Mining.Com

On November 16, Chileans will head to the polls to elect their next president, who will govern until 2030 and, in doing so, set the course for the country’s most important economic engine: its mining sector. 

At stake is the future of Codelco, the state-owned copper giant that helped build modern Chile but is now drowning in debt, stuck with aging infrastructure and recovering from years of production declines.

Once a source of national pride, Codelco has been teetering on the edge of an industrial crisis. As of December last year, the company’s debt has ballooned to over $20 billion and production was slowly edging higher after hitting a 25-year low in 2022.

Legal obligations to hand over 70% of its profits and 10% of its sales to the government have choked its ability to reinvest in itself, threatening its future and the fiscal stability of the country.

With rival candidates offering radically different solutions, from sweeping privatization to aggressive state reinvestment, this election is shaping up to be more than just a political contest. It’s a make-or-break moment for Chile’s mining future.

As the world’s leading copper producer and a top supplier of lithium, Chile’s supply is essential to the global push for electrification. If its mining engine stalls, the ripple effects won’t stop at its borders.

With the primary season behind them, the final contenders are now locked in a high-stakes battle over the country’s economic core. If no one wins a majority, a runoff on December 14 could extend the uncertainty. 

Candidates on both sides of the political spectrum are presenting starkly different paths forward, ranging from state-led modernization to partial privatization. Either way, the path Chile chooses later this year could redefine its role on the global resource map and determine whether its mining sector sinks or rebounds.

On the right, both Evelyn Matthei and José Antonio Kast are pushing for partial privatization of Codelco. They argue that opening the company to private capital and loosening state control would improve efficiency and restore its financial health.

Their plans include selling non-core assets to pay down debt and shifting focus from state revenues to operational performance. While these proposals could generate immediate fiscal relief, they carry political risks. Chileans have historically resisted privatization of strategic assets, and backlash from workers and unions could be fierce.

Still, their market-oriented vision has gained traction among investors frustrated with sluggish permitting, bureaucratic delays and rising costs under the current administration.

Jeannette Jara of the Communist Party was chosen in June to represent the ruling coalition. She beat her second-place rival Carolina Tohá, who was proposing a restructuring of Codelco to allow it to retain more profits for reinvestment rather than draining cash to fill government coffers.

Jara opposes the current government’s proposed joint venture between Codelco and lithium miner SQM (NYSE: SQM), citing past scandals and calling for a new public company to co-develop lithium resources. If elected, she says she would honour any deal finalized before her term, but prefers a model akin to Codelco’s role in copper.

On foreign policy, Jara has pledged to focus on diversifying trade ties, including with China, India and within Latin America, especially if US tariff threats escalate.

“We have to act prudently to safeguard our national interest,” she has said.

While polls suggest she could make it to a run-off, most scenarios show her losing to a right-wing contender in the second round.

Chile’s economy has held up well in 2025, buoyed by mining activity. GDP grew 2.3% year-on-year in the first quarter, with further acceleration in April, according to BNP Paribas. But long-term stability will depend on resolving Codelco’s troubles and creating a regulatory environment that attracts investment without sparking social unrest.

John Zadeh, CEO of junior mining investment firm Discovery Alert, said the election could tip the scales for global investors.

“Chile’s election is a referendum on how to balance resource nationalism with economic pragmatism,” Zadeh said. “The status quo, however, guarantees decline.”

Security concerns continue to be a primary issue for voters, as rising crime in what was once a safe and peaceful Chile has emerged as the leading worry in recent polls. That adds another layer of complexity for companies already navigating volatile commodity markets, tightening capital, and global decarbonization pressures.

With the first round of voting set for November and a likely run-off in December, the race is entering a decisive phase. What’s certain is that the direction Chile takes, toward deeper state control, partial privatization or something in between, will ripple across global supply chains and investment flows.

Ramaco Resources (NASDAQ: METC, METCB) announced Tuesday that the Brook mine has received a second 5-year mine permit approval from the Land Quality Division of the Wyoming Department of Environmental Quality.  

The Brook mine is now fully permitted, the company said, adding that it is authorized to continue coal mining and reclamation activities across a total of 4,548.8 permitted acres north of Sheridan. 

The Brook mine holds what is believed to be the nation’s largest unconventional deposit of rare earth elements and critical minerals sourced from coal and carbonaceous ore.  

Rare earths are essential elements to realizing an electrified economy, and crucial to producing heavy magnets that power EVs. There is only one active mine for magnetic REEs in the United States, Mountain Pass in California.  

Meanwhile, China has come to control 91% of refining activity, 87% of oxide separation and 94% of magnet production. 

On July 11, coal miners, industry stakeholders, and local, state, federal officials commemorated the opening of the Brook Mine Carbon Ore Rare Earth project, the first new rare earth mine in the United States in more than 70 years and first new coal mine in Wyoming in over 50 years.  

The ability to domestically mine and refine rare earths and critical minerals contained in the carbonaceous ore of the Brook Mine represents a strategic milestone in the nation’s efforts to reduce foreign reliance on critical minerals essential to defense, technology, and clean energy, the company said.  

This month, Ramaco released a preliminary economic assessment that outlined, based upon the current mine plan of a 2 million ton per annum of coal produced that the adjusted EBITDA from the rare earth and critical mineral operation would be $134 million by 2028.   

Earlier this year, Wyoming Governor Mark Gordon approved a Wyoming Energy Authority recommended $6.1 million Energy Matching Fund grant award to support the construction of a pilot-scale processing facility at the Brook mine. Construction is planned to begin later this year. 

Gold prices could be heading towards $4,000 per ounce by the end of this year as the Federal Reserve begins to cut rates and the US dollar continues its decline, according to Canadian investment firm Fidelity.

