The study, published just a day after the United Nations warned the world is falling “miles short” of what’s needed to curb devastating global warming, indicates that an investment of $78 trillion will be needed to change this course and achieve net-zero emissions by 2050.

Under the 2015 Paris Agreement, nations committed to limiting global warming to “well below” two degrees Celsius above the average temperatures recorded between 1850 and 1900, aiming for a target of 1.5 degrees Celsius if feasible. Efforts to date have not succeeded in meeting this challenge, the annual “Energy Transition Outlook” from Wood Mackenzie shows.

Unlike the UN pessimistic outlook, the Scottish consultancy believes that while major obstacles hinder short-term targets, particularly for 2030, a 2050 net-zero goal remains feasible. Immediate and coordinated global action would be necessary, WoodMac warns.

Threats to climate progress

A series of global crises, including the Russia-Ukraine conflict, escalating Middle East violence, rising populism in Europe and global trade tensions with China, are undermining the pace of the energy transition, Wood Mackenzie’s vice president head of scenarios and technologies, Prakash Sharma, said. 

He explains that without urgent policy changes and enhanced investment, a warming trajectory of 2.5˚C to 3˚C could become inevitable.

“We are under no illusion as to how challenging the net zero transition will be, given the fact that fossil fuels are widely available, cost-competitive and deeply embedded in today’s complex energy system,” Sharma added. “A price on carbon maybe the most effective way to drive emissions reduction but it’s hard to see it coming together in a polarized environment.”

Key investment are needed across several critical areas, according to WoodMac. As renewable energy sources grow, substantial upgrades to power supply and grid infrastructure are essential to meet the growing demand. Additionally, the need for critical minerals, such as lithium, nickel and cobalt, is projected to increase five- to ten-fold by 2050, as demand for batteries and other technologies essential for the energy transition continues to grow. 

WoodMac sees the need to back the development of emerging technologies, including carbon capture, low-carbon hydrogen, and nuclear power, are vital for facilitating the shift towards cleaner energy sources.

Securing this funding won’t be easy, the consultants noted. “Doubling annual investments to $3.5 trillion by 2050 will be necessary in our net zero scenario,” Sharma said, adding that it will require unprecedented policy coordination globally.

The role of electrification

The electrification of energy systems will play a pivotal role in decarbonization. Transitioning from fossil fuels to electric power, Wood Mackenzie forecasts that electricity’s share of global energy demand will increase from 23% to 35% by 2050 in a base case, and could reach as high as 55% in a net-zero scenario.

Wood Mackenzie’s analysis reveals that global energy demand is set to rise by 14% by 2050. Emerging economies are projected to see even steeper growth at 45%, driven by rising populations and economic advancement. 

In parallel, data centres, electric vehicles, and AI are emerging as new drivers of electricity consumption, with AI-related energy use alone expected to increase from 500 TWh in 2023 to up to 4,500 TWh by 2050.

Including renewable energy source to meet electrifications demand could help reduce emissions, the report says.

According to Wood Mackenzie, solar and wind currently account for 17% of the global power supply, and renewables capacity is expected to double by 2030 in its base case. Yet, this increase still falls short of the COP28 commitment made in 2023 to triple renewables by 2030.

Transition or coexistence?

While nuclear energy holds promise for providing consistent, zero-carbon electricity, its high cost and frequent project delays pose significant challenges. WoodMac says that nuclear power could play a more significant role as it has attracted interest, particularly from tech companies looking to power data centres sustainably.

While fossil fuels is expected to plateau in the 2040s before beginning a gradual decline, Wood Mackenzie predicts that the high capital costs of low-carbon technologies coupled with strong demand for energy, will require the continued use of oil and gas in the near term.

Wood Mackenzie says to meet climate targets there will be necessary that nations gathered at the COP29 meeting in Azerbaijan next month finalize Article 6 of the Paris Agreement. This section focuses on carbon markets and aims to establish a new climate finance goal to replace the previous annual target of $100 billion, which experts consider insufficient.

The consultancy’s report echoes concerns included in a UN Environment Programme (UNEP) study released last week. The document says the next decade is crucial in the battle against climate change, adding that failing to act now will jeopardize any chance of limiting global warming to 1.5 degrees Celsius. According to the UN body, the current rate of climate action could lead to a catastrophic increase of 3.1 degrees Celsius this century. 

“Either leaders bridge the emissions gap, or we plunge headlong into climate disaster, with the poorest and most vulnerable suffering the most,” Secretary General Antonio Guterres warned.

Even if all existing commitments to reduce emissions are fulfilled, global temperatures would still rise by 2.6 degrees Celsius above pre-industrial levels, experts agree.

Centamin noted that the necessary majority of its shareholders, equivalent to more than 75% of the voting rights, backed the deal at a court and general meeting held on Monday.

The deal would make the South African gold miner the world’s fourth largest producer of the precious metal as it hands it the key to the Sukari mine in Egypt.

Sukari is the country’s largest and first modern gold operation, as well as one of the world’s largest producing mines.

The addition of the Sukari mine to its portfolio will increase AngloGold’s annual production by around 450,000 ounces, bringing its total output to 3.1 million ounces. 

Since production began in 2009, Sukari has produced more than 5.9 million ounces of gold, and has a projected mine life of 14 years.

The acquisition of Centamin has already received clearance from Egypt’s competition authorities.

There is still one obstacle to overcome, AngloGold said, which is the approval of the scheme by the Jersey Court, withe the hearing scheduled for November 20.

Once the deal goes through, AngloGold shareholders will hold about 83.6% of the combined entity, while Centamin investors will own roughly 16.4% of the enlarged share capital.

The acquisition is the latest in a flurry of gold deals fuelled by record-breaking prices for the precious metal. It is also the latest blow to the London stock market, which has seen an exodus of companies over the past few years. The exchange has faced challenges since Randgold’s delisting after its merger with Barrick Gold in 2018, and the massive departure of Russian gold miners following Moscow’s invasion of Ukraine.

The move sets a precedent for future private-sector missions beyond Earth’s orbit as it gives AstroForge both approval for their upcoming mission, Odin, and the green light to establish communication networks with their ground partners

The Odin mission, to be launched in January 2025, is part of the firm’s ambitious plan to harvest precious metals from asteroids, offering an alternative to Earth’s dwindling critical resources.

This is not the first launch for the company. In April 2023, AstroForge launched a small cubesat called Brokkr-1 on a SpaceX Transporter flight, but was unable to transmit the necessary commands to demonstrate its space-based minerals and metals refining technology. 

The company also ran into issues when preparing a second mission, originally called Brokkr-2 and later renamed Odin, which is now ready to be launched.

A third attempt is planned for late 2025, when the company will launch Vestri. The craft  is about twice the size of Odin and is designed to return to the targeted metallic asteroid and dock with it by using magnets, as it is expected the asteroid will be rich in iron.

If successful, AstroForge plans to send a fourth mission, which will focus on extracting and refining asteroids’ metals before returning to Earth.

The Huntington Beach, California-based company is the most advanced private asteroid miner to date. Two previous companies, Planetary Resources and Deep Space Industries emerged about a decade ago, but neither company arrived on any asteroids and were eventually acquired and rerouted to other endeavours.

The fatal incident occurred at the SimFer port site of the project on Saturday and the company said is collaborating with its partners and relevant authorities to conduct a comprehensive investigation.

Chief executive Jakob Stausholm extended his condolences to the family, friends, colleagues and communities affected by the tragedy. 

This is Rio Tinto’s fifth fatality in 2024. Four employees died in January when a charter flight to the Diavik diamond mine in northern Canada crashed. Before this accident, Rio had five consecutive years without fatalities at its managed operations.

The world’s second largest miner obtained in July all necessary regulatory approvals to resume construction at its vast Simandou iron ore asset, the world’s biggest mining project.

The mine, which Rio is co-developing with a Chinese consortium, is set to be the world’s largest and highest grade new iron ore mine, adding around 5% to global seaborne supply when it comes on line. 

