NIU Group Copper Acquisition Expands Footprint in Chilean Mining Sector

Minera Tres Valles

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

MTV’s Growth Potential Attracts Strategic Investment

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

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

NIU Sets Sights on Global Mining Expansion

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

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

The Metalnomist Commentary

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

Yildirim Group Announces Major Restructuring, Launches CoreX Metals & Mining

Yildirim Group

New Beginnings for a Metals Giant

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

Implications for Existing Operations

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

Future Directions and Global Aspirations

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

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.

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

Eramet Group

Partnership Targets Integrated Mining and Processing Value Chain in Indonesia

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

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

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

The Metalnomist Commentary

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

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

Lundin Mining

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

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

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

Chilean Operations Strengthen Lundin’s Copper Platform

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

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

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

Stable 2026 Guidance Keeps Focus on Efficiency and Growth

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

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

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

The Metalnomist Commentary

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

Anglo Teck Group merger creates new critical minerals champion

Anglo Teck

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

Deal terms and production scale

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

Portfolio reshaping and decarbonisation tailwinds

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

The Metalnomist Commentary

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

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.

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

Terramin Australia

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

Key Details of the Tala Hamza Zinc Project

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

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

The Zinc and Lead Resources of Tala Hamza

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

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

Implications for the Algerian Mining Sector

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

Conclusion

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

DRC Mine Guard Plan Puts Critical Minerals Security at the Centre of Supply Chains

DRC, Inspectorate of Mines

DRC mine guard plans mark a major escalation in the country’s effort to secure critical minerals supply chains. The Democratic Republic of Congo’s General Inspectorate of Mines will develop a paramilitary unit to protect mine sites, ore transport routes, processors and border corridors.

The DRC mine guard will be created as part of a strategic partnership involving the US and UAE. The project is expected to cost up to $100mn and will use existing training facilities.

The DRC mine guard could deploy up to 20,000 troops over the next two years. Recruitment is expected to begin in May, with the first operational contingent of 2,500-3,000 officers targeted for deployment by December.

The plan reflects the growing strategic value of Congolese minerals. The DRC is a major producer of copper, cobalt, tantalum, tin and tungsten, all of which are critical to batteries, electronics, defence systems, energy infrastructure and advanced manufacturing.

Mineral Security Becomes a Formal State Priority

The mine guard will be tasked with securing mine sites across the DRC and protecting ore shipments from mines to processors and border posts. It will gradually replace forces currently deployed to defend mining assets.

The unit is expected to cover the Greater Katanga and Greater Eastern regions by the end of 2027. It is then planned to expand to all mining provinces by the end of 2028.

This regional focus is important. Greater Katanga is central to copper and cobalt production, while eastern DRC is tied to several strategic minerals and long-running security challenges.

The plan shows that mineral security is becoming part of formal state policy. Mine protection is no longer only a company-level issue involving private security, local forces or site-specific arrangements.

For producers, a more structured security framework could reduce disruption risk if implemented effectively. It could improve transport reliability, protect export flows and lower exposure to armed interference around mining corridors.

However, execution will be critical. A large paramilitary force operating across mining regions must be governed transparently to avoid creating new operational, political or human-rights risks.

US and UAE Partnership Signals Strategic Minerals Competition

The mine guard plan is linked to a broader US-DRC strategic partnership agreed in December 2025. That agreement included expanded US access to DRC critical minerals and a wider minerals-for-security-style framework.

The agreements were part of the Washington accords, a US-backed peace deal between the DRC and Rwanda designed to reduce conflict in eastern DRC. But fighting has continued, with the Rwanda-backed M23 group still controlling several major towns and mining assets. Rwanda denies backing the group.

This makes the security dimension central to mineral strategy. Western governments want more reliable access to DRC copper, cobalt and other critical minerals, but supply cannot be secured only through offtake agreements or financing.

Physical control of mine sites, transport routes and border flows is becoming just as important as ownership and processing capacity.

For the US, the DRC offers one of the fastest routes to large-scale copper and cobalt supply outside China-dominated value chains. For the DRC, security partnerships could bring funding, international backing and more leverage over strategic mineral flows.

