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1) Based on a report from the U.S. Geological Survey in early 2022, the U.S. is reliant on China for more than 50% of 25 mineral commodities. Although there has been talk of more domestic production and government funding to boost some projects, the same projects we've been hearing about in the last couple years are still in permitting purgatory and litigation over environmental concerns. Steve Trussell, executive director of the Arizona Mining Association, noted that "China currently controls the production of 80% of rare earth elements, 70% graphite, 59% lithium and 36% cobalt." Nevada is looking at a new rush of mining companies as the scramble for lithium is driving the state to look at new permits and projects. Thacker Pass and Rhyolite Ridge are some of the major projects that made headlines this past year. Overall, more needs to be done to allow the U.S. to be competitive in the global mining industry, especially if the country is serious about securing its own supply chain and transitioning to greener power.
2) Barrick Gold has signed a new joint venture with Saudi Arabia's state-run miner Ma'aden for two prospective exploration projects. This partnership opens up potential synergies with an already existing Jabal Sayid mine, which is already a 50/50 joint venture with Barrick and Ma'aden. From 2018 to 2021, Jabal Sayid has increased its production from 110 million pounds to 152 million pounds through improved mining performance and optimizing the processing plant. Saudi Arabia is trying to diversify its economy from oil by the year 2030, through the Vision 2030 agenda set out by the Crown Prince. Mark Bristow said that Barrick committed to broadening its partnership with Barrick and wants to contribute to the diversification into mining.