| The Weekly WrapKamoa ViewTheme: Large Needs, Conditional ChequesBloombergNEF Sees A US$332 Billion Copper Gap.Cornish Metals' £135 million raise led this week's funding, with Glencore committing roughly £11.2 million alongside its offtake relationship. Galleon Gold announced a CAD 27 million bought deal, while San Lorenzo and NVRO rounded out the four raises. Hecla is among the strategic investors in NVRO, another example of an established miner backing the next wave of projects.Lithium Africa also received a non-binding USD 60 million proposal, alongside a prepayment and offtake offer with no disclosed value. These are meaningful amounts for the companies involved, but the industry needs much more. BloombergNEF puts copper's investment gap at USD 332 billion. Benchmark Mineral Intelligence says lithium needs more than USD 100 billion for the equivalent of 134 new mines by 2050. The World Bank Group is targeting USD 19 billion in critical minerals financing over fiscal 2026 to 2030.On the acquisition side, New Hope and CuFe are putting their shares to work. New Hope has signed a scheme implementation deed to acquire the rest of Malabar at 0.500 New Hope shares per share, valuing the whole company at an implied AUD 1.8 billion. CuFe has agreed to issue 1.6 billion shares for Gecko, which holds the remaining 45% of Tennant Creek. That would take Gold Valley to about 53% of CuFe.Both buyers are consolidating assets through scrip, while the funding deals bring in capital and strategic partners. There's money moving across the sector. The scale of investment needed in copper and lithium gives some perspective on how much more has to follow. |
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| World Bank Targets US$19 Billion In Critical Minerals Financing By 2030The World Bank Group plans to quintuple its critical minerals business, targeting US$19 billion in financing over fiscal 2026 to 2030, up from US$3.6 billion in fiscal 2021 to 2025. President Ajay Banga announced the target at the IMF and World Bank annual meetings in Bangkok, alongside country partnerships with eight governments including Egypt, Malawi, Mauritania and Zambia. The bank has identified 20 countries it could partner with on critical minerals projects.African Economy Inc. |
| Peru Copper Output Ticks Down In AugustCopper output in Peru, the world's third-largest producer, fell 5% year on year in August to 230,676 tonnes, the energy and mines ministry said on Friday. January to August production rose 1.2% year on year to 1.8 million tonnes.Mining.com.au |
| ILZSG Sees Global Zinc, Lead Markets In Surplus In 2027The International Lead and Zinc Study Group expects refined zinc to swing from an 88,000-tonne deficit in 2026 to a 25,000-tonne surplus in 2027, with output up 2% to 14.21 million tonnes against demand up 1.2% to 14.19 million tonnes. The refined lead surplus is forecast to widen from 90,000 tonnes this year to 163,000 tonnes in 2027, as supply rises 1.5% to 14.08 million tonnes and demand 1% to 13.92 million tonnes.Mining Weekly |
| Copper's Investment Gap: US$332 BillionBloombergNEF's Transition Metals Outlook 2026 finds most of the 10 metals and minerals it covers will have enough supply capacity through 2050, with copper the exception. It puts the investment needed to bridge the looming copper shortage at US$332 billion. Demand is forecast to grow fastest for lithium, which triples by 2050, and graphite, which more than doubles.BloombergNEF |
| China's State Iron-Ore Buyer Agrees New Annual Supply Contract With Rio TintoChina Mineral Resources Group (CMRG), Beijing's centralised iron ore buyer, has agreed a new supply deal with Rio Tinto and verbally notified some steel mills on Wednesday, Reuters reports, citing people familiar with the matter. CMRG will begin collecting each mill's volume requirements on Thursday, and how much Rio iron ore will be allocated under the contract is not yet clear. The deal follows CMRG directing some mills in early August to halt negotiations with Rio for shipments from September.Mining Weekly |
| Half Of India's Coal Plants Run Critically Low On Fuel As Power Demand Surges96 of India's 191 coal-fired power plants had less than three days of fuel as of 19 October, up from 60 in mid-September, according to Central Electricity Authority data reported by Reuters. Total coal stocks at power stations have fallen about 5% since the start of October as hotter-than-usual weather linked to El Niño lifts demand, despite the coal ministry saying it had ramped up supplies. In September, the gap between power demand and supply widened to 560 million kWh, the highest since August 2023.Mining Weekly |
| Newmont Reports Third Quarter 2026 Results With Record Third Quarter Adjusted Net Income; Positioned To Achieve Full-Year Guidance; Provides Update On Red Chris Block Cave ProjectNewmont produced 1.3 million attributable gold ounces in the third quarter at an AISC of US$1,454/oz, generating US$1.9 billion of free cash flow and adjusted net income of US$2.3 billion, or US$2.20 a share. Full-year cost guidance improved to US$925/oz CAS and US$1,520/oz AISC, with 5.3 million ounces of production guidance reaffirmed. The Red Chris Block Cave in British Columbia now carries a US$4.2 to 4.8 billion capital estimate on a 100% basis, with a full-funds investment decision expected in early 2027 and commercial production targeted for 2033.Newmont |
