Mart Wolbert, analyst at Contrarian Codex, is seeing a uranium mindset shift as more investors take stock of the growing supply/demand imbalance in the market.
He explains how he’s approaching uranium stocks and shares his price outlook.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Colorado football coach Deion Sanders declined to confirm that sophomore Ryan Staub will start at quarterback in his team’s next game Friday night Houston but he also said he doesn’t want to play “musical chairs” with his three top quarterback candidates and instead wants to settle on one.
Sanders then referenced the game of roulette and his former jersey No. 21.
“That’s the goal,” Sanders said Tuesday, Sept. 9. “I don’t want to play musical chairs with quarterbacks. Why would I want to come to the game and do that? To spin the darn wheel and it lands on, you know, I mean, I wasn’t good at roulette… I would put everything on 21 black any day. You better believe that. Hey, I don’t want to put them on three numbers, man. I want one thing. Yeah, one thing and hopefully we get to that point.”
Sanders’ quarterback situation got an unexpected jolt last week in a 31-7 win against Delaware. Colorado (1-1) previously brought in two quarterbacks to replace Sanders’ son, Shedeur, who is now with the NFL’s Cleveland Browns. Both of those quarterbacks were listed as the top two quarterbacks on the depth chart before the first two games – Liberty transfer Kaidon Salter and celebrated freshman Julian “JuJu” Lewis.
But then Deion Sanders pulled a surprise in the second quarter against Delaware. He inserted a third quarterback into the game, Staub, who outplayed the other two with three touchdown drives in four possessions. He also gave the team an energy injection that the other two didn’t match.
This week, Staub was seen working with the first-team offensive line in a video posted Monday by Deion Sanders Jr.
“Staub has been doing a phenomenal job doing and getting a majority of the reps,” Sanders said. “But I haven’t made that assessment and decision yet.”
Each has a different set of skills and history, which adds to the delicate nature of trying to keep them all happy with only one ball to share between them:
∎ Salter led Liberty to a 13-1 season in 2023 and is in his final year of college eligibility. He started the first two games of this season for Colorado, including a 27-20 loss at home against Georgia Tech in the season opener. He led his team to a touchdown and a field goal on its first two drives against Delaware, but in his first game he also missed key throws and was tentative at times with his feet. Deion Sanders said after the opener he wanted him to be more of the dual-threat quarterback he was at Liberty.
∎ Lewis, the heralded freshman from Carrollton, Georgia, is more of a traditional drop-back passer. At age 17, he also has played the least of the three quarterbacks. He played three series in his team’s win against Delaware and completed 2 of 4 passes for 8 yards. He needs more development than the other two quarterbacks, but there’s also pressure to keep him involved for fear that he might transfer out if he’s not getting enough attention.
∎ Then there’s Staub, a redshirt sophomore who was the backup quarterback in 2023 and 2024 behind starter Shedeur Sanders. He started the final game of 2023, after Shedeur fractured his back. He played well in that 23-17 loss at Utah but barely played again until Saturday against Delaware, when he came in the game with 45 seconds left in the first half. The Buffaloes led at the time, 10-7. By the time he left the game in second half after playing four series, the Buffs led 31-7. He electrified the team by throwing two touchdown passes of 21 and 71 yards.
Staub is the hot hand, but playing him extensively risks making the other two unhappy, both of whom have business agents to help drum up income for their name, image and likeness (NIL).
‘He (Staub) took advantage of his opportunities, and that’s something that Coach Prime preaches all the time,” Colorado running back Simeon Price said. “And that goes for every single one of us. When your number is called, you go out there and show out.”
Deion Sanders said his son Shedeur called Staub after the Delaware game. He labeled Staub ‘the ultimate teammate’ and ‘ultimate character guy.’
‘First of all, you gotta understand, Staub is a lovable dude, man,’ Deion Sanders said. ‘Like everybody who’s played here previously have reached out to him and and congratulated him. … He’s always been a standup guy. No matter who’s starting, he’s always been there in support.’
One thing that Deion Sanders said was important for quarterbacks was to go ‘off-script’ when a play breaks down and make ‘three plays on his own’ per game.
‘A quarterback has to make at least three plays a game for us to be successful,’ Sanders said.
