Top Stories This Week: Gold Price Breaks Out, Sweden Gears Up to Lift Uranium Ban

Bullet briefing — Critical metals, uranium and nickel

Chinese investors still pouring money into Canadian miners

Back in 2022, Canada ordered three Chinese investors to sell their stakes in Canadian critical metals companies.

The move was geared at restricting foreign investment in this sector, but new research from the University of Alberta shows that the landscape hasn't exactly changed — in 2023, investors in China and Hong Kong made at least a dozen investments worth C$2.2 billion in Canadian critical metals companies.

That's up substantially from the C$62 million seen in 2022. As Dean McPherson, TMX Group's (TSX:X,OTC Pink:TMXXF) head of global mining, told Reuters this week, "What you are seeing is the reality, that there is no blockade of Chinese investments in Canada ... it is a perception issue."

Sweden moves to lift uranium mining ban

Public perception of uranium saw another shift this week as Sweden made moves to lift its ban on uranium mining and exploration. The moratorium has been in place since May 2018, but now the country has started a government investigation that could see it reverse course. The inquiry will conclude on May 15 of this year.

Nickel execs sound the alarm on Indonesian supply

Execs at major nickel miners are sounding the alarm about the future of their businesses as cheap metal continues to flow from Indonesia. According to Bloomberg, about half of the world's largest mines are unprofitable at current prices.

Indonesia's output of low-grade nickel has increased rapidly, and innovations in processing have allowed it to be refined into higher-quality products. Meanwhile, economic weakness has dampened demand. Non-Indonesian miners have the advantage of producing "greener" nickel, but that hasn't boosted buying.

"There is a serious structural challenge as a result of Indonesian nickel. They don’t seem to be letting up anytime soon," said Duncan Wanblad, group chief executive at Anglo American (LSE:AAL,OTCQX:AAUKF).

See INN at PDAC!

The Investing News Network team will be at the Prospectors & Developers Association of Canada convention from March 3 to 6. Better known as PDAC, the event brings together thousands of people in the resource industry.

PDAC is always one of my highlights for the year, and I'm excited to be doing interviews with some of our most popular guests, including Rick Rule, Lobo Tiggre, Adrian Day, Brien Lundin and more.

If you're at PDAC, I'd love to say hello — we'll be filming on the 700 level of the convention center, just outside Room 714B. If you're not attending, find us on YouTube and on X @INN_Resource as we post content from the show.