NIU Group Copper Acquisition Expands Footprint in Chilean Mining Sector

Minera Tres Valles

The NIU Group copper acquisition of Chilean producer Minera Tres Valles (MTV) signals a bold entry into South America’s copper supply chain. MTV currently produces 5,000 tonnes per year (t/yr) of copper, with plans to scale to 13,000–15,000 t/yr by 2026. NIU aims to capitalize on copper's critical role in the global energy transition.

MTV’s Growth Potential Attracts Strategic Investment

NIU Group, a European investment firm founded by Austrian investor Cevdet Caner, has committed to expanding MTV's operations. MTV holds 460km² of mining rights in Chile’s copper-rich region, of which only 5% has been explored. Proven and probable reserves currently stand at 8.2 million tonnes. NIU will inject capital to ramp up development and increase production volumes.

The acquisition includes MTV’s integrated processing plant, offering NIU an efficient and scalable platform to supply growing global copper demand. Copper remains essential for electrification infrastructure, renewable energy systems, and electric vehicles, aligning with NIU's energy transition investment strategy.

NIU Sets Sights on Global Mining Expansion

While the NIU Group copper acquisition in Chile marks a key step, the firm plans to broaden its mining asset portfolio globally in 2025. This positions NIU to secure upstream materials critical to energy transformation initiatives in Europe and beyond.

The acquisition reflects growing investor interest in mining assets, particularly those supporting low-carbon technologies. Financial terms of the MTV deal were not disclosed, but the strategic intent is clear: control supply chains for critical minerals amid tightening global competition.

The Metalnomist Commentary

The NIU Group copper acquisition illustrates how private capital is targeting upstream resources to gain influence over decarbonization supply chains. MTV’s underexplored reserves and scalable output offer long-term upside aligned with global copper demand trajectories.

Codelco Rio Tinto Partnership Targets Faster Mining Development in Chile

Codelco Rio Tinto Partnership

Codelco Rio Tinto partnership plans could accelerate major mining development in Chile as the state-owned copper and lithium group seeks deeper cooperation with global miners. The preliminary agreement will focus on identifying joint investment opportunities in large-scale mining projects across the country.

Codelco and Rio Tinto will create an executive committee made up of senior officials from both companies. The committee will identify prospective pilot projects, assess major mining opportunities, and oversee implementation where cooperation advances.

The Codelco Rio Tinto partnership reflects a broader strategic shift inside Chile’s mining sector. Codelco wants to accelerate timelines, reduce costs, and improve ESG compliance by sharing technical knowledge with established international mining companies.

Chile Turns to Partnerships to Unlock Copper and Lithium Growth

Chile remains one of the world’s most important copper producers, but project development has become more difficult. Lower ore grades, permitting complexity, water constraints, community expectations, and capital intensity are increasing the pressure on producers.

Codelco’s partnership strategy aims to address those constraints. By working with companies such as Rio Tinto, the Chilean state miner can access technical expertise, operational experience, project discipline, and global capital networks. This could help move exploration and development projects faster.

The agreement also builds on Codelco’s recent cooperation with other major miners. The company partnered with BHP last year to enhance copper exploration in the Antofagasta region. This suggests Codelco may pursue more private-sector alliances as Chile works to protect its long-term copper output.

Rio Tinto Ties Strengthen Chile’s Critical Minerals Platform

Rio Tinto and Codelco have already been strengthening their relationship through work on the Maricunga lithium project and the Nuevo Cobre region. The new agreement broadens that cooperation and positions both companies to explore additional copper and lithium opportunities.

This matters because Chile is central to both traditional mining and the energy transition supply chain. Copper remains essential for power grids, electrification, EVs, renewables, and industrial infrastructure. Lithium remains strategically important for batteries and energy storage.

The Codelco Rio Tinto partnership therefore carries value beyond individual projects. It signals that Chile’s mining future may depend increasingly on structured cooperation between state-owned champions and global mining companies with advanced technical and ESG capabilities.

The Metalnomist Commentary

Codelco’s partnership model shows that Chile understands the limits of going alone in a more complex mining environment. The next competitive advantage will come from faster permitting, stronger technical execution, and alliances that can turn resource potential into reliable supply.

Yildirim Group Announces Major Restructuring, Launches CoreX Metals & Mining

Yildirim Group

New Beginnings for a Metals Giant

Turkey’s Yildirim Group, a significant player in the ferro-alloy industry, has embarked on a significant restructuring by splitting into two independent entities. The move follows the departure of Robert Yuksel Yildirim, who will now head CoreX Metals & Mining, a newly formed company under CoreX Holding BV, based in Amsterdam. This new company, solely owned by Yildirim, aims to intensify focus on the global metals and mining market, reflecting a strategic shift to expand and enhance its core business operations.

Implications for Existing Operations

As part of the restructuring, Eti Krom, a well-known ferro-chrome producer, will no longer be associated with CoreX Metals & Mining. However, other key assets including Vargon Alloys in Sweden, Tikhvin Ferroalloy in Russia, AlbChrome in Albania, Voskhod Chrome in Kazakhstan, American Chrome & Chemicals in the US, and Polymetcore Trading in Switzerland will fall under CoreX Metals & Mining’s umbrella. Polymetcore Trading is set to retain exclusive marketing rights for the products of these companies, ensuring continuity in sales and distribution channels.

Future Directions and Global Aspirations

This organizational change underscores Yildirim Group's commitment to leveraging its expertise and resources to make a more pronounced impact on the global stage. By concentrating on their core competencies in metals and mining, CoreX Metals & Mining is poised to achieve substantial growth and enhance its competitive edge in the international market.

Eramet Signs Nickel Deal with Indonesian Sovereign Funds to Expand EV Battery Ecosystem

Eramet Group

Partnership Targets Integrated Mining and Processing Value Chain in Indonesia

Eramet signs nickel deal with Indonesian sovereign funds to advance a sustainable and integrated electric vehicle (EV) battery raw materials ecosystem in Indonesia. The French mining group signed an initial agreement with Danantara and the Indonesia Investment Authority (INA), both sovereign investment agencies. Together, they aim to identify key projects and develop a roadmap for upstream and downstream EV value chain development.

