Gabon Manganese Export Ban Takes Effect in 2029

Gabon Manganese Mining

Gabon announced a complete Gabon manganese export ban on unrefined ore starting January 2029. The world's second-largest manganese producer aims to boost domestic processing and industrial capacity. This transformative Gabon manganese export ban follows similar African resource nationalism strategies.

Major Impact on Global Manganese Supply Chains

Gabon produces 4.6 million tonnes annually, representing 25% of global manganese output. China and the US face significant supply disruptions from this policy change. Meanwhile, the US imported 63% of its manganese from Gabon last year. The ban threatens established supply chains for steel and battery industries worldwide.

French mining giant Eramet, through subsidiary Comilog, dominates Gabon's manganese sector. The company operates existing downstream facilities producing silico-manganese and manganese metal. However, current utilization remains low with only 18,000 tonnes exported in 2024. Comilog employs over 3,300 people locally, making workforce considerations critical.

African Resource Nationalism Accelerates

Several African nations now restrict raw material exports to capture value domestically. Guinea banned bauxite exports while Zimbabwe restricted lithium ore shipments recently. Furthermore, Mali and Tanzania implemented gold export restrictions this year. Therefore, the Gabon manganese export ban represents broader continental industrial ambitions.

President Brice Oligui Nguema emphasizes increased state revenues through downstream processing. Moreover, this strategy requires massive investment in new manganese alloy production capacity. As a result, international miners must develop processing plants or exit Gabon entirely. The five-year transition period allows stakeholders to adjust operations accordingly.

The Metalnomist Commentary

Gabon's 2029 manganese export ban creates immediate pressure on Western supply chains already strained by geopolitical tensions. With China controlling most manganese processing capacity globally, this move could paradoxically strengthen Beijing's market position unless Western nations rapidly develop alternative processing hubs. Eramet's underutilized facilities suggest the technical and economic challenges of African beneficiation remain substantial.

Guinea Mining Licences Revocation Affects 50+ Operations Amid Resource Nationalism

Guinea Mining

Guinea mining licences revocation encompasses more than 50 permits granted over the past two decades, targeting bauxite, iron ore, gold, diamond, and graphite operations. The Guinea mining licences cancellation decree signed by interim president Mamady Doumbouya focuses on non-operational projects and underutilized permits, reflecting broader resource nationalism trends across West Africa's military-controlled governments.

Military Government Targets Underperforming Mining Assets

Guinea mining licences repossession primarily affects operations that failed to launch or demonstrate inadequate utilization of granted permits. Information Minister Fana Soumah announced the comprehensive review during a television address, emphasizing the government's commitment to maximizing resource development outcomes. The decree represents the most significant mining sector intervention since Doumbouya's military takeover in September 2021.

Meanwhile, industry analysts indicate the revocations predominantly target non-operating assets rather than active mining operations. This selective approach suggests the military government seeks to optimize resource allocation without disrupting established production and export revenues. The strategy aligns with similar resource nationalism policies implemented across West African nations following recent military coups.

EGA Bauxite Operations Face Specific Scrutiny

However, the announcement follows earlier reports that Guinea initiated proceedings to revoke Emirates Global Aluminium's (EGA) bauxite mining licence. EGA's Guinea Alumina subsidiary ranks as the world's second-largest bauxite supplier to third parties, making this potential revocation particularly significant for global aluminum supply chains. The government cited delays in EGA's planned alumina refinery construction as justification for the licence review.

Therefore, the EGA case exemplifies the military government's emphasis on value-added processing rather than raw material exports. Guinea's leadership demands concrete progress on downstream development commitments made during original licence negotiations. This policy shift reflects broader African resource governance trends prioritizing local beneficiation over traditional commodity export models.

Regional Context Shapes Mining Sector Uncertainty

Furthermore, Guinea's actions mirror resource nationalism patterns across West Africa following military takeovers in Niger, Burkina Faso, and Mali over the past five years. These governments consistently challenge existing mining agreements while demanding greater local content and processing requirements. The coordinated approach suggests regional alignment on extractive industry governance despite distinct national circumstances.

As a result, Guinea faces pressure to restore democratic governance by year-end when the transition period established by the military junta and regional bloc ECOWAS expires. Scheduled elections create additional uncertainty for mining sector investors navigating both political transitions and evolving resource policies. The timing of licence revocations before democratic restoration raises questions about continuity of mining sector reforms.

