Launched in late 2023 by the US Department of Defense, the Open Price Exploration for National Security AI metals program is an attempt to counter China’s sweeping control of the critical minerals sector, as Reuters reported last year.

Now, more than 30 mining companies, manufacturers and investors – including auto giant Volkswagen – have joined the Critical Minerals Forum non-profit and will be its first users, according to Rob Strayer, a former US diplomat and the organization’s president.

“Everyone in the critical minerals sector is looking for more price transparency,” said Seth Goldstein, a lithium industry analyst with Morningstar. “Any tool like the CMF that could help would be welcome.”

Other members include copper miner South32, rare earths producer MP Materials and defense contractor RTX. The CMF held its first meeting with members in November. The privatization and CMF’s membership have not previously been reported.

Armed with the AI model, the CMF aims to help manufacturers curb their reliance on China by signing more metal supply deals with Western mines, according to more than two dozen industry consultants, purchasing agents, analysts, regulators and investors who told Reuters the program reflects one of the boldest efforts to date to transform the ways certain metals are bought and sold.

The goal is for the AI model to calculate what a metal should cost when labor, processing and other costs are factored in – and Chinese market manipulation is factored out – and thus give buyer and seller confidence in a deal’s economics.

Some deals with the CMF are beginning to take shape. Nevada officials this week said they would work with the CMF and its AI model to help attract copper smelting to the state. The US has only two copper smelters and as such imports nearly half of its demand for the red metal.

The program has already faced skepticism over whether it can achieve the goal of transforming the long-established ways metals are bought and sold.

Yet it is aimed less at heavily traded metals – such as aluminum – and toward lightly traded metals or metals that see heavy overproduction from some in an attempt to sway market pricing.

For example, the CMF model could help manufacturers forecast available nickel supplies in 2028 if the US were to impose a 100% tariff on that metal from Indonesia, the top global producer.

That data that could help a manufacturer determine whether to invest in a US nickel mine or agree to buy its future production, a step that would help obtain financing for a mine’s construction.

In such a scenario, the nickel buyer would use the AI model’s data to negotiate a long-term deal for guaranteed supply, regardless of whether Chinese miners boost production and drive down market prices, as they have done in recent years.

The CMF’s aim with the AI model does assume that a buyer would be comfortable paying more than the market price for a metal if supply were guaranteed.

China squeeze

The CMF’s entrance into the complex metals markets comes as Beijing restricts critical minerals exports, the very kind of market interference that the CMF officials said underscores the need to build more US mines and processing facilities to power the energy transition.

Prices on the London Metal Exchange and other futures exchanges for nickel, cobalt and some other battery metals have been dominated in recent years by overproduction from Chinese miners operating at a loss in Indonesia and Congo to boost market share.

Many niche-but-essential battery minerals on which Beijing has imposed export controls are not traded or lightly traded, including rare earths – a group of 17 metals used to make magnets that turn power into motion – as well as germanium and gallium.

In response to a request for comment about the CMF, the Chinese embassy in Washington, DC, said that China manages its exports of rare earths in accordance with rules from the World Trade Organization.

“China will continue to work with other countries to jointly undertake the responsibility of global rare earths supply,” said embassy spokesperson Liu Pengyu.

Volkswagen and some other CMF members said they see the CMF as helping boost visibility into what can be an opaque critical minerals supply chain. MP Materials and RTX did not respond to requests for comment.

US President Donald Trump has already ordered his administration to work with private developers to boost US crucial minerals production, a step that could be aided by the data CMF aims to provide markets, program officials said. The president has also launched a study into potential tariffs on all US minerals imports.

Drawing on its government connections, the CMF aims to connect mining projects with potential investors and manufacturers needing more-secure metals supply, said Strayer.

Massachusetts-based rare earths processing startup Phoenix Tailings hopes the CMF can help create US-based prices for minerals tied to actual production costs, said CEO Nick Myers.

Phoenix aims to use data from the CMF as negotiating leverage with potential customers, including manufacturers that are themselves CMF members, Myers said. “In a sector that is opaque, it is one of the tools to get more information,” Myers said.

Not all market observers are convinced that the CMF’s AI model is revolutionary.

“I’ve tried to politely say I think this is worthless,” said Ian Lange, who teaches mining economics at the Colorado School of Mines. Lange contrasted the goals of the Pentagon’s AI model with the much-larger and more-complex global oil market.

“Can we predict the price of oil better now than five years ago? The answer is no. Machine learning doesn’t help,” Lange said.

‘Encourage more visibility’

The Pentagon’s AI model is being trained using more than 70 mining-related data sets and aims to guide investment decisions out for at least 15 years based on how unexpected market shocks – export restrictions, for example – could affect the production or price of a metal.

FactSet, Benchmark Mineral Intelligence and other pricing providers are supplying data, as is the US Commerce Department, officials said.

It is access to analysis of that data – some of which is not public – that the CMF says it believes sets the Pentagon’s AI program apart from ChatGPT or other AI programs.

And that data is the CMF’s biggest cost, part of the reason why the Pentagon’s Defense Advanced Research Projects Agency (DARPA) will fund it for the next few years while the CMF determines whether to charge all members or create a tiered structure with basic members getting free access and others paying for more granular data, officials said.

S&P Global, AI developer Charles River Analytics, and software firm Exiger with price reporting agency partner Metal Miner have developed the model, according to the Pentagon.

S&P Global declined to comment. Charles River Analytics did not respond to a request for comment. Exiger said it believes its data can help forecast a material’s cost and availability and boost supply chain visibility.

The CMF has been organized as a nonprofit trade association with a board of directors comprised of its members. Its staffing is small – fewer than 10 employees – and its annual budget is not disclosed.

DARPA does not have a representative on the CMF board, but is funding the program through at least 2029 and plans to transfer the AI model’s intellectual property to the CMF by the beginning of 2027, officials said.

There are no plans to make the CMF a for-profit entity, although there may be charges in the future for access to more detailed data sets, officials said.

The CMF is launching a campaign to attract more members – especially from the semiconductor, aviation and defense industries – and offering free membership for the next 14 months while the Pentagon funds data collection, Strayer said.

Foreign governments are also studying whether to join the CMF and use its data, including copper-rich Zambia and cobalt-rich Democratic Republic of Congo, CMF officials said, adding they aim to make the program international in scope to boost metals market transparency.

The Zambian and DRC embassies in Washington, DC, did not respond to requests for comment.

As Western miners begin to demand green premiums for their metals, those new agreements increasingly require the very market intelligence the CMF model aims to provide.

“Any mechanism that can give you better modeling of markets is obviously enormously valuable,” said Brian Menell, CEO of TechMet, a mining investor and CMF member.

The AI model introduces another variable for the LME to contend with, especially as the exchange is struggling as rivals in Chicago and Shanghai try to take market share for some niche battery metals.

The LME declined to comment.

(By Ernest Scheyder; Editing by Veronica Brown and Claudia Parsons)

As part of the agreement, OM Commodities will supply Ace Green with at least 30,000 metric tons of lead scrap annually, which the company expects to recycle at its planned flagship facility in Texas, with production expected to begin in 2026.

The level of feedstock is sufficient to cover 100% of Ace Green’s Phase 1 recycling capacity at its future Texas facility, it said.

The agreement is for a term of at least 15 years and provides Ace Green with the option to obtain more supply from OM Commodities as it scales up its recycling operations.

Ace Green said it is also in active discussions with OM Commodities for future lithium battery recycling collaborations.

“Ace is a pioneer when it comes to providing an environmentally friendly and economically superior solution to recycle valuable material from lead scrap,” OM Commodities president Yiannis Dumas said in a news release. “We look forward to supporting Ace with lead feedstock as they scale up their operations in Texas and helping create a more circular and sustainable battery materials supply chain in the US.”

With more than 1.5 million metric tons of lead battery scrap available for recycling in the US alone, there is a critical gap in smelter capacity to keep valuable lead material within the domestic supply chain.

Ace said its GREENLEAD recycling technology is a fully electric process that produces zero Scope 1 emissions and is capable of recovering up to 99% of battery-grade lead with more than 99.98% purity.

The company said its process is designed to replace legacy smelting operations that are detrimental to the environment and human health due to potential lead poisoning. It also said the innovation helps to facilitate a more streamlined permitting process.

“We believe that Ace’s future Texas facility is poised to play a key role in addressing many of the current challenges in the lead industry in the US, while helping the country meet the growing domestic demand for valuable battery materials,” Ace Green CEO Nishchay Chadha said.

“This agreement with OM Commodities will provide us with enough supply to support our Texas facility during all of its current planned phases, enabling us to achieve optimal efficiencies as we deploy our solutions in the US market.”

Rare earths are a group of 17 metals used to make magnets that turn power into motion for electric vehicles, cell phones and other electronics.

The existing standard to refine these minerals, known as solvent extraction, is an expensive and dirty process that gradually became unpopular in the United States after it was developed in the 1950s but one that Chinese companies have mastered.

China’s exports of rare earths have ground to a halt, fueling a scramble across the West for replacements. Phoenix says its process can produce rare earths from mined ore or recycled equipment with little to no emissions.

Sumitomo’s Presidio venture arm, along with Builders Vision, Yamaha Motor, and venture capital funds Envisioning Partners, MPower and Escape Velocity, joined a $33 million tranche for Phoenix’s Series B funding round, which closed on April 25, the company said.

Phoenix declined to disclose each investor’s funding.

The company will use the funding as part of its construction of a $13 million facility in Exeter, New Hampshire, that can produce 200 metric tons of rare earths annually initially and should open later this year.

The company last December closed a first tranche of its Series B round worth $43 million, bringing the total round to $76 million.

A $10 million Series A funding round closed in August 2021.

(By Ernest Scheyder; Editing by Marguerita Choy)

The Scottish engineering firm agreed to buy Micromine in late February, in an effort to enhance the group’s digital mining solutions and support its growth strategy.

“Micromine is a high-performing, high-growth business of scale, and is a natural and complementary fit for Weir,” Weir Group CEO Jon Stanton said in a press release.