The partnership will leverage long-term capital from Danantara and INA to finance critical infrastructure, while Eramet will lead the mining and processing operations. These projects will align with global environmental and social standards. This strategic collaboration comes as Indonesia strengthens its position as a hub for nickel-based EV battery materials, particularly amid global supply chain diversification efforts.

Eramet already holds a 38.7% stake in PT Weda Bay Nickel in partnership with China’s Tsingshan Group, producing nickel and ferronickel. The company has expressed plans to expand its nickel operations in Indonesia by acquiring new mining permits. However, with the Indonesian government tightening permit issuance, partnerships with state-backed investors offer Eramet a pathway to secure strategic access. As Eramet signs nickel deal with Indonesian sovereign funds, it reinforces Indonesia’s emergence as a global center for battery metals.

The Metalnomist Commentary

Eramet’s alliance with Indonesian sovereign funds highlights a growing trend: securing nickel supply through vertically integrated, ESG-compliant partnerships. As Indonesia tightens mining access, collaboration with state capital becomes essential for companies seeking long-term footholds in EV-critical materials.

54% of the World's Copper Mines Face 'Drought Shock'

Anglo American Copper Mining

More than half of the world’s copper mines are exposed to 'drought risk'. Other major metal raw materials such as iron ore, lithium, and cobalt are also facing potential supply disruptions due to abnormal weather conditions.

Metalnomist stated in a report published on the 24th, “Climate anomalies caused by global warming will adversely affect the supply and demand of international raw materials.” The center cited data from the global consulting firm PricewaterhouseCoopers (PwC), predicting that by 2050, 54% of the world's copper mines and 74% of lithium and cobalt mines will experience reduced production due to drought. Water is essential for crushing mineral ores, separating impurities, and cleaning equipment. McKinsey highlighted that “copper, gold, iron ore, and zinc are particularly vulnerable to drought, as 30-50% of these mines are located in areas with insufficient water resources.”

Chile, which produced over 30% of the world's copper in 2020, is already suffering from severe drought. Chilean state-owned mining company Codelco produced only 1,325,000 tons of copper last year, the lowest in 25 years, due to water shortages and other impacts.

15 Years of Water Shortage in the World’s Largest Copper Reserve: "If Mining Halts, Prices Could Quadruple"

Metalnomist warned on the 24th, “Mining items heavily dependent on production from specific countries are at risk of global supply disruptions due to abnormal weather conditions.”

According to Metalnomist, 47% of the world's copper reserves are concentrated in three countries : Chile, Peru, and the Congo. 74% of iron ore is concentrated in China, Australia, and Brazil, while 80.8% of bauxite is concentrated in Guinea, China, and Brazil. Copper demand has recently surged due to the AI boom, raising concerns that any supply disruption could significantly impact the industry. Global infrastructure asset manager Macquarie Group predicts that the annual copper demand could increase by 2 million tons by 2030 due to the surge in AI data centers. Copper is crucial for the construction of both data centers and power grids.

Northern Antofagasta, Chile's largest copper and lithium deposit, is a prime example of a region unable to increase production due to water shortages. Reuters recently reported that local mining company Antofagasta PLC has been struggling to secure water supply as reservoirs have dried up due to a 15-year-long drought. In the first quarter of this year, Antofagasta PLC’s copper production decreased by 11% compared to the same period last year.

Limited water resources are also causing conflicts with local communities. Antofagasta PLC and Australian mining company BHP were sued by Chile’s National Defense Commission (CDE) in 2022 for environmental pollution. The CDE claimed that mining companies extracted water volumes exceeding regulations, causing severe damage to the local ecosystem and indigenous communities.

Seawater desalination plants are being considered as a solution to these issues. However, the high investment costs and long construction periods limit their ability to solve water problems immediately.

Due to structural constraints on copper supply, it is predicted that copper prices could skyrocket in the coming years. Goldman Sachs projected that the average copper price next year would be $15,000 per ton. Pierre Andurand, founder of hedge fund Andurand Capital, analyzed that the global copper supply shortage could drive prices up to $40,000 per ton by 2028. Copper traded at a record high of $10,857 per ton on the London Metal Exchange (LME) on the 21st of last month, before falling to $9,563 on the 21st of this month.

The increasing demand for electricity for cooling due to heatwaves is also expected to raise the demand for fossil fuels such as coal and natural gas. Metalnomist noted, “Europe is in a situation where it is inevitable to expand thermal power generation to meet the increasing electricity demand in summer,” and added, “In Asian countries such as Thailand, India, and Bangladesh, the demand for natural gas for power generation has increased.”

Lundin Mining Copper Production Holds Steady as Chilean Assets Drive Record Year

Lundin Mining

Lundin Mining copper production held broadly steady in the fourth quarter of 2025, helping the Canadian miner deliver record full-year copper output. The performance reinforces the strategic importance of Chilean assets in Lundin’s portfolio as global copper producers compete to secure growth in a tightening long-term supply market.

The company produced 331,232t of copper in 2025, placing Lundin Mining copper production in the upper half of its revised guidance range of 319,000-337,000t. The result was supported mainly by strong performance at Candelaria and Caserones in Chile, where higher throughput, better recoveries, and increased cathode production strengthened the group’s operating base.

Lundin Mining copper production also remained stable into the end of the year. Fourth-quarter output reached 87,032t, compared with 84,999t in the third quarter. That stability matters because copper buyers are watching not only new project pipelines, but also the ability of established producers to deliver reliable tonnes from existing assets.

Chilean Operations Strengthen Lundin’s Copper Platform

Candelaria remained Lundin’s largest copper-producing asset in 2025, delivering 145,471t of copper. The operation continues to anchor the company’s near-term supply profile and gives Lundin a strong position in one of the world’s most important copper mining jurisdictions.

Caserones also played a central role in the record year, contributing 132,881t of copper. The asset benefited from higher throughput, improved recoveries, and increased cathode output. It also achieved its highest quarterly production since Lundin acquired the operation in mid-2023, showing that the asset is becoming a more productive part of the group.