In an interview with Bloomberg on Tuesday, fund manager Ian Samson said his firm is still bullish on the precious metal, with some cross-asset portfolios recently increasing holdings after prices eased from the all-time high of $3,500 set in late April.

“The rationale for that was that we saw a clearer path to a more dovish Federal Reserve,” Samson said, adding that some funds had as much as doubled their 5% allocation over the past year.

Also, August is often slightly weaker for markets, so more diversification “makes sense,” he stressed.

Bullion is one of the best-performing assets this year, rising by more than 27%. Driving the rally was US President Donald Trump’s aggressive attempts to reconfigure the global trade landscape, fueling both economic and geopolitical uncertainty among investors.

After pulling back from its record high, the yellow metal has traded within a tight range over the past few weeks, with demand for havens cooling a little as some progress in US trade talks eased fears about worst-case scenarios for the global economy.

“Perhaps you’re going to avoid the doomsday scenarios that were painted earlier in the year, but ultimately we’re heading to a 15%-or-so tax on about 11% of the US economy — which is imports,” said Samson, referring to Trump’s tariffs. “You’d expect it to slow the economy.”

The bullish outlook for gold mirrors that of Goldman Sachs, which has made the case in recent quarters for an eventual rally to as much as $4,000. Meanwhile, others like Citigroup are being more cautious, with forecasts of weaker gold prices.

By noon Tuesday, spot gold rose slightly to $3,319.51 per ounce after falling to a three-week low the previous session.

All eyes are now on this week’s Federal Reserve meeting, which is not expected to yield a rate cut. That outcome would likely fuel further division within the US central bank, as Governor Christopher Waller recently called for an immediate monetary easing to support the labour market.

“A US slowdown would likely see the dovish camp gain more influence in guiding policy, with the dollar tending to soften in environments of weaker growth,” Samson told Bloomberg.

Moreover, Jerome Powell — whose term as Federal Reserve chair ends next May — will probably be replaced by someone “more amenable” to lower borrowing costs as Trump continues to lobby for interest-rate cuts, he added.

(With files from Bloomberg)

A feasibility study update for Vista Gold’s (TSX, NYSE-AM: VGZ) open-pit Mt Todd project in Australia almost doubles its value and mine life while cutting costs by 59% over the previous update last year. Shares rose.

The study pegs Mt Todd’s initial capital costs at $425 million, while outlining a smaller operation with a 15,000 tonne-per-day (tpd) production rate, down from the 50,000 tpd in last year’s study, Vista said Tuesday. With a 5% discount rate, the net present value jumps almost 95% to $2.2 billion at a price assumption of $3,300 per oz., around the yellow metal’s current price of $3,320 per ounce.

That also boosts the internal rate of return (IRR) to 44.7%, with a payback period of 1.7 years. Mt Todd is about 250 km southeast of Darwin in the Northern Territory.

“This study marks a significant shift in the strategy for Mt Todd, demonstrating the potential for near-term development of a smaller initial project by prioritizing higher grade ore to the processing plant, significantly lowering initial capital costs, and incorporating contractors to reduce development and operational risks,” Vista CEO Frederick Earnest said in a release.

“[The study] positions Mt Todd as a project with technical and economic parameters that are comparable to several highly valued Australian gold producers.”

Vista shares gained 2.3% to C$1.33 apiece on Tuesday morning in Toronto, for a market capitalization of C$166.4 million. The stock has traded in a 12-month range of C$0.66 to C$1.84.

Average annual output in the mine’s first 15 years is estimated at 153,000 oz. grading 1.04 grams gold per tonne; and 146,000 oz. at 0.97 gram gold over its 30-year life.

The net present value shrinks by 2.6% from last year’s feasibility to $1.1 billion at a $2,500 per oz. gold price, while the IRR rises more than 7% to 27.8%, with a 2.7-year payback period.

The study raises all-in sustaining costs by 45% to $1,449 per oz. in the first 15 years and $1,499 per oz. years over the mine life.

Mt Todd hosts 171.97 million tonnes in proven and probable reserves grading 0.94 gram gold for 5.1 million contained ounces. When compared with its development-stage gold project peers in Australia, Ramelius Resources’ (ASX: RMS) Rebecca and Regis Resources’ (ASX: RRL) McPhillamys projects, Mt Todd has the largest contained reserve base and highest NPV.

Its capex is higher than Rebecca’s but lower than McPhillamys. Mt Todd’s IRR is higher than that of the two other projects, while its annual gold output is about 22% lower than McPhillamys’ but 18% higher than Rebecca’s.

Kinross Gold (TSX: K, NYSE: KGC) has divested its entire equity stake in White Gold (TSXV: WGO) with the sale of approximately 23.68 million shares, or 12% of those outstanding.

The shares were sold at a price of C$0.29 each, for total proceeds of nearly C$6.87 million ($4.9m).

White Gold traded at $0.38 apiece in Toronto at the time of the Kinross’ share sale announcement last Friday.

The stock has since dropped another C$0.01 to C$0.37, giving the Canadian gold junior a market capitalization of C$74.1 million ($53.8m).

White Gold currently holds a large portfolio of exploration projects in Canada’s Yukon Territory. The projects cover approximately 3,150 sq. km or 40% of the prolific White Gold mining district.

Its flagship project, also called White Gold, hosts four deposits with a combined indicated resource of 17.7 million tonnes grading 2.12 grams per tonne gold, containing 1.2 million oz., and an inferred resource of 24.5 million tonnes grading 1.42 grams for 1.1 million oz.

In a news release late last year, White Gold CEO David D’Onofrio called it “one of the highest-grade open-pit gold resources in Canada owned by an exploration company.”

Alongside Kinross, the project has had the backing of Agnico Eagle Mines (TSX: AEM, NYSE: AEM), Canada’s largest gold producer, which has a 19.85% stake in the company.