| Lithium Industry Needs The Equivalent Of 134 New Mines By 2050 To Meet Growing DemandBenchmark Mineral Intelligence forecasts global lithium demand will reach about 7 million tonnes LCE in 2050, up from 2.11 million tonnes in 2026, requiring the equivalent of 134 new mines at an average 36,000 tonnes LCE each. That implies more than US$100 billion of investment before any contribution from recycling, rising to more than 180 mines in the upside case. Australia's share of mined supply is forecast to fall from 29% in 2026 to 20% by 2050, while North America's rises from 1.7% to 13%.Benchmark Mineral Intelligence |
| Wood Mackenzie: Data Centre Metals Demand Isn't An Asset Story. It's A Grid Story.Wood Mackenzie estimates total system-level metals demand from data centres is three to four times the volume used inside the facilities once grid reinforcement, transmission and on-site power are included. Internal aluminium demand peaks at 0.6 to 0.9 million tonnes a year before declining from the late 2030s, while data centre power capacity additions are projected to peak at about 30 to 33 GW a year in the early 2030s. Asia-Pacific will account for more than half of global additions at peak.Wood Mackenzie |
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| New Hope (NHC) signs a binding scheme implementation deed to acquire the Malabar Resources shares it does not already own, giving Malabar and its Maxwell Mine in New South Wales an implied equity value of approximately A$1.8B (~US$1.25B)Malabar shareholders other than New Hope receive 0.500 New Hope shares per Malabar share, about 227.8 million new shares in total, implying A$2.92 a share on New Hope's 16 October close of A$5.84. New Hope already holds about 26% of Malabar, so the headline equity value covers 100% of the company on a fully diluted basis while the scrip issued covers only the remaining shares. |
| Lithium Africa (LAF) receives a non-binding US$60M proposal for a 55% interest in a new holding company for its 70% stake in the Springbok Project, South AfricaAn unnamed lithium processing company would subscribe US$60M in cash for new shares in the holding company, implying a pre-money valuation of about US$70M for 100% of Springbok. Lithium Africa would keep 45% of the holding company, an indirect 31.5% interest in Namli, the South African entity that holds the project, with proceeds earmarked for about US$10M of drilling and US$50M for a processing plant. A separate prepayment and offtake offer from a commodity trading house carries no stated value, and the company is in discussions with more than 20 potential counterparties. |
| CuFe (CUF) signs a binding conditional agreement to acquire Gecko Mining Company, which holds the remaining 45% of the Tennant Creek Copper Project in the Northern Territory, for 1.6 billion new CuFe sharesSellers Gold Valley Investment and Horseshoe Manganese would receive 1,600,000,000 new CuFe shares, leaving Gold Valley and its associates with about 53% of CuFe, with votes above 20% restricted for up to 18 months. Completion is conditional on CuFe shareholder approvals, satisfactory due diligence by 16 November 2026 and regulatory and native title approvals, with completion targeted for January 2027. The project hosts a JORC 2012 Mineral Resource of 23.5Mt at 1.73% Cu and 0.72 g/t Au for 405kt of contained copper and 544koz of gold on a 100% basis, and CuFe holds 55% today. |
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| Power Minerals (ASX:PNN)88m at 6.33% TREO from surfaceMorro do Ferro, Minas Gerais, Brazil |
| K2 Gold (TSXV:KTO)83.8m at 3.40 g/t Au from surfaceMojave (Dragonfly), California, United States |
| NorthWest Copper (TSXV:NWST)110m at 1.86% Cu eq from 378mKwanika (Western Zone), British Columbia, Canada |
| PolarX (ASX:PXX)58.5m at 2% Cu from 138.7mAlaska Range (Caribou Dome), Alaska, United States |
| Walker River Resources (TSXV:WRR)48.8m at 2.02 g/t Au from 24.4mLapon Canyon, Nevada, United States |
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| Week-on-Week | Price | % |
| Gold | US$3,993.96/oz | -4.14% |
| Silver | US$53.88/oz | -5.45% |
| Platinum | US$1,555.60/oz | -4.75% |
| Palladium | US$1,045.50/oz | -6.53% |
| Rhodium | US$9,150.00/oz | +0.55% |
| Copper§ | US$14,254.19/t | -1.00% |
| Nickel | US$15,865.00/t | +3.22% |
| Zinc | US$3,748.20/t | +1.40% |
| Lead | US$1,914.58/t | +1.48% |
| Aluminium | US$3,047.30/t | +1.29% |
| Tin | US$50,089.00/t | -0.07% |
| Iron Ore | US$90.83/t | -0.08% |
| Manganese§ | US$4.31/dmtu | -0.35% |
| Uranium | US$90.05/lb | +0.06% |
| WTI Crude* | US$103.44/bbl | +4.46% |
| Lithium§ | US$14,537.28/t | -5.04% |
| Cobalt | US$34,620.00/t | -12.01% |
| Molybdenum§ | US$90,445.86/t | -1.95% |
| Neodymium§ | US$141.25/kg | -0.53% |
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| Prices sourced from Trading Economics, week-on-week to Friday 23 October 2026; Tin, Cobalt and Uranium are Thursday 22 October closes. Percentage changes are Trading Economics' weekly figures, except WTI. *WTI is the daily close on 23 October against the 16 October close, from a separate price history. §Converted to the table's units: copper from US$/lb at 2,204.62 lb per tonne; manganese, lithium, molybdenum and neodymium from Trading Economics' CNY quotes at CNY 6.6725 per US$ (23 October), with percentage changes as quoted in CNY. |
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