First production from Simandou is scheduled for next year. The mine will contribute an annual supply of nearly 120 million tonnes of high-quality iron ore once it reaches full capacity.

The project, previously jointly and equally owned by the two companies, is expected to help Gold Fields balance its aging assets in Ghana and Peru, adding 300,000 ounces per year at an all-in sustaining cost (AISC) of under $800 per ounce, from early 2027.

The deal, announced in August, drew some criticism as Gold Fields paid a 55% premium for the second batch of Osisko shares. Chief executive Mike Fraser assured the market on Monday that Gold Fields remained in a strong financial position following the acquisition, maintaining its investment-grade credit rating.

Analysts have pointed that Gold Fields paid a premium for Osisko mainly to acquire a high-quality project and prevent being outbid for a growth asset in a strongly supportive gold market. Several banks and agencies forecast that prices for the precious metal will surpass $2,800/ounce this year and reach $3,000/ounce by 2025.

Gold Fields’ top executive said the company’s financial position was anticipated to strengthen further, thanks to cash flow growth projected for the remainder of the year and into 2025, driven by increased production volumes at various operations.

“Deposits of the scale and quality of Windfall with highly prospective exploration camps are rare, particularly in a world-class jurisdiction like Québec,” Fraser said. “This transaction therefore marks an important step in our journey to continue improving the quality of our portfolio.”

Growth “anchor”

Gold Fields plans to bring the Windfall mine into production by the end of 2026 or early 2027. The project, along with the recently commissioned Salares Norte project in Chile, is central to the company’s growth strategy.

“Windfall will be a real anchor for Gold Fields’ portfolio,” Fraser told our sister publication The Northern Miner in September. “It’s a place we’ve long looked at to grow our footprint.”

The asset holds an estimated 3.2 million ounces gold in 12 million tonnes at 8.1 grams gold per tonne in proven and probable reserves. Further exploration could extend the project’s lifespan, adding more long-term value, the company says.

Founded in 1887 by Cecil John Rhodes, Gold Fields has reshaped itself throughout the years. It sold all but one of its South African assets a decade ago, refocusing on newer, more profitable deposits in Ghana, Australia, and the Americas.

The gold producer projects output this year to total 2.2 million to 2.3 million ounces of the precious metal, revised down from an original estimate of 2.3 million to 2.4 million ounces to account for the delays in the Salares Norte ramp up.

The permit allows the company to begin the disposing of tailings – discarded mined material – by December 2024. It comes after a July court decision that restricted Adriatic’s use of state forest land for storing mining waste. 

The company chose an alternative site at the former Veovaca open-pit mine, about two kilometres from the Vares processing plant, where Adriatic has full ownership rights.

The approved facility will employ a “dry stack” method, which stores solid tailings without requiring a liquid reservoir, and is regarded as a safer and more stable approach compared to conventional tailings ponds.

The Veovaca tailings storage facility (TSF) will be built in two phases, with the first designed to handle four to five years of production waste. This initial stage is projected to cost $5 million and is expected to be completed by the end of 2024.

Adriatic’s current tailing storage facility has a maximum capacity of around 133,000t, which is projected to allow tailings deposition until the first one to two months of 2025. Adriatic plans to complete the initial construction phase of the Veovaca TSF before that to ensure no impact on production or the current ramp up to commercial production due to tailings storage capacity, the company said.

Vares began production early this year, becoming Europe’s first new mine in over a decade. The newly named chief executive officer, Laura Tyler, said in early October the operation was in the final phase of reaching nameplate processing capacity of 800,000 tonnes.

In 2023, Adriatic contributed nearly 22% of foreign direct investment into Bosnia and 2% of its GDP. The miner deployed 69% of total capital domestically, the equivalent of $155 million, across 739 companies.

Shares in Adriatic Metals climbed on the news in both Sydney and London. In Australia, they closed up more than 4% to A$4.30 each. In the UK, the stock was up 3.7% at 221p by 2pm local time Friday, leaving the miner with a market capitalization of £720 million ($935m).

CEO Tristan Pascall said in a conference call to discuss third quarter results, that the company was open to partnerships, particularly in Zambia, as long as they serve the interests of the business, the country’s government and all stakeholders.

While the names of the firms involved are yet to be disclosed, media reports last week suggested that Saudi Arabia’s Manara Minerals was the one close to a deal to acquire a minority stake in the Canadian miner assets.

The potential deal with Manara, estimated to be worth between $1.5 billion and $2 billion, has garnered attention due to the increasing demand for copper and nickel, considered essential to the energy transition.

The assets could have also attracted interest from Chinese companies such as Zijin Mining Group Co. and Jiangxi Copper Co., which is First Quantum’s second-biggest shareholder, according to market rumours.

For First Quantum, a stake sale in its Kansanshi and Sentinel copper mines would provide much-needed relief from its mounting debt, which escalated after the Panama government ordered the shutdown of its flagship Cobre Panama mine.

The Canadian company is awaiting a decision on the mine’s future and seeking permission from Panama’s new government to export 121,000 tonnes of copper concentrate stockpiled at the shuttered mine. This approval is crucial for the company, which is spending between $11 million and $13 million per month to maintain the mine, Pascall said.

The executive cautioned that while President Mulino said his government intends to address the issue in early 2025, without significant progress in the coming months, cost-cutting measures, including workforce reductions, may become necessary.

(With files from Reuters, Bloomberg)

The company said it had exported full container loads of high-quality, coarse flake graphite concentrate from the Port of Tulear, Madagascar, to be used in high-value graphite products. These include refractory materials and graphite foils for consumer electronics and fire-retardant applications. 

The shipments mark an important milestone for NextSource as it establishes itself as a supplier of critical materials to global markets and a contributor to economic development in Madagascar, chief executive officer Craig Scherba said in a statement.

The Molo mine entered production a year ago and now produces NextSource’s SuperFlake, which is the registered trademark for the company’s graphite concentrate. The product is known for its high carbon purity of up to 98% across all flake size distributions with simple flotation alone. It can be upgraded to 99.97% battery grade purity.

The operation currently produces concentrate at a capacity of 17,000 tonnes per annum (tpa) and the company has already proposed an expansion that would increase output by nearly nine times to 150,000 tpa.

NextSource has also outlined its future plans to become a vertically integrated global supplier of graphite anode material. It aims to construct multiple battery anode facilities (BAFs) in key jurisdictions, capable of producing coated spherical purified graphite (CSPG) at commercial scale. 

This strategic move aligns with the increasing demand for graphite in battery production for electric vehicles and energy storage systems.

The funding involves Wheaton Precious Metals (TSX, NYSE, LON: WPN) and strategic shareholder Zijin Mining, increasing Montage’s available liquidity to approximately $968 million, including $143 million in cash reserves.

Wheaton has committed to acquire 19.5% of payable gold production from the Koné mine, until 400,000 ounces delivery, for a total upfront cash consideration of $625 million. The sum will be paid in four equal instalments during construction. Wheaton will then reduce the amount of gold to be purchased to 10.8% until 130 additional Koz, then 5.4% for the mine’s life. 

Additionally, the company is providing Montage a $75 million secured debt facility for project costs.

“With essential permits in place coupled with its impressive scale, we believe the Koné Project stands out as one of the premier gold assets in Africa,” Wheaton Precious Metals chief executive officer Randy Smallwood said in a separate statement.

“Supported by strong shareholder backing from the Lundin Group and Zijin Mining, the Koné project is expected to significantly boost Wheaton’s near-term annual gold production and further strengthen our peer-leading growth trajectory,” Smallwood noted. 

Zijin Mining is providing Montage with $125 million in funding, comprised of a $50m loan facility with a nine year tenure and a $75m fully redeemable subordinated gold stream.

“We are extremely pleased to have concluded our financing through the formation of strategic partnerships with both Wheaton and Zijin who share our vision of creating a premier African gold producer,” Montage CEO Martino De Ciccio said.

“With the financing milestone now achieved, we look forward to soon launching the construction of our Koné project, which is set to become West-Africa’s next sizable, long-life, low production-cost gold mine, and poised to unlock value for all stakeholders,” De Ciccio said.