The creation of a mine guard also signals that critical minerals are now treated as national security assets. Copper and cobalt are no longer only mining commodities. They are inputs for batteries, grids, defence manufacturing and geopolitical supply-chain competition.

The Metalnomist Commentary

The DRC mine guard plan shows that critical minerals security is moving from boardrooms into the field. The key question is whether this force can protect supply chains without adding new governance risks to one of the world’s most strategic mining regions.

Tantalite Prices Surge Amid DRC Conflict and Global Supply Chain Strain

Tantalite

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

Rising Prices Fueled by Political Unrest in DRC

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

Increased Supply Chain Challenges and International Repercussions

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

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

A Struggling Industry Facing Limited Tantalite Supply

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

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

South Kivu Governor Suspends All Mining Operations

The governor of Democratic Republic of Congo (DRC) South Kivu province, Jean-Jacques Purusi Sadiki, has halted all mining activities in the region, significantly impacting the production of tantalite, tin, and gold. This directive, issued on July 18 and shared via social media platform X, demands all mining companies, businesses, and cooperatives cease operations and vacate mining sites within 72 hours.

Governor Sadiki emphasized that the suspension aims to restore order, ensure the traceability of minerals, and protect human lives. A meeting with mining stakeholders is scheduled for July 30 to discuss the state of mining operations in the province.

South Kivu is a crucial producer of tantalite, essential for the electronics and aerospace sectors, as well as gold and cassiterite (tin ore). These minerals are classified as conflict minerals, often linked to funding armed conflicts in the DRC.

Multiple tantalite mining operations in South Kivu have ceased production following the governor's order, as confirmed by Metalnomist. Market participants are closely monitoring the situation. "The announcement was really bad… but these situations seem to work themselves out," noted one market participant.

The halt in mining operations is expected to exacerbate the already strained tantalite supply chain, worsened by ongoing conflicts in neighboring North Kivu province. In April, the M23 militia group seized Rubaya, a key mining town, disrupting essential transport routes. "Production in Congo is falling like a stone," remarked another market participant to Metalnomist.

Despite the supply constraints, tantalite prices have been declining. As of July 23, Metalnomist assessed prices at $74-78/lb cif main port, down 5% from earlier this month. This decrease is attributed to weaker demand from Chinese smelters and the electronics sector, as well as sourcing concerns from the DRC and Rwanda.

Uganda’s Kilembe Copper and Cobalt Mine Targets 2027 Restart

Sarrai group

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

Sarrai Group Steps In After Failed Chinese Bid

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

A New Chapter for Uganda’s Critical Mineral Strategy

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

The Metalnomist Commentary

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

Lundin Mining 2Q copper and nickel output rises

Lundin Mining

Lundin Mining 2Q copper and nickel output rises as major assets recover. The company lifted group copper production by 11.8pc. Lundin Mining 2Q copper and nickel output also benefited from higher throughput in Chile.

Copper gains led by Chilean mines

Lundin Mining 2Q copper and nickel output surged on Chilean strength. Candelaria produced 36,999t, up 18.7pc on higher throughput. Caserones added 29,290t, while Chapada delivered 11,274t. Eagle contributed 2,510t to the copper total. As a result, group copper reached 80,073t in the quarter. First-half copper rose 3.9pc to 156,847t. The company remains on track for 303,000-330,000t in 2025.

Nickel recovery continues; molybdenum lags

Nickel production improved as Eagle’s rehabilitation advanced. Quarterly nickel rose 57.6pc to 2,713t despite temporary outages. Guidance stays at 8,000-11,000t for 2025. However, molybdenum output at Caserones fell 46.8pc to 380t on lower grades. Meanwhile, Lundin completed the sale of Neves-Corvo and Zinkgruvan. The divestment sharpened focus on copper and nickel growth.

Balanced operations support delivery against guidance. Management prioritized throughput gains and equipment availability. Therefore, unit costs should benefit from higher volumes. Market exposure now leans toward copper price upside. This aligns with tightening refined copper balances into 2026.

The Metalnomist Commentary

Lundin’s mix now amplifies copper leverage just as supply tightens. Watch Candelaria throughput, Eagle stability, and Caserones grades for momentum. Any Chile or US downtime could quickly swing quarterly run-rates.

