The initiative, led by US President Donald Trump’s senior Africa advisor Massad Boulos, is designed to accompany the bilateral minerals pacts being ironed out with both nations, which would see billions of dollars of Western investments in the region.

“The (agreement) with the DRC is at a much bigger scale, because it’s a much bigger country and it has much more resources, but Rwanda also has a lot of resources and capacities and potential in the area of mining as well,” Boulos told Reuters.

DRC is currently the world’s largest cobalt producer and the leading copper producer in Africa. The country also produces nearly 70% of the world’s tantalum, extracted from coltan. Its eastern provinces hold significant reserves of tin, tungsten and additional coltan deposits.

For decades, Congo has been at odds with the neighbouring Rwanda due to ethnic tensions and control over the region’s natural resources. The conflict escalated earlier this year when the Rwandan-backed M23 rebels attacked and seized control over parts of eastern Congo, including the strategic mining hub of Walikale.

As part of the US peace mediation process, both African nations are expected to submit separate drafts of a peace agreement on Friday, with meeting scheduled in mid-May involving US Secretary of State Marco Rubio and the foreign ministers of the DRC and Rwanda to finalize the accord, according to Reuters.

For the peace agreement to succeed, Boulos said several key security concerns must be addressed: Rwanda must withdraw its troops and cease support for the M23 rebels, while the DRC must address Rwandan concerns with militias like the Democratic Forces for the Liberation of Rwanda (FDLR).

A multinational oversight committee, including the US, Qatar, France and Togo, is monitoring the progress of the peace deal, Boulos added.

“Listing is an option,” Ajay Goel, chief financial officer of Mumbai-listed Vedanta Ltd., said Friday in an interview with Bloomberg TV. “It is hard to give a timeline definitely, but it’s under active consideration.”

He did not provide details on the size or location of the potential float.

The company regained control of the Konkola Copper Mines assets in Zambia last year, after the southern African nation’s government triggered its provisional liquidation about five years earlier, accusing Vedanta of lying about expansion plans and paying too little tax. The company has pledged to invest $1 billion in the operation as part of negotiations with the state to secure its return to Konkola.

Konkola boasts resources with copper concentrations much higher than those in South America — today’s biggest global source of the metal needed to build electric cars and artificial intelligence data centers. But the deposits are also deep underground, where vast rivers make the operation one of the world’s wettest.

Read More: Mining billionaire Agarwal moves closer to breaking up his empire

The miner confirmed Friday that it’s actively negotiating to buy 100% of Gold Road through an Australian scheme of arrangement — just hours after Gold Road’s shares were suspended from trading in Sydney.

Gold Road had dismissed the first approach as “highly opportunistic” and claimed it undervalued the company. Price and timing were the key sticking points, chief executive Duncan Gibbs said at the time.

Gold Fields had offered A$2.27 per share in cash, plus a variable component tied to Gold Road’s stake in De Grey Mining. In response, Gold Road proposed acquiring Gold Fields’ 50% stake in the Gruyere mine at a matching valuation. Gold Fields rejected that counter-offer and refused further talks on divesting its interest.

Now, Gold Fields is back at the table, driven by its determination to secure full control of Gruyere — one of Western Australia’s largest gold mines. Gold Road discovered the deposit in 2013 and sold a 50% interest to Gold Fields in 2016 to fund development and exploration.

Gruyere has produced over 1.5 million ounces since beginning operations in 2019. It delivered record output of nearly 92,000 ounces in the final quarter of 2024.

Gold Fields cautioned there’s no guarantee a deal will materialize. That uncertainty pushed its Johannesburg-listed shares down as much as 6.4% Friday, though the stock was up 1.6% in pre-market trading in New York to $21.66.

Gold Road’s shares, suspended early in the day due to “media speculation regarding a potential change of control transaction”, will remain trading when the market opens on May 6, unless the company issues an announcement before then.

The bid comes amid a surge in gold prices and deal-making. With gold briefly topping $3,500 an ounce last month, the sector has seen a new wave of mergers and acquisitions. Recent deals include Equinox Gold’s  (TSX: EQX) C$2.6 billion ($1.88 billion) acquisition of Calibre Mining in Canada, and China’s CMOC Group buying Lumina Gold for C$581 million ($421m).

Ivanhoe Mines (TSX: IVN) surged to its highest in a month Thursday after the Canadian miner posted strong results for the first quarter of 2025.

For the three-month period, Ivanhoe recognized a record revenue of $973 million, operating profit of $471 million and EBITDA of $585 million, equivalent to a margin of 60%. Its adjusted EBITDA also set a record of $226 million.

These figures drove the company’s profit to $122 million, or $0.10 per share, beating the market forecast of $0.07 a share.

Shares of Ivanhoe jumped as much as 12% to a one-month high of C$13.74 apiece on the positive Q1 results. By 1:20 p.m. in Toronto, the stock traded at C$13.32 for an intraday gain of 8.8%, giving the company a market capitalization of nearly C$18 billion.

Kamoa performance

The first quarter results, said Ivanhoe founder Robert Friedland, reflect the company’s “strong efforts” at the Kamoa-Kakula copper complex in the Democratic Republic of the Congo.

From January to March, the copper mine, in which Ivanhoe holds a 39.6% stake, produced a near-record 133,120 tonnes, compared to 86,117 tonnes the same period last year. From March 18, the copper production rate increased to 614,000 tonnes on an annualized basis, setting up a higher monthly output starting in April.

“Kamoa-Kakula is set for record production in the shorter month of April, achieving approximately 50,000 tonnes of copper in concentrate, equivalent to an annualized rate of over 600,000 tonnes – a remarkable achievement,” Friedland said in a press release.

During the quarter, the Phase 1, 2 and 3 concentrators at Kamoa-Kakula achieved a combined milling record of approximately 3.7 million tonnes at an average record recovery rate of 87.4%. This was underpinned by the Phase 3 concentrator operating 20% above its design capacity, Ivanhoe said.

Given these results, the company is maintaining its 2025 production guidance at 520,000 to 580,000 tonnes of copper in concentrate. In 2026, Ivanhoe is targeting approximately 600,000 tonnes of production as the Phase 1 and 2 recoveries improve and the Phase 3 throughput increases.

It also noted that Kamoa-Kakula’s 500,000-tonne-per-annum on-site, direct-to-blister copper smelter, the largest in Africa, is now complete, with the facility undergoing commissioning. Start-up of the smelter is expected in May, with first copper anode production expected in July.

Kipushi progress

Ivanhoe has also maintained its outlook for the Kipushi zinc mine, also in the DRC, on record production in the first quarter.

During Q1, the Kipushi concentrator milled a record 151,403 tonnes of ore at a record average grade of 32.5% zinc, producing 42,736 tonnes of zinc in concentrate at a contained grade of over 53%.

For the year, Ivanhoe expects Kipushi’s zinc output to range between 180,000 and 240,000 tonnes, as the mine continues its ramp up to steady state. The production rate is expected to rise to 250,000 tonnes in 2026 following the completion of ramp-up and debottlenecking activities at Kipushi.

The debottlenecking program, which is targeting a 20% increase in the concentrator’s processing capacity to up to 960,000 tonnes per annum, is about two-thirds complete, Ivanhoe said.

The new standard suite expands the due diligence toolkit for responsible sourcing, processing and manufacturing of raw materials to meet new and emerging regulatory requirements and to encourage continuous improvement of supplier practices across a comprehensive set of indicators, RMI said.

The standard suite underwent an extensive review process in 2024-2025, beginning with benchmarking against new and incoming regulations, including the EU Battery Regulation, the EU Corporate Sustainability Due Diligence Directive, and the German Supply Chain Due Diligence Act.

The new standard suite includes the revised Facility Standard for Social, Environmental, OHS and Governance Risks, applicable for assessment of a mineral processor’s operations; and the Supply Chain Due Diligence Module Plus, focused on risk management systems for sourcing primary and secondary materials.

The module is an add-on available only in combination with the RMI’s Responsible Minerals Assurance Process (RMAP) standards or Downstream Assessment Program (DAP).

