Latest news with #USproduction
News.com.au
6 days ago
- Business
- News.com.au
The ASX explorers preparing to drill baby, drill in the land of opportunity
US President Donald Trump's "drill, baby, drill" slogan has miners hopeful of an American mining renaissance ASX players including Firetail Resources, Resolution Minerals, Locksley Resources and Codrus Minerals are taking advantage of a bullish development landscape Executive orders to boost minerals production could be "transformative" for explorers US President Donald Trump's promise of more mining friendly policies has seen Australian explorers flock across the Pacific and boosted the prospects for those already there. While the 'drill baby, drill' slogan dates back to 2008 and was first coined to promote US oil and gas production, Trump re-used it late last year and has since signed a flurry of executive orders which aim to promote domestic minerals production. Despite ranking second globally for copper reserves, third for potash and fourth for gold, as well as being a top five producer of platinum, gold, copper and palladium, S&P Global Intelligence pointed out the US mining industry faces several hurdles, including declining discovery rates and long project development times. It also noted that the recently signed executive orders could be transformative. Exploration activity in the US was already bucking the trend, rising over the past four years to reach a near-record US$1.65 billion last year. In the first six months of 2025, S&P Global Intelligence Metals & Mining research director Kevin Murphy told Stockhead 1440 holes were completed at 91 distinct projects in the US, half of which were gold projects. However, that was down from the 1907 drill holes reported in the first half of 2024 across 105 properties. Last month, Toronto-listed drilling contractor Major Drilling reported that weak market conditions for juniors and the uncertainty surrounding tariffs had delayed some exploration programs in North America but it was confident work was ramping up. The ASX market has been much more favourable for juniors than North American markets, which, when combined with more supportive mining policies, may explain the flood of Australian juniors flocking to the US. Conga line Last month, Firetail Resources (ASX:FTL) announced the acquisition of two high-grade gold projects in the US, the Excelsior Springs gold-silver project in Nevada and the Bella project in South Dakota. The company had been looking for opportunities in the US for the past nine months. 'We think we are the start of a big conga line that I think will be heading into that part of the world due to the opportunities that are there,' Firetail managing director Glenn Poole told The Hole Truth podcast this week. 'The ASX is a good platform, but Australian opportunities are getting rarer and rarer, so we have to go a bit further afield, and places like the USA are very amenable to mining.' Poole said both projects had been previously held by 'distressed' juniors which weren't being rewarded for exploration success. At the more advanced Excelsior project, recent drilling has returned results like 33.5m at 5.35 grams per tonne gold from 41.2m, including 10.7m at 15.99g/t gold, 51.8m at 4g/t gold from 39.6m, including 6.1m at 16.3g/t gold, and 32m at 2.45g/t gold from 44.2m, including 6.1m at 10g/t gold. 'We'll bring to a market that will appreciate what we're doing,' Poole said. Firetail is aiming to kick off the project's first-ever diamond drilling program next month and report an initial JORC resource and exploration target by the end of the year. Times a-changin' Last month, Resolution Minerals (ASX:RML) agreed to acquire the Horse Heaven antimony-gold-silver-tungsten project in Idaho, directly adjacent to Perpetua Resources Corp's US$2 billion Stibnite gold-antimony development. On a webinar on Monday, Resolution's CEO of US operations Craig Lindsay pointed to the passing of Trump's Big Beautiful Bill legislation. 'One of the interesting things is there's US$2.5 billion in that Big Beautiful Bill that has been dedicated to the development of critical metals, so that is something that Resolution Minerals is going to be capitalising on,' he said. Lindsay has a long history of working in Idaho but said that two decades ago, most mining people didn't know much about it. Stibnite really put Idaho on the map but not always for the right reasons, given that the project took 15 years to permit and only got its final approval in January. That is set to change, with Idaho Governor Brad Little introducing the Strategic Permitting, Efficiency and Economic Development (SPEED) Act in January. 