The performance of the gold price in March surprised many investors, as the precious metal recorded significant price declines despite geopolitical escalations.

According to a report from Mining.com, the US government has approved the resumption of production at a historic mine in California, which is one of the measures under President Trump's recent executive order to expand domestic critical mineral production. On April 8, the Department of the Interior (DOI) granted Dateline Resources permission to continue developing the Colosseum gold-rare earth project. The project had been on hold for years due to its location within the Mojave National Preserve in San Bernardino County. The Australian mining company stated that the DOI's notification confirmed that its rights under the Mining Law and the California Desert Conservation Act remain valid. The DOI's approval paves the way for the development of the second rare earth mine in the US. Currently, there is only one operational rare earth mine in the country, located just 10 kilometers south of this project—the Mountain Pass rare earth mine operated by MP Materials. Stephen Baghdadi, the company's manager, said in a press release, "The DOI's public support and confirmation of our rights provide a solid foundation for advancing the Colosseum project." The Colosseum project has a long history, dating back to the California Gold Rush, but industrial-scale gold mining only began in 1986. From 1989 to 1993, LAC Minerals of Canada extracted a total of 344,000 ounces of gold from two open pits. Subsequently, Barrick Gold Corporation held the project for 20 years but conducted only limited mining activities. Dateline Resources took over the project in 2021 and subsequently reviewed the work conducted by the U.S. Geological Survey (USGS) to determine the extent of the Colosseum-Mountain Pass mineral belt. After completing the evaluation, the company's team concluded that the project shares a similar geological setting with Mountain Pass. The Mountain Pass rare earth mine commenced production in 1952 and was a major global source of rare earth elements from the 1960s to the 1990s. The company stated that technical evaluations indicate potential for rare earth exploration within the Colosseum mining rights area. Currently, the project has not yet estimated its rare earth resource volume. It only has a gold resource of 1.1 million ounces compliant with the JORC-02 standard, with two-thirds classified as measured and indicated resources. A scoping study completed in August 2024 suggests that the project could be mined for over eight years, with an annual gold production of 75,000 ounces.

China National Gold Group Corporation (600489.SH) reported a YoY increase of over 10% in net profit for 2024, yet still underperformed the growth in gold prices. The company has revised down its production targets for major non-ferrous metal products in 2025. The company announced this evening that in 2024, it achieved operating revenue of RMB 65.556 billion, up 7.01% YoY; net profit attributable to shareholders of the publicly listed firm was RMB 3.386 billion, up 13.71% YoY; and net profit excluding non-recurring gains and losses was approximately RMB 3.532 billion, up 18.25% YoY. In Q1 of this year, the company generated operating revenue of RMB 14.859 billion, up 12.88% YoY; and net profit attributable to shareholders was RMB 1.038 billion, up 32.65% YoY. The rise in gold prices was the primary factor driving the company's performance growth in 2024. The company stated that the average international gold price in 2024 was US$2,386 per ounce, up 23% YoY. It should be noted that, compared to major listed gold mining enterprises such as Shandong Gold Mining Co., Ltd. (600547.SH), Shandong Gold International Mining Co., Ltd. (000975.SZ), Hunan Chenzhou Mining Group Co., Ltd. (002155.SZ), and Chifeng Gold Corporation (600988.SH), which all reported YoY increases in net profit of over 50% for 2024, China National Gold Group Corporation significantly underperformed its peers in the industry. Further analysis reveals that China National Gold Group Corporation's gold business primarily consists of two major segments: smelting and mining. Among these, the smelting business typically accounts for approximately 90% of operating revenue (before inter-segment eliminations), with a gross profit margin that has remained around 2%-4% in recent years, significantly lower than the 40%-50% gross profit margin of the mining business in recent years. In terms of production, in 2024, the company's production of mine-produced gold, smelted gold, mine copper, and copper cathode was 18.35 mt, 37.95 mt, 82,000 mt, and 396,900 mt, respectively, with YoY changes of -2.86%, -7.14%, 2.60%, and -3.42%, respectively. The company also disclosed its 2025 business plan this evening. In terms of production of major products, it plans to produce 18.17 mt of mine-produced gold, 35.30 mt of smelted gold, 79,400 mt of mine copper, and 396,200 mt of copper cathode, with YoY changes of approximately -0.98%, -6.98%, -3.17%, and -0.18%, respectively. In terms of resource exploration, it plans to add 33.5 mt of gold metal resources and 120,000 mt of copper metal resources. Regarding gold prices in 2025, the company stated that, on one hand, although inflation has slowed somewhat, it remains above target levels; on the other hand, the US dollar is expected to stabilize or weaken slightly. Additionally, although global economic growth remains on an upward trajectory, it is still below trend levels, and safe-haven demand may support gold to some extent. However, the weakness in gold jewelry demand may narrow somewhat, while the growth momentum of investment demand may slow compared to 2024, and gold prices may continue to fluctuate at highs.

