Mining Engineering’s Weekly Rundown: Episode 9

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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The U.S. Forest Service republished the Final Environmental Impact Statement of the Resolution Copper project last week.  The news was welcomed by Resolution Copper which has been working to bring the mine into production for more than 10 years. The republication allows the Forest Service to advance a congressionally mandated land exchange, enabling future underground mine development and placing thousands of acres of land into permanent conservation. As part of the land exchange, Resolution Copper has committed to initiatives that support cultural preservation, recreation, education, employment, economic development, and nature through long-term partnerships with Native American Tribes and local communities. The Resolution Copper Mine could produce as much as 25 percent of copper needed by the United States.

Next, Critical Metals Corp has received a letter of interest from the U.S. Export-Import Bank for a loan worth up to $120 million to fund the company’s Tanbreez rare earths mine in Greenland. The loan, if approved, would be the Trump administration’s first overseas investment in a mining project and could boost U.S. access to rare earth minerals. Reuters reported that money from the loan would be used to fund technical work and get the mine to initial production by 2026.

Finally, Nippon Steel’s $14.9-billion acquisition of U.S. Steel closed on June 18, the companies said. Under the terms of the deal, Nippon bought 100 percent of U.S. Steel shares at $55 per share, as it first laid out in its December 2023 offer for the well-known but struggling steelmaker. The companies also disclosed details of a national security agreement inked with the administration, which gives President Donald Trump the authority to name a board member as well as a non-economic golden share. The agreement contains an unusual level of control conceded by the companies to the government to save the deal, after a rocky path to approval spurred by high-level political opposition.

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