The new standard suite provides a strengthened framework for risk management, based on internationally recognized guidelines including the United Nations Guiding Principles on Business and Human Rights and the OECD Guidelines on Responsible Business Conduct.

The standards were also designed to support requirements outlined in new mandatory due diligence regulations, including the EU Battery Regulation and the EU Corporate Sustainability Due Diligence Directive.

These standards help companies identify, assess and mitigate risks, remedy impacts, monitor and report on sustainability management systems, and enhance transparency and accountability within their supply chains, RMI said.

The evolving regulatory landscape and voluntary standards present a significant expansion of expectations, actions, and investment by companies all along the minerals value chain. As such, the RMI said it has also expanded its team providing technical assistance, as well as new trainings, guidance and tools available to mineral processors engaged in an RMI assessment, free of charge.

“With this new standard suite and accompanying training and technical assistance resources, the RMI has significantly expanded its due diligence support to RMI members and mineral processors in our assessment program,” RMI executive director Jennifer Peyser said in a statement.

“The RMI standards remain rooted in longstanding international norms while now reflecting newly emerging company needs and stakeholder expectations for regulatory compliance, managing sustainability risks and impacts, and fostering responsible mineral supply chains,” Peyser said.

More information about the new RMI standards and associated tools can be found here.

Africa’s top gold producer signed an agreement with members of an industry group that included Gold Fields, Newmont, AngloGold Ashanti and Asanko Mining in 2022 to purchase 20% of their annual output for the central Bank of Ghana. Purchases are settled in the Ghanaian cedi currency.

Bank of Ghana’s gold holdings rose to 30.8 metric tons in February from 8.77 tons in 2022, helping its gross reserves to hit $9.4 billion this year.

The new deal covers mining companies not participating in the central bank’s arrangement, according to a statement on X from GoldBod, a government body set up to streamline gold purchases from small-scale miners, increase their earnings, and reduce the impact of smuggling.

The companies are Golden Team Mining Company Limited, Akroma Gold Limited, Adamus Resources Limited, Cardinal Namdini Mining Limited, Goldstone Akrokeri Limited, Earl International Group (GH) Limited, Xtra Gold Mining Limited, Prestea Sankofa Gold Limited and Gan He Mining Resource Development Limited.

Gold mining countries have sought increased value from the precious metal as prices rose 29% this year, boosted by US President Donald Trump’s tariffs and geopolitical uncertainty.

“Under the agreement, the mining companies will deliver 20% of any gold they seek to export out of the country to the GoldBod in the form of doré bars,” the GoldBod statement said.

“This agreement represents a significant step toward optimizing national benefits from Ghana’s gold resources.”

The mining companies will receive payment in Ghanaian cedis, discounted at one percent of the London Bullion Market Association (LBMA) spot price.

The nine gold miners produce approximately 200 kilograms of gold monthly, GoldBod’s spokesperson told Reuters.

(By Christian Akorlie and Maxwell Akalaare Adombila; Editing by Ayen Deng Bior and Ros Russell)

The resolution was passed at the company’s general meeting, with 99.94% of votes cast in favor.

The demerger is expected to become effective on May 31, subject to the satisfaction or waiver of certain conditions.

Amplats, the world’s leading producer of platinum group metals (PGM) by volume, will be separated from Anglo American as the parent company refocuses on energy transition metals like copper and iron ore.

Amplats, which proposed changing its name to Valterra Platinum in March, will retain its primary listing in Johannesburg, with a secondary listing on the London Stock Exchange.

The share consolidation is set to take effect on June 1, with the ratio to be announced on May 20.

(By Aatrayee Chatterjee; Editing by Alan Barona)

The company’s over the counter units trading on US markets (OTCPK:GLNCY) was down by 8.6% in mid-afternoon dealings, recovering from a double digit fall at the open.

Glencore stock is down more than 26% so far this year, affording the company a market capitalization of just under $40 billion. Its market value peaked at the end of Q1 2022 at more than $90 billion.

The Swiss-headquartered miner and commodities trader reported a 30% drop in first-quarter copper production to 167,900 tonnes, but maintained its full-year forecast for 2025 at 850,000-910,000 tonnes, expecting higher output in coming months.

The top of that range would still be down from the company’s 2024 annual production of 952,000 tonnes. The Q1 production miss was primarily due to lower ore mining rates, head grades and overall recoveries at Collahuasi (29,400 tonnes), Antapaccay (20,800 tonnes) and KCC (16,700 tonnes) Glencore said.

First-quarter production of cobalt rose 44% on higher grades and volumes at its Mutanda mine, while nickel production fell 21%, it said. The company kept 2025 production guidance unchanged for both.

Glencore forecasts full-year trading and marketing earnings before interest and tax (EBIT) in the middle of its long-term guidance of $2.2 billion to $3.2 billion this year, compared to $3.2 billion in 2024.

“Since quarter-end, financial markets, including commodities, have been highly volatile and unpredictable, responding rapidly to US tariff newsflow and uncertainty.

“In such an unpredictable environment, risk management has been a primary focus, noting the many complex supply chains we are exposed to, including the US, China, Europe and Canada. Despite the ‘noise’, primary commodity trade routes to date have not been meaningfully disrupted.

“However, owing to the various proposed and currently being implemented tariffs across commodity supply chains, it is likely that some physical trade flow re-orientation and dislocation will manifest over the coming months, which may present opportunities for our marketing business,” Glencore said in a statement.

The trading division, whose profit hit a record $6.4 billion in 2022, includes coal, oil, liquefied natural gas and related products, as well as metals.

“Disappointing that in these volatile times with significant regional arbitrage in copper that marketing guidance was not at the top end of the range,” RBC Capital Markets analysts told Reuters.

Glencore’s first-quarter thermal coal production fell 7% to 23.4 million tonnes from 25.2 million tonnes a year before on lower output from its Australian mines.

The company is one of the largest producers and exporters of thermal coal, mining 99.6 million tonnes in 2024.

Glencore said in March it would begin reducing production at its Colombia mine Cerrejon by between 5 million and 10 million tonnes annually.

(With files from Reuters)

The Group, which recently concluded its biannual meeting with key industry players in Lisbon, forecasts global copper surplus to reach 289,000 tonnes in 2025, more than double the 138,000 tonnes from last year. This forecast also represents a larger surplus than its earlier projection of 194,000 tonnes.

In 2026, the surplus is expected to remain high at 209,000 tonnes, extending the surplus for a third straight year after a largely balanced market in 2023.

The widening surplus over the 2025-26 period, according to ICSG, can be largely attributed to higher mine supply and rising smelting capacity.

Mine supply growth

For 2025, the Group expects global mine production to increase by 2.3% to 23.5 million tonnes, benefiting mainly from the ramp-up of the Kamoa-Kakula mine in the DRC and Oyu Tolgoi in Mongolia and the commissioning of the new Malmyz mine in Russia.

In 2026, a higher growth of 2.5% is anticipated, supported by the continued ramp-up of new/expanded capacity (including China), an expected improvement in Chilean and Zambian output, and a recovery in Indonesia from expected declines in 2025.

In both years, ICSG said a series of smaller expansions and the start-up of a number of small and medium-sized mines will also contribute to the increase in global production notably in the DRC, Brazil, Iran, Uzbekistan, Ecuador, Eritrea, Greece, Angola and Morocco.

Higher refining capacity

The ICSG also sees expanded Chinese smelting capacity, as well as the start-up of new refineries in India, Indonesia and DRC, to contribute to a 2.9% increase in refined copper output this year.

In 2026, however, total refined production is expected to decline by 1.5%, due to constrained availability of copper concentrates leading to a slowdown in primary refined production. This will be offset partially continued growth in the secondary processing sector, which generates refined copper from scrap.

Demand impact

According to the ICSG, uncertainty surrounding international trade policy is likely to weaken the global economic outlook and negatively impact copper demand, dragging this year’s refined copper usage down to 2.4% compared to its previous forecast of 2.7% and the 2.8% recorded in 2024.

Copper usage growth is expected to slow further to 1.8% in 2026, largely reflecting an anticipated loss of momentum in China, where copper usage is expected to shrink from 2% this year to just 0.8% next year.

