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.

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. 

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.

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.

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.

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.

Cobre Panama Arbitration Hearing Delayed Until 2026 Amidst Operational Challenges

First Quantum Minerals

Canadian mining company First Quantum Minerals has announced a delay in its international arbitration case concerning its Cobre Panama copper mine. The case, initially set for September 2025, has been rescheduled to February 2026 following a request for an extension by Panamanian officials. This delay comes as the company faces ongoing challenges related to the closure of its Panamanian operations, which have significantly impacted its copper production.

Cobre Panama Mine Faces Legal and Operational Setbacks

First Quantum's Cobre Panama mine, one of the largest copper operations in the Americas, halted production in November 2023. The shutdown followed a popular uprising in Panama, protesting the environmental impacts of the mine. The country's top court ruled that the mine's operating contract was unconstitutional, further escalating the dispute.

In response, First Quantum appealed the ruling to the International Chamber of Commerce (ICC) and had initially scheduled a hearing for September 2025. However, the arbitration panel delayed the hearing to February 2026 due to requests from Panamanian officials, as disclosed in the company's recent earnings report.

Global Copper Production Declines

First Quantum's global copper production saw a significant dip in the fourth quarter of 2024, with a 30% decrease compared to the same period in 2023. The company cited lower grades at its Sentinel mine in Zambia and the unexpected closure of the Cobre Panama mine as the key reasons for the decline. As a result, the company produced 111,600 metric tonnes of copper, down from the previous year's quarter.

In contrast, First Quantum experienced growth at its Kansanshi copper-gold mine in Zambia. The mine saw a 57% increase in copper production during the fourth quarter, producing 48,000 tonnes. The expansion of the sulphide processing line, set to be completed by mid-2025, is expected to further increase output at Kansanshi.

Nickel Production Hits a Low Point

In addition to its copper setbacks, First Quantum's nickel production also faced challenges. The company produced just 3,720 tonnes of nickel in the final quarter of 2024, a stark decline from the 7,440 tonnes produced during the same period in 2023. The company attributed this decrease to issues at its Enterprise nickel mine in Zambia, where weathering and fault line alterations affected production volumes.

Despite these challenges, First Quantum reported a profit of $99 million for the fourth quarter, although this was down from $108 million in the same quarter of the previous year.

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.

China’s JCHX Expands Lonshi Copper Mine in DRC with $751.3M Investment

JCHX Mining

Strategic Expansion Aims to Boost Copper Concentrate Output

Chinese mining company JCHX Mining Management plans to expand copper concentrate production at its Lonshi Copper Mine in the Democratic Republic of Congo (DRC). This development includes the exploration of the east mining area, with a new copper ore processing capacity of 3.5 million tonnes per year (t/yr) and an estimated $751.3 million investment. The construction timeline spans 4.5 years, though the official start date remains undisclosed. Once fully operational, the east mining area is expected to reach full capacity within four years of commissioning.

Increasing Copper Production Capacity

JCHX launched the west mining area of the Lonshi mine in Q4 2023, achieving an annual copper concentrate production capacity of 40,000 t/yr. With the east mining expansion, the entire Lonshi mine is projected to produce 100,000 t/yr of copper concentrate. In the first half of 2024, JCHX reported a fourfold increase in copper concentrate production compared to the same period in 2023, reaching 13,213 tonnes.

JCHX’s Growing Presence in Africa and Beyond

In addition to Lonshi, JCHX operates the Dikulushi copper mine in the DRC and the Lubambe copper mine in Zambia. The company is also awaiting mining approval for its San Matias mine in Colombia. This expansion aligns with China’s broader strategy of securing copper supply for its growing smelting capacities.

China’s Expanding Global Copper Footprint

China produced 12.451 million tonnes of refined copper between January and November 2024, marking a 4.6% year-over-year increase, according to the National Bureau of Statistics. Chinese mining firms, including Zijin Mining, have accelerated overseas copper acquisitions, with Zijin currently pursuing the La Arena copper-gold mine in Peru to bolster its global copper and gold output.

Market analysts anticipate a tight copper concentrate supply in 2025, as smelting capacity expansion is projected to outpace new mining projects. This dynamic reinforces China’s aggressive push into international copper mining investments.

Rio2 copper acquisition adds Peru mine cash flow exposure

Rio2 Mining

Rio2 has agreed a Rio2 copper acquisition that pushes the company beyond gold. The Rio2 copper acquisition targets the Condestable underground operation in Peru. As a result, Rio2 gains near-term cash flow and stronger copper leverage.

