CMOC Brazil Gold Acquisition Expands Its South American Precious Metals Footprint

CMOC

The CMOC Brazil gold acquisition marks a clear expansion beyond the company’s traditional base metals profile. Equinox Gold said it completed the sale of the Aurizona mine, the RDM mine, and the Bahia Complex to a CMOC subsidiary on 23 January for total consideration of up to $1.015 billion. CMOC had previously said the package would add roughly 8 tonnes of annual gold production and deepen its South American resource base. 

The timing of the CMOC Brazil gold acquisition also matters. Gold demand hit a record 5,002 tonnes in 2025, according to the World Gold Council, while Reuters reported prices rose above $5,300 per ounce in late January. Goldman Sachs also raised its end-2026 gold forecast to $5,400 per ounce, showing how strongly the market now values gold as a reserve and risk hedge. 

This deal fits a wider strategy of gold market diversification. CMOC had already announced the Brazil purchase in December and said its Ecuadorian Odin gold project could eventually lift total gold output above 20 tonnes per year. Therefore, gold is becoming a more deliberate portfolio pillar rather than a side exposure. 

Brazilian Gold Mines Add Immediate Production but Also Integration Risk

Brazilian gold mines give CMOC something many miners want in a strong gold market. They offer producing assets with existing processing infrastructure rather than long-dated development optionality. That can support cash flow quickly and shorten the payback period compared with earlier-stage projects. 

However, integration risk has already appeared around the transaction. Reuters reported in March that a Brazilian court halted the transfer of some Bahia mineral rights tied to the sale after a challenge from state-run CBPM. Equinox said the sale had already been concluded and that the ruling referred only to one Bahia asset, Santa Luz. 

That does not erase the strategic logic of the acquisition. It does show that cross-border mining deals can face legal friction even after closing. As a result, CMOC’s ability to manage local regulatory relationships may become as important as ore grade or gold price. 

Gold Market Diversification Matters Beyond Gold Alone

Gold market diversification is also relevant to the wider metals chain. Reuters reported in 2025 that Chinese copper smelters were partially offsetting negative treatment and refining charges with stronger by-product revenues such as gold. In other words, gold is helping support margins in parts of the industrial metals system, not only in standalone precious metals mining. 

That connection matters for a company like CMOC. The group is already known for copper, cobalt, molybdenum, niobium, and phosphate. Adding more gold exposure can strengthen earnings resilience when other commodity segments face tighter margins or weaker processing economics. 

The CMOC Brazil gold acquisition therefore looks bigger than a simple asset purchase. It gives the company immediate gold production, broader South American scale, and a stronger hedge against volatility in other commodity chains. If gold stays structurally strong, this move could prove timely as well as strategic. 

The Metalnomist Commentary

CMOC is no longer treating gold as a secondary opportunity. It is building a more balanced portfolio around metals that offer both industrial relevance and financial defensiveness. If the company manages Brazil well, the CMOC Brazil gold acquisition could become one of its smarter cycle-timing decisions. 

Royal Gold Ecuador Copper Investment of $200 Million Targets Warintza Project

Royal Gold Ecuador copper

Royal Gold Ecuador copper investment reached $200 million as the US metals investment firm's subsidiary RGLD Gold partnered with Canadian miner Solaris Resources for the Warintza copper-gold-molybdenum project. The substantial Royal Gold Ecuador copper investment secures net smelter royalty agreements and gold purchase arrangements for a project containing 1.1 billion tonnes of measured and indicated resources at 0.48% copper equivalent grade, positioning Royal Gold strategically within Ecuador's emerging copper mining sector.

Structured Payment Schedule Aligns with Project Milestones

Royal Gold Ecuador copper investment follows a phased approach with $200 million distributed across three installments tied to development milestones. RGLD Gold will pay $100 million upon closing, $50 million after environmental impact assessment approval and pre-feasibility study publication, and the final $50 million one year after initial closing. This milestone-based structure reduces investment risk while ensuring adequate project funding for critical development phases.

Meanwhile, the investment secures comprehensive royalty agreements covering all metals produced from the Warintza project including copper, gold, and molybdenum. The gold purchase agreement provides Royal Gold additional revenue streams beyond traditional royalty structures. These arrangements create diversified income sources while maintaining exposure to multiple commodity price cycles across the project's operational lifespan.

Royal Gold Ecuador Copper Project

Warintza Project Resources Support Long-Term Production Potential

However, the Warintza project's substantial resource base of 1.1 billion tonnes at 0.48% copper equivalent grade demonstrates significant scale for potential mining operations. The multi-metal deposit includes copper, gold, and molybdenum mineralization that enhances project economics through commodity diversification. Ecuador's copper mining sector attracts increasing international investment as global copper demand accelerates through energy transition requirements.

Therefore, Royal Gold's investment follows China's Zijin Mining $130 million investment for a 15% stake in Solaris completed in January 2024. The sequential major investments validate Warintza's commercial potential while providing Solaris adequate funding for project advancement. International investor interest demonstrates confidence in Ecuador's mining jurisdiction and the project's technical merits.

Strategic Positioning in Growing South American Copper Market

Furthermore, the Warintza investment positions Royal Gold advantageously within South America's expanding copper production base as global demand accelerates. Ecuador represents an emerging copper jurisdiction with substantial unexplored potential and improving regulatory frameworks for mining development. The country's strategic location provides efficient access to Asian and North American copper markets.

As a result, Royal Gold's streaming and royalty model creates exposure to Warintza's production potential without direct operational responsibilities or capital expenditure requirements beyond the initial investment. This approach enables participation in copper market growth while maintaining diversified portfolio exposure across multiple projects and jurisdictions. The investment strategy aligns with Royal Gold's established business model of financing mining development through royalty arrangements.

