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 Northvolt’s bankruptcy raising concerns for the development of its Quebec plant, a new critical minerals outlook forecasting major global growth for lithium and cobalt, and Epiroc supplying a battery-electric vehicle (BEV) fleet for the Lalor mine in Manitoba. 

After Ontario applied a 25 per cent surcharge on electricity exports to the U.S. on Monday, U.S. President Donald Trump threatened to double tariffs on Canadian aluminum and steel to 50 per cent, which caused aluminum premiums in the U.S. to reach record highs on Tuesday, as reported by Reuters. The U.S. Midwest aluminum premium surged nearly 20 per cent in one day to US$0.45 per pound, with further increases expected.  

On Tuesday, Ontario suspended its 25 per cent surcharge on electricity exports to the U.S. in exchange for a meeting with U.S. officials. As a result, Trump decided to go back to the original 25 per cent tariffs on steel and aluminum, which took effect on Wednesday, as reported by Global News. On the same day, Canada announced retaliatory tariffs on $29.8 billion worth of U.S. goods, including steel, aluminum and electronics. On Thursday, Canada requested World Trade Organization dispute consultations with the U.S. over the steel and aluminum tariffs, claiming the measures violate U.S. obligations under the General Agreement on Tariffs and Trade 1994. 

Steelmakers in Canada, especially those reliant on U.S. markets, are facing uncertainty and are worried that tariffs could have a debilitating impact on the industry, as reported by The Globe and Mail. Shortly after Trump first threatened to impose tariffs on Canada, National Steel Car in Ontario experienced mass layoffs in late 2024. Stelco, with its strong domestic customer base, is somewhat insulated against the tariffs, while Algoma Steel, Canada’s only independent steelmaker, remains heavily dependent on the U.S. market and is focusing on expanding its domestic presence. The tariffs have created a volatile environment, complicating long-term planning for these producers. 

Meanwhile, the Ontario Mining Association is uncertain whether the latest 30-day reprieve on U.S. tariffs on a broader list of Canadian goods—distinct from the steel and aluminum tariffs currently in effect—that fall under the Canada-U.S.-Mexico (CUSMA) Agreement will apply to the province’s minerals, as they are governed by a separate agreement from CUSMA, as reported by CBC News. In the lead-up to the April 2 deadline when tariffs on Canadian goods are expected to come into effect, the federal government is welcoming feedback from Canadians about its response to U.S. tariffs. 

Generation Mining has received three key approvals from Ontario’s Ministry of Natural Resources for infrastructure construction related to water management for its Marathon palladium-copper project in northwestern Ontario. With just one remaining approval—environmental compliance approval for water discharge, which is expected in the coming months—the project is close to being fully permitted. With these permits, Generation Mining is closer to making a construction decision on the project. The company’s president and CEO Jamie Levy shared last summer that he hoped construction could commence in 2025. 

E3 Lithium and Pure Lithium have worked together to produce lithium metal batteries using E3’s Alberta lithium brines and Pure Lithium’s battery technology. The collaboration integrated E3’s direct lithium extraction technology with Pure Lithium’s battery solution, resulting in the manufacture of over 80 lithium metal battery cells. Testing of battery performance is ongoing, with results expected in the second quarter of 2025.  

Swedish battery manufacturer Northvolt has declared bankruptcy in Sweden after months of struggling with financial instability, as reported by CBC News. Despite this, its North American subsidiary stated that it remains solvent. It is still unclear how the bankruptcy will affect the company’s electric vehicle battery plant under construction in the Montérégie region of Quebec. A court-appointed trustee will manage the parent company’s assets, including its Quebec plant. The Quebec government, which has already invested $270 million in the project, expressed disappointment but hopes that a buyer could continue the project. 

The U.S. Geological Survey’s first World Minerals Outlook forecasted global production capacity for seven critical minerals and helium from 2025 to 2029. Cobalt and lithium production are expected to see significant growth driven by rising demand for lithium-ion batteries, while gallium, palladium, platinum and helium are projected to have moderate or stable growth. The report also highlighted uncertainties for magnesium and titanium. 

Epiroc has secured an order from Hudbay Minerals for a fleet of BEVs for its producing Lalor mine in Manitoba, Canada. The order includes BEV versions of the Boomer M20 SG face drilling rig, the Scooptram ST18 SG and ST14 SG loaders and the Minetruck MT42 SG hauler, valued at around $14.2 million. The equipment will be delivered to the Lalor mine later this year.  

The technical report required for NI 43-101 is often misunderstood and should be a concise summary of a mineral project’s current status, focusing on scientific and technical information to support informed investment decisions, rather than an exhaustive record of all past activities, argued James Whyte and Craig Waldie for the February issue of CIM Magazine. The report is mainly for investors, not only regulators, and does not guarantee a project’s success, nor does it need to include excessive data like drill logs and assay certificates.  

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?