Australia-based Micromine offers comprehensive solutions across the upstream mining value chain, from exploration through mine design and planning, operational scheduling, and mining operations in hard ore, soft ore and underground applications.

“Bringing together Micromine with our existing digital technologies, our vision is to create a digital platform that helps our customers optimize their performance at each step along the mining value chain,” Stanton added.

Weir’s digital solutions division will be led by Kristen Walsh, previously regional managing director of Minerals APAC. Andrew Birch, current CEO of Micromine, will remain with Weir for up to 12 months in an advisory capacity.

In due course, the company said it intends to bring together Micromine solutions with MOTION METRICS and NEXT intelligent solutions, creating a sector-leading combined digital solutions offering for the mining industry.

In terms of financial guidance, the company expects Micromine’s revenue contribution to be in-line with previous projections, contributing around 25 basis points to group operating margins in 2025, with about £16 million in one-off integration and acquisition related costs.

According to Chinese state media, a group of scientists recently managed to refuel a working thorium molten salt reactor without causing a shutdown — a feat never achieved before. The success was announced by the project’s chief scientist Xu Hongjie during a closed-door meeting at the Chinese Academy of Sciences on April 8, Chinese news outlet Guangming Daily reported last week.

Such a breakthrough could be transformative to the global energy landscape, as thorium has long been hailed as a far safer and cheaper alternative to uranium in nuclear reactors. While also a radioactive element, thorium produces less waste, and the silver-colored metal, mostly found in monazite, is much more common in the Earth’s crust.

According to the International Atomic Energy Agency (IAEA), thorium is three times more abundant in nature than uranium, but historically has found little use in power generation due to the significant economic and technical hurdles.

China takes lead

The latest announcement in China represents a key step in removing some of the hurdles. In the April 8 meeting, Xu said China “now leads the global frontier” in nuclear energy, as cited by Guangming Daily.

The reactor used by Xu’s team is a prototype located in the Gobi Desert, known for its rich endowment of minerals such as uranium and rare earths. The experimental unit is able to generate 2 megawatts of thermal power, using molten salt to carry the fuel and manage heat, with thorium serving as its fuel source.

Compared to uranium, thorium can generate a significantly higher amount of energy via nuclear fission. A Stanford University research estimates that thorium’s power generation could be 35 times higher. Thorium molten-salt reactors (TMSRs) are also compact, do not require water cooling, cannot experience a meltdown and produce very little long-lived radioactive waste, according to the IAEA.

When announcing the breakthrough, Xu acknowledged that its project was based on previous research by US researchers who pioneered molten salt reactor technology in the 1950s, but abandoned shortly after to pursue uranium-fueled ones.

Xu — who was tasked with the thorium reactor project in 2009 — told Chinese media that his team spent years dissecting declassified American documents, replicating experiments and innovating beyond them.

Vast thorium supply

The technology breakthrough follows a report earlier this year that China’s thorium reserves, already known as the world’s largest, may actually be bigger than previously estimated, according to a national survey cited by the South China Morning Post in February.

In the report, scientists claim that the Bayan Obo mining complex in Inner Mongolia, which is the world’ s largest rare earth producer and has a huge amount of thorium in tailings, could yield 1 million tonnes of thorium – enough to fuel China for 60,000 years.

The Chinese government has long aimed to harness the power-generation potential of thorium, which it sees as part of the nation’s strategy to achieve carbon neutrality by 2060. The country, as the world’s-second-largest carbon emitter, has reportedly been working on thorium-fueled reactors since the 1970s.

Last year, China approved the construction of the world’s first thorium molten-salt reactors in the Gobi Desert. These are larger than the one used in Xu’s project, and are expected to generate 10 megawatts of electricity starting in 2029.

The guidance, in line with previous expectations, came as the heavy-equipment maker posted first-quarter earnings that fell short of analysts’ estimates. The company painted two scenarios in its results’ presentation, forecasting operating profit to be within its annual target range if factoring in tariffs and a recession.

Without levies, profit would be at the top end of that range, with sales little changed from last year, Caterpillar said.

Shares of the company dropped 0.6% in early trading in New York on Wednesday.

The results at Caterpillar — a bellwether for the health of the global economy — come as businesses around the world navigate the turmoil triggered by the sweeping tariffs threatened by US President Donald Trump. That uncertainty has left many executives struggling to forecast what demand may look like through the rest of the year.

Caterpillar said it expects an additional cost headwind of $250 million to $350 million in the second quarter from tariffs, “net of initial mitigation actions and cost controls.”

Company executives expressed some hope in an earnings call Wednesday that tariff impacts will be mitigated. The firm also noted that most of the impacts facing Caterpillar come from retaliatory tariffs China struck on the US this year.

“We’re cautiously optimistic that there will be some trade deals struck and that the tariff impact will be lower than it is currently,” said Jim Umpleby, Caterpillar’s top executive. “Obviously it’s a very dynamic situation.”

The company posted adjusted earnings per share of $4.25, missing the $4.32 average estimate of analysts polled by Bloomberg, with the company citing lower sales volume driven mainly by the impact from changes in dealer inventories.

“While the headline EPS/revenue miss look disappointing, the guts of the report/outlook aren’t that bad,” analysts at Vital Knowledge said in a Wednesday note.

Caterpillar’s earnings call marked a finale for Umpleby as CEO, who will step down from the role on Thursday but remain as chairman. Umpleby, 67, took over in 2017 when Caterpillar was struggling through the sharp downturn of the so-called commodity super cycle and as growth in China, the world’s second-largest economy, matured.

For years, Caterpillar focused the growth of its business on gaining market share across various industries, including construction and mining. But significant capital spending to acquire that share left the company in a tough position amid China’s slowdown and the end of the commodities boom.

Umpleby arrived with a different approach: focusing on profit margins, growing Caterpillar’s services business and expanding its energy sector offerings. The CEO also took a more mild-mannered approach to the role, with accountant-like focus on operations that yielded a more than 230% rise in shares in more than eight years.

Chief operating officer Joe Creed, who will succeed Umpleby as CEO, told analysts he’ll focus on growing services, profit margins and shareholder returns.

“We’re a dividend aristocrat,” Creed said Wednesday. “We want to remain that way.”

(By Jacob Lorinc and Joe Deaux)

Vice President and Finance Minister Ndaba Gaolathe said the government is preparing to make “drastic” fiscal adjustments to stay afloat, including slashing expenditures and boosting tax revenues. 

“The first thing we need to do, obviously, is to live within our means,” Gaolathe said in Washington. “That means cutting spending — doing away with what we believe is some of the fat.”

Diamonds make up a third of Botswana’s revenue and lead its exports, but a prolonged drop in global demand since mid-2023 has forced the government to raise its budget deficit forecast to 9% of GDP — the highest since the pandemic. The downturn has also led to a 3% contraction in the economy this year.

With foreign reserves under pressure, officials plan to cut costs by trimming the government vehicle fleet and curbing travel. They’re also moving to boost revenue through stricter tax enforcement and a new digital transaction levy set to launch in September.

Despite fiscal stress, Gaolathe said Botswana is reluctant to seek financing on international markets, preferring concessional loans. “Let’s borrow where it’s cheapest,” he said.

Bigger De Beers stake

The diamond downturn has also accelerated changes in the industry. Anglo American (LON: AAL), which owns 85% of De Beers, has been seeking a buyer for the iconic diamond company. Botswana, which holds the remaining 15% and is De Beers’ primary diamond source, says it wants a greater say in the sale.

“We are very confident that partners are coming forward,” Gaolathe told Bloomberg, noting interest from countries, funds and companies with “deep interest” in the industry. Botswana wants any new owner to be financially strong and committed to the diamond business long-term — and said it is open to increasing its stake to as much as 50%.

The government and De Beers recently signed a 10-year deal to fund global marketing aimed at reviving demand for natural diamonds, which have been losing ground to lab-grown alternatives. New US tariffs on Botswana’s diamonds have since added uncertainty to any near-term rebound.

“High tariffs on our diamonds will have a deleterious effect on us,” Gaolathe warned. The Bank of Botswana expects only a “muted recovery” this year.

The company’s US subsidiary, TMC USA, filed the applications under the Deep Seabed Hard Mineral Resources Act (DSHMRA) and regulations set by the National Oceanic and Atmospheric Administration (NOAA), which collectively form the US seabed mining code. 

The move comes just days after President Donald Trump issued an executive order to fast-track offshore mining, aiming to boost access to critical minerals despite strong opposition from environmental groups.

TMC’s two exploration licence applications cover a combined 199,895 square kilometres, while the commercial recovery permit covers 25,160 square kilometres within the Clarion-Clipperton Zone, a resource-rich swath of the Pacific Ocean between Hawaii and Mexico. These areas include the company’s indicated and measured polymetallic nodule resources.

The zones hold 1.63 billion wet metric tonnes of SEC SK 1300-compliant nodules, with an estimated exploration upside of 500 million tonnes, according to the company.

The resource is projected to contain 15.5 million tonnes of nickel, 12.8 million tonnes of copper, 2 million tonnes of cobalt, and 345 million tonnes of manganese — metals critical for batteries, clean energy, infrastructure and defence applications.

“This marks a major step forward — not just for TMC USA, but for America’s mineral independence and industrial resurgence,” CEO Gerard Barron said in a statement. “We’re offering the US a shovel-ready path to new and abundant supplies of critical metals.”

The Trump administration views deep-sea mining as a strategic route to reduce dependence on foreign mineral supply chains. A White House official suggested the industry could generate up to 100,000 jobs and add hundreds of billions to the economy over the next decade.

Hurdles remain

The company’s ambitions are not without controversy. Environmentalists have long warned that the impacts of deep-sea mining are poorly understood. Critics argue more scientific research is needed before any commercial extraction begins, citing risks to fragile ecosystems and ocean biodiversity.

Supporters counter that deep-sea mining is essential to meet rising global demand for minerals. The International Energy Agency (IEA) predicts the need for copper and rare earth elements will grow by 40% in the coming years, driven by clean technology and electrification.

