November 26th, 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:

🇬🇧 Securing & stockpiling critical minerals was all the rage this week. First up, the United Kingdom, which released its Vision 2035: Critical Minerals Strategy. The two key policy objectives are to optimize domestic production and build resilient UK and global supply networks. Success will be defined by: 10% local production of critical minerals by 2035; 20% of total annual UK demand for critical minerals is met through recycling of products to recover critical minerals by 2035; and supply is diversified, so that no more than 60% of the UK’s annual demand for critical minerals in the aggregate is supplied by any one country by 2035. The Confederation of British Industry welcomed the move. In the UK, a policy nerd or bored? Read the report here → (Vision 2035)

🇪🇺 The European Union’s industry chief Stéphane Séjourné told the Financial times that the EU will set up a central authority to buy and stockpile critical minerals. The EU has suffered from China’s rare earth export restrictions brought on by United States tariff policies. It isn’t surprising then that the industry chief said the EU wants to make sure that the United States isn’t securing supplies “under our noses.” It is therefore not surprising that the EU Trade Commissioner Maros Sefcovic said the bloc was also prepared to take equity stakes, offtake agreements and make joint investments in Australia as its looks to secure future supply.

🇺🇸 In the United States the Chair of The U.S. Export-Import Bank (EXIM) said the organization still has $100bn to invest to secure U.S. and allied supply chains for critical minerals, nuclear energy and liquefied natural gas. That is a lot of funding to deploy. If they aren’t on your holiday card mailing list, maybe now is the time!

🇺🇸 The U.S. Department of Energy’s Portsmouth Paducah Project Office has issued an Expression of Interest seeking input from industry on operationally mature technologies capable of supporting the potential reuse of approximately 9,700 tons of volumetrically contaminated nickel stored at the Paducah Gaseous Diffusion Plant in Paducah, Kentucky. OK this type of technology is way over our heads, but maybe this is of interest to a few of you. More here → (DOE)

🇨🇦 Currie Dixon was sworn in as the first born-and-raised Yukon Premier. Ted Laking has been appointed the Minister of Energy, Mines and Resources, Minister responsible for the Yukon Development Corporation and Minister responsible for the Yukon Energy Corporation. Wade Istchenko has been appointed the Minister of Environment. The Yukon Party made 4 election commitments related to resource development. You can find them here → (Yukon Party)

🇨🇩 A chartered jet carrying the Democratic Republic of the Congo’s Mines Minister and a delegation of 17 others skidded off a runway and burst into flames on Monday, Nov. 17th. The Mines Minister was on his way to the bridge collapse at the Kalando mine which took at least 32 lives. People magazine has video and pictures of the crash → (People)

🇦🇴 Angola’s Minister of Mines and Petroleum Diamantino Azevedo said the country will speed up mine permitting and implement digital reforms to attract new investors. The country aims to attract $2bn in non-diamond mining investment by 2027.

DINGO: Enterprise Predictive Maintenance Software

Dingo is a globally trusted partner providing predictive maintenance & reliability solutions empowering customers to enhance the productivity of their existing experts, reduce the ongoing risk of critical assets breakdowns, extend component life, and reduce the cost per ton moved.

Our expertise, developed through long-lasting partnerships over the past 30+ years, lies in our ability to help our clients successfully evolve into a condition based & proactive organization, consolidate siloed asset health data into a unified platform, and enable our advanced analytics to provide targeted recommendations for your team to ensure world-class asset availability.

For more information or to schedule a discovery session please contact Dallas Araneda at [email protected].

MINING MATTERS FROM AROUND THE WORLD 🌎

🇲🇱 Barrick Mining has agreed to a $430m settlement with the Government of Mali regarding the Loulo and Gounkoto mines. Barrick will drop its case against Mali at the World Bank Tribunal while Mali will drop all charges against Barrick and release its four employees from jail. Operational control of the mines will be handed back to Barrick as part of the deal. Previous CEO Mark Bristow had reportedly taken a hard line in negotiations so it isn’t surprising to see the company strike a deal after he was pushed out. Meanwhile, current Barrick CEO Mark Hill sent a letter to employees this week letting them know about a management shake-up. The head of the corporate development team as well as both the COO & CFO for North American are leaving.

🇨🇦 Canadian potash miner Nutrien has selected Longview, Washington in the United States to build its next export terminal. The $1bn project has caught the ire of BC’s Premier who had a lot of choice words for Saskatchewan’s Premier, the Federal government and Nutrien. It sounds like Nutrien simply had a better offer south of the border that included better transportation rates, access to port infrastructure and less likelihood of labor disruptions. It seems every few years Canadians are hit with either a rail or port strike of some nature. Still, given that the potash is mined in Canada, all it would take is an export tax on potash to the United States to make this a more costly venture. With a final investment decision due in 2027, Nutrien has time to test public sentiment and see whether the Canadian government actually wants to step up.(Vancouver Sun)

🇦🇺 🇬🇧 BHP has finally given up, at least in the near term, on purchasing Anglo American after a last ditch effort failed last week.

