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 pushback against Mount Polley’s tailings dam expansion, top U.S. copper producers urging no tariffs on imports, and Porcupine gold mine officially has a new owner.  

Gold prices continue to rise and reached a record high of US$3,332.89 on Wednesday, as reported by Reuters. Rising trade tensions, recession concerns and a weakening U.S. dollar have fueled gold’s rally. Analysts are forecasting that gold prices could reach US$3,500 or higher this year. 

Malian authorities have closed Barrick Gold’s national office in the country’s capital and threatened to seize control over its suspended Loulo-Gounkoto mine complex over alleged unpaid taxes, the latest escalation in a lengthy dispute due to Mali’s new mining code. In an April 15 statement, Barrick said that although an agreement to resolve the dispute was negotiated between the company and Mali in February, its finalization “now appears to be obstructed by a small group of individuals placing personal or political interests above the long-term interests of Mali and its people.” Loulo-Gounkoto produced almost 700,000 ounces of gold in 2023. 

Ascot Resources has secured $61.1 million in financing to restart its Premier gold mine in B.C., as reported by Engineering News. Ascot halted operations at the mine last year due to delays in mine development, followed by a labour shortage that further postponed its restart. The mill is now expected to restart in early August, with full-scale operations anticipated in the first half of 2026, coinciding with the start of mining at the project’s Silver Coin deposit.  

The Xatśūll First Nation is challenging the B.C. government’s approval of a plan to raise the tailings dam of the Mount Polley mine, which was the site of a major tailings dam failure in 2014, as reported by The Canadian Press. The province claims that the project meets updated safety standards and included consultations with First Nations, but Xatśūll leadership expressed that there has been a lack of “meaningful” consultation. The First Nation has requested a judicial review of the decision and is seeking a court injunction to stop the project.  

In response to the U.S. President Trump administration’s investigation into the “national security risks” of U.S. reliance on imported processed critical minerals and their derivative products, Chile, Canada and Peru have called on the administration not to impose copper tariffs, as reported by Reuters. The three nations, which currently supply 94 per cent of U.S. imports of refined copper and copper alloys, argue that imports from their countries pose no security risk to the U.S.  

Meanwhile, Rio Tinto and other big copper players operating in the U.S. are urging the U.S. administration to impose export restrictions on copper instead of tariffs on copper imports, as reported by Bloomberg. In response to an executive order investigating copper tariffs, Rio Tinto suggested regulating exports of copper concentrate and scrap produced in the U.S., while exempting raw materials from import tariffs. U.S. copper production currently depends on imports due to limited domestic smelting capacity. 

Discovery Silver has officially acquired Newmont’s Porcupine operations in Ontario for US$425 million in cash, marking its entry into gold production, as reported by Mining Weekly. The Porcupine complex, which has produced 70 million ounces of gold since 1910, includes several mines and a processing facility. Discovery plans to increase Porcupine’s output, extend its mine life and improve margins. 

Manitoba Premier Wab Kinew and Nunavut Premier P.J. Akeeagok have signed a memorandum seeking additional federal funding for the long-discussed $1.6 billion Kivalliq Hydro-Fibre Link hydroelectric and fibre optic project, as reported by The Canadian Press. The 1,200-kilometre transmission line would connect Nunavut communities and mine projects to Manitoba’s power grid and would reduce reliance on diesel for electricity generation in the North. Manitoba pledged 50 megawatts to the project, while Ottawa has already contributed $2.8 million for early planning. Construction could begin by 2028 if further funding is secured. 

Energy Alberta is inviting feedback from Indigenous communities and the public until May 14 for its proposed nuclear power plant that would be located 30 kilometres north of Peace River, Alberta. The project, which would include two to four 1,000 megawatt-class CANDU Monark reactors, would operate for about 70 years and produce up to 4,800 megawatts of electricity annually. The project is undergoing an integrated assessment to fulfill the requirements of both the federal Impact Assessment Act and the Nuclear Safety and Control Act. 

In response to the U.S. imposing 25 per cent tariffs on steel, Eduardo de A. Ruiz Martins in the March/April issue of CIM Magazine urged Canada and Brazil to proactively strengthen their roles as global leaders in the steel and iron ore markets by diversifying trade agreements and investing in sustainable technologies. By leveraging their strengths in steel manufacturing and iron ore production, both countries can reduce their reliance on the U.S. markets. 

George Darling, vice-president of Mining Plus, spoke with Mehanaz Yakub for the March/April issue of CIM Magazine about how rapid development can maximize an underground mine’s value by enabling earlier production. Darling noted that, although rapid development involves higher upfront costs and more advanced equipment, he believes the gains can outweigh the expenses.  

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? CIM Magazine wishes you a great long weekend!