TMC has pledged to mitigate environmental damage by leaving at least 30% of its contract areas untouched. The company also claims its modern nodule collector disturbs only the top three centimetres of seabed sediment, far less than earlier technologies.

Still, TMC’s application could reignite tensions at the international level. The company has been operating in the Clarion-Clipperton Zone for years under exploration contracts backed by the UN-affiliated International Seabed Authority (ISA), which governs mining in international waters. But the US is not a signatory to the UN Convention on the Law of the Sea, and TMC’s move to seek approval under US law may be seen as sidestepping international consensus.

Critics warn such actions could undermine more than a decade of negotiations aimed at finalizing global regulations for seabed mining, potentially setting a precedent for other countries or companies to bypass multilateral frameworks.

The construction and mining equipment business is expected to suffer an annual negative impact of 140 billion yen ($976 million) from increased costs linked to US tariffs, it said in a filing. The impact for the fiscal ending in March 2026 will be a negative 78 billion yen when factoring in its inventory.

The North American market accounted for 25% of overall revenue last fiscal year. The company has five months’ worth of inventory at the moment, Imayoshi said at a briefing on Monday. Komatsu makes about half of its products for the US in Japan and China. The impact of retaliatory tariffs by China is factored into the forecast.

“Resilient demand for mining equipment can support earnings, while price hikes and US support for coal could add to factors that offset tariff impact,” Bloomberg Intelligence said.

The world’s second-largest supplier of construction and mining equipment behind Caterpillar Inc. said fourth-quarter operating profit rose 24%, beating analyst estimates. The company announced a share buyback of as much as 100 billion yen.

(By Reina Sasaki)

The ceremony was attended by key government authorities from the State of Goiás and the Municipality of Nova Roma, as well as representatives from federal agencies and international embassies.

The government officials expressed support for the project’s streamlined development, recognizing its strategic potential to position Goiás as a global center for sustainable production of heavy rare earths, particularly dysprosium and terbium, Aclara said in a press release.

“Our heavy rare earth production, dysprosium and terbium, will be essential for establishing a reliable and alternative supply chain for the permanent magnets used in electric vehicles, wind turbines, robotics and other advanced technologies,” CEO Ramón Barúa said.

Barúa also said the Carina project’s future production of these key elements “will enable the fabrication of approximately five million electric vehicles per year”, which he said would position Goiás at the forefront in the global energy transition.

At the Aparecida de Goiânia pilot plant, the company expects to process approximately 200 tonnes of clay material from the Carina project, resulting in an estimated production of 150 kg of heavy rare earth carbonates.

According to the company, the process flowsheet incorporated several optimizations that focused on increasing efficiency, reducing costs and improving the purity of the final product. This optimized approach builds on its previous piloting efforts in Chile, where it processed 25 tonnes of clay from the Carina project.

Aclara Resources’ stock traded flat on Monday morning at C$0.75 apiece, for a market capitalization of $163.3 million.

“With an estimated investment of R$2.8 billion ($500 million), the project will create thousands of jobs and position our state as a leader in the production of rare earths – strategic minerals for the future of clean technologies such as electric vehicles and wind energy,” Daniel Vilela, Vice Governor of the State of Goiás, said.

Production in 2028

The facility represents a key step in advancing the Carina project towards production in 2028. The project is currently in its permitting stage, with Aclara aiming to submit its environmental impact assessment mid-2025. Later in the year, the company plans to complete a pre-feasibility study, followed by feasibility study in 2026.

To fund these works, Aclara raised $25 million via a private placement last year.

The Carina project currently has an estimated resource of about 298 million tonnes grading 1,452 parts per million TREO (total rare earth oxides), all in the inferred category. This would support annual production of 191 tonnes of dysprosium and terbium, representing about 13% of China’s official production in 2023, Aclara estimates.

The company is also looking to build a rare earths separation plant in the United States. This facility will process mixed rare earth carbonates sourced from its mineral resource projects, separating them into pure individual rare earth oxides.

Additionally, through a joint venture with Chile’s CAP, Alcara is advancing its alloy-making capabilities to convert these refined oxides into the alloys needed for fabricating permanent magnets.

Benjamin Katabuka, the country’s newly appointed director general, told the British newspaper that KoBold is looking to “go big” in the DRC, currently the world’s biggest producer of cobalt and the leading copper producer on the continent.

He added the company plans to apply for licences to explore for these two critical minerals as well as lithium, of which the DRC holds significant deposits but has yet to fully unlock.

These investments could potentially be “in the billions”, Katabuka said, as cited by the Financial Times on Saturday.

The report comes amid heightened trade tensions between the US and China, which saw the latter flex its dominant position in the critical minerals supply chain by placing export restrictions on rare earths.

In the Congo, many of its biggest mines are run by Chinese groups, while American companies have had little presence since Freeport-McMoRan sold its stake in the Tenke Fungurume copper mine to China’s CMOC in 2016.

Katabuka said the Congolese government is “interested in having some Western investors coming into the country” to balance China’s presence in the nation.

Congo minerals

KoBold’s push into Congo comes at a time when the African nation is negotiating with the US on a potential minerals pact. Earlier this year, DRC President Felix Tshisekedi offered a minerals-for-security deal to Washington in an effort to end the ongoing armed conflict with Rwanda-backed M23 rebels.

On the jurisdictional risk, DRC’s Katabuka acknowledged that it has been “difficult” to do business in the country, but added that KoBold has assured that the company will demand “high standards” for its operations.

KoBold — which specializes in using artificial intelligence to identify untapped critical minerals deposits — has around 60 active projects across four continents. In Africa, its focal point has been Zambia, where last year it made what was the country’s largest copper discovery in a century.

A move into Congo means the company would have a presence in Africa’s two largest copper producers. Earlier this year, it also expanded into Namibia, focusing on its deposits of lithium and nickel.

To support its critical minerals exploration, KoBold raised $537 million during its latest round from investors including Gates’ Breakthrough Energy Ventures, Earthshot Ventures, Equinor, July Fund, Mitsubishi Corporation and Standard Investments.

To date, the California-based company has raised $1 billion.

In an earnings call this week, Musk confirmed that production of its Optimus robots is being impacted by the “magnet issue” — referring to the key robotics component that now requires Beijing approval to be shipped into the US.

Earlier this month, China announced export restrictions on seven rare earth minerals in response to the punitive tariffs imposed by US President Donald Trump. The export curbs also extend to rare earth magnets and other finished products, which have vital uses across various high-tech industries, and in some cases, are indispensable to military applications.

“China wants some assurances that these are not used for military purposes, which obviously they’re not. They’re just going into a humanoid robot,” said Musk in his Tuesday call.

In light of these measures, companies like Tesla are now required to apply to the Ministry of Commerce to obtain their export licences — a process that can range from six or seven weeks to even several months. Such a process, says Musk, would undoubtedly hamper the Optimus rollout plans.

Still, the Tesla boss — who pledged to take a step back from politics and refocus on his business ventures — told investors he remains optimistic of realizing the initial goal of churning out thousands of Optimus robots by year-end, then scaling up its production to 1 million units by 2030.

Musk also acknowledged that the robots’ production timeline is heavily dependent on the availability of critical components, stating that “Optimus production will move as fast as the slowest and least lucky component”.

Tesla’s first prototype of Optimus was launched in 2022. At that time, Musk said these general-purpose humanoid robots, which are designed to perform tasks that are dangerous, repetitive or boring for humans using advanced AI technologies, “has the potential to be more significant than its vehicle business over time.”

In addition to the Optimus project, Tesla’s core electric vehicle business is also expected to feel the impacts of China’s rare earth export restrictions.

A senior automotive executive told the Financial Times that the critical mineral restrictions would be “consequential” for Tesla, describing them as a “7 or 8” on a scale of 1 to 10 in terms of severity.

China currently produces around 90% of the world’s rare earth minerals, making it a key supplier to the US, which only has one producing rare earths mine – Mountain Pass in California.

Even as countries like the US start to explore options and ramp up production, China is still expected to dominate the global supply with a 54% market share by 2030, according to IEA projections.

​

The order, which was placed in the first quarter of 2025, includes four Sandvik DR410i rotary blasthole drill rigs and three Leopard DI650i down-the-hole (DTH) drill rigs, as well as associated services. Drill deliveries are expected to begin in June and continue through November 2025.

Sandvik DR410i is a compact, powerful and technologically advanced drill rig, designed for rotary and DTH holes from 152 to 254 millimeters (6 to 10 inches). Leopard DI650i is a self-contained, crawler-mounted, intelligent DTH drill rig for demanding high-capacity production drilling, covering hole diameters from 115 to 203 millimeters (4.5 to 8 inches).

Two of the Leopard DI650i drills at Porgera will be equipped with the reverse circulation (RC) sampling option Sandvik introduced for its flagship DTH rig in 2021. The RC drilling system, which is fully integrated into the Leopard DI650i platform, provides a reliable and accurate method for ore body identification and grade control.

“Sandvik DTH and rotary drill rigs have proven to be both productive and reliable at our other operations across the globe,” Barrick mining executive Glenn Heard said in a news release. “We look forward to continuing our cooperation and deploying these value-adding surface drilling technologies from Sandvik.”

Located at an altitude of 2,300 meters, Porgera initially began production in 1990 under Placer Dome, which Barrick acquired in 2006. The mine was placed on care and maintenance in April 2020 after its special mining lease expired. Following successful negotiations over a new ownership structure, operations resumed in December 2023.

The gold mine is now held 51% by PNG stakeholders, including local landowners and the Enga provincial government, and 49% by Barrick Niugini Limited (BNL), an equal partnership between Barrick and China’s Zijin Mining Group which serves as the mine operator.

The operation includes both an underground mine and open pit and hosts an orebody with measured and indicated resources of 13.3 million gold ounces and inferred resources of 5.56 million gold ounces.

All seven surface drills at Porgera will be connected under Sandvik’s Remote Monitoring Service (RMS), which Barrick rolled out to its entire global underground fleet of more than 200 connected Sandvik trucks, loaders and drills during 2023. RMS has already reduced maintenance costs while increasing uptime across Barrick’s Sandvik fleet.

