This week’s deals tell a familiar story: capital is back, but only for the right assets.
From KoBold’s $2.5 billion copper project to Freeport’s $7.5 billion Chile expansion, money is moving into scale and strategy.
Yet across the board, the same constraints persist: permitting, water, metallurgy… reminding us that funding alone does not build mines.
Week-end price comparison: 13th vs 20th of March 2026
Commodity markets saw a broad-based pullback this week, with sharp declines across both precious and industrial metals as investors rotated further into energy markets. Continued strength in oil prices and persistent geopolitical uncertainty kept volatility elevated, while profit-taking accelerated in metals following their strong year-to-date performance.
Precious metals
Week end prices shown are as of 17:00 UTC on March 20th 2026.
Precious metals experienced a significant correction this week, reversing part of their earlier gains. Gold fell sharply as a combination of a stronger US dollar and rising bond yields reduced its appeal. Surging oil prices have pushed inflation expectations higher, leading markets to scale back expectations for rate cuts and keep interest rates elevated. Silver declined even more aggressively, reflecting both investor outflows and its higher sensitivity to broader market sentiment. As speculative positions were unwound and risk appetite weakened, silver’s dual role as a precious and industrial metal amplified the downside move
Platinum group metals also moved sharply lower, with palladium down 8.9% and platinum declining 4.0%. The scale of the sell-off suggests a combination of profit-taking and capital rotation into higher-performing energy assets.
Despite this weakness, year-over-year gains remain strong across all precious metals, indicating that the broader upward trend has not yet been fully unwound.
Base & Minor Metals
Week end prices shown are as of 17:00 UTC on March 20th 2026.
Industrial metals were also under pressure, with most posting notable losses. Copper fell 8.3% to $11,825/ton, while aluminum declined 6.6%, reflecting softer sentiment and broad risk-off positioning.
Tin recorded the largest drop in the group, falling 11.8%, while zinc lost 6.6%. Lead remained relatively stable, slipping just 0.3%.
In contrast, iron ore was the only gainer, rising 0.9% to $105.64/ton, supported by steady demand from the steel sector and ongoing infrastructure activity.
Energy & Fuel
Week end prices shown are as of 17:00 UTC on March 20th 2026.
Energy markets remained the standout performers this week. Crude oil rose a further 9.8%, reaching $110.85 per barrel, as supply concerns and geopolitical risks continued to support prices.
Coal also advanced 4.7%, benefiting from sustained demand for power generation amid elevated energy costs.
Meanwhile, natural gas declined 2.0%, extending its recent weakness, and uranium edged lower by 1.3%, remaining relatively stable compared to the broader energy complex.
This Week's Key Mining and Capital Market Stories
By listing on Frankfurt, Lithium Africa taps deeper European capital pools at a pivotal moment for battery raw materials. Enhanced liquidity and broader investor access can accelerate resource delineation across its Southern African pegmatite assets, though geological complexity and permitting remain key determinants of project delivery.
With $2.5 billion pledged, KoBold Metals’ Zambia venture applies AI-led targeting to deep Copperbelt deposits, promising critical supply for decarbonisation. Yet high upfront capex, lengthy permitting and Zambia’s power constraints mean actual output lies years away. This underscores chronic copper-supply deficits and the challenge of turning exploration into production.
Newcore Gold’s updated Enchi resource in Ghana now stands 24% higher after extensive drilling, lifting contained ounces and bolstering project scale. While still early-stage, shallow oxide zones along established structural corridors could accelerate economic studies, although metallurgy and Ghana’s permitting horizon will shape ultimate viability.
US firms and agencies are acquiring African cobalt and lithium mines to lessen Chinese dominance in processing and ensure critical mineral supply under the Inflation Reduction Act. Geological risks such as varied ore grades, infrastructure gaps and permitting delays urge caution on timelines, reminding us of past boom-bust cycles.
Lithium Africa’s $8.8M brokered equity raise underlines persistent funding gaps in junior lithium exploration, enabling expanded pegmatite drilling in Malawi and Namibia. While fresh capital secures resource definition work, geological complexity and lengthy permitting cycles mean production remains at least four years away, reminding investors of junior mining’s dilution risk.
The US has agreed a $30 million exploration deal in Congo’s cobalt-copper belt to challenge China’s long-standing dominance in Africa’s battery metals. Geology is promising but infrastructure and governance gaps could hinder production. This modest outlay signals strategic supply-chain diversification but remains early stage against established Chinese operations.