The Metalnomist Commentary

Royal Gold's $200 million Warintza investment exemplifies how precious metals streaming companies expand into base metals opportunities, leveraging their financing capabilities to secure royalty positions in high-quality copper projects amid accelerating global demand. The milestone-based payment structure demonstrates sophisticated risk management while Ecuador's emergence as a copper jurisdiction attracts major international investors seeking exposure to South American copper resources essential for global energy transition requirements.

Gold Investor Base Shift Signals Broader Move Into Hard Assets

Gold

Gold investor base expansion is becoming a wider signal for how capital may move across physical assets, including industrial metals. Speakers at the FT Commodities Summit in Lausanne said central bank buying, tokenised products and tighter traceability standards are changing the structure of the gold market.

Gold investor base growth is no longer driven only by traditional bullion buyers. Central banks, institutional investors and digital channels are bringing new liquidity, broader access and stronger strategic demand into the market.

Gold investor base changes also matter beyond precious metals. They show that investors are increasingly looking for hard assets that can act as stores of value in a fragmented geopolitical and monetary environment.

The LBMA official gold price AM fell to $4,679.80/oz on 24 April from a record $5,501.70/oz on 29 January. But speakers said the pullback does not weaken the structural case for gold as a long-term diversifier.

Central Banks and Tokenised Products Broaden Demand

Central bank buying remains the clearest signal behind gold’s structural shift. Reserve managers are becoming more sensitive to concentration risk in US dollar assets as geopolitical alliances and monetary conditions change.

Gold offers central banks an asset without direct credit risk. It also supports reserve diversification at a time when inflation, debt debasement and currency risk are shaping long-term allocation decisions.

This trend is especially visible in emerging markets. Adding domestically sourced gold to reserves can support national balance sheets while reducing dependence on foreign reserve assets.

New financial channels are also expanding access. Tokenised gold and gold-backed digital products are attracting investors who may not have entered traditional bullion markets.

Stablecoin issuer Tether has emerged as a significant physical buyer over the past 18 months, adding a new category of demand alongside central banks and institutional investors.

This matters because easier access can change market behaviour. When physical gold becomes more liquid through digital channels, its investor base can expand faster than traditional vault, bullion and exchange-traded routes would allow.

For industrial metals, the signal is important. Copper, aluminium, rare earths, gallium, germanium and other strategic materials are also becoming policy-linked assets as governments and investors focus on supply security.

Gold may therefore offer an early example of how geopolitical risk, capital flows and physical asset ownership can reinforce one another.

Traceability Becomes Essential as Physical Demand Rises

Broader gold market participation also raises the importance of standards. Higher prices can make illicit flows more attractive and increase the risk of laundering through recycled or poorly documented material.

This creates pressure for stronger traceability, refining standards and chain-of-custody systems. Buyers and regulators increasingly want to know where metal comes from, how it was produced and whether it meets responsible sourcing requirements.

The market is moving from gold of unknown origin toward gold of known origin. That transition will require transparency, technology and stricter documentation across refining and recycling routes.

The issue is especially important for artisanal and small-scale mining supply. These flows can be difficult to document, but they remain important in many producing regions.

The same traceability logic is moving into industrial metals. Strategic stockpiling, defence procurement, battery regulations and critical minerals policies are making origin and documentation more important across supply chains.

For metals markets, this means physical assets are becoming more valuable, but also more scrutinised. Capital wants exposure to hard assets, while buyers and regulators want cleaner provenance.

That combination could reshape commodity markets. The winners will be suppliers that can provide not only material, but also verified origin, reliable custody and trusted compliance.

The Metalnomist Commentary

Gold’s changing investor base shows that hard assets are becoming strategic financial instruments again. For industrial metals, the lesson is clear: capital will flow toward physical scarcity, but only trusted and traceable supply will command the strongest premium.

Chifeng Gold Laos Rare Earth Output Plan Targets Medium and Heavy Rare Earth Growth

Chifeng Gold

Chifeng Gold Laos rare earth output plans are moving into a faster ramp-up phase as the Chinese diversified mining firm targets higher production from its Mengkang mine this year. The company plans to reach designed output capacity of 3,675t of mixed rare earth oxide at the Laos site.

The Chifeng Gold Laos rare earth output strategy is focused on meeting rising demand from upstream oxide plants. The plan also strengthens China-linked access to medium and heavy rare earth resources outside China’s domestic mining base.

The company produced 998t of rare earth ores at Mengkang in 2025, with sales of 853t and inventories of 145t. The mine only started operating in the third quarter of 2025, meaning 2026 will be an important test of its ramp-up capability.

Chifeng Gold also plans to build a 3,000 t/yr rare earth separation plant in Savannakhet province with Xiamen Tungsten. This would move the Laos platform beyond mining and into early-stage processing, improving value capture and supply-chain control.

Mengkang Ramp-Up Strengthens Medium and Heavy Rare Earth Supply

The Mengkang rare earth project is strategically important because it contains medium and heavy rare earth oxides. These materials remain among the most sensitive parts of the rare earth supply chain because they are essential for high-performance magnets, defense systems, electric vehicles, robotics, wind turbines and advanced electronics.

Chifeng Gold had total proven rare earth resource reserves of 60,000t by the end of 2025. The Mengkang site accounts for 25,500t of medium and heavy rare earth oxide resources, with an average grade of 0.025%.

Some market participants expect the Mengkang project to meet 8-10% of global demand for medium and heavy rare earths once fully operational. If achieved, that would give Laos a more important role in global rare earth supply and strengthen Chifeng Gold’s position in a high-value segment.

Chifeng Gold also holds the Saipan rare earth mining site in Laos. Saipan has proven resources of 32,000t of medium and heavy rare earth oxide, with an average grade of 0.045%.

The presence of both Mengkang and Saipan gives Chifeng Gold a broader Laos rare earth platform. This matters because medium and heavy rare earth supply is difficult to expand quickly, and new projects face technical, environmental and permitting challenges.

The Chifeng Gold Laos rare earth output plan therefore comes at a sensitive time. Global consumers are looking for supply diversification, while Chinese companies are also trying to secure more overseas resources to support oxide separation, metals production and magnet manufacturing.

