Mining Engineering’s Weekly Rundown: Episode 61
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.
This week’s Weekly Rundown is brought to you by Phoenix Process Equipment. Specialists in Dewatering, Washing & Classification.
First, SuperCritical Materials has secured an exclusive license from the U.S. Department of Energy to commercialize a patented process for manufacturing adsorbent materials that can extract uranium and other critical materials from seawater. Researchers at Pacific Northwest National Laboratory developed the technology with support from the DOE’s Office of Nuclear Energy. Together, they demonstrated its ability to recover uranium at the laboratory scale. SuperCritical now holds the rights to manufacture and deploy the technology at industrial scale in the United States before expanding to allied nations.
Next, Genesis Minerals has agreed to acquire Vault Minerals in a deal that will create Australia’s third-largest gold producer. The deal has a market capitalization of about A$12.6 billion, or roughly US$8.7 billion. The combined company is expected to produce as much as 700,000 ounces of gold annually and generate an estimated $2 billion in synergies by integrating nearby operations in Western Australia. Genesis shareholders will own nearly 60 percent of the merged company, while Vault shareholders will hold the remaining 40 percent. The transaction follows Regis Resources’ decision to abandon its competing pursuit of Vault after determining it could not match Genesis’ offer while meeting its financial targets.
Finally, the U.S. Department of Defense will invest $25 million in ReElement Technologies to expand domestic rare earth processing capacity. The funding will help the company purchase and install equipment at its planned commercial facility in Marion, Indiana. It intends to recycle magnets and process rare earth elements, along with germanium and gallium used in semiconductor and defense applications. The materials are expected to supply magnets used in military systems such as fighter jets, missiles and submarines. The investment comes as the United States works to reduce its reliance on China’s dominant position in the global rare earth supply chain, although the Pentagon has not disclosed whether the funding will be provided as a grant, loan or another financial mechanism.
For full details on these stories and more, visit our online magazine at me.smenet.org