Staub showed that kind of moxie against Delaware. Now it looks like he’ll get another chance Friday night at Houston.
Follow reporter Brent Schrotenboer @Schrotenboer. Email: bschrotenb@usatoday.com
The Green Bay Packers came out swinging in Week 1 to take a dominant win over the two-time defending NFC North champion Detroit Lions.
While the offense had a strong start to the season, they were missing one piece in the wide receiving corps: Christian Watson.
The former second-round pick is still recovering from a torn ACL suffered in the regular season finale against Chicago last season. Still, the franchise opted to sign Watson to a one-year extension worth $13.25 million, per multiple reports.
Watson is still weeks away from a return to the field but the Packers are banking on a solid return.
Green Bay selected Watson in the second round, No. 34 overall in the 2022 NFL Draft out of North Dakota State. Watson had 611 receiving yards and a career-best nine total touchdowns in his rookie season, but he has since struggled to stay healthy in Green Bay.
Watson dealt with a nagging hamstring injury to start the 2023 season. Ultimately, he played in just nine games, tallying 422 receiving yards and five touchdowns in his sophomore season.
He was inactive for two games in 2024 before his ACL tear in Week 18. In 15 games of action, Watson had 29 receptions, 620 yards and a career-low two touchdowns.
This is the final year of Watson’s rookie contract and he was set to hit free agency after the season. This deal keeps him with the Packers at a low cost: $13.25 million puts him on par with fellow 2022 draftee Khalil Shakir’s average annual value (AAV), per OverTheCap.
Even with Watson out, the Packers are well-stocked at the wide receiver position. The franchise selected Matthew Golden with its first-round pick in the 2025 NFL Draft and has multiple young players at the position.
Here’s how things look entering Week 2:
Green Bay also has wide receivers Mecole Hardman, Will Sheppard and Isaiah Neyor signed to the practice squad.
University of Illinois athletics is a tide of momentum, with its football program rising to No. 9 in the latest US LBM Coaches Poll ahead of Week 3.
The positives continued on Tuesday, Sept. 9 with the school announcing a $100 million donation from Larry Gies, an Illinois alum. The school will rename the Fighting Illini’s football stadium to ‘Gies Memorial Stadium’ after the gift.
Gies is a longtime Illinois donor, as the university’s business school is also named after him following a $150 million donation in 2017. It’s the largest athletics gift ever to the school and one of the biggest in college athletics history, according to the announcement.
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Gies said the donation is in honor of his father, Larry Gies Sr., a U.S. Army veteran.
‘This gift is about honoring my father, a true patriot, and every brave soul who has worn or will wear the uniform to defend our country,’ Gies said in the announcement. ‘With this investment, we can ensure that this stadium continues to be a place where their sacrifices will never be forgotten—and a shining light for every American who protects our freedom in the future.’
Illinois football coach Bret Bielema and men’s basketball coach Brad Underwood shared their thoughts on the gift.
‘Larry’s love and support for Illinois is greatly appreciated,’ Bielema said. ‘He has a special ability to impact the lives of young people, not only through his philanthropy but also by establishing meaningful relationships that extend outside of our campus and athletics. Our football program feels the results of his leadership on a daily basis by understanding our emphasis on famILLy and building sustainable success. We would not be where we are today without his influence.’
Underwood added: ‘Larry is a tremendous supporter of our program, our department, and our University. The passion he has for his alma mater shines through in every conversation we have and every game he is sitting courtside cheering us on. Larry’s loyalty and championship-level commitment is extraordinary, and the impact he’s made will be felt by everyone associated with Fighting Illini Athletics for generations to come.’
Under Bielema, Illinois won a program-high 10 wins last season after beating South Carolina in the Citrus Bowl. The men’s basketball program is the winningest team in Big Ten play during the last six years, and the women’s basketball team has reached the NCAA Tournament in two of coach Shauna Green’s first three seasons.
Gies is the founder and CEO of Madison Industries, one of the largest privately held companies in the world.
Mauricio Pochettino and the U.S. men’s national soccer team got the bounce-back performance it desperately needed.
The USMNT defeated Japan, 2-0, on Tuesday, Sept. 9 in Columbus, Ohio, on goals from Alex Zendejas and Folarin Balogun. The victory came three days after a humbling 2-0 defeat against South Korea in Harrison, New Jersey.
