J2. Fossil Fuel Industry

Three workers are still trapped underground following accidents at Newmont’s (NYSE, ASX: NEM; TSX: NGT) Red Chris mine in northwestern British Columbia, a company spokesperson said. Newmont has suspended operations.

A collapse, or fall of ground incident, on Tuesday morning affected the access way to the underground work area of a non-production project at the copper-gold mine, the spokesperson said in a statement sent to The Northern Miner on Wednesday.

Three business partner employees, who were working more than 500 metres beyond the affected area, were asked to move to a self-contained refuge station before the access way was blocked by a collapse. Contact was made with the workers, who confirmed they had safely entered a refuge bay, which contains food, water and ventilation sufficient to support an extended stay.

Shares in Newmont, the world’s largest gold miner by production and market capitalization, fell 0.4% on Wednesday afternoon in Toronto to C$83.83 apiece, valuing the company at C$68.3 billion.

Communication cut

A second collapse then cut off communication with the workers, and Newmont halted operations.

“With the support of industry, we are working to assemble specialist teams from nearby mine sites to respond to the situation,” the spokesperson said. “Newmont is actively assessing all methods and technologies available to restore communication and safely bring our team members to surface. Our priority remains on ensuring the safety of the three individuals and of the emergency response teams supporting this effort.”

Red Chris, in production since 2015, is a joint venture owned and operated 70% by Newmont and 30% by Imperial Metals (TSX: III). The mine is about 80 km south of Dease Lake and 1,050 km north of Vancouver.

Shares of Paladin Energy (ASX, TSX: PDN) plummeted on Wednesday after delivering an underwhelming uranium production guidance for the 2026 financial year despite reporting its best operating quarter.

The Australian miner, which operates the Langer Heinrich mine in Namibia, produced 993,843 lb. of uranium oxides (U₃O₈) for three months ended June 30, representing a 33% rise over the third quarter and its best operating performance in fiscal 2025. This brings its annual production to just over 3 million lb.

Since declaring commercial production at Langer Heinrich in spring 2024, the company had initially forecasted production of between 4-4.5 million lb. U₃O₈ for the current fiscal year. However, it revised down the target to 3.6 million lb. in late 2024, and then scrapped the guidance entirely as severe weather conditions impacted its operations. Paladin has since been hit with class action lawsuits over its uranium forecasts.

Despite the production rise in Q4, the company realized the lowest price for its yellowcake of all quarters at $55.6/lb., versus the yearly average of $65.7 and $69.9 the previous quarter.

Guidance for 2026

For the 2026 fiscal year, Paladin has set a production guidance of 4-4.4 million lb. U₃O₈, similar to the initial guidance set last year. The production costs are pegged at $44-48/lb., higher than the $40 average cost realized in fiscal 2025.

The guidance, according to Paladin’s management, reflects unexpected increases in mining-related expenditures, alongside variability in ore grades from stockpiled material at Langer Heinrich, especially during the first half of the year.

Investors reacted negatively to the production and cost guidance figures, as Paladin closed the Australian market down 11.2%. In Toronto, its stock also tanked, down 9.1% in the afternoon with a market capitalization of C$2.6 billion.

A report by the West Australian also pointed to the heavy short interest in the company’s ASX-listed shares, with short sellers controlling about 16.8% of the shares.

Gold prices dipped after a three-day rally on Wednesday, as a US-Japan trade deal allayed trade war concerns and dampened demand for safe haven assets.

By midday, spot gold fell 0.6% to $3,410.26 per ounce, having hit a five-week high the previous session. US gold futures also declined 0.6%, trading at $3,420.90 per ounce in New York.

Click on chart for Live Prices

The pullback follows a series a trade deals announced by the Trump administration in recent days, most notably a better-than-expected deal struck with Japan on Tuesday evening.

“Trade deals like the one between the US and Japan mitigate macroeconomic concerns and may dampen safe haven demand. This could lead to a continuation of the recent push and pull in (gold) prices,” Nikos Tzabouras, senior market analyst at Tradu.com, told Reuters.

