If it hasn’t been clear since “critical minerals” entered the popular lexicon in 2022, it sure is now: we’re living in one of the greatest periods to be part of mining. Find me a politician anywhere, even on some Pacific atoll, who isn’t talking about mining and metals, and I’ll show you someone zoned out.
Even remote island nations want energy-transition metals mined if they help keep rising seas at bay.
Countries and miners alike are racing to secure supplies of copper, nickel, lithium and uranium. Canada’s industry, for example, is under pressure to step up in mining or risk losing ground to other jurisdictions. The West is hell-bent on reducing its reliance on China.
Rare earths became a rallying cry in 2025 as the Asian giant first weaponized the 17 elements, then appeared to come to somewhat of a truce with the U.S. The Trump administration took an equity stake in rare earths producer MP Materials before steering it toward a deal with Saudi Arabia. The U.S. also invested for a 5% stake in Lithium Americas, making government ownership in miners a new norm from a deal-making White House.
Carney passed a federal budget through Parliament that gives more money to mining than, well, ever. Pierre Gratton of the Mining Association of Canada can’t believe it. The prime minister is following through on promises to move large mining and infrastructure projects to fast-tracking.
However, there is criticism that this could simply add another layer for projects to endure, and that they must still be deemed to be in “the national interest” before speedier measures take effect.
Trade, security
Trump and Carney are casting this new boosterism in terms of trade and national security. Hardly a day goes by without Trump or his administration striking a critical minerals deal with some nation or other: Saudi Arabia, Australia, Japan, Ukraine, Malaysia, Thailand, Kazakhstan.
Even when Trump veers off on a whim against conventional economic theory, mining seems to win. His global tariff policies made gold the biggest metals story this year — and likely since the late 1970s, when roaring inflation and oil price shocks rattled the world.
The spot price of gold has risen 66% this year, setting record highs above $4,300 an ounce. It is second only to the late-1970s surge, when gold jumped more than 250% from 1978 to 1980 as investors fled to anything that looked solid.
One of our top-read stories online this year came out of the Beaver Creek conference in Colorado, where Frank Giustra talked about investors’ preference for physical gold rather than paper claims. Another focused on the potential IPO of an obscure gold producer from Uzbekistan — state-owned Navoi — which is, in fact, the world’s fourth-largest gold producer. Investors remain hungry for gold, and forecasters say it could hit $5,000 an ounce next year (see page 35).
Copper
Copper also took centre stage this year after America’s 50% tariffs on imports triggered record prices for the red metal in July. Prices eased after it became clear the duties applied to finished products rather than raw material, then shot up again. The plumbing-and-wiring metal — a proxy indicator for the global economy — looks well positioned for next year.
Chile’s Codelco, the world’s largest copper producer, has lifted its 2026 premiums on top of London Metal Exchange prices to record levels, signalling tight availability of refined copper. Meanwhile, China Daily, the state-owned English-language newspaper, reported the government is exploring options to support the country’s ailing property sector.
Nuclear energy is booming again. Ontario is spending billions modernizing its reactor fleet and building some of the first small modular reactors. The driver is soaring demand for carbon-free baseload electricity and the explosive growth of data centres needed for artificial-intelligence computing.
Artificial intelligence also had another big year, helping fuel stock-market gains. It is advancing exploration by coordinating vast datasets and improving processing efficiencies. AI also means more demand for copper wiring, rare-earth-rich semiconductors, and uranium to fuel its power.
Research
We’ve begun using AI in our reporting at the Miner, primarily as a research tool. It can be trained, but, like a child, needs constant supervision lest it invent quotes or garble figures. On balance, it’s a plus for our team, helping transcribe interviews and dig into reports.
We’re doing more with less as we cover the globe from head office in Toronto, while leaning on Northern Miner Group staff and stringers in Vancouver, Montreal, Nova Scotia, Europe and Australia. Videos and podcasts continue to expand, along with our social-media reach.
We awarded Pierre Lassonde a Lifetime Achievement award and named Clive Johnson of B2Gold as our Person of the Year for stickhandling through Mali unrest and starting the Goose mine in the Far North. Iamgold’s Bruno Lemelin took the EY Operator of the Year honours.
As we wrap up another year, some of you may be reading this in London, where we staged our most successful International Metals Symposium yet, with several hundred delegates and presentations by Rick Rule, Rob McEwen and Mark Cutifani, among others.
We’re riding high after a great year for mining, with strong momentum heading into 2026.
Merry Christmas and Happy New Year!
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