This is Montage’s third successful financing of 2024, following an upsized private placement of $180 million in August and a $35 million placement in March.

The Koné mine is expected to produce 300,000 ounces of gold annually in the first eight years, with production starting in early 2027. The estimated mine life of Koné has been pegged at 16 years.

Shares were up 7.3% at £2.50 each in early morning trading in London, stabilizing by mid-afternoon at around £2.38 each, leaving the company with a market capitalization of £1.24 billion ($1.6bn).

The South America-focused miner said it mined 16% more gold and silver in the third quarter of the year than it did in the same period of 2023, with 96,327 ounces on a gold-equivalent basis. The company uses equivalent ounces to reflect an amalgamation of both gold and silver production.

Gold production in the three months to the end of September increased 40%, boosted by the continuing ramp up of its Mara Rosa mine in Brazil, which started production early this year.

Output from the company’s flagship Inmaculada mine in Peru rose 6%, resulting from the implementation of continuous improvement projects at site. This increase helped offset a silver production fall of 17%.

Strong gold and silver prices boosted Hochschild’s cash flow, helping the miner to pay down $45 million of its net debt in the quarter.

“Hochschild Mining’s third quarter has been the strongest in almost five years,” chief executive officer Eduardo Landin said in a statement.

The company reaffirmed its annual production and cost targets, anticipating output of 343,000 to 360,000 gold equivalent ounces at all-in sustaining costs of $1,510-1,550 per gold equivalent ounce.

Hochschild Mining has operations in Peru, Argentina and Brazil and development projects in Chile and Peru.

After receiving the last permit needed in August, the Canadian companies have focused on preparing to begin early works, with first production expected by the end of 2026.

“Early works will take place from November to the end of the year with construction expected to start after the rainy season in the area, towards the second quarter,” Salazar Resources president and chief executive Fredy Salazar told BNamericas on Wednesday.

Construction of the project has been delayed on various occasions due to mining rules changes in the Andean country, legal challenges, and the takeover of one of the project’s owners — Adventus Mining.

Located about 150 km northeast of Guayaquil, the Curipamba-El Domo asset spans seven concessions over 21,500 hectares. It was originally owned by Salazar in partnership with Adventus Mining, which was acquired by Silvercorp Metals (TSX: SVM) (NYSE: SVM) in July.

Construction will be fully funded from Silvercorp’s existing cash balance combined with a $175.5 million streaming deal Adventus had signed with Wheaton Precious Metals in 2022.

The mine is considered one of the highest grade and lowest capital intensive copper-gold projects globally, and the next big mine in Ecuador after Mirador, run by China-backed Ecuacorriente, and Lundin Gold’s (TSX: LUG) Fruta del Norte.

The $250-million project is protected by an investment contract with the Ecuadorian government that grants it several incentives, such as reductions in income tax, exemption of import duties and tax stability until March 2033.

The country’s government anticipates generating over $4 billion in annual mining exports by 2025, with four new operations coming online before the end of President Guillermo Lasso’s term, including the Cascabel copper-gold project operated by Australia’s SolGold (LON, TSX: SOLG).

Australia’s Lucapa achieved third-quarter revenue of $16.9 million, an 86% year-on-year increase, driven mainly by the sale of high-quality diamonds, averaging $3,033 per carat. 

This growth was also attributed to the company’s access to higher-grade mining blocks, a result of strategic river diversions aimed at mitigating the impact of flooding at the Lulo operation in Angola.

Nick Selby, Lucapa’s managing director, expressed optimism about the future, especially with the access gained to the higher-grade Lazaria gravel, historically known for producing large, high-value diamonds. 

“We are aiming for a strong finish to the year,” Selby said, noting that the company sold a 176-carat diamond for $3 million, further boosting results.

Africa-focused Petra Diamonds also reported promising figures, with production rising by 7% to 679,625 carats for the quarter ended September 30. The increase was driven by higher grades at the company’s flagship Cullinan mine in South Africa and its Williamson mine in Tanzania.

Petra’s chief executive officer, Richard Duffy, attributed this growth to “solid performances” from these mines, despite weaker market conditions.

To counteract the softness in the rough diamond market, Petra deferred in August the sale of a significant portion of its South African diamonds. Its combined first and second tenders, however, indicated a 13% increase in overall average prices, thanks to an improved product mix, which included a standout 18.85-carat blue diamond from Cullinan that fetched $8.5 million.

Despite ongoing challenges in the global diamond market, both Lucapa and Petra’s results reflect resilience and strategic adjustments, injecting cautious optimism into a sector eager for recovery. 

As both companies continue to leverage high-value diamonds and strategic planning, industry observers remain hopeful for sustained market improvements heading into the end of the year holidays, which tend to help boost diamond sales.

The backing of the MSP, a coalition of 14 countries and the European Union committed to boosting investments in responsible critical mineral supply chains, highlights Serra Verde’s strategic importance in providing essential minerals for sustainable energy technologies, the company said.

“The announcement is a strong endorsement of the significant role that Serra Verde can play in establishing sustainable, secure, and diversified rare earth supply chains to enable the global energy transition,” chief executive officer Thras Moraitis said in a statement.

“Federal, state, and international coordination on critical minerals is essential to ensure these projects reach the necessary scale to compete and drive our industry forward.”

Serra Verde’s recognition, which also came with a $150 million investment from the Energy and Minerals Group, Vision Blue Resources and founding investor Denham Capital, makes it further stand out as one of only two producing rare earths mines in the Americas after MP Materials‘ (NYSE: MP) Mountain Pass project in California. 

As the only large-scale producer outside of Asia of neodymium, praseodymium, terbium and dysprosium — four critical rare earth elements needed for efficient permanent magnets — Serra Verde is expected to play a key role in the diversification of global supply chains. The investment will be used for operational improvements as well as long-term growth initiatives.

“The United States, a member of the MSP, welcomes the new investment in Serra Verde’s rare earth elements project in Brazil,” government spokesperson Matthew Miller said in a separate statement.

“This milestone investment supports the sustainable development of critical mineral supply chains most relevant to clean energy technologies, such as for rare earth elements, which are core components of the permanent magnets needed for wind turbines, electric vehicle motors, air conditioners, and other vital applications,” Miller noted.

In production since early 2024, Pela Ema mine Phase I is expected to yield at least 5,000 tonnes per year of rare earth oxides over a 25-year mine life, with off-take agreements already in place for a large proportion of planned production. 

The company has detected significant potential to increase capacity through plant optimization and is mulling a Phase II expansion that could double production before the end of this decade.

Unlike rare earth elements present in hard rock, those in ionic clays can be extracted with low-cost mining techniques and processed using technologies that don’t require hazardous chemicals, crushing, milling or acid leaching. This means the environmental impacts of mining ionic clays are lower than at other rare earth operations.

Long haul

The MSP, chaired by South Korea, works with both governments and industry to develop sustainable, diversified energy mineral supply chains. By providing financial and diplomatic support, the group helps accelerate the growth of critical mineral projects worldwide. 

Brazil holds the world’s third-largest rare earth reserves and has big ambitions to build an industry as Western economies attempt to break China’s dominance of the supply chain.

Last year, the Asian powerhouse produced 240,000 tonnes of rare earths, over five times more than the next largest producer, the United States, data from the U.S. Geological Survey shows. The country also processed nearly 90% of the global supply into permanent magnets, which are critical components in products ranging from wind turbines and electric vehicles to missiles.

Nations such as Australia, Vietnam and Brazil are struggling to close the gap. Serra Verde’s project, for instance, took around 15 years to reach the production stage.

Since construction began earlier this year, nearly 300,000 work hours have been logged without any reported injuries or environmental incidents, Taseko said. Currently, 280 workers are on-site, and all project activities are proceeding as scheduled, it noted.

Taseko’s focus has been on earthworks, concrete pouring, and wellfield drilling, achieving new milestones, such as the installation of structural steel and process equipment.

“With approximately 75% of total construction costs now committed, we expect total costs to be within 10-15% of the original $232 million estimate,” president and chief executive Stuart McDonald said in the update.

