Mining Engineering’s Weekly Rundown: Episode 2

Welcome to Mining Engineering’s Weekly Rundown, where we break down the latest news shaping the mining industry. As usual, we’re diving into a few major headlines that are striking the sector.

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First off, about 40 federal employees who had been working on coal miner health and firefighter safety programs have been temporarily recalled after being placed on administrative leave earlier this month due to sweeping cuts at the National Institute for Occupational Safety and Health (NIOSH). The workers were initially targeted for termination under the Trump administration’s restructuring, which slashed most of NIOSH’s workforce. Though the recall offers a brief review, their positions remain at risk, with a June 2 termination date still in place. West Virginia Senator Shelley Moore Capito and the agency’s union are pressing for permanent reinstatement, calling the programs vital to high-risk worker safety.

Secondly, Australian Prime Minister Anthony Albanese has announced a $1.2 billion AUD ($763 million USD) investment to create a strategic reserve of critical minerals, positioning the country to reduce its dependence on China and secure long-term resource supply chains. The initiative will involve purchasing minerals directly from producers or through price-guaranteed agreements, with stockpiles made available to domestic industries and key allies. The reserve is expected to be operational by the second half of 2026 and comes amid increasing global concern over access to materials crucial for electronics, electric vehicles and defense.

Finally, billionaire investor John Paulson has projected that gold prices could climb to $5,000 an ounce by 2028, citing a surge in central bank demand, geopolitical risk and diminishing confidence in the U.S. dollar. Paulson, a longtime gold backer and largest shareholder in Idaho gold and antimony developer Perpetua Resources, recently expanded his mining investments with a 40 percent stake in Alaska’s Donlin project. He highlighted the impact of Western sanctions on Russia’s foreign reserves as a trigger for global central banks to shift reserves toward gold. Additionally, Newmont, the world’s largest gold producer, exceeded Wall Street’s earnings expectations in quarter one, thanks to soaring gold prices. The company realized an average gold price of $2,944 per ounce for the quarter, helping boost adjusted earnings to $1.25 per share, well above analyst estimates.

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