NMA Mining Minute

Hope and optimism return as Senate Democrats yesterday said they will return to the negotiating table on permitting reform. Permitting reform has been one of the few areas of bipartisan agreement in Washington but Senate Democrats walked away from progress in talks last December due to the White House's stance on wind and solar projects. Now that Interior has been actively processing applications for solar and onshore wind projects, negotiating is back on. And that's a good thing for everyone. We know how the conflict with Iran is impacting energy prices and supplies, but it's also having impacts on other material supplies. One key impact is the global supply of aluminum. With shipping traffic through the strait of Hormuz at a standstill, supplies aren't moving, smelters are issuing notices to customers, and disruptions are being felt across the supply chain. And in the coming days the International Seabed Authority, which is the UN body that manages mineral-related activities in the ocean, will gather in Jamaica to discuss a proposed mining code for commercial seabed mining. As they meet, there's a lot at stake as some are looking to move ahead with projects while others are calling for a global moratorium so that science and regulations can catch up.

It's beginning to look a lot like midterms. That's the sense when you look at all of the proposals to address what seems to be the election's key issue: energy affordability. Starting in the White House, President Trump hosted business leaders yesterday to roll out his "ratepayer protection pledge," which was signed by Google, Microsoft, OpenAI and more and it has tech companies pledging to build, provide or buy any power their data center infrastructure needs. It's designed to ensure residents don't pay for the electricity used to power data centers. The President said in making the announcement that Americans' energy prices could drop "very substantially" as a result. Over on the Democrat side of the aisle, Senate Minority Leader Chuck Schumer said yesterday that Democrats are set to release a plan to lower energy costs as part of its so-called "cost agenda" for 2026, described as a broader effort to confront affordability issues. No details are available yet on their energy price plan, but it's certainly one we'll be watching. Finally, on a trip to Venezuela yesterday, Interior Secretary Doug Burgum called on investors to look to the country's rich minerals resources, much of which is located in the country's remote southern regions.  Burgum said, "Venezuela is a rich, rich country filled with both oil and gas resources but also rich in critical minerals. The opportunities now are greater than ever." Not discussed were security concerns in a region home to powerful armed gangs and guerrilla groups.

The energy markets are continuing to react to the situation in Iran. European thermal coal prices are at their highest level since October 2023. South African thermal-coal export prices have climbed to their highest level since August 2024. And Australian coal futures are also climbing. The price jumps are in response to concerns around natural gas supplies, where European natural-gas prices are up 70% just since last weekend. It's a bit of a repeat of what we saw just a few years ago around the war in Russia and Ukraine war. Italy's energy minister said on ​Wednesday that it may restart some coal power stations if the conflict in ‌the Middle East continues. Back here in Washington, the House on Tuesday approved the legislation we mentioned earlier this week to align the USGS and Department of Energy's critical minerals lists—That's the Critical Mineral Consistency Act of 2025. The Senate Energy and Natural Resources Committee last year approved a companion bill.

The conflict in Iran is obviously having an impact on the markets. On the energy side, the global market for oil and natural gas is seeing significant upheaval. Natural gas markets are being impacted because Qatar ships about 20% of global LNG supplies and had to shut down production after facilities were attacked. In addition to that, shipments of LNG are currently blocked from the waterway from the Persian Gulf that allows Middle Eastern exporters to get their products to Asia. One market that could pick up the slack when natural gas prices rise and supply is short is coal.     The administration has started to work through how a minerals trading bloc with U.S. allies will work, with the Office of the U.S. Trade Representative taking public comment around how to design the multinational framework.  The comment period is open through March 19.     And we'll end with great news from NMA Member Florence Copper, which just harvested its first copper cathodes at its operation in Arizona, marking the first new copper production from a greenfield project in the US since 2008.

You've heard us discuss this legislation in the past and we're talking about it again: the House is planning a vote on the "Critical Mineral Consistency Act." This is one that simply makes sense, and would align the USGS critical minerals list with that of the Department of Energy. There's no good reason to have conflicting lists within the US government so we hope to see this one get across the finish line soon. In dealmaking news, Hudbay Minerals said today it will acquire Arizona Sonoran Copper Company, creating the third-largest copper district in North America. With the news, Hudbay will have full ownership of the Cactus copper project in Arizona and expand its US growth pipeline alongside its existing Copper World project. Finally last week Secretary of the Interior Doug Burgum and Congressman Ryan Zinke visited Montana Tech University to tour its Lance College of Mines and Engineering's advanced mineral labs, hear more on the engineering technology the school has developed, and have a discussion with the community on the administration's commitment to Montana mining. The emphasis on mining schools is important as the mining industry continues to work to train and recruit the next generation of miners.