Getting to this point hasn’t been easy. Taseko faced initial opposition and legal challenges over fears of the mine’s environmental impact.

The US Environmental Protection Agency cleared the way in November last year, issuing the final permit required to begin construction at Florence.

Shortly after, Taseko secured additional fundings totalling $100 million for the proposed copper mine, supplementing the previous financings from its partner Mitsui as well as Bank of America.

When fully operational, the mine will have an annual capacity of 85 million pounds of LME Grade A copper and a mine life of 22 years.

The operation is projected to boost Taseko’s copper production by 120%, based on a 2024 guidance of 110 million-115 million pounds of the metal.

The Vancouver-based miner’s portfolio also includes the Gibraltar mine in south-central British Columbia, and the New Prosperity copper-gold project, near Williams Lake, also in B.C.

The rare earths company has agreed to purchase an 80% interest in these three projects by investing A$3 million ($2m) over three years, Havilah said. This investment includes a minimum of A$1 million in the first year for exploration and development activities.

The three assets, located in the uranium-rich Curnamona province, are situated near two operating in-situ leach (ISL) mines at Honeymoon, owned by Boss Energy (ASX: BOE), and Four Mile, owned by the private company Heathgate Resources.

“These agreements with HRE provide a way for Havilah to monetize a portion of its remaining uranium assets, for which it is currently receiving neither market recognition nor value,” said the company’s technical director, Chris Giles.

Havilah will retain 100% ownership of its exploration licenses and mineral rights, excluding rare earth elements and scandium at the Radium Hill extensions. Heavy Rare Earths will assume responsibility for further exploration expenditures and fieldwork.

Demand for uranium has surged after more than 20 nations committed to tripling nuclear capacity by 2050 at the COP28 Climate Summit in Dubai late last year.

Canada, Australia, and the United States have led the sector’s revival this year, with companies announcing production increases and the restart of previously halted projects.

The trial, expected to last up to 12 weeks, will determine whether BHP is legally responsible for the collapse of the Fundão tailings dam in Minas Gerais, Brazil. The structure failure caused a massive flood that claimed 19 lives, destroyed villages and severely polluted water sources for local communities. The dam was owned by Samarco, a joint venture between BHP and Brazilian mining giant Vale (NYSE: VALE).

The case has been winding its way through the English judicial system for six years, with various judges holding conflicting opinions on whether the case can proceed. In 2022, appeal judges cleared the path for a full trial to take place.

The plaintiffs in the case include more than 600,000 Brazilian citizens, 46 municipalities and 2,000 businesses, all challenging BHP’s role in the disaster. Lawyers representing the victims argued on Monday that BHP has been attempting to evade its responsibility.

The world’s largest mining company is disputing liability, arguing that the London lawsuit duplicates legal proceedings and reparation programs in Brazil, and should be dismissed.

It also claims that nearly $8 billion has already been paid to those affected through the Renova Foundation, with around $1.7 billion going to claimants in the English case.

BHP’s lawyers stated in court that no law or contract imposes a duty of safety on the parent company of a non-controlling shareholder or the other parent company in the same group. They also argued the miner did not breach any safety duty, nor did its actions cause the collapse.

BHP further described parts of the lawsuit as “implausible or exaggerated.”

Settlement in Brazil

This trial comes shortly after BHP and Vale announced they were in talks with Brazilian authorities regarding a potential settlement of $31.7 billion to compensate for the damage caused to people, communities, and the environment.

Pogust Goodhead, the law firm representing the plaintiffs in London, said that the settlement talks in Brazil will not affect the UK case. 

“The timing of these negotiations only highlights how the companies responsible for Brazil’s largest environmental disaster are doing everything possible to prevent the victims from obtaining justice. It reflects the same shameful conduct they have displayed over the past nine years,” the firm said in a statement.

The multi-week hearing, the largest group litigation in English legal history, will also examine whether Brazilian municipalities can bring legal action, the effect of any agreements made by English claimants with BHP, and whether the claims were filed too late.

BHP and Vale agreed in July to equally share the cost of any damages related to proceedings in the UK.

The company’s plan is to replace production from the depleting Sossego open pit mine with output from the new copper operation by 2026.

Bacaba will use Sossego’s infrastructure, guaranteeing its operation for at least another eight years, Vale said.

The miner noted the project involves mining activities and the transportation of ore for crushing and processing at the Sossego Operating Unit, located around 10 km from the Bacaba deposit.

Vale is on track to produce between 320,000 and 355,000 tonnes of copper this year, but it sees the potential to expand production capacity to about 500,000 tonnes of copper by 2028.

The miner said that improvements to its Salobo and Sossego mines in Brazil will help achieve the production goal. Last year, it produced 321,000 tonnes metal last year.

Vale, a top iron ore and nickel producer, has fallen behind when it comes to copper, its new chief executive, Gustavo Pimenta, said earlier this month.

The company owns 90% of Vale Base Metals, which groups together its nickel and copper assets.

The storms, which lashed the region with wind speeds exceeding 130 km/h and over 130,000 lightning strikes within 24 hours, severely impacted power supplies to the mine.

South Australian Energy Minister, Tom Koutsantonis, spoke to Australian Broadcasting Corporation (ABC), confirming that the Olympic Dam had been significantly affected. 

The authority explained that while BHP has managed to maintain essential power through backup systems, mining operations will remain shut down for about seven days. 

The reason for the halt is primarily due to ventilation concerns within the mine, a critical factor for maintaining air quality and preventing the accumulation of harmful gases that could potentially lead to fires or explosions.

BHP is now assessing the full extent of the damage and evaluating the timeframe needed to resume normal production at the mine, which is Australia’s second-largest copper operation. A spokesperson confirmed to MINING.COM that the mine’s surface operations have been switched to minimal maintenance mode, with on-site backup generators providing necessary power.

This disruption comes as a reminder of a similar event in 2016, when a statewide blackout caused by a storm kept the Olympic Dam idled for two weeks, reducing daily copper output by 567 tonnes. 

The giant mine, located 560 kilometres north of Adelaide, is a critical asset for BHP as it generates significant quantities of copper, uranium and gold.

The mining giant’s copper production from Olympic Dam in the 2024 fiscal year was reported at 322,000 metric tons. BHP aims to ramp up production in South Australia to 500,000 tonnes annually by the early 2030s, with a potential future increase to 650,000 tonnes by the mid-2030s.

The company is contemplating an expansion of the mine’s copper smelter and refinery, with a final investment decision expected in 2027.

The Canadian explorer and developer, which received £25 million ($33m) from Vision Blue in 2022, said it would use the fresh funding on general operating and corporate purposes.

“This funding signals Vision Blue’s continued support for Cornish Metals and our plans to bring tin mining back to Cornwall through the restart of South Crofty, “ chief executive officer Don Turvey said. “We plan to generate value by unlocking the project’s potential as a long-term supplier of tin needed for electrical applications in the UK and Europe.”

Now part of the UK’s critical metals list, tin is experiencing a revival. Cornish Metals has spent the last eight years working on reopening the past-producing South Crofty tin mine. The operation was shut in 1998, following more than 400 years of almost continuous production.

South Crofty was the last tin mine in Europe when it closed. Several companies attempted to revive the flooded mines between 2001 and 2013, but due to persistent poor market conditions, the assets were put into administration in 2013.

The new South Crofty is expected to produce 49,310 tonnes of tin metal in concentrate over its productive life, peaking at over 5,000 tonnes in year four. 

The goal is achieving first tin production in 2026, as Cornish Metals has already obtained permission for underground mining until 2071, and has also secured the environmental permit to dewater the mine.

Laser vision

Vision Blue Resources’ (VBR) main strategy is acquiring stakes in assets linked to electric vehicles (EVs) and grid storage growth. 

The company is led by mining veteran Mick Davis, who led Xstrata from a $500 million business in the early part of the last decade to an operation so big that — at one point — it made a takeover offer for Anglo American (LON: AAL).

