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 Nouveau Monde Graphite starting construction of Phase 2 of its Matawinie graphite mine in Quebec, Anglo American selling its coal assets in Australia, and New Found Gold Corp. securing funds to advance its Queensway gold project in Newfoundland and Labrador. 

Agnico Eagle announced on Tuesday that it will proceed with the redevelopment of its Hope Bay gold project in western Nunavut. A 2026 preliminary economic assessment outlined that the mine has the potential to produce between 400,000 and 435,000 ounces of gold annually over an initial 11-year mine life. The federal government is also investing $25 million to support the Hope Bay wind project, which will add wind generation and battery storage to the site’s existing power system. 

On Wednesday, the federal government announced more than $55 million in funding for two additional infrastructure projects in Nunavut. The investment includes up to $50 million for planning and pre-construction work on the Grays Bay Road and Port project, led by the West Kitikmeot Resources Corporation, as well as $5 million for a low-emissions mine heating and ventilation pilot project at B2Gold’s Goose gold mine.  

ArcelorMittal Mining Canada has been fined $100 million after pleading guilty to 100 counts under Canada’s Fisheries Act for discharging harmful substances into fish-bearing waters at its Mont-Wright and Fire Lake mining complexes in Quebec between 2014 and 2022, CBC News reported. The fine is the largest penalty ever imposed under the Act. ArcelorMittal claimed that most infractions occurred before 2019 and that it has since invested $400 million in infrastructure, including a water treatment facility, to improve on-site water issues. 

Anglo American announced on Monday that it will sell its Bowen Basin steelmaking coal assets in Queensland, Australia, to U.K.-based Dhilmar for up to US$3.88 billion, Reuters reported. The divestment is part of Anglo American’s broader strategy to shed non-core assets and reduce debt to sharpen its focus on copper production ahead of its planned merger with Teck Resources Ltd. 

Nouveau Monde Graphite officially broke ground on Phase 2 of its Matawinie graphite mine in Quebec on Tuesday, Mining.com reported. The company is now moving ahead with detailed engineering, design work and early construction activities. Nouveau Monde aims to reach full commercial production by the end of 2028 and expects the mine to produce up to 106,000 tonnes of graphite annually. The project is part of the company’s integrated graphite strategy, which also includes a planned battery materials plant in Bécancour, Quebec. 

Sherritt International halted plans to dissolve its Cuban joint venture operations on Tuesday, reversing a decision announced last week after the U.S enforced additional sanctions on the country, CBC News reported. The company said it stopped the dissolution plan after consultations with its advisers, stakeholders and relevant governmental authorities. The following day, Sherritt announced it had signed an agreement to sell a 55 per cent stake of the company to Gillon Capital LLC, the family office of former Trump administration official Ray Washburne.  

New Found Gold has drawn $70 million from a previously announced $105 million senior secured credit facility to advance the development of its Queensway gold project in Newfoundland and Labrador, Canadian Mining Journal reported. Combined with a recently completed $115 million bought deal financing, the company said it is now fully funded to advance Phase 1 of development and construction at Queensway. Phase 1 includes site preparation and infrastructure for a small open-pit operation, with high-grade ore to be crushed and trucked to an off-site toll mill in Newfoundland. The estimated capex of this initial phase is $155 million. First production is targeted for late 2027.  

Baffinland Iron Mines has filed for creditor protection under the Companies’ Creditors Arrangement Act as it works to stabilize operations while evaluating recapitalization and potential sale options, Nunatsiaq News reported. The company faces more than $1 billion in debt and liquidity challenges. Baffinland said operations at the Mary River mine and Milne Port in Baffin Island, Nunavut, will continue during the restructuring process, including shipping and production activities, while plans to advance its Steensby rail and port project remain on track. 

At the Copper Mountain mine in southern British Columbia, Hudbay Minerals Inc. advanced a major processing plant optimization project aimed at boosting the plant’s throughput, Tijana Mitrovic reported for CIM Magazine. The company converted an underused ball mill into a second semi-autogenous grinding (SAG) mill, creating a dual-SAG configuration that helped increase its daily capacity from 45,000 to 50,000 tonnes while supporting the mine’s long-term life beyond 2040. 

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?