Chapada in Brazil added 43,974t of copper during the year, giving Lundin a broader South American production base beyond Chile. Gold production reached 141,859oz in 2025, while nickel production totalled 9,907t. Both were within or above guidance, supporting the company’s wider metals portfolio even as copper remains the core strategic focus.

Stable 2026 Guidance Keeps Focus on Efficiency and Growth

Lundin expects copper production to remain broadly stable at 310,000-335,000t in 2026. This suggests the company is entering the year with a focus on cost optimisation, operating discipline, and asset efficiency rather than a sharp near-term volume expansion.

Nickel output fell to 2,174t in the fourth quarter from 2,724t in the third quarter, but the result remained aligned with operational expectations. Rehabilitation work at Eagle East in the United States helped restore mining and processing rates earlier in the year, supporting a more stable operating base.

Longer term, Lundin’s growth strategy depends on asset optimisation and new project development. Further improvements at Caserones could support incremental copper gains, while the Vicuna project with BHP represents a larger strategic growth pathway. If advanced successfully, these initiatives could strengthen Lundin’s position as a more important copper producer in the global energy transition supply chain.

The Metalnomist Commentary

Lundin’s 2025 performance shows why operational reliability is becoming as valuable as headline growth in copper mining. In a market increasingly defined by permitting delays and project scarcity, stable output from Chilean and Brazilian assets can carry real strategic weight.

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.

South Africa to Criminalise Illegal Mining While Supporting Artisanal Miners

S Africa Illegal Mining

New Legal Framework to Tackle Illegal Mining

South Africa will criminalise illegal mining for the first time, marking a significant policy shift to combat long-standing challenges in its mining sector. Deputy minerals and petroleum resources minister Phumzile Mgcina announced the change at the London Indaba conference, emphasizing that current laws do not classify illegal mining as a crime. The new legal framework will allow enforcement officers to enter illegal sites and make arrests immediately, strengthening the state’s ability to curb the activity.

Illegal mining, often driven by depleted industrial mines, involves an estimated 30,000 miners known as “zama zama.” These miners target gold, platinum group metals (PGMs), chromium, and manganese. The Global Initiative Against Transnational Organized Crime estimates that the country loses about 10pc of annual chrome output to illegal operations, empowering criminal networks and eroding formal industry revenues.

Artisanal Mining Licences as a Pathway to Legitimacy

While introducing strict measures against illegal operations, the government has created artisanal mining permits under its critical minerals and metals strategy. This initiative differentiates artisanal mining from criminal activities, aiming to integrate small-scale miners into the formal economy.

Permits will address long-standing bottlenecks such as delays in processing applications and poor transparency. By granting artisanal miners legal recognition, the government seeks to provide support systems, ensure compliance with environmental and safety standards, and reduce the appeal of illegal mining. This dual strategy responds to international criticism following the government’s earlier crackdown, which cut off food and water to hundreds of trapped miners, leading to deaths.

The Metalnomist Commentary

South Africa’s decision to criminalise illegal mining while formalising artisanal operations represents a balancing act between security and inclusion. This approach could reduce the influence of criminal groups, but its success will depend on efficient permit administration and robust enforcement capacity. The international mining community will closely monitor how these reforms reshape the sector’s stability and sustainability.

Terramin Signs Major EPC Contract with Sinosteel for Tala Hamza Zinc Project

Terramin Australia

Terramin Australia, a South Australia-based mining group, has signed a significant engineering, procurement, and construction (EPC) contract with Sinosteel, a Chinese state-owned mineral and metallurgical firm. This agreement is for the construction of the Tala Hamza zinc project, located in Algeria, marking a major step toward the development of one of the country’s most promising mining ventures.

Key Details of the Tala Hamza Zinc Project

The £336 million EPC contract includes the construction of a 2 million tonnes per year (2mn t/yr) processing plant and an underground mine. Terramin's executive chair, Bruce Sheng, emphasized that the project would play a pivotal role in boosting the Algerian economy as it progresses. Construction is set to begin in the coming weeks, signaling the start of an ambitious project that could significantly impact the regional mining industry.

The Tala Hamza zinc project is being developed by Western Mediterranean Zinc, a joint venture in which Terramin holds a 49% stake, while the remaining 51% is owned by two state-run Algerian entities, Enof and ORGM.

The Zinc and Lead Resources of Tala Hamza

The Tala Hamza deposit is considered rich in both zinc and lead. According to Terramin, the deposit contains a resource of 53 million tonnes at 5.3% zinc and 1.3% lead, with a cut-off grade of 2.5% zinc-equivalent. A definitive feasibility study completed in 2018 estimated that the mine could produce an average of 129,300 tonnes per year of zinc concentrate and 26,000 tonnes per year of lead concentrate over a 21-year mine life.

As part of the project, the construction of the processing plant and mine infrastructure is expected to create numerous job opportunities in Algeria, further enhancing the project's economic importance.

Implications for the Algerian Mining Sector

The Tala Hamza zinc project has the potential to become one of Algeria's flagship mining projects. Not only will it contribute to the country's zinc production capacity, but it will also bolster Algeria's mining sector, attract foreign investment, and provide long-term economic benefits. With the involvement of Sinosteel, a major player in global metallurgy, the project also signals strong international confidence in Algeria’s mining prospects.

Conclusion

The signing of the EPC contract for the Tala Hamza zinc project represents a significant milestone for Terramin Australia and its partners. The project is expected to help meet the growing global demand for zinc and lead while supporting Algeria's economic growth. As construction begins, the focus will now shift to timely execution and the successful development of a high-quality mining operation in the region.

Implats PGM Output Holds Steady as Zimbabwe Strength Offsets South African Pressure

Implats

Implats PGM output remained broadly stable in the first half of its 2026 financial year, showing how diversified production can protect group performance even when key South African mines weaken. Total group 6E production rose by just 0.8pc to 1.798mn oz, while managed operations increased by 1pc year on year. As a result, Implats PGM output held close to last year’s level despite clear pressure at several individual assets.