The Metalnomist Commentary

Guinea's comprehensive mining licence revocation demonstrates how resource nationalism increasingly shapes African mining governance, particularly following military interventions that prioritize sovereignty over foreign investment partnerships. The selective targeting of underperforming assets while maintaining active operations suggests a pragmatic approach to resource optimization, though the EGA case highlights risks for major international mining companies operating in politically unstable environments.

Quota System Likely for DRC Cobalt Export Restart Amid Rising Global Prices

DRC cobalt

Market Expects DRC to Shift From Export Ban to Cobalt Quotas

The Democratic Republic of Congo is expected to transition from a cobalt export ban to a quota-based system, as global prices rise and domestic revenues remain frozen. This policy shift is emerging as the most probable path forward, according to market participants attending the Cobalt Institute’s annual conference in Singapore.

The Focus Keyphrase "DRC cobalt export quotas" has become central to ongoing discussions. Since the DRC imposed a blanket cobalt export ban in February, cobalt hydroxide prices have nearly doubled. However, no royalties have flowed into the Congolese treasury, prompting calls for a more dynamic system that maintains pricing leverage while restoring revenue.

Traders suggest the decision is being driven directly by Kinshasa and the presidential office, not just Gecamines. The political goal appears to be the establishment of a long-term supply management system, similar to OPEC’s oil model, to prevent global oversupply and capture more value for the DRC.

Stockpiles Shrinking as Market Braces for Supply Squeeze

Despite record production by CMOC (30,000t) and Glencore (9,500t) in Q1, the export halt has created dislocation. Cobalt hydroxide stocks are building up within the DRC, while inventories outside the country are being depleted. Estimates put global stockpiles at 50,000–70,000t, but availability varies by holder and strategy.

Some traders are withholding shipments to capitalize on rising prices, while others warn of a looming shortage. By August, inventories in China could be critically low, leading to what one source described as a “crunch scenario” if no new material enters the pipeline.

The pressure is already visible in spot markets: Chinese hydroxide material trades at $15–16/lb, western standard at $17–18/lb, and alloy grade cobalt at $19–20/lb, depending on region and grade.

Export Enforcement Signals Shift to Strategic Resource Governance

The DRC’s export ban is being strictly enforced, with military-backed customs units now operating at Kasumbalesa, the country’s primary cobalt export route to Zambia. The sophisticated level of enforcement has convinced many in the market that a structured quota system is the inevitable next step.

Meanwhile, comparisons are being drawn with Indonesia’s nickel quota system, although differences in market structure mean the analogy is not perfect. Still, the strategic intent is clear: the DRC is asserting greater control over its cobalt exports to maximize pricing power and domestic benefit.

The Metalnomist Commentary

The move toward DRC cobalt export quotas reflects a broader trend: resource-rich nations are reclaiming leverage in critical mineral supply chains. As global cobalt demand grows, especially for EV batteries and aerospace alloys, market players must prepare for a more politically managed and price-sensitive landscape. The DRC’s emerging strategy could become a blueprint for other producers.

Magnesium Added to Greenland Resources License for Malmberg Project

Greenland Resources

Greenland Resources has confirmed that magnesium will be included in its draft exploration license for the Malmberg project in east-central Greenland. The updated scope expands the project’s strategic value beyond molybdenum, as the magnesium Greenland Resources license now aligns with critical mineral priorities in both the US and EU, where domestic magnesium production is absent.

The Greenland government verified magnesium’s presence in the Malmberg deposit, prompting regulators to recommend formal inclusion. The magnesium will be recovered as a byproduct of molybdenum extraction and may also be recovered from saline tailings water, according to Greenland Resources. This multi-source extraction strategy enhances the site’s economic and critical materials relevance.

Dual Critical Mineral Strategy Enhances Malmberg Project Value

The expanded magnesium Greenland Resources license adds new momentum to the Malmberg project, which is already positioned as a high-grade molybdenum source. In February 2025, Greenland Resources signed a 10-year, $1.6 billion offtake deal with Outokumpu, a Finland-based stainless steel producer, for molybdenum oxide. The addition of magnesium strengthens the project’s appeal to industrial buyers facing supply shortfalls.

Magnesium is widely used in lightweight alloys, defense applications, and battery systems, making it a key focus for strategic sourcing. The company’s plan to extract magnesium from both ore and tailings brine also reflects a growing industry trend toward zero-waste and water-integrated metallurgy.

US and EU Magnesium Dependence Highlights Strategic Importance

Neither the United States nor the European Union currently hosts domestic magnesium production, despite listing the metal as a critical raw material. The magnesium Greenland Resources license positions Greenland as a potential supplier to Western markets seeking non-Chinese sources of magnesium.

