| The Sunday WrapKamoa ViewTheme: Capital Follows Existing InfrastructureGold Fields, Aura And Glencore Are Building Around Infrastructure That Already ExistsGold Fields agreed to buy BHP's Kambalda Nickel Concentrator and a package of tenements in Western Australia, with completion expected during CY2027 and the price undisclosed. Aura signed a definitive agreement for the company holding the mining fleet, equipment leases and workforce at three Brazilian gold operations, at an enterprise value of R$612M (~US$118M), and expects AISC to fall by US$150 to US$200 per ounce from 2027 on its own estimates. Glencore now expects Alumbrera to restart in the second half of 2027, about six months early, with Agua Rica ore set to run through that plant 35 km away.The three moves differ in structure, from an asset purchase to an operating-company acquisition to a restart, yet each shortens the route to production using something that already runs. September gave little reward for patience, with the Top 50 mining companies losing US$264 billion in market value and gold miners US$79 billion of it. Operators holding processing capacity or identifiable cost savings sit closer to cash flow than those still waiting on a greenfield build.The largest raise this week points at the same year. Silver Tiger's C$87M (~US$61.0M) bought deal funds El Tigre toward first pour, scheduled for December 2027. Alongside Alumbrera, Kambalda and Aura's fleet, that gives investors four dated checkpoints in 2027 against which to measure delivery. |
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| Glencore Gets RIGI Nod For US$4B Argentina Copper ProjectGlencore has secured approval under Argentina's RIGI incentive regime for its US$4 billion Agua Rica copper project in Catamarca, providing long-term tax, customs and foreign-exchange stability. The MARA plan feeds Agua Rica ore to the existing Alumbrera plant about 35 km away, targeting about 200,000 tonnes of copper in concentrate a year for the first 10 years of a 23-year life, from 1.2 billion measured and indicated tonnes grading 0.47% copper and 0.20 g/t gold. Alumbrera's restart is now expected in the second half of 2027, about six months early.The Northern Miner |
| Mining Remains Australia's Top Company TaxpayerMining remained Australia's largest corporate taxpayer in 2024-25 despite weaker commodity prices cutting profits, according to the ATO's latest corporate tax transparency report. The 4,299 large corporate entities covered paid A$87.5 billion in company tax, down from A$95.7 billion in 2023-24, with tax payable from the mining, energy and water segment falling A$12.5 billion while every other industry segment grew. The Minerals Council of Australia said the sector's company tax would help fund services and infrastructure.Australian Mining |
| US To Lend Up To US$4.2 Billion To Vistra To Boost Nuclear Power OutputThe US Department of Energy has announced a conditional loan commitment of up to US$4.2 billion to fund uprates at Vistra's Beaver Valley, Davis-Besse and Perry nuclear plants in Pennsylvania and Ohio. Vistra must satisfy technical, legal, environmental and financial conditions before a definitive agreement is signed, and the package includes an option to finance future uprates at Comanche Peak in Texas.American Nuclear Society |
| Top 50 Mining Companies' US$264bn Value DropThe world's 50 most valuable mining companies lost US$264 billion in September to finish at US$2.26 trillion, the second-largest monthly fall in the ranking's history, as gold futures slid 6.4% to US$4,158 an ounce. Gold miners gave up US$79 billion, led lower by Shandong Gold (down 27.8%) and Kinross (down 21.3%), while BHP's US$26.4 billion drop was the largest in dollar terms after the 23 September Escondida fatality and suspension. First Quantum fell 19.2% after a Panama commission set out 17 recommendations for a Cobre Panama restart, and Guangzhou lithium carbonate fell 22.5% to 122,800 yuan a tonne.Geomechanics.io |
| World Bank Backs US$1.4B For Chile's Copper GiantThe World Bank Group is promoting a MIGA guarantee structure used by Codelco, under which two 15-year financings total nearly US$1.4 billion, the latest a US$600 million Santander and HSBC loan backed by a US$859.1 million guarantee. The loans cover Codelco's payments under five renewable power contracts as it targets 100% renewable electricity by 2030, and fund none of its mine development.The Northern Miner |
