| The Sunday Wrap |
| Trump Announces Billions in New Deals and Investments to Power American Mining |
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| The White House used a mining industry roundtable to announce more than US$2 billion in critical mining and mining-related projects, plus over US$180 million into mining schools. The Department of War is putting US$1.4 billion into Sila Nanotechnologies for silicon-carbon battery anodes and cell manufacturing, US$400 million into Sunrise Energy Metals for a full scandium value chain including the world's first primary scandium mine, US$150 million into Niron Magnetics for rare earth free permanent magnets, and over US$85 million into Standard Bauxite. The Export-Import Bank is adding US$25 million to Westwater Resources for the Coosa graphite deposit and US$8 million to 5E Advanced Materials for boron. |
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| Glencore's Australia Listing Taps Mining-Friendly Capital for Copper, M&A Ambitions |
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| Glencore will seek a secondary ASX listing in October, tapping Australia's A$4.4 trillion pension pool to fund copper growth and position for M&A. Gary Nagle expects ASX 200 entry within 12 months at about A$1.5 billion of Australian market capitalisation, then the ASX 100 at roughly A$5.5 billion. No capital raising is required, interest sharpened after the failed Rio talks, and Glencore is targeting 1.6 million tonnes of copper by 2035 from under 870,000 tonnes. |
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| Reuters |
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| CATL's Jianxiawo Lithium Mine Remains Closed Pending Environmental Approval |
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| The Yifeng County environment bureau says the Jiangxi mine is still awaiting environmental approval and is also under maintenance, with no ore transport or crushing under way, tempering expectations of a quick return to full production. Reclassifying the deposit from lithium-bearing ceramic clay to lithium ore forced a fresh impact assessment, published for consultation on 27 July, after CATL secured a safety production permit on 29 June. |
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| Reuters |
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| Chile Posts Weakest Copper Output for Second Quarter in 19 Years |
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| Chile produced 1.27 million tonnes of copper in the June quarter, down 7.7% year on year and the weakest April to June result in data going back to 2007. Ageing mines are struggling to lift output despite billions in investment. Bloomberg Intelligence expects mine supply to stay tight through 2026, with disruptions and slow recoveries offsetting new production. |
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| Mining.com |
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| Codelco Halts Expansion Work at Top Mine on New Seismic Risk |
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| Codelco has suspended expansion works in the Andes Norte section of El Teniente after six months of analysis pointed to seismic risk tied to the depth of the deposit, different from the risks previously identified and monitored. The suspension affects four contractors, more than 20 contracts and around 3,000 workers, though production across the division continues normally. It comes a year after the 31 July 2025 collapse at the same mine that killed six workers. |
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| Bloomberg |
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| US Military Scraps US$300 Million Lithium Carbonate Purchase |
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| The Defense Logistics Agency cancelled its solicitation for 35.64 million pounds, roughly 16,170 tonnes, of battery-grade lithium carbonate, giving no reason. The tender launched on 2 July sought five-year fixed-price contracts for the National Defense Stockpile, and the bid deadline had already been pushed back twice. The agency cancelled a cobalt tender last year. |
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| Investing News Network |
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| Malawi Mining Minister Clears Kangankunde of Illegal Exports After Parliamentary Scrutiny |
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| Mining minister Thoko Tembo told parliament that government inspections at the Balaka project found no evidence of illegal mining or unauthorised exports, and that material leaving the site was approved for testing and laboratory analysis under existing requirements. The response covers the committee's concerns over blasting, stockpiled ore and sample exports, with the Ministry of Mining and the Malawi Mining Regulatory Authority to continue regular inspections. |
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| Nyasa Times |
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| Congo Bans Copper and Cobalt Concentrates Exports |
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| A 29 June order signed by three ministers states that the export of copper and cobalt concentrates is prohibited, effective immediately. A new tax regime on significant by-products carries a three-month transition. The mines minister may grant one-year waivers in strategic circumstances. |
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| Reuters |
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THEME: THE STATE BECOMES THE MARGINAL BUYER
Washington Wrote the Cheques and the Biggest Lithium Mine Stayed Shut
More than US$2 billion went out of Washington in a single afternoon, and the two largest cheques went downstream. US$1.4 billion to Sila Nanotechnologies for silicon-carbon anodes and cell manufacturing, US$150 million to Niron Magnetics for magnets that need no rare earths at all. Only US$400 million to Sunrise Energy Metals reaches back to a mine, and that mine does not exist yet. Washington is buying its way around the extraction problem rather than through it, which tells you what it thinks of the timelines.
