Mining Engineering’s Weekly Rundown: Episode 28

First, Coeur Mining has announced plans to acquire New Gold Inc. in a landmark, all-stock deal valued at about 7 billion U.S. dollars, creating a new, all-North American senior precious metals producer. The combined company will boast seven operations across the U.S., Canada-= and Mexico, with projected annual production of 1.25 million gold equivalent ounces by 2026, including 20 million ounces of silver. The merger gives Coeur a market capitalization of around 20 billion dollars, making it one of the world’s top ten precious metals companies and among the top five silver producers. Executives say the deal will dramatically expand cash flow, with expected 2026 free cash flow of 2 billion dollars, up from roughly 550 million expected in 2025. The merger will also see New Gold CEO Patrick Godin join Coeur’s board, as both leaders touted the deal as a “transformational” step toward building a North American mining powerhouse.

Next, officials and industry executives say Arkansas could soon become the epicenter of U.S. lithium production, despite steep competition from China, falling prices, and ongoing technological hurdles. The state sits atop the Smackover Formation, a brine-rich geological basin stretching across the South that’s believed to contain more than 5 million metric tons of lithium. ExxonMobil, Chevron and Standard Lithium are all racing to prove that direct lithium extraction, or DLE, can be deployed commercially, a process that’s never been done at scale before. Prices have dropped more than 80 percent in the past 18 months, but Arkansas leaders remain optimistic. Governor Sarah Huckabee Sanders says the state’s low electricity costs, industrial know-how, and favorable regulations make it a prime candidate to compete globally. More than 800 attendees joined the Arkansas Lithium Innovation Summit this week, underscoring growing interest in what could become America’s next critical minerals hub.

Finally, California-based Controlled Thermal Resources, known for its work near the Salton Sea, is planning an initial public offering in 2026 to form a new publicly traded company called American Critical Resources. The move aims to attract federal investment as Washington prioritizes domestic supply chains for battery metals. CEO Rod Colwell confirmed that the IPO would help CTR align with government funding trends that favor publicly listed companies, like MP Materials and Lithium Americas. CTR’s project, backed by General Motors and Stellantis, has faced delays in commercializing its own DLE technology but remains on track to start lithium production by 2028. The company’s long-term plan extends beyond lithium. It hopes to extract zinc, manganese and potash from geothermal brine by the end of the decade. Despite environmental lawsuits and technical uncertainty, CTR’s IPO signals growing confidence that California’s lithium ambitions could soon rival Arkansas’s in the race to build a domestic battery supply chain.

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