TMC Gets the Nod (The Roundup)
China plans rare earth upgrades, Santa Marta climate talks, TMC gets the nod from NOAA + all the important stories you've missed (May 4, 2026)
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TL;DR
The Bigger Things
China is not going to give up its position on rare earths so easily (what a surprise)
Climate talks in take place in Santa Marta and US and China were not invited (neither was I btw)
The Smaller Things
TMC gets a nod from NOAA (looks like deep sea mining is a real thing now)
Canada now has a sovereign wealth fund I guess (and Canadians can invest I guess)
In Other News: Virginia passes PJM bill, UNFCCC chief thinks Iran war supercharges shift to renewables and other things!
The Bigger Things
The biggest stories you probably missed:
China Won’t Give up on REEs That Easily; Chile Moves on Critical Minerals
What Happened? China is not giving up so fast on its role as global REE czar, with a new draft regulation to increase enforcement of its rare earth rules with tougher penalties and license revocations for quota‑breaking producers. At the same time, China Northern Rare Earth signed off on a 7.79 billion yuan, 45‑month R&D campus in Baotou to upgrade its innovation capacity.
Meanwhile, Chile and the US signed new mining and security deals that expand cooperation on critical minerals projects, recycling and rhenium exploration, alongside a US‑funded program that embeds FBI support into Chile’s push against organized crime.
Why Care? 🤷♂️ Because with the Trump-Xi summit just around the corner, China is trying to remind everyone who’s boss (my money was always on Angela, btw). At the same time, It’s obvious China sees Western efforts to diversify supply chains and is trying to maintain its advantage through Baotou upgrades.
And while China is making moves, the US continues courting partners and allies, this time focusing on Chile.
My Take: ✍️ I guess no one is exactly surprised by China’s recent moves. China witnessed just how fast the West is mobilizing and it was only a matter of time until they reminded everyone that it is not going anywhere. I am already curious to see what the Trump-Xi summit produces on Critical Minerals.
Santa Marta Climate Talks Take Place in Colombia
What Happened? Ministers and envoys from 57 mostly mid‑sized countries met in Santa Marta, Colombia for the first summit explicitly focused on “transitioning away” from fossil fuels, co‑hosted by Colombia and the Netherlands. Naturally, the US China and Russia were not on the invitee list.
Conference attendees agreed to develop national and regional roadmaps to wind down coal, oil and gas, set up a new science panel for the energy transition, and launch three workstreams on roadmaps, phasing out fossil‑fuel subsidies and reforming debt and trade rules that currently lock countries into hydrocarbons.
Why Care? 🤷♂️ Because this conference clearly shows that more than a handful of countries are still interested in transitioning away from Fossil Fuels. Given the Trump Administration’s climate-180 and a few other factors, much of the global discussion shifted away from climate action. That doesn’t mean that a large number of courtries aren’t interested. This also signifies the first attempt to bypass the COP mechanism and focus entirely on phaseout.
My Take: ✍️ This is one of those “you had to be there” moments, and I wasn’t there. But more seriously, this conference’s importance is in it taking place. Will it be a durable attempt to prevent the worst impacts of climate change? We’ll see what happens.
The Smaller Things
The stories you should have on your radar:
TMC Gets a Nod from NOAA
What Happened: The US National Oceanic and Atmospheric Administration (NOAA) has determined that TMC USA’s consolidated application for an exploration licence and commercial recovery permit in the Clarion‑Clipperton Zone is in full compliance with US deep‑seabed mining law, moving the bid into the certification stage and setting up a potential final permit decision by early 2027.
Why Care? 🤷♂️ Because Deep Sea Mining is the next frontier of the minerals race, and it seems like the Trump Administration is adament in letting it proceed without a hitch. The important thing here is NOAA, which has traditionally been a very environmentally conscious organization, giving TMC a go-ahead.
My Take: ✍️ NOAA’s determination is likely going to give way to a host of other companies trying to explore and leverage the seabed, but also potential lawsuits and legal proceedings.
Canada Launches Sovereign Wealth Fund
What Happened: Canada’s prime minister Mark Carney launched the Canada Strong Fund, the country’s first sovereign wealth fund, seeding it with C$25bn in public money to invest in “nation‑building” projects from energy and infrastructure to mining and tech. The fund will also be open to retail investors, drawing criticism from economists and opposition politicians who argue it risks low returns while adding to Canada’s public debt burdens.
Why Care? 🤷♂️ Because Canada has to pay for the gargantuan infrastructure projects that PM Carney is planning to build in the coming future:
A sovereign wealth fund, although a little less standard (aka Canada has debt, not wealth), is an interesting idea.
My Take: ✍️ Guess I can’t invest as well 🤷♂️
In Other News:
📰 CATL inks first major sodium-ion storage deal with HyperStrong (60 GWh over 3 years, first big commercial test for Na-ion grids) (not a great time for Lithium)
📰 China weighs second green sovereign bond sale in London to channel offshore capital into domestic low‑carbon and biodiversity projects (long… not sure really)
📰 Virginia bill pushes PJM grid costs onto data centers while preserving Dominion’s profit‑boosting undergrounding program (everybody wins?)
📰 Iran war ‘supercharging’ global renewables push as governments race to cut fossil‑fuel supply‑chain risks, UN climate chief tells Paris meeting ahead of COP31 (I wish it were true, but who knows, sounds like wishful thinking)
📰 Belgium moves to nationalize its remaining nuclear reactors in a new deal with Engie to keep domestic, lower‑carbon power online (everybody loves nuclear)
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See you next week!
You do a great job with these sir!