Demand in other key copper regions such as Europe, Japan and the US is also expected to remain “subdued”, leaving the Asia region as the lone key driver of demand.

However, ICSG also acknowledged that demand drivers such as energy transition technology and data centers will continue to support copper usage, helping to offset some of the broader manufacturing hit from a prolonged trade war.

The full ICSG report is here.

Vice President and Finance Minister Ndaba Gaolathe said the government is preparing to make “drastic” fiscal adjustments to stay afloat, including slashing expenditures and boosting tax revenues. 

“The first thing we need to do, obviously, is to live within our means,” Gaolathe said in Washington. “That means cutting spending — doing away with what we believe is some of the fat.”

Diamonds make up a third of Botswana’s revenue and lead its exports, but a prolonged drop in global demand since mid-2023 has forced the government to raise its budget deficit forecast to 9% of GDP — the highest since the pandemic. The downturn has also led to a 3% contraction in the economy this year.

With foreign reserves under pressure, officials plan to cut costs by trimming the government vehicle fleet and curbing travel. They’re also moving to boost revenue through stricter tax enforcement and a new digital transaction levy set to launch in September.

Despite fiscal stress, Gaolathe said Botswana is reluctant to seek financing on international markets, preferring concessional loans. “Let’s borrow where it’s cheapest,” he said.

Bigger De Beers stake

The diamond downturn has also accelerated changes in the industry. Anglo American (LON: AAL), which owns 85% of De Beers, has been seeking a buyer for the iconic diamond company. Botswana, which holds the remaining 15% and is De Beers’ primary diamond source, says it wants a greater say in the sale.

“We are very confident that partners are coming forward,” Gaolathe told Bloomberg, noting interest from countries, funds and companies with “deep interest” in the industry. Botswana wants any new owner to be financially strong and committed to the diamond business long-term — and said it is open to increasing its stake to as much as 50%.

The government and De Beers recently signed a 10-year deal to fund global marketing aimed at reviving demand for natural diamonds, which have been losing ground to lab-grown alternatives. New US tariffs on Botswana’s diamonds have since added uncertainty to any near-term rebound.

“High tariffs on our diamonds will have a deleterious effect on us,” Gaolathe warned. The Bank of Botswana expects only a “muted recovery” this year.

The three were arrested at their private residence in Kumasi, the second biggest city on a tip off, Ghana Gold Board said in a statement on X.

An amount of 1.9 million cedis ($133,333), 4,500 rupees, 4.36 kilograms of gold and two counting machines were found on the suspects, whose ages are 42, 35 and 22, it said. A CCTV recorder and an Indian passport were also found in their possession, it said.

Ghana is Africa’s top gold producer. The country’s gold exports rose more than 50% to $11.6 billion in 2024. Black-market trading of the metal is induced by small-scale mining activity, which represents about a third of output.

(By Moses Mozart Dzawu)

Like neighbours Mali and Niger, Burkina Faso is pushing for greater control over its resources and revised its mining code last year, creating a new state mining company, Société de Participation Minière du Burkina (SOPAMIB).

It used SOPAMIB to gain control of two industrial gold mines previously owned by a London-listed Endeavour Mining in a deal finalized late last year.

Prime Minister Jean Emmanuel Ouédraogo said in a speech broadcast on national television late on Monday that the government planned to further expand control over its resources.

“SOPAMIB has already recovered two industrial mines, notably Boungou and Wahgnion, and this will continue,” he said.

The mining sector reforms have worried investors. But Burkina Faso’s military-led government says change is needed to maximize revenue from the country’s vast gold reserves and reboot an economy hit by insecurity.

Gold prices have risen by over 25% this year, fuelled by geopolitical instability and US President Donald Trump’s erratic trade policies.

Burkina Faso, which has been fighting Islamist militants since 2015, produced over 57 tons in 2023.

Mining companies operating there include Canada’s IAMGOLD and Australia’s West African Resources Ltd.

The new mining code prioritizes national expertise and local suppliers, part of what the government calls a revolution in how its mineral wealth is managed.

Burkina Faso’s relations with traditional Western allies have deteriorated since the military seized power in two coups in 2022, and it has pivoted toward Russia for security and economic cooperation.

Last week, it granted an industrial mining licence to Russian miner Nordgold for a gold project in the Kourweogo province of Burkina’s Plateau-Central region.

Ouédraogo said existing state-controlled mining initiatives have been successful, with the National Precious Substances Company collecting over eight tons of gold in 2024 and more than 11 tons in the first quarter of this year, primarily from artisanal sources.

The government is also establishing a national gold reserve for the first time in its history, he added.

“We should see more of the benefits of mining in Burkina Faso not just the consequences that the population suffers,” he said.

(By Maxwell Akalaare Adombila; Editing by Jessica Donati, Louise Heavens and Joe Bavier)

The vast Central African nation is home to large reserves of copper, cobalt, lithium and uranium among other minerals, but chronic instability has long been an obstacle to the foreign investment needed to fully develop them.

Kinshasa is currently on a push to attract new players to the sector and talks are already under way with Washington after a Congolese senator pitching a minerals-for-security deal contacted US officials.

Asked by Reuters on Monday about possible interest in Congolese minerals, Foreign Affairs Minister Maxime Prevot said Belgium had firms with the know-how to ramp up its role in the sector.

“We have globally recognized expertise with players like Umicore and John Cockerill, who have the capacity to process all these rare critical materials,” he said.

“If one day the opportunity arises to also be an investment partner, we will not pull back,” he added.

Despite China’s dominance, Belgian firms have been involved in mining, processing and trading Congolese cobalt, copper and diamonds for decades.

Belgium-based global materials technology group Umicore signed a deal with state miner Gecamines last year to ship germanium concentrates to Europe.

Prevot said Belgium’s approach to working with Congo was good for both countries, contrasting it with how some other partners operated.

“We observe the motivations of other international actors that can sometimes have a more transactional approach,” he said.

Prevot was due to visit the city of Beni on Tuesday as part of a trip intended to draw attention to serious human rights issues, particularly in Congo’s eastern provinces where the army is facing an offensive by Rwandan-backed M23 rebels.

(By Ange Kasongo, Maxwell Akalaare Adombila and Sofia Christensen; Editing by Robbie Corey-Boulet and Joe Bavier)

Minting of the so-called “Mosi-Oa-Tunya” 22-carat coins, named after the iconic Victoria Falls, was scrapped in July, central bank Governor John Mushayavanhu told Bloomberg in an interview at the time.

The coins are now available again through the nation’s lenders at a “time of attractiveness” of bullion, according to Persistence Gwanyanya, a central bank monetary policy committee member.

“Gold is more attractive to the market at the moment and it supports our value preservation efforts,” Gwanyanya said Sunday in a phone interview. “We are taking advantage of firm gold prices and re-injecting the gold coins into the market.”

Two banks confirmed the sale of newly-minted coins — the Central Africa Building Society, or CABS, a subsidiary of Old Mutual Zimbabwe, and a local unit of the South African lender Nedbank Group Ltd. The coins were first issued in 2022 as a store of value for pension funds and individuals seeking a safe haven from frequent bouts of inflation and currency volatility.

“We are pleased to inform you that the Reserve Bank of Zimbabwe has reintroduced the issuance of gold coins through authorized dealers,” CABS said in a client notice issued over the weekend.

The coins are an “alternative investment option” which can be used to enhance investment portfolios with a “valuable asset,” Nedbank said in its client notice. The coins are sold in denominations ranging from one-tenth of an ounce to one ounce of gold.

A surge in global gold prices by about 25% so far this year, fueled by the uncertainty of a trade war launched by the US, is widely expected to be a boon for Zimbabwe, a primary producer of the precious metal.

The value of Zimbabwe’s gold shipments jumped to $395.9 million during the first quarter from $303.1 million a year earlier, according to data from Reserve Bank of Zimbabwe.

(By Ray Ndlovu)

The company also intends to change its ticker symbol on the New York Stock Exchange from GOLD to B, effective at the start of trading on May 9, 2025. Barrick’s shares on the Toronto Stock Exchange will continue to trade under the ABX ticker.

