Burundi Mining Suspension Raises 3T Conflict Minerals Supply Risk

Burundi mining

Burundi mining suspension measures have halted nearly all mining operations in the country, leaving only Sotrevo Mining and Sonalek Mining allowed to continue operating. The move creates new uncertainty for tantalum, tungsten and tin supply from one of Africa’s smaller but strategically important 3T mineral producers.

Burundi mining suspension measures require mining companies and co-operatives to apply for new operating permits before restarting. The government said operating approvals and the state’s share of production will be decided case by case.

Burundi mining suspension rules also introduce the threat of severe sanctions for companies that ignore the new requirements. This signals a stronger state push to control mineral production, permitting and revenue sharing.

The decision matters because Burundi supplies 3T concentrates at a time when buyers are already sensitive to conflict minerals risk, origin documentation and supply disruption across central and eastern Africa.

Permit Reset Raises Supply Risk for 3T Minerals

The suspension affects all mining sites except those operated by Sotrevo Mining and Sonalek Mining. Sotrevo produces tantalum, tungsten and tin, while Sonalek Mining also remains exempt from the suspension.

The ministry’s decision effectively resets the operating framework for much of Burundi’s mining sector. Producers that previously operated under existing arrangements must now seek new approval before they can resume work.

This creates immediate supply-chain uncertainty. Buyers may face delays in shipments, reduced availability and additional documentation requirements while companies wait for permit decisions.

Burundi produced 421t of 3T concentrates in 2024, according to industry supply-chain data referenced in the source material. That volume is not large compared with global mined supply, but it matters for buyers seeking diversified and traceable African material.

Tantalum is critical for capacitors used in electronics, aerospace, defence systems and medical devices. Tungsten supports hard metals, cutting tools, defence applications and industrial machinery. Tin is essential for solder, electronics assembly and coatings.

The suspension therefore affects more than local mining companies. It reaches downstream electronics, tooling, defence and manufacturing supply chains that depend on stable 3T material flows.

Conflict Mineral Markets Face New Compliance Pressure

Burundi has gained importance because conflict and instability in other major 3T-producing countries have increased demand for its material. Buyers looking to diversify regional supply have turned to Burundian concentrates as an alternative source.

The new suspension complicates that trend. Even if the government aims to strengthen oversight, the immediate effect is to reduce clarity for exporters, traders and downstream consumers.

The case-by-case permit process could also reshape the country’s mining structure. Companies with stronger compliance systems, clearer production records and better state relationships may be better positioned to restart.

For responsible sourcing programmes, the policy shift adds another layer of due diligence. Buyers will need to confirm not only mine origin and chain of custody, but also whether suppliers hold valid new operating permits.

The state’s share of production will also be decided individually. This could change project economics and create different cost structures across operators.

Burundi’s decision reflects a wider trend in critical minerals. Resource-holding governments increasingly want more control over production, exports and domestic value capture.

For 3T markets, the timing is sensitive. Supply chains already face scrutiny under conflict minerals rules, while manufacturers need stable feedstock for electronics, aerospace, defence and industrial applications.

If the suspension is resolved quickly, the market impact may stay limited. If permitting delays continue, Burundi’s role as a flexible alternative source of 3T concentrates could weaken.

The Metalnomist Commentary

Burundi’s mining suspension shows how even smaller suppliers can affect strategic mineral confidence. In 3T markets, regulatory clarity and traceability are now as important as mined volume itself.

Guinea Mining Licences Revocation Affects 50+ Operations Amid Resource Nationalism

Guinea Mining

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

Military Government Targets Underperforming Mining Assets

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

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

EGA Bauxite Operations Face Specific Scrutiny

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

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

Regional Context Shapes Mining Sector Uncertainty

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

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

The Metalnomist Commentary

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

Brazil Indonesia Energy and Mining Partnership Targets Cleaner Growth

Brazil Indonesia Energy and Mining

Brazil Indonesia energy and mining partnership is moving from basic trade to strategic cooperation in fuels and minerals. The two countries signed a memorandum of understanding to coordinate energy, mining and power grid initiatives as they seek lower-carbon growth. As a result, the Brazil Indonesia energy and mining partnership is evolving into a broader platform for decarbonisation, investment and technology exchange.

MoU extends Brazil Indonesia energy and mining partnership into hydrocarbons and power

The memorandum of understanding covers crude, natural gas, renewable power, energy efficiency and power grid cooperation. Brazil and Indonesia will also collaborate on mineral sustainability, signalling interest in responsible mining and critical raw materials. Therefore, the Brazil Indonesia energy and mining partnership now stretches from upstream hydrocarbons to electricity networks and metals value chains.

Bilateral trade between Brazil and Indonesia already totals about $6.2bn a year. Brazil mainly ships soymeal, crude, sugar and molasses, while Indonesia exports tallow, vegetable fats and vehicle parts. However, the new deal could gradually shift the mix toward more energy and mining technology, services and project-level collaboration.

Biofuel leadership strengthens Brazil Indonesia energy and mining partnership

Both countries see biofuels as a cornerstone of their energy transition. Indonesia has moved to a 40pc biodiesel blend in fossil diesel, cutting oil import needs. Meanwhile, Brazil already runs a 15pc biodiesel blend and a 30pc ethanol blend in road fuels.

These aggressive blending mandates create robust demand for feedstocks, refining technology and logistics. As a result, the Brazil Indonesia energy and mining partnership can link biofuel know-how with wider mining and infrastructure cooperation. Over time, joint projects in green hydrogen, advanced biofuels and grid upgrades could emerge from this policy alignment.

