U.S. bans copper and nickel mining in northern Minnesota

The Twin Metals project is at risk due to the U.S. ban on mineral mining in northeast Minnesota. This restriction will last for 20 years. Regarding this, the project’s owner, Chilean company Antofagasta Plc, will not be able to mine copper and nickel in the designated area. However, Antofagasta intends to defend its rights to access the mineral deposit.

If the Twin Metals project is built, it might become the main source of copper and nickel in the U.S. Currently, there is only one nickel mine in the country, which will also be closed by 2025.

In addition to its impact on the Twin Metals project, the ban significantly complicates the transition to green energy by blocking the source of needed minerals. Copper and nickel are used in the production of electric vehicles, solar panels, and other devices based on renewable energy sources.

However, the U.S. President’s Administration stated that the risk to northern Minnesota’s ecology is too high.

It remains unclear now if the administrations of future U.S. presidents might overturn the ban. Only Congress has the power to make it permanent.

Company MarketCheese
Period: 26.11.2024 Expectation: 2840 pips
Selling USDJPY with target at 152.00 influenced by BoJ policy
Yesterday at 09:37 AM 55
Elena_Dorokhina
Elena_Dorokhina

Listed among the best MarketCheese authors
1st in the segments "Currencies", "Metals" and "Oil and gas"
Period: 25.11.2024 Expectation: 700 pips
EURUSD can not move far away from 1.052 level yet
20 November 2024 62
Period: 12.12.2024 Expectation: 2080 pips
Canadian statistics reverse USDCAD to selling
20 November 2024 55
Elena_Dorokhina
Elena_Dorokhina

Listed among the best MarketCheese authors
1st in the segments "Currencies", "Metals" and "Oil and gas"
Period: 30.11.2024 Expectation: 660 pips
Selling AUDCAD to 0.9040
20 November 2024 32
Nikolai
Nikolai

Listed among the best MarketCheese authors
3rd in the segment "Currencies"
Period: 22.11.2024 Expectation: 1000 pips
GBPUSD begins to recover from six-month lows
19 November 2024 80
Period: 16.12.2024 Expectation: 11500 pips
BTCUSD correction intensifies selling with target down to 80,000
19 November 2024 73
Alexandra_Belova
Alexandra_Belova

Listed among the best MarketCheese authors
2nd in the segments "Currencies" and "Oil and gas"
Go to forecasts