The move reflects Barrick’s ongoing expansion into copper, complementing its gold business. The miner is investing $6 billion to develop the massive Reko Diq copper-gold project in Pakistan, expected to begin operations in 2028 and last for at least four decades. It is also expanding its Lumwana copper mine in Zambia, aiming to position it among the world’s largest copper operations.

Chief executive Mark Bristow said the change underscores Barrick’s vision of becoming “the world’s most valued gold and copper exploration, development and mining company.”

“Along with our world-class portfolio of six tier one gold mines, we are building a substantial copper business which will be a meaningful contributor to growing our production volumes in the coming years and beyond,” Bristow said in a statement.

“Gold remains core to our foundation,” he added, citing projects such as the Pueblo Viejo expansion in the Dominican Republic and the Fourmile gold project in Nevada.

Mali dispute

Meanwhile in Mali, Barrick faces mounting challenges as an ongoing dispute with the African nation continues to impact operations at its flagship Loulo-Gounkoto complex.

At least four Barrick subcontractors employing hundreds of workers have begun laying off staff, Reuters reported on Monday, adding that some have stopped receiving payments for months.

According to Reuters, the following subcontractors have either suspended activities or started liquidation procedures:

• BLY Mali, a subsidiary of drilling services firm Boart Longyear, said it is liquidating after its contract suspension left it “irremediably compromised.”
• ETASI, a heavy equipment rental company, announced a full suspension of its workforce.
• ATC, a metal construction company, issued layoff notices after a temporary work stoppage expired.
• MAXAM, a civil explosives contractor, is planning a temporary work stoppage affecting about 120 employees.
• SGS, a Swiss-based contractor, was granted a three-month suspension beginning February 1.

Last week, Malian authorities escalated the dispute with the Canadian miner, which began in 2023 after the current regime took power and introduced a new mining code, by closing Barrick’s office in Bamako, citing alleged tax arrears.

Operations at Loulo-Gounkoto, Barrick’s largest African asset, have been suspended since January after Mali seized around three tonnes of gold over alleged unpaid taxes. Authorities had already been blocking the company’s gold exports since November.

Despite these developments, Barrick’s employees in Mali have continued receiving salaries, a Reuters source said. Around 40 Malian employees from Loulo-Gounkoto are being temporarily transferred to Barrick’s Kibali mine in the Democratic Republic of Congo, with a total of 100 staff identified for relocation.

In February, Barrick signed a draft agreement to resolve the dispute, but Mali’s government has yet to ratify or implement the deal.

(With files from Reuters)

The copper-and-cobalt giant’s chairman Yuan Honglin and vice chair Li Chaochun both resigned for personal reasons and had no disagreement with the board, CMOC said in an exchange filing on Sunday. Two new executive directors were nominated to the board, and a new vice president appointed, while Ives, already head of CMOC’s trading unit IXM, will become chief commercial officer.

The changes mark a significant shift at the top of CMOC, which has emerged from relative obscurity to become the world’s biggest cobalt miner and a major copper producer, largely thanks to acquisitions in Africa. The new structure will help CMOC meet its ambitions for more growth, the company said.

“CMOC will focus on mining industry M&A, including copper, gold, and other minor metals mines,” CMOC said in comments via WeChat to Bloomberg News. The new management has “rich experience in mine operation” and is able to acquire, develop and operate large greenfield projects, it said.

The company’s Hong Kong shares rose as much as 4.6% after the announcement, and following a near-doubling of first-quarter net income.

New team

The two board nominees are Que Chaoyang, who was appointed as chief operating officer, and Liu Jianfeng, appointed as chief investment officer. Que is a former executive at Zijin Mining Group Co., while Liu has held multiple roles in the energy sector.

Tan Xiao, a former senior manager at Huawei Technologies Co., will be a vice president.

But it’s the promotion of Ives, who spent 23 years at Glencore and wanted to be its boss, will attract attention globally. He’s been chief executive officer of CMOC’s trading arm since 2022, overhauling the unit as CMOC aims to challenge the dominance of firms like Glencore and Trafigura Group in global metals trading.

CMOC is already a major player in commodities linked to the energy transition after its expansion in the Democratic Republic of Congo. It passed Glencore as top cobalt supplier in 2023, but also has significant clout in copper and ambitions in lithium and nickel. Chinese battery giant Contemporary Amperex Technology Co. Ltd. has a 25% stake.

The exit of Yuan Honglin, chairman and non-executive director, will become effective once CMOC gets approval to appoint additional directors at an upcoming shareholder meeting. The resignation of vice chairman and chief investment officer Li Chaochun has already taken effect, it said.

CMOC reported 3.95 billion yuan ($542 million) of first-quarter net income on Friday, building on a record year of earnings in 2024. The company recently agreed to buy Canada’s Lumina Gold Corp., allowing it to tap the largest primary gold deposit in Ecuador.

Read More: CMOC to double copper output at Congo mines to 1 million tonnes by 2028

Benjamin Katabuka, the country’s newly appointed director general, told the British newspaper that KoBold is looking to “go big” in the DRC, currently the world’s biggest producer of cobalt and the leading copper producer on the continent.

He added the company plans to apply for licences to explore for these two critical minerals as well as lithium, of which the DRC holds significant deposits but has yet to fully unlock.

These investments could potentially be “in the billions”, Katabuka said, as cited by the Financial Times on Saturday.

The report comes amid heightened trade tensions between the US and China, which saw the latter flex its dominant position in the critical minerals supply chain by placing export restrictions on rare earths.

In the Congo, many of its biggest mines are run by Chinese groups, while American companies have had little presence since Freeport-McMoRan sold its stake in the Tenke Fungurume copper mine to China’s CMOC in 2016.

Katabuka said the Congolese government is “interested in having some Western investors coming into the country” to balance China’s presence in the nation.

Congo minerals

KoBold’s push into Congo comes at a time when the African nation is negotiating with the US on a potential minerals pact. Earlier this year, DRC President Felix Tshisekedi offered a minerals-for-security deal to Washington in an effort to end the ongoing armed conflict with Rwanda-backed M23 rebels.

On the jurisdictional risk, DRC’s Katabuka acknowledged that it has been “difficult” to do business in the country, but added that KoBold has assured that the company will demand “high standards” for its operations.

KoBold — which specializes in using artificial intelligence to identify untapped critical minerals deposits — has around 60 active projects across four continents. In Africa, its focal point has been Zambia, where last year it made what was the country’s largest copper discovery in a century.

A move into Congo means the company would have a presence in Africa’s two largest copper producers. Earlier this year, it also expanded into Namibia, focusing on its deposits of lithium and nickel.

To support its critical minerals exploration, KoBold raised $537 million during its latest round from investors including Gates’ Breakthrough Energy Ventures, Earthshot Ventures, Equinor, July Fund, Mitsubishi Corporation and Standard Investments.

To date, the California-based company has raised $1 billion.

A unit of Vulcan International, which owns the Moatize mine, has told the government it intends to cut 105 workers, an official with the Ministry of Labor said. Vulcan directly employs 3,365 people at its operations in Tete province, according to the firm’s website.

Vulcan – headed by Indian businessman Naveen Jindal – has attributed the proposed reduction in workforce to a restructuring of the company and a fall in coal prices, Adelaide Jantar, a provincial inspector at the ministry, told Bloomberg. Other coal mining companies are also cutting hundreds of workers, she said.

Violent protests following contested elections in October “made things worse,” she said. “We have never had such a huge number of dismissals in recent times.”

Vulcan Mozambique did not respond to emails requesting comment. Jindal’s company acquired the Moatize asset from Brazil’s Vale SA for $270 million in late 2021.

Coal sales, which are Mozambique’s biggest export, were worth $2 billion last year, according to data from the country’s central bank. Futures for coal loaded at South Africa’s Richards Bay port are down about 17% since the start of the year.

(By Tavares Cebola and William Clowes)

The move signals deepening economic ties between Russia and Burkina Faso, as the junta that seized power in 2022 continues its pivot away from traditional Western allies towards Moscow.

The Niou gold deposit, located in the Kourweogo province of Burkina’s Plateau-Central region, covers 52.8 square kilometres (20.4 square miles) within the exploration licence area held by Jilbey Burkina, which is now owned by Nordgold. Nordgold already operates the Bissa and Bouly mines.