As supply chain resilience becomes central to industrial policy, Greenland’s geostrategic location and mineral endowment could play a more prominent role in EU and US critical mineral strategies. With permitting underway and magnesium officially recognized, Greenland Resources gains leverage in future financing, offtake, and export agreements.

The Metalnomist Commentary

Adding magnesium to the Greenland Resources license broadens the Malmberg project’s relevance in critical mineral geopolitics. In a supply environment dominated by China, even byproduct recovery from molybdenum mining becomes a strategic lever for Western industrial resilience.

Uganda Revives Kilembe Copper and Cobalt Mine with Local Partnership

Sarrai Group

Kilembe redevelopment to support copper cathode and cobalt metal output amid evolving global supply outlook.

Uganda is taking a strategic step to revive domestic copper and cobalt production by redeveloping the long-dormant Kilembe Mines. The government signed a production-sharing agreement with Sarrai Group and Nile Fibreboard, two regional manufacturers, to bring the historic site back into operation.

The project will focus on producing copper cathodes and cobalt metal, according to energy and mineral development minister Ruth Nankabirwa Ssentamu. Located in western Uganda, the Kilembe deposit holds over 4 million tonnes of copper, alongside undefined cobalt reserves. The mine benefits from a rail link to a copper smelter in Jinja, situated in eastern Uganda.

Kilembe's History and New Strategic Role

First opened in 1950, Kilembe Mines ceased production in 1982 due to obsolete equipment and high inflation. Now, with improved regional infrastructure and global demand for battery metals, Uganda is poised to become a competitive supplier of refined copper and cobalt.

The redevelopment aligns with a broader trend of African nations seeking resource independence and value-added production. By partnering with domestic firms, Uganda aims to capture more downstream value and reduce dependence on raw material exports.

Global Copper Outlook Adds Context to Uganda’s Move

The International Copper Study Group forecasts a refined copper surplus of 194,000 tonnes in 2025, down from 301,000 tonnes in 2024. Increased output from China and the Democratic Republic of Congo drove last year’s surplus. Uganda’s entry into refined metal markets will slightly increase African contribution to the global copper and cobalt trade.

However, long-term demand for energy transition metals, particularly from the EV battery and renewable energy sectors, is expected to support prices. Kilembe’s restart could position Uganda as a strategic player in the clean energy supply chain, especially for cobalt, which remains crucial for lithium-ion batteries.

Australia Eyes National Critical Mineral Reserve Amid Tariffs

Anthony Albanese

Prime Minister Anthony Albanese Proposes Reserve for Strategic Materials

Australia's caretaker Prime Minister, Anthony Albanese, has announced plans to create a national critical minerals reserve. This proposal comes just hours after US President Donald Trump imposed sweeping tariffs on goods and services. The reserve would aim to safeguard Australia's access to essential materials, with the final approval contingent on Albanese's re-election on May 3, 2025.

Strategic Importance of Critical Minerals to Australia's Economy

While Albanese did not specify which critical minerals would be included in the reserve, Australia's current critical minerals list already includes materials such as rare earth elements, graphite, and cobalt. These materials are crucial for industries ranging from renewable energy to technology and defense. The establishment of a national reserve would ensure that Australia maintains control over these essential resources, especially in the face of global trade tensions.

Response to US Tariffs and Domestic Political Debate

The proposal comes in the wake of US tariffs and the broader geopolitical shift in trade relations. Earlier in March, the US rejected a non-financial critical minerals investment deal proposed by Australian diplomats, which included steel tariff exemptions. This rejection highlighted the growing importance of critical minerals in international trade and economic security.

Domestically, the opposition Liberal Party has also been vocal about critical minerals. On March 27, Peter Dutton, the Liberal Party’s prime ministerial candidate, announced plans to scrap the Albanese government’s A$14 billion hydrogen and critical mineral production tax credits. This move is part of his response to the government’s 2025 budget proposal. The debate over critical minerals underscores their central role in Australia's economic future.

Tantalite Prices Surge Amid DRC Conflict and Global Supply Chain Strain

Tantalite

The global tantalum market has seen a significant price surge in recent weeks, largely due to escalating violence in the Democratic Republic of Congo (DRC). This comes at a time when the supply of tantalite, a key metal used in electronics manufacturing, is already under significant strain.

Rising Prices Fueled by Political Unrest in DRC

The price of tantalite has spiked over the past two weeks, a result of renewed violence in the DRC, where the M23 militant group has captured key mining areas. This instability in the DRC's North and South Kivu provinces is compounded by the end of the Lunar New Year public holiday in China, which has historically influenced demand for the metal. The M23 group's capture of Goma and recent advances toward Bukavu have disrupted the extraction and transport of tantalite, tungsten, and tin, collectively known as the 3Ts. This disruption has caused many local mining companies to flee, further tightening supply.

