Silver had another violent week, and the miners followed it lower, then higher, then lower again. The move was less about geology than positioning, liquidity and how thin these markets can be when momentum flips. This week’s selection reflects that volatility, alongside the quieter structural themes still shaping mining finance: supply constraints, fiscal policy shifts, and who is tightening control of the value chain.
Week-end price comparison: 30th of January vs 6th of February 2026
Week end prices shown are as of 19:00 UTC on 6 February 2026.
Copper eased over the week as prices cooled from recent highs, reflecting short-term profit-taking rather than a shift in longer-term supply constraints.
Silver’s weakness was far more dramatic: after reaching nominal record highs above US$120/oz in late January, the metal suffered one of its largest one-day collapses in decades - a 30–32% plunge on 30 Jan that wiped out most of January’s surge.
Gold held up relatively better, reflecting safe-haven flows and its continued year-on-year strength, underscoring the divergence between monetary-linked precious metals and base metals driven primarily by industrial demand.
This Week's Key Mining and Capital Market Stories
Ghana is reviewing revised terms for the Ewoyaa lithium project, which would become West Africa’s first lithium mine, after withdrawing an earlier agreement over concerns about royalties. The updated proposal introduces a sliding royalty of 5%–12% linked to lithium prices, with parliamentary approval still required before development can proceed.
Copper trading above USD 14,000 per tonne is lifting export revenues and fiscal inflows for African producers, particularly the DRC and Zambia. The move reflects strong electrification-driven demand and limited supply growth, improving short-term budgets and investment capacity, though outcomes remain sensitive to price volatility and policy stability.
Jubilee Metals’ exit from chrome and PGMs leaves it fully exposed to copper, with owned Zambian mining assets now driving production rather than third-party processing. Early ramp-up at Roan and Molefe shows operational leverage, positioning earnings to track copper prices more directly amid tightening global supply fundamentals.
Ghana plans to introduce a sliding gold royalty of 5%–12% linked to prices, while offering to cut an existing mining levy by two percentage points to offset the impact. The proposal reflects efforts to increase state revenues amid high gold prices, with final terms pending parliamentary approval.
Zimbabwe’s High Court found that platinum matte and concentrate exports were not liable for royalties during 2018–21 because no applicable rate was defined. The ruling eliminates a $7.1 million claim against Impala’s local unit and underlines how gaps in fiscal frameworks can materially affect realised revenues from PGM production.
African countries are increasingly restricting the export of unprocessed minerals as global powers intensify competition for strategic resources. Nations including Zimbabwe, Malawi, Mali, Burkina Faso and Ghana are imposing bans or tighter controls on raw exports to encourage domestic processing and capture more value, reflecting shifting policy priorities amid heightened demand for battery, tech and defence metals.
Officials from African nations joined the U.S. Critical Minerals Summit in Washington to discuss cooperation on sourcing, processing and supply chains for strategic minerals, as the United States and partners seek to reduce reliance on China’s dominant position. The summit, attended by dozens of countries, aims to forge a shared framework for diversifying critical minerals access.
Ankh Resources’ second drill hole at Egypt’s Wadi Dara returned a high-grade gold–copper intercept of 12.1m at 2.14 g/t gold and 1.1% copper, confirming mineralised continuity beyond the initial hole. Early results point to a structurally controlled hydrothermal system, though project significance will depend on demonstrating scale, repeatable thickness and economic continuity through follow-up drilling
Eldorado Gold has agreed a C$3.8bn all-stock acquisition of Foran Mining, adding the near-complete McIlvenna Bay project and increasing copper exposure. With two large projects set to enter production in 2026, the deal reflects producers prioritising scale, diversification and self-funded growth as capital discipline tightens.
Torr Metals’ expanded soil anomaly at Kolos nearly doubles the prospective footprint of a high-level Cu–Au porphyry system, reinforcing district-scale optionality in a tier-one jurisdiction. While early-stage, the scale, structural coherence and proximity to producing camps underline how constrained copper supply increasingly hinges on new porphyry discoveries, not incremental mine expansions.
