This week’s metals news points to tighter supply conditions and growing geopolitical influence across the sector. High prices are driving investment, deal activity and policy intervention, while also exposing structural weaknesses such as environmental risk, fragile governance and supply chain dependence. Governments are increasingly stepping in to secure access to critical minerals, even as permitting, ESG pressure and political risk continue to limit new supply.
Week-end price comparison: 23rd of January vs 30th January 2026
Metal prices were generally higher week-over-week, with gains concentrated in precious and key industrial metals, while downside moves were limited and selective. Upside momentum was strongest at the top end, indicating risk appetite and support for hard assets, whereas declines were modest and did not offset the broader positive tone.
Record gold prices are fuelling an unregulated artisanal rush in Afghanistan’s Badakhshan province, where river-based mining is contaminating scarce water supplies. The case illustrates a recurring supply-side risk: in fragile states, informal gold production can expand quickly, but environmental damage, water stress and cross-border impacts ultimately threaten social stability and long-term resource viability. (source)
Cohda Wireless and Spectrum FiftyNine have launched a V2X-powered proximity awareness system to enhance underground safety. Successfully deployed at Rio Tinto’s Oyu Tolgoi mine with 2,500 personnel, the technology provides sub-three-meter precision around blind corners, offering a new benchmark for risk mitigation and ESG compliance in high-traffic operations. (source)
BHP is diversifying iron ore exports to Malaysia and Vietnam following a Chinese state-led ban on its Jimblebar Blend Fines. Stalled contract negotiations with China Mineral Resources Group caused port stockpiles to surge 360%. By offering steep discounts, BHP is successfully tapping alternative markets to mitigate significant revenue risks. (source)
India is set to offer a 15% capital subsidy for new lithium and nickel processing plants starting April 2026. The plan aims to reduce China-dependence and support EV targets by capping incentives at 25–40% of annual sales, requiring minimum annual capacities of 30,000 tons (lithium) and 50,000 tons (nickel). (source)
Copper prices have surged past $14,500/t, driven by a speculative "metals mania" and aggressive Chinese buying. Despite weak physical demand, traders are betting on structural deficits and supply constraints. This rally, fueled by a massive squeeze on the Shanghai Futures Exchange, marks a historic peak for the red metal. (source)
Japan has successfully tested a world-first deep-sea extraction system for rare earth elements at depths of 2,470 meters near Minamitorishima. This breakthrough targets commercial viability by 2028, aiming to secure supply chain independence from China and tap into massive domestic seabed deposits critical for high-tech manufacturing. (source)
China’s largest gold miner, Zijin, has agreed to acquire Canada-listed Allied Gold for C$5.5bn, adding roughly 400,000 ounces of annual African production. The deal reflects how high gold prices are driving majors to buy operating assets rather than fund new builds, despite persistent geopolitical and regulatory risk. (source)
Mauritania has ordered gold miners to evacuate a 10km zone along its border with Algeria amid rising security concerns. The decision underscores how artisanal and small-scale gold production in Mauritania, a meaningful source of regional supply and employment, remains vulnerable to conflict, state intervention and sudden disruptions in sensitive frontier areas. (source)
Chinese lending to Africa fell to US$2.1bn in 2024, according to a new report. This marks a decisive shift from headline Belt and Road financing to smaller, more selective deals. For mining and metals, this tightens state-backed funding for infrastructure and resource projects, increasing reliance on private capital and raising execution risk in capital-intensive jurisdictions. (source)
New research on gold mining in rural Ghana highlights how weak governance, legal overlap between customary and statutory land rights, and local corruption are enabling environmentally damaging practices, particularly in foreign-backed operations. The analysis points to a structural risk for gold supply: where institutional capacity is thin, environmental harm, social conflict and regulatory backlash can undermine mine continuity and investor confidence. (source)
African nations are shifting from fines to criminal enforcement against mining operators, particularly Chinese firms. With specialized units and satellite surveillance, countries like Nigeria and Guinea are targeting illegal activities and environmental damage, signaling a major move toward resource sovereignty and stricter ESG compliance for foreign investors. (source)
Invest Africa and S-RM have renewed their strategic intelligence partnership to bolster African trade and investment. For finance professionals, this collaboration provides critical risk assessments and due diligence, mitigating operational uncertainties and navigating the complex regulatory landscapes essential for securing capital in the continent's evolving mining sector. (source)
Chile’s president-elect has abolished the standalone Mining Ministry, folding it into the economy portfolio in a country that supplies roughly a quarter of global mined copper. The decision unsettles investors as declining ore grades and slow permitting already constrain output, raising doubts over policy focus just as Chile competes for copper and lithium capital. (source)
The US government plans to take a 10% stake in USA Rare Earth, backing a domestic mine-to-magnet supply chain with equity and debt support. It signals strategic willingness to underwrite higher-cost, slower-to-develop heavy rare earth projects, where geological scarcity and processing complexity have long constrained non-Chinese supply. (source)
