Welcome back to your last weekly mining news recap of 2024, where we catch you up on some of the news you may have missed. This week’s headlines include Canada’s plan for more tariffs on Chinese imports, Barrick seeking arbitration in dispute with Mali, and Volkswagen investing in Patriot Battery Metals. 

Rio Tinto is researching extracting and valorizing gallium from bauxite that is processed at its Vaudreuil alumina refinery in Saguenay, Quebec, and if it is successful, it is aiming to build a demonstration plant that could produce up to 3.5 tonnes of gallium per year. The Quebec government is supporting the demonstration phase with a $7 million investment. Rio Tinto’s project could help diversify Canada’s supply of gallium, as currently, most of the critical mineral is sourced from outside of North America. 

Recent data from the International Energy Agency (IEA) indicates that global coal demand is projected to hit an all-time high of nearly 8.77 billion tonnes in 2024 and stay close to this level until at least 2027, setting new records each year and defying previous predictions of a decline, as reported by Bloomberg. Despite the shift towards renewable energy sources and the drop in coal consumption in Europe and the U.S., coal demand in China and India continues to rise. The IEA noted that weather variations will heavily influence future coal trends. 

Champion Iron announced that Nippon Steel and Sojitz will purchase a 49 per cent stake in its Kamistiatusset open-pit iron ore project in Newfoundland & Labrador for $245 million, as reported by Reuters. Nippon will gain a 30 per cent stake, and Sojitz 19 per cent. The project could receive up to $490 million in future funding from Nippon and Sojitz. The project's feasibility study is expected to be done by mid-2026. 

The federal government will introduce tariffs on certain Chinese-made solar products and critical minerals as soon as next year, with additional levies on semiconductors, permanent magnets and natural graphite set for 2026, as reported by Reuters. Earlier this year, the government imposed a 100 per cent surtax on Chinese-made electric vehicles and a 25 per cent tariff on steel and aluminum imported from China. 

On Wednesday, Barrick shared that it has requested arbitration through the International Centre for the Settlement of Investment Disputes to resolve disagreements with Mali’s military junta over its Loulo-Gounkoto complex. As part of its ongoing efforts to get more money from foreign mining companies, the government recently halted Barrick’s gold shipments and arrested four senior Barrick employees last month. 

Nouveau Monde Graphite (NMG) has secured US$50 million in funding from the Quebec government and federal government to support the construction of a refining facility that would produce active anode material in Becancour, Quebec, as reported by Bloomberg. NMG has already signed offtake agreements with General Motors and Panasonic, both of which invested US$50 million in the electric vehicle battery material plant earlier this year.   

BHP CEO Mike Henry is planning another attempt to buy Anglo American, this time with an undisclosed partner, after his most recent bid failed in May, as reported by Reuters. Since the deal fell through, BHP's share price has dropped. Anglo's recent sale of its Australian coal mines makes a solo bid more challenging, as merging BHP’s neighbouring coal pits could have resulted in significant cost savings, but partnering with one of its rivals on the bid, which has deeper pockets or an established presence in areas where Anglo operates, could provide a solution.  

Rio Tinto, BHP and BlueScope Steel will move forward on constructing Australia's largest electric smelting furnace for the production of direct reduced iron, as reported by Mining.com. The NeoSmelt pilot plant, which was first announced in February, will be built in the Kwinana Industrial Area, south of Perth. The plant will have the capacity to produce 30,000 to 40,000 tonnes of molten iron per year. If successful, the project could cut emissions by up to 80 per cent if renewable energy and green hydrogen are used. Feasibility studies are planned for the second quarter of 2025, with operations anticipated to begin in 2028. 

Volkswagen has acquired a 9.9 per cent stake in Patriot Battery Metals for US$48 million. As part of the deal, Volkswagen would receive 100,000 tonnes of spodumene concentrate annually for 10 years from Patriot’s Shaakichiuwaanaan project in Quebec. A preliminary economic assessment was released for the project in August. PowerCo, Volkswagen’s battery subsidiary, plans to use this supply for its battery cell factories in North America and Europe, including one in St. Thomas, Ontario. 

The tentative Churchill Falls hydro deal, which would also boost energy production at the Churchill Falls plant located near Labrador City, could greatly benefit Newfoundland and Labrador’s mining industry by providing the energy needed for the expansion of mining projects and decarbonization goals, as reported by CBC News. The original 1969 contract, expiring in 2041, allowed Quebec to purchase electricity at 0.2 cents per kilowatt-hour, with minimal financial return for Newfoundland and Labrador. The new deal would increase this to 5.9 cents per kilowatt-hour, potentially generating up to $200 billion for Newfoundland and Labrador over the next 50 years. A memorandum of understanding is expected by 2026. 

As demand for green nickel grows, researchers are exploring the use of plants to mine low-grade deposits, as reported by Sarah St-Pierre for the November issue of CIM Magazine. Phytomining could help extract valuable resources from deposits that are not economically viable for conventional mining methods. Though challenges remain, such as scaling up and adapting plants to different climates, new funding and commercial ventures are positioning phytomining as a potential source for electric vehicle battery production.  

This is our last weekly recap for the year. The CIM Magazine team wishes you a happy holiday season. We will return on Jan. 10, 2025 with the next recap. If you’ve got feedback, you can always reach us at editor@cim.org. If you’ve got something to add, why not join the conversation on our Facebook, Twitter, LinkedIn or Instagram pages?