Investors are backing Ghana’s first lithium mine with a $16 million investment, signalling West Africa’s entry into the battery metals supply chain. Though promising pegmatite deposits could diversify a tight market, significant infrastructure and processing challenges mean meaningful output remains several years off.
Kenya has raised $820 million from the IPO of Kenya Pipeline Company, selling a 65% stake in a landmark privatisation and its first major listing in nearly two decades. The offer was heavily oversubscribed, signalling strong investor appetite. Proceeds will fund infrastructure, showcasing how African governments can monetise state assets while retaining control.
Manning Ventures has raised C$350,000 in a non-brokered private placement at C$0.05 per unit ahead of its spring field campaign; insider participation cuts financing costs but limits market reach, while the voluntary director resignation appears procedural with no bearing on imminent exploration plans.
A sudden oil shock above US$80 has revived inflation fears, driving US yields up and the dollar stronger, pushing gold below US$1,900 and silver under US$22. This shift highlights precious metals’ sensitivity to policy rates rather than geological supply limits, as past market cycles confirm.
Aclara’s pilot plant commissioning and US separation facility design mark rare earth processing diversification beyond China after decades of concentration. While reducing geopolitical risk, ion adsorption clay metallurgy remains technically and economically challenging, and commercialisation timelines will test market confidence rooted in past western project delays.
Arizona Gold’s C$3.3 million placement shores up funding for its high-sulphidation Philadelphia project in Sonora, ensuring drilling and metallurgical work. While market appetite for exploration remains cautious after past epithermal disappointments, this capital boost sustains progress toward a maiden resource in terrain where infrastructure and metallurgy pose real challenges.
Silver X’s C$69 million placement, anchored by Sprott and institutional investors, underscores robust demand for silver exploration amid supply deficits. Funds will accelerate drilling programme at high-grade Cuitaboca and Sierra Mojada in Mexico, yet geological complexity and multi-year development timelines mean investors must calibrate expectations on resource conversion and permitting.
Seven Nevada gold assets offered in 2026 reveal major producers trimming exposure amid rising capex and refractory ore challenges. Buyers eye Tier-1 Carlin-trend reserves but must factor permitting lead times, water constraints and elevated energy costs. This divestment wave underscores gold’s enduring role as a supply-tight safe haven.
Infinitum’s modest C$850 000 non-brokered placement underscores the capital intensity of early-stage VMS exploration at Kekuli Bay. With units priced at C$0.10 plus warrants, funds will sustain drilling and assays, yet further substantial funding or a rigorous resource delineation will be needed before underpinning market valuation or development decisions.
Arizona Gold & Silver’s C$18 million placement at a premium underlines confidence in its Copperstone epithermal project’s high-grade potential. Proceeds accelerate trenching and drilling across structurally complex veins, reflecting robust market support, though converting targets into a formal resource estimate remains essential to de-risk commercial viability.
Centaurus Metals has agreed a nickel offtake and development pact with Glencore for its Vermelho sulphide project in Brazil, securing marketing certainty for up to 60% of output. This deal de-risks financing, reflecting tight nickel markets and stainless steel demand amid looming sulphide shortages.
Freeport McMoRan’s $7.5 billion study to expand its El Abra copper mine in northern Chile aims to boost annual output by around 150 000 tonnes and extend mine life to 2040. It underscores chronic Atacama water scarcity and protracted permitting that often delay new copper supply.
Bolivia and Brazil’s pact to link gas pipelines, lithium supply chains, biofuel trade and power grids signals a shift towards deeper regional energy security. For mining, guaranteed offtake can unlock Bolivia’s vast lithium reserves but hinges on infrastructure funding, commodity cycles and geological complexities that often delay development.
Fortescue’s $139 million acquisition of Peru’s Alta Copper accelerates its pivot from iron ore into copper amid electrification demand. While Peru offers prolific, geologically complex copper belts, advancing Alta’s early-stage projects to production hinges on extended drilling, permitting and infrastructure, reminding investors copper development remains a multiyear, capital-intensive challenge.
Chile’s copper mines have slashed freshwater use by ramping desalination, driving a 113% surge in seawater treatment that sharply raises energy demand and operating costs. These water-driven expenses strain margins, expose geological limits on expansion and risk tighter copper markets without further efficiency gains or alternative supply sources.
Rainbow Rare Earths has approved a US$279 million development of its Araxá carbonatite rare earth project in Minas Gerais, targeting initial NdPr oxide output by 2026. Bolstering non-Chinese supply is commercially significant, though Brazil’s limited refining capacity and the complexities of weathered ore recovery remain critical challenges.