Xiamen Tungsten Partnership Links Laos Ore to Separation Capacity

Chifeng Gold’s partnership with Xiamen Tungsten gives the Laos rare earth strategy more downstream depth. The two companies signed an agreement in September 2022 to establish Chijin Xiamen Tungsten, a joint venture focused on developing rare earth minerals in Laos.

The joint venture has registered capital of 60mn yuan, or about $8.79mn. Chifeng Gold holds 51%, while Xiamen Tungsten holds 49%.

Chijin Xiamen Tungsten completed its acquisition of the Mengkang project in March 2024 and obtained mining rights from the Laos government in March 2025. This sequence shows that the project has moved from acquisition into operational development within a relatively short period.

Under the partnership, Xiamen Tungsten and its subsidiaries receive priority access to rare earth minerals in Laos. Chifeng Gold will support the joint venture’s registration, launch and policy coordination in Laos.

This arrangement is commercially important because Xiamen Tungsten brings downstream rare earth processing and metals experience. Chifeng Gold brings resource ownership and project development. Together, they can connect mining, separation and downstream supply more effectively.

The planned 3,000 t/yr separation plant in Savannakhet would further strengthen that connection. If delivered, the plant would reduce dependence on exporting raw or semi-processed material and allow more value to remain in the regional processing chain.

Chifeng Gold is also active in other metals. The company holds 583t of gold resources, 590,000t of copper resources, 560,000t of zinc and lead resources, and 80,000t of molybdenum resources.

Its cathode copper output rose by 9.07% on the year to 6,754t in 2025, while sales increased by 9.5% to 6,869t. Copper concentrate output more than doubled to 3,160t, with sales rising to 3,122t.

However, performance across other metals was mixed. Lead concentrate output fell by 9% to 3,680t, while molybdenum concentrate production slipped by 1.6% to 675t.

This broader metals base gives Chifeng Gold diversification, but the rare earth strategy is likely to receive more attention because of its strategic value. Medium and heavy rare earths carry stronger supply-chain importance than most conventional base metal outputs.

The Metalnomist Commentary

Chifeng Gold’s Laos rare earth push shows how Chinese companies are building overseas control in medium and heavy rare earths before supply pressure intensifies. The key issue is whether Laos can move from ore production into reliable separation capacity without becoming only another upstream resource base.

Antilles Gold Nueva Sabana copper-gold mine build starts in Cuba

Antilles Gold

Antilles Gold has begun building the Antilles Gold Nueva Sabana copper-gold mine in Cuba. The company is developing the site with state miner GeoMinera. As a result, the Antilles Gold Nueva Sabana copper-gold mine becomes a near-term Caribbean supply story.

The partners expect the Antilles Gold Nueva Sabana copper-gold mine to commission by end-2026. The project targets a four-and-a-half-year mine life. It will process ore through a 500,000 t/yr flotation concentrator. The mine is estimated at 9,150 tonnes of copper and 76,949 ounces of gold.

Commissioning timeline tightens focus on execution and logistics

The build schedule places delivery risk at the center of the project. Therefore, construction progress and equipment commissioning will drive near-term valuation. However, the short mine life also raises the importance of steady throughput.

Flotation output will produce copper and gold concentrates. Antilles Gold plans to sell the concentrates via an offtake deal. The company has not disclosed the trading counterparty. Meanwhile, this structure can de-risk marketing and cash conversion.

Offtake strategy supports cash flow and follow-on exploration

A concentrate offtake agreement can stabilize sales channels. It can also reduce exposure to spot marketing constraints. As a result, the project can prioritize ramp-up discipline over commercial negotiations.

The joint venture plans to reinvest part of free cash flow into exploration. The target is the Sierra Maestra belt in southeast Cuba. Therefore, Nueva Sabana can act as a funding engine for a broader copper pipeline. That strategy matters as global copper supply stays tight.

The Metalnomist Commentary

This project is small in global terms, but it is operationally meaningful for regional concentrates. However, the short mine life makes exploration success essential for long-term continuity. Therefore, investors will watch ramp-up metrics and drilling results in parallel.

Perpetua Stibnite Gold antimony project secures $255mn in strategic funding

Perpetua Resources

Perpetua Stibnite Gold antimony project has secured $255mn in new strategic equity from Agnico Eagle and JPMorgan. The fresh capital will fund project development, continued exploration, working capital and general corporate needs. As a result, Perpetua Stibnite Gold antimony project strengthens its path toward construction while positioning itself as a key US critical minerals supplier. The raise also highlights growing investor appetite for assets linked to national and economic security.

Perpetua’s financing package combines mining and financial sector firepower. Agnico Eagle will invest $180mn for about 7.7mn shares, taking a 6.6pc stake in Perpetua. Meanwhile, JPMorgan will acquire roughly 3.2mn shares for $75mn, equal to a 2.7pc holding. Both invested at $23.30/share, underscoring a shared valuation view on the Stibnite Gold antimony project.

The deal also includes significant upside optionality for both investors. Agnico Eagle and JPMorgan receive warrants to purchase up to 2.9mn and 1.2mn additional shares, respectively. They can exercise at $31.46/share after one year, and up to $38.45/share three years after closing. As a result, both backers gain leveraged exposure to future value creation at the Perpetua Stibnite Gold antimony project. The placements are expected to close on Tuesday, further de-risking Perpetua’s capital structure.

Perpetua has already broken ground at Stibnite Gold after meeting US Forest Service financial assurance conditions. Conditional approval from the USFS in September allowed the company to start early construction work. The project hosts an estimated 148mn lbs of antimony reserves, alongside gold, making it one of the most strategically important antimony developments in North America. Prior to this equity raise, Perpetua secured several hundred million dollars in 2025, including $425mn in June and another $49mn in July. The company also expects up to $2bn in debt financing from the US Export-Import Bank, which would anchor a full project funding package.

