On Monday, President Trump issued an order approving the construction of a road running 211 miles so that the mining of copper, zinc and other critical minerals could commence at a site in Alaska. The project had been halted during the presidency of Biden in order to cut emissions, protect tribal lands and preserve flora and fauna habitats.
The road project in question, the Ambler Road, had initially been approved during the first Trump presidency as a major access road to boost mining in the region.
During a ceremony at which he signed the directive, Trump said this project was overdue and billions in potential revenue had been delayed while also denying the country much-needed mineral resources. He added that Biden had reversed the project, causing loss of money and time. However, he vowed that he would restart this vital project and now had sufficient time to see it through.
This new order comes at a time when the U.S. government has acquired a 10 percent equity stake in the company, Trilogy Metals, which was given rights to develop the Ambler mining project alongside an Australian firm.
The equity stake secured in Trilogy Metals isn’t the only undertaking of its kind that the Trump administration has made. The energy department also obtained 5% holding in another Canada-based company, Lithium Americas, and another 5% holding in a mining project owned by GM looking to extract lithium at Thacker Pass. Lithium Americas aims to develop one of the largest lithium extraction projects globally in Nevada.
Doug Burgum, the Interior Secretary, applauded Trump’s action in approving the construction of Ambler Road, saying this will grant access to several critical minerals essential to winning the AI race against the country’s arch-rival China.
Other supporters, including the congressional delegation from Alaska, hailed the new order saying it would unlock more than $7bn-worth of copper at the proposed mining site to facilitate various technologies like EVs, wind turbines, electronics and other renewable energy products.
While Trump is best known for his “drill, baby, drill!” mantra, he also has a related mantra “mine, baby, mine!” He sees the fossil fuel and mining industries as vital for job creation and domestic production of needed materials.
Critics are, however, dismayed by his Ambler Road order. A consortium representing 40 Native tribes recognized by the federal government expressed concerns that this road is bound to adversely affect vital habitat for caribou and salmon that Natives depend on for subsistence. Karmen Monigold, a member of one of the Native groups opposed to this project, revealed that she cried on learning about the signing of the presidential order approving the road construction. She added that Natives have lived through efforts to wipe them out or assimilate them, and this latest setback compounds the problems they have had to endure.
The approval of this project comes at a time when there are serious concerns about the future supply of vital minerals like copper. Shortages are already looming while demand is accelerating. Efforts by Canadian exploration companies like Aston Bay Holdings Ltd. (CVE: BAY) (OTCQB: ATBHF) offer some hope, but federally-controlled lands in the U.S. are coming under increasing pressure as sources of needed minerals regardless of the social and ecological roles they play.
NOTE TO INVESTORS: The latest news and updates relating to Aston Bay Holdings Ltd. (CVE: BAY) (OTCQB: ATBHF) are available in the company’s newsroom at https://ibn.fm/ATBHF
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