🇨🇦 An Angus Reid poll this morning shows that Canadians prioritize domestic investment in critical resources such as oil and gas, copper, nickel and key minerals even if it potentially stalls development. Three-in-five (59%) say “losing sovereignty” over these resources is a bigger threat to Canada than “missing out on development and jobs because of a lack of investment”. So what you say. Well, these types of polls are closely watched by politicians and political parties, especially in a minority government situation. Not great news for Anglo Teck as the public would clearly support the Canadian Prime Minister taking a hard stand on this deal. (Angus Reid)

🇦🇺 It looks like Mineral Resources (MinRes) board of directors is going to allow its Founder & Managing Director Chris Ellison to stay in the chief executive role for the foreseeable future. The board is choosing a structured 3-step process to deal with succession planning, rather than an arbitrary exit date in 2025. Ellison has been the center of media attention after his voluntary disclosure of tax evasion surfaced.

🇨🇦 🇶🇦 Ivanhoe Mines signed a memorandum of understanding (MOU) with the Qatar Investment Authority. Under the agreement both parties agree to collaborate in good faith to identify and explore future partnerships and opportunities to work together in geographical areas of interest on mining projects at all phases of development. This may include collaboration in terms of investment or financing of such projects. Certainly a big vote of confidence for Ivanhoe Mines as they look to advance additional projects.

🇺🇸 🇸🇦 MP Materials will build a rare earths refinery in Saudi Arabia with the U.S. Department of Defense and state-owned Saudi Arabian mining company Maaden. Under the deal, MP and the defense department, through a joint venture, will hold a combined 49% stake in the Saudi refinery, with Maaden holding the remaining 51%. The government involvement on both sides significantly de-risks this project for MP. The company’s stock is up 255% year-to-date. If you missed out on this one, we don’t know what to tell ya. (Reuters)

🇸🇪 Sweden’s Sandvik has signed a €500m loan agreement with the European Investment Bank at favorable terms. The loan has a seven-year tenor and will support Sandvik’s R&D investment plans until 2030, aimed at developing new advanced, productive, safe and sustainable solutions across the Group’s businesses.

MINING BITS

🇲🇲 🇱🇦 🇰🇭 The Stimson Center published a report this week that looked at the enormous scale of unregulated mining along rivers in Myanmar, Laos, and Cambodia. An interactive dashboard (if you click on the link) shows that there are roughly 800 locations of unregulated rare earth and other mining activity along Mekong tributaries. The report says that these mines are possibly contaminating rivers with toxic chemicals, such as arsenic, cyanide, and mercury, and heavy metals, bringing implications for downstream communities and economies that use these rivers. A lengthy but informative read. (Stimson Center)

🇲🇾 The Malaysian government was also forced to suspend operations at a rare earth and two tin mines in its western Perak state after public complaints that a stretch of the Perak river had turned bright blue. Initial inspections at the rare earth mine found discharge that matched the color in the river, while the other two tin mines were also found to be in non-compliance of environmental standards.

🇨🇦 The Globe & Mail’s Editorial board has come out against the Canadian Federal Government’s Critical Minerals Sovereign Fund that will take stakes in critical minerals companies and make deals to buy directly. While pointing out all of the capital raising and geopolitical challenges, the editorial board says, “Ottawa shouldn’t take equity stakes in private companies. A government seat in the board room raises the risk of political interference, and can create conflicts in regards to government approvals. These types of deals don’t have a great track record of being a wise use of taxpayer money.” Instead they argue for price floors in exceptional cases such as rare earths, tungsten and gallium. The board is also against stockpiling critical minerals. They say Doug Ford’s Ring of Fire project doesn’t pass the bar. They argue the government should build infrastructure and then allow companies to operate efficiently. Our view? Its easy to pontificate from a nice cozy desk. It is much harder to navigate today’s geopolitics. We think the Canadian government is taking the right approach by leveraging a host of tools on a case-by-case basis. (Globe & Mail)

🇳🇴 Reuters takes a look at Norway and its wealth tax that has been in place since 1892. The country also allows citizens to view the tax returns of others. While roughly 250 millionaires exit the country per year, along with 105 of Norway’s richest 400 people, the article claims that a wealth tax could be beneficial for other jurisdictions. One consequence? Start-up founders leave Norway as they can’t afford to pay a wealth tax on a business asset that is pre-revenue. (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!