Strategic investors reinforce US critical minerals security

The new capital confirms that critical minerals are now squarely in mainstream investment focus. Agnico Eagle, a major gold producer, gains exposure to a large gold-antimony system with embedded optionality on US security-linked demand. Meanwhile, JPMorgan is deploying capital through its new “Security and Resiliency Initiative,” which targets up to $10bn in equity for sectors vital to US national and economic security. This explains why the Perpetua Stibnite Gold antimony project sits at the intersection of mining, defense and industrial policy.

For the US, Stibnite’s antimony output could become a strategic pillar of supply diversification. Antimony is essential for defense, flame retardants and various advanced materials, yet supply is heavily concentrated abroad. Therefore, a domestically anchored Perpetua Stibnite Gold antimony project directly supports resilience goals. However, execution risks remain, including permitting finalisation, construction timelines, capital cost control and future antimony price volatility. Even so, the depth and quality of recent funding suggest strong confidence in the project’s long-term economics.

The Metalnomist Commentary

Perpetua’s latest raise confirms that capital is increasingly flowing toward critical minerals projects with clear policy tailwinds. The alignment of a top-tier gold miner, a global bank and US export credit support gives Stibnite unusual strategic weight in the antimony chain. If delivered on time and budget, the project could become a benchmark for how Washington-aligned finance rebuilds Western control over niche but vital metals.

Hunan Gold Antimony Output Falls as Ore Supply Tightens in China

Hunan Gold

Hunan Gold antimony output fell sharply in 2025 as China’s domestic ore availability weakened and overseas feedstock flows shifted toward non-Chinese smelters. The major Chinese antimony producer reported 22,998t of antimony products during the year, down 21% from 29,209t in 2024.

The decline continues a multi-year downward trend. Hunan Gold antimony output was also below 31,005t in 2023, 30,715t in 2022 and 39,310t in 2021, showing how resource depletion and feedstock competition are weighing on Chinese production.

Hunan Gold antimony output matters because China remains central to global antimony supply, while antimony is increasingly important for flame retardants, military applications, lead alloys, batteries, cables and strategic industrial uses. Lower output from a major Chinese producer reinforces concerns over tightening availability.

Resource Depletion and Import Competition Reduce Feedstock Access

China’s domestic antimony resources have continued to decline after years of over-exploitation. This has limited ore availability for smelters and placed more pressure on producers that depend on both domestic mines and imported feedstock.

Import supply has also become more difficult. Key overseas ore suppliers have diverted more material to smelters outside China, where buyers are willing to pay higher prices to secure supply.

This shift reflects firmer global antimony prices after China imposed stricter dual-use item export controls. The policy tightened ex-China availability and encouraged foreign buyers to compete more aggressively for ore and intermediate supply.

The result is a structural squeeze for Chinese antimony producers. They face declining domestic resources, stronger competition for imported ore and a more fragmented international feedstock market.

Product Mix Shows Pressure Across Antimony Chain

Hunan Gold’s 2025 antimony production included 5,823t of antimony metal, 9,524t of antimony trioxide, 4,842t of sodium antimonate, 2,506t of ethylene glycol antimony and 303t of antimony oxide masterbatch.

Antimony trioxide remained the company’s largest antimony product by volume. It is widely used in flame retardant systems, making it important for plastics, electronics, textiles and industrial safety applications.

Antimony metal remains strategically important for alloying and defense-linked uses. Sodium antimonate and ethylene glycol antimony also support downstream chemical and industrial applications, linking ore supply constraints to multiple end markets.

Hunan Gold also produced 61t of gold in 2025, up 32% from a year earlier, while tungsten concentrate output fell by 10% to 908t. This shows that the company’s broader metals portfolio performed unevenly, with antimony facing the clearest supply-side pressure.

The Metalnomist Commentary

Hunan Gold’s lower output shows that China’s antimony position is being squeezed from both sides: depleted domestic resources and stronger overseas competition for ore. For global buyers, the key risk is that export controls and falling Chinese output reinforce each other, keeping antimony supply tight.

Loma Larga copper and gold project hit by permit revocation in Ecuador

Loma Larga Cu

Ecuador’s decision to revoke the environmental license for the Loma Larga copper and gold project has thrown a flagship Andean mine into uncertainty. The Loma Larga copper and gold project, controlled by Canada’s Dundee Precious Metals, was classified as strategic by the government but now faces a full permitting reset. As a result, investors in copper and gold are reassessing political and regulatory risk in Ecuador just as the country seeks to grow its mining sector.

Water concerns and local politics stall a strategic mine

The core dispute around the Loma Larga copper and gold project centres on water protection in Azuay province. Local authorities in Cuenca and the Azuay prefecture have published studies warning that underground mining could threaten key water sources. Consequently, the newly merged environment and energy ministry used these findings to justify revoking the project’s environmental permit.

Dundee insists that the Loma Larga copper and gold project complies with national environmental standards and includes robust mitigation measures. However, local opposition has been organised for years, reflecting broader social resistance to high-altitude mining in sensitive watersheds. This clash between national development priorities and regional concerns now risks becoming a test case for how Ecuador balances resource extraction with environmental and social safeguards.

Investor confidence and Ecuador’s copper growth ambitions at risk

The permit revocation raises questions about the stability of Ecuador’s mining policy and its ability to attract long-term capital. Mining industry leaders warn that cancelling the license for the Loma Larga copper and gold project may set a damaging precedent for other large deposits. Investors already face geological, infrastructure and price risks; added regulatory reversals may push some to favour neighbouring jurisdictions such as Peru or Chile.

Meanwhile, Ecuador’s copper concentrate exports continue to grow, underscoring the country’s ambition to scale up production. Yet without clarity over permitting and community consent processes, future projects could be delayed or downsized. For copper and gold supply chains, the episode highlights how local governance and social licence can disrupt even “strategic” assets in emerging mining regions.

