McEwen Mining (NYSE:MUX) Stock

McEwen Mining

McEwen Mining Inc is a mining and minerals production and exploration company focused on precious and base minerals in Argentina, Mexico, and the United States. The company's overall revenue is principally derived from the production of gold and silver. The company owns and operates the wholly-owned El Gallo 1 mine in Mexico, and has a minority shareholding in the company that operates the San Jose mine in Argentina. More than half the company's gold output is produced by the El Gallo 1 mine. The remaining gold production, and the majority of silver production, is produced by the San Jose mine. Geographically, the majority is from Canada.

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Movers

McEwen Mining Inc. (NYSE: MUX) shares are moving lower Wednesday after the company announced a $95 million private placement of convertible senior notes, triggering a sharp sell-off. 

McEwen Shares Are Falling Today: What&#39;s Going On?

Is Gold Flashing Warning Signs? Trader Peter Brandt Shares His Analysis

Guidance

Commodities

Markets

McEwen Mining (MUX) has expanded Grey Fox&#39;s gold resource by 32% to 1.54 million oz and doubled inferred resources to 458,000 oz in Northern Ontario.

McEwen Boosts Grey Fox Resources, Issues 2025 Guidance

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Financing

Global

STLA

McEwen Copper aims to raise $2.5 billion for Los Azules copper project in Argentina, projected to become a world-class mine with 175,000 tons annual production.

Copper Supply Gap Drives McEwen&#39;s $2.5B Fundraising For Los Azules

McEwen Mining Inc

McEwen Mining Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MUX#NYSE">MUX</a>) shares are moving lower Wednesday after the company announced a $95 million private placement of convertible senior notes, <a href="https://www.benzinga.com/news/guidance/25/02/43458771/mcewen-boosts-grey-fox-resources-issues-2025-guidance">triggering a sharp sell-off</a>.
What To Know: The offering, which includes an option for initial purchasers to buy an additional $15 million in notes, will provide McEwen with capital to refinance $20 million in higher-interest debt and fund general corporate purposes. The notes, due in 2030, will carry a 5.25% interest rate and an initial conversion price of $11.25 per share, representing a 30% premium over Tuesday's closing price of $8.65.
The company also entered into capped call transactions designed to mitigate dilution from conversions at maturity, potentially raising the effective conversion price to $17.30 per share. However, the market reaction suggests investor concerns about dilution and debt issuance, leading to the sharp decline in McEwen's stock price.
The transaction is expected to close on Feb. 11, 2025, pending customary closing conditions.
MUX Price Action: McEwen shares were down 13.2% at $7.51 at the time of writing, according to <a href="https://pro.benzinga.com/dashboard?new_user=False&amp;backend=google-oauth2">Benzinga pro.</a>
<figure class="wp-block-image size-large is-resized"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent020725&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="1024" height="542" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/07105656/Screenshot-2025-02-07-at-10.56.32-1024x542.png" alt="" class="wp-image-772193" style="width:510px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/07105656/Screenshot-2025-02-07-at-10.56.32-1024x542.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/07105656/Screenshot-2025-02-07-at-10.56.32-300x159.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/07105656/Screenshot-2025-02-07-at-10.56.32-768x406.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/07105656/Screenshot-2025-02-07-at-10.56.32.png 1508w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
Read Next:
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<li><a href="https://www.benzinga.com/25/02/43564020/consumer-sentiment-sinks-economist-flags-unusually-large-rise-in-inflation-perception">Consumer Sentiment Sinks In February: Economist Flags &#8216;Unusually Large&#8217; Rise In Inflation Perception</a></li>
</ul>
Image Created Via Midjourney.

McEwen Shares Are Falling Today: What's Going On?

WIIM

McEwen shares are trading lower after the company announced a $95 million convertible senior offering via private placement.