Power Metal’s US$1m injection into Chile-focused Batero Copper marks a strategic albeit modest stake in world-class copper geology. Against rising electrification demand and Chile’s water and permitting bottlenecks, such early-stage investment underlines the sector’s tight supply outlook, even as exploration risk and social constraints persist.
With the World Bank underwriting a $250M guarantee facility for Peru’s new mining investment fund, government aims to shore up confidence amid permitting uncertainties. This instrument could bridge fiscal and legal gaps deterring financiers, potentially unlocking copper and lithium projects, though local infrastructure and water constraints remain critical hurdles.
Despite escalating conflict in the Middle East, gold has struggled to break decisively higher, raising questions about why prices are not approaching $6,000/oz. The analysis points to high interest rates, strong dollar conditions, and liquidity constraints dampening upside, even as geopolitical risk continues to support a longer-term bullish case.
China’s near-monopoly of battery-grade lithium refining transforms a geology-driven resource into a strategic chokepoint, given most hard-rock and brine concentrates flow through Chinese processing plants. New projects outside China remain nascent. Western carmakers face supply risks and potential price volatility, recalling how rare earths’ single-country control reshaped global markets.
Coal India’s CMPDI subsidiary launches pure offer for sale raising ₹1 842 Cr at a band of ₹163 to ₹172, reflecting government divestment without fresh capex. Coal output near plateau and muted investor appetite underpin the modest ₹4 grey market premium and cautious pricing of state run resource stocks.
China’s disclosure of over 1,100 tonnes of gold in Hunan, extending to 3,000 m depth, could reshape supply dynamics but faces significant extraction costs and technical hurdles. While output may moderate long-term prices, historical projects show deep deposits often deliver slowly, underscoring cautious market reaction.
On his Japan visit the Resources Minister prioritises discussions on LNG offtake and critical minerals cooperation as Tokyo seeks secure supplies of battery metals. Deepening ties could mitigate geological supply bottlenecks in processing while insulating markets from past price swings, but concrete project commitments remain at an early exploratory stage.
China’s top gold miners are pursuing overseas acquisitions and new domestic projects to boost output by 2026, offsetting declining ore grades. While scale gains may improve cost curves, permitting hurdles and rising input costs pose risks. This consolidation underscores Beijing’s push to secure bullion supplies amid global constraints.
The US and Japan have launched a critical minerals action plan aimed at strengthening supply chains and reducing reliance on constrained global sources. The agreement includes coordinated trade policy, potential pricing mechanisms and joint investment, alongside a push into deep-sea mining targeting rare-earth-rich seabed deposits near Japan.
China’s Northern Rare Earth has approved three joint ventures spanning resource development, alloy production and magnet manufacturing, signalling a strategic push to control higher-value stages of the rare earth supply chain. By vertically integrating, it aims to mitigate export restrictions, capture downstream margins and buffer against geological scarcity and volatility.
India auctioned a record 200 mineral blocks in FY2025–26, marking the highest annual total and signalling the maturity of its auction-based allocation system. The mix of mining leases and exploration licences reflects balanced pipeline development, while 22 critical mineral blocks highlight growing focus on resource security and long-term industrial supply.
Mining capital flows are expected to rise significantly over the coming decade, driven by surging demand for critical minerals tied to electrification, infrastructure and AI growth. Industry forecasts point to ~6% annual capex growth to $250 billion by 2035, though declining ore grades and rising costs will increase capital intensity.
Volatile energy costs are reshaping manganese markets by inflating smelting and transport expenses, the producer warns. Persistent price swings complicate capital planning and risk assessments, underscoring the need for integrated energy strategies and realistic cost curves given the metal’s energy intensive processing and tight supply margins.
Rusal swung to a $455 million net loss in 2025, reversing the prior year’s profit despite higher revenues and sales volumes. Surging production and financing costs, a stronger rouble, and reduced Western demand outweighed gains from modest aluminium price increases, highlighting margin pressure across energy-intensive base metals production.
Halo Minerals is set to become London’s first mining IPO of the year, planning a listing on AIM to fund development of its Playa Verde copper tailings project in Chile. The move reflects tentative recovery in London’s junior mining market, with capital targeting lower-risk, near-term production assets over greenfield exploration.