The Metalnomist Commentary

The Loma Larga decision is a sharp reminder that environmental legitimacy is now as critical as ore grades and capex in mine development. If Ecuador wants to unlock its copper and gold potential, it must establish predictable, transparent rules that reconcile local water concerns with national growth goals. Otherwise, high-quality deposits may remain stranded, and capital for critical minerals will flow to more predictable jurisdictions.

Mosaic Exits Lithium Exploration to Refocus on Gold and Nickel

Mosaic Minerals

Mosaic Minerals Shifts Strategy Amid EV Market Slowdown

Mosaic Minerals, a Canadian mining exploration firm, has announced its exit from lithium exploration to refocus on gold and nickel projects. The decision comes as the company cites overhyped electric vehicle (EV) growth expectations and low-cost foreign lithium competition as deterrents.

Mosaic holds 11 lithium assets across 78,248 hectares in Quebec. However, CEO Jonathan Hamel noted that profitable development is now “highly unlikely” given current global lithium dynamics.

Gold and Nickel to Drive Mosaic’s Growth Strategy

Instead, Mosaic will prioritize assets with more sustained global demand, particularly in gold and nickel exploration. Geopolitical tensions and inflationary pressures have fueled renewed investor interest in gold, making it a strategic focus.

The company’s Amanda Gold Project, wholly owned by Mosaic, covers 7,677 hectares in James Bay, Quebec. Mosaic also owns the Gaboury Nickel Project, located 11km from the historic Loraine Mine in Témiscamingue.

Resource Realignment Reflects Broader Market Trend

As EV sector growth cools and raw material prices fluctuate, more junior miners are reevaluating lithium investments. Mosaic’s shift underscores a growing trend toward diversification and defensible assets in the mining sector.

The Metalnomist Commentary

Mosaic’s strategic pivot is a telling sign of the reset in lithium investor sentiment. With gold and nickel gaining favor, junior explorers may increasingly chase assets with clearer economic visibility and geopolitical value.

Australia Mineral Exploration Spending Rises as Iron Ore and Gold Attract Capital

Iron ore

Australia mineral exploration spending increased strongly in the first quarter, supported by higher investment in iron ore and gold despite weaker spending on copper, nickel, cobalt and coal.

Australia mineral exploration spending rose by 16.3% year on year to A$949.3mn in January-March, according to Australian Bureau of Statistics data. Gold and iron ore remained the two largest categories of exploration expenditure.

Australia mineral exploration spending patterns show a widening divide between commodities. Producers are continuing to invest in iron ore reserve replacement, while weak nickel and cobalt prices are discouraging new exploration.

Iron ore exploration expenditure increased by 4.7% year on year to A$186mn. Gold exploration spending climbed much faster, rising by 53.4% to A$450.9mn.

Iron Ore Investment Stays Strong as Producers Replace Reserves

Iron ore remains one of Australia’s most important mining commodities, and continued exploration spending reflects the need to replace depleting reserves at established operations.

Australia’s Office of the Chief Economist expects domestic iron ore exploration to remain strong as major producers sustain long-term mine life and feed quality.

This is strategically important because Australia remains a major supplier to Asian steelmakers. Maintaining reserve depth is essential for preserving export volumes, mine productivity and Australia’s position in the seaborne iron ore market.

Gold recorded the largest increase in exploration spending. The 53.4% year-on-year rise to A$450.9mn suggests stronger investor appetite for projects offering exposure to high gold prices and more favourable project economics.

Silver, lead and zinc exploration also strengthened, with spending rising by 29.9%. These metals benefit from a combination of precious metal exposure and demand from industrial, infrastructure and energy applications.

Nickel, Cobalt and Coal Lose Exploration Momentum

Nickel and cobalt exploration spending fell by 42.7% year on year, reflecting persistent weakness in global nickel markets and deteriorating economics for Australian producers.

The Office of the Chief Economist expects nickel prices to remain under pressure through 2027 because of continuing global surpluses. Weak pricing has already reduced Australian mine output and discouraged investment in new resources.

Copper exploration spending also declined by 13.1%. This contrasts with copper’s stronger long-term demand outlook and shows that high development costs, permitting risk and competition for capital can still limit exploration despite positive structural demand.

Coal exploration expenditure fell by 22.7% to A$43.2mn. Policy and cost pressures are reinforcing the decline.

New South Wales stopped issuing permits for greenfield thermal coal developments in March 2026, while high royalty rates in Queensland may also be discouraging investment in coking coal exploration.

The result is a more selective Australian exploration market. Capital is flowing toward commodities with stronger pricing, established infrastructure and clearer long-term economics, while weaker or policy-constrained sectors are losing investment.

The Metalnomist Commentary

Australia’s exploration data show that capital is becoming increasingly selective even within strategic minerals. Strong iron ore and gold spending contrasts sharply with nickel and cobalt, where weak economics are overriding long-term critical minerals ambitions.

Harmony Gold Enters Copper Market with $1bn CSA Mine Acquisition

Harmony Gold

Strategic Push into Copper Solidifies Harmony’s Position as a Diversified Producer

Harmony Gold has finalized a $1.03 billion deal to acquire MAC Copper, the owner of the CSA copper mine in New South Wales, Australia. The acquisition marks a major step in Harmony’s copper ambitions and strengthens its diversification beyond gold. The CSA mine produced approximately 41,000 tonnes of refined copper in 2024 and is projected to boost output beyond 50,000 tonnes by 2026 once mining at the adjacent Merrin deposit begins.

The acquisition of MAC Copper complements Harmony’s earlier foray into the copper sector through the 2022 purchase of the Eva copper project in Queensland. The Eva project is expected to receive final investment approval in 2025, with construction planned for 2026 and production commencing by fiscal year 2028. Harmony has set a production target of 60,000 tonnes per year for Eva, which, combined with CSA's output, will raise its total refined copper capacity to over 100,000 tonnes annually.