The focus on mineral sustainability also suggests potential cooperation on phosphate, nickel, bauxite or other key inputs to fertilisers and batteries. In addition, both countries may seek common standards on ESG, land use and community engagement in mining. This would help attract global capital that increasingly screens mining and energy assets for climate and social performance.

The Metalnomist Commentary

This agreement shows how South–South alliances are becoming more important in global energy and mining governance. If the MoU translates into concrete investment in grids, renewables and sustainable mining, Brazil and Indonesia could position themselves as pivotal suppliers in a lower-carbon economy. Investors should watch for follow-on deals linking biofuels, critical minerals and grid modernisation under this new framework.

Updates Mining Rebate Rules: What You Need to Know

US Mining

The United States has introduced significant updates to its mining rebate rules, affecting companies in the mining and materials processing sectors. The U.S. Treasury Department and the Internal Revenue Service (IRS) released definitive rules on Thursday regarding the Section 45X advanced manufacturing production credit, a part of the Inflation Reduction Act (IRA) of 2022. This credit was designed to foster investment in the U.S. manufacturing of components for wind, solar, and battery systems.

Key Changes to the Mining Rebate Rules

The new regulations bring forth an important adjustment for mining companies, particularly regarding "extraction costs." Previously, under the proposed guidance issued in December, extraction was not considered part of the production costs eligible for the 10% rebate. The rationale was that the extraction process was seen as too far removed from the ultimate production of an eligible component, such as those used in wind and solar energy systems.

However, after considerable feedback from stakeholders, the Treasury Department and IRS revised their stance. The updated rules now allow mining companies to claim the rebate for their extraction costs, provided the raw materials are processed into an eligible component. For example, lithium must be refined into lithium hydroxide, which can then be used directly in the production of batteries.

While the regulators acknowledged the importance of value-added processing activities, such as refining and purifying raw materials, they also clarified that "the action of extraction alone does not produce an eligible component." This decision effectively allows certain mining activities to qualify for the credit, but it is important to note that extraction alone, without subsequent processing, does not meet the eligibility requirements.

Industry Reactions and Future Implications

The updated guidance has generated mixed reactions within the industry. On one hand, groups representing mining companies welcomed the inclusion of extraction in some capacity, recognizing the importance of the sector in the overall supply chain for clean energy technologies. On the other hand, some stakeholders, including the National Mining Association (NMA), expressed disappointment over the narrow scope of the final rules.

Rich Nolan, CEO of the National Mining Association, argued that the decision to limit the rebate to producers who also refine materials would exclude many crucial projects from benefiting from the credit. He suggested that this limitation goes against the intentions of Congress in fostering a robust domestic supply chain for critical minerals.

The Bigger Picture: Supporting Clean Energy and Domestic Manufacturing

This policy shift reflects a broader push by the U.S. government to bolster clean energy production and reduce reliance on foreign sources of critical minerals. The Section 45X advanced manufacturing production credit is an essential part of the Inflation Reduction Act, which aims to position the U.S. as a leader in the production of clean energy technologies. As the demand for minerals like lithium, nickel, and cobalt grows—critical materials for battery production—the role of domestic mining and refining becomes increasingly important.

Mining companies, however, will need to balance the rebate’s requirements with the investment needed for refining capabilities. Many smaller mining operations may struggle to meet the additional processing requirements, potentially leaving them at a disadvantage compared to larger, more established companies with the necessary infrastructure.

In conclusion, the update to the mining rebate rules marks a step forward in supporting domestic mining and clean energy initiatives but leaves room for further development. The debate over the scope of the credit is likely to continue as stakeholders assess its impact on the industry and its ability to meet the growing demand for clean energy components.

China Rare Earth Mining Regulations Tighten as Beijing Targets Illegal Supply

China Rare Earth Mining

China rare earth mining regulations are set to become more detailed as Beijing moves to strengthen control over mining, smelting, recycling and trading activity. The industry and information technology ministry has released a draft plan that would impose administrative penalties of up to 5mn yuan for violations.

China rare earth mining regulations already place rare earth production under a state quota system. The latest proposal would clarify penalty levels for companies that mine, smelt, process or trade rare earth materials outside approved channels.

China rare earth mining regulations are strategically important because China remains dominant across global rare earth mining, separation, metal production and magnet supply. Stronger enforcement could tighten unofficial supply and improve state oversight of material flows.

The draft plan released on 28 April sets clearer benchmarks for discretionary penalties. It is aimed at illegal mining, unauthorised smelting, quota breaches, unapproved feedstock use and failures in reporting or traceability.

Quota Enforcement Extends Across Mining, Smelting and Recycling

The draft plan targets enterprises that produce rare earth products beyond state-allocated mining quotas. Companies that conduct smelting without approved quotas would also face fines.

The rules would also cover comprehensive recycling firms that use rare earth ore as feedstock without authorisation. This is important because recycling and secondary processing can become loopholes if ore origin and flow reporting are weak.

Companies that buy, process or sell illegally produced rare earth ore or smelting products would also be penalised. This widens enforcement from producers to the broader trading and processing chain.

Firms that fail to comply with rare earth flow reporting and traceability requirements would face penalties. Companies that refuse or obstruct government supervision and inspection would also be targeted.

This shows that Beijing is not only regulating output volumes. It is building a more detailed control system around material origin, movement, processing rights and end-market access.

Rare earth traceability is becoming more important because these materials are strategic inputs for electric vehicles, wind turbines, robotics, defence systems, aerospace, electronics and high-end manufacturing.

The policy also strengthens China’s ability to monitor both primary and secondary supply. That matters as rare earth scrap recycling grows and as downstream magnet demand continues to increase.