Increased Supply Chain Challenges and International Repercussions

The M23 group's activities in the DRC have led to the withdrawal of international organizations like ITSCI, which monitors the trade of conflict minerals. Most smelters and downstream Original Equipment Manufacturers (OEMs) are adhering to OECD guidelines, which prevent the use of minerals sourced from areas controlled by non-state armed groups. As a result, many companies are hesitant to accept tantalum mined in these conflict zones, exacerbating the global shortage.

With supply chains already strained, mining firms are scrambling to export material from the region to avoid the risk of looting. Meanwhile, the banking system in South Kivu is in turmoil, which has prompted artisanal mining companies to sell their stock quickly, further fueling market volatility.

A Struggling Industry Facing Limited Tantalite Supply

Tantalite supply was already under pressure before the current political unrest. The 2023 takeover of Rubaya by the M23 group and a series of disruptions caused by political disputes and tariffs on Chinese tantalum products had already left smelters with minimal inventory to begin the year. Many consumers and manufacturers are now finding it difficult to secure enough material to meet their production needs. Although some OEMs are diversifying their sources to countries like Ethiopia, Mozambique, and Sierra Leone, political instability in these regions has also limited availability.

The overall situation presents a challenging year for the tantalum industry, with limited supply, rising prices, and increasing pressure from major companies like Apple to cut sourcing from high-risk areas like Rwanda and the DRC. Industry experts suggest that 2024 will be marked by ongoing challenges for both suppliers and consumers of tantalite.

DRC Rejects M23 Rebel Ceasefire as Hoax Amid Escalating Conflict

DRC

UN Warns of Regional War as M23 Rebels Continue Advance in Eastern DRC

The Democratic Republic of Congo (DRC) has dismissed the recent ceasefire declaration by the M23 rebel group as a "hoax," citing the continued military actions in the region. This comes after M23 rebels seized another town in eastern DRC, intensifying the ongoing conflict and raising concerns ahead of upcoming mediation talks.

M23 Advances Despite Ceasefire Claim

The M23 rebel group, which the DRC accuses of being backed by Rwanda, has taken control of Nyabibwe, a town on the eastern shore of Lake Kivu. Nyabibwe lies south of Goma, which the M23 captured in late January. Following this, the rebels declared a unilateral ceasefire, supposedly to facilitate peace talks scheduled to take place in Tanzania on February 8, 2025. However, the DRC government believes that the ceasefire is merely a tactic to deceive the international community.

DRC Foreign Minister Therese Kayikwamba Wagner condemned the ceasefire, claiming it was meant to "hoodwink" the world. Wagner pointed out that, instead of withdrawing their forces, the M23 has continued its actions, further complicating the situation. She also threatened the use of force to reclaim Goma if the rebels fail to vacate the area.

Economic and Regional Implications of the Conflict

The UN has highlighted that the ongoing conflict in eastern DRC is largely driven by the control of the country’s vast natural resources. Goma, a major mineral trading hub, particularly for tantalum, tin, and tungsten, plays a crucial role in this struggle. In 2023, DRC’s tantalum concentrate production, also known as tantalite or coltan, reached 6,095 tonnes, according to the International Tin Supply Chain Initiative.

The UN also reported that Rubaya, a key coltan mining town controlled by M23 rebels, generates around $800,000 per month in taxes from its mineral production and trade. This economic significance adds to the stakes of the conflict, as control of such resources is vital for the parties involved.

Growing Regional Tensions and International Concerns

While M23 spokesperson Lawrence Kanyuka claimed that the group does not plan to expand its territorial control for the time being, the situation remains volatile. The upcoming peace talks, involving Congolese President Felix Tshisekedi and Rwandan President Paul Kagame, are seen as a critical opportunity to address the crisis.

However, the UN Secretary-General Antonio Guterres has expressed concerns about the escalating violence, warning that the M23 offensive could lead to a broader regional war. The conflict's impact could extend to the mining regions and potentially affect oil developments in neighboring Rwanda and Uganda. In response to the growing tensions, Uganda has deployed 2,000 soldiers into DRC, adding to the 4,000 troops already stationed in northeast DRC to combat the Islamist group Allied Democratic Forces.