Silver’s 31% one-day collapse after a speculative surge highlights how thin, investment-driven markets can overshoot fundamentals. Despite structural supply deficits and limited primary mine supply, the move echoes 1980’s Hunt Brothers unwind, reminding investors that silver volatility reflects financial positioning more than geological scarcity, even when long-term constraints remain.
Nicola’s drilling at New Craigmont strengthens the case that historic Craigmont skarn mineralisation is linked to a concealed porphyry copper centre. Early zonation and modest intercepts won’t move supply forecasts yet, but success here would underline how brownfield porphyry discoveries near existing camps remain critical to addressing long-term copper deficits.
A spin-out from the University of Texas at Austin aims to recover gallium and scandium from US industrial waste, targeting a key vulnerability in critical mineral supply. The concept addresses refining, not resource scarcity, but faces the usual hurdles of low grades, complex separation and uncertain economics when scaling beyond pilot stage.
Bellavista’s acquisition of control at Pickle Crow highlights continued demand for high-grade Canadian gold projects with clear development pathways. First Mining crystallises value and retains free-carried upside, while the asset’s appeal reflects how capital is concentrating on Tier-1 jurisdictions as permitting risk, rather than resource size, drives gold project valuations.
Direct lithium extraction in Alberta could unlock large brine-hosted resources by repurposing oil and gas infrastructure, addressing supply growth without new mines. While environmentally promising on land and water use, DLE’s real constraint remains energy intensity and scale-up risk, echoing past cycles where technology, not geology, determined commercial viability.
Iron ore prices slipped below CNY 790/t as Chinese steel mills cut pre-holiday buying and port inventories edged higher. Softer spot demand coincides with rising seaborne supply from Australia and Brazil, while longer-term supply options expand through projects in Algeria and Peru, reinforcing near-term market looseness.
India’s mining value surged largely on the back of metallic minerals, which saw a sharp increase in output value between 2020-21 and 2021-22, while non-metallic minerals grew at a steadier pace. The trend reflects stronger demand and pricing for metals such as iron ore and bauxite, underscoring the shifting composition of India’s mining sector.
The EU is preparing to offer the US a critical minerals partnership aimed at reducing reliance on China for key inputs used in technologies and defence. The plan would set out a joint “Strategic Partnership Roadmap” and explore coordinated sourcing, processing and recycling over the coming months, according to the report.
Uzbekistan and China held high-level talks aimed at expanding cooperation in the mining sector, agreeing to prepare project proposals and feasibility studies to support future initiatives. The engagement signals a potential increase in bilateral mining and geological collaboration, with negotiations on terms and formats of cooperation ongoing.
The Serbian government is grappling with public health and environmental concerns tied to Chinese state-owned Zijin Mining’s control of the Bor copper complex since 2018. Local residents and activists say pollution and dust from expanded mining and smelting operations have affected air quality and health, highlighting tensions over foreign investment and regulatory oversight.
A Kazakh firm, Elaman Group, plans to invest $20 million in placer gold mining projects in Pakistan’s Gilgit-Baltistan, following talks with the Board of Investment. The company says preliminary studies indicate strong exploration potential, with scope for additional investment in later phases, according to an official statement.
Indonesia’s rapid nickel expansion masks continued dependence on China for processing and capital. While Jakarta has curtailed exports to spur domestic refining, Chinese companies dominate smelting capacity and investment, undermining self-sufficiency goals. The dynamic highlights how resource nationalism can be undercut by entrenched global supply chain control, even amid strong production growth.
Barrick Mining has paused final financing for the Reko Diq copper-gold project in Pakistan’s Balochistan province to review security arrangements after a rise in militant attacks. The board is reassessing capital allocation, development timelines and risk as the company seeks to balance operational safety with the project's long-term strategic value.
