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HEADLINES
AFC to invite bids to build Key Zambian copper railway link
Top 50 mining companies surge to new record near $2 trillion valuation
Gold’s historic rally comes with a bonus for emerging markets
Australia pitches to be Trump’s fix for China rare earths curbs
Vulcan Energy inks agreement to supply Glencore with lithium
Amaroq begins selling traceable gold from Greenland mine
AFC to invite bids to build Key Zambian copper railway link
The Africa Finance Corp. intends calling for bids from companies to build a new railway connection between Zambia’s copper-rich region and an existing line that runs to the Angolan port of Lobito in coming months.
The tender will be split into three parts, Samaila Zubairu, the lender’s president, said in an interview in Washington this week. Groundbreaking is set for next year, and contracts will be awarded to build rail links in Angola and Zambia, and provide rolling stock and systems, he said.
The Zambian link to Lobito will be the first major railway built in the nation since China financed and helped construct the Tanzania-Zambia line in the 1970s.
The project is unfolding amid intensifying geopolitical competition for access to Africa’s critical minerals. While Washington has backed the Lobito link, China is undertaking a $1.4 billion overhaul of the Tazara line.
The so-called Lobito Corridor project will help ensure that growing copper output from Zambia and the Democratic Republic of Congo will be able to reach global markets, while creating local jobs in industries such as agriculture that stand to benefit from improved infrastructure.
Africa’s young population is becoming increasingly impatient with a lack of opportunities, and the continent is in a race to create employment, Zubairu said.
“The globe needs to understand that it is in their best interest to work with us to create jobs,” he said. “Because 400 million people without jobs is not just a risk to Africa, it is a risk to the world.”
Top 50 mining companies surge to new record near $2 trillion valuation
At the end of the third quarter the MINING.COM TOP 50* ranking of the world’s most valuable miners had a combined market capitalization of just under $1.97 trillion, up nearly $700 billion so far in 2025 with most of the gains accumulated in the third quarter.
The total stock market valuation of the world’s biggest mining companies has finally surpassed the previous record high reached more than three years ago and in the process transformed the ranking of the upper echelons.
Trends in the global mining industry that have been documented in these pages for more than a decade have finally broken through to the mainstream with critical minerals suddenly on everybody’s lips – from the US president down to the proverbial taxi driver sharing stock picks.
The weakness in the greenback played a part in the blowout quarter – the ranking is based on a company’s market capitalization in local currency on its primary exchange and then converted to USD where applicable.
Rampant precious metals prices, including the thoroughly revived platinum group metals, can take much of the credit, although amid the general buoyancy the 60-plus percentage gains in PGM prices were not enough to see producers re-enter the ranking.
The best performing list shines with gold and silver counters, including an eye-popping six-fold increase for erstwhile minnows like Coeur Mining (which timed its acquisition of Mexican silver mines to perfection) and a 305% jump for Fresnillo, the London-listed silver miner controlled by Mexico’s Peñoles.
Gold’s historic rally comes with a bonus for emerging markets
A relentless surge in the price of gold is delivering windfalls across emerging markets, boosting investor confidence in countries that mine and buy the metal.
In South Africa, home to the world’s deepest gold mines, stocks are on track for the best year in two decades, with shares of miners like Sibanye Stillwater Ltd., AngloGold Ashanti Plc and Gold Fields Ltd. tripling in value. The credit rating of Ghana, Africa’s top gold producer, has been upgraded by Moody’s Ratings. Emerging-market countries rank among the biggest buyers of bullion, boosting national coffers.
For money managers in emerging markets, gold’s surge is giving them another reason to stay bullish. By fanning a wealth effect for bullion-producers and buyers alike, valuable gold holdings are giving investors more conviction to buy. In a report earlier this month, Goldman Sachs Group Inc. strategists listed South Africa’s mining strength as a top reason it sees gains ahead for the country’s bonds and stocks.