Members of Congress are reportedly asking questions about President Trump's recently announced "Project Vault," with many looking to learn details on the role of private companies in the public-private partnership, how the stockpile will be led and managed, and how the ExIm loan will get paid back. Ex-Im has reportedly been engaged with Congress, providing bipartisan briefings to lawmakers. Lithium prices surged yesterday after Zimbabwe suspended concentrate exports and fears of a global supply shortage surged. Recall that Zimbabwe halted exports of lithium concentrate on Wednesday, as part of its efforts to promote domestic processing and curtail illegal shipments. The ban is in effect until further notice. The country accounts for about 10% of the world's lithium. MP Materials is investing $1.25 billion in its rare-earth magnet manufacturing center, which will be located in in Northlake, Texas. This new facility will expand its existing manufacturing capacity, which is centered in Fort Worth. The facility will be up and running in 2028.

The National Mining Association yesterday released the results of polling that was conducted over the weekend, which found overwhelming American support for mining. The national polling, which was conducted by The Harris Poll found, in part, 83 percent of Americans believe increasing domestic minerals mining is important to U.S. economic and national security. It also found that 57% of Americans support keeping coal plants open longer to meet growing energy demands and keep costs lower. The Trump administration plans to use a Pentagon-created AI program to help set prices for minerals as part of its efforts to impose "reference prices for critical minerals at each stage of production" that could be backed by adjustable tariffs. DARPA's OPEN AI program works to determine what minerals should be priced when considering labor, processing and other costs when those factors are considered without Chinese market manipulation. Finally, looking at the world's mineral supply chains, Zimbabwe has suspended exports of all raw minerals and lithium concentrates. In an announcement on Wednesday, the Minister of Mines said the move includes all minerals "currently in transit". The export ban on lithium concentrates had originally been scheduled to come into effect in January 2027, and is significant because Zimbabwe holds Africa's largest lithium reserves, with most of the country's concentrate exported to China for processing.

The Energy Information Administration said yesterday that U.S. power plants originally scheduled to be retired in 2026 could stay online longer, following last year, when electricity use and prices hit record levels across the U.S. In 2025, only 4.6 gigawatts of electric-generating capacity retired, which is the lowest since 2008, and half of what was scheduled to be retired. Concerns about power shortages were the rationale for keeping those plants online and, given that concerns have not gone away since, one would expect that trend to continue. The Bureau of Ocean Energy Management yesterday proposed new regulations governing deep-sea mining. The revisions expedite production of minerals tied to national security, economic competitiveness and technology. The 60-day public comment period kicks off today, concluding on April 27. And while most market watchers focused, with good reason, on gold, silver, and copper, there are other metals that are surging but gaining far less attention. Tungsten prices have climbed 500% over the past year, as the market faces a supply crunch with global inventories extremely low.

News reports indicate that the EPA will move today to repeal the prior administration's Mercury Air Toxics Standards – or MATS rule. The move is an important one because the rule was specifically designed to force the closure of coal plants, with revisions far too costly to justify the minimal emission reductions they would achieve, and standards set at levels that were not achievable in the real world. Reuters is reporting that the Democratic Republic of Congo is including specific critical mineral mines on a list of strategic assets that it is offering to the U.S. under a minerals cooperation framework the two countries are working to finalize. With some assets currently under rebel control, U.S. interests and investment are increasingly being drawn into the conflict-torn eastern Congo region. And finally, with strong demand and holdups in supply, prices of two key rare earths have rallied above the price floor provided by the U.S. government last year to MP Materials. The higher prices mean the U.S. government will not have to subsidize MP Materials operations and will also support production from other producers working to help cut the world's reliance on China.

The Department of the Interior's Office of Surface Mining yesterday released its final "ten-day notice" rule, reversing a Biden-era rule concerning federal government intervention on safety issues at coal mines. The rule reverts to language that was used prior to the Biden administration requiring federal regulators to work with the states before issuing violations or taking enforcement actions. It's an important action because it restores the system that respects state primacy, while maintaining appropriate federal oversight. In a separate move yesterday aimed at restoring the appropriate federal/state balance, the DOI signed an agreement with West Virginia regulators, giving the state increased authority to regulate its coal mining and reclamation. In inking the agreement, Secretary Burgun said, in part, "By empowering West Virginia to take the lead, we're streamlining regulations, boosting certainty for coal producers and supporting jobs and investment that strengthen our economy and energy security." Interior has similar agreements with a dozen other states. And finally, because not a day goes by without a critical minerals deal, the US has signed an agreement with Uzbekistan to secure access to that country's mineral resources. The "Joint Investment Framework" prioritize investments across the mineral value chain including exploration, extraction and processing, and proposes a new US–Uzbekistan Joint Investment Holding Company for future minerals and infrastructure projects.