Finland has regained its status as the world’s most attractive jurisdiction for mining and exploration it held in the early 2010s, followed by Nevada and Alaska, according to the Fraser Institute’s latest Annual Survey of Mining Companies.

Canada’s standing slipped this year, with only two provinces — Saskatchewan and Newfoundland and Labrador — remaining in the global top 10. Saskatchewan placed seventh, down from third in 2024 and second in 2023, while Newfoundland and Labrador ranked eighth.

Rounding out the top five jurisdictions that are most attractive to investors, considering both mineral endowment and policy, are Wyoming and Arizona. The worst performing jurisdictions overall were Ethiopia, followed by Suriname, Niger, Canada’s Nova Scotia, and Mozambique. 

On policies alone, Ireland ranked first and Bolivia last.

The survey evaluates jurisdictions based on geological potential and government policies that either encourage or discourage exploration and investment. This year’s edition ranked 82 regions and included responses from about 350 mining professionals, mostly from exploration and mining companies. Participants assessed issues such as tax regimes, permitting timelines, environmental regulations, and labour availability.

Most of the respondents (40%) worked for exploration companies, 32% for mining companies and the remainder identified as consultants or as ‘other’.

Policy uncertainty was a recurring concern among respondents, particularly in Canada. The Fraser Institute noted that disputed land claims with Indigenous groups and shifting environmental protections contributed to investor hesitation.

The nation had four provinces ranked amongst the world’s top 10 jurisdictions last year, compared to only two this year.

Yukon, British Columbia, and Manitoba still boast strong geological potential but ranked 40th, 32nd, and 43rd respectively when policy factors were included. Ontario continued its downward slide, falling to 15th from 10th last year due to rising concerns over taxes, labour rules, and political stability. Quebec saw the steepest drop, from fifth to 22nd, amid worries about tax policies, regulatory duplication, and its legal framework.

In response to Nova Scotia’s poor performance, Sean Kirby, executive director of the Mining Association of Nova Scotia, said the province must overhaul its permitting process to unlock its potential.

“Nova Scotia has great geology for critical minerals and many others, but we need to fix permitting to attract investment and create jobs,” Kirby said. “The new Fraser Institute study is a stark reminder that we need to copy how other provinces regulate their mineral sectors.”

Kirby added that while most of the government’s mining experts work in the Department of Natural Resources’ Geoscience and Mines Branch, they play almost no role in permitting.

“Instead, we are almost entirely regulated by people in other departments who are not experts in mining,” Kirby said.

Since the survey was conducted between August and December last year, Canada has seen significant political and regulatory shifts.

Mark Carney’s election as prime minister and new federal and provincial legislation aimed at speeding up major project approvals could potentially improve Canada’s standing in next year’s report.

The Trump administration’s alleged bid to get rid of greenhouse gas emissions standards might see more impact on pollution than platinum after its price has jumped almost 50% this year, industry analysts say.

The EPA plans to drop all greenhouse gas (GHG) emission standards for light, medium and heavy-duty vehicles and engines in the near future, according to a draft proposal, Reuters reported on Thursday. Platinum’s use in auto’s pollution-filtering catalytic converters represents about 30% of global demand, and palladium represents about 80%.

But it could be premature to conclude the EPA’s changes will remove the need for platinum group metals (PGM)-based devices in vehicles, says Ed Sterk, director of research with the World Platinum Investment Council.

“The intention is to scrap some of those controls, but it’s not necessarily to get rid of catalytic converters,” Sterk told The Northern Miner in an interview on Friday. “If you consider living in Los Angeles, which historically has had terrible problems with smog, is Los Angeles a better place with or without catalytic converters and exhaust treatment systems on the vehicles? Most people would argue it’s probably a better place now.”

The EPA is anticipated to conclude that the Clean Air Act doesn’t authorize the agency to impose emission standards and is to lift the finding that GHG vehicle emissions put public health at risk, Reuters said. It follows the passage earlier this month of the “One Big Beautiful Bill Act”, part of which removed fines for failures to meet fuel efficiency rules since 2022.

But even with the converters themselves, Sterk noted they’re part of a complete design package of vehicles’ exhaust driven systems, and can’t just be immediately removed. Cars are going to have them for now regardless of emissions rules.

Platinum prices have gained 49% to $1,410 an oz. as of Monday, according to Trading Economics.

Analysts from Saxo Bank, Bank of America, Heraeus and others cite a rare confluence of tight supply, weak gold price psychology, strong Chinese physical demand, and diverse industrial uses as the foundation for platinum’s strong year-to-date rally. Despite skepticism over sustainability, most expect structural deficits to persist into 2025, supporting continued tightness.

While Sterk noted that he can’t comment on PGM price changes, demand for platinum is likely to continue exceeding supply, council data show.

Global platinum supply has declined 12% from 8.3 million oz. in 2021 to 7.3 million oz. in 2024, while demand grew 19% in that period, from 6.9 million oz. to 8.3 million ounces. Supply this year is forecast to total 7 million oz. and demand about 8 million ounces.

Catalysts comprise the largest segment of demand for platinum and this year it’s forecast to decline by 5% to 460,000 ounces for North America.

“Even if you remove North America completely, we’d still have a supply and demand shortfall for this year,” Sterk said.

He further noted that if the EPA changes go ahead, legal challenges to the new legislation could slow the pace of its effects on the market.

Unlike platinum, palladium has a narrower range of applications and about 80% of its use is for catalytic converters, Sterk said. But with converters and greater electrification of vehicles, the trend is moving towards substituting palladium for platinum.

“Palladium is expected to go into surplus due to recycling,” he said. “We’ve got ongoing deficits in platinum for the foreseeable future, and surplus for palladium.”

Though, palladium prices have gained about 46% to $1,274 per oz. this year to date, the metal’s low prices spurred Impala Platinum (JSE: IMP), widely known as Implats, to decide to close its mine in northern Ontario next May.