Rio2 will buy 99.1% of Condestable from Southern Peaks Mining for $217mn in staged consideration. The package includes $80mn cash and $65mn vendor debt. It also includes $35mn equity and a $37mn deferred payment due in 2027–30. Meanwhile, Rio2 has lined up a $120mn equity raise to support the Rio2 copper acquisition.

Condestable sits about 90km south of Lima and runs an 8,400 t/d plant. The plant produces a clean concentrate with no processing penalties. Output is forecast near 27,000 t/yr of copper equivalent over five years. The mine also runs on 100% renewable hydropower.

Deal structure targets copper exposure and scale

The staged structure reduces near-term cash strain while locking in control. It also blends debt and equity to broaden funding options. Therefore, Rio2 can add a Peru copper mine without delaying other growth plans.

Rio2 expects the deal to lift copper revenue exposure to about 30% in the near term. That shift matters as copper prices hit record highs on the London Metal Exchange this week. Meanwhile, stable concentrate quality supports margin clarity for traders and smelters.

Condestable supports a broader Peru-Chile growth story

The mine complements Rio2’s operating footprint in Chile. It also returns the company to a familiar jurisdiction. Rio2 previously built and sold Rio Alto Mining in Peru. Closing will depend on customary approvals.

Rio2 also projects pro-forma annual EBITDA of $330mn once its Fenix gold mine reaches commercial production. As a result, management frames copper as a second cash engine. However, integration discipline will decide whether the acquisition expands returns or complexity.

The Metalnomist Commentary

This deal shows how mid-tier gold miners chase copper optionality without waiting for greenfield builds. However, funding terms and copper-cycle timing will shape investor confidence. Therefore, watch the equity raise pricing and early cash conversion at Condestable.

Perpetua antimony mine development wins US approval and financing support

Perpetua antimony mining

Perpetua antimony mine development at the Stibnite Gold project has cleared a major US regulatory hurdle. The US Forest Service has granted conditional approval to begin mine construction after eight years of permitting review. As a result, Perpetua Resources can now advance early works, subject to securing full project financing.

US backs Perpetua antimony mine development with blended public and private finance

Perpetua antimony mine development is now underpinned by a substantial mix of equity, grants and planned debt. The company raised $425mn in June through a $325mn public share offering and a $100mn private placement. Meanwhile, Perpetua expects to secure up to $2bn in debt financing from the US Export-Import Bank, significantly derisking the project’s capital stack.

In parallel, the US Department of Defense has already provided more than $80mn, including $6.9mn from the US Army in May. This direct support confirms antimony’s status as a strategic material for defense and national security. Therefore the Stibnite Gold development sits squarely within Washington’s broader push to localise critical mineral supply chains.

Perpetua antimony mine development targets China-dependent supply gap

The Perpetua antimony mine development comes as the US confronts a complete lack of commercial-scale domestic antimony production. According to the US Geological Survey, the country currently produces no primary antimony at scale. However, demand remains robust for military uses, flame retardants and antimony–lead alloys in batteries and cables.

China’s December ban on antimony exports to the US has sharpened urgency around diversification. As a result, US policymakers view Stibnite Gold as a flagship project for rebuilding secure supply outside Chinese control. If executed on time and budget, the mine could reduce exposure to geopolitical shocks in a tight global antimony market.

The Metalnomist Commentary

Perpetua’s progress illustrates how quickly critical mineral projects can move once policy, capital and security interests align. The decisive test will be execution: any delays or cost overruns could reopen the US antimony gap and reinforce China’s leverage in this niche but vital market.

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.

Torex Produces First Copper Concentrate at Media Luna Mine in Mexico

Torex Gold

Copper Production Begins at Torex's Media Luna Site in Guerrero

Torex Gold has officially produced its first copper concentrate at the Media Luna mine in Guerrero, Mexico. The underground deposit forms part of the Morelos complex, which includes gold and silver alongside copper. Torex aims to increase throughput once its new paste plant begins operations in Q2 2025. As a result, the mine’s projected operational lifespan has been extended to at least 2033.

Copper Output to Reach 20,000 t/yr by 2026

According to Torex, Media Luna could yield approximately 20,000 tonnes of copper annually once at steady-state operations. Torex expects to achieve mining rates of 7,500 tonnes per day by mid-2026, according to CEO Jody Kuzenko. This milestone positions the company to diversify beyond gold and secure a footprint in copper for the energy transition.