State Control Reinforces China’s Strategic Rare Earth Position

China has tightened control over rare earth resources for more than a decade. The sector has been consolidated under several large state-owned groups to reduce illegal mining, improve environmental oversight and strengthen industrial coordination.

The State Council issued comprehensive rare earth regulations on 29 June 2024 covering mining, smelting, processing, recycling, trading and imports and exports. Those rules took effect on 1 October 2024, but did not define detailed penalty levels.

The latest draft fills that gap. It turns broad regulatory control into a more enforceable administrative system with clearer financial consequences.

China’s two major rare earth groups, Northern Rare Earth and China Rare Earth, now control domestic resources after China Rare Earth consolidated Xiamen Tungsten and Guangdong Rare Earth. Mining, smelting and separation quotas are allocated only to these groups and their affiliates.

Private firms and individuals are prohibited from processing rare earths. This gives Beijing a high level of control over domestic supply channels and industrial output.

From 2025, China also included imported rare earth ore in its quota system. This expanded oversight beyond domestic mining and gave the government more control over imported feedstock entering Chinese smelting and separation plants.

The move is strategically significant. China is treating rare earths as controlled industrial resources rather than ordinary commodities. Production discipline, traceability and export controls are now part of the same policy framework.

For global buyers, tighter regulation could reduce illegal or informal supply flows. It may also increase dependence on approved producers and make rare earth availability more closely tied to Chinese quota and export policy.

The Metalnomist Commentary

China’s rare earth enforcement push shows that Beijing wants full visibility over every stage of the value chain. For western buyers, the risk is clear: rare earth supply is becoming more regulated, more traceable and more politically controlled at the source.

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.

Lundin Mining Sells Neves-Corvo and Zinkgruvan Mines to Boliden for $1.52bn

Lundin Mining

Canada-based Lundin Mining announced the sale of its two major European mining operations — Neves-Corvo in Portugal and Zinkgruvan in Sweden — to Swedish Boliden for a total of $1.52 billion. The deal, which is expected to close by mid-2025, will represent Lundin’s complete exit from its operating assets in Europe. The company plans to use the proceeds from this sale to strengthen its balance sheet and fuel its growth strategy in South America.

Key Details of the Deal

The acquisition will significantly boost Boliden’s mining and smelting capacity. Neves-Corvo and Zinkgruvan produced a combined total of 185,000 tonnes of zinc concentrate and 38,000 tonnes of copper concentrate in 2023. With this acquisition, Boliden anticipates a sharp increase in its output, especially in zinc, which is expected to rise to 70% of its zinc smelting capacity (up from 35%). For copper, Boliden forecasts an increase in concentrate production to 40% of its copper smelting capacity, from 30%, based on 2023 figures.

In 2023, Neves-Corvo produced 108,812 tonnes of zinc and 33,823 tonnes of copper, while Zinkgruvan produced 76,349 tonnes of zinc and 4,434 tonnes of copper, both in concentrate. This expansion aligns with Boliden's ongoing efforts to boost its mining capabilities in Europe and provide a stronger foundation for its future operations.

Boliden’s Expanding Operations

Following the completion of the transaction, Boliden will operate a total of seven mining areas and five smelters, further solidifying its position as a key player in the European metals market. This acquisition will also contribute to the company’s growing portfolio of critical base metals, including zinc and copper, which are essential for various industrial applications, including the green energy transition.

The Neves-Corvo and Zinkgruvan mines come with on-site processing facilities, which will enable Boliden to efficiently manage the mining and refining of these crucial metals.

Lundin’s Strategic Shift

For Lundin Mining, the sale marks a strategic shift toward focusing its operations on high-growth regions, particularly in South America, where the company has substantial mining interests. By exiting Europe, Lundin aims to optimize its portfolio and concentrate resources on projects that offer the highest potential for expansion and value creation.

Conclusion

The $1.52 billion deal between Lundin Mining and Boliden highlights the growing consolidation in the mining sector and underscores the importance of strategic acquisitions to secure long-term growth. For Boliden, the acquisition of Neves-Corvo and Zinkgruvan will enhance its production capacity, positioning the company to meet rising global demand for zinc and copper. Meanwhile, Lundin Mining is set to reorient its focus on South American mining assets, setting the stage for future growth.

CATL Rio Tinto Partnership Targets Mining Electrification and Battery Circularity

CATL

CATL Rio Tinto partnership plans could accelerate electrification across Rio Tinto’s global mining operations as the metals sector looks for practical ways to cut emissions. The two companies have signed a non-binding agreement to explore cooperation in battery technologies, system integration, recycling, and new energy solutions.

The CATL Rio Tinto partnership connects one of the world’s largest battery producers with a major global supplier of iron ore, copper, aluminium, and lithium. This creates a direct link between upstream resource extraction and the battery systems needed to decarbonise mining fleets, rail, and industrial energy use.

Rio Tinto wants to develop a zero-carbon mining model with global demonstration value. CATL will support that goal through its battery technology, energy system expertise, and experience in large-scale electrification.

Battery Systems Move Deeper Into Mining Operations

Mining electrification is becoming a strategic priority because diesel-powered equipment remains a major source of operating emissions. Battery systems can support electric haul trucks, heavy equipment, rail locomotives, site power systems, and charging infrastructure.

The collaboration could help Rio Tinto improve operating efficiency while reducing carbon intensity. Electrified mining systems may also lower fuel exposure, improve maintenance economics, and support customers that increasingly demand lower-carbon raw materials.

The agreement also reflects a broader shift in mining procurement. Large miners are no longer only buying equipment; they are building partnerships around batteries, energy management, recycling, and circular material flows. This gives battery companies a larger role in mining’s industrial transition.