Canadian miner McEwen (TSX, NYSE: MUX) agreed to buy smaller rival Canadian Gold (TSXV: CGC) to add the mothballed Tartan mine in Manitoba and exploration properties in Ontario and Quebec.

The preliminary deal would see Canadian Gold shareholders receive 0.0225 of a McEwen common share, for an offer price of C$0.35 per Canadian Gold share, according to a statement issued Monday. This represents a 26% premium to the 30-day volume weighted average price of the Canadian Gold shares as of Friday’s market close, McEwen said.

Based on about 209.1 million shares outstanding, the deal values Toronto-based Canadian Gold at about C$73 million ($53 million). No specific timeline for the acquisition’s completion was disclosed.

The proposed deal comes as McEwen – which recently changed its name from McEwen Mining to mark a shift toward a broader resource play – ramps up gold and copper production and pursues new assets. The company, which has three producing gold and silver mines in Nevada, Ontario and Argentina, also holds a 46% stake in Argentina’s Los Azules, one of the world’s ten biggest undeveloped copper deposits.

Shares of Canadian Gold rose 3.3% to C$0.315 in Toronto Monday afternoon – below McEwen’s offer price. That gave the company a market capitalization of about C$66 million. McEwen fell 5.3% to C$14.74 for a market value of about C$784 million.

Canadian Gold’s main asset is the Tartan mine, a past-producing, high-grade property near the city of Flin Flon that benefits from existing infrastructure and high exploration potential. The company also owns greenfield exploration properties in the Hammond Reef and Malartic South projects, which sit next to some of Canada’s largest gold mines and development projects in Ontario and Quebec.

Production at Tartan could restart within 24 to 36 months, McEwen said. Tartan already has access to a skilled mining workforce and doesn’t require the construction of a mining camp. Its “substantial” exploration potential got a boost from Canadian Gold’s recent decision to option the adjoining Tartan West property, McEwen added.

Tartan is “a high-grade gold deposit with strong exploration potential in Canada,” chairman Rob McEwen said in the statement. “The existing infrastructure, including the mine ramp, roads, and power, provides an opportunity to restart operations within a relatively short timeframe.”

Rob McEwen already owns 33% of Canadian Gold’s outstanding shares, while McEwen Inc. holds about 5.6%, according to the Canadian Gold website. Canadian Gold executives hold a 7.9% stake.

The proposed transaction must be approved by two thirds of the votes cast by Canadian Gold shareholders, as well as a simple majority of the votes cast by minority Canadian Gold shareholders. Canadian Gold shares held by McEwen Inc. and Rob McEwen won’t be included in the minority shareholder vote.

A special meeting of Canadian Gold shareholders is expected to take place by Dec. 31.

Tartan produced 47,000 oz. gold between 1987 and 1989. Two recent deals allowed Canadian Gold to expand the property’s strike length from 8 km to 29.5 km along a key regional shear zone.

The mine’s proposed development offers many similarities to McEwen’s Fox complex in northern Ontario, according to the companies. These include ramp access, mining method and the design of the proposed process plant.

The letter of intent announced Monday paves the way for McEwen and Canadian Gold to sign a definitive arrangement agreement setting out the final terms and conditions of the proposed deal. Additional details will be disclosed once a definitive deal has been reached.

Existing Canadian Gold shareholders would own about 8.2% of the combined company if the transaction goes ahead.

Copper prices fell to the lowest in a week on Monday after opening the market higher, as investors continue to monitor the final details on imminent US tariffs.

The most active copper futures on the COMEX fell by nearly 3% to $5.613/lb., a sharp pullback following a record-setting rise last week that saw prices approach the $6/lb. level.

In London, the benchmark three-month copper contract was down more than 1% at $9769.50/t, having risen by 0.6% earlier to $$9,824.50/t.

The decline comes just days before the official implementation of a 50% US tariff on the industrial metal, the details of which remain unclear ahead of the planned start on August 1.

The Trump’s administration so far has yet to confirm the important aspects of the duties, including which products will be covered, whether supplies from all nations will be hit equally, or how metal already on its way to US shores will be treated.

In anticipation of the tariff deadline, global traders have been shipping massive amounts of copper to the US, triggering a last-minute scramble and a spike in prices earlier this month. While copper prices in the US are now much higher than those in London, they still do not fully reflect the 50% universal tariff rate.

Further important developments lie ahead this week, as the Federal Reserve is expect to keep rates unchanged at the conclusion of its policy meeting on Wednesday, but its commentary will be scrutinized for clues on what comes next.

(With files from Bloomberg)

Gold prices retreated to a near three-week low on Monday as the freshly struck US-EU trade accord lifted risk sentiment and diminished the appeal of safe havens.

Spot gold fell 0.7% to $3,313.57 per ounce as of 11:30 a.m. ET, having touched as low as $3,302.50 earlier in the session. US gold futures were down 0.8% to $3,307.60 per ounce in New York.

The pullback follows a pivotal trade deal reached between the US and EU that fueled market optimism ahead a jam-packed week of earnings from Big Tech, economic data and a Federal Reserve meeting.

That pact came on the heels of last week’s US-Japan agreement, while American and Chinese officials will resume talks in Stockholm on Monday with the aim of extending their trade truce by another 90 days.

The US dollar index rose to a one-week high with the latest developments, making bullion more expensive for overseas buyers.

“I think the more trade announcements we get, the more the dollar increases. These tariff deals are dollar friendly, lowering the allure of gold and driving the sell-off amid a risk-on sentiment,” Marex analyst Edward Meir said in a note.

However, US trade representative Jamieson Greer warned on Monday that no major breakthrough was expected with China, noting discussions would focus on monitoring and implementing existing commitments.

“You’re not seeing a huge move on the downside in gold because the deals could still prove to be either difficult to implement or unrealistic,” Meir said.