The Metalnomist Commentary

Torex’s entrance into copper production reflects a broader pivot among gold miners toward energy transition metals. As global demand for copper accelerates, this development could enhance the long-term value of Torex’s Guerrero operations. The integration of Media Luna into a multi-metal portfolio strengthens its strategic appeal in a tight copper market.

Capstone Mantoverde Strike Ends as Copper Output Recovery Begins

Capstone Copper

Capstone Mantoverde strike ends after a month-long labour disruption at the Chilean copper-gold mine. Union #2 ratified a new three-year collective bargaining agreement. That approval allows the operation to begin ramping back toward full production. As a result, Capstone Mantoverde strike ends at an important moment for an already tight copper market.

The dispute had a real production impact. Union #2 represents about 645 workers, roughly half of Mantoverde’s direct workforce. During the strike, the mine operated at about 55pc of normal production levels. Therefore, Capstone Mantoverde strike ends with the company now focused on restoring stable output safely and quickly.

This matters because Mantoverde is not a marginal asset. The mine produced 62,308t of copper in concentrate and 32,807t of copper cathode in 2025. That accounted for about 0.4pc of global copper output. Consequently, the end of the strike reduces one source of pressure in Chile copper supply.

Mantoverde Copper Mine Still Faces Operational Vulnerabilities

Mantoverde copper mine is now moving past labour disruption, but operational risk has not disappeared. The site depends on a coastal desalination plant located about 40km away. Earlier disruptions at that facility restricted water supply and forced Capstone to curtail some processing activity. As a result, Mantoverde remains exposed to infrastructure as well as labour risk.

That combination makes the site more complex than a normal strike recovery story. Even with all four union agreements now secured, the mine still needs consistent water access and stable operations. Capstone said its priority is to restore output safely and efficiently. Therefore, the next phase will depend on execution, not only labour peace.

The ownership structure also adds strategic depth. Capstone holds a 70pc stake in Mantoverde, while Mitsubishi Materials owns the remaining 30pc. That makes the asset important not only for Capstone’s portfolio, but also for broader international copper supply relationships. Meanwhile, the company did not disclose the financial terms of the revised labour deal.

Copper Market Tightness Makes the Restart More Important

Copper market tightness is the bigger reason this strike matters. The market is expected to be more sensitive to unplanned disruptions in 2026 than in prior years. Both cathode and concentrate markets are already facing tighter conditions after production downgrades by major producers. Consequently, even partial production losses can carry more weight.

Recent copper price behavior reinforces that point. Prices have stayed volatile amid speculative flows, macro uncertainty, and concentrate market tightness. Three-month copper settled at $12,905/t in the article’s market context. Therefore, the end of the Mantoverde strike may help sentiment, even if it does not fully change the broader market balance.

For Capstone, the immediate task is clear. The company must move from partial output back to stable operating rates without new disruptions. For the market, the message is also clear. In a tighter copper environment, every operational recovery matters more than before.

The Metalnomist Commentary

This strike settlement matters because the copper market now reacts more sharply to operational setbacks and recoveries. Mantoverde is not large enough to reset global pricing alone, but it is large enough to matter in a tighter year. If Capstone restores full output smoothly, the market will treat that as a small but meaningful supply relief.

ACG Acquisition Secures Turkish Mine for Copper and Zinc Production by 2026

London-listed ACG Acquisition has announced the purchase of the Gediktepe mine in Turkey for $290 million, with plans to begin producing copper and zinc by 2026 as part of a sulphide expansion project. This acquisition marks a significant step for the special-purpose acquisition company as it expands its mining portfolio.

Located in the Balikesir province of western Turkey, the Gediktepe open-pit mine was initially acquired from Lidya, a subsidiary of the Istanbul-based conglomerate Calik Holding. While the mine currently produces gold and silver, ACG aims to shift focus to copper and zinc through a fully funded $145 million sulphide expansion project. The company projects an annual output of 20,000 to 25,000 tonnes of copper equivalent over the mine’s initial 11-year lifespan. Copper and zinc concentrates will be extracted from sulphide ore using flotation methods.

The Gediktepe mine, which commenced operations in 2021, yielded 35,117 ounces of gold and 367,758 ounces of silver last year. This existing production capacity provides a robust foundation for ACG's broader strategy to consolidate copper assets in response to increasing demand for the metal.