Critical Minerals Circularity Becomes a Strategic Link

The CATL Rio Tinto partnership will also explore business models for battery materials recycling and critical minerals circularity. This is important because mining electrification will create new demand for lithium, copper, nickel, graphite, rare earths, and other battery-linked materials.

Circularity can help reduce waste and strengthen supply security. If battery materials can be recovered and reused across mining operations, companies can reduce dependence on fresh raw material inputs and build more resilient supply chains.

CATL and BYD are increasingly targeting partnerships with major miners and energy companies. CATL and BYD have already signed agreements with BHP to develop battery solutions for mining equipment and railway locomotives, while BYD has also agreed to work with Aramco on electric and fuel cell vehicle technologies.

The Metalnomist Commentary

Mining electrification is becoming a new battleground for battery companies, miners, and equipment suppliers. The strategic winners will be those that can connect mineral supply, battery deployment, recycling, and low-carbon operations into one industrial ecosystem.

Mining states smelter economics drive shift toward regional value chains

Africa Mining

Mining states smelter economics are reshaping how resource-rich governments think about value addition and industrial policy. At the FT Metals and Mining conference, African and Middle Eastern officials outlined ambitious mining growth plans while acknowledging tough smelter economics. As a result, they increasingly favour flexible regional chains, trading platforms and targeted downstream moves over politically symbolic but uneconomic smelter projects.

Zambia and Saudi Arabia recalibrate mining growth and downstream strategy

Mining states smelter economics sit at the heart of Zambia’s long-term copper strategy. The government is holding to its 3mn t/yr copper target by 2031 but plans to stay out of smelter investment decisions. Instead, Zambia will focus on policy tools such as export waivers and a state-run trading house from Lusaka. These mechanisms aim to manage excess copper concentrate and attract private capital into processing where returns justify risk.

However, Zambia still needs major capital commitments to reach its copper goals. The country produced 840,000t of refined copper last year and expects to exceed 1mn t in 2025. To close the gap with its 2031 ambition, Zambia is relying on projects like First Quantum’s $1.25bn Kansanshi expansion and other greenfield or brownfield investments. Therefore, mining states smelter economics will influence whether future capacity focuses on concentrate exports, tolling deals or selective domestic refining.

Meanwhile, Saudi Arabia is building mining into its third economic pillar under Vision 2030. The kingdom wants to raise sector GDP from $35bn to $75bn by 2035, with 70pc from downstream activities. It is rolling out a fully integrated aluminium chain, planning to triple phosphate output by 2040 and constructing a battery metals trading platform. These moves show how mining states smelter economics can support more sophisticated value chains rather than simple ore exports.

Saudi Arabia is also using international deals to secure feedstock and technology. Its PIF-backed Manara Minerals JV is investing abroad, while the kingdom builds rare earth links with partners such as MP Materials and explores refinery projects with global miners. As a result, the country is positioning itself as a regional processing and trading hub, rather than relying solely on domestic ore extraction.

Regional chains rise as smelter economics and policy risks bite

Mining states smelter economics are driving governments to prioritise regional infrastructure over isolated national hubs. Guinea’s $20bn Simandou iron ore project illustrates this shift, combining Chinese rail capacity, US locomotives and French signalling in a single integrated corridor. This model aligns with calls from industry leaders to optimise at regional scale, where transport, energy and port infrastructure can support multiple producers and customers.

However, building new smelters remains challenging when copper treatment charges sit at historically weak or even negative levels. Industry voices argue that in-country smelting often “doesn’t pay” in today’s market, especially once high power costs and carbon considerations are included. Therefore, mining states smelter economics are pushing policymakers to abandon hopes of easy “green premiums” and focus instead on cost competitiveness and stable regulatory frameworks.

At the same time, state miners are exploring commercial tools to capture more value without over-investing in heavy assets. In the Democratic Republic of Congo, Gecamines plans a dedicated trading arm to market its 20–49pc joint-venture production share. The company wants to revive its own brand, sharpen market knowledge and improve pricing power. If logistics and finance constraints ease, executives believe the firm could “easily” join the top tier of global copper operations.

The Metalnomist Commentary

The debate around mining states smelter economics is shifting from ideology to hard numbers. Resource-rich governments increasingly recognise that modern value chains may rely more on trading hubs, corridors and selective downstream assets than on politically attractive but uneconomic smelters. For investors, the most attractive jurisdictions will be those that match geological potential with pragmatic policies on infrastructure, energy and fiscal stability.

Chinese Firms Intensify Investments in Cu-Co Mining in the Democratic Republic of Congo

In a strategic maneuver to secure a steady supply of crucial resources, Chinese enterprises are significantly amplifying their investments in the copper-cobalt reserves of the Democratic Republic of Congo (DRC). This initiative addresses China's limited cobalt resources and the enduringly strong copper market.

Leading the charge are prominent entities such as diversified metals producer CMOC, China Railways Resources, China Nonferrous Metal Mining, Norin Mining, Excellent Mining, and Huayou Cobalt. According to data compiled by Metalnomist, the DRC produced approximately 167,000 metric tons of cobalt feedstock in 2023, with Chinese mining companies contributing around 59% of this total output. Presently, Chinese investments account for over 62% of the DRC’s total cobalt reserves, a remarkable increase from roughly 25% in 2016. This proportion is anticipated to expand further following Norin Mining's acquisition of Dubai-based Chemaf Resources (CRL).

China’s dependency on imported cobalt, which constitutes nearly 99% of its primary feedstock, has propelled these extensive investments. The DRC remains the foremost supplier of cobalt feedstock to China, accounting for 84% of China's total imports in 2023, trailed by Indonesia (10%), Papua New Guinea (1.6%), and New Caledonia (1.5%).

