environmental protections, building key infrastructure to support projects and speeding up permitting timelines with a One Project One Review commitment. It honestly sounds like a lot of fluff to us at the moment, so we look forward to seeing more of the specifics and how the actual implementation will roll-out. (BC Government)

• 🇨🇦 First Nations groups in Ontario were at Queen’s Park (Legislature) to make it known that they are staunchly opposed to Bill 5 which aims to fast-track permits in special economic zones. The First Nations Land Defence Alliance, a group of First Nations that's been pushing back against development without Indigenous consultation, has promised court challenges and resistance on the land should Bill 5 move forward. Premier Doug Ford has said he is open to some changes on the Bill. (CBC)

• 🇺🇸 The Interior Department is looking to issue a request for information & interest in relation to seabed mining off the coast of American Samoa. The RFII will seek input from the mining industry as well as the Indigenous island community and others about whether it should proceed. Interior Secretary Doug Burgum said, “By providing opportunities to responsibly access deep-sea mineral resources, we are supporting both American economic growth and national security.” (The Hill)

• 🇺🇸 U.S. Secretary of Energy Chris Wright announced the designation of coal used in the production of steel as a critical material under the Energy Act of 2020. Secretary Wright said, “Metallurgical coal is more than a fuel—it is a cornerstone of our industrial base.” (U.S. Department of Energy)

• 🇺🇸 Staying on coal, The Federal Trade Commission, joined by the U.S. Department of Justice Antitrust Division, filed a Statement of Interest in a multistate antitrust case against asset managers BlackRock, State Street, and Vanguard. Blackrock fired back that, "As we made clear in our earlier motion to dismiss, this case is trying to re-write antitrust law and is based on an absurd theory that coal companies conspired with their shareholders to reduce coal production." Further they state that, "Forcing asset managers to divest from coal companies will harm their ability to access capital and invest in their businesses and employees, likely leading to higher energy prices." What do you think? (FTC) & (Reuters)

• 🇺🇸 President Trump signed an executive order to unleash a US nuclear renaissance. The administration is setting the goal of expanding American nuclear energy capacity from 100 GW today to 400 GW by 2050. While questions were raised about the actual feasibility of reaching this target, we personally like the goal. The news shot uranium stocks up for several days. (The White House)

• 🇺🇸 The U.S. Department of the Interior has greenlit Anfield Energy’s (CVE: AEC) Velvet-Wood uranium and vanadium mine in San Juan County, Utah—marking the nation's first project approved under a newly accelerated 14-day environmental review process. Anfield’s stock was up 17.5% on the news and is up 75% the past month. (U.S. Interior Department) 

VANCOUVER MINING CLUB PRESENTS MINING DIGS DEEP FUNDRAISER IN SUPPORT OF MINING FOR MIRACLES

You’re Invited: Mining Digs Deep Fundraiser – May 29 at Vesper Lounge

The Vancouver Mining Club warmly invites you to a dynamic and meaningful afternoon:

Mining Digs Deep Fundraiser in support of Mining for Miracles Thursday, May 29, 2025 2:30 PM – 8:30 PM Vesper Lounge – 905 Dunsmuir Street, Vancouver

This industry social is more than just a good time — it’s a chance to come together and support the BC Children’s Hospital Foundation’s Centre for Health Complexity, providing critical care to kids with complex medical needs.

We’re proud to support Sean Kingsley’s fundraising initiative as part of the Mining for Miracles – Pie Throw, where he’ll face off against Jason Courneyea (MineralsEd) in the Education/Training Pie Face-Off. 🎓⚒🥧

💛 What to Expect:

• A vibrant social across both floors of Vesper Lounge

• 50/50 draw, raffle prizes, and Best Dressed Contest

• Buy your own drinks and food — we bring the community and the fun

• Open to everyone across the mining, exploration, investment sectors and friends!

💥 How You Can Support: ✅ Attend the event ✅ Donate a prize for raffles or contests ✅ Invite your network ✅ Support Sean’s campaign directly:

👉 Donate Here https://secure.bcchf.ca/SuperheroPages/main.cfm?Event=Mining&Member=278215

Let’s dig deep and show what the mining industry is all about — heart, impact, and good fun for a great cause.