The pricing signal cuts the same way. The Defense Logistics Agency scrapped its purchase of 16,170 tonnes of battery-grade lithium carbonate without explanation, in the same week CATL's Jianxiawo remained shut in Jiangxi, awaiting an environmental assessment forced by reclassifying the deposit from ceramic clay to lithium ore. The largest single supply outage in the market is being held offline by a permit rather than by economics, and lithium carbonate still moved 0.23% on the month. Neither the buyer nor the price is behaving as though anything is scarce.
Everywhere else, the state is setting the terms and the private money is following it. Congo banned copper and cobalt concentrate exports outright. Mali is converting mining code revenue into US$883.1 million of infrastructure financing. Orion CMC, capitalised at US$1.8 billion by Washington and Abu Dhabi, moved to preferred partner on the US$940 million Kabanga build where Tanzania holds 16%. Malawi's mining minister cleared Kangankunde of illegal exports days after his own parliament recommended revoking the licence, which is precisely the ground AuKing just bought into. Glencore's response is to list where the pension money is. Sovereign capital is now the marginal buyer in this sector, and it is not buying on price.
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| Mariana Minerals raises US$310.0M in a Series B led by Khosla Ventures to accelerate its critical minerals build-out. |
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| Andreessen Horowitz and Breakthrough Energy Ventures continued their support, with new money from Greenoaks, StepStone Group, BHP Ventures, Mitsubishi Corporation, In-Q-Tel and others, taking total parent and project capital raised to roughly US$400.0M. Proceeds fund the flagship Copper One mine in southeastern Utah, ramping toward 50,000 tonnes a year of refined copper, and Lithium One in East Texas, targeting commercial production in the first half of 2027. The company also deploys the capital into further rollout of its MarianaOS software platform across capital project execution, refinery operations and mine management. |
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| Lithium Americas (LAC) enters a securities purchase agreement with Yorkville Advisors for up to US$175.0M in subordinated convertible debentures. |
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| US$150.0M in debentures will be issued on filing of the quarterly report on Form 10-Q for the period ended 30 June 2026, with the company retaining the right to issue a further US$25.0M in one or more subsequent closings at its discretion. Proceeds go to general corporate purposes including project overheads, capital expenditure, debt repayment and working capital, and the company will suspend sales under its at-the-market equity program for 30 days after the initial closing. The financing sits alongside the US$2.23 billion Department of Energy loan and strategic investments from General Motors and Orion Resource Partners as Thacker Pass moves through peak construction toward late 2027 mechanical completion. |
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| Snowline Gold (SGD) announces a C$150.0M (~US$107.1M) bought deal financing through a syndicate led by BMO Capital Markets. |
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| The underwriters have agreed to buy 10,350,000 common shares at C$14.50 each, with an over-allotment option for a further 15% of the offering exercisable at the offering price for 30 days after closing. Net proceeds advance Snowline's Yukon projects alongside working capital and general corporate purposes, with the offering expected to close on or about 12 August subject to regulatory approvals. The company's flagship Rogue project hosts the Valley deposit, carrying an open resource of 7.94 million ounces of gold at 1.21 g/t measured and indicated. |
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| Nevada Gold Mines acquires 100% of four Carlin and Cortez trend gold exploration projects from Ridgeline Minerals (RDG) in an all-cash transaction totalling US$23.15M (~C$32.7M). |
