Mining Engineering’s Weekly Rundown: Episode 42

First, Australia and Canada have deepened cooperation on critical minerals, signing new agreements as Canadian Prime Minister Mark Carney delivered a landmark address to the Australian parliament. Australian Prime Minister Anthony Albanese announced that Australia will join Canada’s G7 critical minerals production alliance, a Canada-led initiative aimed at diversifying global supply chains and reducing dependence on China. Together, the two countries already account for roughly a third of global lithium and uranium output and more than 40 percent of iron ore production. The partnership will also align Australia’s $1.2 billion critical minerals stockpiling effort with Canada’s defense stockpile strategy, while expanding cooperation in areas including trade, artificial intelligence and security. Officials from both countries say the move reflects growing collaboration among so-called “middle powers” seeking to strengthen supply chains for minerals used in semiconductors, clean energy systems and defense technologies.

Next, in the United States, two rare earth companies are advancing projects aimed at strengthening domestic supply chains for magnet materials used in weapons systems and electronics. REalloys has received a contract worth up to $1.7 million from the U.S. Department of Defense through the Defense Logistics Agency to design a facility that would process heavy rare earth elements such as samarium and gadolinium into metal form. This is an essential step before they can be used to manufacture high-performance magnets. The company plans for the facility to process up to 300 metric tons per year and is also advancing a rare earth mine in Saskatchewan. Meanwhile, USA Rare Earth said it will acquire the remaining minority stake in the Round Top deposit in Texas in a $73 million all-stock deal with Texas Mineral Resources. The acquisition would make USA Rare Earth the sole operator of the project, which the company says hosts one of the largest known U.S. resources of heavy rare earth elements, along with gallium and beryllium. The company plans to accelerate production at the site to 2028 as the U.S. government backs efforts to build a fully domestic rare earth mining, processing and magnet manufacturing supply chain.

Finally, in South America, Venezuela’s interim government says it will soon introduce sweeping reforms to the country’s decades-old mining law in a bid to attract foreign investment. Interim President Delcy Rodríguez announced the planned legislation after meeting in Caracas with U.S. Interior Secretary Doug Burgum. He arrived with more than two dozen American mining and minerals companies exploring potential investments. The proposed reforms could allow foreign companies to develop resources including gold, diamonds and rare earth elements, as the United States pushes to reopen the country to Western investment following the removal of former president Nicolás Maduro earlier this year. Venezuela’s current mining framework dates back to 1999, and the country still owes billions to international mining and industrial firms following past nationalizations. Officials say the updated law will aim to reduce regulatory hurdles and create conditions for large-scale investment in a nation believed to host significant but largely unverified mineral resources.

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