September 10th, 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 Government of Western Australia announced a new Bill that establishes a framework for prioritizing critical projects. This includes providing a clear and expedited pathway for priority projects; creating a strengthened Coordinator General role to centralize project facilitation; while respecting the independence of the Environmental Protection Authority and existing Aboriginal heritage protections. The Chamber of Minerals and Energy WA welcomed the move with its Director Policy and Advocacy Anita Logiudice commenting, “these laws send a strong signal that the State is open for business and serious about establishing new future-facing industries such as critical minerals processing, green iron and hydrogen.” A thumbs up from the industry association is usually a good sign. We will keep an eye on this one as it moves through the legislative process. (Government of WA)

• 🇺🇸 The Trump administration exempted graphite, tungsten, uranium, and gold bullion from US country-based reciprocal tariffs, while adding levies on silicone products and extending those tariffs to resin and aluminum hydroxide.

• 🇺🇸 The U.S. Securities and Exchange Commission (SEC) is forming a new task force to identify and combat cross-border fraud harming U.S. investors. It will focus initially on investigating potential U.S. federal securities law violations related to foreign-based companies, including potential market manipulation, such as “pump-and-dump" and "ramp-and-dump" schemes. The task force will also focus enforcement efforts on gatekeepers, particularly auditors and underwriters, which help these companies access the U.S. capital markets. In addition, it will examine potential securities law violations related to companies from foreign jurisdictions, such as China, where governmental control and other factors pose unique investor risks. (SEC)

• 🇺🇸 In lock-step with the SEC, the NASDAQ is implementing stricter rules around listings. In particular, Chinese firms will have to raise $25m to list and any firm falling below a $5m valuation will be delisted.

• 🇨🇦 The Ontario government has launched a comment period for its “Proposed Public Facing 1P1P Framework Guidance and Project Definition Template.” If you have projects in Ontario, you may want to read and provide feedback by October 6th. (Ontario Government)

• 🇨🇦 The Canadian government doled out $1,050,000 for Cambrian College’s Centre for Smart Mining (CSM) in Sudbury. Over three years, CSM will work with up to 145 mining technology small and medium-sized enterprises, offering access to advanced equipment and expertise, and delivering customized upskilling programs in areas like automation, AI, and electric vehicle (EV) development. (Canada Government)

• 🇵🇭 The Philippines President Ferdinand Marcos Jr. signed into law last week a new mining tax regime. He said, “We are putting into place a system that is fairer, that is clearer and more responsive to the needs of both our people and the environment.” The new law ensures that all mining operations pay a margin-based royalty based on profitability and that each mine is ring-fenced when it comes to performance. Basically, one company won’t be able to combine profitability across all mines to lower their taxes. Instead, taxes will be paid on each mines performance to maximize taxes for the state. (CTV News)

• 🇧🇭 Bahrain has sponsored Impossible Metals' application for a mining permit with the International Seabed Authority. The company is hoping for a permit to mine part of the Pacific Ocean in the Clarion-Clipperton Zone.

• 🇸🇻 El Salvador bought 13,999 troy ounces of gold last week, valued at $50m, as it looks to diversify its reserves. This is the first time it has purchased gold since 1990. Many in the media raised an eyebrow when El Salvador embarked on its Bitcoin purchases a few years back. Its central bank now holds 6,287 Bitcoins, valued at roughly $698m, a roughly $400m profit to date.

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MINING MATTERS FROM AROUND THE WORLD 🌎

• 🇬🇧 🇨🇦 In the mining merger of the decade, Anglo American has agreed to purchase Teck Resources in what is being dubbed a “merger of equals”, to create Anglo Teck, a $50bn behemoth. Both companies fended off takeover attempts (BHP & Glencore) in the past few years while dumping non-core assets. On X, Canada’s Minister of Industry Melanie Joly said, the deal will be reviewed under the Investment Canada Act to ensure that there is a “net benefit” to Canada. “Any new investments must support our core mission of building one economy in the best interests of Canadians.” Not surprisingly then, the head office will be located in Vancouver, with a commitment for many executives including the CEO, Deputy CEO and CFO to be based in Vancouver. Anglo Teck has also committed that a substantial proportion of its board of directors will be Canadian. It will be interesting to see whether the government looks for guarantees that a majority of board members are Canadian, as this has been a concern for other large miners that gutted their Canadian presence after mergers. The market likes the news so far as both miners are up double digits this week. (Anglo American)

• 🇬🇧 Last week, Anglo American said it raised $2.5bn from the sale of its remaining 19.9% stake in Valterra Platinum which came before the big merger news this week.