This stability matters because the platinum group metals market is entering a more sensitive phase. Global PGM prices have strengthened over the past six months, supported by tight mine supply, resilient demand, and stronger precious metals sentiment under geopolitical uncertainty. Therefore, even near-flat production from a major producer like Implats carries significance for the wider market.

The performance also highlights a familiar regional divide. South African operations at Rustenburg and Marula both posted declines, while Zimbabwean output at Zimplats expanded strongly. Meanwhile, Impala Canada saw lower output because of planned tapering. Consequently, Implats PGM output now reflects a portfolio where growth outside core South African assets is becoming more important.

Zimbabwe PGM Growth Is Supporting Group Stability

Zimbabwe PGM growth provided the strongest positive contribution in the period. Zimplats lifted 6E production by 13pc year on year to 317,000oz, making it the clearest bright spot in the group’s first-half results. That increase helped offset weaker output from South African mines and lower volumes in Canada. As a result, Zimbabwe continues to strengthen its role inside the Implats production base.

This shift matters because South African PGM production is no longer carrying the group as comfortably as before. Rustenburg production fell by 2pc to 888,000oz, while Marula declined by 4pc to 97,000oz. These are not catastrophic drops, but they reinforce the operational pressures still facing mature South African mining assets. Therefore, Zimbabwe PGM growth is not just helpful. It is increasingly strategic.

The contrast also reflects a broader industry theme. Investors and market participants are paying closer attention to which PGM producers can hold volumes steady without relying too heavily on aging or more difficult assets. In that context, Implats PGM output looks more resilient because its growth is not coming from one region alone. Meanwhile, a more balanced geographic mix can improve flexibility if operating conditions worsen elsewhere.

Global PGM Prices Are Improving the Revenue Picture

Global PGM prices are now giving producers a more supportive revenue environment. Implats reported sales revenue of R33,250 per 6E oz sold, up 39pc year on year. The improvement came mainly from a stronger US dollar PGM basket price, although some of that benefit was offset by the appreciation of the South African rand. Consequently, earnings leverage is improving even when production growth remains limited.

That revenue uplift is important because PGM producers have spent several years operating under uneven price conditions and cost pressure. When output growth is limited, stronger basket prices become even more valuable. Therefore, the latest pricing backdrop may matter more for profitability than the near-flat production number alone.

The next question is whether price support can last. Tight mine supply and steady demand are constructive, but PGM markets are still highly sensitive to macro conditions, auto-sector demand, and investor sentiment toward precious metals. As a result, Implats enters the second half with a more favorable price environment, but not without risk. Even so, the combination of steady Implats PGM output and higher realized prices puts the group in a firmer position than the headline production number might suggest.

The Metalnomist Commentary

Implats did not deliver dramatic production growth, but that may not be the most important part of this result. What matters more is that the company held volumes steady while price conditions improved and Zimbabwe delivered real support. In the current PGM market, stable output with stronger basket pricing can be more valuable than chasing marginal volume growth.

Uganda’s Kilembe Copper and Cobalt Mine Targets 2027 Restart

Sarrai group

Uganda’s Kilembe copper and cobalt mine is set to resume production by 2027 following a new redevelopment initiative led by the Africa-based Sarrai Group. The mine, which contains over 4 million tonnes of copper and an undisclosed quantity of cobalt, has been inactive since 1982 due to outdated infrastructure and economic pressures. Its restart is part of Uganda’s broader strategy to harness critical mineral assets for industrial growth and export competitiveness. The Kilembe copper and cobalt mine is strategically located in western Uganda and is connected by rail to a smelter in Jinja, enhancing its logistical potential once operations begin.

Sarrai Group Steps In After Failed Chinese Bid

The Ugandan government recently signed a production-sharing agreement with the Sarrai Group and local firm Nile Fibreboard to redevelop the mine after the previous operator, China’s Tibet Hima Mining, failed to deliver on its concession. The former operator’s delays, including an unsuccessful attempt to export 30,000 tonnes of copper to China for testing, led to the termination of their contract in 2023. In contrast, Sarrai Group has pledged to complete the project by 2027 and has already begun preliminary activities, including site assessment, asset rehabilitation, and community engagement. The full 2,800-acre site—much of it still unexplored—has been reclaimed by the government and allocated to Sarrai to expand the resource base of the Kilembe copper and cobalt mine.

A New Chapter for Uganda’s Critical Mineral Strategy

Although the exact investment amount has not been disclosed, previous plans by Tibet Hima included a $135 million commitment, a smelter construction, and a hydropower upgrade at Mubuku I from 5MW to 12MW—targets that may still shape Sarrai’s approach. As global demand for copper and cobalt accelerates in response to the clean energy transition, Kilembe’s redevelopment could position Uganda as a regional supplier of essential battery metals. The revival of the Kilembe copper and cobalt mine also reflects a growing trend among African governments to reclaim and reactivate dormant but strategic mineral assets in alignment with national industrial goals.

The Metalnomist Commentary

Kilembe’s restart signals Uganda’s entry into the global race for battery minerals. If Sarrai Group delivers on its timeline and investment, the site could emerge as a crucial copper and cobalt source in East Africa’s mining ecosystem.

Anglo Teck Group merger creates new critical minerals champion

Anglo Teck

The Anglo Teck Group merger marks a major consolidation in global copper, zinc and iron ore supply. Anglo American will combine its portfolio with Teck Resources, creating a diversified critical minerals producer headquartered in Canada. As a result, the Anglo Teck Group merger positions the new entity among the world’s top copper producers.

Deal terms and production scale

The transaction structure underscores Anglo’s strategic ambition in base metals growth. Anglo American will exchange each Teck share for 1.3301 Anglo shares and pay a pre-merger dividend. Meanwhile, the Anglo Teck Group merger will unite sizeable copper, zinc and iron ore pipelines under one balance sheet. Teck targets up to 525,000 tonnes of copper and 575,000 tonnes of zinc production in 2025. In parallel, Anglo American plans as much as 750,000 tonnes of copper and 61mn tonnes of iron ore.