The surface drilling investment comes just months after Barrick partnered with Sandvik to supply trucks, loaders and drills for Porgera’s underground operations. The first underground units were delivered in 2024 and deliveries are expected to continue through 2028.

“We are excited to grow our partnership with Barrick from underground to the surface operation, where we will provide our latest technologies and collaborate to optimize productivity and cost efficiencies,” said Mats Eriksson, president of Sandvik Mining and Rock Solutions.

Sandvik and Barrick extended a global framework agreement in late 2023, enhancing the long-term partnership between the OEM and mining major.

Sandvik’s existing entity in Papua New Guinea will further expand local capabilities and the workforce to support the growing Porgera fleet.

The company, 90% owned by billionaire Patrice Motsepe’s African Rainbow Capital Investments, applied in March to extract phosphate — a key ingredient in fertilizer production — from land within the park. 

The application sparked immediate backlash from conservation groups, including the World Wide Fund for Nature, which is already engaged in a legal dispute with Kropz over the Elandsfontein mine.

“SANParks cannot allow any mining activities within a declared national park, as this is prohibited,” spokesperson JP Louw said. He confirmed the agency has informed Kropz of its decision

Located in a biodiversity hotspot, the West Coast National Park is home to 250 bird species—over a quarter of South Africa’s total—including flamingos and sandpipers. The park also features ancient human footprints and a seasonal bloom of wildflowers that draws tourists from across the country.

Kropz acquired the Elandsfontein phosphate deposit in 2010 and has developed an open-pit mine and processing facility with an annual capacity of one million tonnes. Despite this, the project has faced persistent opposition from environmentalists concerned about its proximity to the park.

In addition to Elandsfontein, Kropz operates phosphate projects in the Republic of Congo and aims to become a leading mine-to-market plant nutrient company in sub-Saharan Africa.

Trading in Kropz shares was suspended in mid-April. At the time, the company had lost more than 55% of its value, closing with a market capitalization of £9.5 million ($12.7 million).

The Hermosa project is currently the only advanced US mining project capable of producing two federally designated critical minerals: zinc and manganese, and received board approval for $2.16 billion in funding to develop the zinc-lead-silver deposit in February.

This represents the largest private investment in southern Arizona’s history, and the largest investment in the local Santa Cruz county economy to date by nearly nine times, the Australian miner said.

Last year, the Hermosa project became the first to be added to the United States’ FAST-41 permitting process. The company said it has the potential to become one of the world’s largest zinc producers.

Centro will use advanced automation to enhance safety and productivity — key pillars of sustainable operations, the company said, adding that the groundbreaking is the result of nearly three years of design and planning to align with its long-term economic and employment goals in Santa Cruz county.

Supporting an ‘All in Community’ workforce development ecosystem, the groundbreaking also marks the launch of the South32 Hermosa Workforce Development Executive Committee – an expanded initiative aimed at supporting long-term workforce development across Santa Cruz.

The committee brings together local education leaders and South32 representatives to focus on post secondary education, facilities development, resources and training needs of the local businesses, the company said.

“Centro represents more than just a facility – it is a commitment to create economic opportunity and shared value in Santa Cruz county,” South32 Hermosa president Pat Risner said in a news release.

“By establishing Centro in Nogales, we are ensuring that the economic benefits of Hermosa stay local, providing high-skilled, good-paying jobs and supporting the development of a skilled workforce for generations, while also providing opportunities for both populations historically excluded from the industry and underrepresented community groups.”

Attendees at the ceremony included Arizona Governor Katie Hobbs, local and state officials, municipal leaders, and representatives from organizations such as the Port Authority, The Nature Conservancy and the University of Arizona.

“Centro, as the project’s state-of-the-art operations center, will create good-paying jobs and strengthen our economy,” said Congressman Juan Ciscomani.

“South32 Hermosa’s Centro is a major step forward for regional development and the production of critical minerals in southern Arizona,” Ciscomani added. “By anchoring high quality jobs, workforce training, and critical infrastructure in our communities, this project strengthens the local economy and positions our region to continue to serve as a hub for responsible innovation and growth.”

For its original equipment (OE), the Scottish company saw robust demand from brownfield expansion projects, resulting in a 6% increase in orders, including £18 million for its GEHO displacement pumps to be delivered to a nickel expansion project in Indonesia.

The group also recorded a 9% increase in aftermarket (MA) orders, supported by strong mine production and installed base expansion. However, MA orders for its ESCO excavator buckets were slightly down due to timing.

Shares of Weir Group traded 4.5% higher in London on the Q1 trading update, giving the company a market capitalization of £6 billion.

“We began the year with a record pipeline, which is converting in line with our expectations as customers capitalize on supportive prices for commodities enabling the energy transition. I am especially pleased with the growth in aftermarket orders which reflect the strength of our business model as newly installed equipment, particularly HPGRs, are commissioned,” CEO Jon Stanton said in a news release.

Stanton also noted that the company’s acquisition of Micromine, which was announced in February, is on track for completion in the week of April 28.

“Through our combined digital technology offering, we are well positioned to drive further productivity and sustainability impact across the global mining industry,” Stanton said.

Looking ahead, Weir reiterated its 2025 guidance of strong order book and activity levels in AM, leading to growth in constant currency revenue, operating profit and operating margin. Management is anticipating a 50-basis-point margin improvement over 2024.

In light of the tariff war, the company said it has begun rerouting US orders to domestic sites and is in discussions regarding pricing adjustments, which it expects to mitigate the direct impacts for the fiscal year.

“Solid start to 2025 with supportive order growth and no change to expectations for the FY,” an analyst from RBC noted. “In our view, the underlying performance of Weir Minerals highlights not just a top-tier mining equipment play, but also traits comparable to those of much higher-rated ‘quality’ names in our wider coverage.”

Nations within the Chinese sphere process 53.1% of the world’s copper, far surpassing the American-aligned bloc at 15.6% and the “Coalition of the Willing” at 19%.

Russia, grouped separately, accounts for 5.6% of global capacity, while 6.8% of copper processing remains in “Undrafted” countries not formally aligned with any major power bloc, such as Iran and India.

Analysts warn that while access to raw materials is crucial, the ability to process them may ultimately determine strategic advantage in the race for technological and industrial dominance.

Explore the full infographic:

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RELATED: RANKED: World’s biggest copper mines

The startup, which came out of stealth in 2022, has raised a total of $214 million from investors including Bill Gates-led Breakthrough Energy Ventures, Singapore-based Temasek Holdings, and Capricorn Investment Group.

The latest round comes at a time when President Donald Trump is upending the clean-tech landscape. Though he has threatened to undo policies for carbon-saving technologies, his tariffs on steel imports are meant to spur US production. But with uncertainty around how long those tariffs will last, startups like Electra aren’t seeing increased interest yet.

In January public filings, Electra set an upper limit on the raise at $257 million, but the final sum for this round announced today is $186 million, of which $129 million is new money and the rest is equity converted from a previous round.

Electra is now building a demonstration plant in Colorado that will produce 500 tons of iron starting in early 2026. It will ship test materials to steelmakers, including Nucor Corp., which is also investing in the startup. Those companies can convert the iron into steel using electric-arc furnaces. If powered by renewables, the process would produce emissions-free steel.

If Electra’s iron meets the standards customers are looking for, chief executive officer Sandeep Nijhawan expects to convert those early deals into offtake contracts the company can use to raise loans to build its commercial plant. Electra is scouting for a location and is open to considering sites outside the US.

“We see the demand,” said Nijhawan. “But we have to temper that with the risk that comes to the table with the first-of-a-kind plant.” Nijhawan wouldn’t reveal the prices for Electra’s iron from such a plant, but said he has an understanding with steelmakers on the range of prices that the startup will need to achieve if it wants to quickly seal deals.

Electra initially planned to build a 50,000-ton plant by 2027 and a million-ton plant by 2029. However, Nijhawan now says that timeline was based on the desire to go as fast as possible and is no longer realistic. With the company working on a detailed plan that includes securing permits for land and green electricity, it now expects to have a 50,000-ton plant fully running by 2029 and a million-ton plant operating by the early 2030s.

It hasn’t been easy for climate startups to raise funds over the past few years, as venture capitalists have reined in spending after a post-pandemic boom. US funding ticked up to more than $5 billion in the first quarter of 2025, according to data from Pitchbook. But climate tech entrepreneurs remain cautious as Trump threatens to gut many of the government incentives for carbon-cutting technology.

Electra hadn’t secured any US government funding, so policy changes won’t directly impact the startup, said Nijhawan. Trump’s baseline tariffs on China and other countries are likely to make securing equipment and clean power more expensive, while the uncertainty about the level of tariffs and how long they’ll remain in place will lead to a purchasing decision slowdown.

Trump’s 25% tariffs on steel should incentivize domestic production — in theory. But the tariffs alone wouldn’t be a sufficient reason for Electra to build its commercial-scale facility in the US. The company is looking at other factors such as government incentives and easy access to clean power, both areas where the US scores lower than countries such as Australia.

“No doubt tariffs and the volatility in the market is not conducive for business, but we are taking a very long-term view and not being reactive,” said Nijhawan. “We have got to build this plant to withstand any political changes because this plant is going to last more than 20 years.”

Steelmaking accounts for about 7% of global carbon dioxide emissions — more than shipping and aviation combined. Converting iron ore to iron is responsible for 90% of that.

Traditionally, the process involves adding iron ore and high-grade coal into a furnace, which extracts the oxygen attached to iron atoms in the ore. Doing so also releases greenhouse gases, though. Electra’s technology performs the same chemical process, but it relies on electricity and does so without producing carbon dioxide if the power comes from clean sources.

Other startups are also attempting to decarbonize ore processing. Boston Metal, which has raised $370 million since it started a decade ago, also relies on electricity, but uses temperatures of up to 1,400C (2,550F). That means the process must run continuously or risk solidifying molten metal, unlike Electra’s, which operates at low temperatures and can be turned off whenever needed.

