$13.1 billion into Ethiopia. $7.5 billion from Freeport to extend copper dominance in Chile. $4.3 billion streaming deals between Wheaton and BHP are back, unlocking cash at scale. And yet, large parts of the mining market are still starved of capital.
This is not a broad recovery. It is a land grab at the top. Freeport is doubling down on tier-one copper, BHP is pulling forward cash through silver, and governments are backing strategic supply chains with real money.
The message is clear. If you are big, long-life and in the right jurisdiction, capital is available. If not, you wait.
The contrast is hard to ignore. Barrick is still working to advance Reko Diq with $410 million in financing, while in Zambia and across Africa, billion-tonne potential sits behind infrastructure and permitting bottlenecks. At the same time, prices are not moving in unison. Gold is surging, base metals are holding, yet iron ore is slipping under the weight of Chinese inventories.
Capital is back, but it is not chasing the sector. It is choosing winners.
Week-end price comparison: 27th of March vs 3rd of April 2026
This week’s price action marks a clear shift from stabilisation into renewed upward momentum across most commodity classes. Gains were broad-based, with strength in precious metals and base metals signalling improving sentiment, while energy markets showed more mixed and selective moves.
The coordinated rise across metals suggests capital is rotating back into hard assets, supported by tightening supply expectations and sustained demand narratives. Unlike prior weeks driven by positioning, this move appears more fundamentally anchored, though volatility remains elevated.
Week end prices shown are as of 17:00 UTC on 3rd of April 2026.
Precious metals moved sharply higher this week, led by Palladium (+11.0%), which outperformed the complex and signals renewed interest in more supply-constrained segments.
Gold rose 6.8% to $4,677/oz, continuing its strong upward trend and reinforcing its role as a macro hedge amid persistent inflation and currency concerns. The magnitude of the move suggests fresh inflows rather than short covering.
Silver gained 7.3%, maintaining its high-beta relationship to gold while continuing to benefit from both monetary and industrial demand drivers.
Platinum rose 6.8%, recovering alongside the broader complex, though still largely tracking sentiment rather than showing independent demand strength.
Overall, the precious metals complex has moved decisively out of consolidation, with momentum now firmly to the upside.
Week end prices shown are as of 17:00 UTC on 3rd of April 2026.
Base metals posted another week of gains, though moves were more measured compared to precious metals.
Aluminum (+5.9%) and Zinc (+5.2%) led the complex, pointing to continued supply-side tightness and cost support, particularly from energy inputs.
Copper edged higher (+0.8%) to $12,146/t, holding near elevated levels rather than breaking out further, suggesting the market is consolidating recent gains while maintaining a strong underlying demand outlook.
Tin (+0.9%) and Iron Ore (+1.2%) posted steady increases, reinforcing stable industrial demand conditions.
Lead was the only notable laggard, down 2.0% YoY and broadly flat week-on-week, indicating weaker relative demand.
The broader trend suggests base metals are in a controlled upcycle, with gains driven more by fundamentals than speculative flows.
Week end prices shown are as of 17:00 UTC on 3rd of April 2026.
Energy markets showed divergence this week, breaking from the uniform strength seen in metals.
Brent Crude remained elevated at $111.54/bbl, with strong YoY gains (+66.6%) reflecting ongoing structural supply constraints, though week-on-week momentum appears to have stabilised.
Uranium continued its steady rise (+1.3%), maintaining a consistent upward trajectory supported by long-term demand expectations tied to nuclear energy expansion.
In contrast, US Natural Gas (-4.4%) and Coal (-2.9%) declined, highlighting softer short-term demand and ample supply conditions in gas markets.
Overall, energy appears to be entering a more selective phase, with oil holding strength while gas and coal face near-term pressure.
This Week's Key Mining and Capital Market Stories
South Africa’s mining sector is being reshaped by AI, automation and digital systems, alongside renewed investment in exploration and skills development. With vast critical mineral reserves, the country is positioning itself for the energy transition, though success depends on aligning technology adoption with infrastructure, policy and human capital.
Nigeria says it has attracted more than $2.6 billion in foreign direct investment into mining over the past two years, driven by licensing reforms, tighter enforcement and investor incentives. Officials are also pushing regional energy and industrial corridors to support cross-border processing, though political stability and infrastructure remain critical tests.
Africa’s bauxite producers are shifting from raw ore exports to alumina refining, aiming to capture more value within the mining chain. Despite holding nearly 30% of global bauxite reserves, the continent produces under 1% of alumina, highlighting a major gap and opportunity for industrialisation and long-term investment.
