This week reads like a reminder that capital is moving, but always with conditions. You see it in Ethiopia’s $13.1B investment push and Chile clearing $17.3B worth of projects, where ambition is clear but delivery remains uncertain. At the same time, strategic plays, from China’s $120B global mineral push to the US taking stakes in graphite supply, highlight a deeper shift: this is no longer just about finding resources, but about controlling them. Below is a breakdown of the key mining and capital market moves shaping that trend this week.
Week-end price comparison: 20th vs 27th of March 2026
This week’s price action reflects a shift from aggressive repositioning toward stabilisation. The sharp rotation into energy seen in prior weeks appears to be slowing, while metals, particularly base metals, are beginning to recover as selling pressure eases.
Elevated oil prices continue to influence inflation expectations and interest rate outlooks, which in turn impact precious metals through yields and currency strength. However, the reduced magnitude of moves across most commodities suggests markets are entering a more balanced phase, with fewer forced flows and a greater focus on underlying fundamentals.
If current conditions persist, commodity markets may move into a period of consolidation in the near term, with energy holding at elevated levels and metals gradually rebuilding momentum as investor confidence returns.
Precious metals
Week end prices shown are as of 17:00 UTC on March 27th 2026.
Precious metals showed signs of consolidation after last week’s sharp sell-off. Gold edged lower by 1.2% to $4,516.00/oz, indicating that downward pressure from elevated yields and a firm US dollar remains in place, albeit at a slower pace. The smaller move suggests selling momentum is fading, with markets entering a more balanced phase.
Silver rebounded modestly, rising 1.0%, partially recovering from the previous week’s steep decline. This suggests that the earlier sell-off was at least partly driven by short-term positioning, with some speculative flows returning as prices stabilised.
Platinum group metals remained under pressure. Palladium declined 2.2%, while platinum fell 4.8%, extending losses as demand concerns, particularly from the automotive sector, continue to weigh. Compared to gold and silver, the lack of rebound here highlights weaker underlying industrial demand dynamics.
Overall, the precious metals complex appears to be transitioning from a sharp correction into a consolidation phase, with macro drivers, particularly interest rate expectations and currency strength still acting as key headwinds.
Base & Other Metals
Week end prices shown are as of 17:00 UTC on March 27th 2026.
Base metals staged a broad recovery this week, reversing part of the prior week’s declines. Copper rose 2.4% to $12,107.95/ton, signalling a return of buying interest after the sharp pullback, likely driven by bargain-hunting and continued confidence in underlying demand.
Aluminum increased 2.9%, one of the stronger performers, suggesting that supply-side constraints and energy-linked production costs continue to provide support.
Elsewhere, gains were more moderate but broadly positive. Tin rose 1.3% and zinc gained 1.8%, indicating improving sentiment across the complex. Lead remained largely flat.
Iron ore edged higher by 0.5%, maintaining its upward trend and reinforcing the view that steel demand, particularly from Asia, remains resilient despite broader market volatility.
The recovery across base metals suggests last week’s declines were driven more by macro positioning and liquidation rather than a deterioration in physical demand. This week’s price action points to stabilising sentiment and a tentative re-entry of investors into the sector.
Energy & Fuel
Week end prices shown are as of 17:00 UTC on March 27th 2026.
Energy markets showed signs of plateauing after their recent strong rally. Brent crude oil rose just 0.7% to $111.61 per barrel, indicating that while supply concerns persist, the pace of gains has slowed as prices reach elevated levels.
Coal declined 2.2%, pulling back after several weeks of strong gains, suggesting some demand normalisation and potential profit-taking at higher price levels.
US natural gas fell 2.3%, continuing its recent weakness, likely reflecting ample supply conditions and reduced short-term demand pressures relative to oil markets.
Uranium slipped slightly by 0.5%, remaining broadly stable and continuing to trade independently of the more volatile fossil fuel markets.
Overall, the energy complex appears to be entering a consolidation phase following its recent outperformance. While structural supply concerns remain supportive, particularly for oil, the absence of new catalysts has led to a moderation in price momentum
This Week's Key Mining and Capital Market Stories
Securing US$1.4bn to develop DRC’s Manono hard-rock lithium deposit could reshape global supply, but vast infrastructure gaps, modest Li2O grades and DRC’s political volatility mean meaningful output remains years away and incumbent producers will still dictate spot pricing into the late 2020s.