McEwen Mining Announced Pricing Of $95M Aggregate Principal Amount Of Its Convertible Senior Notes Due 2030 In A Private Placement

Offerings

McEwen Mining Intends To Offer $85M Of Convertible Senior Notes Due 2030 In Private Placement

McEwen Mining (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MUX#NYSE">MUX</a>) has significantly expanded the gold resource at its Grey Fox deposit, part of the Fox Complex in Northern Ontario.
Since the last estimate in 2021, Grey Fox's indicated gold resource has increased by 32% to 1.54 million ounces, while inferred resources have nearly doubled to 458,000 ounces. The <a target="_blank" href="https://www.benzinga.com/topic/gold" rel="noreferrer noopener">total gold resource</a> has grown by nearly 50% over three years.
"Our investment in exploration on the Fox Complex properties has successfully expanded our gold resources, which will enable us to both increase annual production and extend the mine life," <a target="_blank" href="https://www.mcewenmining.com/investor-relations/press-releases/press-release-details/2025/McEwen-MiningGrey-Fox-Gold-Resources-Hit-a-Significant-Milestone/default.aspx" rel="noreferrer noopener">said</a> Chairman Rob McEwen.
The company credits its success to extensive exploration drilling and higher gold prices. The $2,000 per ounce calculation allowed for a lower cut-off grade, from 2.30 g/t Au to 1.60 g/t Au.
The Grey Fox deposit is located approximately 3 kilometers southeast of McEwen's Black Fox Mine and 75 kilometers east of Timmins, Ontario. It lies within the prolific Porcupine-Destor Fault Zone, a region historically associated with over 110 million ounces of gold production.
The deposit consists of six zones, with the Gibson zone showing the most significant growth—its indicated resources increased by 181% to 290,000 ounces, while inferred resources rose by 80% to 245,000 ounces. The Whiskey-Jack zone also stands out, with 97% of its mineralization categorized as indicated, totaling 116,000 ounces at a high grade of 5.7 g/t.
The discovery cost for the increased resources was remarkably low at $14.46 per ounce, aligned with the firm's cost-conscious approach.
The firm has outlined its production and cost guidance for 2025. The company expects consolidated production to range between 120,000 and 140,000 gold equivalent ounces (GEOs) – similar to FY 2024 production, which achieved 135,900 GEOs.
The lower end of the range reflects the planned transition from the Froome mine to the Stock mine at the Fox Complex, with commercial production from Stock anticipated in early 2026.
Despite permitting delays, McEwen remains confident in its long-term strategy to enhance production and extend the mine life at its Fox Complex, supported by the continued growth of resources at Grey Fox and other deposits.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/02/43430259/miners-plead-for-collaboration-as-trade-wars-threaten-critical-mineral-supply-chains" target="_blank" rel="noreferrer noopener">Miners Plead For Collaboration As Trade Wars Threaten Critical Mineral Supply Chains</a></li>
</ul>
Image via Shutterstock

HC Wainwright &amp; Co. analyst Heiko Ihle maintains McEwen Mining (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MUX#NYSE">MUX</a>) with a Buy and lowers the price target from $19 to $18.

Price Target

Analyst Ratings

HC Wainwright & Co. Maintains Buy on McEwen Mining, Lowers Price Target to $18

McEwen Mining is pleased to report full-year 2024 consolidated production of 135,900 gold equivalent ounces ("GEOs")(1), within our guidance range for the year.
During 2024, Gold Bar and San Jose produced 44,600 and 60,100 GEOs, respectively, slightly exceeding the top end of our guidance ranges for those operations. At the Fox Complex, we produced 30,150 GEOs, which was below annual guidance due to a stope failure in early 2024 impacting production.
2025 Production and Cost Guidance
For 2025, we expect consolidated production to be between 120,000 and 140,000 GEOs attributable to MUX from all operations. The lower end of the 2025 range is driven by the planned transition of production at the Fox Complex from the Froome mine to the Stock mine in late 2025.

Reported Earlier, McEwen Mining Reports 2024 Production Of 135,900 GEOs, Sets 2025 Guidance At 120,000-140,000 GEOs

McEwen Mining shares are trading higher after the company announced it secured an environmental permit from the San Juan provincial government ministry of mines for the construction and operation of Los Azules.

McEwen Copper Inc., a subsidiary of McEwen Mining Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MUX#NYSE">MUX</a>) (TSX:<a class="ticker" href="https://www.benzinga.com/stock/MUX#TSX">MUX</a>), is pleased to announce the approval of the Environmental Impact Assessment (EIA) for its Los Azules copper project. The Environmental Impact Statement (EIS), which is the ministerial resolution approving the EIA, is a key permitting milestone on the way to feasibility, construction and future operation.
This EIS, which is issued by the San Juan Provincial Government's Ministry of Mines, highlights the support for copper mining in the pro-mining province of San Juan.