'Really what he's trying to do is help the federal permitting authorities, the state permitting authorities and local permitting authorities speak to each other and work together to permit large projects faster, and that, I think, is going to have a significant impact on projects like Horse Heaven as we move through various permitting cycles,' he said. Given the project's proximity to Stibnite and identical geological background, Lindsay said it wasn't just nearology, but 'exactology'. Despite not yet closing the acquisition, Resolution this week announced final approval from the US Forest Service for a drilling program of up to 57 holes, the first phase of which will begin next month. 'It's going to allow us to get out there and be the first people to be working on that property in over 30 years, so it's really right place at the right time,' Lindsay said. Fresh focus Codrus Minerals (ASX:CDR) and Locksley Resources (ASX:LKY) are two companies that have had US projects sitting in their portfolios for some years but have dusted them off given current market conditions. Both companies turned their attention to Australian projects, largely due to the lengthy wait for drilling permits. After a long process, Codrus got a drilling permit for the Bull Run gold project in Oregon in May and kicked off its first drilling campaign last month. Despite high-grade rock chip results, just three drill holes had been sunk previously. The initial program is focused on five priority gold targets over 2km of strike. The first diamond hole has been completed and samples sent to the lab, with the second now underway. Meanwhile, Locksley holds the Mojave rare earth and antimony project in California, which is 1.4km from MP Materials' Mountain Pass mine, the only producing rare earth mine in the US. The US' renewed focus on critical minerals bumped the project to the top of Locksley's priorities. 'What we were thinking, where it was initially going to take two years to get a drilling permit, has now been turned around in a matter of weeks,' Locksley head of critical minerals Allister Caird told Stockhead last month. Locksley was granted a permit on June 5 and is now preparing for its initial drilling campaign, focused on the El Campo rare earth target. Yesterday, it received drilling approval from the Bureau of Land Management for exploration of the historic Desert antimony mine, also within the Mojave project. 'We've had this project that's got some pretty compelling grades, but not everything has fallen into place until right now, and it's all happened very quickly, so it's a pretty exciting time for the company,' Caird said.
Yahoo
6 days ago
- Business
- Yahoo
Trump announces 50% tariff on copper imports as copper futures surge
President Donald Trump has announced plans to impose a 50% tariff on copper imports, a move aimed at bolstering US production of the essential metal, as reported by Reuters. Following the announcement, US Comex copper futures surged more than 12% to a record high. During a White House cabinet meeting, Trump revealed his intention to declare the tariff, although the effective date was not specified, stating: 'I believe the tariff on copper, we're going to make 50%.' US Commerce Secretary Howard Lutnick indicated in a CNBC interview that the tariffs could be in place by the end of July or on 1 August 2025, with Trump expected to share details on his social media account. Despite the announcement, a definitive declaration of the tariffs is still awaited by countries, mining companies and trade groups. The US government initiated a Section 232 investigation into copper imports in February, with a November deadline for conclusion. Lutnick has confirmed that this review os already complete. 'The idea is to bring copper home, bring copper production home, bring the ability to make copper, which is key to the industrial sector, back home to America,' he stated. The National Mining Association has declined to make any comments until more details are disclosed, and the American Critical Minerals Association has not responded to requests for comments. The new US copper tariff is poised to significantly impact Chile, Canada and Mexico, the top suppliers of refined copper and copper products to the US in 2024 according to US Census Bureau data. These countries, along with Peru, have argued that their exports do not threaten US interests and should be exempt from tariffs, given their free trade agreements with the US. The Canadian metals industry is already grappling with challenges from higher US tariffs on steel and aluminium, now at 50%, which could lead to job losses and reduced sales. "Trump announces 50% tariff on copper imports as copper futures surge" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Bloomberg
25-06-2025
- Business
- Bloomberg
New Oil Geopolitics Laid Bare By Iran Conflict
Thanks to a decade-long shale boom, the US has emerged as the world's biggest oil producer. By Save Welcome to Balance of Power, bringing you the latest in global politics. If you haven't yet, sign up here. The past two weeks of Middle East turmoil, culminating in President Donald Trump ordering airstrikes on Iran, can be hard to digest.
