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📰 In The News
U.S. Department of Energy Announces $19.5 Million to Produce Critical Minerals and Materials
- The U.S. Department of Energy (DOE) announced $19.5 million in federal funding to advance technologies for recovering critical minerals from domestic secondary and unconventional sources, reducing reliance on foreign supply chains and supporting clean energy technologies.
- The funding aims to restore U.S. leadership in the extraction, separation, and refining of critical minerals used in clean energy technologies, defense systems, and electronics, while creating high-quality jobs and enhancing national security.
- Selected projects will focus on developing innovative methods for extracting and recycling critical minerals from coal waste, produced water, and other unconventional sources, advancing a secure, diverse, and sustainable domestic supply chain.
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Costco Adds Platinum Bars to Precious Metals Offering
- Costco has added one-ounce platinum bars, priced at $1,089.99, to its precious metals lineup, expanding beyond its popular gold bars.
- The platinum bars, made by Swiss refiner PAMP, are available online only and limited to one per Costco member, though delivery is restricted in some U.S. states.
- While platinum's 2024 price gains have lagged behind gold, the global platinum market's supply shortfall suggests potential future price support.
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Mining Needs a Makeover. Our Future Depends on It
- The 2015 Fundão Dam collapse in Brazil caused massive environmental damage, killed 19 people, and led to billions in fines for the mining companies involved, highlighting the growing risks of tailings dam failures.
- Tailings dam disasters, including the 2019 Brumadinho catastrophe, continue to increase in frequency and severity, exacerbated by climate change and the rising demand for minerals needed in renewable energy technologies.
- In Indonesia, the high-risk Dairi Prima zinc mine's tailings storage design has been deemed unsafe by experts, raising concerns about the global mining industry's need to prioritize safety and sustainability.
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Mining Industry Needs $2.1 Trillion in New Investments by 2050
- The mining industry will need $2.1 trillion in new investments by 2050 to meet the demand for raw materials in a net-zero emissions world, according to BloombergNEF's Transition Metals Outlook.
- Critical energy transition metals like aluminum, copper, and lithium could face supply deficits this decade, with 3 to 6 billion tonnes of metals required to support low-carbon solutions by 2050.
- Recycling and strong government policies will be crucial to alleviating supply pressures, with Southeast Asia projected to become the fastest-growing market for these metals in the 2030s.
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