Africa's Minerals Must Power Africa: Mining Indaba Calls for Boost in Intra-Continental Trade

Africa's Minerals

AfCFTA, regional value chains, and self-defined priorities take center stage in reshaping Africa’s mineral future

Africa holds nearly a third of the world’s critical mineral reserves—yet trades only 16% of those within its own borders. At the 2025 Mining Indaba conference in Cape Town, ministers, economists, and industry leaders called for a new era of intra-African trade and industrialisation, urging the continent to redefine critical minerals based on African needs—not Western frameworks.

South Africa’s Minister of Mineral and Petroleum Resources, Gwede Mantashe, emphasized that African countries must resist the external dictates that dominate the global critical minerals conversation. Instead, he said, Africa should set its own criteria and align its mineral strategies with industrial development goals.

With abundant reserves of cobalt, copper, manganese, and graphite, Africa is in a strategic position to power the global energy transition. However, exporting raw minerals without regional beneficiation limits Africa’s economic growth. That’s why the African Continental Free Trade Area (AfCFTA)—the largest free trade agreement globally—is being hailed as a turning point for the continent.

AfCFTA Key to Building African Mineral Value Chains

The AfCFTA, covering 54 countries and a combined GDP of $3.4 trillion, offers a platform to strengthen regional supply chains. According to Solomon Quaynor of the African Development Bank (AfDB), building regional value chains will help countries meet domestic needs before focusing on exports to regions like the EU—especially with the rise of barriers such as the carbon border adjustment mechanism.

He stressed that industrialisation cannot succeed in isolation. Infrastructure and cross-border trade corridors are essential to achieving scale, efficiency, and competitiveness. A strong example is the joint electric vehicle and battery economic zone being developed between Zambia and the Democratic Republic of Congo. This initiative aims to position Africa as a global player in the battery metals industry.

Finance, Infrastructure, and Strategy Must Align

Improved infrastructure and connectivity will underpin the success of intra-African trade. Institutions like the African Export-Import Bank (Afreximbank) are stepping in with special funds to support countries and companies during this transition. Afreximbank is offering financing, technical assistance, and grants to reduce risk and unlock trade bottlenecks.

Kanayo Awani, Executive Vice-President for Intra-African Trade at Afreximbank, made it clear: critical minerals should serve Africa’s prosperity—not just feed distant supply chains. Redefining trade terms will ensure that mineral wealth accelerates industrialisation, reduces poverty, and supports long-term economic independence across the continent.

Africa’s future lies in mining for Africans first—building regional markets, investing in processing, and growing industries that transform raw minerals into manufactured goods on African soil.

Vale Explores Sale of Manitoba Nickel Mine to Optimize Mining Portfolio

Manitoba

Brazilian Mining Giant Reviews Options for Thompson Nickel Operations

Vale, the Brazilian multi-metals mining group, is evaluating a potential sale of its Thompson, Manitoba, nickel mining assets. The review includes two active mines, an adjacent milling facility, and exploration opportunities along the 135km-long Thompson Nickel Belt.

Strategic Portfolio Optimization and Copper Expansion

The company aims to streamline its mining portfolio while focusing on copper expanding production at its Carajás operations in Brazil. Additionally, Vale seeks to enhance the competitiveness of its vertically integrated nickel division by reallocating resources.

External Review and Nickel Production Growth

Vale has appointed an external advisor to oversee the review, which will conclude in H2 2025. The Thompson site produced 3,100 metric tons of nickel in Q3 2024, reflecting a 1,100-ton year-on-year increase, driven by improved Long Harbor refinery availability in Canada.

Cochilco Predicts Expanding Lithium Surplus Amid Slowing Demand in China and US

Cochilco

Global Lithium Surplus Set to Increase by 58% in 2025

The global lithium surplus will grow significantly in 2025 due to weaker-than-expected demand in China and the United States. According to the Chilean Copper Commission (Cochilco), lithium production will exceed demand by 141,000 metric tons (LCE) in 2025, compared to 89,000 metric tons in 2024.

Lithium Supply Growth Outpaces Demand

Cochilco projects global lithium carbonate equivalent (LCE) demand to rise 23% to 1.39 million metric tons in 2025. However, supply is expected to increase by 26% to 1.54 million metric tons, further widening the surplus. The slowdown in China’s EV sector and slower-than-expected growth in the US lithium market are key contributors to this imbalance.

Price Forecast and Market Adjustments

Cochilco forecasts lithium carbonate prices to average $11,399 per metric ton (CIF Asia) in 2025, based on Consensus Forecast's November 2024 report. Despite growing supply, some lithium producers have announced supply cuts to offset declining prices and prevent market oversupply.