TSX:MUX

McEwen Copper Secures Environmental Permit From The San Juan Provincial Government's Ministry Of Mines For Construction And Operation Of Los Azules

McEwen Copper, a subsidiary of McEwen Mining (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MUX#NYSE">MUX</a>), seeks $2.5 billion to advance the Los Azules copper project in Argentina. The prospective project wants to become <a href="https://www.benzinga.com/topic/copper">a world-class copper mine </a>with an anticipated annual production of 175,000 metric tons.
&#8220;We have invested more than $400 million to date, and now we are looking for $2.5 billion for capex,&#8221; Vice President Michael Meding told Reuters. The project in San Juan province is waiting for a key environmental permit by the end of 2024, with construction slated to begin by late 2025.
Los Azules ranks among the top 10 largest undeveloped copper deposits globally, with 10.9 billion pounds of indicated resources and an additional 26.7 billion inferred. Current copper prices ($4.09 per pound) put the worth of indicated resources at over $44.5 billion.
However, as the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40831930/copper-deficit-to-reach-4-million-tons-by-2030-analyst-predicts-mining-electrificat">global copper supply deficit</a> could reach as high as 4 million metric tons by 2035, these prices could be much higher. Meanwhile, copper extraction costs are worth noting, which, for an industry leader, Freeport McMoRan, equaled $1.61 per pound in 2023.
Also Read: <a href="https://www.benzinga.com/24/11/42216178/biden-pushes-for-greenlands-minerals-trump-unlikely-to-reverse-course">Biden Advances Greenland Mineral Partnerships As Trump Policies Could Reshape US Mining</a>
Chairman Rob McEwen has taken steps to solidify local and international support for the project. In a <a href="https://www.benzinga.com/markets/commodities/24/07/39941234/exclusive-mining-legend-robert-mcewen-investors-should-be-aware-that-there-is-cyclicality-and">recent interview</a> for Benzinga, he mentioned visiting Argentina and discussing opportunities with President Javier Milei.
Milei took office a year ago and is trying to revitalize the country's mining sector, as its only operating copper mine closed in 2018. So far, Los Azules has attracted substantial backing, including a $35 million investment from Rio Tinto venture Nuton during the latest funding round in October. Nuton now holds a 17.2% stake in McEwen Copper.
McEwen highlighted automaker Stellantis (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) as another key investor. The copper shortage risk prompted companies to seek security for materials essential for EV production, renewable energy systems, and grid infrastructure. Following green trends, the mine will rely on 100% renewable energy provided by Argentina's YPF Luz.
As one of the largest undeveloped deposits, Los Azules could become a cornerstone for addressing the global copper supply gap. With copper demand forecasted to grow over 50% by 2035, there should be plenty of interest in this capital raise.
Read Next:<a href="https://www.benzinga.com/24/11/42216178/biden-pushes-for-greenlands-minerals-trump-unlikely-to-reverse-course"> </a>
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<li><a href="https://www.benzinga.com/24/11/42216178/biden-pushes-for-greenlands-minerals-trump-unlikely-to-reverse-course">Biden Advances Greenland Mineral Partnerships As Trump Policies Could Reshape US Mining</a></li>
</ul>
Photo: Shutterstock

Copper Supply Gap Drives McEwen's $2.5B Fundraising For Los Azules

GATO

GOLD

PAAS

SAND

SBSW

Shares of metals and materials companies are trading lower. The sector may be reacting to China's recent stimulus efforts which have struggled to buoy the economy and business conditions.

Roth MKM analyst Joe Reagor maintains McEwen Mining (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MUX#NYSE">MUX</a>) with a Buy and lowers the price target from $12.75 to $12.25.

Roth MKM Maintains Buy on McEwen Mining, Lowers Price Target to $12.25

HC Wainwright &amp; Co. analyst Heiko Ihle maintains McEwen Mining (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MUX#NYSE">MUX</a>) with a Buy and raises the price target from $15 to $19.