Meanwhile, the US Federal Reserve is expected to keep its benchmark rate in the 4.25%–4.50% range when its two-day meeting concludes on Wednesday.

(With files from Reuters)

An initial economic study for Vital Metals’ (ASX: VML) Tardiff project in the Northwest Territories outlines output that would make it one of the largest rare earth concentrate producers outside China.

Tardiff, part of Vital’s larger Nechalacho project about 110 km northeast of Yellowknife, would produce 56,000 tonnes of concentrate annually, grading 26.4% total rare earth oxides (TREO) and 3.3% niobium pentoxide, the company said Monday.

Vital shares gained 5% to A$0.11 apiece on Monday in Sydney, for a market capitalization of A$12.38 million.

The proposed open pit mine with an initial capital cost of $291 million would have a post-tax net present value of $445 million, an internal rate of return of nearly 26% and an 11-year life.

“[The study] is a first step towards Vital playing a key role in building a critical minerals supply chain in Canada,” Vital’s managing director Lisa Riley said in a release. “Recommended next steps will aim to capture further economic upside by optimizing rare earth element and niobium recoveries, lifting concentrate grades and delivering higher payability for the economic commodities.”

Tardiff’s output would yield about 14,800 tonnes of contained TREO annually, representing approximately 3% to 4% of global rare earth oxide production based on 2024 estimates. By comparison, MP Materials’ (NYSE: MP) Mountain Pass mine in the United States produced about 43,000 tonnes of concentrate containing an estimated 4,000 to 5,000 tonnes of TREO, or roughly 11% of the global total.

If developed, Tardiff would rank among the largest rare earth concentrate producers outside China, with the added value of niobium by-product potential.

Nechalacho was briefly Canada’s first-ever producing rare earths mine on a demonstration-scale basis during 2021-2023. But mining was halted due to cost overruns, market difficulties and the bankruptcy of Vital’s processing subsidiary in Saskatoon, Saskatchewan.

The global production of rare earths, essential components in permanent magnets and other green energy technologies, is mostly controlled by China, and Mountain Pass is the only commercially producing rare earths mine in North America.

The study’s release comes about seven months after an update lifted measured and indicated resources at Tardiff’s Upper Zone by 56% to 48.6 million tonnes, according to Australia’s Joint Ore Reserves Committee mining code. That resource grades at 0.26% neodymium oxide, 0.07% praseodymium oxide and 0.25% niobium pentoxide, or 1.32% total rare earth oxide (TREO), for 640,000 tonnes of contained TREO.

Inferred resources total 144.1 million tonnes grading 0.26% neodymium, 0.07% praseodymium and 0.32% niobium, or 1.31% TREO, for 1.88 million tonnes of TREO.

Mining would extract only 15% of Tardiff’s total resource, the study says. The open pit design could produce 14,000 tonnes per day at a low strip ratio of 0.3:1.

A key component of the project is the formation of a Canadian Rare Earth Supply Chain Consortium, in which Vital plays a founding role, to enhance collaboration between industry and government to accelerate the scale-up of commercial production. Last month, Appia Rare Earths & Uranium (CSE: API), Commerce Resources (TSXV: CCE), Defense Metals (TSXV: DEFN) and Vital announced the launch of the strategic research consortium.

The scoping study also envisions a logistics plan for the transportation of concentrate by barge across Great Slave Lake to Hay River, and then by rail to a processing facility further south.

A similar supply chain was functioning when Vital was mining at Nechalacho during 2021-2023. Rare earths were shipped to Vitals’ separation plant in Saskatoon.

Avalon Advanced Materials (TSX: AVL) holds the rights to mineralization below 150 metres at Nechalacho.

China-focused Majestic Gold (TSXV: MJS) has suspended operations at its Denggezhuang (DGZ) underground mine in Shandong province, following a hanging wall incident that killed one of its employees.

In a press release on Monday, the gold miner said the worker was struck by loose rock while performing risk removal operations at DGZ, one of three underground mines operated by its subsidiary based in Yantai City.

Despite immediate rescue efforts, the worker succumbed to injuries, it added.

Following the incident, authorities in Shandong province ordered the suspension of production and asked the company to rectify the situation while temporarily withholding its relevant licenses for the DGZ mine. They also ordered an immediate investigation into the accident to determine the cause and nature of the accident, the responsibility of on-site management, and the direct economic losses of the accident.

The investigation team will jointly review the remediation measures undertaken by Yantai Mujin, Majestic Gold’s subsidiary in charge of mine operations, before authorizing the resumption of operations at DGZ.

In its statement, Majestic said it “will continue to work closely with Yantai Mujin to fully cooperate with the ongoing investigation” and “is committed to implementing all necessary safety measures, addressing potential hazards, and ensuring that all on-site safety management and supervision are in place.”

The company operates several mines in Shandong province, with its main asset being the Songjiagou open-pit mine located 50 km south of downtown Yantai. Last year, it produced 31,949 ounces across all its operations.

Shares of Majestic Gold fell 2% to C$0.15 apiece following the mine suspension, giving the British Columbia-based gold miner a market capitalization of C$152.9 million ($111.4 million).

Equinox Gold (TSX, NYSE-AM: EQX) said new drilling at its El Limon mine in Nicaragua yielded the highest-grade gold mineralization discovered to date on the property.

Highlight hole EL-TMR-25-036, which is located along the so-called VTEM corridor, cut 10.8 metres grading 36.77 grams per tonne gold from 93 metres depth, Equinox said Monday in a statement. Another hole, EL-BAB-25-121, intersected 15.3 metres grading 8.55 grams gold per tonne from 126.6 metres downhole.