Zendejas opened the scoring in the 30th minute with a spectacular volley off a long pass from teammate Max Arfsten, who was playing in the home stadium of his club team, the Columbus Crew. Balogun doubled the U.S. lead in the 64th minute with a nifty goal of his own as Pochettino’s squad earned a much-needed victory against a Japan side that already has qualified for the 2026 World Cup.
While Tuesday’s game was just a friendly, the USMNT needed a positive outcome after some disappointing performances — the team has endured six defeats in 2025. Even with Tuesday night’s win, Pochettino’s record with the USMNT is a less than stellar 10-1-7 since taking over as coach in September 2024. Pochettino has precious little time to turn around what has been an underperforming national team squad before next summer’s World Cup.
The USMNT’s next two matches (both friendlies) come in the next FIFA international match window in October. The U.S. will play Ecuador in Austin, Texas, on Oct. 10 before playing Australia in Colorado on Oct. 14.
Folarin Balogun netted his sixth career goal for the U.S. in the 64th minute with a terrific finish that got past Japan goalkeeper Keisuke Osako.
Balogun’s left-footed shot from the left side of the box came after an assist from Christian Pulisic.
The U.S. has been cruising in this one, with Japan unable to mount a significant threat to score.
Alex Zendejas’ goal in the 30th minute remains the only tally of Tuesday night’s friendly so far.
The USMNT had eight shot attempts with five on target, compared to four shots on goal on seven attempts for Japan.
The U.S. enjoyed a 62%-to-38% advantage in possession as the team aims to end a two-game losing streak.
The USA and Japan went a half hour of play before Alex Zendejas finally tallied the game’s first goal in the 30th minute. For Zendejas, it was his second goal for the USMNT and first since March 2023 when he scored in a 7-1 rout of Grenada in Concacaf Nations League play.
Max Arfsten earned the assist with a cross to Zendejas, who slammed home the goal on the long volley from the Columbus Crew player.
The USMNT had enjoyed the possession advantage against Japan through the game’s first 30 minutes, and it paid off with a brilliant strike.
Stream USMNT vs. Japan on Sling TV
USMNT coach Mauricio Pochettino has tabbed four different starters from his lineup for Saturday’s 2-0 loss to South Korea.
Defender Chris Richards, midfielder Cristian Roldan, and forwards Folarin Balogun and Alex Zendejas get the start Tuesday night. All four came on as substitutions on Saturday.
Sebastian Berhalter, Sergiño Dest, Diego Luna and Josh Sargent each started on Saturday, but will open this game on the bench.
For Christian Pulisic, this will be his 80th career USMNT cap. Max Arfsten makes the start in the home stadium of his club team, the Columbus Crew of Major League Soccer.
The Samurai Blue currently are on a 13-match unbeaten streak that dates back to February 2024.
In the most recent matchup against the U.S., Japan prevailed 2-0 in a 2022 World Cup tune-up match in Düsseldorf. Germany.
Japan was the first team (non-host nation) to qualify for the 2026 World Cup.
Alex Freeman, a 21-year-old defender who plays professionally for Orlando City SC of Major League Soccer, is the son of former NFL wide receiver Antonio Freeman.
Antonio Freeman spent eight of his nine NFL seasons with the Green Bay Packers, helping the team win Super Bowl XXXI. In that victory, Freeman had an 81-yard touchdown reception.
Alex Freeman, who was born in Baltimore, Maryland, signed a homegrown deal with Orlando City in 2022. He made his debut with the team on April 29, 2023 during a win over the LA Galaxy. Alex Freeman made his USMNT debut as a starter in the team’s 2-1 defeat against Turkey on June 7, and earned his ninth national team cap with a start against Japan.
The U.S. men’s national team is set to face Portugal in a March friendly, according to multiple reports.
Fox Sports reported that the USMNT-Portugal match would take place at Atlanta’s Mercedes-Benz Stadium. The 71,000-seat venue could also potentially host a match against Belgium, though Washington, D.C. and other locations are also being considered. — Seth Vertelney, Pro Soccer Wire
Mauricio Pochettino has expressed frustration with the amount of fullback Tim Weah has played early in his time at Marseille.
