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📰 In The News
Rio Tinto Goes all in on Lithium with $6.7 Billion Arcadium Buy
- Rio Tinto has agreed to acquire U.S.-based Arcadium Lithium for $6.7 billion, positioning itself as the world's third-largest producer of lithium used in electric vehicle batteries.
- Despite a current lithium market oversupply, Rio Tinto's CEO expects strong long-term demand, aiming to capitalize on the weak market to secure high-quality assets like Arcadium's mines in Argentina, Australia, Canada, and the U.S.
- The acquisition, expected to close by mid-2025, complements Rio's existing operations in critical minerals, with plans to integrate Arcadium's lithium expertise and facilities without impacting Rio’s capital expenditure plans.
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AI-Powered Mineral Exploration: Billionaire-Backed Kobold Metals Raised $491 Million
- Kobold Metals raised $491 million to advance its AI-driven exploration for critical minerals like lithium and copper, crucial for the global energy transition.
- The startup, backed by high-profile investors like Bill Gates, Jeff Bezos, and Jack Ma, aims to double its valuation to $2 billion and revolutionize mineral discovery using AI technology.
- Kobold's recent copper discovery in Zambia and its innovative approach to mapping underground deposits position it as a leader in modern mineral exploration, addressing the rising demand for battery metals despite market challenges.
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One Worker Dead, More Than 20 Rescued After Equipment Malfunction at Cripple Creek Mine Tour
- One worker died, and 23 people were rescued after an equipment malfunction at the Mollie Kathleen Gold Mine Tour in Cripple Creek, with the accident occurring while tourists were using an elevator to descend into the mine.
- Initial rescue efforts brought 11 people, including two children, to safety using a trolley car, while 12 others trapped at 1,000 feet were rescued by 7 p.m.
- Colorado Governor Jared Polis expressed relief over the successful rescues and extended condolences to the family of the deceased worker.
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Mining Stocks May Drop 20% if US Tariffs Imposed – JPMorgan
- JPMorgan analysts predict mining stocks could drop by 10-20% if US tariffs are imposed after the 2024 presidential election.
- Metals markets aren't currently factoring in significant trade risks, despite potential declines in base metal and iron ore prices.
- Tariffs will remain a key factor in US minerals policy, with potential increases under a future Trump administration or maintained tariffs under a Harris administration.
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North Carolina maker of high-purity quartz back operating post-Helene
- Sibelco has resumed production of high-purity quartz at its Spruce Pine, North Carolina facility following damage from Hurricane Helene.
- Production and shipments are gradually ramping up, contributing to the recovery of the local economy, which heavily depends on the quartz mining industry.
- Spruce Pine quartz is critical to global semiconductor production, with up to 90% of crucibles used in silicon chip manufacturing made from this material.
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Dreaming of Diamonds: Generations Dig for Fortune in India's Gem Town
- In Panna, India, generations of diamond hunters persist in searching for gems despite declining reserves and poverty in the region.
- Miners often sell diamonds through government auctions, though a black market exists to bypass taxes and delays.
- Restrictions from the forest department, aimed at protecting the local tiger population, have limited mining areas, adding to the challenges miners face.
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🎧 On The Rocks
This week, our own Emily King was a guest on Teck’s “Why We Mine” podcast, kicking off their 2nd season!
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