Botswana Minerals has raised £1.15m to drive first-phase copper drilling in northwest Botswana’s Kalahari belt, targeting geochemical anomalies beneath metres of sand cover. While funding remains modest for deep-interest plays, accelerating fieldwork now is key to de-risk early-stage exploration amid tightening copper markets.
Ethiopia has signed $13.1 billion in investment deals across energy, mining, manufacturing and green ammonia, signalling renewed foreign investor interest amid ongoing economic reforms. The agreements aim to boost industrial capacity and resource development, though execution will depend on infrastructure, financing flows and regulatory stability over multi-year timelines.
Lithium Africa has tapped a strategic and financial consultant to optimise funding and corporate strategy for its clay-hosted lithium assets. Given the metallurgical and capital challenges of clay deposits, this advisory step can sharpen fundraising terms, de-risk financing and align project development with evolving EV battery market dynamics.
Despite gold trading above $2,000, South African miners remain cautious, unwilling to expand output amid ageing deep level orebodies, spiralling extraction costs and labour constraints. Historic price spikes failed to boost supply rapidly, underlining how geological complexity and capital intensity limit near term production gains even in strong markets.
Heath Goldfields has outlined a US$135m development package for its Ashanti-region gold project to address escalating community concerns now escalated to Ghana’s presidency. The proposal underscores rising social licence risks in West Africa’s established gold belt, reminding investors that geological promise must be balanced with locally grounded stakeholder engagement.
E&P’s US$1.2bn pledge to upgrade Tarkwa and Damang mines underscores the urgency of replacing depleting high-grade reserves in Ghana’s biggest goldfields. Funding for tailings retreatment and equipment modernisation could stabilise output, but geological complexity and infrastructure lead times mean production gains will emerge only in the medium term.
Botswana plans to raise its debt ceiling to 45% of GDP as diamond revenue slumped by nearly 30%, risking underfunded public services and infrastructure. While commodity cycles historically rebound, higher borrowing could strain fiscal buffers and elevate borrowing costs, highlighting the pitfalls of dependence on a single mineral export.
While this first high-purity anode cargo underscores Lobito Corridor’s potential to streamline southern Africa’s copper exports, significant funding, capacity and regional security challenges persist before it can shift large-scale supply, a key consideration for Europe’s industrial decarbonisation plans.
Centerra Gold’s new 9.9% holding in Nevada King underlines faith in its early stage South Grass Valley gold project’s district scale Carlin style potential. While this strategic backing should accelerate systematic drilling, meaningful resource delineation remains years away given typical Nevada exploration timelines and geological uncertainties.
G Mining Ventures posted Q4 revenue of US$191.3 million versus US$102.3 million and adjusted net income of CAD 0.43 per share against CAD 0.17, driven by new mine ramp-up and stronger realised gold prices. The result highlights solid cash flow but remains subject to ore-grade variability and gold-price cycles.
SSR Mining has agreed to sell its Çöpler gold mine stake in Turkey for US$1.5bn to Koza Altin, securing immediate liquidity and debt reduction while offloading a high grade yet refractory orebody under growing regulatory uncertainty. The move streamlines SSR’s portfolio towards lower risk, higher margin assets.
Teck’s decision to postpone the US$1.9 billion Zafranal FID underscores the tight finance climate and mounting costs in high-altitude copper development. With new supply already lagging demand, further delays in greenfield projects heighten the risk of future market deficits despite Peru’s abundant copper endowment.
Silver Bow Mining’s planned $50m IPO on NYSE American to fund its Montanore and Hilltop assets marks one of the rare US silver-copper juniors seeking fresh capital. This reflects growing investor appetite for base metals amid supply tightness, though long permitting lead-times and project scale remain hurdles.
US GoldMining’s Whistler PEA outlines a US$2 billion NPV and 33% IRR, underpinned by combined gold-copper resources in remote Alaska. While permitting and infrastructure remain significant hurdles, these robust metrics reflect real growth potential in critical metal supply amid tightening global markets.
Guardian Metal’s IPO priced at A$0.20 to A$0.22 per share aims to raise A$15m for WA exploration, highlighting renewed appetite for greenfields targets as incumbent majors concentrate on brownfields. Given complex Archean structures, meaningful resource delineation will take time, underscoring early-stage risk despite bullish regional precedent.
Chile’s green light for the Codelco-Anglo American copper joint venture signals a strategic alliance to sustain output as high-grade reserves dwindle and capex rises. By pooling expertise and cost, the deal mitigates nationalisation risk and addresses water-energy constraints, shoring up Chile’s pivotal role amid a tightening global copper market.