Europe is accelerating efforts to develop domestic lithium mining and processing as it seeks to reduce heavy reliance on China-dominated supply chains. Lithium is increasingly viewed as a strategic resource for the energy transition, but projects face long permitting timelines, environmental opposition and technical constraints, delaying meaningful supply despite policy urgency.
Medaro’s maiden field campaign at Sweden’s historic Bastnäs deposit revives century-old rare earth and iron mineralisation. Surface sampling, geophysics and targeted drilling aim to delineate untested down-dip extensions beneath exhausted pits. Sweden’s stable geology and supply-chain pressures bolster interest, though any resource estimate remains preliminary and high-risk.
Europe’s EV market share climbed past 20% last year, outpacing a sub-10% global average and highlighting how inconsistent charger networks and underdeveloped lithium projects could stall broader electrification where resource geology and permitting slow supply growth.
Europe’s bid to close the lithium loop faces geological and industrial headwinds: limited local ore, unstandardised battery design and small recycling capacity mean recycled output will meet only a fraction of EV demand this decade. Delays in chemical processing scale-up risk sustained import reliance and price volatility.
At a Helsinki forum, Europe’s push for critical minerals highlighted a growing tension between strategic urgency and social acceptance. While governments seek to accelerate domestic mining to reduce reliance on imports, projects face resistance from communities and Indigenous groups, with social licence emerging as a decisive factor in whether supply ambitions can materialise.
China’s expanding processing capacity and push for self-reliant critical minerals is undermining demand for Australian ores, amplifying commodity price swings. Though Australia’s high-grade reserves remain globally sought after, miners must accelerate downstream integration, diversify end-markets and guard against Beijing’s shifting import policies.
Rox’s Youanmi project has reached final investment decision, pivoting from feasibility to development in WA’s Archean greenstone belt. Toll milling reduces upfront capex for its 1.8 Moz at 1.9 g/t resource, combining open pit and underground staging. This underlines sustained investor appetite for well capitalised mid tier gold ventures.
At the Tokyo Energy Forum, Australia secured new agreements with Japan and regional partners to bolster critical minerals supply chains, emphasising joint investment in midstream processing and strategic stockpiling. Given geological lead times and past price volatility, this pragmatic cooperation strengthens resource security and supports rapid clean-energy deployment.
Securing an OTCQB listing gives KO Gold US investor access to fund its 6000m Q2 2026 drill programme across underexplored oxide zones in New Zealand’s Otago Gold Belt. Testing near-surface leachable mineralisation in structurally complex metamorphic hosts could unlock heap-leach targets, though resource definition remains at an early stage.
An Australian hydrometallurgical process has delivered 90% copper recovery from chalcopyrite at ambient pressure, halving energy use versus standard smelting. If scaled beyond pilot stage, this could unlock vast low-grade reserves long uneconomic under pyrometallurgy and cut supply-chain emissions, though commercial roll-out lies years ahead.
Australian lithium producer Pilbara Minerals has struck an offtake and equity deal worth around US$1 billion with China’s Ganfeng Lithium, securing funds to expand Pilgangoora output and locking in 12-year supply. The agreement highlights midstream firms’ rising reliance on battery-grade spodumene and may pressure near-term spot prices.
Southern Cross’s maiden drilling in Western Queensland has yielded antimony grades over 1% Sb across multiple intervals, pointing to robust hydrothermal mineralisation. With China supplying over 80% of global output and antimony vital for flame retardants and energy alloys, this early-stage find could diversify supply, pending further resource definition.
Minestarters’ latest blog unpacks the full mining value chain and zeroes in on the real constraint: funding. Despite strong demand for critical minerals, capital remains fragmented and heavily skewed away from early-stage exploration, leaving viable projects stranded. It’s a clear look at where the bottlenecks sit and why unlocking smarter, more accessible financing is critical to bringing new supply online.
Follow Minestarters on LinkedIn and X, and subscribe to our YouTube channel for more updates.
TerraZar operates as a mining holding company, focused on building and owning a portfolio of mining assets through disciplined capital strategy and project-level execution. Rather than running a single mine, it deploys capital, technical expertise and governance across multiple projects, using dedicated subsidiaries to manage risk, structure funding, and create long-term equity value. Visit terrazar.co and follow TerraZar on X and LinkedIn for insights into project development, resource investment and the evolving global minerals landscape.
Which financing model will dominate junior mining in the next 5 years? |
 |   |
Low frequency, high substance.
Subscribers receive weekly analysis on jurisdictional risk, capital structure mechanics, and the realities of the mining cycle. Content is designed to filter noise and provide clarity on deal-relevant developments.