ACG’s chief executive, Artem Volynets, highlighted the strategic importance of the acquisition, noting that the Gediktepe mine will play a crucial role in the company’s expansion plans. The announcement follows a setback last year when ACG’s attempt to acquire two copper and nickel mines in Brazil fell through due to unresolved terms with investors.

As ACG moves forward with its sulphide expansion at Gediktepe, the company is poised to enhance its position in the global copper market, capitalizing on the rising demand for the metal essential to various industries.

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.

Indonesia nickel mine suspensions highlight tighter ESG enforcement and supply risk

Indonesia Nickel Mine

Indonesia nickel mine suspensions in southeast Sulawesi underline Jakarta’s tougher stance on reclamation and post-mining responsibilities. The Ministry of Energy & Mineral Resources (ESDM) has halted operations at 25 nickel mines over missing reclamation and post-mining guarantees. Indonesia nickel mine suspensions now sit within a broader crackdown that also targets coal, gold, iron ore, tin and asphalt producers across several provinces.

Indonesia nickel mine suspensions tied to reclamation failures and permit gaps

Indonesia nickel mine suspensions follow months of warning letters issued between December 2024 and August 2025. Regulators moved only after companies failed to respond with compliant reclamation plans and financial guarantees. The 25 affected nickel operators in southeast Sulawesi join a wider list of 190 suspended general mining licences from central Kalimantan to north Maluku.

However, the sanctions are temporary and may last up to 60 days if companies act quickly. Suspended firms must continue site maintenance, environmental management and monitoring to limit further damage. The ESDM has also sent suspension notices to some nickel mines in north Maluku, signalling that enforcement will not stay confined to one region. As a result, miners now face clear pressure to treat reclamation, guarantees and forestry permits as core licence conditions, not paperwork.

The Indonesia nickel mine suspensions add to recent high-profile actions by a government taskforce. Earlier this month, authorities seized land from Weda Bay Nickel and Tonia Mitra Sejahtera for lacking forestry permits. That decision pushed LME official nickel prices up by about 3pc on 15 September, underscoring how governance interventions can move global benchmarks. Traders now read enforcement news almost as closely as ore shipment updates.

Market impact limited today, but ore supply concerns are building

The immediate market impact from the Indonesia nickel mine suspensions appears modest. Some sanctioned operations were inactive or had unstable output, according to market participants. Three-month LME class 1 nickel prices were largely rangebound at the time of the announcement, with only minor intraday moves.

However, the cumulative effect of licence suspensions, land seizures and stricter forestry compliance is beginning to worry ore buyers. Indonesia remains the world’s dominant supplier of nickel ore and nickel units for stainless steel and battery precursors. Therefore, even small disruptions can tighten margins for NPI smelters and high-nickel battery material producers already facing narrow spreads.

Downstream, stainless steel and battery supply chains now need to factor regulatory risk into feedstock strategies. Some buyers may diversify towards the Philippines or consider higher use of recycled nickel where possible. But substitution options remain limited at scale, keeping Indonesia at the centre of nickel supply planning for the foreseeable future.

The Metalnomist Commentary

Indonesia’s nickel strategy is clearly shifting from volume-at-all-costs to stricter licence discipline and ESG alignment. For miners and smelters, the new reality is that reclamation guarantees and forestry permits sit on the same level as ore grades and cash costs. Policy risk in Indonesia is becoming a structural driver of nickel prices, not just an occasional headline shock.

Hancock Lithium Mine Plan Advances as Spodumene Prices Recover

Hancock Lithium Mine

Hancock lithium mine plans in Western Australia are moving forward as stronger lithium concentrate prices revive confidence in large-scale spodumene development. Hancock Prospecting plans to build the A$1bn Andover mine, targeting production of up to 1.1mn t/yr of lithium concentrate.

Hancock lithium mine construction is scheduled to start in November 2028, with a two-year construction period. The project is planned for a 30-year operating life and would process 6mn t/yr of ore.

Hancock lithium mine development reflects a shift in lithium sentiment after the deep price collapse that forced project delays and suspensions across the sector. Spodumene prices have rebounded as Chinese battery demand improves and supply expectations tighten.

The Andover project is strategically important because Australia remains one of the world’s key hard-rock lithium supply bases. New capacity from Western Australia could support converters, battery producers and electric vehicle supply chains seeking long-term spodumene feedstock.