Portfolio reshaping and decarbonisation tailwinds

The merger also accelerates Anglo’s portfolio shift toward future-facing commodities. Therefore, Anglo Teck will support the divestment of diamonds, coking coal and nickel assets over time. This strategy aligns with investor pressure for clearer exposure to energy transition metals and simpler asset mixes. However, the Anglo Teck Group merger still faces regulatory scrutiny and integration risks across multiple mining jurisdictions. Recent deal volatility, including Peabody’s cancelled coking coal purchase, shows how execution risk can derail portfolio plans.

The Metalnomist Commentary

The Anglo Teck Group merger signals a new phase in mining consolidation focused on copper and iron ore scale. For buyers and governments, a stronger Canada-based critical minerals champion could influence future supply security and contract terms. Market participants should track divestments and project approvals, which will determine how quickly the merged group rebalances its portfolio.

Vale Copper Investment Strengthens Brazil’s Carajas Copper Growth Strategy

VALE Copper

Vale copper investment in Brazil is set to accelerate as the mining group commits $3.5bn to develop its copper assets in the Carajas region from 2026 to 2030. The plan reinforces northern Brazil’s role as the company’s core copper growth platform and strengthens Brazil’s position in critical minerals supply.

The investment schedule shows a clear ramp-up over five years. Vale plans to invest $300mn in 2026, $400mn in 2027, $800mn in 2028, $900mn in 2029, and $1.1bn in 2030. This rising capital profile suggests the company is preparing for larger development work later in the decade.

Vale copper investment will focus on the Carajas mineral province, which includes the flagship Salobo mine, the smaller Sossego operation, and the Bacaba project. Bacaba is undergoing environmental licensing and could become an important future copper mine within Vale’s Brazilian portfolio.

Carajas Remains the Core of Vale’s Copper Portfolio

Carajas remains Vale’s most important copper-producing region. The province produced 293,100t of copper in 2025, representing 77pc of Vale’s global copper production. That concentration makes Carajas central to the company’s plan to expand copper output over the next decade.

Salobo remains the anchor asset in this strategy. As Vale’s flagship copper mine in Brazil, it gives the company scale, infrastructure, and a strong operating base in a world-class mineral province. Sossego adds additional production, while Bacaba could support the next phase of growth once permitting and development advance.

The investment also fits the wider global copper cycle. Demand from power grids, electric vehicles, renewable energy systems, data centres, and industrial electrification continues to support long-term copper fundamentals. As a result, large miners are prioritising assets that can deliver reliable tonnes from established jurisdictions and known geological districts.

Brazil’s Critical Minerals Investment Pipeline Gains Momentum

Vale copper investment also aligns with Brazil’s broader critical minerals agenda. The Brazilian mining institute has estimated that copper will attract the largest share of critical minerals investment in the period, with projected investment of $8.6bn. Vale’s Carajas plan therefore represents a major part of the country’s copper development pipeline.

The investment is strategically significant because copper supply growth remains difficult globally. New mines face longer permitting timelines, rising capital costs, environmental scrutiny, and infrastructure constraints. Brownfield expansions and established mining districts such as Carajas can therefore become more attractive than high-risk greenfield projects.

Vale plans to nearly double its copper production by 2035, supported by an 80,000 t/yr expansion expected to come online in 2029. If delivered on schedule, the expansion would strengthen Vale’s role in the global copper market and give Brazil a larger position in energy transition supply chains.

The Metalnomist Commentary

Vale’s Carajas investment shows that copper growth is increasingly concentrated around proven mining districts with existing infrastructure. Brazil’s opportunity is to convert geological strength into reliable supply while managing permitting, environmental standards, and long-term capital discipline.

Rio Tinto to Explore Gallium Extraction in Canada Amid Global Supply Concerns

Rio Tinto

Rio Tinto, a leading global mining group, has announced plans to investigate the potential for gallium extraction in Canada. This strategic move is poised to enhance North America's supply chain resilience for critical minerals, particularly in light of recent trade tensions.

Expanding North American Capacities in Critical Metals

The company is currently assessing the feasibility of extracting gallium from bauxite processed at its alumina refinery in Saguenay-Lac-Saint-Jean, Quebec. This initiative underscores Rio Tinto's commitment to valorizing additional resources within its operations and follows the Chinese government's recent decision to suspend exports of gallium to the United States. Given that China is the world's largest gallium producer, this development has significant implications for the global supply chain, especially for industries dependent on semiconductors and solar panels.

Demonstrating Technological and Environmental Leadership

Following the preliminary technology development phase, Rio Tinto plans to establish a demonstration plant in Canada with the capacity to produce up to 3.5 tonnes of gallium per year. This facility not only aims to showcase the company's innovative extraction techniques but also has the potential to scale up to 40 tonnes per year, which would account for 5-10% of global gallium production.

Jerome Pecresse, Chief Executive of Rio Tinto Aluminium, highlighted the project's broader goals: "The research and development project aims to help strengthen the North American supply chain for critical and strategic minerals." This initiative reflects the growing importance of securing stable and environmentally responsible sources of critical raw materials.

DRC Copper Output Growth Accelerates as Cobalt Exports Collapse

DRC Copper mining

DRC copper output growth strengthened in 2025 as major producers lifted volumes across the country. The Democratic Republic of Congo produced 3.4mn t of copper in 2025, up from 3.1mn t in 2024. That marks a 10pc annual increase. As a result, DRC copper output growth remains one of the most important supply stories in the global copper market.

This increase matters because the DRC is already one of the world’s key copper jurisdictions. Higher output from CMOC, Ivanhoe, and other major operators supported the national result. The country is becoming even more important to global copper supply. Therefore, DRC copper production 2025 confirms the DRC’s rising weight in the energy and industrial metals chain.

CMOC led the market last year. Its Tenke Fungurume mine produced 519,000t of copper, while Kisanfu added 228,000t. Kamoa-Kakula, the joint venture between Ivanhoe and Zijin, produced 400,000t. Consequently, DRC copper output growth is being driven by a concentrated group of very large operations.