This domestic resource shortfall has driven Chinese mining firms to intensify their investments in the DRC’s copper and cobalt assets over recent years. CMOC, a global titan in mining cobalt, copper, tungsten, molybdenum, and niobium with operations spanning China, the DRC, Australia, and Brazil, acquired a 56% stake in the Tenke Fungurume copper-cobalt mine (TFM) from US-based Freeport-McMoRan in 2016, later increasing its stake to 80% in 2017. Additionally, CMOC finalized its acquisition of the Kisanfu copper-cobalt mine (KFM) in December 2020.

With copper prices maintaining an upward trajectory since early this year, achieving new heights on the Shanghai Futures Exchange (SHFE) and London Metals Exchange (LME) in mid-May, mining firms have been further incentivized to augment their investments in the DRC’s copper-cobalt mines.

Norin Mining's acquisition of CRL, which controls two copper-cobalt mines in the DRC, underscores this trend. Norin Mining Kingco, a wholly-owned subsidiary of Norin Mining, has entered into a share purchase agreement with CRL’s parent company Chemaf to acquire all of Chemaf's shares in CRL. The financial details of the transaction remain undisclosed, yet CRL anticipates completing the deal in the fourth quarter of 2024.

Nevertheless, the state mining company Gecamines has expressed opposition to the sale of Chemaf Resources, potentially delaying the acquisition process. A source familiar with the matter noted, "The acquisition is expected to be delayed for a while because of Gecamines' opposition, but it will probably be resolved later without significantly impacting the acquisition."

Chemaf SA is progressing with the expansion of the Etoile mine (Etoile phase 2) to process mixed and sulphide ore, alongside developing a new Mutoshi mine. Both projects, in advanced stages of development, have the potential to collectively produce over 75,000 metric tons of copper and 20,000 metric tons of cobalt hydroxide annually. These new ventures are expected to commence production in 2025, post-acquisition.

Guinea State-Owned Mining Company Nimba Reshapes Bauxite Strategy

Nimba Mining

Guinea state-owned mining company Nimba Mining has begun operations, marking a decisive shift in national resource control. The new entity anchors the Simandou Vision 2040 strategy and immediately enters the seaborne market with bauxite exports. As a result, Guinea state-owned mining company ambitions are now tied directly to both sovereignty goals and global aluminium supply chains.

Nimba Mining takes over Tinguilinta and first bauxite exports

Nimba Mining operates the Tinguilinta deposit, one of Guinea’s largest bauxite resources, giving it instant scale and relevance. The company has already shipped its first 200,000t of bauxite through the Kamsar export terminal. This early cargo demonstrates operational readiness and signals that Nimba will compete with established private and foreign-backed miners.

Guinean officials frame the launch as a reclaiming of control over strategic minerals and mining rents. The government expects the Guinea state-owned mining company model to professionalise the sector while retaining more value onshore. As a result, foreign partners will increasingly interact with Nimba as a central counterparty in bauxite and future iron ore projects.

Alumina ambitions and licence shock for foreign investors

Authorities plan to pair Nimba’s bauxite production with domestic alumina refineries to boost value-added processing in Guinea. Local refining capacity would reduce raw ore exports and capture more downstream margins in the aluminium value chain. However, such plans will require major capital, stable power supply and long-term offtake agreements.

Nimba received the bauxite licence previously held by Emirates Global Aluminium after that concession was revoked. The decision followed delays in EGA’s alumina refinery project, which Guinea viewed as a failure to deliver promised industrialisation. EGA has condemned the move as an “illegal and hostile takeover” and is pursuing legal redress for what it calls de facto expropriation.

Simandou Vision 2040 and growing resource nationalism

The Simandou Vision 2040 programme positions mining as the backbone of Guinea’s long-term economic development. Within this framework, the Guinea state-owned mining company Nimba is designed to be a flagship national champion. Its mandate spans bauxite, iron ore and gold, linking bulk commodities and higher-value metals under one state-controlled platform.

However, the licence transfer from a major Gulf investor will heighten perceived sovereign and contract risk. International miners and aluminium producers may demand tougher guarantees or political risk cover before committing new projects. At the same time, governments and traders reliant on Guinean bauxite must adapt to a landscape where state-controlled marketing gains influence.

The Metalnomist Commentary

Nimba’s launch underscores how producer countries are tightening their grip on critical mineral value chains. For buyers of Guinean bauxite, the rise of a Guinea state-owned mining company brings both coordination benefits and sharper political risk. Over the next decade, Simandou-linked projects and alumina investments in Guinea will become a key barometer for resource nationalism and supply security in the aluminium market.

Spain Critical Raw Materials Plan Targets Mining Supply Chain Revival

Spain Mining

Spain critical raw materials policy is moving into a more active phase as the government prepares to invest €414 million to strengthen domestic mining and raw material supply. The funding will support recycling, mineral exploration, abandoned mine restoration, and workforce training across the Spanish mining sector.

The plan reflects Europe’s wider push to reduce dependence on imported critical minerals. Spain already holds an important position in the EU mining landscape. It ranks as the bloc’s second-largest copper producer and third-largest tungsten producer, giving the country a stronger base than many European peers.

Spain critical raw materials investment also comes as the EU accelerates project selection under the Critical Raw Materials Act. The European Commission has selected seven strategic mining and raw material projects in Spain, placing the country just behind Germany and France in the European project pipeline.

National Exploration Program Signals a Return to Resource Strategy

The most important part of the plan is Spain’s first National Mining Exploration Program in 50 years. The government plans to allocate €182 million to the program, marking a major shift from passive resource ownership to active resource development.