| Franco-Nevada Becomes Significant Shareholder Of Kenorland MineralsFranco-Nevada bought 10 million Kenorland shares, about 12.42% of the company, at C$2.22 each for C$22.2 million in private deals with John Tognetti and CEO Zach Flood. Kenorland holds a 4% NSR on Sumitomo Metal Mining Canada's Frotet project, home to the Regnault discovery with an inferred resource of 14.5 Mt at 5.47 g/t gold for 2.55 Moz.Junior Mining Network |
| Jacaranda Lines Up A$8M-A$10M ASX Float For Botswana And Queensland ExplorationJacaranda Natural Resources is seeking A$8 million at 20 cents a share, with up to A$2 million in oversubscriptions, ahead of a proposed ASX listing under the code JRL. Funds go to initial drilling at the Quartz Ridge and Tea Tree prospects within the White Cockatoo copper-gold project in Queensland and at the Globe project in Botswana, alongside broader exploration across a four-project portfolio. White Cockatoo is being acquired from Bindi Metals, conditional on the float.Stockhead |
| Sumitomo Metal Expects Global Nickel Market To Stay In Surplus In 2027Sumitomo Metal Mining forecasts a global nickel surplus of 34,000 tonnes in 2027, narrowing from 38,000 tonnes this year, as Indonesian output recovers on potentially higher mining quotas and lower sulphur and sulphuric acid prices. Indonesian nickel pig iron production is expected to rebound 11.9% to 1.88 million tonnes after falling 2.3% in 2026. Global demand is forecast to rise 6% to 3.92 million tonnes, with battery demand lifting to 620,000 tonnes from 560,000 tonnes.Mining.com |
| Genesis Considers Mine Sales After Vault TakeoverGenesis Minerals is weighing outright mine sales or a separately listed spin-off of some Australian assets once its takeover of Vault Minerals completes, executive chair Raleigh Finlayson said, citing a strategic review of the enlarged portfolio. The combined group, valued at about A$14.5 billion with five major mines, would produce about 700,000 ounces a year, with completion expected by late November.Miningmx |
| Dalian Iron Ore Hits 15-Month Low On Thin Steel MarginsDalian's most-traded iron ore contract fell 1.85% to 691.5 yuan (US$103.19) a tonne on the first trading day after China's week-long holiday, its weakest since June 2025. Only about 6.9% of Chinese steelmakers were profitable at end-September and average daily hot metal output slid to a six-month low of 2.34 million tonnes, Mysteel data showed. Singapore's benchmark November contract rose 0.93% to US$92.3 a tonne.Economic Times |
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| Silver Tiger Metals (SLVR) files a final short form prospectus for its C$87M (~US$61.0M) bought deal offering of units to advance the El Tigre Project, Sonora, MexicoThe offering comprises 87,000,000 units at C$1.00, each with one common share and one-half of a warrant exercisable at C$1.35 for 24 months, and is expected to close on or about 13 October. Proceeds will advance the El Tigre silver and gold heap leach project, where first pour is scheduled for December 2027. |
| Ballard Mining (BM1), owner of the Mt Ida Gold Project in Western Australia, launches a non-underwritten single-tranche placement targeting approximately A$45.0M (~US$31.3M), alongside a share purchase plan for eligible shareholdersThe placement is offered to strategic, institutional and sophisticated investors. It follows Ballard's A$61.0M placement in January 2026. |
| Torque Metals (TOR) receives firm commitments for an A$25M (~US$17.4M) institutional placement to accelerate exploration at the Ritz Gold Project, Western AustraliaThe commitments cover approximately 131.6M new shares at A$0.19, about 21% of shares on issue, priced at a 7.3% discount to the last close and 4.4% to the 15-day VWAP. The proceeds lift pro-forma cash to A$32.7M (~US$22.8M) and will fund extensional and infill drilling to grow the current 351koz at 3.1g/t Au resource, regional exploration across the South Kalgoorlie Gold Camp and geophysical surveys under the new management team's Project RPM strategy. |