The Middle East crisis is reshaping global trade flows, placing Africa at the centre of rerouted shipping, energy supply shifts and commodity flows. While disruptions raise costs and expose vulnerabilities, they also create opportunities for African ports, producers and exporters to play a larger role in global commerce.
South Africa’s platinum group metals producers say prices must reach $2,000–$2,500 per ounce to justify new investment in greenfield projects and processing capacity. Despite recent price recovery, volatility and past underinvestment have kept capital disciplined, with producers prioritising returns and waiting for sustained price strength before committing.
Midnight Sun Mining’s Dumbwa copper project in Zambia is moving toward a potential 1 to 1.5 billion tonne mineralised inventory, supported by an aggressive drill programme and a strong treasury. The scale is significant, but assay delays, infrastructure constraints and the absence of a formal resource still keep the project firmly in the exploration-risk category.
Ethiopia has signed $13.1 billion in energy and mining investment agreements, marking one of the country’s largest capital inflows into the sector. The deals aim to accelerate resource development and power infrastructure, signalling renewed investor interest as Ethiopia positions itself as an emerging destination for large-scale extractive investment.
South Africa’s Northern Cape has the potential to become the country’s next major mining hub, driven by its mineral endowment and renewable energy capacity. However, realising this potential will depend on resolving infrastructure bottlenecks, particularly in rail and ports, which continue to constrain project development and export growth.
Barrick Gold is advancing plans to spin off key assets into a “NewCo” IPO, aiming to unlock value from its North American portfolio amid strong gold prices. This comes alongside a ~$430–435 million settlement with Mali, resolving disputes and restoring operations, highlighting both capital strategy and geopolitical risk in gold markets.
InZinc Mining has announced a non-brokered private placement combining flow-through shares and units to raise capital for exploration and general corporate purposes. The structure reflects continued reliance on tax-advantaged financing in Canada, providing funding flexibility as the company advances its base metal projects.
Teck Resources holds a royalty on Barrick’s Fourmile gold project that could be worth billions, potentially impacting the valuation of Barrick’s planned North American “NewCo” IPO. The royalty structure introduces a significant financial overlay, highlighting how legacy agreements can materially affect asset pricing and investor perception.
Heritage Mining has upsized its non-brokered private placement following strong investor demand and announced plans to pursue a U.S. listing. The move strengthens its funding position while broadening market access, reflecting continued capital interest in early-stage exploration companies with growth potential across North American markets.
HMH Holding, backed by Baker Hughes, is seeking a valuation of up to $948 million in a planned U.S. IPO. The listing reflects renewed appetite for energy services firms, with proceeds expected to support growth and balance sheet flexibility as drilling and equipment demand stabilises across key markets.
Replenish Nutrients has closed a C$4.8 million private placement to fund development of its Beiseker project in Alberta. The financing strengthens its position in sustainable fertiliser production, with proceeds supporting construction and scale-up as the company advances toward commercial operations.
GFM Resources has closed a C$1.5 million non-brokered private placement, issuing units priced at $0.05 with attached warrants. Proceeds will be used to repay liabilities and support working capital, while a significant shareholder reshuffle and new board appointments signal a broader reset in ownership and governance.
Metals Creek Resources has increased its non-brokered private placement to C$1 million, citing investor demand. The proceeds will support exploration and general corporate purposes, reflecting continued access to early-stage capital in Canada’s junior mining sector despite tighter market conditions.
Agnico Eagle has acquired a 14% stake in Cascadia Minerals, securing exposure to early-stage exploration assets in Canada’s Yukon. The investment reflects a strategic move by a major producer to access pipeline growth through juniors, reinforcing the trend of senior miners backing exploration to replenish long-term reserves.
Peru holds a $64 billion mining project pipeline, but political instability, social unrest and regulatory uncertainty continue to delay development. While global demand for copper and critical minerals remains strong, investors are prioritising jurisdictions with clearer governance, meaning Peru’s vast resource potential risks underperformance without improved political stability.
Atlas Lithium’s Neves project in Brazil has been selected for potential funding under a U.S.-Japan critical minerals partnership, aimed at securing non-Chinese lithium supply. The move highlights growing geopolitical coordination in battery materials, with early-stage projects gaining strategic backing despite ongoing execution and development risks.
Freeport-McMoRan is seeking approval for a $7.5 billion expansion of its Chilean copper operations, aiming to extend mine life and increase output. The proposal reflects the scale of investment required to sustain global copper supply, though progress remains dependent on permitting timelines and regulatory approval in a key producing jurisdiction.