The council of ministers said late Thursday that the Niou mine was expected to yield approximately 20.22 metric tons of gold over its eight-year lifetime.

Jilbey Burkina will retain an 85% stake in the project, while the Burkinabe government will hold the remaining 15% without financial contribution, in accordance with the country’s new mining regulations.

The project will contribute 51.5 billion CFA francs ($89 million) to the state’s budget over its lifespan and 7.06 billion CFA francs to the state’s mineral wealth fund, the council of ministers said.

Gold prices have risen by over 25% this year, fuelled by geopolitical instability and US President Donald Trump’s trade policies.

Burkina Faso, which has been fighting Islamist militants since 2015, is a major gold producer. According to non-governmental organization Swissaid, which analyses mining, the country produced over 57 tons in 2023.

Mining companies operating there include Canada’s IAMGOLD and Endeavour Mining, and Australia’s West African Resources Ltd.

“The cooperation with Nordgold and other industrial mines is important (for Burkina’s government) as the country faces a budget crunch,” said Ulf Laessing, head of the Sahel program at Germany’s Konrad Adenauer Foundation.

However, the Niou project will be located in a large artisanal mining area and might deprive the people working as artisanal miners of key income, he said.

The government said the mine could generate 204 jobs, while also helping sustain employment at the nearby Bissa Gold SA mine.

(By Maxwell Akalaare Adombila; Editing by Maxwell Akalaare Adombila, Portia Crowe and Mark Potter)

Speaking at the Future of Energy Security summit held in London this week, IEA executive director Fatih Birol highlighted the strong expansion of clean energy technologies in recent years — while remarkable — also creates a new problem: the urgent need for raw materials.

“To manufacture this new clean energy technologies, you need critical minerals,” Birol said during the two-day event co-hosted by the British government. “We look at where the critical minerals are produced, where they are refined and where they are manufactured, that is a huge concentration, and this is something that we think is risky.”

According to the IEA, the world’s supply of critical minerals — such as copper, cobalt, lithium and rare earth elements — are currently dominated by China, the Democratic Republic of Congo, Australia, Chile, Indonesia and, to a lesser extent, the US.

This concentration of raw materials, said Birol, represents a “new emerging energy security challenge”, and the reason why the Agency launched its critical minerals program.

“Currently, we are A) not able to keep up with the demand, and B) the ability of manufacturing these critical minerals is concentrated in one single country or two,” Birol said in a speech last year when announcing the program.

In response to this challenge, the IEA urged nations to focus on policies that promote the diversification of mineral sources and move away from “critical mineral monopolies.”

“Most of these critical minerals are currently controlled by just one or two countries and it is important to ensure diversity in clean energy,” Birol told reporters from Turkish state-owned news agency Anadolu on Friday.

“This is not about whether a country is good or bad. If there is a technical problem or a geopolitical development in that country, entire energy supply chains could be jeopardized,” he said.

On the sidelines of the summit, Birol noted China’s dominance in the critical minerals sector and its contribution to low-cost clean energy technologies. The Asian nation is the main producer for 30 out of 50 minerals deemed critical by the US, and is the world’s top miner and processor of rare earths.

The company, 90% owned by billionaire Patrice Motsepe’s African Rainbow Capital Investments, applied in March to extract phosphate — a key ingredient in fertilizer production — from land within the park. 

The application sparked immediate backlash from conservation groups, including the World Wide Fund for Nature, which is already engaged in a legal dispute with Kropz over the Elandsfontein mine.

“SANParks cannot allow any mining activities within a declared national park, as this is prohibited,” spokesperson JP Louw said. He confirmed the agency has informed Kropz of its decision

Located in a biodiversity hotspot, the West Coast National Park is home to 250 bird species—over a quarter of South Africa’s total—including flamingos and sandpipers. The park also features ancient human footprints and a seasonal bloom of wildflowers that draws tourists from across the country.

Kropz acquired the Elandsfontein phosphate deposit in 2010 and has developed an open-pit mine and processing facility with an annual capacity of one million tonnes. Despite this, the project has faced persistent opposition from environmentalists concerned about its proximity to the park.

In addition to Elandsfontein, Kropz operates phosphate projects in the Republic of Congo and aims to become a leading mine-to-market plant nutrient company in sub-Saharan Africa.

Trading in Kropz shares was suspended in mid-April. At the time, the company had lost more than 55% of its value, closing with a market capitalization of £9.5 million ($12.7 million).

A surge in supply from the Congo, responsible for 80% of the world’s cobalt output, coupled with tepid demand from the electric vehicle market, saw cobalt sulphate entering the EV battery supply chain in China fall to an average of just $3,556 per tonne in January.  That compares to a peak of nearly $19,000 a tonne in 2022.

Copper production in the DRC, with a big chunk owned by Chinese companies, was rising fast – leading to a near 40% jump in the country’s co-product cobalt output in 2024, but in February the country announced a four month ban on exports to ease the glut. 

Cobalt sulphate prices duly responded, jumping more than 60% in March to average $5,767 a tonne, and holding onto most of those gains in April.   

Cobalt byproduct output is also increasing in Indonesia as its nickel shipments ballooned and the DRC is now in talks with the Asian nation to collaborate on managing supply of cobalt including the use of quotas. 

Cobalt consumption in EV batteries overtook other sources of demand like aerospace several years ago and the impact of the DRC strategy has been swift.  

The latest data from Adamas Intelligence tracking EV battery metal deployment in over 120 countries paired with monthly prices shows the cobalt market springing back into life. 

The estimated size of the battery cobalt market shot up in March to an overall $152.4 million, up 120% over February and the highest since December 2022, lifting the value of sales weighted average cobalt contained in tandem. 

While March was a good month across the board for the EV industry and by extension battery metal deployment, and January and February are generally quiet months for passenger vehicle sales, cobalt vastly outperformed other battery metals. 

Nickel rose by a more subdued 41%, also amid rising prices, while the value of battery lithium deployment increased by 28% month over month, relying on rising EV sales in Asia more than prices, which are still bobbing along near the bottom of the cycle.  

And while price can make all the difference for suppliers to the EV battery market, longer term trends for cobalt (and its ternary cathode cousins) in the EV market are less encouraging. 

Lithium iron phosphate or LFP batteries continue to rapidly take market share from NCM (nickel-cobalt-manganese) and NCA (nickel-cobalt-aluminum) cathode chemistries. 

The China-fueled rise of LFP has fostered a large divergence in global consumption growth rates of key battery metals, according to Adamas Intelligence data.

For example, in calendar 2024 iron and phosphorous deployment were up by 54% and 49%, respectively, for a combined 399.1 kilotonnes contained in the batteries of sold EVs over the course of the year.

In contrast, global nickel deployment into EV batteries increased 11% to 322.7 kt while that of manganese rose 10% to 73.6 kt and cobalt 7% to 59.6 kt as the industry continues to thrift the metal.  Keeping in mind that the installed tonnage does not take into account any losses during processing, chemical conversion or battery production scrap (often well into double digit percentages) so required tonnes are meaningfully higher at the mine mouth. 

In total, installed tonnage of nickel, cobalt and manganese last year represented 21% of the battery metal basket.  

That’s down from a 24% share in 2023 and 36% in 2020 when top EV maker BYD shifted to an all-LFP line-up, and LFP-powered Tesla Model 3s re-ignited uptake of the Ni-Co-Mn-free battery chemistry. 

The world’s largest EV battery maker CATL, responsible for 30% of total battery capacity deployed globally in GWh terms, in April announced that commercial production of sodium-ion packs will begin before the end of 2025. Due to its inherent limitations, sodium-ion is more likely to eat into LFP’s market than NCM’s.

At least there’s that.    

For a fuller analysis of the EV battery metals market check out the May issue of The Northern Miner print and digital editions.

* Frik Els is Editor at Large for MINING.COM and Head of Adamas Inside, providing news and analysis based on Adamas Intelligence data.

Responding to a Reuters question on whether Kigali and Washington were discussing a mineral access deal, a Rwanda government spokesperson said: “Yes, this is part of the discussions that we are having with the US.”

