Could Barrick’s next CEO break up the company? | 33
THE NORTHERN MINER | NOVEMBER 2025
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Government equity in miners becomes U.S. norm SUPPORT
| Washington earmarks nearly $1B for projects
BY COLIN MCCLELLAND AND BLAIR MCBRIDE
T
he Trump administration is ratcheting up government ownership in mining companies that are nominally Canadian, raising questions about whether Ottawa plans similar investments. Trump has ordered his Department of Defense to take a 10% stake in Trilogy Metals (TSX, NYSE American: TMQ) which is advancing the Arctic copper-zinc project in Alaska with South32 (ASX, LSE, JSE: S32). That follows a 5% U.S. government holding announced last month in Lithium Americas (TSX, NYSE: LAC), which is developing the $3-billion Thacker Pass project in Nevada. Trilogy and Lithium Americas are based in Vancouver. “The funny part is, they’re not Canadian because all their assets are in the United States, so are they Canadian? Are they American?” says Krisztián Tóth, a partner at Toronto-based law firm Fasken who focuses on mining financing and cross-border transactions. “The national security aspect of this has not been examined fully, but that’s really what it goes to anyway.” The American government investing in Canadian companies isn’t new – that goes back to the Second World War with funding for Quebec aluminum plants – and the Biden administration earmarked millions for projects in Canada through clean energy and transition metals funding. However, Trump officials are promoting direct ownership, which has elated some mining industry players while others urge caution. Canada has a more nuanced approach, at least on paper so far. Prime Minister Mark Carney has opened a Major Projects Office to fast-track energy and mining projects, but he’s stopped short of seeking equity stakes in projects, although the government under his predecessor did buy a gas pipeline to help build it. Carney also makes
Trump officials are promoting direct ownership, which has elated some mining industry players while others urge caution. sure to mention that environmental and Indigenous concerns will be addressed amid government support. Northwest Territories Fortune Minerals (TSX: FT; US-OTC: FTMDF), developing the NICO cobalt-gold-bismuth-copper project in the Northwest Territories with a refinery in Alberta, received $6.4 million last year from the Pentagon as part of a total C$17 million from governments on both sides of the border. The project has the world’s largest deposit of bismuth, which is used in products such as Pepto Bismol. “The validation and combined support from the governments have allowed the project to move forward during a challenging environment at a quicker pace than
would have been possible with support from only one government,” Fortune President and CEO Robin Goad said in an emailed reply to questions. “The U.S. support was a catalyst for additional Canadian government support.” Mining companies will welcome investment wherever it comes from, given how hard it is to raise funds, Fasken’s Toth noted. But he urged Ottawa to revise its policy on foreign investment, like how it has been applied to the Chinese. Canada has ordered China-controlled businesses to divest from Canadian companies even when the mineral assets were abroad. “I echo the words of Ronald Reagan: ‘The most dangerous words you’re ever going to hear is, I’m the government, and I’m here to help,’” Tóth said in a phone interview.
U.S. President Donald Trump speaks to the press on Oct. 6 after signing an executive order to allow construction of an access road to the Ambler mining district in Alaska and unlock domestic supplies of copper and other minerals. He was joined by Secretary of Energy, Chris Wright, left, and Secretary of the Interior, Doug Burgum, right. SARAH L. VOISIN/THE WASHINGTON POST VIA GETTY IMAGES
“As long as there’s a free market and the government doesn’t artificially keep out other potential investors, then it’s healthy for the government to also want to invest in projects. I would prefer there would be more Canadian-based projects than foreign projects, just Gov’t Equity 39 >
Who controls uranium production? | 6 Minerals for a Changing World
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