Sweden-based Stegra (formerly H2 Green Steel) also promises to produce emissions-free iron by relying on hydrogen derived from splitting water using renewable electricity. The company has raised more than €6.5 billion ($7.4 billion) to build its first commercial plant as soon as 2026. However, because hydrogen is still quite expensive, Stegra will have to rely on high-grade iron ore, which can be processed without too much wasted fuel. Electra says it can use low-grade ore, of which billions of tons are available at mines around the world.

All these green-steel startups have to rely on access to low-carbon, cheap power. Even though solar and wind power are the cheapest sources of new power to build, in Europe and North America, there’s a long and growing queue of companies trying to access these new renewable plants. Steel startups with thin margins have to compete with capital-rich tech companies building electricity-gobbling data centers that will pay higher power prices to jump the queue.

The main challenges for Electra remain whether it can show its technology can work at commercial scale and produce iron at prices that steel consumers are willing to pay. But before that, it will have to raise more money to build the commercial plant. That round will be hundreds of millions of dollars at least, and the process of seeking funds has already begun.

“We are always raising money,” said Nijhawan. “That’s the truthful answer.”

(By Akshat Rathi)

The partnership is looking for breakthrough technologies, and plans to invest in 12 startups annually from around the world. The amount of the investments was not disclosed.

The six companies, which span from Silicon Valley to MIT to Western Australia, break new ground in the industry’s journey into a provider of materials for a net zero world, the companies said.

This year’s six investments are: Rock Zero—zero-waste, cost-efficient process to extract lithium from hard rock deposits in Cambridge, US; Terra AI—for mineral exploration to reduce drilling costs and improve accuracy in Palo Alto, US; Ekion—electrokinetic in-situ recovery (EK-ISR) technology to extract metals from stranded deposits with minimal waste and emissions in Perth, Australia; Rainstick—agriculture and nature restoration using electrical fields to mimic the natural effects of lightning, boosting seed yields faster and more sustainably from Cairns, Australia; Thunderstone—reduced-impact mining using underground electric stimulation to extract critical metals with minimal waste and cost based in the US, and Durin—automated drilling rigs to accelerate mineral discovery and reduce exploration costs in Los Angeles.

“Working with Rio Tinto has given us tremendous insight into key opportunities for innovation across the mining value chain, represented by these six promising investments,” Founders Factory president George Northcott said in a statement.

“Reduced-impact mining sits front and centre for the business, as they look for more efficient, less environmentally-impacting methods for the discovery and extraction of critical metals. It’s clear this represents a transformational change for the industry, paving the way for industrial transformation and decarbonization.”

As well as receiving seed capital, the startups will enter a four-month accelerator program, operated by Founders Factory, aiming to help founders identify clear use cases for their technology and pathways to commercialization with Rio Tinto.

This includes operational support, direct access to Rio Tinto’s executives, and opportunities to pitch pilots and POCs to their team, including a residential program in Perth.

“Collaborating with startups gives us access to innovative ideas, diverse skill sets, and rapid solutions. Through our Mining Tech Accelerator, Founders Factory and Rio Tinto are partnering with startups to develop breakthrough technologies that tackle key challenges in mining and sustainability,” Rio Tinto’s chief innovation officer Dan Walker said. 

“Meeting the growing global energy demand is deeply complex, and collaboration is essential to delivering the materials the world needs—faster, more sustainably, and more cost-effectively.”

The previous cohort, which kicked off in September 2024, included investments in US-based Endolith, developing next-gen copper extraction and Cambridge University spinout Prospectral, which makes ultra compact imaging sensors for material detection.

The new facility will be the company’s first global REE (rare earth elements) recycling operation focused on the separation of permanent magnets from end-of-life products previously not recovered, using its proprietary MagCycle process.

REEs are an essential component of permanent magnets, which are found in data centers, wind turbines, cell phones, electric vehicles and military applications.

The facility is expected to process 25,000 tonnes of end-of-life components containing rare earth permanent magnets a year.

Cyclic said it is establishing a feedstock supply network that will serve the entire US, and while it has secured partnerships in the Southwest, it is actively expanding its reach nationwide to develop a more robust and scalable supply chain.

“We are excited to begin commercial operations in the US in early 2026,” CEO Ahmad Ghahreman said in a news release. “We have chosen the Southwest for our first US and global site to be close to feedstock that will support our mission to address the global supply-demand imbalance for rare earth materials.

“By developing circular supply chains, we can reduce dependence on overseas sources and secure a more stable REE supply for the future,” he added.

“This new facility will not only create good-paying jobs for our community but also position Arizona as a leader in the critical rare earth element recycling industry, an important step in strengthening our economy and securing a sustainable future,” Senator Ruben Gallego stated.

Cyclic Materials raised $57 million in its Series B equity round last year, backed by global industry leaders including Microsoft, Hitachi Ventures, BMW iVentures, and specialized funds ArcTern Ventures and Fifth Wall.

In January, it secured $2 million from InMotion Ventures, the investment arm of Jaguar Land Rover.

The BEV fleet order, Sandvik’s largest ever, includes six Sandvik DS412iE bolters, five Sandvik DD422iE development drills, four Sandvik DL422iE longhole drills, four Toro LH518iB loaders and three Toro TH665iB trucks. It also includes 20 units of conventional equipment: five Toro TH551i trucks, five Sandvik DS422i cable bolters, four Toro TH663i trucks, four Toro LH517i loaders and two Sandvik DU412i longhole drills.

Several of the conventional units ordered may ultimately be manufactured and delivered as BEVs, Sandvik said.

The order is booked in the second quarter of 2025. Deliveries are expected to begin in the fourth quarter of 2026 and continue through 2030.

“We’re proud that Sandvik BEVs will help contribute to an increased supply of critical minerals, supporting the continued electrification of society and global green transition,” said Mats Eriksson, president of Sandvik Mining and Rock Solutions.

“Lower fuel expenses and maintenance costs coupled with longer equipment lifespan will enable a more efficient, economical and sustainable mining operation at Hermosa.”

With Hermosa, South32 is expected to become a globally significant producer of critical minerals vital to a low-carbon future.

The polymetallic underground development project is located in a historic mining district in southern Arizona’s Patagonia Mountains, about 80 km southeast of Tucson and less than 20 km north of the US-Mexico border. It is currently the only advanced US mine development project that could produce two federally designated critical minerals essential for powering a clean energy future, manganese and zinc.

South32 is developing Hermosa’s zinc-lead-silver deposit to be a multi-decade operation, with first production expected in 2027.

“Zinc is essential for national security as there is a growing zinc gap worldwide,” said Pat Risner, president of South32 Hermosa. “We estimate a 4-million-metric-ton gap by 2033 and only six percent of zinc is currently mined in the United States.

“Our zinc deposit is the only deposit of its size discovered in the past 10+ years. Zinc is used to galvanize steel which is needed for wind turbines, solar panels and other energy infrastructure like transmission routinely exposed to the elements.”

Beyond the zinc deposit, Hermosa also includes a battery-grade manganese deposit and a highly prospective land package with extensive exploration potential, including a copper-lead-zinc-silver target and further polymetallic and copper mineralization.

South32 is designing Hermosa to be its first ‘next generation mine,’ harnessing automation and technology to drive efficiencies, minimize environmental impact and ultimately to target a carbon-neutral operation in line with the miner’s goal of achieving net zero operational carbon emissions.

“Technology and innovation play an essential role in helping to improve safety and performance, and reduce our emissions,” Risner said. “We’re committed to sustainable development of the resources at Hermosa, which we’re designing as a small footprint underground mine with dry-stack tailings and reduced water consumption to minimize environmental impact.

“A battery-electric underground equipment fleet supports our ambition for Hermosa to set a new standard for sustainable mining. Sandvik BEVs will meet our safety, reliability, range and capability requirements.”

Headquartered in Perth, Western Australia, South32 produces bauxite, alumina, aluminum, copper, zinc, lead, silver, nickel and manganese from operations in Australia, Southern Africa and South America.

The project is planned as an integrated operation to commercially produce lithium-ion battery anode materials and other graphite products for the US market, using primarily natural graphite mined from its large Graphite Creek deposit in Alaska, then processed at a proposed facility in Ohio.

“Our feasibility study represents a major milestone for G1 on our path to production and validates the efforts we’ve made with the Department of Defense’s DPA Title III support,” CEO Anthony Huston said, noting that the study was completed 15 months ahead of schedule following the recent US government funding.

“With President Trump’s critical mineral and Alaska executive orders, Graphite One is positioned to be at the leading edge of a domestic critical mineral renaissance that will power transformational applications from energy and transportation to AI infrastructure and national defense,” Huston said.

Graphite One’s stock rose 2.1% by noon ET in Toronto on the feasibility release, giving the company a market capitalization of C$139 million ($100 million).

Tripled production

The feasibility study used the recently updated mineral reserves at the company’s Alaska deposit, totalling 71.2 million tonnes grading 5.2% Cg (graphitic carbon) for 3.7 million tonnes of graphite material. The reserve count is more than three times higher than that used in the 2022 pre-feasibility study (PFS).

The measured and indicated resources also tripled from the PFS, now totalling 104.7 million tonnes at 4.6% Cg, containing nearly 4.8 million tonnes of graphite. The company also noted that the graphite resource came from drilling of just 12% of the 15.3 km long mineralized zone at Graphite Creek.

The Graphite Creek reserves, according to the feasibility, would support 20 years of mine production at 175,000 tonnes per year of graphite concentrates, versus the 53,000 tonnes previously estimated in the PFS, beginning in 2030. Before that, Graphite One expects to achieve commercial graphite production of 50,000 tonnes per year in 2028 by processing purchased graphite.

In terms of active anode material, its production would be 48,000 tonnes initially, rising to 169,000 tonnes a year by 2031 following the start-up of the Graphite Creek mine.

Based on this phased development strategy, the FS estimates a post-tax net present value of $5 billion with an internal rate of return of 27% and a payback period of 7.5 years. The NPV is roughly equal to the combined capital cost for the processing plant and the mine.

Graphite One said is now entering the permitting process for the project, anticipating that the secondary treatment plant in Ohio to produce anode materials would take three years to complete, and another four years for modular buildout to reach the 175,000 tpy capacity.