In 2012, he sold Xstrata to Glencore (LON: GLEN) and ventured into setting up X2 Resources, a mining fund that was unable to score any deals in the three years after its launch.

Davis did not get discouraged by that failure. In 2019, he co-founded Niron Metals, an investment vehicle involved in bringing Guinea’s Zogota iron ore deposit into production.

Seeking to seize the opportunity presented by the increasing need for battery metals, which include a host of materials from lithium to nickel, cobalt and copper, Davis launched VBR in December 2020.

The fund has since invested in several companies, including Canada’s NextSource Materials (TSX: NEXT), which is building a graphite mine in Madagascar.

Tyler, who has been with Adriatic since July 2024 as a non-executive director, took on the role of interim CEO in August, when the company’s co-founder and then CEO, Paul Cronin, resigned citing family reasons.

Tyler’s nomination comes after an extensive search conducted by the the board, the company said. With over 35 years of experience in underground polymetallic mining operations and executive leadership, she was the board’s unanimous pick for the role.

“Laura has an abundance of experience in underground, polymetallic mining operations and executive leadership roles,” chairman Michael Rawlinson said in the statement.

Tyler has served previously as chief technical officer at BHP, and held roles in executive leadership for the Olympic Dam, Cannington, and Ekati underground mines.

Her leadership comes at a pivotal time for Adriatic Metals as it continues to develop the Vares silver mine in central Bosnia, which opened earlier this year. She said the company was now in the final phases of reaching nameplate capacity at the operation.

In 2023, Adriatic contributed nearly 22% of foreign direct investment into Bosnia and 2% of its GDP. The miner deployed 69% of total capital domestically, the equivalent of $155 million, across 739 companies.

Shares in Adriatic jumped on the news, closing almost 5% higher in Sydney at A$4.09 apiece. In London, the stock was up 1.20% to 209p around noon local time, leaving Adriatic with a market capitalization of nearly £680 million ($885m)

Targeting ‘Zillennials’, the microgeneration born between 1993 and 1998, this mined diamond push leans into the themes of modern love and the evolving dynamics of relationships. 

These young adults are believed to be behind the rise of affordable lab-grown diamonds (LGDs), particularly in the North American market.

While companies dealing in man-made stones, like Pandora, are thriving — Pandora even boosted its annual forecast after first-quarter sales of LGDs soared 87% — the world of mined diamonds has seen a sharp decline. Prices have dropped nearly 20% in the past year after a 2022 spike.

Anglo American’s De Beers, the largest diamond producer by value, has consistently cut output over the past two years due to sluggish demand.

Sanctions-ridden Russian miner Alrosa, the world’s largest producer of rough diamonds by volume, stopped publishing sales data in early 2022 and cut its output by 2.8% to 34.6 million carats last year.

The campaign comes as De beers seeks to reposition itself in the market as a top jewellery group. It is also the first major play from the recently announced partnership between Signet and De Beers.

It comes after months of intensive training for Signet’s 20,000 sales associates to equip them with the knowledge to talk about what makes mined diamonds special.

The different elements of the strategy are set to air across all the usual suspects: social media, online platforms, and at Signet’s Jared, KAY, and Zales stores. It’s centred on real-life couples, shining a light on the personal growth and relationship-building that often take precedence before tying the knot. The story of diamonds, journeying from deep within the earth to that final polish, parallels the twists and turns of a modern love story.

Signet’s data-driven insights predict a wave of engagements on the horizon, making this campaign perfectly timed. It taps into the milestones that today’s couples experience — moving in together, merging finances, breaking up, getting back together — and reflects those in their new collections, like KAY’s “Milestones Natural Diamond Collection”, which highlights love’s strengthening moments through rings, pendants, and earrings.

Jared is also getting in on the action with their signature bridal brand, Chosen, offering a curated selection of diamonds, custom centre stones, and personalized settings. Later this month, Jared will unveil “UNSPOKEN”, a collection of diamond jewellery set in high-polish yellow and white gold.

“Like the journey of a diamond formed deep in the earth, true love is forged by fire. A natural diamond, like true love, is always worth the wait,” De Beers Brands’ chief executive officer, Sandrine Conseiller, said.

De Beers is targeting annual core profits of $1.5 billion by 2028. Last year, the business made just $72 million, though traditionally its profits have ranged between $500 million and $1.5 billion as the diamond industry swings from boom to bust.

The diamond miner seems ready to fly alone as it did for 124 of its 136 years of existence. Anglo American is in the process of selling its 85% stake in the diamond miner.

Copper output hit 179,000 tonnes in the third quarter, up from 155,300 tonnes in the previous and 3.4% higher from the 173,600 tonnes produced a year ago. Year-to-date, however, copper production was 1% lower, while net cash costs were 10% higher. 

A 54% jump in gold production, at times when the precious metal has traded at historic record highs, also helped the company’s quarterly results.

Antofagasta kept its guidance for the year unchanged at 670,000-710,000 tonnes, warning it is likely to be towards the lower end, at a cash cost of $2.40 per pound of copper.

Construction across Antofagasta’s growth and development projects continued during the quarter, with work at Los Pelambres and Centinela mines focused on initial groundworks and the deployment of personnel and equipment to each site.

Chief executive Iván Arriagada highlighted the recent completion of the first phase of an ongoing expansion at Los Pelambres, the company’s flagship operation.

The project, he said, helped achieve a 31% year-on-year increase in the ore throughput rate during the first nine months of 2024.

“Looking ahead, our portfolio of operations is expected to produce 660,000-700,000 tonnes of copper in 2025, with an incremental increase in output expected at Centinela Concentrates,” Arriagada said in the statement.

Multi-billion dollar investments

Antofagasta, majority-owned by Chile’s Luksic family, one of the country’s wealthiest, has earmarked over $7.5 billion in investments in Chile for the next five years. 

One of its key projects is  the $4.4 billion Nueva Centinela, which will add 144,000 tonnes copper-equivalent a year to its overall production. The expansion project, approved in December, also includes increasing the current molybdenum plant’s capacity and a new development of the Esperanza Sur pit, with the introduction of new autonomous trucks. 

Antofagasta recently opened a $2 billion desalination plant for Los Pelambres, which became the first mine to operate with desalinated water in an area of the country that has suffered a 15-year drought. 

The company also expects to obtain all permits to start working on the $1.2 billion extension of its Zaldívar copper mine, which would allow it to continue operations through 2051. 

On top of all these projects, Antofagasta has said it expects to allocate between $40 million and $50 million a year in maintenance work at its assets in Peru, the United States and Canada.

The deal would make the South African gold miner the world’s fourth largest producer of the precious metal as it hands it the key to the Sukari mine in Egypt.

Sukari is the country’s largest and first modern gold operation, as well as one of the world’s largest producing mines.

The addition of the Sukari mine to its portfolio will increase AngloGold’s annual production by around 450,000 ounces, bringing its total output to 3.1 million ounces. 

Since production began in 2009, Sukari has produced more than 5.9 million ounces of gold, and has a projected mine life of 14 years.

There are still conditions to fulfill before the deal is closed, including a sanction of the scheme by the Jersey Court, AngloGold said.

Once and if the deal goes through, AngloGold shareholders will hold about 83.6% of the combined entity, while Centamin investors will own roughly 16.4% of the enlarged share capital.

The transaction is the latest in a flurry of industry deals fuelled by record-breaking prices for the precious metal.

Top player Newmont (NYSE: NEM) bought Australia’s Newcrest Mining for $19 billion last year, cementing its position as the top gold producer.

Agnico Eagle Mines (TSX, NYSE: AEM) has completed two major transactions since 2022, positioning itself among the top five producers of the precious metal by market value.

South Africa’s Gold Fields (JSE, NYSE: GFI) bought in August Canada’s Osisko Mining (TSX: OSK) in a deal valued at C$2.16 billion ($1.6bn).

The deal is also the latest blow to the London stock market, which has seen an exodus of companies over the past few years. The exchange has faced challenges since Randgold’s delisting after its merger with Barrick Gold in 2018, and the massive departure of Russian gold miners following Moscow’s invasion of Ukraine.