The results are the first to be released from a planned 100,000-metre program of discovery and resource expansion diamond drilling at El Limon, which Equinox acquired from B2Gold (TSX: BTO; NYSE-AM: BTG) in 2019. El Limon, which has produced more than four million oz. gold so far, “continues to demonstrate strong exploration upside,” according to the company.

“These results highlight the potential to extend the mineralized corridor both to the north and west of existing deposits,” National Bank Financial mining analyst Mohamed Sidibé said in a note. They also “reinforce the strategic value of the Nicaraguan assets within the broader Equinox portfolio, particularly as the company continues to integrate the Calibre assets,” he added.

Vancouver-based Equinox last month completed the C$2.56 billion ($1.87 billion) acquisition of Calibre Mining, which vaulted the company to No. 2 among Canadian gold producers after Agnico-Eagle Mines (NYSE, TSX: AEM). Equinox subsequently promoted chief operating officer Darren Hall to the post of CEO to replace founding shareholder Greg Smith, who stepped down.

Other highlights from results released Monday included hole LIM-24-5088, which cut 7.4 metres at 13.93 grams gold from 117.7 metres depth, and hole EL-TMR-25-031, which intersected 5.6 metres grading 22.18 grams gold from 234.9 metres downhole.

Equinox’s exploration strategy in Nicaragua puts the emphasis on resource expansion and discovery drilling across existing resource zones and at high-priority targets such as the VTEM gold corridor and the mothballed Talavera underground mine. Talavera, which produced about 800,000 oz. gold when in operation, hosts about 630,000 oz. of inferred gold resource from 3.8 million tonnes of material grading 5.09 grams gold per tonne.

Its Nicaraguan assets operate as a “hub and spoke” platform in which ore from multiple open-pit and underground deposits is processed at either the El Limon or La Libertad mills. Equinox has more than 1 million tonnes of surplus processing capacity available at its Nicaraguan processing facilities.

“Over the last five years, we have successfully permitted and brought four new satellite mines into production in the country, typically progressing from discovery to first production within 18 to 24 months,” Hall said in Monday’s statement.

“Given the upside potential for new satellite mines, our permitting track record, and surplus milling capacity within the hub and spoke operating platform, we believe these exploration results continue to significantly enhance the long-term value of these assets in Equinox Gold’s portfolio.”

Equinox shares fell 1.6% to C$8.60 each Monday morning in Toronto as the broader stock market declined. That gave the company a market capitalization of about C$6.5 billion ($4.7 billion).

Adriatic Metals (ASX, LON: ADT) reported strong gains in silver and gold production in the second quarter of 2025, even as it lowered full-year guidance ahead of its planned acquisition by Dundee Precious Metals (TSX: DPM).

The company, which operates the Vareš silver-zinc-lead project in Bosnia and Herzegovina, said silver equivalent output rose 23% to 1.7 million ounces in the three months to June 30, up from 1.4 million ounces in the first quarter. The total included 720,449 ounces of silver and 4,840 ounces of gold, both up from 595,993 and 3,998 ounces, respectively.

Adriatic also reported increased zinc and lead production, and confirmed that commercial production at Vareš officially began on July 1, just after the quarter ended.

The company completed construction of the Veovača tailings storage facility in March, , with first tailings deposited in April. A dedicated road linking the plant to the facility became operational in June.

Despite the second-quarter output increases, Adriatic cut its full-year silver equivalent production forecast to between 9.5 million and 10.5 million ounces, down from a previous range of 12 million to 13 million ounces, though still higher year-on-year.

The company’s cash balance stood at $59 million on June 30, down from $76 million at the end of March.

Adriatic Metals accepted last month a $1.25 billion takeover offer from Dundee Precious Metals, a Canadian gold miner with operations in Bulgaria, Serbia and Ecuador.

“Following the board’s recommendation to accept the proposed acquisition of Adriatic by Dundee Precious Metals, we remain committed to maintaining positive operational momentum throughout this transactional period,” Adriatic Metals chief executive officer Laura Tyler said in the statement.

The merged company will keep its global headquarters in Toronto, while Adriatic’s UK office will shut down.

Canada’s Torex Gold Resources (TSX: TXG) is making another bold move in Mexico, announcing a C$449 million ($327M) all-share deal to acquire Prime Mining (TSX: PRYM), owner of the Los Reyes gold-silver project.

Under the agreement, Prime shareholders will receive 0.060 Torex shares for each Prime share, translating to roughly 10.5 million new Torex shares, or 10.7% of the company. 

Torex said the acquisition enhances its medium and long-term growth potential by adding a high-quality advanced exploration/development-stage asset in Mexico.

The move follows Torex’s acquisition in June of junior Reyna Silver, which granted the Toronto-based miner access to early-stage exploration projects in northern Mexico and Nevada, US.

The Los Reyes project, located in Sinaloa, is a key addition to Torex’s development pipeline. It hosts a combined open-pit and underground mineral resource of 1.5 million ounces of gold and 54 million ounces of silver in the Indicated category, along with 538,000 ounces of gold and 21.6 million ounces of silver in the Inferred category.

With this acquisition, Torex boosts its Measured and Indicated gold resources by 32% to 6.2 million ounces, and its Inferred resources by 44% to 1.8 million ounces. The deal also diversifies Torex’s portfolio with significantly increased silver exposure.

“The acquisition of Prime Mining, and the previously announced all-cash acquisition of Reyna Silver, support our strategy to systematically build a diversified, Americas-focused precious metals producer,” Torex chief executive officer Jody Kuzenko said in the statement.

Torex also operates the Morelos mine complex 180 kilometres southwest of Mexico City. The site includes the Media Luna and ELG underground deposits, the ELG open pit, a fully integrated processing plant, and supporting infrastructure. 

Morelos produces more than 450,000 ounces of gold annually, making Torex the largest gold producer in Mexico. The company also plans to bring a third underground deposit, EPO, into production by late 2026.