On April 28 (Monday), Barrick Gold Corp. announced that it plans to change its name to Barrick Mining Corp. as it continues to pursue growth in its copper business. The new name will be approved at the company's annual and special meeting of shareholders on May 6. Barrick CEO Mark Bristow stated that the company's vision is to become the world's most valuable gold and copper exploration, development, and mining company. He said that the new name better reflects Barrick's current business and its mission to achieve sustainable profitability and growth in both gold and copper operations.

On April 21 local time, Lumina Gold Corp, a publicly listed firm on the TSX Venture Exchange (TSX-V) headquartered in Vancouver, Canada, announced that it had entered into an arrangement agreement (hereinafter referred to as the "Arrangement Agreement") with CMOC Singapore Pte. Ltd., a Singapore subsidiary of CMOC Group Limited (collectively referred to as "CMOC"). CMOC will acquire all issued and outstanding common shares of Lumina at a cash price of CAD 1.27 per share, with a total consideration of CAD 581 million (approximately USD 421 million, CNY 3.043 billion).

On Sunday, April 20, if you are attracted to gold and are ready to embrace a different future for gold. Vedanta Chairman Anil Agarwal believes copper is the next gold, a view he expressed on social media, bringing much anticipation to Indian entrepreneurs. Vedanta is a significant player in the global copper market. Under the leadership of Anil Agarwal, it holds a 36% market share in India. The company is preparing to expand internationally, launching a $2 billion copper processing division to meet the growing global demand for copper. The strong shift towards renewable energy and electric vehicles has driven the development of the copper industry. With the acquisition of Zambia's copper mine and smelting company Konkola (KCM), Vedanta has become a comprehensive integrated copper producer. Analysts have mixed views on the outlook for copper prices in 2025. Some analysts expect copper prices to hit record highs due to the shift to renewable energy and strong demand for electric vehicles, while others believe copper prices face downward pressure due to US tariff turmoil and other factors. **The Future of Copper** The Vedanta boss recently emphasized the growing strategic value of copper, calling it the "next gold" in the global shift to electric vehicles and clean, green energy. "Copper is the next gold," Agarwal wrote, mentioning that Barrick Gold, one of the world's largest gold producers, is proposing to remove "gold" from its name and focus on copper mining. Agarwal stated, "Copper is a new super metal, extensively used in all advanced technologies, whether in electric vehicles, renewable energy infrastructure, artificial intelligence, or defense equipment." The renaming of Barrick Gold is a significant development in the recent resurgence of the copper industry. The Canadian company stated in a press release on Friday, "We plan to change the company name from Barrick Gold Corporation to Barrick Mining Corporation to reflect the company's evolving production model." The Canada-based company has mining operations and projects in many countries, such as Argentina, Canada, Chile, Côte d'Ivoire, Congo, the Dominican Republic, Ecuador, Egypt, Mali, Pakistan, Papua New Guinea, Peru, Saudi Arabia, Senegal, Tanzania, the US, and Zambia. Agarwal pointed out that globally, copper mines are reviving, and new smelters are being built to meet the growing demand. He noted that in this context, India also has great potential in the field of critical and transition metals. To learn more about the dynamics of the copper industry chain, you are welcome to attend the CCIE 2025 SMM (20th) Copper Conference and Copper Industry Expo, hosted by SMM, which will be grandly held in Nanchang, Jiangxi from April 22-25, 2025. Over 3,000 industry elites, representatives from upstream and downstream enterprises of the copper industry chain, government leaders, industry associations, third-party equipment, logistics and warehousing, and university research experts will gather together. The conference covers mines, smelting, copper processing, trade, recycling, and end-use applications, encompassing the entire copper industry chain. At the conference, more than 100 exhibitors will showcase the latest copper processing and smelting equipment, high-quality raw material suppliers, and new-type copper-based materials, highlighting the innovation and vitality of the copper industry. The conference activities are rich and varied: the main forum focuses on global copper market trends, raw material supply, policy impact analysis, and market direction interpretation. Sub-forums delve into industry hotspots in areas such as electrical power transmission and distribution, secondary copper, copper-based new materials, hardware and plumbing, and ESS. During the conference, there will also be a two-day field trip to 12 representative enterprises in the copper industry, with a cumulative capacity of 1 million mt. Sharing cutting-edge technologies and valuable experiences will help upgrade the copper industry chain and promote high-quality industry development. The CCIE 2025 SMM (20th) Copper Conference and Copper Industry Expo will help you grasp the industry pulse, expand your network, and seek business opportunities! SMM cordially invites you to gather in Nanchang, Jiangxi from April 22-25, to unite in the new era of copper and jointly plan for new development!

After the sharp decline in lithium and nickel prices and a significant slowdown in electric vehicle sales, major producers have halted their projects. Mark Bristow, CEO of the world's second largest gold mining company, Barrick Gold Corp., openly criticized the current development trajectory of the key mineral industry.