• 🇨🇦 Selling holdings was also popular with Canadian majors this week. Agnico Eagle sold its 11.3% stake in Orla Mining for roughly C$560.5m while Kinross Gold Corp. sold 44.7% of its holding in Asante Gold Corp. which netted it C$46.269m. Potash giant Nutrien said it will sell its 50% stake in Argentina-based nitrogen producer Profertil for $600m.

• 🇨🇦 B2Gold Corp had its official opening celebrations for its Goose Mine in Nunavut. As part of the celebrations, the miner committed $10m to community housing. The Premier gave B2Gold a big endorsement for mining responsibly and working with local stakeholders. Nice one B2Gold! (CBC)

• 🇨🇦 New Found Gold Corp. (TSXV: NFG) has agreed to acquire all of the issued and outstanding common shares of Maritime Resources Corp. (TSXV: MAE). Both companies have projects in Newfoundland so the combination of forces seems to make sense to us. Maritime shareholders will receive a 32% premium based on the 20 day VWAP as of Sept. 4th, 2025. (CISION)

• 🇦🇺 The Chamber of Minerals and Energy WA (CME) has appointed Aaron Morey to the role of Chief Executive Officer. Morey joins CME from the Chamber of Commerce and Industry WA, where he has spent the past six years as Chief Economist, Director of Policy and Campaigns, Head of Corporate Strategy and, most recently, acting co-Chief Executive Officer. He previously worked as principal economic and commercial advisor to WA Treasurer Ben Wyatt and as a senior economist at the Productivity Commission. Looks like a strong hire to us. Congratulations Aaron! (CME)

• 🇦🇺 The Australian Financial Review takes aim at Mineral Resources and looks at a WorkSafe WA complaint by a former employee related to the Onslow Haul Road operation. The complaint states that, “Systemic driver fatigue driven by coercion, unsafe directives, and a workplace culture that prioritises production over safety ... are putting drivers and the public at serious risk.” (AFR)

• 🇨🇦 🇺🇸 Graphite One Inc. (TSX‐V: GPH) announced that the Export‑Import Bank of the United States has extended a non‑binding Letter of Interest to the Company for up to US$570m in financing to advance the development of its Graphite Creek mine development in Alaska. The miner has struggled over the past month as its stock is down over 25%. (Graphite One)

• 🇺🇸 Applied Intuition & Komatsu announced a multi-year strategic partnership to accelerate the development of next-generation intelligent vehicles for the mining industry. Komatsu will harness Applied Intuition's Vehicle OS to deploy advanced onboard technologies to its vehicles. The company will also leverage Applied Intuition's autonomy technology and AI-powered tooling for haulage and collision avoidance. Applied Intuition raised $250m in March 2024 at a $6bn valuation and is a leader in the autonomous technology space. We like this partnership a lot. What do you think? (PRN Newswire)

MINING BITS

• 🌍 Reuters takes a deep look at “The True Size of Africa”, the different maps that have been used throughout history and why The African Union has launched the “Correct the Map” campaign. For example, Africa is about 14x larger than Greenland, even though they look similar in size on the most commonly used Mercator Map. A really informative read with lots of map type examples. Worth a read → (Reuters)

• 🇦🇺 Do you like reading academic studies on geological formations? A Curtin University-led study found that newly discovered niobium-rich carbonatites in central Australia were emplaced more than 800 million years ago, rising from deep within the Earth through pre-existing fault zones during a tectonic rifting event that ultimately tore apart the supercontinent Rodinia.” Read more here → (Scimex)

• 🇺🇸 The Colorado School of Mines & the USGS announced a new building on campus to deepen their already strong partnership which is set to open in 2027. The new USGS Energy and Minerals Research Facility will hold around 20 laboratories and space for around 70 Mines researchers in the mining, geophysics and geology and geological engineering departments, as well as about 200 USGS researchers in the minerals and energy divisions. Very exciting for all involved. (MINES)

• 🚜 McKinsey & Co. takes a look at disruptor OEM’s out of the United States and China and how they are forcing established OEMs to adapt their operating models to compete on speed, quality, cost, and innovation. One of the areas they cover is complex mining equipment and while there is still a gap between European & Chinese manufacturers, McKinsey argues that the gap is closing. We guess Komatsu gets this by partnering with Applied Intuition. Definitely a good read for anyone in the OEM space. (McKinsey)

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