Australia Pledges $1.24 Billion to Support Green Aluminium Transition

Australia Aluminium

Government Incentives to Drive Low-Carbon Aluminium Production

Australia has announced a A$2 billion ($1.24 billion) production credit program to help aluminium smelters transition to renewable energy over the next decade. This initiative aligns with the country's broader goal of sourcing 82% of its power from renewable sources by 2030, up from approximately 40% today. The government has committed A$40 billion in total to support this transition.

The plan will provide financial incentives per tonne of low-carbon aluminium produced, encouraging smelters to invest in clean energy solutions. This move strengthens Australia's position as a key player in the global aluminium market, which increasingly demands low-emission metals for industries such as electric vehicles, aerospace, and construction.

Rio Tinto and Industry Leaders Back the Initiative

The announcement has received strong support from Rio Tinto, one of the world's largest aluminium producers. The UK-Australian mining giant stated that the initiative will "help sustain and grow aluminium smelting in Australia." This follows Rio Tinto’s existing partnership with the Queensland state government to transition its Boyne smelter to renewable energy sources.

Additionally, industry groups such as the Australian Aluminium Council and the Australian Conservation Council have welcomed the program. They believe it will attract private investment, enhance global competitiveness, and position Australia as a leader in sustainable aluminium production.

Concerns Over Renewable Energy Supply

However, the Australian opposition leader, Liberal Party head Peter Dutton, has expressed skepticism. He argues that Australia lacks sufficient renewable energy to power all its aluminium smelters. Critics also warn that the shift could lead to higher electricity prices, potentially affecting industry profitability and consumer costs.

Despite these concerns, the government remains committed to supporting green industrial transformation, ensuring Australia’s aluminium sector remains globally competitive while aligning with climate targets.

Evion to Export Expandable Graphite to Europe and Double Production Capacity

Evion

Evion, an Australian graphite mining company, is set to export 400 tons of expandable graphite to Europe during the first quarter of 2025. The exports will come from its joint venture facility, Panthera Graphite Technologies, in Pune, India, which began production in November and December 2024. The company plans to double its production capacity by the end of the year to meet growing global demand.

Production Growth and Market Strategy

Evion's Panthera Graphite Technologies joint venture, in partnership with Metachem Manufacturing, has already produced high-value expandable graphite for immediate export. According to Evion’s January 16 presentation, the company remains on track to complete its first 400-ton shipment to Europe by March.

To secure steady production over the next six months, Evion has 500 tons of graphite concentrate on-site, purchased on favorable terms in November 2024. This stockpile ensures stable pricing and supply certainty for the company’s ongoing operations.

Pricing, Cost Efficiency, and Expansion Plans

Panthera has locked in first-quarter pricing between $3,000-$3,300 per ton FOB, with expectations of a 10% price increase for second- and third-quarter sales. Production costs range between $1,500-$1,750 per ton, and the company sees potential for short-term cost savings.

Evion is executing a three-stage expansion plan:

• Stage 1: Current production of 2,000-2,500 tons per year

• Stage 2: Expansion to 4,000-4,500 tons per year by end of 2025

• Stage 3: Full-scale production of 10,000 tons per year by 2026-2027

If successful, Panthera will become one of the largest producers of expandable graphite outside of China, strengthening its position in key markets such as Europe, Japan, and the U.S. This strategy aligns with the global supply shift following China's export ban on artificial graphite in December 2023.

Future Expansion in Battery and EV Markets

Beyond expandable graphite, Evion is advancing its Maniry project in Madagascar and exploring plans to establish a battery anode materials plant in Germany. This facility would process fine flake graphite from Maniry into uncoated spherical purified graphite, serving the lithium-ion battery and EV sectors. The company is currently negotiating financing, offtake agreements, and potential locations for the plant.

Expandable graphite is a crucial material for industries such as electric vehicles (EVs), aerospace, energy storage, and electronics. As global demand rises, Evion's strategic investments position it as a key supplier for the fast-growing graphite market.

Chile to Boost Global Copper Production Share by 2034

Chile Copper

Strategic Mining Investments Propel Growth

Chile is poised to increase its stake in the global copper market significantly, with the Chilean copper commission, Cochilco, projecting that the country will enhance its share from 24% in 2023 to 27% by 2034. This growth is anticipated to come from new mining projects and expansions in the sector.