In the midst of a global energy transition, the market for magnetic rare earth elements (REEs) is likely to face a threefold demand increase by 2035, which could further exacerbate global supply challenges, according to a report by McKinsey & Company.

REE magnets are currently the strongest permanent magnets available on the market to power e-motors and wind turbines. The magnets typically require four rare earth elements as inputs: neodymium (Nd), praseodymium (Pr), dysprosium (Dy) and terbium (Tb), with the first two being the primary constituents and the latter two being additives to enhance performance in more demanding applications.

McKinsey estimates that magnetic REEs now make up the largest share of the overall rare earth market by value at 80%, despite accounting for 30% of the total production volume.

Due to their significance to clean energy technologies, global demand for magnetic REEs is expected to triple from 59,000 tons in 2022 to 176,000 tons in 2035. This growth, it adds, will be driven by strong growth in electric vehicle adoption, which is outpacing the substitution of REEs with copper coil magnet, as well as the high rate of renewable capacity expansions in wind.

Meanwhile, supply is expected to fall short by as much as 30%, especially in the absence of production forecasts for China, which has a near monopoly on the global mine production and refining, McKinsey says.

The firm also warns that even in a scenario in which Chinese volumes fill the supply gap until 2035, geopolitical considerations could put additional strain on an industry that has already been plagued by challenges around scaling in other regions.

While demand for magnetic REEs is broadly distributed across geographies due to their critical role in high-tech applications, their primary supply is highly concentrated, with China dominating over 60% of mining and 80% of refining, McKinsey notes.

Light REEs are expected to remain heavily dependent on China until 2035, it adds, while more than 60% of heavy REEs—vital for wind turbines, EVs, and robotics—will likely continue to be mined in Asia-Pacific and refined in China.

Despite global efforts to develop local REE value chains, including regulatory initiatives that could theoretically reduce China’s share in mining to under 50%, supply diversification is still expected to progress slowly over the next five to 10 years, the firm says. It also warns that China’s recent export restrictions on certain REEs remain an ongoing geopolitical risk.

As a result, secondary sources like recycling may become increasingly important, given the long timelines, environmental hurdles, and high costs of developing new mining and processing capacity.

Today, more than 80% of REE scrap originates from applications in consumer electronics, appliances or internal combustion engine vehicles, all of which use relatively small magnets for motors, actuators, and sensors, among other things.

However, increased use of magnetic REEs for EVs and wind turbines could cause scrap pools to continuously shift by 2050, McKinsey says. BEV drivetrains, industrial motors and wind turbines could generate scrap on a similar magnitude, providing a new pool of larger magnets containing higher shares of valuable heavy REEs.

McKinsey estimates that the REE value chain could generate about 40,000 tons of pre-consumer scrap, originating from magnet design and manufacturing steps, as well as 41,000 tons in post-consumer scrap from various end uses reaching end of life.

With the majority of downstream magnet manufacturing occurring in China, most pre-consumer scrap will be generated, processed, and recovered in the region as well. By contrast, scrap from post-consumer sources will likely be geographically diverse, though recovery challenges may remain.

According to McKinsey, post-consumer REE recycling would require dedicated separation of the magnet for further processing, which is a practice currently not adopted within existing recycling value chains focused on high-value or high-volume materials, such as gold and copper or aluminum and steel.

Streamex, a New York-based cryptocurrency trading platform, joined mining hall of famer Frank Giustra’s company to secure $1.1 billion (C$1.5 billion) this month to put gold assets on blockchain.

They plan to launch a gold-backed treasury strategy, Streamex founder Henry Mcphie told The Northern Miner at a recent industry conference in Boca Raton, Fla. The idea is to turn assets into tokens that can be traded like cryptocurrency. Streamex expects its first asset issuance by year‑end and wants to eclipse existing gold tokens within three years.

“We’re going to denominate our balance sheet in gold,” McPhie says in a new video.

Tokenized gold will track spot prices one‑to‑one while avoiding the friction of futures and traditional custodial models, he said. Streamex combines blockchain transparency with physical backing, he said.

In the same interview, Giustra, chairman of financier Fiore Group, said tokenization opens commodity markets to a new audience. Giustra predicts tokenized gold could play a stabilizing role if buyers demand physical delivery rather than paper leverage.

With the U.S. government facing a $2.4-trillion increase in its budget deficit over the next decade, a revolt in U.S. Treasury auctions could push yields higher and trigger a liquidity crisis, he warned.

“There will be a day of reckoning and it’s coming faster than any U.S. government can imagine,” he said.

Watch below the full chat with The Northern Miner’s Western Editor, Henry Lazenby (we apologize for the inconsistent audio in this interview).

The Department of Defense announced this week a $6.2 million award to Guardian Metal Resources (LON: GMET) to advance its Pilot Mountain tungsten project in Nevada.

The funds will enable London-listed Guardian Metal’s wholly-owned US-based subsidiary Golden Metal Resources to deliver a pre-feasibility study for Pilot Mountain, located southeast of Hawthorne. Guardian is the only company with US based tungsten assets to receive an award, and is also advancing another tungsten project in Nevada: Tempiute.

The tungsten market had an estimated value of around $5 billion in 2023. It is the material of choice for a key defense application — penetrators — which are high-density, armour-piercing projectiles. It’s also required in US Department of Defence (DoD) contracts.

European tungsten prices surged to their highest in 12 years in May, driven by China’s tightening grip on critical mineral exports, including tungsten.

Tungsten production in the US ceased in 2015, when it was no longer commercially viable due to low prices and competition from China.

China dominates global tungsten production, accounting for over 80% of last year’s total output of 81,000 tons, according to the USGS.

Another company exploring tungsten deposits in the US is American Tungsten, which started construction and building work in May for the mine plan at its Ima project in Idaho. Between 1945 and 1957, the property produced approximately 199,449 metric ton units of tungsten trioxide (WO3).