However, the longer-term prospects for gold remain favourable, he added, citing mounting concerns over US debt that may exacerbate de-dollarization trends, leading to higher gold holdings by central banks.

So far this year, gold has climbed about 30% amid uncertainty surrounding US President Donald Trump’s attempts to reshape global trade, prompting investors and central banks to accumulate bullion.

In late April, the precious metal hit an all-time high of $3,500, before consolidating within a tight range during the ensuring months.

Silver continues to soar

However, gold’s performance is trumped by that of silver, which has soared nearly 36% year to date.

Unlike gold, silver is mostly used as an industrial input. As a result, higher projected demand from sectors such as solar could propel silver prices higher even in absence of the safe-haven draw.

Evidently, spot silver rose by as much as 0.4% to $39.54 an ounce Wednesday — the highest since 2011.

Gold price drops as trade concerns ease, while silver price rallies

“The recent rally in silver is being driven by a combination of strong industrial demand, persistent supply deficits, and increased investor interest,” said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany.

“A decisive push past $40 could come from a further breakout in gold prices, renewed weakness in the US dollar, or signs of deeper supply tightness – especially if physical premiums start to rise again in key Asian markets.”

In recent days, there has been evidence of market tightness in the London market, after nearly half a million ounces flooded into US warehouses on tariff fears, according to Bloomberg.

Exchange data shows that the cost of borrowing silver metal has jumped above historical norms, while growing exchange-traded fund holdings further erode the amount of metal freely available to buy.

(With files from Bloomberg and Reuters)

G Mining Ventures (TSX: GMIN) has scored a legal victory in Brazil that grants it permission to advance the Gurupi gold project.

On Wednesday, the Canadian gold miner announced that a federal agrarian court in Maranhão, northeastern Brazil, has ruled in its favour with respect to the project’s environmental licensing process. Specifically, the court annulled the legacy licences issued to a prior operator in 2011 and confirmed G Mining’s ability to initiate a new licensing process.

The ruling, which resolves a longstanding civil action that has been open since 2013, provides “a clean regulatory path forward and positions Gurupi for long-term development and strategic growth,” G Mining stated in a press release.

The environmental process would require the submission of a full environmental impact assessment and report (EIA/RIMA) and prior consent from the National Institute for Colonization and Agrarian Reform (INCRA) for areas overlapping agrarian settlements, it noted.

Louis-Pierre Gignac, CEO of G Mining, calls the court ruling “a pivotal moment” for the Gurupi project by removing a longstanding regulatory constraint in its permitting process, while highlighting the company’s track record in “navigating complex regulatory environments.”

Shares of G Mining Ventures rose 2% by midday Wednesday on the announcement, giving the company a market capitalization of just over C$4 billion.

District-scale gold project

Gurupi represents the third asset in the company’s project pipeline after the Tocantinzinho mine, also in Brazil, and the Oko West project in Guyana, which is nearing a construction decision.

“With this legal certainty, we are now well positioned to unlock the full potential of this district-scale asset through focused exploration and meaningful stakeholder engagement,” Gignac stated in Wednesday’s release.

G Mining considers the Gurupi project to be a long-term development asset with significant mineral resource expansion opportunities. The property covers an approximate 1,900 km² land package, containing three deposits with a combined gold resource of 1.83 million indicated ounces and 770,000 inferred ounces.

The project has a long history of exploration that first began in the 1980s, when Vale and other operators identified multiple gold occurrences along an 80-km mineralized trend. By the late 1990s and early 2000s, over 126,000 metres of drilling had been completed to define the key deposits.

Luna Gold acquired the project in 2007, expanding drilling efforts and establishing a JORC-compliant resource. Australia’s OZ Minerals took over the project in 2016 and conducted further exploration. A pre-feasibility study was completed in 2019, contemplating a high-margin open-pit gold operation.