DRC Copper Production 2025 Shows Strong Mine-Level Momentum

DRC copper production 2025 reflects strong mine-level performance from the country’s biggest operators. Large-scale projects continued to deliver higher volumes even as the market remained focused on geopolitical risk and resource nationalism. That gives the DRC a stronger position in global copper negotiations. As a result, copper is becoming an even more strategic pillar of the country’s mining economy.

This growth also improves the DRC’s relevance to western supply chains. Copper demand remains closely tied to electrification, grid buildout, and industrial investment. Countries and companies looking for large-scale copper supply cannot ignore the DRC. Therefore, DRC copper output growth is not only a mining statistic. It is a strategic supply-chain signal.

Congo Cobalt Export Ban Has Changed the Other Side of the Metals Story

Congo cobalt export ban created a very different picture for the country’s other key battery metal. Cobalt shipments fell by almost 80pc in 2025 because of the export restriction. The government imposed the ban after global oversupply drove cobalt prices to record lows. As a result, the DRC used policy intervention to support value rather than pure export volume.

This matters because the DRC remains the world’s largest cobalt producer. Cobalt is still important for electric vehicles and electronics, even as battery chemistry trends evolve. The government has since moved toward a quota system after the export ban. Therefore, Congo cobalt export ban shows that the DRC is willing to manage supply more actively when market conditions weaken.

The US-DRC minerals agreement adds another strategic layer. Officials said the December cooperation deal could improve investor confidence in minerals exploration. The agreement gives the United States preferential status to source critical minerals from the DRC and process them for global markets. Consequently, the DRC is trying to combine stronger copper growth with deeper geopolitical relevance.

The Metalnomist Commentary

The DRC now presents two very different metals stories at once. Copper is expanding through giant mines, while cobalt is being managed through policy restraint. That combination shows the country is no longer just a resource exporter. It is becoming a more active force in shaping how critical minerals reach the global market.

China Rare Earth Resources Expand as Maoniuping REO Estimate Nearly Doubles

China Natural Resources

China rare earth resources have received another major boost after the natural resources ministry confirmed 9.67 million tonnes of rare earth oxide resources at the Maoniuping mining area in Sichuan province. The updated estimate nearly doubles the 4.96 million tonnes of REO previously reported by China Rare Earth Group in September 2024.

The Maoniuping mine is operated by China Rare Earth Group, the country’s largest state-owned rare earth producer. The new resource verification strengthens China’s upstream position in a sector where it already dominates separation, refining, magnet materials, and downstream industrial applications.

China rare earth resources remain central to global supply chains for electric vehicles, wind turbines, defense systems, robotics, electronics, and advanced manufacturing. The larger Maoniuping resource base gives Beijing more long-term optionality as rare earth demand rises and geopolitical competition intensifies.

Maoniuping Reinforces China’s Rare Earth Industrial Advantage

The Maoniuping update is strategically important because China’s rare earth strength is not limited to mining. The country controls the most advanced and integrated rare earth processing system, from ore extraction to separated oxides, metals, alloys, and permanent magnets.

A larger confirmed REO resource base supports that industrial chain. It gives China Rare Earth Group a stronger reserve platform and reinforces Beijing’s ability to manage supply, pricing, and export policy across rare earth markets.

The timing also matters. China has pledged to launch a new round of mineral exploration actions over the next five years, aiming for breakthroughs in strategic resources. The Maoniuping result shows how exploration and state-backed consolidation are working together to protect China rare earth resources and industrial competitiveness.

Antimony Discovery Adds Weight to Strategic Mineral Policy

China also confirmed antimony resources equivalent to 51,455 tonnes of metal at the Waxigou mine in Gansu province. The project is held by Gansu Sanchang Mining and adds another resource point in a market already affected by tight supply and export controls.

Antimony has become more strategically visible because it is used in flame retardants, alloys, semiconductors, ammunition, and defense-related applications. China accounts for a dominant share of global refining capacity, making any new domestic resource confirmation important for both supply security and policy leverage.

Beijing has already placed antimony and rare earths under stricter dual-use export licensing controls. As a result, ex-China supply has tightened, prices have surged, and overseas buyers are reassessing dependence on Chinese-controlled critical mineral chains.

The Metalnomist Commentary

China’s latest rare earth and antimony confirmations show that Beijing is strengthening both the upstream and regulatory sides of critical mineral control. For the US, EU, Japan, and Korea, the message is clear: diversification must include mining, refining, recycling, and advanced material production, not just alternative offtake contracts.

Anglo American Copper Output Rises as Chile Offsets Quellaveco Grade Decline

Anglo American, Copper

Anglo American copper output rose slightly in the first quarter as stronger Chilean mine performance offset lower grades at Quellaveco in Peru. The global mining group produced 170,400t of copper during the quarter, up 1% from a year earlier.

Anglo American copper output was supported by higher throughput at Los Bronces and Collahuasi, along with improved recoveries at Collahuasi. Chilean copper production increased by 9% to 97,000t, while Peruvian output fell by 8% to 73,400t.

Anglo American copper output remains on track with unchanged 2026 guidance of 700,000-760,000t. The company had already lowered that target in February because of expected lower grades at Collahuasi.

The result confirms that copper remains Anglo’s strategic centre as the group continues reshaping its portfolio. Nickel is moving toward disposal, manganese is recovering from weather disruption, and copper is becoming the company’s clear lead business.

Los Bronces and Collahuasi Support Chilean Copper Performance

Los Bronces output rose by 12% to 48,500t after the restart of its second plant. The restart improved throughput and gave Anglo a stronger base in Chile during the quarter.

Collahuasi also delivered a stronger result. Anglo’s attributable share of production rose by 10% to 38,800t, supported by higher throughput and improved recoveries.

These gains helped offset weaker output from Quellaveco. The Peruvian mine faced expected lower grades, reducing copper production despite its importance as one of Anglo’s major growth assets.

The first-quarter result shows how copper production increasingly depends on ore grade, plant availability and recovery performance. Higher throughput can support output, but grade decline remains a major constraint across the industry.

Anglo’s growth is still weighted toward the second half of the year. Market attention will focus on Collahuasi’s return to higher-grade ore, the ramp-up of desalination capacity and the continued benefit from Los Bronces’ second plant restart.