She declined to provide any further details.

The US is currently engaged in ongoing talks with Congo over a potential minerals-for-security deal.

Congo accuses Rwandan President Paul Kagame’s government of supporting the Tutsi-led M23 rebels who have seized a large swath of eastern Congo, a mineral-rich region that is plagued by violence.

(By Philbert Girinema and Elias Biryabarema; Editing by Gareth Jones)

M23 rebels have seized east Congo’s two biggest cities since January in an escalation of a long-running conflict rooted in the spillover into Congo of Rwanda’s 1994 genocide and the struggle for control of Congo’s vast mineral resources.

Congo’s government and M23 pledged in a statement released on Wednesday after talks in Qatar to work towards peace, raising a glimmer of hope in the latest cycle of violence.

Douglas Dunia Masumbuko, the M23-appointed South Kivu governor, told Reuters on Thursday that the death toll at the Luhihi mine had reached 10 “and could rise given the number of injuries.”

He blamed the incident on “uncontrolled construction and poor maintenance of gold wells” in the area.

Mining accidents are rife in the giant Central African country, especially at small, artisanal sites.

Governor Jean-Jacques Purusi, who was governor of South Kivu before M23 took over, confirmed there had been a collapse at the mine but did not provide a death toll.

(By Ange Kasongo and Anait Miridzhanian; Editing by Robbie Corey-Boulet)

Since 2016, the company has invested roughly $70 million in developing the project. But lithium prices have plunged over 80% since peaking in November 2022, driven by a global oversupply and slower-than-expected electric vehicle (EV) adoption.

Ghana, Africa’s top gold producer, granted Atlantic Lithium a 15-year lease to develop Ewoyaa by late 2024, aiming to tap into the growing EV sector. However, current market conditions could derail those plans.

“While current lithium prices present headwinds, we believe that through collaboration and prudent fiscal measures, we can advance Ewoyaa to production and deliver lasting value for all stakeholders,” executive chairman Neil Herber said in a statement. 

He added that the company remains committed to working closely with the Ghanaian government and local communities to make Ewoyaa a regional flagship.

Despite a slight recovery in lithium prices thanks to normalizing auto production, analysts remain cautious. Additional tariffs in the US, including a 25% levy on auto parts expected by May 3, have further clouded the demand outlook.

New mining revenue framework

Atlantic Lithium is seeking concessions on Ghana’s new mining revenue framework, which includes a 10% free carried interest for the state and a special 13% royalty on gross revenue from lithium production.

General manager Ahmed-Salim Adam told Reuters the project’s internal rate of return has plummeted from 105% to just 13.6%. “Nobody is going to put their money in that,” he said. “It should have been 30% to make sense.”

In response to the financial strain, the company laid off 25 employees in October and plans to lay off about 50 more in May.

Half of Ewoyaa’s lithium output is earmarked for a US-based refinery owned by Piedmont Lithium (NASDAQ, ASX: PLL), Atlantic Lithium’s second-largest shareholder, which has also agreed to finance most of the mine’s construction.

Atlantic Lithium aims to produce 3.6 million tonnes of spodumene concentrate over 12 years — roughly 350,000 tonnes annually — which would rank Ewoyaa among the world’s ten largest lithium projects.

First, the company announced on Tuesday that it’s exiting an Alaskan mining project by selling its 50% stake to billionaire John Paulson and Novagold Resources Inc. for $1 billion. Meanwhile, Barrick has also signaled more deals on the horizon as it seeks buyers for mines in Africa and North America.

The strategy follows a time-tested playbook that runs its course when prices of the precious metal surge: Sell smaller, aging gold mines at a time when they’re likely to fetch much better prices than normal. Barrick’s stake in the Alaska project sold for well above Toronto-Dominion Bank’s $600 million valuation for the investment.

Newmont Corp., the world’s largest gold producer, generated $4.3 billion on asset sales earlier this year — blowing past its initial projections of about $2 billion as bullion prices climbed.

Shedding those assets allows miners like Barrick to focus on major, so-called “Tier 1” mines that deliver the bulk of the company’s revenue, while freeing up cash to pursue expensive development projects elsewhere. Barrick is forging ahead on ambitious projects in Africa and Asia, with a $6 billion copper project in Pakistan and a Zambian mine expansion that could make it one of the largest in the world.

The mines that Barrick is looking to sell, meanwhile, generate increasingly little for the company. It retained bankers to find buyers for Tongon, a small gold mine in the Ivory Coast, last year, and did the same for Hemlo, its last gold mine in Canada, in April. Those two mines combine for less than 10% of Barrick’s overall production.

“Mining companies often say it’s just as hard to run a mine that produces 200,000 ounces as it is to run a mine with 500,000 ounces,” said Carey MacRury, metals and mining analyst with Canaccord Genuity. “And what Barrick wants is world-class, giant ore bodies that can last for decades.”

The divestment push comes at a time of transition for the world’s No. 2 gold miner.

Toronto-headquartered Barrick has signaled a pivot away from gold mining, with plans to spend heavily on copper projects. It’s even proposed changing the company name from Barrick Gold to Barrick Mining. Chief executive officer Mark Bristow has talked for years about expanding in copper, even weighing takeovers of producers Freeport-McMoRan Inc. and First Quantum Minerals Ltd., though they never came to pass.

If Newmont’s divestment push last year serves as a guide, finding buyers in a bullion bull market shouldn’t be tough. Barrick’s rival sold six small, aging gold mines last year to a handful of gold miners who paid more than Newmont anticipated.

The first sign Barrick has found similar interest came on Tuesday, when the firm said it reached an agreement with hedge-fund manager Paulson and Novagold Resources to sell its stake in Alaska’s Donlin project.

“It came to our attention late last year that Barrick wanted to sell their stake,” Paulson said in an interview. “And that was opportune for us. Barrick’s focused on other projects around the world, and is pivoting more to copper, but we’re looking to increase our exposure to gold.”

(By Jacob Lorinc)

Last week, Ghana assumed operational control of the mine after it rejected an application from the South African company to renew its lease, breaking a tradition of automatically renewing licenses.

The presidency said in a statement that a new 12-month mining lease will be issued to a Gold Fields’ subsidiary pending parliamentary ratification in May.

During the transition period, Gold Fields will resume open-pit mining and conduct feasibility studies to establish Damang’s reserves and mine life, the presidency said in a statement.

Damang is the smaller of Gold Fields’ two operations in Ghana, Africa’s leading gold producer.

Representatives from Ghana’s government and the company will continue to supervise the processing of existing stockpiles, the presidency added.

“This is far from ideal, but we take it like that,” said a source in the company, who was not authorized to speak on the matter.

“They gave us assurance that this won’t be a trend and it won’t affect Tarkwa mine’s lease, and we are advised to apply even now so that Gold Fields can have certainty,” the source added.

Both parties also agreed to advance discussions on the renewal of the lease for the Tarkwa mine, due in 2027.

The source said Gold Fields’ management was more concerned about Tarkwa’s lease because of its higher volumes.

(By Maxwell Akalaare Adombila and Anait Miridzhanian; Editing by Bate Felix)

The company said it produced 745,484 pounds of uranium oxide from its Langer Heinrich mine in Namibia, the highest since the mine resumed operations in March 2024.

The company also reported uranium sales of 872,435 pounds, compared to 500,143 pounds in the previous quarter.

Its shares were last up 26.5% at A$5.035, set for their highest one-day gain since February 2021.

The stock was also the top percentage gainer on the S&P/ASX 200 index, which was up 1.5%.

The average realized price of which uranium sales was about $69.9/pound, beating Citi’s expectation of about $60/pound.

The surge in Paladin drove a wider boost in uranium miners in Australia.

Shares of Boss Energy and Deep Yellow rose 10% and 11.4%, respectively, rebounding from sharp declines on Tuesday.

(By Adwitiya Srivastava; Editing by Varun H K)

Read More: Paladin faces irate investors in class action

The stock surged to 0.092p in late-morning trading in London, up from Tuesday’s close of 0.030p. By midday, it was up 80% at 0.056p, valuing the company at £25.3 million ($33.6 million).