G Mining acquired Gurupi in Q4 2024 from BHP, which took over OZ Minerals in 2023, and released the NI 43-101 resource estimate. An initial exploration budgeted of $2-4 million has been designated for the project this year. However, a larger budget would be allocated upon receipt of the necessary exploration permits in the second half of 2025, the company said.

Botswana is pushing to take a controlling stake in De Beers as Anglo American (LON: AAL) prepares to divest from the diamond company.

The country’s mining minister Bogolo Kenewendo told the Financial Times on Wednesday that President Duma Boko “remains resolute” in his quest to increase Botswana’s stake in De Beers to ensure Botswana’s full control over this strategic national asset and the entire value chain including marketing.

The comments come ahead of an early August deadline for bids to be submitted to Anglo from potential buyers of the diamonds business.

Kenewendo said any sale of the company “without our support will be difficult to achieve”.

“Our partners at Anglo American have, regrettably, failed to manage the process transparently or in co-ordination with the government and with our support,” she added.

De Beers, the world’s leading diamond producer by value, has been on the chopping block since May 2024, when Anglo announced plans to either sell the unit or launch an initial public offering (IPO). This decision came as part of a corporate overhaul triggered by Anglo’s successful defence against a £39 billion ($49 billion) takeover bid by Australian rival BHP (ASX: BHP).

Lab-grown gems put squeeze on diamond mining industry

The miner sources about 70% of its diamonds from the country.

The country’s bold move comes despite a widening budget deficit, expected to hit 7.5% by 2026, and analysts’ skepticism over its ability to raise sufficient funds. Kenewendo, however, insisted that “financing is not an issue.”

Shares of Anglo American rose 0.3% to close at £23.47 apiece in London on Wednesday, valuing the company at £27.6 billion.

Strategic asset, market slump

The developments pose a major challenge to Anglo’s “dual-track” strategy of either selling or publicly listing its 85% De Beers stake.

De Beers has struggled amid falling demand from China and growing competition from lab-grown stones. Anglo has twice cut De Beers’ valuation, most recently to $4.1 billion in February. The miner also reported a 44% revenue drop in the first quarter and is holding $2 billion in unsold diamonds.

Anglo said it remains in regular talks with Botswana and acknowledged the country’s role as a key partner.

De Beers, the world’s largest diamond miner by value, once convinced the world that true love needed a mined diamond. The precious stones weren’t just beautiful — they were a natural wonder, formed over billions of years deep within the Earth and extracted from far-off places by companies like De Beers itself. 

That mystique guaranteed mine diamonds a century of dominance. Today, that power is fading fast as lab-grown diamonds, identical in structure, sparkle, and hardness, are redefining what a “real” diamond means. 

These synthetic gems, created under high pressure and temperature in controlled environments, have gone from novelty to norm. They are widely available and increasingly affordable. And that’s rattling the foundations of a global industry.

Alarm bells

The central Chinese province of Henan now produces over 70% of the world’s lab-grown diamonds for jewellery. Many end up on the ring fingers of newly engaged couples, especially in the United States. 

In 2022, Walmart began selling lab-made stones. Two years later, they made up half its diamond assortment. Sales surged 175% in 2024 compared to the previous year, making the retail giant the second-largest fine jewellery seller in the country, just behind Signet.

The rapid growth has triggered alarm among some traditional players. Yoram Dvash, president of the World Federation of Diamond Bourses says synthetic diamonds now dominate new US engagement rings. He warned of an “unprecedented flood” of lab-made stones and called on the industry to unite in response.

(Click on image to enlarge) LEFT: Competitors Cecil Rhodes and Barny Banato join forces, creating De Beers Consolidated Mines in 1888. | RIGHT: Canadian geologist Dr. John Williamson sets up the Williamson mine in Tanzania, famous for its pink diamonds. (Images courtesy of De Beers Group.)

