29 Oct 2026 - Commodity Prices Set to Increase by 23% in 2026 as Global Shocks Mount

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Mining Weekly

India needs about US$220 billion in clean energy investment over the next three years to lift non-fossil capacity from about 308 GW to its 500 GW target by 2030, senior renewable energy ministry official Santosh Kumar Sarangi said. The country attracted about US$64 billion in private clean energy investment between 2024 and 2026, including US$6.2 billion from foreign investors, while about 40 GW of awarded projects have yet to find buyers. India will meet investors, including Canadian pension funds, at a clean energy summit in New Delhi next week.

Mining Weekly

Appian Capital Advisory plans to deploy US$5 billion to US$7 billion globally over the next 12 to 24 months, including roughly US$2 billion for Africa, CEO Michael Scherb said. The firm holds three active African investments against four in Latin America, and has exited three others in Africa, including Burkina Faso and Tanzania amid a coup and an election crisis respectively. Appian rates Morocco, Namibia and Botswana as top-tier jurisdictions and is evaluating Ghana, Ivory Coast, Mauritania and Senegal.

Federal Reserve

The FOMC held the federal funds target range at 3.75% to 4% by a 10 to 2 vote, describing economic activity as expanding at a strong pace and inflation as elevated. Lisa Cook and Beth Hammack dissented, preferring a 25 basis point hike. The committee said more information will help it set the policy stance needed for a timely return of inflation to its 2% goal.

Takeovers Panel

The Takeovers Panel declared unacceptable circumstances over 55.56% holder A2MP Investments' lapsed 5 cent-a-share bid for Canyon Resources, which was priced about 42.5% below Canyon's prior close. The Panel found the bidder's statement inadequately disclosed A2MP's intentions, which were materially inconsistent with what it told lender AFG Bank Cameroon, and that A2MP used Canyon's confidential information. It also found factors with the potential to coerce shareholders into accepting, and is still considering final orders.

Mining Weekly

Western countries could reach an acceptable level of rare earths diversification away from China within three to five years, said Benjamin Gallezot, France's Interministerial Delegate for Strategic Minerals and Metals Supply. He pointed to expansion projects led by Solvay and Carester, plus others in Australia, the US, Japan, Brazil and India, though magnet manufacturing could remain a limiting factor. G7 leaders aim to cut dependence on any single supplier outside the group and its partners to below 60% by 2030.

MiningMX

Glencore CEO Gary Nagle told a private Goldman Sachs conference that 2027 should be an exceptional year for cash returns, with two multibillion-dollar disposals nearing completion, the Financial Times reported. A sale of 40% of its Congo interests to US government-backed Orion CMC, valuing the assets at about US$9 billion including debt, could close by early next year, though no final agreement has been reached, and a decision on its controlling Kazzinc stake is due within two months. Trading profit for 2026 is expected to exceed US$5 billion, second only to 2022.

MiningMX

West African Resources expects to clear its debt within 6 to 12 months after generating A$458 million in September-quarter operating cash flow and ending the period with A$1.2 billion in cash, up A$319 million from June. The Burkina Faso gold miner produced a record 127,950 ounces in the quarter and remains on track for 430,000 to 490,000 ounces this year. It paid a A$229 million special dividend earlier this month and is finalising the sale of a further 25% of Kiaka to state-owned SOPAMIB, cutting its stake to 60%.

The Northern Miner

Indian bullion premiums rose to US$15/oz in the week to 23 October from US$11, and weekly Shanghai Gold Exchange volume in a physically settled contract reached about 430 tonnes, the highest since April, BMO said. The buying followed a 4% weekly fall in spot gold to the low US$4,000s. Global gold ETFs recorded US$1.1 billion of net outflows over the same week, led by US$1.7 billion of North American withdrawals.

Mining Weekly

President Hakainde Hichilema appointed Brenda Tambatamba as Zambia's new mines minister, among cabinet changes after he won a second term in August's election. Tambatamba served as labour minister in Hichilema's previous cabinet and earlier worked as a sustainability manager at Barrick's Lumwana mine.