This expansion aligns with global trends toward energy transition metals. Copper is central to clean energy infrastructure, and miners are aggressively repositioning to meet the anticipated surge in demand. By acquiring high-quality Australian assets, Harmony Gold secures long-term leverage to copper markets, enhances its project pipeline, and enters the global base metals competition with strong operating potential in tier-one jurisdictions.

The Metalnomist Commentary

Harmony Gold’s aggressive move into copper highlights a broader trend among gold miners diversifying into strategic base metals. As copper demand rises from electrification and renewables, securing scalable, low-risk assets in politically stable regions becomes a competitive imperative.

Royal Gold acquires Horizon Copper to deepen copper exposure

Horizon Copper

Royal Gold acquires Horizon Copper for $196 million, advancing its copper growth strategy. The streaming and royalty company will buy all Horizon shares except Sandstorm’s. The cash offer is C$2 per share, or $1.46 per share. Royal Gold acquires Horizon Copper to consolidate high-quality copper interests.

Deal terms and portfolio exposure

The transaction values Horizon’s 86.49 million outstanding shares at the stated cash price. Horizon owns a 1.66% net profit interest in Peru’s Antamina mine. The open-pit operation ranks among the world’s largest copper producers. Horizon also holds 30% of the Hod Maden copper-gold project in Turkey.

Horizon owns 24% of Entrée Resources, providing exposure to Oyu Tolgoi in Mongolia. In a parallel move, Royal Gold agreed to acquire Sandstorm for $3.5 billion. Each deal depends on the other’s completion to close. Therefore, execution will follow coordinated regulatory and shareholder approvals.

Strategic rationale and copper market implications

Royal Gold acquires Horizon Copper to expand long-life, low-cost copper optionality. The portfolio adds tier-one assets across the Americas and Eurasia. As a result, cash flow diversity and duration should improve. Streaming economics also limit operating cost exposure and inflation risk.

This combination tightens alignment with global copper fundamentals. Antamina, Hod Maden, and Oyu Tolgoi anchor growth into the next cycle. Meanwhile, the Sandstorm acquisition scales platform reach and deal flow. Therefore, portfolio depth supports disciplined capital allocation through price volatility.

The Metalnomist Commentary

This is a scale play into copper with premier asset linkages. Integration discipline and royalty contract terms will determine value capture. Watch closing timelines, Antamina profitability, and Hod Maden development milestones.

Zijin Mining Set to Acquire La Arena Copper-Gold Mine in Peru

Zijin Mining

Zijin Mining, one of China’s leading diversified metals mining companies, is nearing the completion of its acquisition of the La Arena copper-gold mine in Peru. This strategic move is aimed at bolstering the company’s copper and gold production capabilities, further cementing its position as a global leader in the mining sector.

Key Details of the Acquisition

Zijin Mining will acquire a 100% stake in the La Arena mine from Pan American Silver, a Canada-based mining firm. The transaction has already received approval from both Chinese and Canadian authorities, although final closure remains contingent upon the completion of procedural formalities.

The La Arena mine, located in the La Libertad region of northern Peru, is situated within a rich porphyry copper-molybdenum-gold metallogenic belt. It benefits from excellent logistical connectivity, being approximately 175km from the port of Salaverry and 150km from Trujillo, one of Peru’s largest cities.

Expansion and Production Outlook

Zijin plans to explore a second-phase expansion project at the La Arena mine. Current reserves stand at 2.785 million tonnes of copper (0.334% grade) and 196.5 tonnes of gold (0.236 g/t grade).

• First Phase: Currently producing 3 tonnes/year of gold, with an expected remaining service life of three years.
• Second Phase: Designed to produce 100,000 tonnes/year of copper and 3.8 tonnes/year of gold over a 19-year lifespan, following a three-year construction period. However, Zijin has not yet disclosed the timeline for the project launch.

Zijin’s Broader Growth Strategy

This acquisition aligns with Zijin’s broader strategy to significantly increase its copper output. In January-September 2023, Zijin produced 789,459 tonnes of mined copper, reflecting a 5% year-over-year increase, while refined copper output grew 5.6% to 574,772 tonnes.

Additionally, Zijin is investing heavily in projects in Tibet, including:

• Zhunuo Copper Mine: Expected to begin operations in June 2026, with a production capacity of 76,000 tonnes/year.
• Julong Copper Mine: The second phase is slated for Q1 2026, boosting copper production to 300,000–350,000 tonnes/year from 154,000 tonnes in 2023. A third phase is planned to further expand production to 600,000 tonnes/year.

The company anticipates increasing its copper production by 50% by 2028, reaching a target originally set for 2030. This aggressive timeline underscores Zijin’s ambition to solidify its position in the global copper market.

Hunan Gold Reports Higher Antimony Output in First Half of 2024

Hunan Gold

Hunan Gold, one of China’s largest antimony producers, has posted higher antimony production in the first half of 2024, aligning with its increased production targets. Formerly known as Hunan Chenzhou Mining, the company achieved a 6% year-on-year increase in antimony output, reflecting the firm's efforts to meet growing demand amidst supply challenges in China.

Production Breakdown

From January to June, Hunan Gold produced 15,147 tonnes of antimony products, compared to 14,297 tonnes during the same period in 2023. The breakdown includes 3,644 tonnes of antimony metal, 7,293 tonnes of antimony oxides, 2,903 tonnes of sodium antimonate, 1,168 tonnes of ethylene glycol antimony, and 139 tonnes of antimony oxide masterbatch.

China’s total antimony metal output for the same period was 33,538 tonnes, up from 30,544 tonnes a year earlier, while antimony trioxide production rose by 3%, reaching 48,447 tonnes, according to data from the China Nonferrous Metals Industry Association (CNMIA).

Challenges in Ore Supply

China’s antimony resources have been facing depletion after years of overexploitation. This has resulted in declining ore grades at key deposits owned by Hunan Gold and Hsikwangshan Twinkling Star. The ore shortages have driven prices for 99.65% grade antimony metal to historic highs, with prices reaching 163,000-165,000 yuan per tonne ($22,864-$23,144) as of August 22. Looming export controls have further fueled strong market prices, as sellers hold firm.