Not everyone sees an existential threat. Independent analyst Paul Zimnisky attributes the recent downturn to post-covid demand corrections, a luxury slowdown in China, and the disruptive ascent of lab diamonds. He remains cautiously optimistic, noting that lab-grown stones now account for over 20% of global diamond jewellery sales, up from under 1% in 2016.

For engagement rings, the market share is even higher. A 2024 survey of nearly 17,000 US couples by The Knot found that more than half of engagement rings featured a lab-made diamond, up 40% from 2019.

Zimnisky believes the industry’s survival hinges on branding. “If the industry gets lethargic and loses its way on the marketing front, all bets are off,” he told MINING.COM earlier this year.

Marketing reset

The spotlight has shifted back to De Beers. Once the architect of diamond scarcity and prestige, it’s now for sale. Parent company Anglo American (LON: AAL) slashed its valuation by $4.5 billion in just over a year. While no buyer has stepped forward, Botswana is reportedly pushing to take a controlling stake.

De Beers’ troubles go beyond ownership uncertainty. To counter the effects of oversupply and waning demand, the company is mining fewer diamonds. Rough diamond production fell 26% in the first half of the year to 7.22 million carats. Anglo had already slashed its 2025 output forecast to as low as 20 million carats, down from an earlier target of up to 33 million.

In May, De Beers shut down its lab-grown diamond jewellery brand, Lightbox, in a clear move to recommit to natural stones. It’s betting that a focused narrative, one rooted in rarity and romance, can revive demand and stabilize mined diamond prices.

Making that case is harder than ever. Lab-grown diamonds are chemically identical to their natural counterparts. Even trained gemologists need specialized equipment to tell them apart. The core difference now lies not in composition, but in story.

Lab-grown diamonds may be more affordable and visually identical to natural ones, but they typically don’t hold their value. While mined diamonds can resell for 20% to 60% of their original retail price, lab-grown gems often fetch just 10% to 30%, sometimes even less.

In a recent interview with The Wall Street Journal, De Beers CEO Al Cook predicted that as lab-grown diamonds become more abundant, their value will continue to fall. He warned they risk being seen more like low-cost imitations such as cubic zirconia or moissanite, which have different chemical compositions and are easily recognized as fakes.

The Luanda Accord was signed in June to pool resources and boost global marketing efforts for natural diamonds. (Image courtesy of the Natural Diamond Council.)

For buyers who spent thousands on lab-created stones, Cook didn’t sugar-coat the outlook. “I weep for you,” he said.

To sway a younger, more value-conscious generation, the industry has turned to fresh campaigns. De Beers and Signet launched “Worth the Wait” in October 2024, targeting so-called Zillennials — those born between 1993 and 1998 — with messaging about milestones, meaning, and the uniqueness of natural diamonds.

In June, a coalition of producing countries and De Beers inked the Luanda Accord, pledging 1% of rough diamond revenues toward a marketing fund run by the Natural Diamond Council. The NDC has since rolled out a new short film series and an educational website aimed at helping retail staff better articulate the case for natural gems.

A previous campaign that branded lab-made stones as “dupes” and urged buyers to “swipe left” backfired and was taken down.

Changing values

Even as traditionalists double down, the cultural ground is shifting. Young buyers care about origin and ethics. They want proof their purchase doesn’t fund conflict or exploit workers. Danish retailer Pandora switched entirely to lab-made diamonds in 2021, citing environmental and social concerns as well as lower prices.

Even experts need specialized equipment to tell the difference between quality lab-grown and mined diamonds. (Image courtesy of the Natural Diamond Council.)

Zimnisky notes that for economies “sensitive” to changes in the diamond market, such as Botswana, Canada, Namibia, Angola and Russia, the stakes are high. “This is a luxury product,” he said. “It needs to be merchandised as such. All stakeholders must contribute to shaping the message.”

The mystique of mined diamonds may be fading, but the desire for something meaningful remains. For the industry to stay relevant, it must shift from legacy to legitimacy, replacing old myths with modern values.