Strickland Metals’ Red Creek discovery at Rogozna confirms the scale and continuity of a large gold–copper skarn system in southern Serbia. New shallow epithermal and deeper polymetallic intercepts expand the mineralised footprint near existing resources, reinforcing district-scale upside where clustering, not isolated deposits, underpins long-term development potential.
A new EU report warns that the bloc remains heavily dependent on imports of critical minerals, exposing supply chain vulnerabilities for industries from tech to defence. Despite policy efforts to diversify sources and boost domestic processing, member states still rely on external suppliers — particularly China — underscoring strategic risk in essential raw materials.
Anglo American cut its 2026 copper guidance after reporting lower 2025 output, citing grade-related declines at Collahuasi (Chile) and Quellaveco (Peru). The miner plans a temporary restart of a second plant at Los Bronces to partly offset weaker volumes, while continuing longer-term ramp-up plans.
European shares were little changed near record levels as a sharp sell-off in software and data names offset a rebound in commodity-linked stocks. Mining and energy shares led gains as metals and oil stabilised, while investors digested fresh AI-driven disruption fears hitting incumbents and weighed broader risk sentiment across Europe’s major indices.
Europe faces mounting raw materials challenges as its Critical Raw Materials strategies struggle to translate policy into production. The EU remains reliant on imports, particularly from China, for key inputs needed in technology and the energy transition, while domestic processing and recycling capacity lag behind ambitious 2030 targets. Progress hinges on execution and investment.
The head of the International Seabed Authority has urged the EU to back swift agreement on global rules for deep-sea mining, warning that delays risk fragmented, unilateral regulation. As demand for critical minerals rises and the US pushes ahead independently, divisions within Europe threaten progress on a UN mining code due in 2026.
Vertex Minerals has reaffirmed that the gold resources at its Reward Mine are reported in compliance with the JORC 2012 code, with estimates unchanged from prior disclosures. The update centres on governance and reporting standards rather than new geology, confirming the project’s status within Australia’s established high-grade gold development pipeline.
Genesis Minerals delivered a standout December quarter, producing a record 74,000 ounces and generating AUD 430m in revenue, while fully repaying AUD 100m of debt. The results highlight how established Australian gold producers are converting record prices into balance-sheet strength and self-funded growth, positioning them to accelerate development without relying on external capital.
Ramelius delivered a strong December quarter, combining solid production of 46,510 ounces with disciplined cost control and robust cash generation. High gold prices translated into AUD 236m of revenue and AUD 54.7m of underlying free cash flow, while the balance sheet strengthened to nearly AUD 700m in cash and gold, supporting a AUD 250m buyback and higher dividends.
BHP has selected 10 companies for its 2026 Xplor program, the largest cohort to date, committing US$5 million to early-stage exploration and related technologies. The intake includes both explorers and data-focused firms, reflecting the increasing use of analytics and digital tools in early mineral discovery.
Early-stage mining has long struggled with limited liquidity and heavy valuation discounts on in-ground assets. One approach now being explored is tokenisation, which introduces fractional participation, clearer pricing signals and broader access to capital earlier in the project lifecycle. This short explainer from Minestarters outlines how tokenisation could change how mining projects are financed and valued, and where it may, or may not, fit within the existing mining value chain. Follow Minestarters on LinkedIn and X for more updates.
TerraZar is a principal mining holding company focused on building and advancing strategic assets across multiple jurisdictions. It deploys capital, technical leadership and operational control through project-level subsidiaries, allowing each asset to be developed according to its stage and setting. The aim is to align geology, execution and capital to create long-term value across the mining lifecycle. Follow TerraZar on LinekdIn and X for more updates.
I’ll be at 121 Mining Cape Town and around for the duration of the conference. If you’re attending and want to compare notes on markets, project financing, or early-stage opportunities, email md.nally@minestarters.com and we can set up a time to meet.
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