The first, Unleashing American Energy, will open federal lands and waters for exploration and development in the oil, gas and uranium sectors. The order will also seek to override energy and emission regulations at the state level, and potentially eliminate electric vehicle subsidies.
The second, Unleashing Alaska’s Extraordinary Resource Potential, targets resource development in Alaska and will seek to end what the administration calls “an assault on Alaska’s sovereignty.” The order will roll back environmental protections in Alaska and work to prioritize the development of liquid natural gas and critical minerals.
Although Donald Trump did not follow through on his promise to impose tariffs on Canada and Mexico on day one of his presidency he did indicate they may be applied on February 1.
He addressed the topic further on Thursday (January 23) in a virtual presentation at the World Economic Forum meeting in Davos, Switzerland. In his remarks, he suggested that the US doesn’t need Canadian exports and that the country has been very difficult to deal with in the past. He also repeated his prior remarks that Canada could avoid tariffs by becoming the 51st state.
North of the border, StatsCan released its November 2024 monthly mineral production survey on Wednesday (January 22). The data shows that copper production declined to 33.23 million kilograms from 38.34 million in October. However, shipments substantially increased to 47.89 million kilograms from 36.05 million the month prior. The total value of shipments in November reached C$487.96 million.
Gold production declined slightly to 16,945 kilograms in November from 17,027 kilograms in October, but like copper, shipments increased to 14,389 kilograms from 13,575 kilograms a month earlier, representing a total value of C$1.71 billion.
Meanwhile, silver production increased to 24,959 kilograms in November compared to 24,550 kilograms in October. Silver shipment volumes were up substantially to 24,047 kilograms from 20,414 kilograms the previous month, for a total value of C$32.66 million.
Markets climbed over the course of the week. The S&P 500 (INDEXSP:INX) was up 1.77 percent to end Friday at 6,101.24 while the Nasdaq 100 (INDEXNASDAQ:NDX) gained 1.45 percent to 21,774.01. Meanwhile, the Dow Jones Industrial Average (INDEXDJX:.DJI) climbed 2.57 percent to 44,424.25.
Gold soared 2.56 percent this week, closing at US$2,770.89 on Friday at 5 p.m. EST. It came close to breaking its all time high earlier in the day, touching the US$2,785 mark. Silver was up as well, although to a lesser degree, closing the week up 0.89 percent at US$30.59. On the other hand, the copper price fell 3.3 percent for the week to close at US$4.31 per pound on the COMEX, and the S&P GSCI (INDEXSP:SPGSCI) was down 1.41 percent to close at 571.13.
So how did mining stocks perform against this backdrop? We break down this week’s five best-performing Canadian mining stocks below.
Data for this article was…
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