Rising Production and Investment Trends

According to Cochilco's recent forecast, Chile will see a steady increase in copper production, achieving a peak of 6.07 million tonnes by 2027. The forecasted growth represents a 5.6% increase annually over the next decade, culminating in a production of 5.54 million tonnes by 2034, up from 5.25 million tonnes in 2024. This expansion is supported by Chile’s extensive mining investment portfolio, which includes significant initiatives like the proposed $7.5 billion expansion of the El Abra mine, a collaborative effort between the U.S. firm Freeport-McMoran and Chile's state copper company, Codelco.

Shift in Production Dynamics

Cochilco’s report also highlights a shift towards the production of copper concentrates, which are expected to constitute 88% of Chile’s total copper output by 2034, up from 80% in 2024. This change is due to a decline in copper cathode output, driven by the depletion of oxide deposits. Additionally, global copper production is projected to reach a peak of over 25 million tonnes in 2026, before a gradual decline to around 20 million tonnes by 2034.

Cosan Divests Entire Stake in Vale, Bolsters Financial Position

Vale

Strategic Sale Reduces Cosan's Debt by Nearly Half

In a significant move within the metals industry, Brazilian energy and logistics giant Cosan has completed the sale of its entire 4.1 percent stake in Vale, one of the world's leading iron ore producers. This transaction not only marks a pivotal shift in ownership but also strengthens Cosan's financial stance by substantially decreasing its debt.

Financial Repercussions and Industry Implications

The sale generated approximately R9 billion ($1.49 billion), which has been directly applied to reduce Cosan's existing debt. Prior to the sale, the company was burdened with a debt totaling R23 billion. Post-transaction, this figure has been cut down by 40 percent, bringing the total to R14 billion. This strategic financial maneuver is poised to enhance Cosan's liquidity and credit standing, potentially affecting its future investments and operational agility.

Analyzing the Market Shift

This move could signal a strategic realignment for Cosan as it possibly looks to diversify its portfolio or invest in other areas with the newly acquired financial leeway. For the broader metals market, particularly the iron ore sector, this sale might influence Vale's stock and operational strategies, as it adjusts to changes in its shareholder base.

Canada Nickel Secures Ontario Grant for New Nickel Processing Facility

Canada Nickel

Ontario Supports Canada Nickel’s Nickel Processing Expansion

Canada Nickel has received a C$500,000 ($349,000) grant from Ontario’s Critical Minerals Innovation Fund. The funding will support the company’s efforts to complete a feasibility study for a new nickel processing facility near Timmins, Ontario.

CEO Mark Selby confirmed that the feasibility study is set to take place later this year. The study will refine project costs, with current estimates requiring C$400 million for full development.

Production Goals and Market Focus

The upcoming facility aims to produce over 75,000 metric tonnes per year of nickel. This figure is slightly lower than the initial target of 80,000 t/yr. The plant is expected to begin operations in late 2027.

It will produce 98% purity nickel-cobalt material, serving the stainless steel, alloyed steel, and electric vehicle (EV) battery markets. This aligns with growing demand for high-purity nickel, particularly in the EV sector, which relies on nickel-rich cathode materials.

Canada’s Role in the Global Nickel Market

The Canadian government continues to invest in critical mineral projects. Ontario’s funding highlights the region’s commitment to strengthening domestic nickel supply chains. This project could boost Canada’s position as a key supplier in the global nickel and battery metals market.

With rising demand for sustainable nickel processing, this facility could play a major role in future clean energy technologies.

Northam Platinum Sees PGM and Chrome Output Surge

Northam Platinum

Eland Operations Drive Growth Despite Fatalities

South African miner Northam Platinum reported increased platinum group metals (PGMs) and chrome concentrate production. This occurred in the first half of its financial year. Eland operations saw significant output gains. This happened despite two fatal accidents. Northam's 4E (platinum, palladium, rhodium, gold) PGM production increased by 3.7pc. Output reached 451,213oz in July-December 2024. This is compared to the previous year. Eland 4E production rose by 15pc, reaching 37,488oz.

Chrome Concentrate Production Rises Significantly

Northam's total chrome concentrate output increased by 7.5pc. Production reached 716,622t during this period. Eland operations doubled production. Output reached 115,387t. The ramp-up at Eland continues. This is despite recent fatal accidents. These accidents paused operations. Production remains on target. The company made no changes to its output guidance.

Fortune Demonstrates Bismuth Extraction from Copper Waste, Advancing NICO Project

Fortune

Fortune Minerals, a Canadian mine developer, has announced a significant breakthrough in bismuth extraction technology, successfully proving the feasibility of recovering bismuth from copper waste streams at Rio Tinto's Kennecott smelter in Utah. This achievement validates the company's planned hydrometallurgical process for its Lamont County, Alberta facility.