HC Wainwright & Co. Maintains Buy on McEwen Mining, Raises Price Target to $19

<ul>
<li>McEwen Copper previously announced a non-brokered private placement financing of up to&nbsp;2,333,333&nbsp;common shares&nbsp;at a subscription price of&nbsp;US$30.00&nbsp;per common share, for gross proceeds of up to&nbsp;US$70 million&nbsp;(the "Offering"). The first tranche of the Offering was led by a $14 million investment by McEwen Mining and a $5 million investment by Rob McEwen.</li>
<li>In this second tranche of the Offering, Nuton (a Rio Tinto Venture) has purchased an additional 1,166,666 common shares of McEwen Copper for $35 million and two other investors have acquired 66,669 common shares for $2 million. Following the closing of this second tranche of the Offering, McEwen Copper has raised a total of $56 million.</li>
<li>Nuton now owns 17.2% of McEwen Copper on a fully diluted basis. Following these share issuances, McEwen Copper will have 32,804,284 common shares outstanding, giving it a post-money market value of $984 million, and its shareholders are: McEwen Mining Inc. 46.4%, Stellantis 18.3%, Nuton 17.2%, Rob McEwen 12.7%, Victor Smorgon Group 3.0%, and other shareholders 2.0%.</li>
<li>Proceeds from the Offering will be used to advance ongoing work on the feasibility study for the Los Azules copper project, which is scheduled for publication in the first half of 2025.</li>
</ul>

General

McEwen Copper Inc., A Subsidiary Of McEwen Mining Announced The Closing Of An Additional $35M Investment By Nuton, A Rio Tinto Venture

SSRM

Shares of precious metals stocks are trading higher amid a rise in the price of gold and silver.