Bloomberg
18-06-2025
- Business
- Bloomberg
Why Trump Is Fed Up With Powell
Plus: A copper smelter stands alone, and a new episode of the Elon, Inc. podcast. By Save The US Federal Reserve decided to keep interest rates where they are. Bloomberg News senior economics reporter Enda Curran explains why Donald Trump isn't happy. Plus: The challenge of reviving US copper production, how Microsoft is standing by its climate goals, and is MAMUWT (Musk Always Makes Up With Trump) really a thing? If this email was forwarded to you, click here to sign up. Programming note: This newsletter will be off Thursday for Juneteenth. See you again on Friday.
Auto Blog
04-06-2025
- Automotive
- Auto Blog
German Automakers Discussing U.S. Tariff Deal, What You Need to Know
Germany's automakers could reach a tariff deal by early June Volkswagen, Mercedes-Benz, and BMW are leading talks with Washington over a tariff deal involving German automakers receiving credits for vehicles they export from America to other countries, which would lower or offset the tariffs on cars they import into the U.S. from Germany. America is the European Union's (EU) fifth-largest vehicle export destination after China, Japan, Britain, and Turkey, according to Reuters, but the U.S. is the largest export destination for German cars. Mercedes-Benz is expanding its U.S. production by manufacturing its GLC SUV at its Alabama plant starting in 2027, BMW is considering adding shifts at its Spartanburg plant in South Carolina, and Volkswagen's Audi mulls over producing some vehicles in the U.S.—a plan predating the Trump administration. Germany's leading automakers are aiming for talks with the U.S. Department of Commerce to result in a tariff deal in June. Mercedes-AMG GT 63 4MATIC+ — Source: Mercedes-AMG Germany already has a relatively sizable U.S. auto production presence The potential new and current investments that the Commerce Department is reviewing from German automakers are worth billions of dollars. BMW CEO Oliver Zipse said that the manufacturer's Spartanburg plant supports 43,000 jobs and contributes over $26 billion yearly. While many European automakers withdrew their 2025 financial forecasts, BMW is backing its March projections alongside Ferrari, which also stood by its 2025 earnings forecast. However, BMW's decision to stick with its 2025 guidance is partially based on the idea that some tariffs will go into reverse from July at the latest. BMW finance chief Walter Mertl said: 'We are noticing that things are moving, developing, and being negotiated everywhere. Accordingly, our reading, based on all the networks that we have at our disposal, is that we assume that something will change in July,' Just Auto reports. The German automaker's 2025 outlook includes earnings on par with 2024 and an operating margin in the car segment of 5-7%, according to Reuters. The head of Germany's auto lobby, Hildegard Müller, highlighted in an interview with Politico that Germany produces about 840,000 vehicles annually within the U.S. for both the American market and exports, with 140,000 total employees. In addition to BMW's Spartanburg plant, Mercedes-Benz's Tuscaloosa, Alabama factory has been operating since 1997, resulting in approximately four million vehicles produced. Volkswagen's Chattanooga plant, which opened in 2011, built 175,000 cars in 2023. Müller also pointed out that building a U.S. automotive plant, even if you're quick, takes one or two years, and companies are losing money fast. U.S. tariffs are causing manufacturers like BMW to lose $11.3 million daily and impacting about €67 billion ($76 billion) of EU automotive exports, Euronews reports. Volkswagen Golf GTI Mk7 — Source: Volkswagen Final thoughts Automakers like Volkswagen, BMW, and Mercedes-Benz are pushing for a U.S. tariff deal with the selling point that German automakers receive credits based on the number of vehicles Germany produces in America to reduce the two countries' car market trade deficit. However, if the tariffs stay in place, powerful voices in the automotive industry, like Hildegard Müller, noted that these policies can lower the pressure that U.S. car manufacturers face to be innovative, weakening their international competitiveness in the medium term. Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime.