China Rare Earth Group management changes: CREG defends leadership reshuffle

China Rare Earth Group

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

Why the reshuffle matters to global rare earth supply

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

Export controls and consolidation reshape market power

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

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

The Metalnomist Commentary

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

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.

China Rare Earth Resources Expand as Maoniuping REO Estimate Nearly Doubles

China Natural Resources

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

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

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

Maoniuping Reinforces China’s Rare Earth Industrial Advantage

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

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

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

Antimony Discovery Adds Weight to Strategic Mineral Policy

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

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

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

The Metalnomist Commentary

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

Sibanye-Stillwater PGM Production Falls as Stronger Precious Metals Prices Lift Revenue

Sibanye-Stillwater

Sibanye-Stillwater PGM production declined in 2025, but stronger precious metals prices lifted revenue and earnings across the group. The result shows how price recovery can offset operational pressure in the platinum group metals market, especially when supply remains constrained and downstream demand stays uneven.

The South African mining group reported a 14pc increase in revenue to R129.7bn, equal to about $7.3bn. The improvement came despite lower production from both its South African and US PGM operations. Higher basket prices, especially in the second half of the year, provided the main earnings support.

Sibanye-Stillwater PGM production from its South African operations reached 1.7mn oz of 4E PGM in 2025. This was down by 0.8pc from the previous year. However, the company achieved an average South African 4E basket price of $1,740/oz, up sharply from $1,322/oz in 2024.

Higher PGM Basket Prices Offset Lower Mine Output

Stronger PGM prices helped Sibanye-Stillwater protect profitability despite weaker production volumes. Adjusted earnings before interest, taxes, depreciation, and amortisation at the South African PGM operations rose by 125pc to R16.7bn. This reflects the operating leverage that miners can achieve when prices recover faster than costs increase.

The production decline also highlights the broader challenge facing mature PGM operations. South African mines continue to operate in a difficult environment shaped by cost inflation, ageing assets, electricity risk, and labour intensity. In that context, higher prices are important, but they do not remove the need for disciplined restructuring and productivity gains.

Meanwhile, Sibanye-Stillwater’s US 2E PGM production fell by 33pc year on year. The decline was significant, but stronger palladium prices improved the sales picture. The company achieved an average US 2E basket price of $1,195/oz in 2025, compared with $988/oz a year earlier.

Palladium Trade Action and Battery Metals Add Strategic Context

Palladium remains a strategic factor for Sibanye-Stillwater because the company has direct exposure through its US operations. The company highlighted preliminary US anti-dumping duties on Russian palladium, following petitions filed by Sibanye-Stillwater and the United Steelworkers Union. The move could support domestic and allied palladium producers if it reshapes import economics.

The company’s US operations also returned to profitability after restructuring. This matters because North American palladium supply carries strategic value in a market exposed to Russian material, automotive demand uncertainty, and changing emissions technology. Any policy support that reduces unfair price pressure could improve the outlook for non-Russian producers.

At the same time, Sibanye-Stillwater continues to broaden its portfolio beyond PGMs. Its Australian Century zinc operation produced 101,000t of zinc, up by 22pc on the year. Its Keliber lithium project also advanced toward production as construction neared completion and the first mining blast took place this month.

The Metalnomist Commentary

Sibanye-Stillwater’s 2025 results show that PGMs remain a price-sensitive business where earnings can recover before volumes do. The bigger question is whether stronger palladium and PGM prices can support long-term reinvestment in assets that still face structural cost and demand uncertainty.

Lundin 2026 Copper Guidance Falls as Candelaria Slows Underground Mining

Lundin Mining

Lundin 2026 copper guidance has moved lower after weaker expectations at Candelaria in Chile. The company cut its 2026 copper target to 310,000-335,000t. That compares with earlier guidance of 320,000-348,000t. As a result, Lundin 2026 copper guidance now reflects a more cautious view of underground mining rates.

The revision matters because Candelaria remains Lundin’s largest copper-producing asset. The company expects lower underground mining rates in the first half of 2026. That change directly reduced expected output from the site. Therefore, Candelaria copper production is now the main reason for the group downgrade.