While Guardian Metals CEO Oliver Friesen is fairly new to the tungsten space, he is an exploration veteran in the state of Nevada, and worked as a geologist for Barrick on numerous drill campaigns.

“Pilot Mountain came across my desk and it just so happened to have the largest tungsten deposit in the entire USA in Nevada,” Friesen told MINING.com in an interview in June. “I realized that there was something really exciting brewing in the tungsten space.”

“[It was] contrarian to acquire a tungsten deposit when no one wanted it in the US,” Friesen said. “And now obviously it’s become incredibly valuable and we’ve positioned ourselves very strategically in the US to lead the reshoring efforts here in the country.”

“Our plans are to continue to de-risk our two main assets in Nevada and get them into production. What we have is really important for US national security and we can supply a very meaningful amount of tungsten to the US market.”

The company is working towards expanding its mineral resource estimate (MRE) which was established in 2017 and 2018 that outlined 12.53Mt at 0.27% WO3 with significant copper-silver-zinc credits.

Drilling to support the updated resource for the PFS is all now complete, Friesen said, adding high grade gallium has also been intersected at both the Pilot Mountain and Tempiute projects.

In June, the company released assay results and announced newly staked exploration targets at Tempiute.

In July, Guardian acquired additional mining claims in the Walker Lane mineral belt, about 15 km northwest of Pilot Mountain, to form what is to be known as the Pilot North tungsten project.

“On the permitting side, we’re seeing tailwinds from the new administration and the DOI,” Friesen said. “Given our position in US tungsten, we’re getting chased to get [applications] submitted. The government is serious about fast tracking defense metal projects. US investors want American mines … here’s a very viable solution for domestic mined tungsten.”

NexGen Energy (TSX, NYSE: NXE) (ASX: NXG) is now the 100% owner of its portfolio of exploration assets in the southwestern Athabasca Basin after consolidating a minority interest held by Rio Tinto (ASX: RIO) on certain projects.

The Athabasca Basin is a region in the Canadian Shield of northern Saskatchewan and Alberta and currently supplies about 20% of the world’s uranium.

On Thursday, the Vancouver-headquartered uranium miner announced it has acquired Rio’s 10% production carried interest over 39 mineral claims in the region, including those hosting the PCE discovery, by exercising its right of first refusal on these assets.

Financial details of the transaction were not disclosed by the company.

As set out in the parties’ initial arrangement, Rio is entitled to a 10% undivided interest in future production from the mineral claims, carried through to the commencement of commercial production. This was put in place before NexGen acquired the land package in 2012.

The centrepiece of the claims package is PCE — or Patterson Corridor East — an uranium occurrence situated 3.5 km east of the world-class Arrow deposit that the NexGen team discovered in 2014.

Part of the larger, 100%-owned Rook I property, the Arrow deposit is host to one of the largest uranium resources in the world, containing 256.7 million lb. of U3O8 (uranium oxide) in the measured and indicated categories and another 80.7 million lb. in inferred.

Anchored by this resource, NexGen considers Rook I to be the largest development-stage uranium project in all of Canada. A feasibility study in 2021 estimated an after-tax net present value (at 8% discount) of C$3.47 billion with a 52.4% internal rate of return. The proposed mine, which is now in the engineering phase, could produce nearly 29 million lb. of U3O8 per year over the first half of its approximate 10.7-year life.

The PCE discovery, according to the company, could mirror that of Arrow due to their similarities in geology. Initial drilling results at PCE have indicated an expansive footprint with remarkable continuity of mineralization, it said.

In a press release, NexGen CEO Leigh Curyer said that the two deposits could help meet the “ever-growing need for a safe, secure supply of uranium,” citing that the market is currently in a deficit and the massive spending required to build AI data centres, which would be powered by nuclear energy.

“Given the world class extent, high grade and superior technical setting of mineralization discovered to date at our two projects, consolidating our portfolio at PCE and surrounding area to match our 100% ownership in our world-class Arrow deposit, is entirely in line with our strategic objective of becoming the future leader in uranium production worldwide,” Curyer said.

Shares of NexGen Energy surged more than 5% on Thursday in New York, closing at a near six-month high of $7.43 with a market capitalization of $4.4 billion. By Friday, the stock had pulled back to around $7.10.

The US government has launched a new effort to extract valuable critical minerals, including rare earths, lithium, cobalt, and uranium, from mine waste and abandoned sites, aiming to reduce dependence on foreign suppliers and strengthen domestic production.

Interior Secretary Doug Burgum has ordered a series of regulatory changes to streamline federal oversight and fast-track projects recovering minerals from coal refuse, tailings, and shuttered uranium mines. 

The directive includes updated guidance to make these recovery projects eligible for federal funding and requires faster review timelines for new proposals. It also directs the US Geological Survey to map and inventory mine waste on federal lands to identify sites rich in critical minerals. 

Research by the USGS and state geological agencies has already revealed promising sources, including tellurium in tailings at Utah’s Bingham Canyon copper mine and zinc and germanium in waste from the long-abandoned Tar Creek mines in Oklahoma.

Rare earth elements have also been found in clay associated with coal seams in the Appalachian and Illinois basins.

“This initiative reflects our unwavering commitment to achieving mineral independence and ensuring that America leads the way in advanced technologies that power our future,” Burgum said in a release. His department controls large swathes of federal land some of it home to abandoned mines and the initiative could turn environmental liabilities into economic assets.

Acting Assistant Secretary of Lands and Minerals Adam Suess added that streamlining recovery efforts will help “unleash the full potential of America’s mineral resources to bolster national security and economic growth.”

The move builds on Trump’s broader strategy to revitalize the US mineral sector, which has lagged behind global leaders like China in both production and processing. In March, Trump invoked the Defense Production Act to ramp up domestic processing of several key minerals.