It seems everyone is talking about China's latest rare earth restrictions. Automotive industry groups are warning of supply chain chaos. Virtually every country and region—from Japan to Australia, the EU to India—is looking at its own supply chains and alternative sourcing. And rare earths are seen as China's ultimate trump card when negotiating its trade deal with the U.S. Treasury Secretary Scott Bessent said he still expects President Trump and Chinese President Xi to meet in October so we'll see more in this space soon.
In the markets, it's a daily story but gold prices continue to climb. Gold crossed the $4,200-per-ounce threshold for the first time ever on Wednesday. The continued climb is on the shoulders of expectations of further U.S. rate cuts, and renewed U.S.-China trade worries.
Finally, yesterday, approximately 50 people gathered outside of the Department of Labor to urge the Trump administration to enforce a Biden-era silica rule that has been on hold since the spring due to litigation from a number of groups, including the National Mining Association. While the Biden administration's Mine Safety and Health Administration was developing the rule in question, groups provided feedback. Importantly, our industry supports the new, lower dust levels, but provided extensive feedback on how to make the rule workable; the Biden administration, unfortunately ignored that feedback, and introduced an unworkable rule that the groups were forced to challenge. Industry continues to support the lower levels and hopes that changes can be made to achieve a workable rule that protects miners and is consistent with the silica standard that is already being used effectively by the Occupational Health and Safety Administration.
That's your mining minute for this morning, highlighting some of the mining-related matters that are on our minds here in Washington and beyond.
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