However, Lundin’s overall operating picture is not weak across the board. The company produced 331,232t of copper in 2025, beating its initial guidance. It also raised copper expectations at Caserones and Chapada for 2026. Meanwhile, Lundin has sharpened its portfolio around copper after selling its Eagle nickel-copper asset.

Candelaria Copper Production Weighs on the 2026 Outlook

Candelaria copper production is carrying more operational risk than Lundin’s other core assets. The company lowered 2026 guidance for the mine to 135,000-145,000t. Its previous estimate stood at 140,000-150,000t. That reduction may look modest, but it matters because of the asset’s size inside the portfolio.

The mine also underperformed in 2025 compared with the previous year. Copper production at Candelaria fell by 10pc to 145,471t. That decline suggests the new guidance cut did not emerge in isolation. Instead, it reflects an operating trend investors should watch closely in 2026.

For copper markets, this type of downgrade remains important. Global supply growth still depends heavily on stable performance from established mines. When a large Chilean asset slows, even slightly, confidence in near-term supply weakens. Therefore, Lundin 2026 copper guidance reinforces how sensitive the market remains to mine-specific disruption.

Caserones Copper Output and Chapada Recovery Support Lundin Copper Strategy

Caserones copper output is now providing the strongest counterweight inside Lundin’s portfolio. The company lifted 2026 guidance for the Chilean operation by 13pc to 130,000-140,000t. It also said production will be modestly weighted toward the first half. That reflects a more favourable grade profile in the coming year.

Caserones already showed stronger momentum in 2025. Copper production there rose 7pc year on year to 132,881t. That improvement helped Lundin raise its 2025 copper guidance during the third quarter. As a result, Caserones copper output has become a more important stabiliser for group performance.

Chapada is also moving in the right direction. Lundin raised 2026 guidance for the Brazilian mine by 12pc to 45,000-50,000t. The company expects better recovery as stockpile material falls from about 25pc to 10pc of mill feed. Consequently, Chapada may contribute more meaningful quality improvement than headline tonnage alone suggests.

Lundin’s broader copper strategy is becoming clearer. The company has raised 2027 guidance across its three copper projects by an average of 4pc. It also sold Eagle, its only nickel-producing asset, in order to focus on larger copper operations. Therefore, Lundin is positioning itself as a more concentrated copper producer, even as Lundin 2026 copper guidance moves lower.

The Metalnomist Commentary

This guidance cut is not a company-wide setback. It is a reminder that copper portfolios still depend on a few large mines performing well. Lundin’s strategy remains constructive, but Candelaria now deserves far more attention than the headline guidance change suggests.

UK Suspends Aid to Rwanda Over M23 Conflict and Control of Key Congolese Mining Regions

M23

Sanctions Follow Rwanda-Linked Militia Takeover of Tantalum and Tin-Rich 3T Mining Zones in Eastern DRC

UK Imposes Diplomatic Sanctions on Rwanda Over Role in DRC Mineral Conflict

The UK government has paused all direct financial aid to the Rwandan government and is reviewing military cooperation in response to Rwanda’s alleged backing of M23 militants in the Democratic Republic of the Congo (DRC). The militant group, active since late January, has taken control of several key cities and critical mining areas in eastern DRC.

This move includes suspending defense training, halting export licenses for the Rwanda Defence Force, and working with international partners on broader sanctions. UK officials emphasized that humanitarian aid for Rwanda’s most vulnerable would continue but demanded a full withdrawal of Rwandan troops from Congolese territory.

M23’s Control of Strategic 3T Mines Raises Global Supply Chain Concerns

Since early 2024, M23 rebels have seized control of vital 3T mining zones—producing tantalum, tin, and tungsten—including the major Rubaya mine in North Kivu. The cities of Goma and Bukavu also fell under their control earlier this year, further solidifying the group's grip on export corridors.