This facility is integral to Fortune's NICO project, located approximately 160km northwest of Yellowknife in the Northwest Territories, where the company intends to process both bismuth and cobalt. Fortune Minerals has secured crucial regulatory approvals for both the NICO mine and the Alberta facility, including environmental assessment approval, major mine permits, and municipal planning approvals.

NICO Project's Resource Potential:

The NICO project boasts substantial mineral reserves, with 33.1 million metric tonnes (t) of proven and probable reserves. This includes 36,741t of cobalt, 45,580t of bismuth, and 12,143t of copper. The deposit is estimated to have a 20-year mine life and contains a significant portion of global bismuth reserves, representing approximately 12%.

Sustainable Resource Recovery:

Fortune Minerals' demonstrated ability to extract bismuth from copper waste streams aligns with the growing emphasis on sustainable mining practices and resource recovery. Utilizing waste materials not only enhances resource efficiency but also reduces the environmental footprint of mining operations. The application of this technology at the Lamont County facility will enable the company to maximize the recovery of valuable metals from the NICO deposit.

This advancement positions Fortune Minerals as a key player in the bismuth and cobalt market, contributing to the supply of critical minerals for various industries, including electronics, pharmaceuticals, and renewable energy technologies.

Chile Rejects Dominga Iron-Copper Project for Third Time

Andes Iron

Chile's government has once again denied environmental approval for Andes Iron's proposed Dominga iron and copper mine, citing significant environmental concerns. This marks the third time the project has been rejected, underscoring the challenges of balancing economic development with environmental protection in Chile's crucial mining sector.

Repeated Rejection and Environmental Concerns

A ministerial committee, led by the Ministry of the Environment (MoE), unanimously voted against the $2.5 billion project. The decision stems from concerns about the project's potential impact on biodiversity and the adequacy of Andes Iron's contingency and emergency plans for at-risk species. The committee's statement highlighted these environmental risks as the primary reasons for the denial.  This follows previous rejections in 2017 and 2023, with Andes Iron's appeals ultimately leading to a Supreme Court review in 2022, which seemingly did not sway the final decision.

Project Details and Industry Context

The Dominga project, an open-pit mine proposed for the Coquimbo region, aimed to produce 12 million tonnes per year of iron concentrate and 150,000 tonnes per year of copper concentrate as a byproduct over a 27-year lifespan.  Its rejection comes as Chile anticipates a substantial increase in copper production capacity—2.23 million tonnes per year between 2024 and 2033—driven by approximately $83.2 billion in mining investments across 51 projects.  This context emphasizes the tension between Chile's drive for mining development and growing environmental scrutiny.

Andes Iron's Response

Andes Iron has repeatedly asserted that the project complies with environmental regulations and has accused the MoE of bias.  The company's future course of action regarding the Dominga project remains uncertain following this latest setback.

Zijin Mining to Launch Manono Lithium Project in DRC in 2026

Zijin Mining

Zijin Mining plans to commence production at its Manono lithium project in the Democratic Republic of Congo (DRC) in the first quarter of 2026. The project, located in the northeastern portion of the Manono mine, aims to produce 100,000 tonnes per year of spodumene concentrate (SC), equivalent to lithium carbonate equivalent (LCE).  Zijin is also constructing a facility at the site to process some of the spodumene into lithium sulphate, with production also slated to begin in 2026.

Joint Venture and Project Significance

Zijin describes the Manono mine as one of the world's largest open-pit exploitable lithium-rich lithium, cesium, tantalum pegmatite deposits.  The DRC government granted Zijin exploration rights for the northeastern section of the mine on October 23, 2023. DRC's state-owned mining firm, Cominiere, which registered the exploration rights for Manono in 2023, partnered with Zijin to develop this section.  The two companies formed a joint venture, Manono Lithium, with Zijin's subsidiary, Jinxiang Lithium, holding a 61% stake and Cominiere owning the remaining 39%.

Zijin's Lithium Expansion Strategy

Zijin Mining has been actively expanding its lithium business. The company aims to increase its total lithium production dramatically, from 2023 levels to between 250,000 and 300,000 tonnes of LCE by 2028.  In addition to the Manono project, Zijin plans to start production at several other lithium projects. These include the Tres Quebradas (3Q) lithium brine project in Argentina (20,000 t/yr lithium carbonate, 2025), the Lakkor Tso Lithium project in Tibet (20,000 t/yr lithium hydroxide, 2025), and the second phase of the Xiangyuan mine in central China (capacity increase from 3,000 to 30,000 t/yr LCE, Q2 2025).