The company must now submit exploitation and closure plans by the end of 2025, provide financial security and a company guarantee by June 30th, 2026, and begin mining by the end of 2028.

“The extension is a significant milestone, demonstrating strong local support for our project, which is expected to create numerous local jobs,” chairman and CEO Tony Sage said in the statement.

With the drilling program announced in September concluded, all rare earth material extracted has been secured in storage. A portion of the materials has been sent to be analyzed by ALS laboratory in Ireland. Critical Metals Corp said it expects to receive the test results in the coming months.

Located in Southern Greenland, the Tanbreez project is expected to contain over 27% heavy rare earth elements (HREE), which carry higher value than light rare earth elements.

Once operational, the mine is anticipated to supply rare earth elements to Europe and North America. The project is expected to have access to key transportation outlets as the Tanbreez area features year-round direct shipping access through deep-water fjords that lead directly to the North Atlantic ocean. The outcropping orebody, known as Kakortokite, covers an area of 8 km by 5 km and is about 400 metres thick.

Critical Metals, which owns Europe’s first fully permitted lithium mine, the Wolfsberg lithium project in Austria, debuted on the Nasdaq in March.

Upon completion of construction at Wolfsberg by 2026, Critical Metals has committed to supplying BMW by 2027. The company has also secured a deal with Obeikan Investment Group to build a lithium hydroxide plant in Saudi Arabia.

Shares in Critical Metals jumped over 2.8% on the NASDAQ. The company has a $536.6 million market capitalization.

The Takeovers Panel’s decision ends a long-running dispute over whether Rio Tinto or its majority owned uranium producer Energy Resources of Australia (ASX: ERA) would assume the site restoration’s costs.

It also clears the way for Rio to assume full control of the uranium producer via the company’s capital raising, announced in August.

ERA halted activities at Ranger in 2021, after 40 years of operations. The initial goal was to finish the site cleanup by 2026. Rehabilitation costs for the site have surged to A$2.2bn ($1.4bn) and ERA warned in August it would run out of money by December. It said at the time it would launch a capital rising, with Rio as the most likely buyer of shares.

Willy Packer’s Packer&Co and Richard Magides’ Zentree, who collectively own around 12% of ERA, filed an objection with the Takeovers Panel, saying the move would unfairly allow Rio to increase its stake in the company from 86.3% to 99.2%, clearing the way for the mining giant to buy out ERA.

The Takeovers Panel upheld on Tuesday its previous decision to reject the objections from the two minority ERA shareholders.

“ERA now intends to proceed with the [A$880 million] entitlement offer as soon as possible,” the company said on Tuesday.

Jabiluka

ERA still seeks to have its mining permit for Jabiluka, a vast uranium deposit surrounded by the Kakadu National Park, restored. The licence, which has been under the same company’s control since 1991, expired in August.

The Australian government, led by prime Minister Anthony Albanese, has pledged that Jabiluka will “never be mined” and instead will be integrated into the adjacent Kakadu National Park.

ERA filed the petition to have the mining licence back, despite Rio Tinto’s stating that it had no plans to develop the mine site and that it was pleased to see the traditional owners’ wishes respected. 

The Mirarr people have long opposed to mining activities in the region, organizing protests in the late 1990s and early 2000s. Rio Tinto has backed the traditional owners’ position in recent years as it works to repair its ties with indigenous groups after destroying sacred rock shelters at Juukan Gorge in Western Australia in 2020 for an iron ore mine expansion.

Australia is home to almost one-third of the world’s identified uranium reserves, yet the mining of this resource is permitted in only two of its six states and two territories — South Australia and the Northern Territory. 

The country’s only operating uranium mines are BHP’s Olympic Dam, which generates uranium as a secondary product of its copper mining activities and Boss Energy’s Honeywell mine. Together, they account for around 9% of the global reported production.

An Appian spokesperson told MINING.COM on Monday that the company will seek $522 million, plus additional interest and legal costs accrued from the liability trial in July 2024 until the upcoming trial to determine the exact amount Sibanye will have to pay, in November 2025. “The total claim by the time of the quantum trial will be in excess of $600 million,” the person said.

Sibanye-Stillwater spokesperson James Wellsted told Reuters on Monday that Sibanye’s case is that Appian “is entitled to either no or significantly reduced damages.” 

Appian took Sibanye-Stillwater to court in 2022, after the South African precious metals miner scrapped a transaction to buy shares in Atlantic Nickel and Mineração Vale Verde, owners of the Santa Rita nickel and Serrote copper mines in Brazil, respectively.

The acquisition of the two operations was meant to boost Sibanye’s critical metals portfolio as it sought to diversify away from platinum and gold.

Sibanye cited a geotechnical event at Santa Rita as the reason for terminating the deals. Appian claimed the miner’s decision was based on an “incorrect assertion”.

In the ruling, handed down following a five-week trial, Justice Butcher said the geotechnical event used by Sibanye as reason for withdrawing from the deal was neither expected to be material nor reasonably anticipated to become so.

Butcher noted there was “no other basis on which Sibanye was entitled to terminate the sale and purchase agreements (SPAs).”

Appian said it plans to recover the full extent of its losses, including all interest accumulated since January 2022, when Sibanye walked away from the deal.

Should Sibanye fail to pay the full amount awarded in the November 2025 trial, Appian said it would pursue all available enforcement measures.

In a separate statement, Sibanye noted the company was successful in having Appian’s claim of willful misconduct dismissed.

“The judge ruled that Sibanye-Stillwater management genuinely believed that it was entitled to terminate the SPAs in what they perceived as the best interests of Sibanye-Stillwater,” it said.

The company argues that Appian could have sold the Santa Rita and Serrote mines to another buyer for a similar price, which in Sibanye’s view means that Appian cannot claim all losses to be covered by Sibanye-Stillwater.

“The judgment notes that Appian received multiple offers for the mines after Sibanye-Stillwater terminated the SPAs. Accordingly, Sibanye-Stillwater will continue to defend the claim vigorously at the trial in November 2025,” it said.

Atlantic Nickel’s Santa Rita open pit mine in the Brazilian state of Bahia is one of the few long-life nickel sulphide mines currently in production. It also yields copper, cobalt, and platinum group metals as by-products.

The company is advancing the mine’s underground extension as it transitions from open-pit to underground operations. This shift to higher-grade nickel is expected to boost production rates and extend the mine’s operational life to over 20 years.

This diversification move complements Patriot’s North American lithium exploration endeavours, despite a temporary setback on its Gorman lithium project in Ontario, Canada, due to land access issues.

“While negotiations to drill at Gorman continue, the board has decided to expand our project portfolio into other jurisdictions,” executive chair Hugh Warner said. “The company believes that the Katwaro copper project will complement our lithium assets and provide jurisdictional diversity, with respect to native title/sovereign risk and alternative weather windows for exploration.”

Patriot Lithium will pay Array Metals $25,000 for an exclusive 12-month option period. If the option is exercised, a special purpose vehicle (SPV) will be established, with the project transferred to it after a $250,000 payment to Array Metals.

Over the following 48 months, Patriot Lithium will fund exploration and feasibility studies as part of the agreement.

Located near Mumbwa, the Katwaro copper project spans 400 hectares and includes a historical open-pit mine with copper-bearing meta-sediments.

Zambia, Africa’s second-largest copper producer, has the ambitious goal to more than quadruple the country’s output to 3 million tonnes by 2031. This would require bringing into production multiple exploration projects the government is currently identifying.

Keeping majority interest

Authorities announced this week plans to keep majority stakes in “promising” mining permits through a special purpose vehicle (SPV), as part of an ongoing mapping exercise in the country. 

The mines minister, Paul Kabuswe, originally unveiled the SVP in late-August, saying it would control at least 30% of all critical minerals production from future mines.

BMO global commodities analyst Colin Hamilton said the minister has since been quoted in interviews saying the figure might be 45%.

“It now appears that the scope of this SPV has increased such that it can take a majority stake in promising mining licenses at its own discretion. The endless changes to Zambia’s mining regulations represent a significant risk to the country’s original aim of quadrupling the country’s copper output,” he wrote.