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| Nevada Gold Mines, the Barrick and Newmont joint venture, took Ridgeline's interests in the Swift, Black Ridge, Bell Creek and Atlas projects under a purchase and sale agreement dated 3 August, completed effective the same day for a one-time cash payment on closing. Ridgeline retains its Selena earn-in with South32, the Big Blue copper project, the Coyote gold project and a 1% net smelter royalty on Spartan Metals' Eagle tungsten project. The company puts the price at a 26% premium to its 20-day VWAP and finishes with C$33.0M in cash and C$3.0M in marketable securities. |
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| Wildcat Resources (WC8) acquires the pegmatite rights over E45/2364 at Tabba Tabba from Elevra Lithium (ELV) for total consideration of A$16.0M (~US$11.2M), plus royalties over the same ground from Attgold for undisclosed consideration. |
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| Wildcat purchased the pegmatite rights from Sayona Lithium, a subsidiary of Elevra, and separately acquired the fixed royalty and net smelter revenue royalty over the tenement from Attgold. Elevra receives A$5.0M cash on completion, A$8.0M in Wildcat shares issued at A$0.353, A$3.0M in deferred cash six months after Wildcat announces a completed Tabba Tabba feasibility study, and contingent payments of A$0.70 per tonne for each tonne of JORC pegmatite mineral resource defined within E45/2364. The transaction improves the tenure position around the 100% owned Tabba Tabba project near Port Hedland and adds ground along strike from existing resources, with the definitive feasibility study on track for H2 CY2026. |
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Hammer Metals (HMX : ASX)
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| 165m at 2.24% CuEq from 175m |
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| Lady Jenny (Queensland, Australia) |
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Talon Metals (TLO : TSX)
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| 30.6m at 5.3% NiEq from 680.6m |
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| Tamarack North (Minnesota, United States) |
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Founders Metals (FDR : TSXV)
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| 28m at 14.27 g/t Au from 433m |
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| Antino (Suriname) |
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Somerset Minerals (SMM : ASX)
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| 36.6m at 1.62% Cu from 22.9m |
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| Coppermine (Nunavut, Canada) |
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| Week-on-Week |
Price |
% |
| Gold |
US$4,342/oz |
+7.40% |
| Silver |
US$64.00/oz |
+10.34% |
| Platinum |
US$1,736/oz |
+5.85% |
| Palladium |
US$1,379/oz |
+7.73% |
| Copper |
US$14,658/t |
+1.32% |
| Nickel |
US$16,936/t |
-1.62% |
| Zinc |
US$3,694/t |
+1.55% |
| Lead |
US$1,876/t |
+0.34% |
| WTI Crude |
US$77.08/bbl |
-5.11% |
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| Month-on-Month |
Price |
% |
| Tin (LME)* |
US$52,878.00/t |
+1.15% |
| Lithium Carbonate (China)* |
US$17,342.47/t |
-0.23% |
| NdPr Oxide (FOB China)* |
US$92.67/kg |
+2.91% |
| Fluorspar (90%)* |
US$458.17/t |
+4.97% |
| Antimony* |
US$14.88/kg |
-10.38% |
| Niobium* |
US$32.64/kg |
-0.20% |
| Tungsten* |
US$153.41/kg |
-5.68% |
| Gallium* |
US$239.05/kg |
-1.44% |
| Germanium* |
US$3,173.46/kg |
+1.69% |
| Uranium (U3O8)* |
US$188.61/kg |
-0.29% |
*Sourced from Critical Minerals Platform (CMP). These prices are APAC volume-weighted averages from producers rather than traders, meaning they are heavily weighted towards Chinese prices for minerals where China dominates production. All other commodities show week-on-week change.
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This newsletter is for general information, education and entertainment. Kamoa Capital is not licensed and does not know your circumstances. Nothing here is financial, legal or tax advice. Seek professional advice and read any PDS before acting. We aim for accuracy but make no guarantees and accept no liability. Views are opinions only and may include forward-looking statements that may not occur.
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