Mining Engineering’s Weekly Rundown: Episode 24
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, President Donald Trump has signed an executive order directing his administration to permit construction of an access road to the Ambler Mining District, a region rich in copper and other critical minerals. The White House also revealed a $35.6 million investment in Canada’s Trilogy Metals, giving Washington a 10 percent stake in the company and the option to buy more. The decision reverses a 2024 Biden-era rejection of the 211-mile road, which had been blocked over concerns about caribou and fish populations vital to Native communities. Supporters say the move will strengthen America’s mineral security, while environmental groups argue it ignores local opposition and endangers pristine wilderness.
Next, Barrick Gold is moving to streamline its portfolio with the sale of its Tongon gold mine and related assets in Ivory Coast to Atlantic Group for up to $305 million. The deal, announced Monday, includes a $192 million cash payment and is part of Barrick’s long-term strategy to divest non-core operations while focusing on higher-margin. It will also prioritize long-life assets, particularly in copper and strategic African and Middle Eastern projects. Shares of Barrick rose 3 percent on the news, as the company emphasized the sale would help strengthen its balance sheet. Tongon, which began production in 2010, has extended well beyond its original mine life thanks to successful exploration, and the timing of the sale comes as gold prices hover near $3,900 per ounce amid global economic uncertainty.
Finally, Gold prices shattered records this week, breaking through the $4,000-per-ounce milestone for the first time. Spot gold jumped 1.5 percent to just over $4,040, while U.S. futures neared $4,064. This was fueled by expectations of Federal Reserve rate cuts, central bank buying and ongoing global conflicts. The metal has soared 54 percent so far this year, vastly outperforming equities and cryptocurrencies, while silver, platinum and palladium have also surged on tightening supplies and investor demand. Analysts say gold’s rally reflects deep concerns about global stability, with some forecasting the metal could test $5,000 per ounce in 2026 if current conditions persist.
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