Welcome back to your weekly mining news recap, where we catch you up on some of the news you may have missed. This week’s headlines include Foran advancing its McIlvenna Bay project, De Beers slashing diamond prices amid market slump and Green Minerals’ shares falling after Norway’s deep-sea mining pause. 

The CIM Mineral Resources and Mineral Reserves (MRMR) Committee recently refreshed its Uranium Leading Practice Guidelines to support industry best practices and ensure accurate resource estimation amid rising global demand for carbon-free nuclear energy. The 25-page document, expanded from the original 2003 version, includes enhanced guidance and a detailed section on in-situ recovery (ISR) mining, as ISR now accounts for most uranium produced worldwide.  

Iamgold announced that it has repurchased a 9.7 per cent interest in its Côté Gold open-pit mine in northeastern Ontario from Sumitomo Metal Mining, regaining a 70 per cent ownership stake. The interest had been transferred to Sumitomo in December 2022 to provide additional funding for the mine’s construction. The US$377 million repurchase deal, finalized on Nov. 30, included a US$23.7 million repurchase option fee accrued in 2023. Côté Gold achieved commercial production in August. Iamgold also announced that it has updated the mine plan for its Westwood mine complex in Quebec, which extended the mine life from 2025 to 2032. 

China has announced an immediate export ban on gallium, germanium and antimony to the U.S. following new U.S. restrictions on advanced technology sales to China, as reported by Mining.com. According to China’s Ministry of Commerce, the decision, driven by national security concerns, also imposes stricter inspections on graphite products being shipped to the U.S. The ban has fuelled calls in the U.S. to reduce the country’s dependence on critical minerals produced in China. 

Foran Mining Corporation provided a construction update on its McIlvenna Bay underground copper-zinc project in Saskatchewan, aiming for commercial production in the first quarter of 2026. The project will feature one of the world’s largest fleets of underground battery-electric vehicles in operation, set to be fully deployed by 2025. The company hopes it will become the first carbon-neutral copper mine in the world. A 2022 feasibility study for McIlvenna Bay outlined the potential for an 18-year mine life, producing an average of 65 million pounds of copper equivalent annually. 

De Beers has cut diamond prices by 10 to 15 per cent across the board, marking a record-breaking price reduction, as reported by Bloomberg. The global diamond industry is currently experiencing one of its deepest slumps, driven by inflation, a collapse in China’s luxury market and competition from lab-grown diamonds. De Beers’ parent company, Anglo American, announced in early May that it had been trying to sell or spin off less profitable assets, including De Beers, later rejecting BHP’s US$49 billion takeover bid near the end of May. 

Shares in Norwegian seabed mining start-up Green Minerals plummeted by 40 per cent after the Norwegian government halted a first licensing round for deep-sea mining due to pressure from an environmentalist political party, as reported by Reuters. Despite this, Green Minerals expects the halt to be temporary and maintains its timeline for first exploration by the end of the decade. The government said it aims to continue preparatory work for deep-sea mining exploration permits, with new licences possibly being awarded in early 2026.  

Vale Base Metals will be laying off dozens of managers and transferring decision-making power to operational staff, as reported by Bloomberg. While the company confirmed the job cuts, it did not specify the impact on its Sudbury operations. The company stated that these cuts will affect corporate roles. The move comes amid sustained low nickel prices, which are currently at approximately US$16,500 per tonne, down from a peak of US$55,000 per tonne in March 2022. 

Vital Metals has expanded its Nechalacho rare earths project in the Northwest Territories by acquiring three new mineral claims, adding 25 square kilometres to the existing 50 square kilometres. The Nechalacho project contains one of the world’s largest hard rock rare earths deposits and the company aims to release a new mineral resource estimate, along with a scoping study, by the end of this year. 

In-situ recovery (ISR) is not widely used for copper extraction due to geological and economic limitations, but experts say it is worth investigating due to lower capital costs and environmental impact when compared to traditional mining methods, as reported by Lynn Greiner in the November issue of CIM Magazine. While ISR comes with benefits, specific applicability, public perception, limited industry knowledge and regulatory hurdles hinder adoption. 

The term “NI 43-101 compliant” is often misused in the mining industry, argued Victoria Yehl and James Whyte in the November issue of CIM Magazine. Compliance applies only to public companies subject to Canadian securities law and refers solely to public disclosure, not to scientific practices or reports. Misinterpretations, such as labelling resource estimates or studies as compliant, are incorrect. Companies should be sure to accurately describe their adherence to the rule, without claiming compliance that does not apply.  

That’s all for this week. 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?