Subsidiaries of First Quantum Minerals (TSX: FM) and Barrick Gold (TSX: ABX) (NYSE: GOLD) are responsible for the majority of Zambia’s copper production, accounting for nearly two-thirds of the total output in 2023.

The attack took place in the mineral-rich Duki district of Balochistan, a region that borders both Afghanistan and Iran.

The attackers stormed the miners’ accommodations late Thursday night, rounded up the workers, and opened fire, police official Hamayun Khan Nasir said, according to The Express Tribune. They also fired rockets and grenades, damaging mining equipment before fleeing the scene. 

The assault has sparked widespread condemnation, with authorities launching a manhunt for the perpetrators.

So far, no group has claimed responsibility for the attack, which is the deadliest in weeks. 

The violence comes just days before a major security summit in Pakistan’s capital, Islamabad, and as the country hosts a Saudi delegation interested in mining investments.

It also coincides with the signing of $2 billion worth of agreements between Saudi and Pakistani businessmen for investments in various sectors, including mining.

Balochistan, rich in oil and minerals, has long been a hotbed of separatists. These groups accuse the federal government of exploiting the province’s resources without benefiting local communities. 

Several of their attacks have been directed at migrant workers, many of whom are employed by smaller, privately run mines.

The state has set up a special purpose vehicle (SPV) to push along investment, Mines Minister Paul Kabuswe said, as Africa’s second-largest copper producer aims to increase production of the metal to above 1 million tonnes by the end of 2025.

The SPV will license certain areas, and then seek partners for commercial agreements related to their exploration and mining, Kabuswe noted.

The Zambian government already owns several mining assets through ZCCM Investment Holdings. The plan is to more than quadruple the country’s copper output to 3 million tonnes by 2031.

The ambitious goal would require bringing into production multiple exploration projects the government is currently identifying.

Zambia expects its newly created SPV to control at least 30% of critical minerals production from future mines. The minister has however said in interviews with local media that the state company would have a 45% interest in any joint venture.

Subsidiaries of First Quantum Minerals (TSX: FM)) and Barrick Gold (TSX: ABX) (NYSE: GOLD) are responsible for the majority of Zambia’s copper production, accounting for approximately two-thirds of the total output in 2023.

Sites currently in the exploration phase – such as the Bill Gates and Jeff Bezos-backed KoBold Metals’ Mingomba project – are expected to provide 1.2 million tonnes of copper annually.

Rio Tinto (ASX, LON, NYSE: RIO) will acquire Arcadium Lithium (ASX: LTM)(NYSE: ALTM), in an all-cash transaction, valuing the latter at $6.7 billion, the Anglo-Australian giant confirmed on Wednesday.  

The second largest miner is paying the United States-based lithium producer $5.85 per share, it said. The deal represents a premium of 90% to Arcadium’s closing price of $3.08 per share on October 4. 

The move would position Rio Tinto as one of the world’s largest lithium miners, behind only US-based Albemarle (NYSE: ALB) and Chile’s SQM (NYSE: SQM).

The acquisition would hand Rio lithium mines in Argentina and Australia, as well as processing facilities in the US, China, Japan and the UK. Its customer base would include major names, such as Tesla, BMW and General Motors.

Arcadium was created in January from the merger of Philadelphia-based Livent and Australia’s Allkem. Its shares have fallen since, dragged by declining lithium prices, which in turn is a result of weaker demand from electric vehicle (EV) makers and Chinese oversupply.

Ahead of the confirmation of the deal BMO Capital Markets analyst, Joel Jackson, noted a potential takeover has been part of market rumours for years. “Many investors believe that Arcadium (i.e., the Allkem/Livent merger) was completed to shake out interest from suitors like Rio,” he wrote.

The transaction value is ahead of market expectations which was pegged in the $4 billion to $6 billion range. “In our view, this [range] would value Arcadium more like a mining company than a specialty chemicals firm, assuming a mid-cycle price range of $18,000–$19,000 per tonne of lithium carbonate equivalent (LCE), average selling price (ASP),” noted Jackson

Before the official announcement industry participants were supportive of the deal. Vulcan Energy’s (ASX: VUL) founder and executive chair, Francis Wedin, said the company views the development as a favourable one for the broader lithium market, particularly because it shines a spotlight on Adsorption-type DLE (A-DLE) production, used by Arcadium since 1996 next door to Rio’s own A-DLE project in Rincon. 

“The fact that Rio is joining Exxon and Equinor by focusing on A-DLE is a further indication of how the third wave of lithium’s growth is developing,” he said in an emailed statement. 

Battery ambitions

Over the past six years, Rio has been expanding its footprint in the battery market. In 2018, it reportedly attempted to buy a $5bn stake in Chile’s SQM, the world’s second largest lithium producer. 

In April 2021, the world’s second largest miner kicked off lithium production from waste rock at a demonstration plant located at a borates mine it controls in California. 

Rio took another key step into the lithium market in 2022, completing the acquisition of the Rincon lithium project in Argentina, which has reserves of almost two million tonnes of contained lithium carbonate equivalent, sufficient for a 40-year mine life. 

The company plans to develop a battery-grade lithium carbonate plant at Rincon with an annual capacity of 3,000 tonnes and has earmarked $350 million to invest in the project, with first production expected later this year.

It is also trying to revive one of its biggest lithium projects, the proposed $2.4 billion Jadar mine in Serbia. Rio had its mining licence revoked in 2022, following widespread protests against the proposed mine on environmental concerns.

The mining giant won a small, but key battle in July, as Serbia reinstated Rio Tinto’s licence to develop it, but the company will have to secure approvals to move towards production at the site. On Monday, however, the country’s parliament began debating a proposal to ban lithium and borate mining and exploration. If passed into a law, this would effectively put an end to the contested Jadar project.

With projected production of 58,000 tonnes of refined battery-grade lithium carbonate per year, Jadar would be Europe’s biggest lithium mine.

The operation could supply enough lithium to power one million electric vehicles and meet 90% of Europe’s current lithium needs.

RELATED: Timeline: Owners of Arcadium’s lithium assets through the years

In a media briefing on Tuesday, president and CEO Mark Bristow said the fresh discoveries are at the ARK target, located just four kilometres from Kibali’s processing plant. He noted they could potentially yield a high-grade, multi-million-ounce orebody. 

These near-mine discoveries, alongside ongoing exploration of KCD downdip extensions, could ensure the mine’s ability to continually replenish its reserves, Barrick said. They would also boost Kibali’s reputation as one of Africa’s most cost-efficient gold producers, it noted.

Kibali, which produced first gold in September 2013, plays a crucial role in the local economy of the DRC’s North East region. Over the past decade, it has helped develop a thriving regional economy, supported by partnerships with local businesses and communities.

To date, Barrick has invested $2.87 billion in Kibali, including deals with local contractors and suppliers, and is working with the DRC government on initiatives to support over 500 local companies.

Kibali is also advancing its social responsibility initiatives, with 41 of 44 projects under its community development fund already completed. Nine out of 14 projects backed by the mine’s Cahier des Charges initiative are nearing completion, Barrick said.

On the environmental front, Kibali is expanding its biodiversity efforts, with plans to add 64 white rhinos to Garamba National Park. Last year, the mine successfully relocated 16 rhinos to the park as part of its commitment to conservation.

Kibali has become a key contributor to Barrick’s emissions reduction goals. The mine’s renewable energy penetration will increase from 79% to 85% when its new 16-megawatt solar plant and battery energy storage system are operational, with the mine running entirely on renewable energy for half the year.

The gold mine is owned 45% by Barrick, 45% by AngloGold Ashanti and 10% by Société Miniére de KiloMoto (SOKIMO).

The licence was the final regulatory approval required by the company to begin construction of the Ewoyaa mine and processing plant, and represents an important milestone towards Atlantic Lithium reaching a final investment decision.

The Australian junior is currently awaiting the ratification of its 15-year mining permit by Ghana’s parliament. Atlantic Lithium expects lawmakers to resume sitting on October 15 and it hopes to break ground at the asset, which will also be its first mine, before the end of the year. 