Source: <a href="https://www.streetwisereports.com/article/2024/10/09/a-triple-threat-in-metals-copper-gold-and-silver.html?utm_medium=feed">John Newell 10/09/2024</a>
John Newell of John Newell &amp; Associates explains why he likes McEwen Mining Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mux#NYSE">MUX</a>)
As the World Series gets closer, we are reminded of the term in baseball, &quot;triple threat&quot; which typically refers to a player who excels in three key areas of the game: hitting, fielding, and running. A player who is skilled in all three of these aspects is considered highly versatile and valuable, as they can contribute in multiple ways to the success of the team.
When used metaphorically in business or investing, as in the article title, it implies that the company excels in three major areas or possesses three significant strengths. In the case of the mining company, &quot;triple threat&quot; is referring to the company&#39;s strong positions in gold, silver, and copper, making it versatile and well-positioned to capitalize on different market trends in these critical metals.
We believe this term applies to McEwen Mining Inc.
October 8, 2024:
<ul>
<li>Positioned to capitalize on surging demand for critical minerals in the AI and renewable energy sectors.</li>
<li>A gold and silver producer with significant exposure to copper, a metal at the heart of electrification.</li>
<li>Led by Rob McEwen, a mining pioneer, with personal stakes in McEwen Mining and its copper subsidiary.</li>
</ul>
<h2>Introduction</h2>
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/2024109100012_1.png" style="height:688px; width:1000px" />
Source: McEwen Mining
The world is at an inflection point, where the demand for critical metals like copper, gold, and silver is poised to surge as AI, electrification, and renewable energy projects expand. Investors looking for exposure to these transformative markets should have McEwen Mining Inc. on their radar. With an asset-rich portfolio across the Americas, McEwen Mining now represents a triple threat &mdash; gold, silver, and copper &mdash; all set to benefit from a growing global appetite for these metals.
Under the stewardship of Rob McEwen, a soft spoken, visionary leader, whose track record speaks volumes, McEwen Mining is well-positioned to outperform. Rob McEwen&#39;s personal investment of over $225 million in the company and its subsidiary, McEwen Copper, demonstrates his alignment with shareholders and unwavering commitment to value creation.
<h2>The New Triple Threat: Gold, Silver, and Copper</h2>
In a landscape where technological innovation and sustainability drive market demand, the need for precious and industrial metals has never been more critical.
McEwen Mining&#39;s portfolio shines in this regard, offering a mix of gold and silver production along with large-scale copper potential. Here&#39;s why each of these metals makes McEwen Mining a compelling investment:
The First Threat Gold: The Cornerstone of Wealth and Technology
Gold&#39;s role as a store of value is well-established, but its importance in the tech world is often underappreciated. Gold&#39;s unique properties &mdash; its malleability, durability, and reliability &mdash; make it crucial for the manufacturing of electronic components, particularly in advanced technologies such as AI. Whether in connectors, bonding wires, or high-precision electronics, gold is indispensable for the smooth operation of AI systems.
McEwen Mining&#39;s gold assets, particularly in Ontario&#39;s Timmins camp and Nevada, are positioned to deliver stable and growing production. Recent exploration results from the Timmins camp have indicated high-grade gold intersections, suggesting there&#39;s more value to unlock.
The Second Threat Silver: The Unsung Hero of High-Tech Innovation
Silver is often overshadowed by gold, but its role in technological advancements cannot be ignored. Its superior conductivity makes silver critical in the production of sensors and connectors, which are essential for AI systems and data centers. Additionally, silver is a key component in photovoltaic cells for solar panels, which are vital for renewable energy infrastructure.
McEwen Mining&#39;s silver operations, particularly in Mexico and Argentina, position the company to benefit from rising demand in both high-tech and green energy sectors. As silver prices continue to rise, McEwen&#39;s diversified production base ensures it can capitalize on this momentum.
The Third Threat Copper: The Backbone of the Green Revolution
Copper is the third pillar of McEwen Mining&#39;s triple threat. With the ongoing energy transition, copper&#39;s importance cannot be overstated. From EVs to renewable energy grids and AI data centers, copper is the material that underpins the entire infrastructure.
McEwen Copper&#39;s Los Azules project in Argentina is a behemoth in the making. With 37.6 billion pounds of copper resources, it ranks among the world&#39;s largest undeveloped copper deposits. What makes Los Azules stand out is not just its size but its location and operational advantages. Situated at a lower altitude, it offers significant cost savings compared to many of its competitors. With a projected 27-year mine life and all-in-sustaining costs under $1.60/lb, Los Azules is poised to become a major global supplier as copper shortages intensify.
<h2>McEwen&#39;s Strategic Positioning for the Future of AI and Electrification</h2>
The explosion of AI technologies and the global push for renewable energy have created a critical need for the metals that McEwen Mining produces. Copper and silver are essential for building the infrastructure behind AI data centers, renewable energy systems, and EVs. Meanwhile, gold continues to secure its place as a cornerstone of both wealth and technology.
McEwen Mining&#39;s strategic footprint across North and South America ensures it is well-positioned to supply the critical minerals needed to power the future. Its operations in copper, gold, and silver make it a key player in the ongoing technological and energy revolution.
<h2>Rob McEwen: The Visionary Behind the Company</h2>
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/2024109100052_2.png" style="height:645px; width:1000px" />
Source: McEwen Mining
No discussion of McEwen Mining is complete without acknowledging the vision and leadership of Rob McEwen. A legend in the mining industry, McEwen is best known for founding Goldcorp and growing it from a $50 million company to an $8 billion behemoth. Mr. McEwen&#39;s foresight led him to be an early investor in Great Bear Resources, personally and with McEwen Mining, and provided critical funding just as it was finding its exploration legs and exploration funds were difficult to raise. Today, he brings the same tenacity and foresight to McEwen Mining, with a personal stake of 16% in the company and 13% in McEwen Copper.
McEwen&#39;s commitment to innovation is evident in the company&#39;s approach to sustainable mining. Los Azules, for example, will be powered by 100% renewable energy, setting a new standard for responsible copper production. McEwen&#39;s vision goes beyond mere resource extraction &mdash; he aims to reshape the public perception of mining as an industry that can operate responsibly while delivering significant shareholder value.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/2024109100128_3.png" style="height:561px; width:1000px" />
Source: McEwen Mining
<h2>Technicals</h2>
The shares have pulled back and are currently at Fibonacci Support or 0.618 of the last move higher from the last major low.
We think we could be in the zip/postal code of a low here.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/2024109100200_4.png" style="height:857px; width:945px" />
<h2>Outlook: Positioned for Growth Amid Global Commodities Demand</h2>
As the world increasingly relies on AI, renewable energy, and EV infrastructure, the demand for critical minerals like copper, gold, and silver is only going to rise. McEwen Mining stands at the forefront of this shift, offering investors exposure to three key metals that are essential for the future of technology and sustainability.
McEwen Mining&#39;s ability to deliver consistent growth in gold and silver production, combined with the massive potential of Los Azules, positions the company as a prime candidate to benefit from the next commodity supercycle. Investors looking for a diversified, resource-rich company with a proven track record should keep McEwen Mining on their radar.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/2024109100224_5.png" style="height:510px; width:1000px" />
Source: McEwen Mining
<h2>Conclusion: A Triple Threat with Immense Potential</h2>
With its robust portfolio spanning gold, silver, and copper, McEwen Mining is more than just a precious metals producer it is a critical player in the supply chain for the technology and energy sectors. As AI and renewable energy markets continue to expand, the demand for these metals will surge, and McEwen Mining is well-positioned to meet that demand.
Investors should consider McEwen Mining not only for its exposure to gold and silver but also for its growing role in copper, the backbone of the future economy. With Rob McEwen&#39;s proven leadership and the company&#39;s commitment to responsible mining, this triple threat offers a unique opportunity to capitalize on the next wave of global commodities demand.
Important Disclosures:
<ol>
<li>John Newell: I determined which companies would be included in this article based on my research and understanding of the sector.</li>
<li>Statements and opinions expressed are the opinions of the author and not of Streetwise Reports, Street Smart, or their officers. The author is wholly responsible for the accuracy of the statements. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Any disclosures from the author can be found below. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.</li>
<li>This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports&#39; terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.</li>
<li>John Newell Disclaimer</li>
</ol>
As always it is important to note that investing in precious metals like silver carries risks, and market conditions can change violently with shock and awe tactics, that we have seen over the past 20 years. Before making any investment decisions, it&#39;s advisable consult with a financial advisor if needed. Also the practice of conducting thorough research and to consider your investment goals and risk tolerance.