Atlantic Nickel has started a US$630 million underground expansion of its Santa Rita sulphide mine in Bahia, Brazil, extending output for around ten years. This major investment highlights the rare nature of high-grade nickel sulphides critical for stainless steel and EV batteries, unlike bulk laterite projects.
A record US$17.3bn of Chilean mining projects cleared environmental permits in Q1, underscoring state impetus to expand copper and lithium output. The approvals ease regulatory bottlenecks but water shortages, grid constraints and social licences still threaten timelines. Permits signal intent more than guaranteed mine production.
Silver X Mining has agreed to acquire the high-grade Pampas gold-silver project in Peru for staged payments of about $1.7 million plus a royalty, adding a district-scale, undrilled asset to its portfolio. With strong historical grades and planned drilling, the deal strengthens its growth pipeline in the Central Andes.
The U.S. and Brazil are deepening cooperation on critical mineral supply chains, bringing together governments, investors and industry leaders to accelerate investment, geological mapping and processing capacity. The partnership aims to reduce reliance on concentrated global supply, with technology transfer, financing tools and joint projects central to unlocking Brazil’s underdeveloped resource base.
South America is emerging as a prime destination for mining investment, driven by strong geology, improving regulatory frameworks and expanding infrastructure. Capital is targeting copper, lithium and rare earth projects, but success requires multi-year timelines, large-scale funding and strategic exits, reflecting the region’s capital intensity and operational complexity.
Canada and Peru have signed a new agreement to strengthen cooperation on critical minerals and mining investment, focusing on knowledge sharing, sustainable development and supply chain resilience. The partnership aims to attract capital and technical expertise into Peru’s copper and lithium sectors while reinforcing Canada’s role as a global mining finance and technology hub.
Chile’s new desalination law standardises environmental and tariff rules, reducing regulatory risk for US$3.6bn of coastal plants designed to secure water for northern copper mining. By shifting reliance from scarce aquifers, it aligns with industry’s push for sustainable supply, though energy demands and brine disposal remain key execution challenges.
Zijin Mining’s agreed 2.5 billion US dollar offer to buy a controlling stake in Chifeng Gold secures large-scale, low-grade sediment-hosted reserves in Inner Mongolia. Consolidating fragmented assets should boost processing economies and reinforce Zijin’s margin resilience as China’s high-grade ore continues to deplete and costs rise.
India is accelerating its critical minerals strategy by scaling exploration, fostering a startup-led mining ecosystem, and building domestic value chains to reduce import dependence. The approach combines policy reform, private-sector participation and innovation to secure lithium, cobalt and rare earth supply, though execution will depend on exploration success and project delivery timelines.
Chinese state firms are intensifying investment across Africa’s cobalt and nickel belts via tied loans and offtake agreements, shifting production downstream. While this secures critical battery metals amid a global supply crunch, it risks political backlash and debt dependency in host countries. Geological grade declines and infrastructure gaps remain real constraints.
NCC’s ₹6,828 crore contract with a Coal India subsidiary secures its role in earthworks, coal extraction and logistics, reinforcing India’s drive for reliable domestic supply amid geological complexity and transport bottlenecks. While shoring up NCC’s orderbook, looming environmental and monsoon related risks underscore operational challenges ahead.
China has invested over $120 billion since 2023 in overseas mining and processing assets to secure critical minerals including lithium, copper, nickel and rare earths. The strategy targets not just resource ownership but control of refining and supply chains, reinforcing China’s dominant position in global energy transition materials.
Trade between Kazakhstan and China has surged to $48.7 billion, underscoring deepening economic ties centred on energy, metals and infrastructure. As Kazakhstan leverages its rich mineral base and strategic position in Central Asia, the partnership highlights China’s continued push to secure upstream resources and strengthen regional supply chains.
Despite escalating West Asia tensions, three Indian firms plan Rs 2,300 crore IPOs this week, signalling robust domestic equity appetite. Historically primary issuances slow under geopolitical stress, so this pipeline suggests issuers capitalising on resilient liquidity, even as broader market sentiment may remain cautious.
India’s market regulator has allowed equity mutual funds, worth $385 bn, to allocate up to 10% into gold instruments, including ETFs and sovereign bonds. This provides a new inflation and rupee hedge, though domestic mine output of barely 2 tonnes a year and storage costs may limit its effectiveness.