Speaking at an industry event in Panama City, Mulino said the path forward remained uncertain, but noted he was open to forming an association with First Quantum. 

“I cannot yet tell you what the path forward will be; the only path that will not exist is a contract law, and I announce that here: There will be no mining law contract, period,” Mulino said, according to local media.

He stressed that any new mining law tied to a contract, such as the 406 law deemed unconstitutional by the previous government, would require approval from the national assembly. He said the assembly was not willing to back such a deal. Instead, he proposed a “real partnership” — a structure that would make clear the mine belongs to Panama and its people.

Mulino noted that if the decision is made to close the mine permanently, the process could take up to 15 years due to its scale.

“It’s a problem that implies tens of thousands of direct and indirect jobs,” he said. “Let’s be smart and get the most benefit as Panamanians from a mine we already have.”

The president has not yet met with First Quantum’s executives, though the company dropped its arbitration case against Panama—one of Mulino’s conditions for resuming talks.

Cobre Panamá, Central America’s largest open-pit copper mine, produced over 330,000 tonnes of copper in 2023 before operations were halted. 

The mine was on track to become a 100-million-tonne-per-year operation by the end of 2024, which would have placed it among the world’s largest copper producers.

Cobre previously accounted for roughly 5% of Panama’s GDP.

Earlier this month, the company — a subsidiary of American Resources Corporation (NASDAQ: AREC) — completed a round of capital fundraising to support the procurement and commissioning of new commercial-scale equipment for the Noblesville facility to expand its production capabilities, in light of China’s recent export restrictions on rare earth elements.

China dominates the global rare earth sector, accounting for over 70% of mine production and nearly all of the world’s processing capacity. In response to the recent US tariffs, China began to weaponize this dominance by imposing export restrictions on seven rare earth minerals.

The US, meanwhile, has limited production and had been heavily reliant on China.

Expansion projects

On Monday, ReElement announced that it has completed the second phase of plant expansion to double its production of finished rare earth oxides, and is now undergoing a Phase 3 expansion that could triple the production over Phase 2. The company did not disclose the production capacity levels, only that the expansion is scheduled for May/June.

The latest equipment expansion highlights the modular and scalable characteristics of ReElement’s refining technology, allowing for swift and flexible growth to meet the surging demand for ultra-pure, domestically produced rare earth oxides, the company stated in a news release.

This added refining capacity will significantly increase the facility’s daily refining volumes of key rare earth elements, including neodymium, praseodymium, dysprosium and terbium, ReElement said.

ReElement’s modular, multi-feedstock refining platform — born from decades of research at Purdue University — is currently the only US-based scalable solution capable of economically separating and purifying rare earth elements.

“By investing in and leveraging our innovative refining technology, our Noblesville facility is able to rapidly scale to meet the unprecedented customer demand we are seeing from our growing customer base,” ReElement Technologies COO Jeff Peterson said in a news release.

“Our Noblesville facility, located in an urban setting, demonstrates not only the scalability of our technology but also our commitment to environmentally responsible production of both heavy and light rare earth oxides,” CEO Mark Jensen said.

While the Noblesville plant, covering a space of 700 square metres, represents ReElement’s flagship facility, the company has plans to build a larger centralized industrial space (over 50,000 sq. m) in Marion, Indiana, with a targeted initial capacity to produce 1,000 tonnes per year of ultra-pure (>99.5%) rare earth oxides. The Marion campus was once home to American technology giants such as Thompson Electronics, Farnsworth Radio and RCA.

“While the [Noblesville] site was not originally intended to be commercial, growing customer demand, especially following recent global trade shifts, has made it an essential part of our operations as we continue developing our larger Marion facility,” Jensen added.

Two weeks into the second quarter, the MINING.COM TOP 50* ranking of the world’s most valuable miners had a combined market capitalization of $1.36 trillion, up $79.7 billion so far in 2025.

The total stock market valuation of the world’s biggest mining companies remains almost $400 billion below the peak hit in the second quarter of 2022.

This snapshot was taken at the close of trading on 17 April and not at the start of Q2 as usual to avoid some of the market distortions brought on by the chaotic weeks following Trump’s on-again off-again tariffs.

This flatters the index to some extent as gold stocks rode the coattails of the record setting bullion price and almost all big names regained some ground after the severe sell-off during the first week of April.

Newcomers

The volatile trading saw the greatest number of new entries – six in all – in a quarter since MINING.COM started tracking the Top 50 six years ago. From $6.7 billion at the end of 2024, the lowest ranked entry must now be worth $8 billion.

Mining and metals arguably suffered some of the biggest swings and roundabouts as the economic effects of a trade war and the focus on critical minerals played havoc – exemplified by the volatility on copper markets.

The bellwether metal hit a record high in the US at the end of March, only to plunge more than 20% over the next week and a half and then make up a big chunk of those losses going into the long weekend.

Amid the hectic trading, copper producers and diversified companies with large base metal portfolios lost a combined $53 billion to April 17 and are now trading $205 billion below their collective peak end-Sep 2024 as the sector’s ranks thin.

Lundin Mining dropped out of the Top 50 during Q1 following another copper counter, Poland’s KGHM, which did not make the cut off in Q4 last year. Q1 was a mixed blessing for the Canadian mining empire with the copper producer making way for Lundin Gold, entering the Top 50 for the first time after doubling in value in USD terms to $10.1 billion in Toronto.

Huayou Cobalt’s inclusion proved to be short-lived while South32 failed to make the cut for the first time since being spun out of BHP a decade ago. The base metals sans copper producer sits at position 51 after being narrowly edged out by Shanjin International Gold, so the stock may well return if (and not necessarily when) profit-taking in gold and gold stocks starts to make sense.

Another notable mover of 2025 is Amman Mineral, the worst performer in the index which lost over $10 billion in value as reality about its piercing run since its debut in Jakarta early 2023 continues to set in. The Indonesian copper-gold company is now worth an eye-catching $20 billion less than its high point at the end of Q2 last year, even after investors ran up the stock more than 20% just in the last week.

Nothing counters gold

While the direction of the copper price over the last few months was almost impossible to judge, gold’s record breaking run looked inevitable. At $3,420 per ounce gold at the time of writing, the yellow metal has now finally also surpassed its 1980 peak in inflation-adjusted terms.

Unsurprisingly, precious metals counters dominate the best performer list and make up the majority of new entrants. Gold, silver and PGM miners and royalty companies now represent a third of the value of the Top 50. The strength in precious metals has also seen Canada overtake Australia for the first time in terms of the value of miners headquartered there.

At 22% of the index, the 13 Canadian companies collectively are worth a smidgen under $300 billion compared to $275 billion for the now eight Australian firms with the inclusion for the first time of Sydney-based gold stock Evolution Mining. In their current form Melbourne-based BHP and Rio Tinto have been the top two global mining stocks since the turn of the century, together worth $220 billion today.

The MINING.COM Top 50 tracks stock value in USD terms not share price gains on local exchange and many stocks in the ranking benefitted from strengthening currencies against the USD.

South Africa’s Harmony Gold tops the gainers after jumping 24 spots to enter the ranking at no 37 following a 117% advance since end-2024. Like Harmony, Goldfields also benefited from the strong rand against the greenback, lifting the Johannesburg-based company’s shares by 83% year to date.

Russia’s Polyus, which added $14.4 billion in Q1, was only beaten by the top two gold stocks Newmont and Agnico Eagle which added $18.6 billion and $19.9 billion year to date in market cap gains. The ruble has strengthened by 20% against the US dollar in 2025 and Norilsk Nickel, thanks to captive investors on the MCX, has maintained its good standing in the Top 50 despite sanctions and trading restrictions. Norilsk is still worth north of $20 billion but still a far cry from its peak position as the world’s number 5 most valuable mining company reached mid-2021.

London-listed Fresnillo returns to the index after years in the wilderness thanks to a 74% surge in value for the Mexican silver and gold miner, majority owned by Mexican industrial group Peñoles. Together with Southern Copper, owned by Grupo Mexico, the country now represents nearly 6% of the value of the Top 50.

Gold counters are likely to only increase in number and size over the rest of 2025. Kazatomprom dual-listed in London and Astana in 2018, and Uzbekistan is now readying an IPO for Navoi Mining and Metallurgy Combinat – the world’s fourth largest gold mining company and significant uranium producer later this year.

Rare earth representation

China Northern Rare Earth is the only producer of the 17 elements in the ranking and despite the frenzy surrounding the sector as China tightens control. There are no obvious REE candidates that could join the Top 50 in short order.

MP Materials, which operates the Mountain Pass mine in California, has surged by 69% in value year to date but the Las Vegas-based company is still worth only $4.3 billion.

The company’s valuation peaked above $8 billion in March 2022, but the whole mining industry was riding high at the time and the high price ticket for entry at the time meant it fell just outside the ranking. Australia’s Lynas Rare Earths have also come close in the past and is up 26% this year for a valuation of $5.3 billion.

Lithium down to a single stock

Lithium’s representation in the ranking is down from six companies to a single stock – Chile’s SQM languishing in position 42 and worth less than $10 billion – following the exit of China’s Tianqi and US-based Albemarle during the quarter, with the latter dropping by 38% in 2025.

The value destruction caused by the slump in lithium prices has been nothing short of astonishing. Lithium stocks in the index peaked in the second quarter of 2022 with a combined value of nearly $120 billion.

While Albemarle now worth $6.2 billion may well make a comeback (the longer term prospects for lithium demand remains bright), the absorption of Arcadium by Rio Tinto makes it unlikely that the Top 50 will see a rush of lithium stocks any time soon, a rebound of the commodity notwithstanding.

Zangge Mining, which does derive a good proportion of income from lithium, but is mostly a fertilizer producer, is bubbling under at number 53. The Chinese company may not stick around either – it’s the subject of takeover overtures by Zijing Mining, which also helps explain the 25% rise in the stock on the Shenzen exchange in USD terms.