Exploration is critical because Europe’s raw material strategy cannot rely only on known deposits. Copper, tungsten, lithium, rare earths, and other strategic minerals require long development timelines. Without fresh exploration, permitting reform, and financing support, Europe’s supply ambitions will remain exposed to overseas sources.

Spain’s geological position gives the program clear industrial relevance. Copper supports power grids, electrification, renewable energy systems, and industrial manufacturing. Tungsten remains important for hard metals, defense applications, aerospace tooling, and high-performance manufacturing. As a result, the Spanish mining sector could become more strategically important to Europe’s energy transition and industrial security.

Financing Risk Remains the Main Barrier for Spanish Mining Projects

Spain critical raw materials funding addresses a long-standing complaint from mining companies. Industry players have asked for clearer financial and regulatory support because many emerging projects remain stalled despite strong policy interest.

The core problem is risk. Mining projects require large upfront capital, long permitting processes, and uncertain development timelines. Banks and investors often hesitate to provide credit lines, especially for early-stage projects that lack proven production economics.

The new funding can help reduce that gap, but it will not solve every obstacle. Spain must still convert policy support into bankable projects, faster approvals, skilled labor, and reliable infrastructure. If the government succeeds, the Spanish mining sector could become a stronger pillar of Europe’s critical raw materials strategy.

The Metalnomist Commentary

Spain’s plan is strategically important because it links exploration, recycling, and mine restoration into one raw materials agenda. However, the decisive test will be whether public funding can unlock private capital for projects that banks still view as too risky.

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.

Battery Metals Mining Diesel Disruption Raises New Supply Chain Risk

Battery Metals Mining

Battery metals mining diesel disruption could become an immediate operational risk if the Middle East fuel crisis continues to restrict diesel and gasoil flows. Mining operations that rely heavily on diesel for haulage, transport, drilling, and remote-site activity are the most directly exposed.

The pressure will not affect every part of the battery supply chain equally. Upstream mining faces the clearest fuel availability and cost risk, while refining and processing may feel the impact later through logistics delays, higher freight costs, and reduced primary feedstock availability.

Battery metals mining diesel disruption is most relevant for parts of southern Africa, Australia, and southeast Asia. These regions host major copper, cobalt, lithium, and nickel operations, but their fuel exposure differs sharply by power source, transport route, and mine configuration.

Southern African Copper and Cobalt Face Fuel Logistics Pressure

The DRC and Zambia could face early pressure if diesel flows remain disrupted. Ports in South Africa and Tanzania reportedly had around two months of diesel stock moving inland, but mining operators may need to reduce fuel use by mid-April if the Strait of Hormuz does not reopen soon.

The risk is significant because the copper-cobalt belt depends on diesel for logistics, open-pit haulage, mine-site activity, and some ore concentration processes. The DRC relies heavily on hydroelectricity for power, but diesel generators remain important in areas with limited grid access and for backup supply.

Zambia also plays a crucial logistics role between the copperbelt and key export ports, including Durban. Fuel shortages along these routes could slow truck movements, disrupt concentrate and cathode shipments, and add costs across copper and cobalt supply chains.

Australia Lithium and Indonesia Nickel Show Different Exposure Profiles

Australia appears acutely exposed because it imports most of its diesel from Asia, which in turn depends heavily on Middle East supply. The country has already lowered fuel standards in preparation for supply chain disruption, while cancelled fuel shipments have raised concerns about supply from the second half of April.

Hard-rock lithium mining in Australia could be one of the most fuel-sensitive parts of the battery metals chain. Major spodumene operations such as Greenbushes, Pilgangoora, and Mt Marion rely on diesel for haulage, drilling, and remote-site logistics, even though crushing, grinding, and concentration use more electricity.

Indonesia’s nickel sector is more insulated from immediate fuel disruption because many processing operations rely on captive coal-fired power. However, nickel mining still needs diesel for extraction and internal logistics, while the sector remains exposed to sulfur, sulfuric acid, shipping, and broader energy cost risks.

The Metalnomist Commentary

Battery metals mining diesel disruption shows that energy security is now part of critical mineral security. The market often focuses on ore grades and processing capacity, but fuel logistics can decide whether copper, cobalt, lithium, and nickel supply actually reaches the next stage of the value chain.

China Antimony Market Stabilises as Chenzhou Mining Output Halts Tighten Supply Risk

Antimony

China antimony market conditions have stabilised after prices fell from late March, as production suspensions by major producer Chenzhou Mining raised expectations of tighter domestic supply. The market is now balancing potential output losses against weak downstream demand.

The China antimony market had been under pressure from soft buying in flame retardants and solar glass. But safety-related production halts at Chenzhou Mining subsidiaries have limited further downside and encouraged sellers to watch market developments more closely.

The China antimony market remains fragile because the supply shock is occurring in a demand environment that is still weak. Prices may hold steady in the near term, but a strong rebound looks difficult unless downstream consumption improves.

Chenzhou Mining subsidiaries Xinlong Mining and Zhazixi Mining suspended production and began safety inspections after fatal accidents at two sites. Xinlong Mining has 5,000 t/yr of antimony concentrate capacity, while Zhazixi Mining has 6,000 t/yr of antimony metal capacity.

Output Suspensions Create Short-Term Supply Support

The restart timeline for the suspended operations remains unclear. Some market participants expect the stoppages to last at least one month, potentially cutting overall domestic supply by around 15%.

That scale is important for antimony because China remains a central producer and processor of the metal. Any disruption at a major domestic producer can quickly affect market sentiment, especially when inventories are not evenly distributed across producers and traders.