Premier, which operates the Zulu lithium-tantalum mine in Zimbabwe, said a potential deal with Glencore could help it resolve a $35 million debt owed to major shareholder Canmax Technologies. The debt stems from an offtake prepayment arrangement tied to a 2022 agreement that promised Canmax 50,000 tonnes of spodumene concentrate annually from Zulu, beginning in May 2023.

Repeated delays in bringing a spodumene concentrator online have prevented Premier from meeting production targets.

The company is now looking to finalize a binding purchase agreement with Glencore within three months. If successful, Glencore would also support Premier in managing and repaying its outstanding obligations to Canmax and other creditors.

In this interview with MINING.com host Devan Murugan, Chief Economist of the Minerals Council South Africa, Hugo Pienaar, explains how South Africa escaped direct levies from the Trump administration but still faces global fallout.

While prices of aluminum, zinc, and copper have given up the heady gains of 2024, the 71-year-old tycoon is betting that a simpler structure for the sprawling group and growing demand for critical minerals will add to the allure of his companies even as the specter of a global recession looms.

The overhaul will allow the group to list each of its key businesses: aluminum, oil & gas, power, iron & steel, along with the publicly traded core company Vedanta. The demerger could provide new funding sources and increase financial transparency across the group, according to Bloomberg Intelligence analyst Mary Ellen Olson.

“The time for growth is now as demand is strong, supply is tight, and we’re positioned in the right markets,” Agarwal said in a recent video interview from his London home, adding that most of the materials mined by his company are locally consumed. The billionaire said that this makes Vedanta less vulnerable to potential disruptions in global supply chains arising from US President Donald Trump’s tariff measures.

Vedanta is also expanding the gamut of its operations by winning rights to mine critical minerals like nickel, chromium, platinum, and cobalt in India through November auctions. The global demand for these and other metals that are key to energy transition remains high and will give the group the next fillip of growth, Agarwal said.

Middle East and Africa

Agarwal has long dreamed of building an empire that spans continents and competing with the ranks of the world’s largest diversified miners, including Rio Tinto Group and BHP Group Ltd.

The group plans to spend more on overseas projects and is doubling on investments in the Middle East and Africa. Vedanta is set to invest $2 billion in copper-processing facilities in Saudi Arabia — one of the largest by a foreign firm — as the oil kingdom aspires to build its metals and mining industries significantly.

“Saudi not only has good geology but strong local consumption too,” Agarwal said, adding that “funding is never a problem for a project like that.”

According to local government estimates, Saudi Arabia has untapped resources, including phosphate, copper, gold, and bauxite, worth as much as $2.5 trillion. About a third of its investments in the country will be funded through internal accruals, and for the rest, the group will seek project financing, Agarwal said.

The company is currently seeking funds to develop mines in Africa, too. The Konkola Copper Mines in Zambia, which it controls, has a major copper deposit and cobalt reserves, according to Vedanta.

The financing options being weighed range from a billion-dollar bond offering, “off-take financing, or sale of a minority stake to global investors, for which there is significant demand,” Agarwal said.

Cutting debt

Vedanta shares dropped about 7% this year in Mumbai trading amid a slump in commodities prices. Other than economic growth woes, weighing on investor sentiment is the company’s $6.2 billion debt, the upshot of an acquisition spree since the turn of the century that includes stakes in Bharat Aluminium Co. and Hindustan Zinc Ltd.

Over the last two years, Agarwal has been on a drive to cut leverage and push back repayment deadlines on the group’s borrowings. The plan is to halve it over the next three years.

The group will be cautious about loading up on debt as it chases growth for each demerged unit, he said. All existing shareholders of Vedanta will receive one new share in each of the newly listed entities against each share they own in the parent company.

“There is no need for a stake sale to reduce our debt at the parent company level, and neither are there any plans to sell our stakes in any of the demerged entities,” Agarwal, who started as a scrap metal dealer and has weathered cash crunches and government friction, said. Each listed company can look at issuing fresh shares to raise funds for expansion, he said.

The so-called debt to earnings before interest, taxes, depreciation, and amortization ratio — a financial metric that measures a company’s ability to pay off its debt obligations — for Vedanta has to be brought down to 1 from the current 1.4 and maintained, according to him.

Over the years, Agarwal has been grooming his daughter Priya Agarwal Hebbar to take over from him as the head of the conglomerate. A psychology and film studies graduate from the University of Warwick, the 35-year-old is the chairwoman of Hindustan Zinc and is on the board of Vedanta.

“The group’s future is very focused on transition and critical minerals, and that is where the company will go,” Hebbar said.

(By Anto Antony)

While oil exporters Angola and Nigeria will be hit after Brent crude slumped below $67 per barrel from around $75 at the start of the month, energy importers including South Africa will get a bit of relief.

The jump in gold prices past $3,500 an ounce for the first time, amid concern that Trump may seek to oust Federal Reserve Chair Jerome Powell, provides additional support, with Ghana, the region’s largest gold exporter, among those standing to benefit.

“Gold strong, oil weak looks very pretty for South Africa,” said Nicky Weimar, chief economist at Nedbank Ltd. in Johannesburg, adding the main benefit is from lower energy import costs.

She cautioned the country doesn’t earn as much from gold as in the past, and the prices for its other exports including platinum and coal have also been hurt by the same concerns over global growth that hit oil. But net/net South Africa looks to be coming out ahead.

“Does this psychologically give the rand a boost? Without a doubt,” she said. “It does help to calm inflation fears and that obviously feeds through to interest rates.”

The rand was trading 0.8% firmer at 18.58 against the dollar at 3:30 p.m. in Johannesburg. The South African Reserve Bank held rates at 7.5% last month, despite inflation near the floor of its 3% to 6% target range, arguing that uncertainty warrants policy caution.

Ghana, which has been battling annual inflation around 23% while restructuring its debts after defaulting in 2022, looks like a clear winner from the bullion rally.

“The surge in gold prices should support investor sentiment towards Ghana external bonds, especially given cheap entry points after the recent sell-off in emerging market high-yield credit,” said Samir Gadio, head of Africa strategy at Standard Chartered Plc in London. “The gold rally could also help the Bank of Ghana to anchor the cedi as it continues to accumulate reserves.”

Ghana’s 2035 Eurobonds rose 0.1% to 65.43 cents on the dollar at 12:51 p.m. in London.

African Eurobonds were among those hurt as investors retreated from riskier markets as Trump unveiled much harsher-than-expected tariffs earlier this month.

The region was already looking at a dollar squeeze after he froze US aid for Africa. Access to international credit markets got tougher after the trade war erupted, but if the bullion rally is sustained it will deliver an important lift to foreign exchange earnings.

“Higher gold prices are helping countries like Ghana and other gold exporters in frontier markets not to be as dependent on foreign financing,” said Mark Bohlund, a senior credit research analyst with REDD Intelligence.

Reduced pressure on foreign reserves to finance oil imports will also help Ghana, Kenya and South Africa, as well as aiding inflation and “that should lead to more monetary easing,” he said.

(By Moses Mozart Dzawu and Matthew Hill)

Two weeks into the second quarter, the MINING.COM TOP 50* ranking of the world’s most valuable miners had a combined market capitalization of $1.36 trillion, up $79.7 billion so far in 2025.

The total stock market valuation of the world’s biggest mining companies remains almost $400 billion below the peak hit in the second quarter of 2022.

This snapshot was taken at the close of trading on 17 April and not at the start of Q2 as usual to avoid some of the market distortions brought on by the chaotic weeks following Trump’s on-again off-again tariffs.

This flatters the index to some extent as gold stocks rode the coattails of the record setting bullion price and almost all big names regained some ground after the severe sell-off during the first week of April.

Newcomers

The volatile trading saw the greatest number of new entries – six in all – in a quarter since MINING.COM started tracking the Top 50 six years ago. From $6.7 billion at the end of 2024, the lowest ranked entry must now be worth $8 billion.

Mining and metals arguably suffered some of the biggest swings and roundabouts as the economic effects of a trade war and the focus on critical minerals played havoc – exemplified by the volatility on copper markets.