The proposed merger with Teck Resources also remains important. Anglo said the deal is still on track for completion between September 2026 and March 2027. South Korean approval has been secured, leaving Chinese anti-monopoly clearance as the final major regulatory hurdle.

If completed, the merger would deepen Anglo’s copper exposure and reinforce the industry trend toward scale in high-quality copper assets.

Nickel Falls as Manganese Rebounds From Weather-Hit Base

Anglo’s nickel production fell by 7% year on year to 9,100t because of maintenance at Barro Alto and Codemin in Brazil. Barro Alto output declined by 7% to 7,500t, while Codemin fell by 6% to 1,600t.

The company expects nickel production to improve gradually from the second quarter. However, nickel is no longer central to Anglo’s long-term portfolio strategy.

Anglo is still working through the European Commission’s anti-monopoly review of the agreed sale of its nickel assets to MMG Singapore Resources. The deal is worth up to $500mn.

Manganese ore output rose sharply from a weak base. Anglo’s 40% attributable production jumped by 118% to just over 759,000t after operations recovered from the disruption caused by tropical cyclone Megan in early 2025.

Sales volumes rose even more strongly, increasing by 217% to 946,000t. However, weather still affected the business, with second-quarter output down 16% from the fourth quarter of 2025 because of adverse weather and cyclone Narelle.

The portfolio direction is now clearer. Anglo is prioritising copper and iron ore while continuing sale processes for steelmaking coal and De Beers. Nickel is becoming a disposal asset, and manganese remains a recovery story after weather-related disruption.

For copper markets, Anglo’s modest first-quarter increase is less important than its second-half execution. The company needs stronger grades, stable plant performance and project discipline to support its full-year copper target.

The Metalnomist Commentary

Anglo American’s first quarter shows that copper growth is increasingly a quality-of-ore and processing-efficiency story. The strategic focus now shifts to whether Collahuasi, Los Bronces and the Teck merger can turn Anglo into a more copper-led mining company.

China Rare Earth Group management changes: CREG defends leadership reshuffle

China Rare Earth Group

China Rare Earth Group management changes drew a rare public defense from CREG. The company said the reshuffle improves governance and retains executives in other roles. However, China Rare Earth Group management changes arrive as Beijing tightens rare earth export controls.

Why the reshuffle matters to global rare earth supply

CREG framed the moves as corporate governance optimization, not disruption. Meanwhile, rumors followed multiple senior resignations in recent months. The firm warned it may pursue action against false market claims. Therefore, China Rare Earth Group management changes seek stability during an industry flashpoint.

Export controls and consolidation reshape market power

China expanded export controls on several medium and heavy rare earths and magnets. As a result, pricing and allocation risks have risen for overseas buyers. CREG and state-owned NRE now oversee most domestic mining quotas. Consequently, China Rare Earth Group management changes intersect with rising state-led consolidation.

CREG emerged in 2021 to concentrate heavy rare earth resources. The group anchors China’s dominant refining capacity across NdPr, Dy, and Tb. Market participants now watch policy, quotas, and magnet supply for signals. Therefore, procurement teams should diversify sources and reinforce strategic inventories.

The Metalnomist Commentary

CREG’s message aims to steady nerves while policy tools tighten market leverage. Governance clarity can temper speculation, but export controls keep risk elevated. Buyers should hedge exposure with multi-region offtakes and recycling initiatives.

BHP Copper Production Falls as Escondida Grades and Pampa Norte Weaken

BHP

BHP copper production fell in January-March as lower output from Escondida and Pampa Norte outweighed stronger results from South Australia and Antamina. The Australian mining group produced 476,800t of copper during the quarter, down 7.1% from a year earlier and 2.8% from the previous quarter.

BHP copper production remains within the company’s wider plan for the July 2025-June 2026 fiscal year. The miner kept its overall copper guidance unchanged at 1.9mn-2mn t, suggesting that first-quarter weakness is still manageable at group level.

The result shows the operational complexity behind global copper supply. Escondida remains a major copper asset, but lower feed grades reduced concentrate output despite higher concentrator throughput. Pampa Norte also weakened sharply, forcing BHP to lower guidance for the operation.

BHP copper production is strategically important because copper demand is increasingly tied to grids, electrification, data centres, renewable energy and industrial infrastructure. Any weakness from major producers matters in a market already focused on mine grades, project delays and supply-chain fragility.

Escondida and Pampa Norte Drive Quarterly Copper Decline

Escondida remained the central pressure point in BHP’s quarterly copper performance. Copper concentrate output at the Chilean operation fell by 14% on the year to 248,300t.

The decline was mainly caused by lower feed grades. Escondida’s average copper feed grade fell to 0.88% from 1.09% a year earlier, reducing concentrate production even though concentrator throughput rose by 4.1% to 34.2mn t.

This is an important signal for copper markets. Higher throughput cannot fully offset grade decline when ore quality deteriorates. Large copper mines increasingly need to process more material to maintain output, raising energy, water, equipment and cost pressure.

Escondida’s cathode production moved in the opposite direction. Copper cathode output rose by 22% to 54,900t because of improved sulphide leach performance.

That improvement helped soften the broader decline. However, concentrate weakness still mattered because Escondida is one of the world’s most important copper operations and a major contributor to BHP copper production.

BHP expects Escondida output for July 2025-June 2026 to reach the upper half of its 1.2mn-1.275mn t guidance range. This suggests that the company still expects stronger performance across the fiscal year despite the lower quarterly concentrate result.

Pampa Norte was a clearer negative. BHP produced 25,700t of copper concentrate and 18,900t of copper cathode at the mine, down 29% and 41% year on year, respectively.

Cathode output fell because of lower planned stacked copper grade. Concentrate output declined because of weaker recovery rates.

As a result, BHP lowered Pampa Norte production guidance to 210,000-220,000t from the previous range of 230,000-250,000t. This was the main guidance cut in the company’s copper portfolio.

Pampa Norte’s weaker outlook reinforces a broader industry issue. Copper mines are not only exposed to headline ore volumes. They are exposed to grades, recovery rates, leach performance, maintenance timing and processing efficiency.

