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JPMorgan unleashes $1.5T push for US critical minerals

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.

World Bank lifts copper price outlook by 18%

Green Manganese trials deliver high recovery rates alongside zinc extraction

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

Mule Canyon gold resource advances restart plans

XXIX Metal launches largest drilling campaign in its history

Hitachi, Yanmar join forces on Michigan compact equipment manufacturing

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

Oil exploration opens door to Brazil offshore potash

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.

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.

Glencore, CNGR back $380M Brazil nickel mine with $40M

Gold dip draws Asian buyers as North American funds lose cash

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%.

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.

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

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.

Codelco relocates 74% of workers as Andes Norte remains halted

Deep Sea Minerals eyes US listing as leasing auction nears

Rio Tinto eyes 56% CEO pay hike amid talent crunch