I feel like my “wake me up when September ends” joke didn’t quite land the way I wanted it to a few weeks ago, but here we are at the end of September! This week also means the end of Q3 2023; where has this year gone?
Jess Scanlan
Head of New MediaThis Week - Monthly Mining Roundup!
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Simplify Q3 Reporting With Custom Data QueriesCopper Prices May Jump 20%, Aluminum 36%
A new report predicts global copper and aluminum supply shortfalls in the coming years could lead to sharp price increases, while steel prices may decline. Copper demand is expected to rise on clean energy transition needs, leading to a 5.4 million ton deficit by 2027 that could push prices up 20% to $9,800/ton. Aluminum demand is also projected to grow in vehicles and grids, causing a 30.7 million ton shortfall and potential 36% price spike to $3,000/ton by 2027. However, slowing construction in China may dampen steel demand and prices, which could fall nearly 9% to $537/ton amid oversupply. The report notes barriers to new copper mines but sees some increases in Chile, Congo, and the U.S. China's economy remains an oversized influence, as lower U.S. inflation could either signal softer prices or easier Fed policy that boosts copper.
Study: Metal Mining Pollution Impacts 23 Million People Worldwide
A new study finds that at least 23 million people globally live on floodplains contaminated by toxic waste from metal mining activity. Researchers mapped over 180,000 active and abandoned mines worldwide and modeled the extent of pollution spread downstream. Chemicals from mining waste can accumulate in soil and waterways. With surging demand for metals like lithium and copper, the researchers stress that future mines must be carefully planned to avoid impacts. But the legacy of abandoned mines still affects millions through agriculture, grazing, and flooding that spreads contaminated sediments. The findings highlight the persistent threat posed by mining's "silent pollution" stored long-term in floodplains.
US Government Mulls 50-Year Mining Ban In New Mexico
The Biden administration has proposed banning mining and oil drilling across over 4,200 acres in northern New Mexico for up to 50 years, as part of efforts to protect Native American lands and promote responsible mining on public grounds. The proposal covers four tracts near Albuquerque considered sacred to Native Americans. The area contains rich archaeological resources spanning thousands of years of history and is popular for recreation, though it lacks significant mineral deposits beyond sand and gravel. The move responds to calls from Tribes, officials, and communities to protect the lands and their cultural resources. It begins a 90-day public comment period before a final decision. While the ban would decrease federal revenue, policymakers have long pushed for protecting the ancestral area from mining impacts.
Norway’s Storebrand Raises Seabed Mining Concerns
Storebrand Asset Management has raised concerns with Kongsberg about the Norwegian company's stake in seabed mining start-up Loke Marine Minerals. Critics say more research is needed on seabed mining's environmental impact before it expands to meet copper, cobalt and rare earth demand. Kongsberg says its motivation is to provide monitoring technology for sustainable seabed mining. Storebrand, which has called for a seabed mining moratorium, is in dialogue with Kongsberg as an investor but does not plan to divest its small stake. Loke's CEO says it needs to raise $100 million and is worried calls for a moratorium could deter investors. He argues seabed mining is needed to reduce dependence on minerals from China for battery production. Norway could be the first country to start commercial deep sea mining pending government approval.
Crean Hill Project
Company: Magna Mining Inc. (NICU:TSXV) Geography: Canada Minerals: Nickel, Copper, Polymetallic Date: 9/14/23 |
Summary:
The Crean Hill nickel-copper-PGE deposit is located in the South Range of the Sudbury Igneous Complex in Ontario, Canada. The deposit consists of massive sulfide mineralization in embayments along the basal contact of the Complex and in the footwall rocks. An updated mineral resource estimate in 2022 outlined 16.8 million tonnes of indicated resources grading 1.08% nickel equivalent and 434,000 tonnes inferred at 0.82% nickel equivalent in the open pit category. Additional indicated resources below the pit outline were 14.5 million tonnes at 2.07% nickel equivalent with 1.17 million tonnes inferred at 1.41% nickel equivalent.
Company: Gowest Gold Ltd (GWA:TSXV)
Geography: Canada
Minerals: Gold
Date: 9/15/23
Summary:
Gowest Gold has reported initial results from the first phase of surface diamond drilling at its Bradshaw Gold Mine project in Ontario, Canada. The drilling targeted extensions of known zones below the 80 meter level of the deposit. Out of 5,000 meters planned, 2,255 meters in 10 holes have been completed so far.
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