Weah has alternated between fullback and winger during the past few years of his club career, taking him from Lille to Juventus and now back to France with Marseiile.
HARRISON, N.J. — Mauricio Pochettino has dismissed the need to win friendlies leading up to the World Cup, saying that results will only matter when the tournament kicks off next summer.
The U.S. men’s national team fell 2-0 against South Korea on Saturday, Sept. 6, as goals from Son Heung-min and Lee Dong-gyeon in the first half settled the match at Sports Illustrated Stadium.
Pochettino has now lost seven of 17 games during his tenure as USMNT head coach, particularly struggling against high-quality sides.
In 2025 alone, the USMNT has lost to Panama, Canada, Türkiye, Switzerland, Mexico and South Korea. — Seth Vertelney, Pro Soccer Wire
USA TODAY Sports’ 48-page special edition commemorates 30 years of Major League Soccer, from its best players to key milestones and championship dynasties to what exciting steps are next with the World Cup ahead. Order your copy today!
A new development has been made in the case regarding former Tampa Bay Rays shortstop Wander Franco. The 24-year-old, who was found guilty of sexually abusing a minor earlier this year, was detained by police in the Dominican Republic on Tuesday and promptly admitted to a mental health clinic, The Associated Press reports.
According to reports, Franco was only detained and admitted to the mental health facility due to requests from his family. Franco wound up admitted to a private clinic in Baní, Franco’s hometown.
Franco has had several run-ins with the law since being suspended from Major League Baseball. Six months after being arrested in November 2024 for illegally carrying a semiautomatic Glock 19, the Rays put him on their restricted list, which cut off pay he had been receiving. According to the report, Franco’s failure to report to the Rays in early 2025 played the largest role in that decision. Franco would have needed a new visa to do so.
Franco first started being investigated for sexual abuse of a minor in August 2023. He was arrested in 2024 after evidence of his relationship with a girl who was 14 years old at the time came out. It was also revealed that he’d sent the girl’s mother thousands of dollars to consent to their relationship.
Franco was arrested again later that year for illegally carrying a modded firearm.
Although Franco has not been arrested since, he had an incident recently where he claimed $16,000 had been stolen from him. Although Franco’s attorney later claimed this was all just a confusing mess and the money had been returned, Franco contradicted his attorney’s statement, doubling down that the money had in fact been stolen.
It is currently unknown what Franco’s future in MLB will be, if any. Franco has claimed that he is still training for an eventual return.
Franco signed an 11-year, $182 million contract in 2021. He played in parts of both the 2022 and 2023 seasons before his legal issues. He was one of the best offensive shortstops in baseball when he was healthy.
Highlights
– Locksley seeks to strengthen the commercial pathways for DeepSolv(TM) processing method, by entered into a Non-Binding Heads of Agreement with EV Resources Limited (EVR) to purchase EVR’s Antimony material via an Ore Sales Agreement
– Availability of 3rd party material is a key element for the development of DeepSolv(TM) and access to the USD $1bn+ domestic US Antimony market
– Expands and diversifies ore feedstock available for the processing development and downstream validation being conducted by Rice University on the DeepSolv(TM) product
– Enables Locksley to integrate both domestic ore from Mojave and additional North American supply into U.S. refining, accelerating the availability of critical materials
– Access to multiple ore supplies is complementary to the development of the Desert Antimony Mine at Mojave and advances Locksley’s strategy of providing domestic security of USA antimony supply necessary for defence security
– Will provide priority access to antimony samples from EV Resources’ Los Lirios operations for Rice University DeepSolv(TM) testwork, promoting a diversified and resilient North American supply chain
– Contingent on Locksley and EVR successfully negotiating a binding Antimony Ore Sales Agreement and subject to EVR shareholder approval, Locksley will make a strategic investment of A$0.75 million in EV Resources Limited (ASX:EVR)
Strategic Rationale: DeepSolv(TM) Processing Pathway
The securing of EVR beneficiated ore will underpin Locksley’s ability to accelerate deployment of DeepSolv(TM), a proprietary solvometallurgical process developed with Rice University, by ensuring additional steady and diverse feedstock supply. This strengthens the Company’s position to:
– Provide immediate beneficiated ore supply to complement Mojave ore and bridge U.S. requirements until domestic mining commences
– Validate the DeepSolv(TM) process across multiple ore types, ensuring resilience and efficiency in downstream refining
– Secure 3rd party material as a key element for establishing the scale of DeepSolv(TM) and access to the USD $1bn+ domestic US Antimony market
– Advance production of defense-grade and energy-grade antimony products for U.S. applications
– Demonstrate to U.S. Government stakeholders the practical delivery of non-Chinese feedstock through advanced U.S.-based processing
– Position Locksley as a leading partner in reshaping North American supply chains for critical minerals
Strategic Locksley Investment and Ore Sales Agreement
LKY and EVR have entered into a non-binding Heads of Agreement. Contingent upon LKY and EVR entering into a binding Ore Sales Agreement, and subject to EVR shareholder approval,
LKY will make a strategic investment of A$0.75 million. This agreement provides a framework for EVR to supply antimony concentrate from its Los Lirios operations to Locksley, with the following key points:
– Purpose: The Agreement sets out the non-binding commercial framework under which EVR and LKY will cooperate to establish a strategic relationship for material testwork and develop production and value creation.