MINING MATTERS FROM AROUND THE WORLD 🌎

• 🇦🇺 In a surprise move, Rio Tinto’s CEO Jakob Stausholm announced that he would be stepping down in the coming months as the company looks for a replacement. It was reported that tensions between the board of directors and the CEO led to his resignation. The AFR reported that, “The board wants executive focus to be more on the technical tasks of mining and manufacturing rather than the stakeholder relations and reputation repair that consumed so much of Stausholm’s tenure.” Stausholm was brought in as an outsider in order to clean-up Rio Tinto’s image after the destruction of the Juukan Gorge indigenous site. His tenure is seen as a success as he put out fires and righted the Rio ship, but clearly the board wants the focus to shift. (AFR)

• 🇨🇱 Rio Tinto’s big bet on lithium continues to push forward as the miner was confirmed as the preferred partner for the Salares Altoandinos lithium project in the Atacama region of Chile by Empresa Nacional de Minería (ENAMI), a state-owned Chilean mining company. Under the terms of the proposal, Rio Tinto would acquire an initial 51% stake in the project with ENAMI holding the remaining 49%. (Businesswire)

• 🇦🇷 Argentina's government also approved Rio Tinto’s $2.5 billion lithium mining project, making it the first mining project under the new investment incentive regime. This gives Rio Tinto 2 projects in Chile and 5 in Argentina. Three big lithium announcements in the past few weeks for Rio Tinto, just before the CEO announced his resignation - lucky timing or intentional? (Reuters)

• 🇿🇦 Sibanye-Stillwater confirmed this week that all 260 miners trapped underground at its Kloof operations, were now safe and sound. A corporate statement said the miners were never in any danger and the mine rescue and medical teams were promptly on scene. We are just glad that everyone is safe. (Sibanye-Stillwater)

• 🇨🇦 Congratulations to Canada’s Generation Mining (TSX:GENM) which received the final key permit required for the construction of its Marathon Copper-Palladium Project in Northwestern Ontario. The company’s stock is up over 50% on the news. (Generation Mining)

• 🇦🇺 Australia’s Lucapa Diamond Company (ASX: LOM) has gone into voluntary administration. The miner bought the past producing Merlin diamond mine in the Northern Territory for $8.5m in 2021, but has yet to restart production. The diamond industry has been in a free fall since 2022 due to the rise of much cheaper lab-grown diamonds and a faltering luxury goods market post-COVID. (AFR)

• 🇨🇳 China’s Zijin Mining wants to spin out its overseas gold operations into a separate listing on Hong Kong’ stock exchange. While the miner trades at 10 times 2025 earnings, most of its gold mining peers trade at roughly 16 times earnings. Despite the potential spin-out, Zijin’s operations tend to be in developing countries and in riskier jurisdictions. What kind of premium this will result in is questionable. (Reuters)

• 🇸🇬 Australia’s BHP has launched its first Industry AI Hub in Singapore to accelerate AI adoption in the mining and resources sector. The Hub will focus on solving BHP enterprise-wide challenges using AI technologies to improve safety and lift productivity. With the support of Enterprise Singapore, and in partnership with AI Singapore, BHP selected Singapore to further develop its AI capabilities for its vibrant innovation ecosystem, strong digital infrastructure and alignment with BHP’s ambitions to scale technologies that deliver operational value. Nice pick up Singapore! (BHP)

MINING BITS

• 🇨🇳 🇷🇺 Russia has signed a deal with China to build a nuclear power plant on the moon. The Russian reactor will be used to power the International Lunar Research Station, jointly led by China and Russia, and should be completed by 2036, according to a memorandum of cooperation signed by the two nations. The construction will be done autonomously as Russia said the technology to do so is almost ready. The new research station will have a continuous human presence once complete and so far 17 nations are participating in the project including Egypt, Pakistan, Venezuela, Thailand and South Africa. On the flip side, NASA is looking to nix its own plans for a base on the moon. Short-sighted? We certainly think so given the heavy reliance on satellites and other infrastructure in space. (Space.com)

• 🌍 The IEA says new technologies in mining, refining and recycling hold major potential to scale up diversified supplies. They point out that these innovations can help achieve various policy goals: improving security of supply, enhancing production and operational efficiency, boosting yield rates, lowering environmental and social impacts, and shortening project timelines. They contend that innovations such as AI-based geological exploration can reduce drilling costs by up to 60% and increase discovery success rates by as much as four times. So if you don’t know you better ask somebody if you catch our drift. (IEA)

• 🌏 StartUs Insights identified 10 mining tech startups to watch out for. They used their Big Data & AI-powered discovery platform to scour millions of startups and patents as well as over 20k+ technology trends to spit out ten names. The list includes Veracio, Mineural, MinersAI, m4mMining, coaXion, Hevi, Ceibo, KMO-Fleet, NextAV and KHA. (StartUs Insights)

• 🇿🇦 Last week, Mantengu Mineral’s CEO Michael Miller made some sensational accusations against Liberty Coal Mines and it’s owners. This week, Liberty brought forward a R$250 million (US$13.9m) defamation lawsuit against Mantengu Mineral. The article we shared last week with the accusations by Michael Miller was the most popular by a country mile. So, we will keep an eye on this one as it potentially heats up! (IOL)

• 🇨🇦 RBC Thought Leadership takes a look at capital and how Canada can tap foreign investment for its mineral riches. They cover four sources of capital: self-financing, global equity markets, foreign state-owned entities, and sovereign wealth funds (SWF)— each aligned to different investment horizons and risk appetites. Read more here —> (RBC Thought Leadership)

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