Antimony metal prices have stabilised at 158,000-162,000 yuan/t ex-works after falling by 9,000 yuan/t since 31 March. Sellers are now less willing to cut offers aggressively while they wait to see how long the production suspensions last.

The supply issue also matters beyond China. Antimony is used in flame retardants, lead alloys, ammunition, cables, batteries, solar glass and other industrial applications. It has become more strategically sensitive as governments reassess critical mineral supply chains.

However, production halts alone do not guarantee a price rally. The market needs stronger buying interest to convert supply risk into sustained upward price movement.

Weak Demand Limits Price Recovery

Demand from flame retardant and solar glass sectors remains soft. This continues to offset the impact of lower production and keeps buyers cautious.

A Hunan-based producer said domestic demand is weak and that some producers still hold hundreds of tonnes of metal stocks. This suggests that inventories are still available, even if fresh supply becomes tighter.

Most antimony metal and trioxide producers appear to be facing similar conditions. Buyers are not rushing to restock because downstream consumption has not improved enough to justify aggressive procurement.

This creates a holding pattern. Sellers have a reason to resist further price cuts because supply may tighten. Buyers have a reason to wait because demand remains weak and existing stocks are still available.

For the antimony value chain, the next price signal will come from the duration of Chenzhou Mining’s suspensions. A short halt may only stabilise the market. A longer shutdown could gradually reduce available supply and strengthen sellers’ position.

Still, demand recovery remains the decisive factor. Without stronger orders from flame retardants, solar glass or other industrial users, the China antimony market is likely to remain stable rather than sharply higher.

The Metalnomist Commentary

The antimony market is showing how supply shocks behave differently when demand is weak. Chenzhou Mining’s output halts have created a floor, but the market needs real downstream restocking before supply risk becomes a stronger price driver.

Canada fast-tracks LNG and mining projects to reshape its resource strategy

Canada fast-tracks

Canada fast-tracks LNG and mining projects as Ottawa launches a new tier of “National Interest Projects.” The first list includes LNG, nuclear, mining and port infrastructure that will receive accelerated permitting and financing support. As a result, Canada fast-tracks LNG and mining projects to revive growth, enhance energy security and pivot trade away from US dependence.

Canada fast-tracks LNG and mining projects with LNG Canada Phase 2 at the centre of the plan. The proposed second phase in British Columbia would double existing 14mn t/yr capacity if sanctioned. Therefore, Phase 2 would create one of the world’s largest LNG export facilities and strengthen Canada’s Pacific energy footprint. Prime minister Mark Carney frames these assets as “nation building” projects that can transform Canada into an energy superpower.

LNG, nuclear and port projects gain streamlined federal backing

The fast-track list extends beyond gas export capacity into nuclear and logistics infrastructure. The Darlington New Nuclear Project in Ontario, centred on small modular reactors, aims to provide firm low carbon power. Meanwhile, an expansion of the Port of Montreal container terminal will support higher trade volumes with “reliable” partners beyond the US. These projects anchor a broader strategy that links energy, trade and industrial policy.

Canada will use a new Major Projects Office to shepherd these investments through remaining approvals. The office will coordinate regulatory and permitting processes and help secure necessary financing. Therefore, projects on the “National Interest Projects” list can bypass some red tape that previously discouraged investors. Streamlined reviews must conclude within two years, a major change in a country known for slow project timelines.

Canada fast-tracks LNG and mining projects to support critical minerals and oil sands

Canada fast-tracks LNG and mining projects partly to strengthen critical minerals supply. Two western mining projects made the first list: an expansion at the Red Chris copper gold mine in British Columbia and the McIlvenna Bay Foran Copper Mine in Saskatchewan. These assets support copper demand from electrification, grids and data centres, while reinforcing Canada’s role in allied critical mineral supply chains.

Carbon capture plans also feature prominently in the next wave of projects. Carney highlighted the Pathways Alliance 22mn t/yr carbon capture and storage project for referral to the Major Projects Office. Pathways could link to a new pipeline serving multiple markets and underpin “enormous” emissions reductions. However, it would also facilitate new oil sands growth, tying climate strategy directly to hydrocarbon expansion.

Political dynamics around these decisions remain complex yet pragmatic. Alberta premier Danielle Smith described her recent meeting with Carney as “exceptionally productive” and urged Albertans to be patient. She claims “Albertans are finally being heard,” signalling provincial support if projects deliver tangible economic benefits. Meanwhile, Carney plans a second tranche of major projects by mid November, which could include additional energy and infrastructure schemes.

The Metalnomist Commentary

Canada’s move to fast-track LNG and mining projects shows how permitting reform, not only subsidies, now drives resource strategy. If the Major Projects Office delivers credible two year timelines, global capital may revisit Canadian LNG, nuclear and mining assets. Market participants should watch which projects enter the second tranche, since that list will reveal how aggressively Ottawa intends to balance hydrocarbons, critical minerals and climate goals.

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.

Deep-Sea Mining Study by TMC Targets Q3 2025 Commercial Operations

The Metals Company (TMC)

Deep-sea mining study completion by The Metals Company (TMC) approaches a critical milestone with pre-feasibility results expected in Q3 2025. The Canadian miner's deep-sea mining study will establish mineral reserves across a 25,160 km² area under NOAA review, representing a potential breakthrough in critical minerals extraction from ocean floor resources.

Massive Resource Estimates Drive Commercial Interest

Deep-sea mining study applications cover extensive underwater territories containing substantial critical mineral deposits. TMC submitted applications for two exploration licenses spanning 199,985 km² combined area, with company estimates indicating 15.5 million tonnes of nickel, 12.8 million tonnes of copper, 2 million tonnes of cobalt, and 345 million tonnes of manganese. These resource estimates dwarf many terrestrial mining operations.

