US, EU deepen cooperation on critical minerals with eye to broader agreement
Friedland: We have never been so close to global conflict
Zambia’s Luanshya copper mine to restart in August after two-decade halt
Panama counts steep cost of First Quantum’s copper mine closure
Congo launches $100 million US-backed mining guard to secure sites
US, EU deepen cooperation on critical minerals with eye to broader agreement
The US and the European Union on Friday deepened their coordination on critical minerals as part of a broader push by Western allies to loosen China’s grip on materials crucial to advanced manufacturing.
Entrance of the Louise Weiss building, inaugurated in 1999, the official seat of the European Parliament.
US Secretary of State Marco Rubio and European Union Trade Commissioner Maros Sefcovic signed a memorandum of understanding for a partnership on producing and securing critical minerals, with a specific action plan for trade announced separately.
Rubio did not mention China in his remarks, but said the preliminary agreement with Brussels reflected growing awareness among Western allies of the importance of supply chains and critical minerals for their economic success.
China has used its chokehold on the processing of many minerals as geo-economic leverage, at times curbing exports, suppressing prices and undercutting other countries’ ability to diversify sources of the materials used to make semiconductors, electric vehicles and advanced weapons.
“The over-concentration of these resources, the fact that they’re dominated by one or two places, is an unacceptable risk. We need diversity in our supply chains,” Rubio said before signing the memorandum.
Sefcovic told reporters he hoped the memorandum would jumpstart the overall push, and expressed hope that some initial pilot projects to test the price floor mechanism could kick off before the end of the year.
“The direction is clear,” he said. “Critical minerals … are the core of every industry shaping the future.”
Friedland: We have never been so close to global conflict
Ivanhoe chief on war, diesel supply and his enduring faith in copper
"Do you ever recall a moment like this since you were born, really?" Addressing the audience at the FT Live Commodities Summit in Lausanne, Switzerland, yesterday, Ivanhoe founder Robert Friedland was keen to stress the unique set of challenges faced by the mining industry and the world in general. "We are in a very interesting moment in time," he said. "Since I was born in 1950, we haven't been this close to a global conflict, and it is centred on metals."
In an obvious allusion to US President Donald Trump, his social media proclamations and actions in the Middle East, Friedland said: "When a butterfly flaps her wings, the whole world changes, and now we have Godzilla stamping around all over the place."
The impact on mining has been significant. "A really large percentage of sulphuric acid comes out of Qatari fields and the desulphurisation of gas," he said. "It affects everything," he said, including most obviously copper production, but Friedland also mentioned helium supply chains which have been disrupted, and that both helium and sulphuric acid are essential components of semi-conductors. "The copper in the [DRC] needs enormous volumes of sulphuric acid to leach so we could lose about half the production if there's an availability problem, and less if there's a pricing problem," he said. "If we have $12 copper, we can afford to pay more for sulphuric acid," he said.
Another constraint caused by war is the fuel mining operations depend upon. "A lot of remote mines burn diesel fuel just to generate electricity," Friedland said. "It is not just about transport. I think if you are in the mining industry it would be wise to acquire a year of diesel fuel. "The impact hasn't started yet. We are still into what ‘might be'." Although he noted that some operations in Australia have already been affected by a diesel shortage, Friedland said Ivanhoe's Kamoa-Kakula was "the greenest copper mine in the world" with 24-hour uninterrupted solar power and hydropower in the energy mix.
However, its underground operations still depend on diesel while electrification technology continues to develop. Addressing an audience dominated by commodity traders, he added, with some defiance: "If you are modelling scenarios, it should keep you awake at night if you are a trader, and if you are long or short in the wrong way you have my sympathies. "But you deserve to suffer, because we are miners, not traders; we just produce everything you touch, and everything you need."
Copper is king
The threats do not stop there, according to Friedland. "There is a danger that Iran will become a fourth superpower," he said. "They could buy a nuclear weapon this afternoon. They can buy all the technology they need from Russia and China. "And no one is really talking about this." Despite these threats, Friedland's faith in copper is stronger than ever.
"Copper is the King of metals," he said. "It conducts electrical energy better than anything except silver and gold, and most importantly it conducts heat. We are not going to get around that any time soon. I have invested in graphite, we have looked at other alternatives, but we are a long way off.
"I haven't found a single mining company that doesn't want to be a copper company."
And despite the Godzilla comment, Friedland was generally full of flattery for the Trump administration and its moves to put critical minerals front and centre. "Donald Trump was the first person to say we must reindustrialise America, and he was right about that," he said. "The American position has to be better understood here. Miners are important – and we like it, this is the first time we have been seen as anything other than innate evil. "It is very refreshing."
Zambia’s Luanshya copper mine to restart in August after two-decade halt
Shaft 28 at Luanshya copper mine.
Zambia’s Luanshya copper mine, majority owned by China Nonferrous Mining Corporation (CNMC), is set to resume production in August after spending more than two decades idle, the mines ministry said on Thursday.