South Australia and Antamina Offset Part of the Weakness

BHP’s South Australian operations provided partial support. Copper concentrate output rose by 22% to 27,500t, while cathode production slipped by 2.3% to 55,300t.

The improvement was supported by higher feed grades at Prominent Hill and higher mined and milled volumes at Olympic Dam. This helped balance weaker results from Chile.

BHP kept South Australian copper guidance unchanged at 310,000-340,000t. The stability of this guidance is important because South Australia remains a strategic copper growth region for the company.

Antamina also performed strongly. BHP’s copper output from the Peruvian operation rose by 43% to 44,100t, supported by better feed grades and improved operational performance.

The stronger Antamina result prompted BHP to lift production guidance to 150,000-160,000t from the previous 140,000-150,000t. This upgrade helped offset the Pampa Norte downgrade at portfolio level.

The mixed operating picture explains why BHP maintained total copper guidance. Escondida and Pampa Norte reduced quarterly output, but South Australia and Antamina provided enough support to keep the group’s broader plan intact.

BHP also completed the sale of its Carajas asset to CoreX Holdings on 2 April for $240mn, with up to $225mn in contingent payments. The sale reflects ongoing portfolio management as BHP concentrates capital on larger strategic assets.

For copper markets, the key message is that supply growth remains uneven. Stronger performance at one asset can offset weakness elsewhere, but global mine supply still depends on operational execution across a small number of large producers.

BHP copper production will therefore remain a closely watched indicator through the rest of the fiscal year. The market will focus on whether Escondida grades stabilise, Pampa Norte recovers, and South Australia and Antamina continue to outperform.

The Metalnomist Commentary

BHP’s quarter shows that copper supply risk is increasingly operational, not only geological. Lower grades, weaker recoveries and leach performance can quickly offset throughput gains, keeping the market sensitive to every large-mine update.

Eramet Weda Bay Nickel Faces Care and Maintenance Risk as RKAB Quota Tightens

Eramet - Nickel

Eramet Weda Bay nickel operations face a potential care and maintenance move in May after Indonesia approved a sharply reduced 2026 nickel ore quota. The French mining group said PT Weda Bay Nickel received an initial RKAB permit covering only 12mn wet metric tonnes of nickel ore production and sales.

The Eramet Weda Bay nickel quota is more than 70% below last year’s authorised level. PT WBN initially received 32mn wmt in 2025, later revised up to 42mn wmt.

Eramet has requested an upward revision to the 2026 permit. The company said the current quota will be exhausted by the middle of next month, making the permit decision the most important near-term issue for its nickel business.

The initial 12mn wmt permit includes 3mn wmt for internal use. This leaves Eramet’s external sales target at only 9mn wmt for 2026, well below the level implied by the mine’s operating capacity.

Indonesia’s RKAB Limits Threaten Ore Supply and NPI Continuity

PT Weda Bay Nickel is preparing to enter care and maintenance if the quota is not increased. Eramet said its nickel pig iron plant will continue operating using ore stocks, but the mining restriction creates clear supply risk.

The permit issue matters because Weda Bay is a key ore supplier inside Indonesia’s nickel ecosystem. Its saprolite ore supports nickel pig iron and stainless steel production, while limonite ore feeds high-pressure acid leach plants producing battery intermediates.

PT WBN delivered strong first-quarter output before the quota risk escalated. Marketable nickel ore production rose by 10% on the year to 10mn wmt.

External ore sales climbed by 54% to 8.3mn wmt. Saprolite sales increased by 27% to 4.8mn wmt, while limonite sales jumped by 118% to 3.6mn wmt.

The limonite increase was driven by stronger demand from HPAL plants at the Indonesia Weda Bay Industrial Park. Internal ore consumption for Eramet’s NPI plant was 1mn wmt during the quarter.

Strong sales partly reflected a weak comparison with early 2025, when IWIP plants were destocking after ending 2024 with high inventories. Still, the result shows that downstream demand remains firm.

PT WBN also continued to benefit from premiums of more than 100% above Indonesia’s benchmark floor price for high-grade saprolite. This reflected tight domestic ore supply and stronger competition for available material.

Nickel Market Rebalancing Depends on Permits, Sulphur and Ore Costs

Eramet’s nickel ferro-alloy production was broadly stable in the first quarter. Output reached 9,000t of nickel, down only 1% from a year earlier.

Adjusted nickel turnover, excluding New Caledonia’s Societe Le Nickel, rose by 43% to €163mn. Eramet’s share of PT WBN turnover, excluding its offtake contract, increased by 59% to €116mn.

The company said first-quarter market conditions were supportive. The average London Metal Exchange nickel price rose by 12% on the year to $17,362/t, driven partly by uncertainty over Indonesian ore supply.

Global primary nickel demand rose by 3% to 900,000t in the first quarter. Stainless steel, batteries and aerospace supported consumption.

Global primary nickel production fell by 3%, although the market remained in a modest surplus. Eramet said the nickel market could gradually rebalance over the rest of the year.

Restricted Indonesian mine permits are one reason. Sulphur supply problems are another, because they are raising costs for HPAL producers that depend on sulphuric acid or sulphur feedstock.

PT WBN’s production costs are expected to rise from 2025 levels. Eramet cited authorised volume limits, mining plan adjustments and higher fuel prices.

Indonesia’s revised mineral benchmark formula could also reshape ore economics. The formula, effective from mid-April, now includes cobalt and other contained metals in ore valuation.

This change could increase costs for HPAL feedstock and alter the economics of limonite supply. It also strengthens the government’s ability to capture more value from contained metals in nickel ore.

For Eramet Weda Bay nickel operations, the quota decision will determine whether strong first-quarter performance can continue. Without a higher RKAB, the mine faces a sudden operating constraint despite firm downstream demand.

The Metalnomist Commentary

Eramet Weda Bay nickel is becoming a test case for Indonesia’s tighter control over ore supply. If the RKAB quota is not revised, the impact will reach beyond one mine and reinforce cost pressure across NPI, HPAL and battery-linked nickel supply chains.