| Kirkland Lake Discoveries (KLDC) closes its upsized brokered private placement for gross proceeds of C$20.2M (~US$14.1M), including a lead order from Eric SprottThe package comprises C$14.5M of flow-through shares, priced at C$0.40 and C$0.483, and C$5.6M of common shares at C$0.35, with the agents' option exercised in full, while net proceeds from the common shares are earmarked for general corporate purposes. Canaccord Genuity and CFT Financial acted as co-lead agents and co-bookrunners. |
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| Aura Minerals (AUGO) signs a definitive agreement to acquire the company holding the mining fleet, equipment leases and workforce at its Apoena, Almas and Borborema gold operations, Brazil, for an enterprise value of R$612M (~US$118M)Up to R$250M (~US$48M) is payable in cash, with the remainder made up of assumed equipment lease financing and other contingent payments, a portion of which depends on performance during the transition. Aura targets a January 2027 transition and expects the insourcing to cut weighted-average AISC by US$150 to US$200 per ounce of gold sold from 2027, on its internal estimates. Closing is subject to antitrust clearance from Brazil's CADE. |
| Gold Fields (GFI) agrees to acquire BHP's (BHP) Kambalda Nickel Concentrator and a package of tenements and mineralisation rights in Western Australia, for an undisclosed priceCompletion is expected during CY2027, subject to conditions including regulatory approvals, and BHP will continue to manage the asset until then. Gold Fields will evaluate options for the long-term use of the concentrator and offer employment to people directly supporting it. The concentrator sits within BHP's WA Nickel assets, suspended since July 2024, and BHP intends to review its suspension decision for the remaining assets by February 2027. |
| TNR Gold (TNR) receives an unsolicited, non-binding proposal from shareholder Altius Minerals (ALS) to acquire all common shares it does not already own, and enters into an exclusivity arrangement; no price disclosedAltius holds approximately 12.7% of TNR's issued shares. The special committee of independent directors continues to evaluate the proposal with its advisors, and TNR says there is no assurance any transaction will result or as to its timing, structure or terms. No price has been disclosed. |
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| Brunswick Exploration (TSXV:BRW)202.45m at 1.31% Li2O from 274.25mAnatacau Main, Québec, Canada |
| Founders Metals (TSXV:FDR)54m at 8.45 g/t Au from 303mAntino (Froyo Zone), Suriname |
| Power Minerals (ASX:PNN)119m at 4.94% TREO from surfaceMorro do Ferro, Minas Gerais, Brazil |
| Prospector Metals (TSXV:PPP)7.81m at 41.34 g/t Au from 100.62mML Project (TESS Zone), Yukon, Canada |
| White Cliff Minerals (ASX:WCN)76.5m at 2.01% CuDanvers 1, Rae, Nunavut, Canada |
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| Week-on-Week | Price | % |
| Gold | US$4,171.20/oz | +0.76% |
| Silver | US$59.92/oz | -0.78% |
| Platinum | US$1,668.00/oz | -1.36% |
| Palladium | US$1,132.00/oz | -1.74% |
| Rhodium | US$9,000.00/oz | -1.10% |
| Copper | US$14,526.00/t | +1.19% |
| Nickel | US$15,415.00/t | -0.13% |
| Zinc | US$3,781.00/t | -0.45% |
| Lead | US$1,833.00/t | +0.33% |
| Aluminium | US$3,060.50/t | -1.58% |
| Tin | US$53,050.00/t | -2.40% |
| Iron Ore | US$90.98/t | -0.41% |
| Manganese | US$4.31/dmtu | +0.08% |
| Uranium | US$89.85/lb | -0.11% |
| WTI Crude* | US$91.66/bbl | -1.30% |
| Lithium† | US$20,099.71/t | 0.00% |
| Cobalt | US$39,245.00/t | +0.27% |
| Antimony | US$15,486.13/t | +0.08% |
| Tungsten | US$144,724.82/t | -0.98% |
| Niobium‡ | US$961.18/t | -0.08% |
| Neodymium† | US$154.85/kg | 0.00% |
| Praseodymium | US$197.44/kg | +14.98% |
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| Prices sourced from Pulse Intelligence, week-on-week to Friday 9 October 2026 (Saturday rows not yet written at time of writing). *WTI Crude sourced from Investing.com. †This price feed had no new quote for more than seven days at time of writing, so 0.00% reflects a stale feed. ‡Quoted basis under review. |
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