Hunan Gold also reported mixed results in the production of other metals during the first half of the year. The company produced 27 tonnes of gold, down 3% year-on-year, but significantly increased its tungsten concentrate output by 67%, producing 490 tonnes.

Alkane Mandalay Antimony Acquisition Creates Diversified Gold-Antimony Producer

Mandalay Resources

Alkane Resources will acquire Mandalay Resources in a strategic merger that strengthens both companies' positions in gold and antimony markets. The deal, valued at approximately $650 million, will result in a diversified mining firm with global assets and a projected output of 160,000 gold-equivalent ounces in 2025.

Strengthened Position in Global Antimony Supply

The Alkane Mandalay antimony acquisition positions the combined entity as a major supplier of antimony outside China, Russia, and Tajikistan. The Costerfield mine in Australia, currently one of the largest non-Chinese antimony producers, will serve as a cornerstone asset. Meanwhile, Mandalay’s True Blue prospect adjacent to Costerfield shows expansion potential, following positive drilling results earlier this year.

Global Asset Portfolio and Growth Outlook

The new Alkane will operate three producing mines: Costerfield and Tomingley in Australia, and Björkdal in Sweden. These mines primarily yield gold but offer growing exposure to antimony — a critical mineral in semiconductors, batteries, and military applications. As a result, the Alkane Mandalay antimony acquisition brings diversified revenue and exploration upside amid rising global demand for strategic metals.

The Metalnomist Commentary

Alkane’s acquisition of Mandalay adds critical mineral depth to its portfolio, increasing exposure to antimony — a strategic material under global scrutiny. This move reflects a broader trend of miners seeking supply chain resilience by combining gold cash flow with critical mineral leverage.

Torq and Gold Fields Partner on Chilean Copper-Gold Project

In a significant development for the mining industry, Canadian mining company Torq Resources has announced a partnership with Gold Fields to develop the Santa Cecilia copper-gold project in Chile. The companies have entered into a non-binding agreement to form a joint venture aimed at exploring and developing the 3,250-hectare property located in southern Chile.

The agreement includes a two-stage option for Gold Fields to acquire up to 75% of the shares in the Santa Cecilia project by investing $48 million over a maximum period of six years. This strategic partnership is expected to leverage the expertise and resources of both companies to advance the project efficiently.

The companies plan to finalize a definitive agreement by mid-November, marking a significant step towards the development of the Santa Cecilia project.

Chile, recognized as the world's largest copper producer and home to some of the largest copper reserves globally, presents a promising location for this venture, according to the US Geological Survey.

Larvotto Hammer Metals Acquisition Expands Portfolio Into Copper

Larvotto Resources

Larvotto Hammer Metals acquisition will expand the Australian miner beyond antimony and gold into copper through a deal valuing Hammer Metals at about A$54mn.

Larvotto Hammer Metals acquisition gives the company exposure to several copper-gold assets in Queensland's Mount Isa region. Hammer shareholders will receive one Larvotto share for every 22 Hammer shares, subject to independent approval.

Larvotto Hammer Metals acquisition also brings Glencore closer to the enlarged company. The commodities group will invest A$15mn in Larvotto through a binding share placement while remaining a joint-venture partner in one of Hammer's assets.

The transaction gives Larvotto a more diversified metals portfolio just as its Hillgrove antimony-gold project prepares to enter commercial production.

Mount Isa Assets Add Long-Term Copper Growth

Hammer Metals controls five JORC copper and gold resources across the Mount Isa region with a combined resource estimate of around 530,000t of copper equivalent.

Four of the assets are wholly owned by Hammer. The fifth, Jubilee, is 51% owned by Hammer through a joint venture with Glencore.

The acquisition therefore gives Larvotto an immediate entry into an established Australian copper district without having to build an exploration portfolio from the beginning.

Copper adds a different growth profile to Larvotto's existing antimony exposure. Demand from power grids, data centres, renewable energy and electrification continues to support the long-term copper outlook.

The Mount Isa portfolio remains exploration and development focused, meaning additional drilling, resource definition and project studies will be required before production decisions can be made.

Glencore's investment is strategically significant because it places a major global copper producer and trader directly into Larvotto's shareholder base while maintaining an existing project relationship.

Hillgrove Antimony Provides Near-Term Production Base

Larvotto's immediate cash-generation opportunity remains the Hillgrove antimony-gold project in New South Wales.

Commercial production is expected to start in August, with the project previously targeting around 5,700 t/yr of antimony during its first five years.

That output would give Larvotto exposure to a strategically important metal used in defence, flame retardants, lead alloys and other industrial applications.

The company already has a seven-year binding offtake agreement with Wogen Resources covering antimony concentrate from Hillgrove.

This creates a useful portfolio balance. Hillgrove offers near-term production and contracted sales, while Hammer's Mount Isa assets provide longer-term copper exploration and development upside.

The combined structure could also reduce Larvotto's dependence on a single commodity cycle as antimony and copper are driven by different supply and demand fundamentals.

The Metalnomist Commentary

Larvotto is using near-term antimony production as a platform to build a broader critical metals portfolio. The Hammer acquisition adds copper growth while Glencore's investment gives the enlarged company stronger strategic backing.

Barrick Mining Corporation Copper Growth Drives Name Change Strategy

Barrick Mining Corporation

Barrick Gold has proposed rebranding to Barrick Mining Corporation, reflecting its rising focus on copper growth. The move signals a strategic shift away from a gold-centric identity toward broader mining diversification. In 2024, Barrick’s copper output increased by 2% year-over-year, reaching 195,000 tonnes.

Copper Expansion Across Strategic Global Assets

Barrick is expanding copper operations in key regions including Zambia, Saudi Arabia, Chile, and Pakistan. These assets align with global trends of increasing demand for energy transition metals. The name change supports Barrick’s narrative as a diversified miner, not limited to precious metals.