“We hope that ratification can occur in the coming sitting, which would set us on the path towards construction and operation of this globally significant lithium project,” executive chairman Neil Herber said in the statement.

Ewoyaa is being advanced under an agreement with Piedmont Lithium (NASDAQ: PLL; ASX: PLL). The miner is expected to fund close to 70% of the $185 million development costs outlined in a 2023 feasibility study.

Half of the lithium produced at the mine will be sent to a Piedmont refinery. Piedmont is the Australian firm’s second-largest shareholder with a 22.5% stake in its projects in Ghana, including Ewoyaa, and has an option to earn 50%.

Atlantic Lithium aims to produce a total of 3.6 million tonnes of spodumene concentrate, or 350,000 tonnes annually, over 12 years from the site. That would make it the world’s 10th-biggest lithium project, according to the company.

The New Jersey-based university had initially implemented the restrictions in 2022, as part of a broader effort by educational institutions across the US to dissociate from oil, gas, and coal. The policy included divesting from 90 companies with assets in those sectors in its endowment. 

According to Princeton, some faculty members have argued the directive limited their ability to secure funding for research on pressing environmental issues.

In an update published last week, three senior university officials stated the rules had “adversely and inequitably affected scholars whose research programs are addressing pressing environmental problems.” They pointed out that researchers lost access not only to external funding, but also collaborative partnerships focused on combating climate change, despite these efforts aligning with the university’s values.

Under the revised policy, Princeton’s endowment will continue to divest from fossil fuel companies, but faculty members will now be allowed to accept research funding from these companies for projects specifically aimed at mitigating the environmental impact of carbon emissions.

The measure aims to continue protecting academic freedom to publish results, Provost Jennifer Rexford, Dean of the Faculty Gene Jarrett ’97, and Dean for Research Peter Schiffer, said in their statement.

Students reacted negatively to the news. An editorial published in the university newspaper, The Daily Princentonian, qualified the decision as “a betrayal” of the University’s mission and academic integrity, as well as “a disservice” to its students and the global community.

“How can an institution that prides itself on shaping the future be so willing to sell it off to the very companies that are burning that future to the ground?,” the article reads. “Research funded by fossil fuel interests is more likely to support the industry and often serves to entrench fossil fuel reliance rather than advance solutions that run counter to their financial interests.”

Since the initial implementation of the policy to January this year, Princeton had cut funding ties with 29 companies and identified a list of 2,371 fossil fuel groups for potential dissociation. While Princeton had no direct links with most of these business, the number marked a significant increase from the original list of 90.

The university will no longer update such list, which had included mining giants such as BHP, as well as oil and energy titans ConocoPhillips and ExxonMobil. Princeton noted it will continue to disclose all external research funders and the amounts contributed each year.

According to its latest report, research sponsorships in 2023 included nearly $3.4 million from BP, $848,000 from ExxonMobil, $120,000 from Shell and slightly over $100,000 from Syncrude.

A congressional investigation by Democrats, published in April, identified several instances of oil companies collaborating with universities to advance their business strategies.

The all-cash transaction, which is expected to close in the fourth quarter, is a part of Chevron’s strategy to divest $10 billion to $15 billion of assets by 2028. 

The deal includes Chevron’s 20% interest in the Athabasca Oil Sands Project, including 20% of the Muskeg River and Jackpine mines, the Scotford Upgrader and the Quest Carbon Capture and Storage facility. 

These properties and operation contributed 84,000 barrels of oil equivalent per day (boepd) of production to the oild giant last year.

The deal will bring Canadian Natural’s (CNRL) total current working interest in the operations to 90%.

“These assets are a great fit for Canadian Natural and will allow us to further implement our strong operating culture and drive significant value for shareholders,” president Scott Stauth said in the statement.

CNRL, a senior Canadian oil and natural gas provider, operates primarily in the Western Canadian provinces of British Columbia, Alberta, Saskatchewan, and Manitoba. It has offshore operations in the United Kingdom sector of the North Sea, Côte de Ivore and Gabon.

The firm also raised its quarterly dividend by 7% to 56.25 Canadian cents per share, effective with the next regular payment in January 2025.

The addition of Silvercrest’s Las Chispas mine Mexico, one of the world’s lowest-cost, highest-grade silver operations, is expected to make Coeur a leading global silver miner with 21 million ounces of the metal and 432,000 ounces of gold a year.

The merged company will own five mines in North America, with three of them considered top silver producers — Rochester in Nevada; Palmarejo in Mexico’s Chihuahua; and Las Chispas in Sonora, also Mexico.

Las Chispas mine, which began production in late 2022, has shown strong operational performance, Coeur’s President and CEO, Mitchell J. Krebs told investors on a conference call on Friday morning. The executive said that in 2023, the mine’s first full-year of operations, it produced over 10.25 million silver equivalent ounces at a cash cost of $7.73 per ounce.

SilverCrest shares have risen nearly 45% since the start of the year, closing at C$12.59, or $9.29, on Thursday. The stock has more than doubled its value in the past 52 weeks, rising 113%. Coeur’s shares have rocketed 117.2% year-to-date through Thursday, as gold prices have rallied to record highs.

Coeur’s proposed acquisition price of $11.34 per share represents an 18% premium over the 20-day volume-weighted average prices of both companies as of October 3 closing price. It also implies a 22% premium to SilverCrest’s closing price on the NYSE American that same day.

Upon completion, Coeur shareholders will own 63% of the merged company, while SilverCrest shareholders will control 37%.

Both companies’ boards have unanimously endorsed the deal, urging their shareholders to vote in favor. The agreement includes break fees of up to $100 million if the transaction does not proceed.

The transaction still requires approval from SilverCrest and Coeur shareholders, as well as regulatory authorities, including Mexican antitrust approval. A special meeting is expected by the end of 2024, with the deal anticipated to close in Q1 2025.

Silver prices have climbed nearly 35% this year, hitting a 12-year high in late September. The metal, essential in industries such as solar panels and electronics, not only has become one of the year’s best-performing major commodities, it has also sparked a race among miners to secure reserves.

Last month, Canada’s First Majestic (TSX: AG) agreed to acquire Mexico-focused Gatos Silver (NYSE: GATO) for $970 million, marking a major consolidation in the silver mining sector.

The silver market experienced last year a 15% supply deficit, and between 2020 and 2024, is expected to face a cumulative deficit of 1,093.4 million ounces.

“With one of our best holes to date, it is becoming more evident that the Lion discovery is substantially bigger than we originally envisioned,” chief executive officer Terry Lynch said in the statement.

The latest drill, which reached the mineralized zone at a depth of 118 meters, builds on the company’s previous exploration work. By incorporating insights from earlier drill holes, Power Nickel adjusted its strategy, moving further west and shallower. The result was a successful hit, sparking optimism about the future of the project.

“This is very encouraging for lots of reasons: size of the zone, grade, depth of the intersection, and the move westward,” Lynch said.

Power Nickel entered the project in 2021. The Toronto-based junior plans to develop NISK, in Quebec’s James Bay region, as Canada’s first carbon neutral nickel mine by using carbon capture and hydroelectric power. Provincial and federal tax breaks cover half of exploration costs as the company works towards a feasibility study before year-end.

In addition to expanding the Lion Zone via targeted drilling, Power Nickel is also in the process of compiling information from several data sources, including downhole electromagnetics, gravity and geochemical data.

The goal is to determine the potential of NISK, which is known for its rich deposits of nickel, copper, cobalt and other critical minerals. As demand for these materials grows, particularly for use in electric vehicle batteries, the project’s allure is expected to increase.

So far, it has attracted investments from Ivanhoe Mines (TSX: IVN) founder and co-chair Robert Friedland and from mining magnate Rob McEwen, founder and CEO of McEwen Mining (TSX, NYSE: MUX).

Power Nickel’s shares have soared this year, climbing almost 230% to date at C$0.79 each. That leaves the explorer with a market capitalization of C$151.25 million ($112m).