Bloomberg is reporting that the US has developed a critical minerals price floor system. It's working to gain support from partner countries for the new system that was developed by multiple agencies to help alleviate the pressure on the US and its allies from foreign market manipulation. President Trump is scheduled on Thursday to travel to Georgia, where he will talk about affordability issues, and a new critical minerals facility in the state, which is part of the US--Japan trade deal that was struck last year. Finally, in Wyoming, the state is considering legislation that would use some excise tax revenues for an "energy dominance fund." The bill would create a grant and loan program supporting fossil fuel, uranium and rare-earth minerals production. The bill is supported by the White House, which said it should be used as a model for other states.

Speaking at the Munich Security Conference over the weekend, Secretary of State Marco Rubio called on allies to work together to secure supplies of rare earths and other minerals. He urged European countries to join the US in building a Western supply chain for critical minerals that would not be vulnerable to market manipulation. Away from Munich, Mexico and Canada announced that they are working on a joint action plan on minerals, infrastructure and supply chains in the second half of the year. The announcement came after a meeting between Mexico's Economy Minister and Canada's Minister of Trade in Mexico City yesterday. And for the first time in more than 50 years, the Nuclear Regulatory Commission Friday approved licenses for new nuclear fuel facilities. The Tennessee based facilities plan to use "TRISO" fuel, which is known as the "most robust nuclear fuel on Earth." The challenge will be securing the pure form of uranium the fuel requires which is currently produced at-scale in only Russia and China. There are a number of startups working towards production in the U.S. but it is another example of the need to secure our domestic supply chains and wean the US off of foreign suppliers.

AI, data centers, processors. The big data moment is built on a foundation provided by extraordinary physical infrastructure. Few realize how large, or the materials required to make it happen. There are tens of thousands to potentially millions of specialized semiconductor chips in new data centers. To make just one of these chips requires a dizzying variety of minerals. Silicon, Gallium, Germanium, Palladium, Tungsten, Cobalt, Gold and copper are just some of minerals needed for a single chip. And of course it's not just about chips. Data centers themselves require vast amounts of metal for their construction, particularly for their power networks, circuit boards and cooling systems. A study of a $500 million Microsoft data center in Chicago found it used nearly 2,200 tons of copper. And that data center is now dwarfed by a new class of facilities. The bottom line is this: As the U.S. confronts the AI industrial arms race, getting our minerals and mining policy right, is simply nonnegotiable. That's your mining minute for this morning. Tune in for more from NMA TV.

The Trump administration yesterday repealed of the Obama-era endangerment finding, which says that greenhouse gases harm human health, served as the legal and scientific justification for most federal rules that combat climate change. In repealing the finding, according to reporting, the EPA argues that the Clean Air Act only empowers the agency to regulate pollutants that pose a direct danger to the public from exposure and that U.S. sectors like new vehicles contribute so little to global warming that they don't warrant regulation. The National Energy Dominance Council celebrated its one year anniversary yesterday and, in doing so, its chair Interior Secretary Doug Burgum highlighted the council's priorities: which are to help projects related to critical minerals and energy get built.  "If you have not talked to [the dominance council], you need to," said Burgum. Finally, The Trump administration is reportedly looking at how Venezuela's minerals can present economic opportunity for the country. While it has known deposits of gold, bauxite, and other critical minerals it lacks the infrastructure or mapping to have a clear view on how to take advantage of those resources. The administration hopes that "American and other aligned companies have fair access to the Venezuelan market will help the economy recover from a decade of neglect."

As we previewed yesterday, President Trump hosted members of the coal industry at the White House where he received an award from the Washington Coal Club, signed an executive order directing the Department of War to buy electricity from coal plants, and announced funding for coal plant upgrades.  Nickel prices are up again today after Indonesia ordered the world's largest nickel mine to cut output. It's a move aimed at tightening global supply and lifting prices. Finally, on Capitol Hill, the House approved the "Securing America's Critical Minerals Supply Act," which defines all energy sector minerals that are vulnerable to supply chain disruptions as "critical energy resources," and directs DOE to study way to secure those supply chains. Also in the House, the House Natural Resources Committee approved an amended version of the "Critical Mineral Consistency Act," which is meant to align the USGS list of critical minerals with the Department of Energy's list.