Meanwhile, the company anticipates advancing to NOAA's next environmental review stage during Q2 2025. CEO Gerard Barron indicated expectations for Commerce Department guidance on expedited permitting procedures during the recent earnings call. However, NOAA has never issued a commercial extraction license, creating regulatory uncertainty for the pioneering project.

Financial Position Supports Development Timeline

However, TMC secured $37 million in funding specifically for commercial deep-sea mining development through commercial recovery permit approval. This targeted financing demonstrates investor confidence in the project's viability despite regulatory challenges and technological uncertainties. The funding provides operational runway during the complex permitting and environmental review process.

Therefore, the company's financial performance showed improvement with Q1 2025 net losses declining to $20.6 million from $25.2 million in the prior year period. This reduced cash burn rate extends TMC's ability to navigate the lengthy regulatory approval process while advancing technical preparations for potential commercial operations.

Regulatory Framework Shapes Industry Future

Furthermore, TMC's applications represent a test case for establishing commercial deep-sea mining precedents in US waters. The regulatory framework development could influence global approaches to ocean floor mineral extraction. Environmental groups express concerns about potential ecosystem impacts, while proponents highlight critical minerals supply security benefits.

As a result, the Q3 2025 pre-feasibility study will provide crucial data for regulatory decision-making and commercial viability assessments. The study's findings will influence both NOAA's permitting decisions and investor confidence in deep-sea mining as a viable alternative to traditional terrestrial extraction methods.

The Metalnomist Commentary

TMC's deep-sea mining study represents a pivotal moment for ocean floor resource extraction, potentially unlocking vast critical minerals reserves essential for clean energy transitions. The regulatory precedent established through NOAA's review process will significantly influence global deep-sea mining development, balancing resource security needs against environmental protection concerns in largely uncharted regulatory territory.

Grupo Mexico Reports Strong 3Q Earnings Boosted by Copper Production and Strong Prices

Grupo Mexico

Grupo Mexico, a prominent conglomerate with interests in mining, rail, and infrastructure, has reported a significant increase in earnings for the third quarter of 2024, driven by higher copper production and robust sales prices.

The company produced 280,900 metric tonnes (t) of copper in Q3 2024, marking a 10.6% increase from the same period last year. Copper sales also saw an 8.2% rise, reaching 275,070t. This surge in production and sales comes as copper prices continue to climb. The average copper price for the quarter was $4.23 per pound, up 12.2% from the previous year, according to Comex data.

Strong Mining Division Performance

Grupo Mexico's mining division, represented by its subsidiary Americas Mining, experienced a strong performance with a 17.8% increase in sales, reaching $3.2 billion. Profits for the division surged by 55%, totaling $864 million. Despite a rise in the cost of sales (up 5.4% to $1.4 billion), the company’s profit margins remained robust.

The company’s overall profits reached $1 billion for the quarter, a 44% year-over-year increase, with revenues climbing 13.4% to $4.13 billion.

Key Mining Operations

The increase in copper output can be attributed to stronger production from Grupo Mexico’s mining operations in Peru and Mexico, particularly at the Toquepala, Buenavista, Cuajone, and Caridad mines. These mines played a crucial role in boosting the company's copper yield.

"Grupo Mexico was able to benefit from a favorable copper price environment which, combined with excellent production levels and stringent cost control, translated into excellent financial results, particularly from the mining division," the company stated.

Zinc and Molybdenum Performance

Grupo Mexico also saw significant improvements in zinc and molybdenum production during the quarter. Zinc production nearly doubled, reaching 31,080t, driven by the Buenavista Zinc concentrator. Zinc sales also rose by 50%, amounting to 37,355t. Zinc prices were up 14.5%, averaging $1.26 per pound in Q3.

Molybdenum production rose by 6%, reaching 7,270t, while sales saw a 5.6% increase to 7,326t.

Americas Mining and Global Expansion

The Americas Mining division, a key subsidiary of Grupo Mexico, oversees operations through Southern Copper in Mexico and Peru, as well as Asarco in the United States. These subsidiaries have been critical to the company’s solid performance in Q3 2024.

Grupo Mexico's diverse mining operations, strict cost controls, and favorable commodity prices have positioned the company for continued growth in the coming quarters.

Gen Mining Expects $200mn Loan for Marathon Copper Project

Generation Mining

Canada’s Generation Mining advances its copper-palladium project with major financial backing and construction-ready permits.

Gen Mining Expects $200mn Loan for Copper Project

Generation Mining expects a C$200mn ($145mn) loan for its Marathon copper-palladium project in northwest Ontario. The Canadian mining company confirmed a letter of support from a domestic financial institution, though the lender’s identity remains undisclosed. This development follows the receipt of the project’s final construction permit earlier this week, positioning the firm for a near-term project launch.

The Marathon project is projected to produce 532 million pounds of copper over a 13-year mine life. Gen Mining has already secured $200mn in construction financing through a deal with Wheaton Precious Metals. In addition, Glencore signed an offtake agreement in 2023 for 50% of the copper concentrate, reinforcing global interest in the asset.

Gen Mining shifted its strategic focus to the copper sector after selling its Davidson molybdenum-tungsten project in late 2023. With global demand for copper rising due to energy transition technologies, the Marathon project is viewed as a vital long-term supplier of critical minerals.

The Metalnomist Commentary

The Gen Mining Marathon project highlights renewed investment confidence in North American copper assets amid rising global demand. Strategic funding and offtake deals suggest a robust path toward project execution and long-term supply security.