“The rally in gold is beneficial for a small group of countries in emerging markets such as Uzbekistan, Ghana and South Africa,” said Daniel Wood, a portfolio manager at William Blair Investment Management. “The wider story of the rising gold price is that investors are increasingly looking for alternative investments away from the more traditional developed market currencies, particularly the US dollar.”
Wood said he’s bullish on Uzbekistan’s currency because the country is both a major bullion producer and holds substantial reserves. He added that soaring metal prices are part of the reason why South Africa’s markets are having such a historic year.
South Africa’s FTSE/JSE Africa All Shares Index has gained more than 30% in 2025. The rand is near a one-year high, and the 10-year government bond yield recently fell below 9% for the first time in more than seven years. Slowing inflation that’s allowed the country’s central bank to cut interest rates is also boosting market sentiment.
Australia pitches to be Trump’s fix for China rare earths curbs
Australia’s prime minister is set to pitch his nation’s vast resource holdings as a solution to China’s rare earth curbs at a meeting Monday with President Donald Trump, as the US and other countries scramble to diversify supply of critical minerals.
Anthony Albanese is due to meet with Trump at around 11 a.m. in Washington and will aim to use the sit down to secure an agreement with the US on critical minerals. He is also expected to seek assurances on the administration’s commitment to the Aukus pact under which the US is due to help supply Australia with nuclear submarines.
China’s move to impose unprecedented export restrictions on the rare-earth supply chain dominated discussions last week among global finance chiefs in Washington. Treasury Secretary Scott Bessent suggested a united front is forming, saying US officials are in talks with “European allies, with Australia, with Canada, with India and the Asian democracies” about a response.
Albanese follows a string of counterparts in traveling to Washington to try to shore up ties with the US while avoiding a blowup with the mercurial president. While Australians remain pro-US alliance, they are also anti-Trump and worried about the outlook for American democracy, a survey released last week showed. As a result, Albanese needs to strike a delicate diplomatic balance.
Vulcan Energy inks agreement to supply Glencore with lithium
Vulcan Energy said on Monday that it has signed an agreement with Glencore to supply the mining giant with lithium hydroxide monohydrate from its Lionheart Project in Europe.
The company will supply Glencore with between 36 000 t and 44 000 t of lithium hydroxide monohydrate over an initial eight-year period, which accounts for about 20% of Vulcan's current planned output over the period.
The agreement with Glencore follows deals inked with car maker Stellantis, Umicore and LG Energy Solution, and will be the final offtake agreement for Lionheart Project's Phase One project financing. Vulcan said it is also in discussions with other European automakers.
"Vulcan has now achieved a good mix of offtake partners for Phase One lithium production: an automaker, a battery maker, a cathode manufacturer, and a commodities trader, all with a strong European focus", said Cris Moreno, the company's chief executive officer and managing director.
The Lionheart Project, located at the French-German border, is the largest lithium resource in Europe, according to Vulcan.
Amaroq begins selling traceable gold from Greenland mine
Amaroq Minerals (LON, TSX-V: AMRQ) has kicked off sales of fully traceable gold from its Nalunaq mine in Greenland through the Single Mine Origin (SMO) platform, marking a milestone in the country’s responsible mining efforts.
The Nanoq gold mine is located in southeast Greenland.
The company said the SMO-certified gold provides buyers with complete transparency, ensuring that each bar is responsibly mined and mercury-free.
In keeping with its community-focused strategy, Amaroq is making the gold available exclusively to Greenlandic residents to promote local participation in the nation’s emerging minerals and mining sector.
“Amaroq has demonstrated a clear commitment to responsible mining practices, with a particular focus on environmental stewardship and sustainable development,” Charlie Betts, managing director of the Betts Group and Single Mine Origin said. “This collaboration allows the local community to participate in the mine’s ongoing success and in Amaroq’s contribution to the region’s economy.”
The Nalunaq mine poured its first gold in late 2024. The past-producing site, which operated between 2004 and 2013, yielded more than 350,000 ounces of gold before closing. Amaroq acquired the project in 2015 and has since expanded the resource base through drilling and a revised geological model.