Notes:

Source: MINING.COM, stock exchange data, company reports. Share data from primary-listed exchange at close April 17/18, 2025 close of trading converted to US$ where applicable. Percentage change based on US$ market cap difference, not share price change in local currency.

As with any ranking, criteria for inclusion are contentious. We decided to exclude unlisted and state-owned enterprises at the outset due to a lack of information. That, of course, excludes giants like Chile’s Codelco, Uzbekistan’s Navoi Mining (the gold and uranium giant may list later this year), Eurochem, a major potash firm, and a number of entities in China and developing countries around the world.

Another central criterion was the depth of involvement in the industry, and how far upstream is the bulk of its revenue, before an enterprise can rightfully be called a mining company.

For instance, should smelter companies or commodity traders that own minority stakes in mining assets be included, especially if these investments have no operational component or even warrant a seat on the board?

This is a common structure in Asia and excluding these types of companies removed well-known names like Japan’s Marubeni and Mitsui, Korea Zinc and Chile’s Copec.

Levels of operational or strategic involvement and size of shareholding were other central considerations. Do streaming and royalty companies that receive metals from mining operations without shareholding qualify or are they just specialized financing vehicles? We included Franco Nevada, Royal Gold and Wheaton Precious Metals on the basis of their deep involvement in the industry.

Vertically integrated concerns like Alcoa and energy companies such as Shenhua Energy or Bayan Resources where power, ports and railways make up a large portion of revenues pose a problem. The revenue mix also tends to change alongside volatile coal prices. Same goes for battery makers like China’s CATL which is increasingly moving upstream, but where mining will continue to represent a small portion of its valuation.

Another consideration is diversified companies such as Anglo American with separately listed majority-owned subsidiaries. We’ve included Angloplat in the ranking but excluded Kumba Iron Ore in which Anglo has a 70% stake to avoid double counting. Similarly we excluded Hindustan Zinc which is listed separately but majority owned by Vedanta.

With other groups like Mexico’s Penoles where refining and chemicals make up a substantial part of the business where possible the Top 50 would include separately listed operating subsidiaries that are dedicated to mining. This is also why Southern Copper represents Grupo Mexico in the ranking.

Many steelmakers own and often operate iron ore and other metal mines, but in the interest of balance and diversity we excluded the steel industry, and with that many companies that have substantial mining assets including giants like ArcelorMittal, Magnitogorsk, Ternium, Baosteel and many others.

Head office refers to operational headquarters wherever applicable, for example BHP and Rio Tinto are shown as Melbourne, Australia, but Antofagasta is the exception that proves the rule. We consider the company’s HQ to be in London, where it has been listed since the late 1800s.

Please let us know of any errors, omissions, deletions or additions to the ranking or suggest a different methodology: email Frik Els at fels@mining.com with Top 50 in the subject line.

In December last year, China banned exports to the US of the critical minerals gallium, germanium and antimony, amid an escalating trade and tech war between the world’s two biggest economies.

China produced almost half of the global supply of antimony in 2023 and prices of the mineral have soared in the wake of its heavy export restrictions, disrupting global supply chains.

US President Donald Trump has also been pushing to boost domestic production of critical minerals such as antimony, to offset China’s near total control of the sector.

The mineral is widely used in ammunition, infrared missiles, nuclear weapons and night-vision goggles, as well as in batteries and photovoltaic equipment.

Last year in March, United States Antimony had said it would discontinue all operational activities in Latin America and sell its subsidiary in Mexico.

The decision was made following a review of the financial performance of those assets, the unit’s negative cash flow and low antimony prices.

The company said it has begun processing the first antimony ore acquired from international sources at the Madero smelter. The second and third shipments are also expected to arrive at the facility from next week onwards.

US Antimony said it aims to produce roughly 200 tons of antimony per month from the Madero smelter prior to the end of 2025.

(By Vallari Srivastava; Editing by Sahal Muhammed)

Located in Shanghai’s Global Harbor shopping mall, the new machine saw long queues of customers, with appointments booked through the upcoming May holiday. Social media posts circulating online showed that the machine provides a fast, transparent process: users deposit their gold items, which are then weighed, melted and assayed.

For instance, a 40-gram gold necklace was appraised at 785 yuan ($108) per gram, resulting in a payout of over 36,000 yuan ($4,900) within 30 minutes, correspondents from local news publication Chinatimes.net observed.

Operated by Shenzhen-based jeweller Kinghood Group, the ATM — which is built into the company’s Smart Gold Store concept — is designed to take gold items of over 3 grams with a purity of at least 50%.

The recycling process includes identity verification, melting at temperatures exceeding 1,000°C, and a second assay to determine purity. A service fee of 18 yuan ($2.50) per gram is deducted before funds are transferred to the user’s bank account.

International recognition

Kinghood has been a trailblazer in China’s gold industry since 2019, debuting the first generation of its Smart Gold Stores with a unique “gold ATM terminal” that integrates purchasing, customization and recycling services into a single platform.

Last year, the company unveiled the first global version of the Smart Gold Store, featuring advanced hardware, including high-precision electronic scales compatible with major global measurement units and a universal detector with an accuracy of 0.01%.

According to Kinghood, the system supports mobile phone registration in more than 200 countries, multi-currency payments in at least half of them, and real-time price docking with the international gold trading markets. It can be customized to diverse regulatory, measurement and language requirements worldwide.

Since its launch, the Smart Gold Store has swiftly gained industry recognition by winning the Manufacturing Innovation Award at the 2024 JWA Sustainability Awards, organized by Informa Markets Jewellery.

Kinghood has said it plans to continue to iterate the international Smart Gold Store, developing universal payment interfaces and local gold price interfaces to quickly adapt to various countries and regions.

Local market disruption

Xie Chengcheng, operations manager for Kinghood’s Shanghai region, confirmed to Chinatimes.net the group’s plans to expand, aiming to deploy over 100 gold ATM machines across Shanghai, with installations already in cities like Beijing, Guangzhou, Shenzhen and Hong Kong.

Kinghood began rolling out the Smart Gold Stores last year as part of its strategy to expand its traditional retail business. By September, the group had installed machines in 40 cities across the country, all located in convenient spots, such as banks, supermarkets and retail shops.

However, the ATM’s introduction has disrupted traditional gold-buying practices. Local “gold scalpers” and small-scale buyers reported a decline in business, citing the ATM’s efficiency and transparency as key factors. Some expressed concerns over reduced cash flow and the inability to match the ATM’s service speed.

“Our store’s gold buyback price is 715 yuan per gram, and the selling price for AU999 gold jewelry is 850 yuan per gram. Since we have our own gold mining rights, both our selling and buyback prices are slightly lower than other branded stores. That said, customer traffic is still relatively quiet at the moment,” a sales representative from China Gold told reporters at the mall.

“We’re doing a bit better compared to others, but gold shops without direct mining sources are seeing even weaker business,” the sales rep added.

Increased public interest

On April 16, when the Shanghai ATM first launched, gold prices were soaring to new heights, offering an opportunity for long-time gold holders to liquidate their assets at unprecedented prices.

COMEX contracts were trading above $3,400 per ounce, while domestic physical gold prices exceeded 1,000 yuan ($137) per gram. The Shanghai Gold Exchange reported real-time prices above 788 yuan ($108) per gram.

“The introduction of smart gold ATMs primarily serves a recycling function from a business perspective. This reflects the fact that, with rising gold prices, the value of gold held by the public has increased significantly, leading to a stronger desire to cash out,” Xu Weixin, a member of the Shanghai Gold Association, told local reporters.

However, Xu advised people to “not rush into selling their gold holdings” and consider holding them a while longer. “There is still strong upward momentum for gold, mainly driven by central banks and institutional investors accelerating their gold purchases,” he said.

The development of the Baimskaya copper deposit, first discovered in 1972, is expected to create some 6,000 jobs and generate more than three trillion roubles in tax revenue, a government press release said.

Chukotka is a mountainous region and the easternmost federal subject of Russia. About half of it is located above the Arctic Circle.

Once operable, the deposit will boost Russia’s copper production by 25% and its gold production by 4%.

“We continue to build not just a mining and processing plant, but a powerful and technologically-advanced industrial complex that will strengthen Russia’s position in the global market and become a new point of growth in the Arctic,” said Georgy Fotin, general director of the Baimskaya Management Company LLC.

President Vladimir Putin has named the Arctic as one of Russia’s key areas of economic interest, and has ramped up commerce via the Northern Sea Route as Moscow shifts trade towards Asia and away from Europe due to Western sanctions.

Development of the Baimskaya deposit will see annual cargo traffic along the NSR increase by two million metric tons, the government said on Saturday.

($1 = 82.1000 roubles)

(By Lucy Papachristou; Editing by Kirsten Donovan)

Epiroc AB has won its largest order in company history with a A$350 million ($222m) contract to deliver a major fleet of fully autonomous and electric surface mining equipment to Australia’s Fortescue over five years.

Included in the order is a fleet of Epiroc blasthole drill rigs: the cable-electric Pit Viper 271 E and the battery-electric SmartROC D65 BE.

The equipment will be used across Fortescue’s iron ore mines in the Pilbara region in Western Australia. The driver-less machines will eventually be operated fully autonomously, overseen from Fortescue’s Integrated Operations Centre in Perth more than 1,500 km away.

According to Fortescue, these machines are expected to eliminate around 35 million litres of diesel consumption annually. The group is focused on accelerating the commercial decarbonization of its commercial operations, with plans to achieve “real zero” emissions by 2030.

“Fortescue is on the forefront of the mining industry in reducing emissions from operations, and in using automation to strengthen safety and productivity, and we are proud to support them on this important effort,” Epiroc CEO Helena Hedblom said in a press release.

“Not only is this the largest contract we have ever received, but it is also a major step forward for our electric-powered surface equipment. We look forward to contributing to Fortescue’s continued success now and in the future.”

“We’re thrilled to be joining forces with Epiroc to bring cutting-edge electric mining equipment into our operations,” Fortescue Metals’ CEO Dino Otranto said. “The deployment of this new fleet of electric drills will immediately start reducing our carbon footprint, cutting over 90,000 tonnes of CO₂ emissions annually once the fleet is operational.”

