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Carney’s ‘6-Month’ Mine Claim Faces Pushback

Ottawa is claiming speed on a graphite project whose real business problem was not simply permitting, but turning a long-developed mine into a financeable supply-chain asset.

Prime Minister Mark Carney said Canada was breaking ground on Nouveau Monde Graphite’s Matawinie Mine six months after it was referred to the Major Projects Office, framing the Quebec project as evidence that Ottawa can move strategic projects faster.

The claim works only if the clock starts at the federal referral, not at the start of the mine’s development history.

You can read more on the matter here.

What’s going on?

• US Charges Raúl Castro With Murder, But It May Not Push To Trial (theDeepDive)

• Canada Updates Federal Carbon Price to Match Lower Alberta Level (Bloomberg)

• EU’s Mineral Stockpile Shows 2030 Targets Cannot Cover 2026 Risk (theDeepDive)

• Cuba’s ex-president Raúl Castro indicted in U.S. on murder charges (Globe)

• BC Hydro Will Pay You To Reduce Energy Use (theDeepDive)

• What To Know About the Trump Administration Ending Tax Audits of Trump (WSJ)

• Murdoch Buys Into Vox’s Strongest Media Assets, NYT Reports (theDeepDive)

• Trump says negotiations with Iran in final stages, warns of attacks if deal fails (Reuters)

• Bill C-22 Hits Roadblock With Swiss Firm ProtonVPN, What Now? (theDeepDive)

What’s the latest?

• Dollar: The Canadian dollar held near a five-week low on Wednesday after softer-than-expected inflation data reduced expectations for aggressive rate hikes from the Bank of Canada. The loonie was also pressured by falling oil prices, as hopes for a potential U.S.-Iran deal eased concerns about Middle East supply disruptions and pushed crude prices lower.

• Steel Industry: Farjess Inc. and Royal Canadian Steel Inc. have agreed to pay US$19 million to settle U.S. allegations that they falsely labeled steel from countries including China, Turkey, and Vietnam as Canadian or American to avoid import duties. The U.S. Justice Department said the scheme ran from 2019 to 2025, with a whistleblower broker helping uncover the case and receiving about US$3.6 million from the settlement.

• Politics: Mark Carney and David Eby have agreed to begin negotiations on British Columbia’s economic priorities and Ottawa’s role in major national development projects, including a potential new oil pipeline to the West Coast. Carney said any pipeline would require Indigenous consultation, environmental safeguards, and meaningful economic benefits for B.C., while Eby emphasized that economic growth must remain balanced with protections such as the province’s north coast oil tanker ban.

• Strait of Hormuz: Three supertankers carrying 6 million barrels of Middle Eastern crude successfully exited the Strait of Hormuz on Wednesday after being stranded for more than two months due to the Iran war. The ships are heading to Asian buyers in China and South Korea using a restricted transit route ordered by Iran. Shipping traffic through the strait remains far below normal levels as security risks, including drone threats and naval tensions, continue. Hundreds of vessels are still waiting to safely pass through the region.

• Markets: Canada and U.S. stock markets moved higher Wednesday morning as falling oil prices boosted investor sentiment. The S&P/TSX Composite Index gained more than 360 points, while the Dow, S&P 500, and Nasdaq also posted solid advances. Meanwhile, crude oil prices dropped below US$101 per barrel, gold prices slipped, and the Canadian dollar edged slightly higher against the U.S. dollar.

Higher Gold Prices Are Changing What Counts as a Real Discovery

The stock market and stuff

• Intuit Cuts 3,000 Jobs as CEO Bets the Company on AI Partnerships (theDeepDive)

• Nvidia to return more than $80bn to shareholders as it reaps rewards of AI boom (FT)

• Leaked Audio Surfaces as Meta Begins Laying Off 8,000 Workers (theDeepDive)

• OpenAI Is Preparing to File for an IPO Very Soon (WSJ)

• China Is Building a World Without Nvidia (theDeepDive)

In the juniors

• Aya Gold Hits 890 g/t Silver Equivalent Over 51.5 Metres at Boumadine (theDeepDive)

• Wallbridge Lands $56 Million from Agnico Eagle and Waratah, Plans Rebrand to Sunday Lake Gold (theDeepDive)

• Altamira Gold Extends Maria Bonita Footprint with 110 Metre Step-Out (theDeepDive)

FULL DISCLOSURE: Canadian Copper is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Canadian Copper. The author has been compensated to cover Canadian Copper 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.