Andover Adds Scale to Western Australia’s Spodumene Pipeline

The Andover mine would become a major new lithium concentrate source if developed as planned. Annual output of up to 1.1mn t would give the project meaningful weight in the seaborne spodumene market.

The project sits within a broader ownership structure shaped by recent consolidation. Hancock Prospecting and Chilean lithium producer SQM partnered to acquire Azure Minerals in a A$1.7bn deal completed in May 2024 through their jointly owned company, SH Mining.

Andover is 60% owned by Azure, while Croydon Gold, a subsidiary of the Creasy Group, holds the remaining 40%. The involvement of Hancock and SQM gives the project both Australian mining strength and global lithium-market experience.

SQM’s role is especially relevant. The Chilean producer brings downstream lithium market knowledge, while Hancock adds financial capacity and Australian project execution capability.

The planned 30-year mine life also matters. Battery supply chains need long-duration feedstock sources, not only short-cycle spot supply. A project of this scale could support long-term offtake and conversion strategies.

Price Recovery Revives Lithium Project Economics

The Andover plan comes after a sharp recovery in spodumene concentrate prices. Prices rose in April as tighter supply expectations followed Zimbabwe’s introduction of export quotas for lithium concentrate.

Spodumene prices had previously collapsed to $900-1,100/t cif China in January 2024, down 83% after supply growth outpaced demand. That downturn forced many lithium developers to slow, delay or reassess projects.

Prices later began recovering in late 2025 as demand from China’s lithium-ion battery sector improved market sentiment. Stronger pricing has now made large hard-rock projects more attractive again.

However, lithium remains a volatile market. New supply from Australia, Africa, South America and China can quickly change balances if demand growth slows or inventories rebuild.

For Hancock, timing will be critical. Construction is not expected to start until late 2028, meaning the project will enter the market after the current price recovery has already been tested by several more years of battery demand and supply growth.

The strategic value remains clear. If lithium demand continues to rise from electric vehicles and energy storage, Andover could become an important feedstock source for global converters. If supply again expands too quickly, project economics may face renewed pressure.

The Metalnomist Commentary

Hancock’s Andover plan shows that lithium investment confidence is returning, but only for projects with scale, strong sponsors and long-term strategic value. The market has recovered from its deepest downturn, but future winners will still need cost discipline and secure downstream demand.

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.

China's Copper Discoveries Surge on Qinghai-Tibet Plateau: 20 Million Tonnes Added Since 2021

China Copper mining

Major Mining Projects Expand as China Bolsters Domestic Copper Reserves

China has significantly expanded its copper resources, discovering over 20 million tonnes (mn t) on the Qinghai-Tibet Plateau between 2021 and 2024. This discovery doubles the total amount found in the preceding five years (2016-2020), marking a substantial increase in China's domestic copper reserves.

Key Mining Projects and Resource Potential

The Qinghai-Tibet Plateau, a region rich in mineral deposits, hosts several major copper mines, including Yulong, Duolong, Julong-Jiama, and Xiongcun-Zhunuo. According to a China Geological Survey report released on January 7th, these mines have a projected resource potential of 150 mn t.

Zijin Mining's Expansion

Zijin Mining, a prominent Chinese diversified metals mining company, commenced operations at the Yulong copper mine, China's second-largest single copper deposit, in November 2023. The company also began commercial production at its Julong copper mine in Tibet in December 2021. Zijin plans to launch the second phase of the Julong mine in the first quarter of 2026, increasing its copper production from 154,000 t in 2023 to 300,000-350,000 t/yr. A third phase is also planned, aiming to expand output to 600,000 t/yr, although the construction timeline is yet to be announced.

Furthermore, Zijin is set to launch the 76,000 t/yr Zhunuo copper mine in Tibet in June 2026. The company also holds a 45% stake in the Xiongcun mine, with the remaining 55% owned by Jinchuan Group.

Other Mining Developments

China Gold International Resources, a Canada-based mining firm, anticipates copper output at its Jiama copper mine in Tibet to rise to 63,000-67,000 t in 2025, up from 43,200-44,500 t in the previous year, following the resumption of operations in 2024. The company confirmed that the January 7th earthquake in Tibet did not impact operations at the Jiama mine.

Additionally, copper resources at the Duobaoshan mine in Heilongjiang province were revised upwards by 3.65 mn t following an exploration in June 2024.