CNMC acquired Luanshya in 2009 and holds an 80% stake. Zambia’s mining investment arm ZCCM-IH owns 20% of the mine, which, before production could resume, had to go through a dewatering process after severe flooding damaged infrastructure.
The mines ministry said that as of March 27 approximately 87.9 million cubic metres of water had been pumped out of the mine, clearing the way for infrastructure development and construction.
“Luanshya mine … is scheduled to resume production at its upper mine in August 2026,” the ministry said in a statement. “Production at the lower mine is expected to commence in 2029 under the ongoing redevelopment of the 28 Shaft being undertaken by China Luanshya Mine (CLM).”
The 28 Shaft’s redevelopment represents an investment of around $710 million, covering new shaft systems, a concentrator plant, and related infrastructure, the ministry added.
“To date, more than $75 million has already been invested in the project,” it said. “In addition, CLM is exploring potential collaboration with ZCCM Investments Holdings (ZCCM-IH) to develop mining opportunities in newly acquired areas within the region.”
The Luanshya mine is expected to produce approximately 100,000 metric tons of copper annually by 2030 once fully operational, boosting output for Africa’s second-largest copper producer as it seeks to more than triple production to 3 million tons by 2031.
Panama counts steep cost of First Quantum’s copper mine closure
The copper mine has been closed since 2023.
Panama’s economy and labour market have taken a significant hit following the 2023 shutdown of First Quantum Minerals’ (TSX: FM) Cobre Panama copper mine, with new analysis detailing lost growth, jobs and billions in fiscal revenue.
A report by Panama’s private sector group CONEP estimates the closure wiped out roughly 5% of GDP and 7% of export earnings, abruptly halting one of the country’s most productive industrial engines.
The impact has extended well beyond the mine, which supported more than 40,000 direct and indirect jobs and anchored activity across contractors, logistics and services.
National growth slowed from 7.4% in 2023 to 2.9% in 2024, while export losses reached roughly $2 billion. Government revenue tied to corporate taxes, royalties and related payments has also fallen sharply, straining public finances and limiting spending on infrastructure and social programs.
Communities that depended on mining-related income have seen consumption and commercial activity decline, with contractors and small businesses reporting steep revenue losses.
CONEP said the loss of mining has reduced household purchasing power and weakened regional economies through supply-chain effects.
Structural gaps
The shutdown has exposed structural vulnerabilities in Panama’s revenue base, including reliance on a small number of high-impact sectors.
Copper had become one of the country’s top exports, and its sudden absence has reduced external earnings and widened trade imbalances. Replacing that scale of revenue in the near term will be difficult given the capital intensity and long timelines required to develop alternative industries, the report warns.
Stockpile
A restart would lift both Panama’s economy and First Quantum while easing pressure in a tightening global copper market. Before operations were shut, the open-pit mine accounted for nearly 2% of global supply, highlighting its strategic importance.
The company expects to produce about 70,000 tonnes of copper over a year by processing a large ore stockpile at the site, a plan recently approved by the government.
While forecasts point to stabilization driven by services, logistics and construction, CONEP warned that headline growth could mask deeper structural losses. The absence of mining output has lowered the country’s long-term growth trajectory and reduced exposure to rising global demand for critical minerals.
Congo launches $100 million US-backed mining guard to secure sites
An excavator is used at the bottom of Congolese state mining company Gecamines' Kamfundwa open pit copper mine
KINSHASA, April 27 (Reuters) - Democratic Republic of Congo’s mines inspectorate said on Monday it had created a paramilitary mining guard to secure mining sites and mineral supply chains, as the world’s top cobalt producer tries to curb smuggling and insecurity in the sector and boost investor confidence.
The programme will be funded by a $100 million budget under strategic partnerships with the United States and the United Arab Emirates, the General Inspectorate of Mines (IGM) said in a statement.
Congo, the world’s second‑largest copper supplier with major reserves of lithium, coltan and gold, is battling a Rwanda‑backed rebellion in its mineral‑rich east that has killed thousands and displaced hundreds of thousands. Kinshasa last year signed a minerals partnership with the U.S. to strengthen supply chains and security as Washington seeks to reduce China’s dominance in critical minerals.
The IGM said the new unit will be gradually deployed across Congo’s mining regions and is expected to reach more than 20,000 personnel by the end of 2028.
A first contingent of between 2,500 and 3,000 is due to be operational from December 2026, following recruitment and six months of training in collaboration with the military.
“The will of the President of the Republic is to clean up the entire mining sector, by eliminating practices that run counter to good governance, transparency and the traceability of minerals,” said Rafael Kabengele, the country’s inspector general of mines.
Under the Congo‑U.S. minerals partnership, Virtus took over copper-cobalt miner Chemaf while other Western firms have expressed interest in mining assets, including in rebel‑held areas where insecurity has previously disrupted operations.
The mining guard will take over security duties currently carried out by defence forces. Its mandate will include securing mine sites, escorting mineral shipments from extraction areas to processing facilities and border posts, and safeguarding investments, the statement said.
The initiative is expected to strengthen investor confidence and improve state oversight of mineral production, officials said.
