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The Drill Down
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The Drill Down
Monday 30 March 2026 · Part 1 Edition
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Kamoa Capital
Mining & Metals · Sentiment Tracker
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● 29 Mar 2026
00:00–23:59 AEST · 24-Hour Snapshot
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Industry Sentiment
+0.11
+0.00 vs prior window
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Regime · Bull/Bear
RISK-ON 69 / 31
2.2× bullish
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Conviction Signal
Coal
Bullish alignment
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Commodity Sentiment — Directional Bars · 24-Hour Snapshot
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| ↑ Lithium |
Strong Bull |
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+0.52 |
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| ↑ Oil & Gas |
Mild Bull |
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+0.11 |
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| → Rare Earths |
Neutral |
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+0.00 |
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| ↓ Uranium |
Strong Bear |
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-0.40 |
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Volume Anomaly Alerts
| HIGH |
Coal — -3.8σ volume anomaly detected across our coverage datasets. |
| WATCH |
Oil gas represents 49% of activity across our coverage datasets today. Consistent with normal distribution. |
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Conviction Signal
Oil gas concentration signal
Oil gas is the dominant conversation today, representing 49% of activity across our coverage datasets. Readings reflect today's distribution and should be treated as directional.
Baseline benchmarks will be introduced after 14 days of data collection.
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| Kamoa Capital · Mining & Metals Sentiment Tracker |
29 Mar 2026 · Proprietary & Confidential |
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Commodity Prices
| Precious Metals |
Price (USD/toz) |
| Gold |
$4,507.30
+14.74 (+0.33%)
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| Silver |
$69.11
-0.68 (-0.97%)
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| Platinum |
$1,854.87
-3.99 (-0.21%)
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| Palladium |
$1,374.64
-4.85 (-0.35%)
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| Base Metals (LME) |
Price (USD/lb) |
| Copper |
$5.45
-0.0334 (-0.61%)
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| Nickel |
$7.81
+0.0345 (+0.44%)
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| Zinc |
$1.41
+0.0176 (+1.26%)
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| Aluminium |
$1.48
+0.0128 (+0.87%)
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| Lead |
$0.86
+0.0047 (+0.55%)
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Prices updated as of 30 Mar 2026, 9:26 am AEST
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Today's Stories
Source: S&P Global
Speaking at CERAWeek in Houston, US Interior Secretary Doug Burgum declared the country must revive domestic mining to reduce its dependence on China for critical minerals. "We have to get back in the mining game. I mean, we killed mining in this country," Burgum said, warning that Chinese export controls on materials used in batteries and semiconductors could one day shut down every auto plant in the US without warning. The Trump administration has taken equity stakes in mining companies and signed critical minerals agreements with dozens of countries as part of a broader supply chain push.
Source: MINING.COM
Codelco CFO Alejandro Sanhueza has quantified the Iran war's impact on the world's largest copper producer, estimating that higher diesel prices, costlier inputs, and Chile's proposed suspension of a fuel tax credit will add roughly 10 cents per pound to cash costs, a 5% increase on the current ~$2/lb base. Copper prices have fallen nearly 9% since the war began, though Sanhueza maintained a constructive long-term view, citing strong demand growth and increasingly constrained supply.
Source: Mirage News
New Zealand First has announced a national mining policy package that would return 50% of all mining royalties directly to the regions from which they are generated, to be invested in local infrastructure, water, transport, and housing. The package also proposes longer mining permits to give investors greater certainty, streamlined regulatory rules, a modern geological survey, and the reopening of the School of Mines to rebuild the workforce.
Source: The New York Times
The US and Japan have signed a memorandum of cooperation to jointly research and develop deep-sea critical minerals, formalised during President Trump's meeting with Prime Minister Sanae Takaichi in Washington on March 19. The agreement focuses on rare-earth-rich seabed mud near Japan's Minamitorishima Island, where Japan has already begun test extraction at depths of up to 6,000 metres. Critics warn the partnership risks undermining the International Seabed Authority framework and could set a precedent for other nations to bypass international oversight of ocean mining.
Source: MINING.COM
Macquarie Strategy argues copper's rally from late 2025 was driven by investor flows rather than physical tightness, leaving the market "overpriced, oversupplied and over the pond." Visible global inventories have risen by more than one million tonnes since the start of 2025, with LME stocks at six-year highs and COMEX inventories at unprecedented levels. The bank estimates the market ran a surplus of 602,000 tonnes last year and sees mounting downside risks, with macro sentiment and geopolitical positioning expected to dominate over fundamentals in the near term.
Source: MINING.COM
Emirates Global Aluminium, the region's top producer, sustained significant damage at its Abu Dhabi site from Iranian attacks. The conflict has disrupted aluminum production facilities across the Middle East.
Source: AFR
Remote mining operations across Australia face diesel shortage concerns following supply disruptions. The fuel crisis poses significant operational challenges for mining companies dependent on diesel for remote operations.
Source: AFR
BHP, Rio Tinto and Fortescue are seeking ACCC approval to collaborate on fuel procurement amid supply concerns. The three iron ore miners consume close to 2 billion litres of diesel annually.
Source: MINING.COM
EnergyX's demonstration plant is now operational and capable of producing approximately 250 metric tons per year of lithium carbonate equivalent. The facility represents the first US direct lithium extraction plant in operation.
Source: MINING.COM
Wells Fargo projects gold prices to reach between $6100 and $6300 an ounce by the end of the year. The bank maintains its bullish outlook despite the recent price slump.
Source: AFR
Rio Tinto has launched legal action against the US government seeking refunds on Trump-era tariffs. The mining giant is pursuing compensation for tariffs it believes were improperly imposed.
Source: MINING.COM
Gold prices have fallen by 15% this month, testing investor confidence as the precious metal approaches bear market territory. Dip-buyers have emerged to support prices during the sharp decline.
Source: Santa Fe New Mexican
The Navajo community faces internal divisions over proposals for a massive coal mine expansion. Local stakeholders are split on the economic and environmental implications of the proposed mining development.
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