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- HyProMag USA PFS outlines $2.1B upside from rare earth magnet platform expansion1031.5K
- Silver trades near $52 an ounce, down from a January record of $121.60, and StoneX expects it to underperform gold. Some fresh investor interest is “creeping in,” its head of market analysis said, but “the big reversal in ETFs this year leaves the market oversupplied.” Source: StoneX, ReutersMINING.COM @miningHSBC expects silver’s market deficit to shrink from 140 million ounces in 2025 to 5 million ounces this year, and to widen only to 12 million ounces in 2027. Mine supply, scrap and recycling are all rising while industrial and jewelry demand fall. Large-bar buying from China and India is recovering and ETFs are “starting to rebuild,” but the bank says those flows are not large enough to power a strong new rally. Its year-end targets are $70 for 2026 and $65 for 2027, and it does not expect silver to challenge $100 again anytime soon.10263.5K
- The World Bank raised its 2027 price forecasts from April for copper, tin and zinc. • Copper up 18% to $13,000 per metric ton • Tin up 22% to $45,000 • Zinc up 13% to $3,100 All three are still forecast to average below this year, with copper 1.5% lower and tin and zinc about 11% to 12% lower as supply improves. The bank expects copper to stay near record highs, with subdued mine supply growth and demand strengthening in 2027 and 2028 from power grids, data centers and electric vehicles.MINING.COM @miningWorld Bank lifts copper price outlook by 18%27352K
- HSBC expects silver’s market deficit to shrink from 140 million ounces in 2025 to 5 million ounces this year, and to widen only to 12 million ounces in 2027. Mine supply, scrap and recycling are all rising while industrial and jewelry demand fall. Large-bar buying from China and India is recovering and ETFs are “starting to rebuild,” but the bank says those flows are not large enough to power a strong new rally. Its year-end targets are $70 for 2026 and $65 for 2027, and it does not expect silver to challenge $100 again anytime soon.
202314134.8K - Green Manganese trials deliver high recovery rates alongside zinc extraction1031.6K
- Copper concentrate exports from Rio Tinto’s Oyu Tolgoi mine in Mongolia have dropped about 70% over the past two weeks because of Chinese border restrictions. Daily truck convoys have fallen to about four from 12 to 13. Mongolian border officials attribute it to upgrades in China, including facial recognition for drivers, that could last until the end of December. Oyu Tolgoi produced 113,500 metric tons of copper in concentrate in the third quarter, up 27% from a year earlier, and accounted for about 56% of Rio’s consolidated copper output. Source: Associated Press, Rio Tinto
06452.6K - Critical One Energy, SICC ink $303 million antimony offtake deal for Howells Lake project in Ontario0151.4K
- With gold under pressure, Peter Grandich says the bull market is not over. On Top of Mine, the veteran market commentator explains why rising interest rates may not derail gold and why he sees exceptional opportunities in Canadian mining heading into 2027. Full conversation now on our YouTube channel.2481.6K
- The World Bank projects metals and minerals prices will jump 25% this year to a record, with copper, aluminum and tin all setting records. It cites supply disruptions and strong demand from investment in renewable energy, electric vehicles and data centers. Precious metals are set to surge 40% amid safe-haven demand, with some moderation expected next year. All commodities are set to rise 23% this year, then ease 7% in 2027. Source: World Bank Commodity Markets Outlook
220734K - Chinese investors plan at least 15 million metric tons a year of aluminum smelting capacity overseas, while China’s domestic capacity remains capped at 45 million metric tons. Global prices and Beijing’s scrutiny could limit the buildout, with CM Group estimating only 9 million to 10 million metric tons will ultimately be built. Morgan Stanley forecasts that near-term projects and recovering Middle East output could swing the global market from a 1.1 million metric ton deficit in 2026 to surpluses of 830,000 metric tons in 2027 and 1.8 million metric tons in 2028. Source: Reuters
21212.2K - Rumoured Indonesian nickel output cuts could widen the 2026 market deficit more than tenfold, according to Benchmark Mineral Intelligence. Chinese producers in Indonesia are reported to have agreed to halve mixed hydroxide precipitate (MHP) and matte output and cut nickel pig iron production by 20% through the end of 2026. The reports are unconfirmed. A cost analysis points to smaller cuts of 20% for MHP, 10% for matte and 5% for nickel pig iron, widening the projected deficit from 14,000 to 51,000 metric tons. If the full rumoured cuts are implemented, the deficit could reach 145,000 metric tons.
00211.7K - The US used about 160 metric tons of NdFeB rare earth magnets for every one it made in 2025, according to Reuters. The country consumed about 48,000 metric tons of NdFeB permanent magnets and produced about 300 domestically. Construction has now begun on USA Rare Earth’s $1.2 billion plant in Blacksburg, South Carolina, which is targeting 6,400 metric tons a year of sintered NdFeB magnets. Commissioning is targeted to begin in 2028.