Atalaya Mining has acquired a 7.3% stake in Lara Exploration for C$13.5 million, gaining exposure to a portfolio of Brazilian mineral projects. The investment reflects a strategic move to expand its growth pipeline through early-stage assets, leveraging Lara’s project generation model in a prospective jurisdiction.
The U.S. has secured rare earths supply from Brazil as part of a $565 million financing package for a Brazilian mining group, underscoring Washington’s push to diversify critical mineral supply chains away from China. The deal highlights Brazil’s growing role in rare earths as Western governments back strategic non-Chinese sources.
Wheaton Precious Metals has secured a $4.3 billion silver streaming deal with BHP, one of the largest transactions of its kind. The agreement provides Wheaton long-term exposure to silver production while giving BHP upfront capital, underscoring continued demand for alternative financing structures in large-scale mining projects.
CleanTech Lithium has valued its Chilean lithium project at $1.37 billion, highlighting the growing strategic importance of brine-based assets in the global battery supply chain. The valuation underscores continued investor interest in scalable lithium projects, particularly in Chile, as demand for electric vehicle materials supports long-term pricing and development momentum.
Albemarle has initiated the permitting process for a $3.1 billion direct lithium extraction (DLE) project in Chile, marking a major step toward scaling next-generation lithium production. The move reflects growing industry focus on DLE technologies, though execution risks and regulatory approvals remain key hurdles for large-scale deployment.
BHP has closed a $4.3 billion silver streaming deal tied to the Antamina mine in Peru, unlocking upfront capital to support its broader copper growth strategy. The transaction highlights how major miners are monetising by-product streams to fund expansion while maintaining exposure to core commodities.
Central Mine Planning & Design Institute’s ₹1,842 crore IPO is set to debut with muted grey market signals, reflecting cautious investor sentiment. As a pure offer-for-sale, proceeds do not fund growth, and modest GMP levels suggest limited listing upside, highlighting selective appetite for mining-linked public issues despite strong sector fundamentals.
Merdeka Gold Resources is pursuing a Hong Kong IPO to capitalise on strong gold prices and access deeper global capital pools. Following its 2025 domestic listing and early production at the Pani mine, the move aims to improve liquidity and funding flexibility, though deal size and timing remain undisclosed.
Vedanta Resources is advancing plans to revive and expand Zambia’s Konkola Copper Mines, backed by efforts to raise significant financing and restructure operations. The strategy aims to boost output and restore the asset’s global relevance, though execution depends on securing capital, resolving past operational challenges, and navigating Zambia’s regulatory environment.
Shares in Anglo Asian Mining declined following operational and production concerns, alongside market reaction to recent updates on output and project performance in Azerbaijan. The move reflects investor sensitivity to delivery risk and forward guidance, particularly for smaller producers where earnings remain closely tied to a limited asset base.
An upcoming Indonesian mining IPO is drawing investor attention amid strong commodity demand, but questions remain over valuation, governance and execution risk. While the offering reflects continued appetite for resource assets in Southeast Asia, the deal highlights the balance between growth potential and the operational and regulatory uncertainties tied to emerging market listings.
India’s Fomento Resources plans to invest $480 million in an iron ore project in Brazil, marking a cross-border push to secure raw material supply. The investment underscores continued demand for high-grade iron ore and reflects growing international participation in Brazil’s mining sector as global supply chains diversify.
Barrick’s Reko Diq copper-gold project in Pakistan is set to receive $410 million in financing, advancing one of the world’s largest undeveloped deposits. The funding marks progress toward project development, highlighting continued investor backing for large-scale copper assets amid rising long-term demand expectations.
Iron ore prices are headed for a second consecutive weekly loss as rising port inventories in China and softer demand from steel mills weigh on the market. Increased supply and cautious restocking ahead of seasonal factors highlight near-term weakness, reinforcing a looser balance despite longer-term demand expectations.
Indonesia has approved a 580 million tonne coal production plan, signalling a push to sustain output amid strong export demand. The move reinforces the country’s role as a key global supplier, though it also highlights the ongoing tension between short-term revenue generation and longer-term energy transition goals.
Metatek has raised C$35 million through a Toronto IPO, issuing shares to fund growth in its airborne geoscience services business. Proceeds will support expansion of advanced survey systems and strengthen the balance sheet, positioning the company to capture rising demand for high-resolution subsurface imaging in mineral exploration.
Halo Minerals is set to deliver London’s first mining IPO of the year on AIM, raising about £4 million (~$7.5M) to advance its Chilean copper tailings project. The listing reflects cautious reopening of capital markets for juniors, with investors favouring lower-risk, near-term development assets over greenfield exploration.