President Trump today welcomes the coal industry—including members of the National Mining Association—back to the White House where he will receive an award from the Washington Coal Club and will reportedly make a number of announcements, including an executive order concerning the Department of War buying electricity from coal plants and funding awards to five coal plants for facilities upgrades. We'll have more on that event for you tomorrow. The nation's largest federal utility, Tennessee Valley Authority, may extend the life of coal units at two of its largest power plants. A vote is expected at its board of directors meeting as soon as today. Finally, the U.S. is reportedly using offtake deals and state-backed to edge out China in securing African copper, cobalt and other minerals. The US government is reportedly focusing on Zambia, Guinea and the Democratic Republic of Congo.

A new report by Energy Ventures Analysis, released yesterday, found that, in 2025, coal generation served as an important buffer against energy inflation due to rising natural gas prices, electricity demand growth and infrastructure-related costs. Coal generation delivered between $30 and $40 billion in total savings, lowering Americans' power bills an average of $150 per household. The Trump administration is planning this week to repeal the 2009 "endangerment finding," which is a finding that serves as the legal basis for federal greenhouse-gas regulation. The final rule will reportedly remove the regulatory requirements around federal greenhouse-gas emission standards for motor vehicles. The rule won't apply to power plants but it could provide the rationale for rolling back regulations that do. Finally, looking at the administration's plans to invest in mineral assets abroad, unrest in Pakistan's largest mineral-rich province is highlighting the challenges of doing so. In December, the administration said it would invest $1.25 billion in the region as part of its strategy to counter China's global minerals dominance, but recent militant attacks on civilian and government targets in at least nine towns have now made efforts to extract minerals there shaky at best. Just one more reason to support domestic mining, here at home.

The USGS on Friday released its annual Mineral Commodity Summaries report, which shows that, when it comes to reducing China's hold on our mineral supply chains, it's harder than you might think. The numbers showed our import dependence—the amount of minerals we need to import to meet the country's mineral needs—worsened last year. The U.S. is now 100 percent import reliant for 16 minerals—that's up from 15 the year prior—and is reliant on imports for more than one-half of our consumption for 54 nonfuel mineral commodities, that number is up from 46 the year prior. The number show the urgent need to do more to support domestic mining projects. And speaking of the people who can do more to support domestic mining, on Capitol Hill there will be a range of mining-related matters up for consideration this week.  In the Senate, Representative Stauber's Congressional Review Act resolution aimed at overturning the Biden administration's Minnesota Mining ban could get a vote.  And, in the House, we should see a vote on legislation focused on energy supply chains. The "Securing America's Critical Minerals Supply Act," directs the Department of Energy to conduct an ongoing assessment of the resources required for our energy sector.

It seems that everyone was making deals in Washington this week with countries including the UAE, the UK, Argentina and the Philippines each issuing separate announcements that they had signed deals with the United States to secure the supply and processing of Critical Minerals and Rare Earths during this week's meetings in Washington. Amidst all of this dealmaking, the New York Times today has an opinion piece on the global rush to secure rare earths, pointing out that they're actually not so rare. The piece argues that the United States should not only increase production at its existing mines, but also build out domestic capacity for processing critical minerals while also focusing on recycling rare earths from mine waste and through other techniques. The USGS will later today release its annual Mineral Commodity Summaries report, which gives us a glimpse each year into just how import reliant US supply chains are on foreign suppliers for the minerals we need.  Last year's report found that the US was 100 percent import reliant for 15 minerals and more than one-half import reliant for 46 non-fuel minerals. We'll see if the focus on building up our supply chains with domestic product has put a dent in those numbers this year.

Coming out of yesterday's meetings in Washington, which brought together representatives from more than 50 countries to discuss minerals, Vice President JD Vance unveiled plans to create a trade bloc for critical minerals, specifically proposing coordinated price floors. In making the proposal, Vance said, "We want to eliminate that problem of people flooding into our markets with cheap critical minerals to undercut our domestic manufacturers…We will establish reference prices for critical minerals at each stage of production," He said. Also coming out of yesterday's meetings, the U.S. has agreed to work with Japan, Mexico and the European Union on the development of critical minerals to counter China's hold on the world's mineral supply chains. A memorandum of understanding is expected within the next 30 days which will detail how the countries will work together to support projects in mining, refining, processing and recycling. Finally, yesterday in the House, a bipartisan group of lawmakers came together to pass key legislation from Rep. Pete Stauber – the "Critical Mineral Dominance Act.  With so much work done by the administration over the last year to support domestic mining projects, the bill would codify certain provisions of President Trump's executive orders to increase domestic mining and processing.