_________________
RELATED: Gem Diamonds to cut jobs, salaries amid industry crisis

Gem Diamonds (LON: GEMD) has become the latest casualty in a deepening crisis engulfing the global diamond industry, announcing sweeping cost-cutting measures as the market buckles under falling prices and the growing popularity of lab-grown alternatives.

The Africa-focused diamond producer reported a 43% drop in revenue to $44.7 million for the first half of its financial year. Carat sales fell 22% to 44,360, while the average price per carat plunged 26% to $1,008.

In response, Gem Diamonds said it would reduce operating costs by $1.4 million to $1.6 million per month and cut around 250 jobs, or 20% of its workforce, at its Letšeng mine in Lesotho. Executives have also taken voluntary salary reductions.

“Considering the prolonged weakness in global diamond prices, compounded by a weak dollar and ongoing US tariff uncertainties, Gem has implemented decisive measures to conserve cash and protect shareholder value,” the company said.

Despite meeting production targets, Gem Diamonds admitted it has not been shielded from sustained pressure on rough diamond prices and adverse currency movements. Investors reacted accordingly, with the company’s shares falling more than 20% in early trading on the London Stock Exchange. They partially rebound to 5.5 pence in late trading, valuing the company at £7.7 million ($10 million).

Lab-grown gems put squeeze on diamond mining industry

Gem Diamonds’ measures mirrors those of its peers. just last week, Burgundy Diamond Mines (ASX: BDM) halted open pit operations at its Ekati mine in Canada’s Northwest Territories, triggering mass layoffs. 

All three operating diamond mines in the region — Ekati, Diavik and Gahcho Kué — are now facing eventual closure, with Diavik scheduled to close in 2026 and Gahcho Kué expected to cease operations by 2030. Ekati’s long-term future remains uncertain.

Getting worse

Signs of a worsening crisis in the diamond sector were already clear in the first three months of 2025. De Beers, the world’s largest producer by value, saw a 44% drop in revenue in Q1 and is sitting on $2 billion in unsold inventory. It plans to cut over 1,000 jobs at its Debswana joint venture in Botswana. 

Russia’s Alrosa, hampered by sanctions, reported a 77% plunge in profits and has halted production at key sites.

Petra Diamonds (LON: PDL) is fighting to survive after a 30% drop in sales and the sudden departure of its CEO. 

Lucapa (ASX:LOM) entered voluntary administration in Australia, and Sierra Leone’s Koidu Limited shuttered operations and laid off more than 1,000 employees after losing $16 million to labour strikes. 

Even Lucara (TSX: LUC), which operates in both Botswana and Canada, has flagged an  “ongoing concern” risk despite hitting production records.

All eyes are now on De Beers. Once synonymous with manufactured scarcity and aggressive branding, the company is up for sale. Parent company Anglo American (LON: AAL) has cut its valuation by $4.5 billion in just over a year. No buyers have emerged, but Botswana is reportedly pushing to take a controlling stake.

Glencore (LON: GLEN) is set to shut its final two copper mines in Mount Isa, Queensland, next week, ending more than six decades of operations and marking the company’s exit from upstream copper production in Australia.

The closure, first announced in October 2023, includes the Mount Isa copper mines and associated operations, including smelters and concentrators.

Initial estimates put job losses at more than 1,200, but Glencore revised that figure in April to around 500, citing progress in workforce redeployment. “We are also actively working to redeploy as many people as possible over the coming months,” Sam Strohmayr, chief operating officer for Glencore’s Australian zinc and copper assets said at the time.

An internal memo circulated this week by Glencore Australia’s metal business interim chief operating officer Troy Wilson confirmed the company is nearing a financial breaking point with its processing operations and needs swift government intervention. Glencore is considering shutting down the nearby copper smelter and Townsville refinery and may offer governments an equity stake to keep them running.

“Glencore is now urgently seeking details from the federal government on their proposed national smelting/refining strategy,” Wilson wrote, The Townsville Bulletin reported.