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A Triple Threat in Metals: Copper, Gold, and Silver

RGLD

Shares of gold companies are trading higher following a spike in the price of the safe haven asset after Iran launched a missile attack on Israel.

Shares of precious metals companies are trading lower amid a pullback in gold and silver.

Vice President Kamala Harris has vowed to establish a national stockpile of critical minerals, citing their importance for economic and national security. This initiative forms part of her broader $100 billion industrial policy proposal, unveiled Wednesday, which includes various measures to strengthen the <a target="_blank" href="https://www.benzinga.com/topic/us-economy" rel="noreferrer noopener">U.S. economy</a>.
Harris's &#8220;America Forward&#8221; agenda aims to reduce the U.S. <a target="_blank" href="https://www.benzinga.com/markets/commodities/24/04/38114381/critical-minerals-race-heats-up-us-eu-challenge-chinas-dominance" rel="noreferrer noopener">reliance on foreign sources</a>, particularly China, for these crucial resources. The strategy proposes new incentives, including tax credits, and potentially invoking the Defense Production Act to boost domestic processing capabilities.
As reported by Bloomberg, Kamala Harris&#8217; campaign stated that enhanced domestic production and other sustainable initiatives would strengthen critical mineral supply chains with allies and partners. This includes encouraging investments that boost the production of these resources in the U.S. and among allied countries.
Critical minerals, including lithium, cobalt, and rare earth elements, are essential for modern technology and defense applications. These materials are indispensable for producing electric vehicle batteries, semiconductors, and military equipment. China currently dominates the global processing of many minerals, posing a strategic vulnerability for the U.S. As demand for clean energy and advanced technology grows, securing a steady supply of these minerals has become a top priority.
President Biden's administration has already <a target="_blank" href="https://www.benzinga.com/markets/esg/24/03/37914506/bidens-475m-for-mining-aims-to-power-communities-hit-hardest-by-our-evolving-energy-landscape" rel="noreferrer noopener">made significant strides</a> in addressing this issue. Through initiatives like Executive Order 14017, Biden ordered a comprehensive review of critical mineral supply chains, leading to billions in investments to strengthen domestic capabilities. Since Biden took office, more than $120 billion has been committed to building battery and critical mineral supply chains, creating over 250,000 energy jobs, and ensuring future demand for essential materials like lithium and cobalt is met.
Despite these efforts, the U.S. mining sector still needs to overcome significant challenges. Domestic mining projects take <a target="_blank" href="https://www.benzinga.com/news/24/07/39870803/us-mine-development-delays-among-worlds-longest-second-only-to-zambia" rel="noreferrer noopener">nearly 29 years </a>to move from discovery to production, according to a study from S&amp;P Global published in July.
This timeline is significantly longer than in countries like Canada and Australia, where litigation risks and regulatory hurdles are much lower. These factors have slowed progress and discouraged private-sector investment in U.S. mining ventures.
Still, the push to increase domestic production of critical minerals has gained bipartisan support, as Republicans and Democrats recognize its strategic importance.
Thus, regardless of the outcome of the upcoming election, the U.S. will likely continue prioritizing critical mineral production, securing the nation's needs for the energy transition.
Read Next: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/41038172/amid-resistance-from-harris-and-trump-nippon-steel-scores-favorable-arbitration-ruling-in-14-9b-" rel="noreferrer noopener">Amid Resistance From Harris And Trump, Nippon Steel Scores Favorable Arbitration Ruling In $14.9B US Steel Acquisition Deal</a>
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