Indonesia’s Merdeka Gold Resources is preparing a Hong Kong IPO to broaden its investor base and access deeper international capital pools. The move follows its domestic listing and reflects a broader trend of Southeast Asian miners seeking higher valuations and institutional funding, though deal size and timing remain under discussion.
The EU and Australia have signed a free trade, defence and critical minerals agreement aimed at strengthening supply chains and reducing reliance on China. The deal removes most tariffs, boosts investment flows and deepens cooperation across mining and processing, positioning Australia as a key supplier of strategic minerals to European industries.
Germany and South Korea face growing exposure to rare earth supply shortages as the US and Japan secure long-term offtake deals from limited non-Chinese producers. With China still dominating supply and processing, industrial demand for EVs and defence applications risks outpacing accessible resources, intensifying global competition for secure supply.
MAX Power Mining has closed a $20.5 million brokered offering, led by prominent investor Eric Sprott, to advance its natural hydrogen exploration portfolio in Canada. The financing marks a significant capital injection for an emerging energy segment, though exploration-stage uncertainty and commercial scalability remain key risks.
Russia has auctioned a gold deposit in occupied Luhansk, granting mining rights to a domestic company as part of efforts to integrate resources from seized Ukrainian territories into its economy. The move raises geopolitical and legal concerns, with ownership and future development likely to remain contested amid ongoing conflict.
Kyrgyzstan is partnering with Swiss firm SICPA to implement a gold traceability system aimed at improving oversight of production and supply chains. The system will target artisanal mining, enhance sampling accuracy, and curb illegal gold flows, reflecting a broader push toward transparency and regulatory control in the country’s mining sector.
Guardian Metal Resources has completed an upsized $60 million IPO, beginning trading in the U.S. as it seeks to advance its mining projects and broaden access to international capital. The deal, led by major law firms, reflects improving investor appetite for select mining listings, particularly those tied to strategic metals.
Moscow’s planned auction next month of its seized stake in gold producer UGC underlines ongoing state influence in Russia’s gold industry, with limited bidder pools and sanctions likely to push prices lower. Given UGC’s older deposits and significant capex needs, this sale may pressure sector liquidity and confidence.
The US government’s 20% investment in Syrah Resources secures direct exposure to high-grade flake graphite from Balama, addressing chronic Chinese processing dominance. This strategic stake may stabilise financing for critical anode feedstock but does not resolve commissioning delays or downstream refining constraints inherent in graphite supply chains.
Australian mining major Fortescue has committed over $7 billion to Chinese green technology firms, including deals with BYD, Longi and Envision, to accelerate decarbonisation across its operations. The strategy highlights China’s dominance in clean energy technology and reflects mining’s growing reliance on electrification to meet net-zero targets.
By proposing $44bn for rail corridors, ports and energy hubs across northern Australia the Minerals Council aims to ease transport bottlenecks that have long restrained remote ore production. If backed by government and built to geological and engineering realities expect step changes in export volumes and supply chain resilience.
Chatham Rock Phosphate’s seabed mining project highlights the financing challenges of early-stage resource development, relying on repeated small bridge loans to sustain operations. While the deposit holds both phosphate and potential rare earths, commercial viability remains unproven, with regulatory approvals, processing complexity and large-scale funding still major hurdles.
Rio Tinto has entered an earn-in agreement for the Ono copper-gold project in Papua New Guinea, allowing it to fund exploration in stages to secure a majority stake. The structure limits upfront risk while advancing early-stage drilling, though geological uncertainty and PNG’s permitting environment remain key factors for long-term development.
France is increasing its focus on critical minerals investment in Australia, seeking to secure stable supplies for energy transition industries. The move reflects Europe’s broader strategy to diversify away from concentrated supply chains, with partnerships targeting lithium and other strategic resources, though development timelines and permitting constraints remain key challenges.
Kalamazoo Resources is targeting million-ounce production growth at its Ashburton gold project, supported by a robust scoping study and an expanded drilling campaign. Multiple rigs are planned to accelerate resource growth and near-term news flow, though conversion into a sustained production profile will depend on continued exploration success and project development.
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TerraZar is a mining holding company focused on building long-term value through strategic capital allocation and structured project ownership. By deploying capital across multiple assets via dedicated project companies, it balances risk while advancing projects through exploration, development and beyond, combining technical oversight with disciplined investment strategy. 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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