For months, the Swiss company has lobbied both state and federal governments for support to keep the smelter operating, which processes third-party ore from companies including BHP. But Suresh Vadnagra, a senior Glencore executive, said the Queensland government’s latest proposal falls short.

“Time is running out, he told The Australian. “We need to know whether there is a viable solution on the table from governments or whether we start planning to transition the copper smelter and refinery to care and maintenance.”

Vadnagra outlined three possible paths: direct government support to close the economic gap, a joint venture with Glencore, or a shutdown until market conditions improve.

Not subsidising dividend

Queensland Minister for Natural Resources and Mines Dale Last defended the state’s position. “The Queensland Government has put a genuine and responsible offer on the table to help secure the future of the Mount Isa copper smelter and Townsville refinery,” he told Bloomberg News, adding that a federal response was also required. 

Last emphasized that the state would not be “writing a blank cheque for a multinational company that returned $2.2 billion to its shareholders just months ago.”

Wilson said in June there was “no longer a level playing field” with China, pointing to significant subsidies for Chinese smelters. Glencore expects to make a final decision on the smelter by the end of September.

The Mount Isa smelter currently processes over one million tonnes of concentrate annually from across Australia. Its potential closure reflects a wider crisis in the sector. 

Despite a strong long-term outlook for copper, Western smelters—many of them Glencore-owned—are under pressure from plummeting treatment and refining charges, ore shortages and relentless competition from Chinese facilities.

The memo to workers comes on the heels of Glencore’s decision to sell its Lady Loretta zinc mine and associated landholdings to Austral Resources Australia (ASX: AR1) earlier this week.

Copper futures hit a new record on Tuesday as the US market continues to brace itself for a 50% tariff next month.

The most active September contracts on the CME soared as much as 1.6% to $5.732 per lb., a new all-time high.

Since US President Donald Trump’s tariff announcement earlier this month, copper prices have soared past the $5/lb. level to new heights. Following a double-digit move on July 8 (see chart below), the metal has risen by another 2%.

Click on chart for live prices.

This takes copper’s year-to-date gains to over 40%, making it one of the best performing commodities of 2025, even surpassing that of gold.

Meanwhile, corresponding contracts in London rose 0.8% to approximately $9,860 a tonne.

Despite the rally, ANZ Bank analysts told Reuters that the copper tariff is expected to lead the US market to rely more heavily on domestic inventories in the near term, which could place downward pressure on prices in both New York and London.

Meanwhile, copper inflows into the US have slowed as traders prepare for the implementation of tariffs ahead of the August 1 deadline.

Since the release of a May 2025 report exposing widespread noncompliance with Colorado’s 2022 oil and gas chemical disclosure law, well-by-well oil and gas chemical disclosures have significantly increased, nearly doubling the total submitted since the law took effect under the state’s landmark transparency legislation.

The post Colorado Operators Increase Chemical Disclosures After Public Pressure, but Major Gaps Remain appeared first on FracTracker Alliance.

Missouri is home to an estimated 5,000 orphaned or abandoned oil and gas wells. The problem is even more staggering nationwide, with over one million such wells scattered across the country. In an effort to address the crisis, the federal government has committed $1.6 billion to help states plug these wells and mitigate the environmental and health risks they pose.

The post Evaluation of Federal Requirements for Plugging Orphaned Oil and Gas Wells: A Missouri Case Study appeared first on FracTracker Alliance.

In a recent op-ed, Carl Pope called for public subsidies to fix methane leaks in oil and gas infrastructure. While we agree on the urgency of reducing methane, FracTracker Alliance rejects the idea that taxpayers should foot the bill.

The post Methane Matters, but Make Polluters Pay: FracTracker’s Response to Carl Pope appeared first on FracTracker Alliance.

Dashboard data shows how Shell’s emissions, regulatory violations, and proximity to sensitive community sites pose serious public health concerns in Beaver County, PA.

The post Shell Polymers Monaca: 17.9 Billion Pounds of Emissions and Repeated Violations in Pennsylvania appeared first on FracTracker Alliance.