Pasinex Resources has closed the first tranche of an oversubscribed non-brokered private placement, raising funds to support its zinc operations and exploration activities in Türkiye. Strong investor demand highlights continued interest in small-cap base metal producers, particularly those with near-term production exposure and established operating assets.
Cornish Metals is nearing a final investment decision for its South Crofty tin project as early-stage works progress. The development signals renewed interest in domestic tin production in the UK, though advancement remains contingent on financing and project execution as the company moves toward potential mine restart.
Savannah Resources is accelerating development of its lithium project in Portugal while extending the mine’s expected lifespan. The move reflects efforts to fast-track Europe’s domestic lithium supply amid rising battery demand, though timelines remain subject to permitting, financing and execution as the project advances toward production.
Sweden’s LKAB has increased its mineral resource estimate to 7.2 billion tonnes following exploration gains, reinforcing its position as a key supplier of iron ore and critical minerals in Europe. The update highlights the scale of northern Sweden’s resource base as the region plays a growing role in Europe’s raw materials strategy.
Barrick Gold has appointed Goldman Sachs to lead a potential IPO of its North American mines, signalling a move to unlock value from its asset base. The planned listing reflects a broader trend among major miners to monetise regional portfolios while maintaining operational control and strengthening balance sheets.
Vale Base Metals is prioritising internal project development over mergers, acquisitions and a potential IPO, signalling a shift toward organic growth. The strategy reflects confidence in its existing asset pipeline, as the company focuses on execution and value creation rather than external expansion amid evolving market conditions.
Outokumpu is targeting additional value from mining waste at its Finnish operations, aiming to extract usable materials from tailings and by-products. The initiative reflects a broader industry shift toward resource efficiency and circular mining, as companies look to improve sustainability while unlocking incremental value from existing assets.
Trojan Gold has completed a private placement, raising fresh capital to support exploration and development activities. The funding strengthens the company’s balance sheet and provides runway for advancing its gold projects, reflecting continued investor appetite for early-stage resource plays despite broader market volatility.
Renewed IPO activity is drawing attention across the ASX 200, as global listings and capital market movements lift investor interest in new equity issuance. The trend reflects improving sentiment toward public markets, with resource and growth companies benefiting from stronger risk appetite and capital inflows following a subdued listing environment.
Australian shares extended gains, led by mining stocks as commodity prices firmed and risk sentiment improved. The rally comes amid global market stabilisation, though investors remain cautious ahead of interest rate decisions. Resource-heavy indices benefited most, reflecting continued sensitivity of equities to both commodity cycles and monetary policy expectations.
Valiant Gold has listed on the ASX following a A$7.5 million IPO, securing funding to advance its exploration portfolio. The listing reflects continued investor interest in early-stage gold plays, with proceeds earmarked for drilling and project development as the company positions itself within Australia’s competitive junior mining sector.
St George Mining has raised capital from investors to fund upcoming capital expenditures, strengthening its ability to advance project development. The move reflects continued reliance on equity financing among junior miners, as companies secure funding to progress assets amid ongoing demand for critical minerals and exploration upside.
Glomar and Australia’s Cobalt Blue are planning a U.S.-based deep-sea minerals processing plant, targeting critical metals supply chains. The project reflects growing Western efforts to develop domestic processing capacity for seabed resources, though regulatory, environmental and technical challenges remain key uncertainties for large-scale deployment.
Northern Star Resources has launched a share buyback of up to A$346 million, signalling confidence in its balance sheet and outlook. The move reflects strong cash generation and capital discipline, as the gold producer returns value to shareholders while reaffirming production guidance and maintaining financial flexibility.
Arafura Rare Earths has secured $159 million in funding to advance its Nolans project in Australia, strengthening its position in the global rare earths supply chain. The financing supports development of a key non-Chinese source of critical minerals, as demand rises for materials used in clean energy and defence technologies.
Minestarters will be going live on X for an upcoming AMA, offering a closer look at its vision for tokenized mining and the current progress of its testnet. The session will feature insights from Marcel Nally, Edward Ryall, and Reuben Rodrigues, alongside a live Q&A and incentives for participants. The discussion is set for April 9 at 4:30PM UTC and will provide a timely update on how on-chain capital is shaping the future of mining.
As mining finance activity accelerates across private placements, project funding and strategic investment, TerraZar is positioned as a practical partner for companies moving from concept to execution. With a focus on capital raising, geological reporting, JV management and project delivery, the company reflects the growing importance of experienced advisory support in a more active mining market. Visit terrazar.co and follow TerraZar on X and LinkedIn for insights into project development, resource investment and the evolving global minerals landscape.
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