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 a dip in Canada’s gross domestic product, Canada’s The Metals Company pursuing a U.S. licence to begin seabed mining, and Agnico Eagle sharing strong first quarter results.

Osisko Development released an updated feasibility study for its wholly owned Cariboo underground gold project in central B.C. The study details an operation that would have an average annual production of approximately 190,000 ounces of gold over a 10-year mine life, with 202,000 ounces projected in the first five years of operation, and a base case after-tax net present value of $943 million. First gold production is anticipated in the second half of 2027, provided construction starts in the third quarter of this year.

Export Development Canada (EDC) is looking to increase its role in financing Canada's mining sector amid global trade uncertainty, reaching out to developers that are in later stages of mine development, as reported by The Globe and Mail. Among the Canadian critical minerals companies that EDC is considering for loans is Canada Nickel Co., which is seeking US$500 million from the export agency to support its flagship Crawford nickel sulfide project near Timmins, Ontario. The project will require approximately US$2 billion to be built.

The U.S. and Ukraine signed a minerals agreement on April 30, which includes creating a joint fund to aid Ukraine’s reconstruction in exchange for U.S. access to Ukraine’s critical mineral resources, as reported by CNN. According to the Kyiv Independent, the agreement outlines a list of 57 minerals covered by the deal—including uranium, lithium, certain rare earth elements, gold, oil and natural gas—with the possibility of extending the list by agreement of both parties. The specific terms of the deal have not yet been released to the public.

Canada’s GDP decreased by 0.2 per cent in February, the first monthly decline since November 2024, driven by reduced activity in the mining, oil and gas and construction sectors, as reported by Reuters. Harsh weather conditions across Canada were partly responsible for the decline, while U.S. tariffs also weighed on activity. Analysts polled by Reuters had expected the economy to show no growth in February, matching Statistics Canada’s earlier advance estimate. Statistics Canada predicts that the economy will grow by 0.1 per cent in March.

The U.S. subsidiary of Vancouver-headquartered The Metals Company (TMC) has applied for a commercial U.S. licence to extract critical minerals from the Clarion-Clipperton Zone, an area in the Pacific Ocean that is governed by the International Seabed Authority, as reported by Bloomberg. The move comes several days after U.S. President Donald Trump signed an executive order to fast-track the processing of seabed mining applications under the Deep Seabed Hard Mineral Resources Act. TMC USA has also filed two applications for U.S. licences to explore minerals in a large area of the Clarion-Clipperton zone.

Agnico Eagle reported a strong start to 2025, producing 873,794 ounces of gold in the first quarter. The company also shared that it has made progress across several of its development projects in Canada, including at Canadian Malartic, Detour Lake and Hope Bay.

Barrick Gold Corporation is moving forward with its plans to rename itself Barrick Mining Corporation, pending approval at its annual shareholder meeting on May 6. President and CEO Mark Bristow shared that the new name better reflects the company’s growing focus on copper, while still maintaining gold as its “core” focus.

In other Barrick-related news, the company’s ongoing dispute with the Malian government has resulted in staff layoffs by at least four subcontractors that employ hundreds of people at its Loulo-Gounkoto complex in Mali, as reported by Reuters. Operations at the complex remain suspended, with gold exports still halted. This follows Barrick’s April 15 announcement that Malian authorities had closed the company’s office in Mali’s capital, threatening to expropriate the complex unless operations resumed and tax payments were made.

The Northwest Territories government is urging the federal government to fund a roughly $1 billion transportation project that would pass through a region with significant potential for gold, base metals and diamond production, as reported by The Globe and Mail. The proposed two-lane, all-season gravel corridor would start at Tibbitt Lake, about 80 kilometres east of Yellowknife, and extend for 413 kilometres northeast to the Nunavut boundary. The project has been in discussion for years, with an environmental assessment application expected this year and a decision anticipated by 2028.

Vale reported a net profit of US$1.39 billion for the first quarter of 2025, marking a 17 per cent decline compared to the same quarter last year, as reported by Reuters. The company attributed the results to lower iron ore prices, though it noted that cost-cutting efforts in iron ore production and the appreciation of the Brazilian real against the U.S. dollar helped to partially offset the impact.

Other miners reporting first quarter results this week included Cameco, Alamos Gold and Taseko Mines.

That’s all for this week. If you’ve got feedback, you can always reach us at editor@cim.org, and next week we will be at CIM CONNECT if you’d like to come by Booth #1001 and say “Hello.” If you’ve got something to add, why not join the conversation on our Facebook, Twitter, LinkedIn or Instagram pages?