A policy push for US-led deep-sea mining is resurfacing as Washington confronts heavy reliance on China for rare earths and battery metals. While seabed nodules offer scale and geopolitical appeal, commercial extraction remains technically unproven, environmentally contested and years from supplying meaningful volumes, limiting near-term impact on critical mineral security. (source)
Equinox Gold has sold its Brazilian operations to China’s CMOC for up to $1bn, using the proceeds to repay debt and materially strengthen its balance sheet. The move sharpens Equinox’s focus on North American assets and reflects a wider industry shift toward portfolio simplification, capital discipline and value per share over sheer production growth. (source)
The Trump administration is fast-tracking deep-sea mining permits, cutting approval timelines under US law to counter China’s grip on critical minerals. While the move accelerates access to polymetallic nodules, it heightens legal and environmental uncertainty, especially as rules extend beyond US jurisdiction and global governance remains unresolved. (source)
Reviving Venezuela’s aluminium industry could restore up to 600,000 tpa of lost capacity but would require more than $2bn in investment and deep political reform. The report from Wood Mackenzie highlights a familiar constraint in metals markets: supply gaps persist not for lack of resources, but because political risk, power reliability and capital discipline deter investment. (source)
Portugal has awarded Lifthium Energy about $210m to support a lithium hydroxide refinery, underscoring Europe’s push to localise battery supply chains. Despite being Europe’s top lithium producer with roughly 60,000 tonnes of reserves, output has historically served ceramics rather than batteries, leaving new refining capacity exposed to slow mine development and volatile global feedstock markets. (source)
Calls for Germany to repatriate gold held in New York are resurfacing amid rising geopolitical uncertainty and record bullion prices. The debate reflects growing scrutiny of reserve custody arrangements, as political risk and shifting alliances prompt central banks to reassess long-standing assumptions around where strategic assets are held. (source)
European Lithium’s balance sheet has been strengthened by asset sales just as lithium prices rebound sharply, improving near-term project optionality at the Wolfsberg project in Austria. However, recent price moves reflect a thin, sentiment-driven recovery, and Europe’s hard-rock lithium projects still face high costs, long timelines and permitting risk before price strength translates into durable supply. (source)
Pope Leo XIV urged a more ethical approach to mining during Vatican talks with senior industry executives, signalling a pragmatic shift in Church–industry relations. By acknowledging minerals’ economic importance while stressing human rights and environmental responsibility, the Vatican is inserting itself into debates that increasingly shape social licence, permitting and investment risk. (source)
The closure of the ČSM mine in the Czech Republic marks the end of nearly 250 years of hard coal mining there, leaving Poland as the EU’s only remaining producer. The development underscores how economics, not just climate policy, are driving coal’s exit in Europe, as declining output, rising losses and state support increasingly clash with faster-moving energy transitions. (source)
Atalaya Mining has raised £130m in an oversubscribed equity placing to accelerate growth at its Riotinto copper operation in Spain. With shares tripling over the past year, the raise highlights strong investor appetite for established European copper assets offering scale, expansion optionality and lower execution risk than greenfield projects. (source)
US-based uraniuam group Energy Fuels has agreed to a $300m all-share acquisition of Australian Strategic Materials (ASM), gaining rare earth processing capacity in South Korea and a development-stage mine in Dubbo, Australia. The deal targets the sector’s key constraint, metal and alloy production, but long-term value still hinges on capital discipline and commercialising high-cost projects. (source)
Alkane reported record quarterly production of over 43,000 gold-equivalent ounces, generating $256m in revenue from 44,084 ounces sold at an average realised gold price of about $5,785/oz. Strong cashflow of $133m was supported by high volumes, elevated gold prices and production of 267 tonnes of antimony. (source)
An IEEFA report reveals Australian miners’ diesel consumption reached record levels in 2024 as companies slash decarbonisation budgets. High metal prices and operational expansions are driving fuel reliance, signalling a significant retreat from electrification targets. This shift highlights growing tension between immediate production profits and long-term ESG commitments. (source)
CGN Resources has secured an option to acquire the Desdemona project in Western Australia, expanding its copper and critical minerals footprint. The deal involves an upfront payment and staged exploration commitments, offering investors high-leverage exposure to a strategic district alongside the company’s flagship Webb project in the West Arunta. (source)
Pakistan and Australia are discussing a new Intergovernmental Agreement to formalize long-term mining cooperation. Centered on the Reko Diq copper-gold project, the partnership aims to attract further Australian investment into Pakistan's Tethyan Belt and gemstones sector, leveraging Australian technical expertise to support Pakistan's entry into the global energy transition. (source)
Heavy Minerals (ASX:HMY) has established an At-the-Market (ATM) facility with Acuity Capital, providing up to $2 million in standby equity capital through January 2029. This non-dilutive financing tool allows the garnet explorer to efficiently fund working capital and project advancement without the immediate discount of traditional placements. (source)
Investing News Network highlights Australian Strategic Materials (ASX:ASM) as a top performer following its acquisition by Energy Fuels. Other notable 2026 picks include Antilles Gold for its Cuban copper-gold projects and Argosy Minerals, which gained 310% YTD on Rincon lithium project milestones and rebounding sector sentiment. (source)
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