– Testing and Validation: EVR will send representative samples of ore to Locksley’s refining facility to test and confirm ore properties and processing viability.
– Pathway to Binding Agreement: The parties will seek to enter into a binding Ore Sales Agreement which will set out the commercial framework for a long-term supply partnership, with an initial focus on offtake to support downstream processing studies.
– Mutual Strategic Benefit: The cooperation secures a potential long-term customer for EVR’s concentrate while reinforcing Locksley’s access to a secure supply of antimony for its proprietary refining technology.
Pat Burke, Chairman of Locksley Resources, commented:
‘This agreement potentially strengthens our mine-to-market strategy by complementing our Mojave development with additional concentrate supply from EVR. By securing nearshore feedstock alongside our fast-tracked mining plans in California, Locksley will be well positioned to accelerate the U.S. return to domestic antimony processing. With Rice University’s support and the deployment of our DeepSolv(TM) technology, our pathway demonstrates that Locksley is assembling the resources, partnerships, and technology to ensure secure, scalable, and independent antimony supply for the United States.’
About Locksley Resources Limited:
Locksley Resources Limited (ASX:LKY,OTC:LKYRF) (OTCMKTS:LKYRF) (FRA:X5L) is an ASX-listed explorer focused on critical minerals in the United States of America. The Company is actively advancing exploration across the Mojave Project in California, targeting rare earth elements (REEs) and antimony. Locksley Resources aims to generate shareholder value through strategic exploration, discovery and development of critical minerals for U.S.
Mojave Project
Located in the Mojave Desert, California, the Mojave Project comprises over 240 claims across two contiguous prospect areas, namely, the North Block-Northeast Block and the El Campo Prospect. The North Block directly abuts claims held by MP Materials, while El Campo lies along strike of the Mountain Pass Mine and is enveloped by MP Materials’ claims, highlighting the strong geological continuity and exploration potential of the project area.
In addition to rare earths, the Mojave Project hosts the historic ‘Desert Antimony Mine’, which last operated in 1937. Despite the United States currently having no domestic antimony production, demand for the metal remains high due to its essential role in defense systems, semiconductors, and metal alloys. With surface samples grading up to 46% Sb as well as silver up to 1,022 g/t Ag, the Desert Mine prospect represents one of the highest-grade known antimony occurrences in the U.S.
Locksley’s North American position is further strengthened by rising geopolitical urgency to diversify supply chains away from China, the global leader in both REE & antimony production. With its maiden drilling program planned, the Mojave Project is uniquely positioned to align with U.S. strategic objectives around critical mineral independence and economic security.
Source:
Locksley Resources Limited
Contact:
Locksley Resources Limited
T: +61 8 9481 0389
E: info@locksleyresources.com.au
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Rapid Critical Metals (RLL:AU) has announced IR1:IR1 Completes Acquisition to Consolidate Black Hills, US
Download the PDF here.
Brightstar Resources (BTR:AU) has announced Exceptional result of 32m @ 7gt Au in Lord Byron drilling
Download the PDF here.
In the high-stakes world of resource extraction, a nation’s mineral wealth is a powerful magnet for investment, fueling economic growth and national prosperity. But not all countries are created equal.
