Trump has signed H.J.Res. 140 to overturn Biden’s 2023 twenty‑year ban on mining and geothermal leasing across 225,000 acres (91,200 ha) of Superior National Forest in Cook, Lake and Saint Louis counties, Minnesota. The decision clears the way for reissuing federal mining leases and materially advances Antofagasta’s long‑stalled Twin Metals underground copper‑nickel‑cobalt‑PGM project on public land near the Canadian border. Under the 1996 Congressional Review Act, a future administration cannot easily reinstate an equivalent blanket withdrawal, reducing regulatory risk for large greenfield projects in the Duluth Complex.

JPMorgan has increased its holding in Sibanye-Stillwater to 5.66%, joining South Africa’s Public Investment Corp. with more than 20% and BlackRock with over 5% as major shareholders consolidating positions in the Johannesburg- and New York-listed precious metals producer. Despite the strengthened institutional register, Sibanye-Stillwater’s New York-listed shares fell 5.5% to about $11.80, giving a market capitalisation of $8.6 billion, roughly half the January peak after BlackRock’s move. The drop tracks further weakness in gold (-2%), platinum (-2.9%) and palladium (-1.5%), which underpin the group’s multi-continent mining portfolio.

Gold could reach $8,000/oz within five years if bullion’s share of global central bank reserves rises from 30% to 40% amid accelerating de-dollarisation, according to a Deutsche Bank simulation. Central banks have added over 225 million oz of gold since 2008 while cutting US dollar holdings from above 60% to about 40%, with buying now extending beyond China, Russia, India and Turkey to Kazakhstan, Saudi Arabia, Qatar, Egypt and the UAE. For miners and project developers, such a price scenario would materially improve project economics and justify higher cut-off grades and longer mine lives.