“To decarbonize, we’re aiming to swap out around 800 pieces of heavy mining equipment with zero emissions alternatives by the end of the decade, as well as deploy 2-3GW of renewable energy and battery storage across the Pilbara,” Otranto added.

Sandvik, which kicks off the earnings season for Nordic industrial companies, is considered a reliable indicator of demand given its broad customer base and short lead times for orders.

Orders in Sandvik’s Manufacturing and Machining Solutions business, which makes up around 40% of its revenue, had been stable so far in April, CEO Stefan Widing said.

“We were also nervous waiting for these numbers to come in during these first two weeks, but the only thing we can say is we don’t see any abnormal activity,” Widing told analysts in a call.

The value of orders Sandvik received in the first quarter rose by 2% to 32.76 billion Swedish crowns ($3.33 billion), compared to the same period last year.

“The recent escalated global tariff announcements will impact the macroeconomic environment going forward,” Widing however warned in the earnings statement.

He also told reporters that one big risk to future profitability would be a global recession.

An escalating trade war has spurred fears among investors of a recession in the US, while manufacturing in the country contracted in March after growing for two straight months.

Based on current tariff rates and mitigating actions taken by Sandvik, which include re-routing trade flows and informing customers about potential surcharges, it expects the impact of the levies on its margins to be limited.

Sandvik also said it was preparing for increased production capacity in its US facilities if tariff rates “increase materially from current levels”. It made more than 14% of its revenue in the US last year.

Its operating profit before amortization and items affecting comparability rose 9% to 5.77 billion crowns in the first quarter, but missed a mean forecast of 5.91 billion crowns from analysts polled by LSEG.

The miss was driven by weak cutting tools orders for general engineering and automotive industries, Jefferies analysts said in a note.

Sandvik’s shares were 1% lower at 1200 GMT.

($1 = 9.8252 Swedish crowns)

(By Greta Rosen Fondahn; Editing by Milla Nissi)

The decision gives BHP, the world’s largest mining company, more time to extract between 13 and 15 million tonnes of thermal coal from what is currently NSW’s largest coal mine. The miner had announced in 2022 that it would wind down operations at Mount Arthur by 2030 — 15 years earlier than initially planned — after failing to find a buyer and as the mine approaches the end of its economic viability.

As part of its exit strategy, BHP has partnered with renewable energy and infrastructure firm ACCIONA Energía to explore converting the 7,000-hectare site into a pumped hydro energy storage facility. The proposal aligns with community calls to repurpose the site for long-term regional benefit.

“The community has told us they want to see Mt Arthur repurposed when mining ends,” BHP president Australia Geraldine Slattery said in a statement. “This study will examine the role pumped hydro at the Mt Arthur site could play in the region’s future.”

Preliminary studies suggest the project could support about 1,000 construction jobs in the Upper Hunter region, stimulate local economic activity in Muswellbrook, and provide enough power for up to 500,000 homes in New South Wales each day.

Life beyond coal

ACCIONA Energía, which operates more than 14 GW of generation capacity worldwide and is expanding rapidly in Australia, will lead a 12-month due diligence program to assess the project’s technical and commercial viability. The company already manages 600 MW of operating assets in Australia and has 1.3 GW under commissioning.

BHP also announced a A$30 million ($19m) community fund to support the Upper Hunter region’s transition beyond coal. The fund will be co-managed with local stakeholders and focus on job creation, economic empowerment, and industry diversification.

Pumped hydro systems provide dispatchable electricity by storing energy in the form of water at elevation. When demand spikes, the water is released downhill through turbines to generate power. 

BHP said that Mount Arthur’s topography and catchment potential make it well-suited for such a transformation.

PRM was selected as one of 18 finalists from a pool of more than 200 nominations, ultimately winning the operational excellence category.

The awards recognize businesses that go above and beyond to tackle obstacles, deliver results safely, enhance productivity for Rio Tinto and set the benchmark for leading industry practices and performance.

Based in Karratha, PRM has been named an industry leader in rail construction and maintenance for the mining sector, adopting innovative technology across Rio Tinto’s Pilbara iron ore operations.

Among PRM’s innovations is its Smart Track Laying System, a custom-engineered sleeper laying attachment integrated with a hi-rail excavator and GPS machine-controlled guidance system. This system allows a single operator to lift and place steel sleepers precisely, removing the need for ground staff to work near potentially hazardous machinery. The result is faster project delivery, enhanced safety outcomes and significantly reduced manual handling.

PRM has also invested in a Vacuum Panel Lifter System; first taking a standard VacuWorx vacuum system and customizing it for rail works, in an Australian first.

This wirelessly operated lifting equipment is mounted to a hi-rail excavator, eliminating the need for traditional hooks, slings, chains and – most importantly – prevents personnel from having to perform manual tasks in the exclusion zone.

This system has seen PRM achieve both increased operational efficiencies and the mitigation of numerous safety risks.

Seequent built Evo to solve a problem its first platform, Leapfrog, first exposed 20 years ago when it brought digital geological modelling to an analog industry. The new platform can process data from exploration, geochemistry, geotechnical studies and more, then feed results back into any tool or workflow, the CEO said last month in Toronto.

“We’re launching Evo, a cloud‑native industrial‑strength open ecosystem that enables data to pass into and out of any application and puts power back in the hands of the mining customer,” Grant said during the Prospectors and Developers Association of Canada’s annual event.

Evo also underpins Driver, another new cloud‑based machine‑learning solution for structural geology that speeds up trend interpretation. These tools will help geologists automate file handling. They will keep audit trails and let experts focus on interpretation instead of data wrangling, Grant said.

Watch the full interview with The Northern Miner’s western editor, Henry Lazenby.

The US company said its platform can provide the charge even at low temperatures — without compromising safety, cycle life or compatibility with existing manufacturing processes.

Developed in partnership with the University of Michigan, the breakthrough validates Arbor’s drop-in technology as a scalable, chemistry-agnostic upgrade to today’s lithium-ion batteries, the company said. 

The platform integrates into conventional formats and production lines, eliminating the need for new materials, designs or factory retooling, it added.

“This is fast charging without compromise,” Arbor CEO Andrew Davis said in a news release. “We’re not asking battery makers to change chemistries or reconfigure production. Arbor fits into the battery factories of today — and delivers the performance tomorrow demands.”

Key results from the Joule study confirmed 10-minute charge (6C) at temperatures down to -10°C; No lithium plating was observed, even under fast-charging and low temperature conditions and all in commercially relevant pouch cells using rapidly scalable processes that are drop-in compatible with current Li-ion manufacturing.

By enhancing charge uniformity and suppressing lithium plating — common challenges in high-rate cells — Arbor said its platform enables step-order performance gains using current battery materials and processes. It is compatible across scales, from R&D to gigafactory, and across use cases from EVs to defense.

The need for faster, safer and more efficient batteries continues to grow across sectors — from automotive to aerospace. Arbor said its platform meets these demands while preserving manufacturers’ existing infrastructure.

“Battery makers have invested billions in their production ecosystems,” said Davis. “We built a solution that honors those investments.”

The full study is available here.

By leveraging increased coverage and performance capabilities of Ericsson private 5G, Newmont has overcome the limitations previously encountered with Wi-Fi to meet the productivity potential of multiple dozers, achieve new levels of machine productivity and keep workers safe.

Previously, Newmont was unable to connect more than two machines at distances of no more than 100m on Wi-Fi, before the network and machines became unusable. Wi-Fi was unstable and unpredictable and could lead to downtime for half a 12-hour shift at a time or more for troubleshooting and efforts to restabilize connectivity.

With Ericsson private 5G, Newmont can now connect its full dozer fleet across the width of its tailings works construction area – up to 2.5km – from a single 5G radio, while achieving up to 175Mbps uplink throughput (enough for up to 12 dozers if required). With zero interruptions from communications instability or outages, 5G has boosted safe production, and enabled workers to push more earth per shift than previous experience with Wi-Fi.

“Ericsson’s Private 5G network gives us a scalable and high-performing solution that provides the coverage needed and keeps our people safe. It’s also enabling our long-term digital transformation vision to use 5G for smart mining at our Tier 1 surface and underground mines globally,” Chris Twaddle, Newmont’s director of process control, networks and operational cellular, said in a news release.

Newmont is also using Ericsson’s 5G Antenna Integrated Radio with Ericsson Massive MIMO (multiple input/multiple output) to achieve the high levels of uplink connectivity needed for teleremote dozing and deliver this new class of performance capability. Ericsson Massive MIMO allows mining companies to use mid-band spectrum to achieve higher uplink throughput at extended distances compared to traditional radio technologies, allowing a multiplying effect on network capacity from a given radio.

“The deployment with Newmont at Cadia demonstrates the power of 5G for industry, where Ericsson’s radio portfolio can reduce the amount of infrastructure that needs to be deployed and operated to cover an industrial site or area,” said Manish Tiwari, head of enterprise 5G, Enterprise Wireless Solutions, Ericsson.

“This also allows enterprises to use private 5G networks they own to achieve high levels of performance for advanced video-based control and computer vision initiatives without large amounts of spectrum. This is especially valuable to organizations that are operating in spectrum-constrained markets.”

The design of the Next Gen 775 represents a significant leap forward in off-highway truck technology, offering unmatched power, efficiency, and safety features. Visitors at bauma will see our full range of technology offerings, from remote control to semi-autonomous to the future of autonomous machines in construction.

Caterpillar is leveraging its current autonomous hauling systems (AHS), CatMineStar Command for hauling, already at work at mine sites throughout the world, and scaling the system’s processes and technology to meet the specific needs for quarry operations.

The company is using the lessons it learned from working with its US-based customer, Luck Stone, where they have MineStar Command for hauling installed on four Cat 777 trucks. The shift to the aggregate industry, where the company is automating fewer trucks that do not haul material 24 hours a day, is helping transform our technology and processes to manage smaller operations.

The Cat 775 next generation truck has a planned introduction in 2026. Autonomous capabilities with MineStar Command for hauling are currently under development, and a release date will be announced later.