For investors in the mining sector it’s key to understand that jurisdictional risk can be profoundly impacted by political changes, as new administrations can swiftly alter the regulatory landscape. These policy shifts can present both opportunities and setbacks, introducing a complex layer of uncertainty to even the most promising ventures.
At the same time, regions traditionally seen as stable and secure for resource development can face their own challenges, including rigorous permitting regimes that can slow mine development activity.
Read on for three case studies on jurisdictional risk and how to navigate this type of complexity.
Perhaps the most notable example in recent years of how politics can affect operations is the closure of First Quantum Minerals’ (TSX:FM,OTC Pink:FQVLF) Cobre Panama mine in Panama.
As with many mining operations, Cobre Panama took decades to bring into production. First Quantum received approval to begin work at the site in February 1997; however, it would take 22 years and US$10 billion to build the mine and the required infrastructure before production commenced in September 2019.
When it was placed on care and maintenance in November 2023, the mine was one of the largest in the world, accounting for approximately 1 percent of total copper supply.
The closure came after Panama’s government faced intense public backlash for granting First Quantum a 20 year mining contract; it was quickly declared unconstitutional by the Supreme Court.
The Panamanian government also introduced an indefinite moratorium on all mining concessions. The move put the country’s mining sector in a state of limbo and led other companies to cease activities in Panama. For example, Orla Mining (TSX:OLA,NYSEAMERICAN:ORLA) decided to halt funding of its Cerro Quema project until it had “greater certainty with respect to the mining concessions, as well as fiscal and legal stability in Panama.”
Cobre Panama’s closure and the subsequent moratorium led Fitch to downgrade its investment outlook for Panama in March 2024, from BBB- to BB+. The credit agency cited fiscal governance challenges that arose following the mine’s closure, noting that Cobre Panama accounted for 5 percent of the nation’s GDP.
Although the International Monetary Fund expects Panama’s GDP to rebound to 4.5 percent in 2025 as non-mining sectors of the nation’s economy grow, the changes have already had a significant impact on the national economy, with GDP growth slowing to 2.9 percent in 2024, from 7.4 percent in 2023.
Another recent example is the impact of unrest on Barrick Mining’s (TSX:ABX,NYSE:B) operations in Mali.
The African nation has experienced a prolonged period of instability, with the government being overthrown in three coup d’états within a 10 year span, in 2012, 2020 and 2021.
The most recent two came following months of turmoil after election irregularities and accusations of corruption in 2020, then calls for a more legitimate government to be installed in 2021.
Ultimately, the government was replaced by a military junta, and in 2022, it was announced that elections would be held in 2024. However, these were delayed until early 2025, at which time they were again postponed.
This past July, Malian military authorities granted current leadership a five year mandate, renewable as many times as necessary without requiring an election, which guarantees control of the government until 2030.
The impact on the mining sector has been notable. In 2022, the new government ordered an audit of the mining sector, which led to Mali adopting a new mining code in 2023 after limited industry consultation.
The code aims to generate more revenue for the government from mining operations by increasing government ownership to 35 percent from 20 percent and removing tax-exempt status for some operations.
Existing mining contracts were also reviewed, which limited the ability to renegotiate, leading to a protracted negotiation process between the Malian government and Barrick over its Loulo-Gounkoto complex.
While Barrick has said its commitment to Mali remains firm, going so far as to make a good-faith payment of US$83 million, the two parties were unable to reach an agreement. The stalled negotiations led the government to arrest or issue arrest warrants for key personnel over unpaid taxes and contract disputes, including Barrick CEO Mark Bristow.
With no resolution, Barrick was ultimately forced to shut down the mine in January of this year. Although arbitration proceedings continue, the operation was placed under provisional administration on June 16, and government helicopters were seen onsite removing more than 1 metric ton of gold on July 10.
According to the Extractive Industry Transparency Initiative, the mining sector makes a significant contribution to the nation’s economy, representing 79 percent of exports and 9.2 percent of GDP. Although other companies haven’t ceased operations in the country, the government’s action has created tensions for investors, with CEOs suggesting that the new rules make it economically unfeasible for new mines or takeovers in the country.