26382.8K - BMI says El Niño could disrupt copper and nickel production through early 2027, with flood risk in Chile and Peru and drought-driven power shortages in Zambia and the DRC. A previous El Niño in 2017 halted operations at Anglo American’s Los Bronces and Codelco’s El Teniente. But structural supply risks, including declining ore grades and policy uncertainty, are expected to overshadow El Niño for now. Both markets are expected to remain in modest surplus in 2026. Source: BMI
18344.4K - North America accounts for 1.7% of mined lithium supply in 2026 against 6% of lithium demand from cell production, according to Benchmark Mineral Intelligence. Benchmark forecasts its supply share rising to 13% by 2050, with its share of demand rising to 12%. Europe accounts for less than 1% of mined supply despite 7% of demand. By 2050 Benchmark forecasts 5.5% of supply against 8% of demand. Australia, the largest producer in 2026 at 29%, is forecast to fall to 20%, while China holds at around 25%.MINING.COM @miningElectric vehicles are forecast to account for 76% of global lithium demand by 2050, up from 55% today, according to Benchmark Mineral Intelligence. Total lithium demand is expected to more than triple to nearly 7 million metric tons of lithium carbonate equivalent, from 2.11 million metric tons in 2026. Batteries already account for 92% of lithium consumption, up from about 70% in 2020. Demand from stationary energy storage has grown by more than 60% a year over the past two years. Benchmark expects growth to moderate to roughly 5% a year through the end of the decade.24222.1K
- Electric vehicles are forecast to account for 76% of global lithium demand by 2050, up from 55% today, according to Benchmark Mineral Intelligence. Total lithium demand is expected to more than triple to nearly 7 million metric tons of lithium carbonate equivalent, from 2.11 million metric tons in 2026. Batteries already account for 92% of lithium consumption, up from about 70% in 2020. Demand from stationary energy storage has grown by more than 60% a year over the past two years. Benchmark expects growth to moderate to roughly 5% a year through the end of the decade.
318485.4K - Teck Resources’ Q3 net income surged more than fivefold to $1.59B from $281M a year earlier, as record copper prices and higher production boosted earnings. Copper production rose 11% to 115,700 tonnes, while net cash unit costs fell to $1.77/lb from $2/lb. Average realized copper prices reached a record $6.40/lb, and copper EBITDA more than doubled to $1.6B from $740M. Full report below:MINING.COM @miningTeck profit surges as copper prices hit record highs15222.6K
- There has been no commercial tungsten mining in the US since 2015. China accounted for 79% of global tungsten mine production last year, according to USGS. Now the US Army has given Perpetua Resources a $40 million, 36-month award to evaluate tungsten production at Stibnite in Idaho, the company said. The Stibnite district supplied roughly half of the tungsten the US used during World War II. Drilling at the Hangar Flats deposit underpins the award, with intercepts including 9.8 meters grading 4.6% tungsten and 8.3% antimony. Total US government awards to Perpetua for critical minerals now stand at $126 million since 2022. @Perpetua_Idaho Source: Perpetua Resources, USGS
434811.8K - Silver’s gap to its 200-day average reached 25.0% on October 23, its widest since March 2020. The gap has since narrowed to 24.1%, with futures at $54.11 an ounce against a 200-day average of $71.26. On March 18, 2020, the gap reached 30.8%. Since 2001, a gap of at least 24.1% has occurred in 144 of 6,368 trading sessions.
04172.1K - Agnico Eagle is targeting a 20%–30% increase in annual gold production over the next decade, with the first step-up expected in 2030. The company sees potential to exceed 4 million ounces of annual production in the early 2030s, supported by expansions at Canadian Malartic and Detour Lake, alongside development projects at Upper Beaver and Hope Bay. For 2026, Agnico maintains production guidance of 3.3–3.5 million ounces, with output expected near the lower end of the range. Source: Agnico Eagle Q3 2026 results $AEM.NEMINING.COM @miningAgnico Eagle’s third quarter net income rose to $1.35B from $1.06B a year earlier, with a realized gold price of $4,264 an ounce against $3,476. Free cash flow was $852M versus $1.19B, and production fell to 814,012 ounces from 866,936. Net cash rose to $3.42B from $3.27B in the second quarter, and the miner returned $478M to shareholders. Source: Agnico Eagle Q3 2026 results $AEM06696.8K
- Agnico Eagle’s third quarter net income rose to $1.35B from $1.06B a year earlier, with a realized gold price of $4,264 an ounce against $3,476. Free cash flow was $852M versus $1.19B, and production fell to 814,012 ounces from 866,936. Net cash rose to $3.42B from $3.27B in the second quarter, and the miner returned $478M to shareholders. Source: Agnico Eagle Q3 2026 results $AEM
289310K - Nearly 70% of the world’s visible exchange copper stocks are now held in the US, masking tightening supplies elsewhere. • Global inventories reached 1.04 million metric tons in October, up 83% from a year earlier • COMEX held 718,000 metric tons of that • BMO points to China’s Yangshan cathode premium above $200 per metric ton Tariff uncertainty continues to shape where copper is stored, according to GEM Mining Consulting. Source: GEM Mining Consulting, BMO
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