Sponsored by Lithium Chile

Is Barrick about to lose its tier one mine in Mali?

Barrick Gold (TSX: ABX) is facing escalating challenges in Mali as the country’s military government intensifies efforts to assert control over its lucrative mining industry amid increasing Russian influence.

Since seizing power in a coup in 2021 and subsequently forming an alliance with Russian troops, Mali’s junta has focused on exerting authority over the mining sector. This includes conducting controversial audits and implementing a new mining code aimed at enhancing state control over mining operations.

Recent reports indicate that the regime may be considering the expropriation of Barrick’s key mining complex, Loulo-Gounkoto, which stands as one of the largest gold-producing mines globally.

You can read more on the matter here.

What’s going on?

• Boosting Titanium Production Amid Heightened Reliance On Russia, China Supply (theDeepDive)

• FBI opens criminal probe into deadly Baltimore bridge collapse (Reuters)

• Is China Squeezing The Gold Market? (theDeepDive)

• 'Zombie Fires' Smoldering Near Oil and Gas Wells Threaten Canada’s Drillers (Bloomberg)

• Is Mining Reform Finally Ending In Mexico? (theDeepDive)

• First 2024 Canada carbon rebates will be deposited today for some Canadians (BNN)

• Russia Shut Out From Metals Exchanges Under New Sanctions On Aluminum, Copper, Nickel (theDeepDive)

• Retail sales jumped 0.7% in March, much higher than expected (CNBC)

• Is Tesla Bracing For Potential Layoffs? (theDeepDive)

• End of an Era in Singapore as Prime Minister Set to Step Down After 20 Years (WSJ)

• US Federal Reserve Refuses To Say How Much Foreign Gold It Has In Its Holdings (theDeepDive)

• Alleged Rent-Fixing of Apartments Nationwide Draws More Legal Scrutiny (WSJ)

• Iran Launches Drone Attack Against Israel, Cruise Missiles Expected To Follow (theDeepDive)

What’s the latest?

• Manufacturing: In February, Canadian manufacturing sales increased by 0.7% to $71.6 billion, largely driven by a 4.3% rise in petroleum and coal product sales. Additionally, sales of electrical equipment, appliances, and components surged 12.6% to a record $1.5 billion. In contrast, wholesale sales remained relatively unchanged at $82.2 billion, with a modest 0.2% increase in volume terms.

• Tesla Layoffs: Tesla is set to reduce its global workforce by more than 10%, as confirmed by an internal memo. The decision, part of a broader initiative to cut costs and boost productivity, comes amid declining sales and an increasingly competitive electric vehicle market. The layoffs will affect numerous locations, including California and Texas, with the company aiming to prepare for future growth phases.

• Housing: Prime Minister Trudeau has unveiled a plan to tackle Canada's housing shortage by offering low-cost leases of public land for affordable housing development and providing low-interest loans for adding secondary suites to homes. This initiative is aimed at constructing approximately 3.9 million homes by 2031, surpassing the estimated need.

• Tax Hikes: Economists are warning that tax hikes may be necessary to balance the budget without increasing the deficit. With a wave of new spending initiatives aimed at addressing affordability and the housing shortage, Finance Minister Chrystia Freeland is under pressure to maintain fiscal discipline. The upcoming federal budget is expected to continue focusing on these issues, alongside economic growth, without breaching the government's set fiscal targets.

• US Bows Out: President Biden has explicitly stated that the U.S. will not participate in any Israeli counteroffensive against Iran, following a significant drone and missile attack on Israeli territory. This decision underscores a cautious approach by the U.S., aiming to avoid escalation in a highly volatile region.

The dynamics of the nickel market

The stock market and stuff

• Microsoft Is Testing Ad Placements on the Windows 11 Start Menu (theDeepDive)

• DoubleVerify apologizes for misrepresenting X's brand safety rating (BNN)

• New Crypto Bill Aims to Apply Bank Secrecy Act Rules to Digital Asset Firms (theDeepDive)

• Trump Media Sinks 15% After Registering Shares, Warrants (Bloomberg)

In the juniors

• Cybeats Jumps 67% On Signing Of One Year Contract With European Telecom Giant (theDeepDive)

• Canopy Growth Sees Shareholders Approve Canopy USA Strategy, To Begin Acquiring US Assets (theDeepDive)

• Verses AI Sees Over 3,700 Signups For Genius Public Beta Program (theDeepDive)

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