Sponsored by Golden Cariboo Resources

Carlos Slim Cuts Ties with Musk

Mexican billionaire Carlos Slim may have severed ties with Elon Musk’s Starlink, his company América Móvil reportedly announced, opting to invest $22 billion in its own telecommunications infrastructure over the next three years.

Slim’s decision to cancel collaborations with Starlink across Latin America came after Musk retweeted a post that implied Slim had connections to organized crime. The fallout will cost Musk an estimated $7 billion and his main partner in 25 countries.

You can read more on the matter here.

What’s going on?

• France Takes Center Stage: Macron’s Nuclear Offer Aims To Lead Europe’s Defense (theDeepDive)

• $9,000 fine for coal mine leak into Alberta river a 'slap on the wrist,' critics say (CBC)

• Trump’s Crypto Strategic Reserve Sparks Conflict Of Interest For Crypto Czar (theDeepDive)

• CBSA head says it’s unclear what more Canada can offer to the U.S. to avoid tariffs (Globe)

• SEC Calls Off Coinbase Fight as Agency Resets Its Crypto Strategy In Trump Era (theDeepDive)

• Canada PM Trudeau says protecting independence is his priority in talks with King Charles (Reuters)

• Carney Still Holds Multiple Board Positions Despite Claiming Clean Break (theDeepDive)

• Excitement for Canadian company as Firefly’s Blue Ghost lands on moon (CTV)

• BC Mining Exploration Spend Drops 14% As Projects Shift To Development (theDeepDive)

• Trump, Chip Maker TSMC Expected to Announce $100 Billion Investment in U.S. (WSJ)

• Congo Halts Cobalt Exports as Prices Hit 21-Year Low (theDeepDive)

• US hints tariffs on Mexico and Canada could be lower than 25% (FT)

What’s the latest?

• Car Prices: Impending 25% tariffs on Canadian and Mexican auto imports could increase U.S. car prices by up to $12,000, with crossover vehicles rising by $4,000 and EVs by three times that amount, according to Anderson Economic Group. U.S. auto sales may drop by 500,000 units, and certain models, like Ford’s Maverick and Bronco Sport, may disappear if production can't shift domestically. Automakers are stockpiling parts and securing warehouse space to mitigate the impact, but the industry, already struggling with high costs and low margins, faces severe financial strain.

• Lumber: President Trump has ordered a Commerce Department investigation into lumber imports from Canada, Germany, and Brazil, potentially leading to 25% tariffs. The probe will examine subsidies, trade practices, and price manipulation, particularly affecting products like kitchen cabinetry. The U.S. already raised duties on Canadian lumber to 14.54% last year, but additional tariffs could increase production costs while the U.S. remains dependent on imports. Trump also signed an executive order to ease domestic timber harvesting and previously directed a similar investigation into copper imports.

• Panama Mine: Panama’s President Jose Raul Mulino signaled potential interest in reopening the $10 billion Cobre Panama copper mine, which previously contributed 5% of the country’s GDP but was shut down in 2023 due to environmental protests. The closure led to 54,000 lost jobs and disrupted 1.5% of global copper supply, triggering economic fallout. However, reopening faces hurdles, including opposition from labor unions, legal restrictions on open-pit mining, and arbitration proceedings with First Quantum Minerals. If approved, full operations could take six months to resume, requiring rehiring thousands of workers and restoring idle equipment.

• Startup: Financial tech startup Ramp has secured a $150 million secondary share sale, valuing the company at $13 billion. The deal, backed by Khosla Ventures, Thrive Capital, and General Catalyst, allows employees and early investors to cash out, reflecting renewed investor interest in high-growth startups. Ramp, which provides AI-driven financial software and corporate credit cards, serves 30,000 businesses and manages over $55 billion in annualized transactions. Despite speculation, CEO Eric Glyman says there’s no IPO timeline, as the company remains financially stable, burning less than $2 million per month.

• Crypto: Shares of Strategy (formerly MicroStrategy) surged over 13% on Monday, tracking Bitcoin’s weekend rally past $90,000. The surge followed President Donald Trump’s announcement of a U.S. strategic crypto reserve, expected to include Bitcoin and four other cryptocurrencies. Analysts believe this could boost Strategy’s access to capital markets, reinforcing its Bitcoin-heavy strategy. The company, holding 499,096 BTC (about $47 billion), did not buy or sell Bitcoin between Feb. 24 and March 2.

Is digital finance the future?

The stock market and stuff

• BMO Q1 Earnings: Results Drive New Highs (theDeepDive)

• European defence shares jump as blistering rally gathers pace (FT)

• First Majestic Silver Q4 Earnings: Record Free Cash Flow (theDeepDive)

• Crypto prices jump as Donald Trump names tokens included in strategic reserve (FT)

• Cameco Q4 Earnings: Record Uranium Production (theDeepDive)

In the juniors

• Aston Bay Reports 266.3 Million Indicated Pounds Of Copper In Initial Resource Estimate (theDeepDive)

• New Found Gold Sees Kettell Exit Board With Appointment Of Chad Williams (theDeepDive)

• Canada Nickel Increases NPV Of Crawford Project To $2.8 Billion (theDeepDive)

FULL DISCLOSURE: Golden Cariboo Resources is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is long the equity of Golden Cariboo Resources. The author has been compensated to cover Golden Cariboo Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.