Mining Engineering’s Weekly Rundown: Episode 58
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, Rio Tinto says lithium is on track to become its fastest-growing business segment as the company works to more than triple production capacity by 2028. Following its acquisition of Arcadium Lithium last year, Rio now controls a global portfolio of lithium assets spanning four continents and serves customers including Tesla. Company executives say lithium demand from electric vehicles and battery storage systems continues to drive long-term growth despite recent price volatility. Rio expects to produce at least 61,000 metric tons of lithium this year and plans to expand capacity to 200,000 metric tons by 2028. The company is also advancing direct lithium extraction technology and developing new projects in Argentina and Canada as it positions itself to become a major supplier in the battery materials market.
Next, China has expanded trade restrictions against several U.S. companies involved in critical minerals and defense-related industries, including MP Materials and USA Rare Earth. Beijing added the firms to its export control list, prohibiting Chinese suppliers from providing dual-use goods and technologies to the companies. The move comes in response to recent U.S. restrictions on Chinese firms that Washington says have ties to China’s military. The decision highlights ongoing tensions between the world’s two largest economies and growing competition over rare earth supply chains as both countries work to secure domestic sources of critical minerals.
Finally, Newmont has received key regulatory approvals from the Province of British Columbia for its Red Chris Block Cave project. The approvals include an amended Environmental Assessment Certificate and an amended Mines Act permit, allowing Red Chris to transition from open-pit mining to underground block caving operations. The project is expected to extend the mine’s life into the mid-2040s and increase Canada’s copper production by roughly 15 percent. Newmont says the development could create more than 1,800 construction jobs and support approximately 1,500 operating positions. The approvals were achieved through a consent-based process with the Tahltan Nation.
For full details on these stories and more, visit our online magazine at me.smenet.org
