Codelco gets environmental permit for $2.8B Ministro Hales mine extension
Caledonia plans to spend $132 million on Zimbabwe’s biggest gold mine this year
Copper at heart of probable Rio bid for Glencore: RBC
A view of the Collahuasi mine’s open pit.
Investors are increasingly expecting Rio Tinto (NYSE, LSE, ASX: RIO) to make an all-share offer for Glencore (LSE: GLEN) in a deal driven by the will to control future copper supply, RBC Capital Markets said.
A premium of 15% to 30% to Glencore’s early January share price could get the deal done and avoid spurring BHP (NYSE, LSE, ASX: BHP) to bid for the company, RBC mining analyst Ben Davis said Friday, citing recent conversations with investors. That could value Glencore at up to $87 billion. Securing copper – not creating near-term value – is the key rationale for the transaction, Davis stressed.
Glencore and Rio said last week they were holding preliminary talks about combining some or all of their businesses in a deal that could create the world’s largest miner. Possible scenarios include an all-share merger between the companies, Glencore and Rio said Jan. 8. Glencore’s market capitalization is about $76 billion, while Rio is worth about $145 billion.
“Clearly the mining cycle is alive and well,” Davis wrote in a note. “A merger of Glencore and Rio Tinto that was thought by many as an unserious conversation just over a year ago, has now found its sweet spot after a strong copper rally, heightened resource scarcity fears and an Argentina turnaround. The deal has momentum and given the respective share price reaction of both stocks, the market is expecting a firm offer to be made.”
First Quantum nears stockpile processing at Cobre Panama copper mine
First Quantum Minerals (TSX: FM) welcomed Panama President Jose Raul Mulino’s plan to allow the removal and processing of stockpiled ore at its shuttered Cobre Panama copper mine, calling it a step toward stabilizing the site while discussions continue on its long-term future.
Bird’s-eye view of Cobre Panama mine
The Canadian miner said the government began executing a care and maintenance plan last year in preparation for processing about 38 million tonnes of ore mined before operations were suspended in 2023.
The stockpile is expected to yield about 70,000 tonnes of copper, with proceeds from concentrate sales helping offset preservation and maintenance costs in 2026, depending on regulatory timing.
Chief executive Tristan Pascall said the forthcoming permit is a positive development but does not amount to a reopening of the mine, adding that First Quantum remains committed to dialogue to resolve the dispute.
The company said it had revised its copper production guidance for the next two years. It nows expects to generate 375,000 to 435,000 tonnes of copper this year; 410,000 to 470,000 tonnes in 2027 and 430,000 to 490,000 tonnes in 2028.
BMO Metals analyst Matt Murphy said the bank sees the guidance adjustments as “a modest negative”, as First Quantum’s 2026 copper production guidance was reduced by about 15,000 tonnes. He noted the market may take some comfort in the likelihood that the miner could begin processing stockpiled ore at Cobre Panama in the coming months.
Congo state miner proposes deal for cobalt producer prized by US
Congolese state-owned miner Gecamines has proposed acquiring Chemaf SA, before bringing in a new majority shareholder, as interest in the troubled copper and cobalt producer intensifies.
The fate of Trafigura Group-backed Chemaf has taken on a significance beyond its modest output of metals because the company is building one of the world’s biggest cobalt mines and holds dozens of untapped licenses. At the same time, Chemaf has also come to symbolize the growing competition between the US and China for critical minerals in the Democratic Republic of Congo.
Chemaf abandoned a sale in March to a Chinese firm after Congo withheld the necessary approvals. Gecamines now wants to buy heavily indebted Chemaf for a maximum of $1 million, and then transfer most of the shares to a new investor, according to people familiar with the matter.
Under the plan, Gecamines would market Chemaf’s production to US buyers and hold a 5% so-called “free carry” stake in the company, according to a document seen by Bloomberg and a person familiar. The state miner would also seek to fund an additional shareholding of at least 20%.
Still, there’s no certainty that Gecamines’ proposal will be supported by other key players, including Congo’s government and Chemaf’s owners and creditors. The latter includes trading house Trafigura, which arranged a $600 million loan for Chemaf in 2022 mainly to finance the construction of its flagship Mutoshi project, before a slump in cobalt prices drove the miner to seek fresh funds by putting itself up for sale.
The situation is complicated as some interested buyers have already made direct approaches to Chemaf, which belongs to the businessman Shiraz Virji and his family
Riyadh’s leading miner outlines sweeping expansion across phosphates, aluminium, gold and strategic minerals to become a global commodities powerhouse
Saudi Arabia’s largest mining company, the Saudi Arabian Mining Company (Maaden), has announced an expansive $110 billion investment plan set to unfold over the next decade, underlining the kingdom’s drive to transform its mineral sector and diversify its economy.
The strategy aims to significantly boost production across key commodities including phosphates, aluminium and gold while advancing exploration and processing capabilities.
The investment blueprint, revealed at a major industry event, reflects Maaden’s intention to build scale across primary and value-added segments of the mining value chain, positioning the firm — and Saudi Arabia — as a leading global commodity producer.
This plan builds on the company’s existing assets and growth programmes, as well as broader national initiatives under Saudi Vision 2030 to reduce dependence on oil revenues and develop new economic pillars.
The $110 billion commitment encompasses expansion of existing operations as well as the development of new projects to capture domestic and international demand for essential minerals and metals.
Phosphate production, a long-established strength for Maaden, is expected to scale substantially, supporting fertilizer export markets and global food security supply chains.
Aluminium capacity will be expanded in tandem, leveraging integrated smelting and refining facilities.
Maaden also plans to intensify gold mining activities, capitalising on rich deposits within the Arabian Shield, while increasing exploration for base metals and strategic minerals critical for clean energy and industrial transformation.
Codelco gets environmental permit for $2.8B Ministro Hales mine extension
Chile’s Ministro Hales mine
Chilean state-run miner Codelco said on Wednesday it had received environmental approval to extend the life of its Ministro Hales copper mine until 2054, a project that will require an investment of $2.8 billion.
The world’s largest copper producer said the initiative will allow the mine to increase production to 200,000 tons per year, up from the current 170,000 tons.
Caledonia plans to spend $132 million on Zimbabwe’s biggest gold mine this year
Caledonia Mining Corporation plans to spend $132 million this year to launch development of what, once operational, will be Zimbabwe’s largest gold mine, the company announced on Wednesday.
Miners are riding a wave of record bullion prices to expand output. Spot gold prices hit another record high of $4,639.48 an ounce early on Wednesday, fueled by escalating tensions in Iran, concern over the Federal Reserve’s autonomy and softer inflation readings that boosted rate cut bets.
Caledonia said in a production update that the planned spending, part of a $162.5 million total capital expenditure program for 2026, was subject to board approval and availability of funding.
Caledonia bets big on Bilboes as Zimbabwe’s next major gold mine
Caledonia, which already operates the 80,000-ounce-per-year Blanket mine in Zimbabwe, plans to develop the Bilboes mine at a projected total capital cost of $584 million.
Production from the new mine is expected to begin in late 2028, with steady-state annual output of 200,000 ounces anticipated from 2029 for an initial period of 10 years.
On Thursday, Caledonia announced a private placement of $125 million in convertible bonds to institutional investors. The debt, due to mature in January 2033, will mostly fund the Bilboes mine development, it said.
