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1) The Mexican government is proposing to overhaul its mining laws, which include shorter concessions, from 50 years to 15 years, and tighter rules for permits. Industry leaders warned that it would be a mistake as the fear it will undermine the sector's growth prospects. Mexico is the world's top silver producer, as well as a top 10 gold and copper miner, while also looking to grow its lithium sector as the race for electric vehicles heats up. The initiative, which still has to pass through various legislative steps, also adds new requirements for mining and water permits, establish a new obligation to disclose mining impacts, and require miners to give back at least 10% of the profits to surrounding communities. Camimex, the country's mining chamber, warned that the draft would provoke "strong repercussions" for the industry, with many companies looking to invest elsewhere.
2) Palladium One has announced that Glencore has made a private placement financing for about $3.2 million which grants Glencore owning about 9.99% of the issued and outstanding common shares. "We welcome Glencore as a shareholder and are pleased that our efforts to build a portfolio of nickel/copper sulphide projects in Tier 1 jurisdictions has been recognized and endorsed by an industry leader. We believe this transaction highlights the deep discount to fundamental value and strategy that PDM's shares represent,” commented CEO Derrick Weyrauch. The funding will be used for exploration and development activities at the company's nickel projects, working capital and general and administrative expenses. Palladium One has projects throughout Canada including Ontario, with the Tyko and Disraeli projects, Yukon, with the Canalask project, and its LK project in Finland.