Sponsored by Rua Gold

Colombian mining sector hit with sweeping environmental law

Colombia’s mining industry has suffered a significant blow as the country’s Council of State upheld Decree 044 of 2024, a controversial environmental regulation that allows the government to designate temporary natural reserves in mining areas. This decision is a clear setback for the mining sector, which has been grappling with growing restrictions amid the government’s push for stronger environmental protections.

The ruling comes as the government of President Gustavo Petro ramps up its efforts to prioritize biodiversity conservation over industrial development, with mining at the center of the debate. Mining companies and industry leaders, who had filed legal actions to stop the decree, are now facing heightened uncertainty about the future of their operations in Colombia, a country rich in mineral resources but increasingly leaning toward ecological preservation.

You can read more on the matter here.

What’s going on?

• Tokyo Smoke Secures $77 Million Bid Under Stalking Horse Process (theDeepDive)

• Nato chief warns EU against setting up ‘competing’ force (FT)

• Global Scramble for Antimony Heats Up Amid China’s Export Curbs (theDeepDive)

• Donald Trump says Jews will be partly to blame if he loses election (Globe)

• Tim Pool Sues Kamala Harris Over A Tweet (theDeepDive)

• Canada Retail Sales on Pace for Third Quarter Rebound (Bloomberg)

• Five-Nation Alliance Exceeds Nuclear Fuel Investment Target by $1.4 Billion (theDeepDive)

• Libyan Oil Exports Rebound Despite Ban by Eastern Government (Bloomberg)

• YouTube’s Share of TV Time Hits Record 10.6%, Outpacing Streaming Rivals (theDeepDive)

• Passenger on previous Titan sub dive says his mission was aborted due to apparent malfunction (Globe)

• Did China Sabotage Northvolt? Unraveling the Crisis Behind Sweden’s Battery Giant (theDeepDive)

What’s the latest?

• Retail Sales: Statistics Canada reported that retail sales increased by 0.9% in July, reaching $66.4 billion, driven largely by a 2.2% rise in motor vehicle and parts sales, particularly a 2.3% increase at new car dealers. Core retail sales, excluding fuel and vehicle-related sectors, rose by 0.6%. In volume terms, overall retail sales grew by 1.0%. The agency's preliminary estimate for August retail sales suggests a 0.5% increase, though this figure may be revised.

• Battery Supply Chains: The U.S. Energy Department announced plans to award $3 billion to 25 battery manufacturing projects across 14 states, part of the Biden administration's effort to reduce reliance on China for battery materials and production. The funding will support the development of critical minerals, battery components, manufacturing, and recycling, generating $16 billion in total investments and creating 12,000 jobs.

• WealthSimple: Wealthsimple CEO Michael Katchen hinted at the possibility of an IPO in the future but ruled out an acquisition by a major Canadian bank, emphasizing the company’s commitment to independence. In an interview, Katchen expressed confidence in Wealthsimple's ability to become a leading financial institution in Canada, with over three million users and $50 billion in assets under management, nearly half of which were added in the last year.

• Coke Expansion: Coca-Cola Co. has announced plans to invest $1 billion in Nigeria over the next five years, driven by reforms introduced by President Bola Tinubu's administration. The investment will support various businesses within the value chain, including distributors, retailers, and recyclers. This follows previous investments in Nigeria, including a $240 million stake in Chi Ltd. in 2016 and $1.5 billion in investments over the last decade.

• BC Housing: A joint initiative by the Musqueam, Squamish, and Tsleil-Waututh First Nations, along with the province of BC and the City of Vancouver, plans to develop 2,600 new housing units, selling them at 60% of market value. The site will use a financing model in which the province contributes 40% of the purchase price at a total cost of $670 million, with buyers covering the remaining 60%. This program targets middle-income homebuyers meeting specific criteria, with repayment of the provincial portion required after 25 years or upon resale.

Doug Casey's bullish outlook on 'hated' resources

The stock market and stuff

• American Airlines in talks to pick Citigroup over rival bank Barclays for crucial credit card deal (CNBC)

• Microsoft Enters Plan to Revive Three Mile Island Nuclear Plant for Data Center Power (theDeepDive)

• Nike shares jump after sportswear maker replaces chief executive (FT)

• Novo Shares Fall on Safety Data for New Weight-Loss Drug (Bloomberg)

• Five-Nation Alliance Exceeds Nuclear Fuel Investment Target by $1.4 Billion (theDeepDive)

In the juniors

• PharmaDrug Subsidiary Begins Prep Work For Clinical Trial Of PD-001 For Viral Infectious Diseases (theDeepDive)

• Robex’s 3.4 Million Oz Gold Resource Project (theDeepDive)

• Glacier’s Golden Trail: Northern Superior’s Massive 66 km² Gold Puzzle with Simon Marcotte (theDeepDive)

FULL DISCLOSURE: Rua Gold is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Rua Gold 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.