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Should pension funds be supporting Canadian mining?

Veteran mining executives Pierre Lassonde and Frank Giustra are pressing the government to wield influence on pension funds, as it surfaces that Canadian pension funds, boasting a whopping $2.1 trillion in assets, allocate only a fraction to domestic mining ventures.

The call for action comes amidst growing concerns over the dearth of domestic investments in Canadian mining. Lassonde and Giustra advocate for heightened investment in Canadian mining, highlighting the critical role it plays in the nation’s economy and the imperative of bolstering domestic industries.

“They’ve taken the vast majority of this money – 75% of it – and invested it outside Canada to create jobs outside of Canada to the detriment of Canadians,” said Lassonde, a founder of Franco-Nevada and former president of Newmont. “Essentially, the mining industry has been ignored.”

You can read more on the matter here.

What’s going on?

• More Nuclear Plants Being Built: Philippines to Add 1,200 MW by 2032 (theDeepDive)

• Sweden Clears Final Hurdle to Join NATO With Hungary Vote (Bloomberg)

• Washington Post Reveals Russia’s Disinformation Campaign To Undermine Zelensky (theDeepDive)

• Republican Party leader Ronna McDaniel to step down after pressure from Trump (Reuters)

• Is Lithium On The Rise? (theDeepDive)

• Donald Trump appeals $454 million judgment in New York civil fraud case (ABC)

• Sabotage? Libs Of TikTok Stripe Account Disabled and Funds Frozen (theDeepDive)

• Google aims to relaunch Gemini AI image tool in a few weeks (Reuters)

• Argentina to Penalize Bankers Who Print Money (theDeepDive)

• Intuitive Machines’ Odysseus sends back first images from the moon (CNBC)

• Mining Execs Want Pension Funds To Be Invested In Canadian Mining (theDeepDive)

What’s the latest?

• Trudeau Ministry Of Truth: The Canadian federal government is set to introduce new online harms legislation aimed at combating online hate and protecting children from harmful content. While specific details are yet to be disclosed, the legislation is expected to modify the Criminal Code, and the Canadian Human Rights Act. Prime Minister Justin Trudeau has emphasized the bill's focus on safeguarding children from online dangers, including hate, violence, and bullying.

• Sweden To NATO: Hungary's parliament has officially approved Sweden's accession to NATO, marking the end of Sweden's longstanding policy of neutrality and its transition into the North Atlantic Treaty Organization as the 32nd member. This decision, supported by a significant majority in the Hungarian parliament, follows extensive diplomatic efforts, including a recent arms deal between Sweden and Hungary and adjustments in Swedish law to address Turkey's security concerns.

• Pharmacare: Finance Minister Chrystia Freeland has assured that the upcoming pharmacare program, which will offer free diabetes medication and birth control to all Canadians with a health card, will not compromise Canada's fiscal health. Despite concerns about the federal deficit and economic challenges, Freeland emphasized the government's commitment to fiscal responsibility, aligning with spending rules set out in the fall. The government has allocated approximately $800 million for its initial phase.

• Trans Mountain Oil Bump: The discount of Western Canadian Select crude to U.S. West Texas Intermediate is projected to decrease from approximately US$17.10 per barrel to less than $10 a barrel between May and July. This adjustment is attributed to the commencement of the expanded Trans Mountain pipeline, which will boost capacity by 590,000 barrels per day, coupled with maintenance-induced production cuts by key oil-sands operators.

• Gaza Protests: A U.S. military service member died after self-immolating outside the Israeli Embassy in Washington D.C., in protest against the war in Gaza. The incident, broadcast live over the internet, was part of broader pro-Palestinian and pro-Israeli protests in the U.S., sparked by recent hostilities between Israel and Hamas.

The silver market sentiment has to change

The stock market and stuff

• Air Canada Tries To Get Out of A Refund By Blaming Its Chatbot (theDeepDive)

• Tesla rival BYD launches electric supercar that could take on Ferrari — for $233,000 (CNBC)

• Temu’s U.S. Entry Is an Orange Flag for Etsy (WSJ)

• Newmont To Sell Off Multiple Canadian Assets, Cut Jobs (theDeepDive)

• Novo Nordisk and Eli Lilly rival soars 32% after promising weight loss drug results (CNBC)

• Berkshire nears $1 trillion valuation after record profit (Reuters)

• The Children’s Place: How To Buy A Company Without M&A Fees (theDeepDive)

In the juniors

• Aston Bay To See 22,000 Metre Drill Program Conducted At Storm Copper Project (theDeepDive)

• MCF Energy Acquires O&G Assets Ready For Near-Term Production (theDeepDive)

• enCore Energy Sells Off 30% Of Alta Mesa To Fund Uranium Asset Development (theDeepDive)

• Metallic Minerals Reports Maiden Resource Of 18.1 Million Oz Silver Equivalent At Keno Silver (theDeepDive)

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