The Fraser Institute gave Mali a policy perception score of 14.94 in its 2024 Annual Survey of Mining Companies, a significant decrease from 2023, when it achieved 33.34, and a precipitous decline from 2020’s score of 78.18. In the overall ranking, Mali fell to 74 out of 82 countries included in the survey, down from 37 out of 77 in 2020.
The institute notes that companies say policy accounts for about 40 percent of their decision when choosing where to establish operations. The other 60 percent is based on the mineral potential. In this regard, Mali improved to 55.26 from 41.18 in 2023; however, it remains in the bottom half of all jurisdictions, ranking 40 out of 58.
The institute uses these scores to determine the overall investment attractiveness of jurisdictions. In 2024, Mali scored 39.13 and ranked 72 out of 82. Respondents to the survey suggested that the rejection of gold mining permits and the lack of transparency created uncertainty and deterred investment.
Even when investment is in the national interest, underlying issues can be hard to overcome.
The Democratic Republic of the Congo (DRC) is endowed with a vast wealth of minerals, ranging from copper to cobalt and diamonds, but a lack of infrastructure and geopolitical instability have hindered investment.
However, the mining sector has seen steady growth in recent years as the government looks to attract investment. One project is the construction of the Lobito Corridor, Africa’s first open-access transcontinental rail link. It connects Zambia and the DRC with the port of Lobito in Angola, providing improved shipping opportunities for producers.
Among the operations that have signed on to use the rail link is Ivanhoe Mines’ (TSX:IVN,OTCQX:IVPAF) Kamoa-Kakula mine. The asset is one of the world’s largest copper mines, producing 964 million pounds in 2024.
In February 2024, the company signed a term sheet to access the corridor, allowing it to transport between 120,000 and 240,000 metric tons of copper concentrates per year for a five year term, commencing in 2025.
In a press release, Robert Friedland, Ivanhoe’s founder and executive co-chair, said the corridor is “fast becoming one of the most important trade routes for vital copper metal in the world.”
He added that the rail link will unlock projects due to the lower logistical costs.
While development in the DRC is moving in the right direction, it’s not without its problems. Tensions remain with neighboring Rwanda, as Rwanda has backed anti-government M23 rebels. The groups have been warring since 2022, with much of the violence occurring in the Eastern DRC, a mineral-rich area of the country.
In April 2024, M23 seized the town of Rubaya, the center of coltan production in the DRC; coltan is a critical mineral for the tech sector. While Ivanhoe’s mine has avoided the violent uprisings elsewhere in the country, it still highlights key security challenges for operations in the country and underscores the fragility of stability.
Like Mali, the DRC declined in the Fraser Institute’s survey last year.
It dropped to 12.97 on policy, down from 24.93 in 2023, ranking 77 out of 82. However, its mineral potential ranked much higher, scoring 73.53 — that’s up from 55 in 2023 and a rank of 14 out of 58.
On overall investment attractiveness, the DRC was middling, scoring 49.31 and ranking 58 out of 82. The report points to issues such as disputes over land tenure ownership, which have led to uncertainty and deterred investment.
The mining community has looked mainly to North America, Europe and Australia to minimize jurisdictional risk.
Canada, the US and Australia are widely considered safe places to invest in due to the stability of their governments and the absence of cross-border conflicts. Despite changes in government, political parties in these nations tend to support extractive industries through tax credits and investment programs.
As a whole, challenges in these jurisdictions tend to be more regulatory than geopolitical in nature, with strict environmental and social regulations adding years to development timelines.
Recently, however, there have been some moves to break down these barries.
The US and Canada have both made promises to streamline the permitting process to decrease timelines for critical minerals. Additionally, under the Biden administration, the US Department of Defense, increased funding for projects deemed critical to national interests, including those involving Canadian companies Fortune Minerals (TSX:FT,OTCQB:FTMDF) and Lomiko Metals (TSXV:LMR,OTC Pink:LMRMF).
The program has continued under US President Donald Trump, with the most recent award being announced on July 22, for US$6.2 million in funding for Guardian Metal Resources (LSE:GMET,OTCQX:GMTLF).
Although challenges in these regions still exist, in general they remain stable. For investors, it can help to de-risk portfolios and avoid the geopolitical tensions and uncertainty that arise elsewhere.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.