According to the International Tin Supply Chain Initiative, the DRC produced over 34,000 tonnes of tantalite and mixed 3T material between 2018 and 2023—making it the top supplier in the African Great Lakes region. Comparatively, Rwanda produced around 24,000 tonnes and Burundi just 2,000 tonnes in the same period. The majority of the DRC’s 3T mining now occurs in M23-controlled areas, heightening international alarm over conflict mineral flows.

International Pressure Builds as EU and US Take Parallel Action

The US Department of the Treasury recently sanctioned Rwandan Minister of State for Regional Integration James Kabarebe, citing his alleged role in coordinating mineral exports from DRC as if sourced from Rwanda. Meanwhile, the European Parliament urged the suspension of the EU’s sustainable raw materials partnership with Rwanda, signed just in February 2024.

Rwanda has denied any support for M23 and called the UK’s actions “punitive and regrettable.” Still, pressure is mounting as Western nations reconsider diplomatic and trade ties tied to Rwanda’s role in the escalating mineral conflict.

Sumitomo Ambatovy Nickel-Cobalt Exit Marks Costly Retreat From Madagascar Laterite Project

Sumitomo

Sumitomo Ambatovy nickel-cobalt exit marks a major strategic retreat from one of the world’s largest laterite nickel operations. The Japanese trading and mining group will divest its 54.17% stake in Madagascar’s Ambatovy project to Ambatovy Mineral Resources Investment.

The Sumitomo Ambatovy nickel-cobalt exit is unusually costly. The transaction value is negative $418mn, meaning Sumitomo will pay to leave the asset after more than two decades of involvement.

The Sumitomo Ambatovy nickel-cobalt exit reflects years of operational instability, high costs and weak profitability. Sumitomo joined Ambatovy in 2005 and invested around $3bn, but the project generated cumulative losses of about ¥400bn.

The sale is expected to close in the first half of Sumitomo’s financial year ending 31 March 2027. Korea Mine Rehabilitation and Mineral Resources will retain its 45.82% stake.

Operational Instability Undermines a Strategic Nickel Asset

Ambatovy remains strategically important because it produces refined nickel and cobalt. These materials serve stainless steel, battery raw materials, superalloys and industrial supply chains.

However, the project has struggled to operate consistently. Ambatovy combines laterite mining, slurry transport and refining, making it a complex integrated operation with high technical and maintenance demands.

The project was suspended in February before Cyclone Gezani struck eastern Madagascar. It has not yet fully restarted, although market participants expect operations to resume during the current quarter.

Recovery efforts are still continuing. The project has also faced slurry pipeline damage and other processing issues in previous years, which affected output and reliability.

Ambatovy produced about 30,000t of refined nickel in 2025. Cobalt output was estimated at roughly 10% of nickel production.

That production profile gives the asset continuing supply-chain relevance. But strategic metal exposure alone cannot offset weak operating economics if reliability, costs and weather-related risks remain unresolved.

New Ownership Faces Production Reliability Test

AMRI, the buyer, is a UK-based consortium led by mining investment firm Essenwood and South African private equity firm Zungu Investments. The transaction gives the new group control of Sumitomo’s stake in a difficult but potentially valuable nickel-cobalt platform.

For Sumitomo, the divestment removes a long-running drag on earnings. The company expects to record a loss of about ¥70bn in its consolidated April-June results and a non-consolidated loss of about ¥85bn for the full financial year.

Sumitomo said tax effects should limit the net consolidated impact, and the transfer has already been included in its full-year earnings forecast.

For the nickel market, the key issue is not ownership alone. The immediate question is whether the new structure can stabilise output, repair operating weaknesses and restore confidence in Ambatovy’s supply.

Madagascar nickel-cobalt supply remains strategically relevant as buyers look beyond Indonesia-dominated nickel growth. But Ambatovy must prove that it can deliver refined nickel and cobalt reliably before it can regain stronger market importance.

The sale also highlights a broader industry lesson. Large laterite nickel projects can offer scale and battery-metal exposure, but they often carry high capital intensity, technical risk and sensitivity to market cycles.

The Metalnomist Commentary

Sumitomo’s exit shows that nickel-cobalt scale is not enough when operating reliability and cost control fail. Ambatovy’s next phase will depend on whether new owners can turn a strategically valuable asset into a commercially stable supplier.