Shareholder Vote to Determine Future Branding

The rebranding to Barrick Mining Corporation remains contingent on shareholder approval at the annual meeting scheduled for 6 May. If approved, the company will also change its New York Stock Exchange ticker from "GOLD" to "B", further reinforcing the pivot away from its legacy gold identity.

The Metalnomist Commentary

Barrick’s rebranding toward Barrick Mining Corporation reflects the broader industry shift toward critical minerals. As copper demand accelerates, the company’s expanded global footprint positions it well for long-term growth beyond gold.

McIlvenna Bay Copper Concentrate Marks Eldorado’s Entry Into Canadian Copper Production

Eldorado Gold

McIlvenna Bay copper concentrate has been produced for the first time as Eldorado Gold advances commissioning at its newly acquired Saskatchewan operation. The milestone moves the project closer to commercial production targeted for the third quarter.

McIlvenna Bay copper concentrate production began on 7 June after commissioning of the processing plant. Eldorado acquired the project through its takeover of Canadian developer Foran Mining in April.

McIlvenna Bay copper concentrate gives Eldorado exposure to copper and zinc production alongside its existing gold business. The company now aims to increase processing capacity toward 4,900 t/d while stabilising recoveries and underground operations.

The first concentrate is an important technical milestone, but sustained production will depend on a successful ramp-up of the mine, flotation circuit and supporting infrastructure.

Ramp-Up Becomes the Critical Execution Test

Eldorado is now focused on increasing throughput while stabilising flotation performance. The company must also complete underground systems and paste plant work as operations move toward commercial scale.

This creates a demanding ramp-up schedule. Eldorado aims to declare commercial production in the third quarter, leaving only a limited period to increase throughput and achieve consistent recoveries.

First concentrate does not necessarily indicate stable output. New processing plants typically require time to optimise grinding, flotation, reagent consumption and concentrate quality.

The challenge is greater when underground mine development and processing systems are advancing simultaneously. Ore availability, grade consistency and plant reliability must all align before steady-state production can be achieved.

Eldorado’s acquisition of Foran also adds an organisational dimension. A project previously developed by a single-asset company is now being integrated into a larger gold mining group with broader capital and operating resources.

That could strengthen execution over time, but integration during ramp-up can also create short-term complexity.

Saskatchewan Adds Strategic Copper and Zinc Growth Potential

McIlvenna Bay gives Eldorado a new foothold in Canadian copper and zinc production at a time when western countries are seeking more secure domestic sources of critical and industrial metals.

The project is modest compared with the world’s largest copper mines, but its location and development potential increase its strategic value.

Eldorado is already evaluating longer-term growth around the asset. Exploration at the nearby Tesla zone and Bigstone deposit could support a larger regional mining platform if the initial operation performs as planned.

That makes the current ramp-up especially important. A stable McIlvenna Bay operation would provide cash flow, processing infrastructure and technical knowledge that could support future satellite deposits.

The transaction also reflects a wider mining trend. Gold producers are increasingly seeking copper exposure as electrification, grid investment and data centres strengthen the long-term demand outlook.

For Eldorado, McIlvenna Bay therefore represents more than a single mine start-up. It is the foundation of a broader diversification strategy into base metals.

The Metalnomist Commentary

First concentrate is an important milestone, but the real test begins now. If Eldorado can stabilise McIlvenna Bay quickly, the project could become the anchor for a larger Saskatchewan copper-zinc district.

Barrick Gold's 2024 Copper Output Sees Growth with Lumwana Mine Surge

Barrick Gold

Canada-based mining giant Barrick Gold has reported an impressive increase in its copper production for 2024, driven by higher output from the Lumwana mine in Zambia. The company’s performance in the fourth quarter highlighted significant growth, positioning Barrick for continued success in the global copper market.

Increased Copper Production at Lumwana

Barrick Gold produced 64,000 tons of copper in the fourth quarter of 2024, marking a 33% increase compared to the previous quarter. This surge helped Barrick achieve a total output of 195,000 tons for the entire year, reflecting a 2% increase year-over-year.

A standout contributor to this performance was the Lumwana mine, which produced 46,000 tons of copper during the final quarter of 2024, a remarkable 53% rise from the previous quarter. This growth resulted from improved throughput, higher grades, and better recoveries, leading to a total annual production of 123,000 tons at Lumwana—an increase of 4.2% over the previous year.

Strategic Plans for the Future

Looking ahead, Barrick has set ambitious production targets for Lumwana. The company forecasts that in 2025, the mine will produce between 125,000 and 155,000 tons of attributable copper. To support this growth, Barrick plans to begin construction on Lumwana’s expansion this year. The expansion will extend the mine's operational life by 17 years, with the aim of doubling the processing plant’s capacity to 240,000 tons of copper per year.

In addition to Lumwana, Barrick’s other key copper assets are showing consistent results. The company’s 50%-owned Zaldivar mine in Chile and Jabal Sayid mine in Saudi Arabia maintained stable year-on-year copper production. The Zaldivar mine produced 40,000 tons in 2024, while Jabal Sayid produced 32,000 tons. Barrick’s copper production guidance for 2025 indicates a slight increase, with projections of 40,000–45,000 tons from Zaldivar and 25,000–35,000 tons from Jabal Sayid.

A Glimpse at the Future

Looking toward 2025, Barrick's total copper production is expected to rise to between 200,000 and 230,000 tons, up from 195,000 tons in 2024. Moreover, the company has initiated early construction works at the Reko Diq project in Pakistan, with the first production anticipated by the end of 2028.

Barrick Gold’s robust copper production and expansion plans signal a strong outlook for the company’s mining operations. With strategic growth initiatives and stable output from key mines, Barrick is positioning itself to meet the growing global demand for copper, essential for various industries, including renewable energy and electric vehicles.