The bellwether metal hit a record high in the US at the end of March, only to plunge more than 20% over the next week and a half and then make up a big chunk of those losses going into the long weekend.

Amid the hectic trading, copper producers and diversified companies with large base metal portfolios lost a combined $53 billion to April 17 and are now trading $205 billion below their collective peak end-Sep 2024 as the sector’s ranks thin.

Lundin Mining dropped out of the Top 50 during Q1 following another copper counter, Poland’s KGHM, which did not make the cut off in Q4 last year. Q1 was a mixed blessing for the Canadian mining empire with the copper producer making way for Lundin Gold, entering the Top 50 for the first time after doubling in value in USD terms to $10.1 billion in Toronto.

Huayou Cobalt’s inclusion proved to be short-lived while South32 failed to make the cut for the first time since being spun out of BHP a decade ago. The base metals sans copper producer sits at position 51 after being narrowly edged out by Shanjin International Gold, so the stock may well return if (and not necessarily when) profit-taking in gold and gold stocks starts to make sense.

Another notable mover of 2025 is Amman Mineral, the worst performer in the index which lost over $10 billion in value as reality about its piercing run since its debut in Jakarta early 2023 continues to set in. The Indonesian copper-gold company is now worth an eye-catching $20 billion less than its high point at the end of Q2 last year, even after investors ran up the stock more than 20% just in the last week.

Nothing counters gold

While the direction of the copper price over the last few months was almost impossible to judge, gold’s record breaking run looked inevitable. At $3,420 per ounce gold at the time of writing, the yellow metal has now finally also surpassed its 1980 peak in inflation-adjusted terms.

Unsurprisingly, precious metals counters dominate the best performer list and make up the majority of new entrants. Gold, silver and PGM miners and royalty companies now represent a third of the value of the Top 50. The strength in precious metals has also seen Canada overtake Australia for the first time in terms of the value of miners headquartered there.

At 22% of the index, the 13 Canadian companies collectively are worth a smidgen under $300 billion compared to $275 billion for the now eight Australian firms with the inclusion for the first time of Sydney-based gold stock Evolution Mining. In their current form Melbourne-based BHP and Rio Tinto have been the top two global mining stocks since the turn of the century, together worth $220 billion today.

The MINING.COM Top 50 tracks stock value in USD terms not share price gains on local exchange and many stocks in the ranking benefitted from strengthening currencies against the USD.

South Africa’s Harmony Gold tops the gainers after jumping 24 spots to enter the ranking at no 37 following a 117% advance since end-2024. Like Harmony, Goldfields also benefited from the strong rand against the greenback, lifting the Johannesburg-based company’s shares by 83% year to date.

Russia’s Polyus, which added $14.4 billion in Q1, was only beaten by the top two gold stocks Newmont and Agnico Eagle which added $18.6 billion and $19.9 billion year to date in market cap gains. The ruble has strengthened by 20% against the US dollar in 2025 and Norilsk Nickel, thanks to captive investors on the MCX, has maintained its good standing in the Top 50 despite sanctions and trading restrictions. Norilsk is still worth north of $20 billion but still a far cry from its peak position as the world’s number 5 most valuable mining company reached mid-2021.

London-listed Fresnillo returns to the index after years in the wilderness thanks to a 74% surge in value for the Mexican silver and gold miner, majority owned by Mexican industrial group Peñoles. Together with Southern Copper, owned by Grupo Mexico, the country now represents nearly 6% of the value of the Top 50.

Gold counters are likely to only increase in number and size over the rest of 2025. Kazatomprom dual-listed in London and Astana in 2018, and Uzbekistan is now readying an IPO for Navoi Mining and Metallurgy Combinat – the world’s fourth largest gold mining company and significant uranium producer later this year.

Rare earth representation

China Northern Rare Earth is the only producer of the 17 elements in the ranking and despite the frenzy surrounding the sector as China tightens control. There are no obvious REE candidates that could join the Top 50 in short order.

MP Materials, which operates the Mountain Pass mine in California, has surged by 69% in value year to date but the Las Vegas-based company is still worth only $4.3 billion.

The company’s valuation peaked above $8 billion in March 2022, but the whole mining industry was riding high at the time and the high price ticket for entry at the time meant it fell just outside the ranking. Australia’s Lynas Rare Earths have also come close in the past and is up 26% this year for a valuation of $5.3 billion.

Lithium down to a single stock

Lithium’s representation in the ranking is down from six companies to a single stock – Chile’s SQM languishing in position 42 and worth less than $10 billion – following the exit of China’s Tianqi and US-based Albemarle during the quarter, with the latter dropping by 38% in 2025.

The value destruction caused by the slump in lithium prices has been nothing short of astonishing. Lithium stocks in the index peaked in the second quarter of 2022 with a combined value of nearly $120 billion.

While Albemarle now worth $6.2 billion may well make a comeback (the longer term prospects for lithium demand remains bright), the absorption of Arcadium by Rio Tinto makes it unlikely that the Top 50 will see a rush of lithium stocks any time soon, a rebound of the commodity notwithstanding.

Zangge Mining, which does derive a good proportion of income from lithium, but is mostly a fertilizer producer, is bubbling under at number 53. The Chinese company may not stick around either – it’s the subject of takeover overtures by Zijing Mining, which also helps explain the 25% rise in the stock on the Shenzen exchange in USD terms.

Notes:

Source: MINING.COM, stock exchange data, company reports. Share data from primary-listed exchange at close April 17/18, 2025 close of trading converted to US$ where applicable. Percentage change based on US$ market cap difference, not share price change in local currency.

As with any ranking, criteria for inclusion are contentious. We decided to exclude unlisted and state-owned enterprises at the outset due to a lack of information. That, of course, excludes giants like Chile’s Codelco, Uzbekistan’s Navoi Mining (the gold and uranium giant may list later this year), Eurochem, a major potash firm, and a number of entities in China and developing countries around the world.

Another central criterion was the depth of involvement in the industry, and how far upstream is the bulk of its revenue, before an enterprise can rightfully be called a mining company.

For instance, should smelter companies or commodity traders that own minority stakes in mining assets be included, especially if these investments have no operational component or even warrant a seat on the board?

This is a common structure in Asia and excluding these types of companies removed well-known names like Japan’s Marubeni and Mitsui, Korea Zinc and Chile’s Copec.

Levels of operational or strategic involvement and size of shareholding were other central considerations. Do streaming and royalty companies that receive metals from mining operations without shareholding qualify or are they just specialized financing vehicles? We included Franco Nevada, Royal Gold and Wheaton Precious Metals on the basis of their deep involvement in the industry.

Vertically integrated concerns like Alcoa and energy companies such as Shenhua Energy or Bayan Resources where power, ports and railways make up a large portion of revenues pose a problem. The revenue mix also tends to change alongside volatile coal prices. Same goes for battery makers like China’s CATL which is increasingly moving upstream, but where mining will continue to represent a small portion of its valuation.

Another consideration is diversified companies such as Anglo American with separately listed majority-owned subsidiaries. We’ve included Angloplat in the ranking but excluded Kumba Iron Ore in which Anglo has a 70% stake to avoid double counting. Similarly we excluded Hindustan Zinc which is listed separately but majority owned by Vedanta.

With other groups like Mexico’s Penoles where refining and chemicals make up a substantial part of the business where possible the Top 50 would include separately listed operating subsidiaries that are dedicated to mining. This is also why Southern Copper represents Grupo Mexico in the ranking.

Many steelmakers own and often operate iron ore and other metal mines, but in the interest of balance and diversity we excluded the steel industry, and with that many companies that have substantial mining assets including giants like ArcelorMittal, Magnitogorsk, Ternium, Baosteel and many others.

Head office refers to operational headquarters wherever applicable, for example BHP and Rio Tinto are shown as Melbourne, Australia, but Antofagasta is the exception that proves the rule. We consider the company’s HQ to be in London, where it has been listed since the late 1800s.

Please let us know of any errors, omissions, deletions or additions to the ranking or suggest a different methodology: email Frik Els at fels@mining.com with Top 50 in the subject line.

Two weeks into the second quarter, the MINING.COM TOP 50* ranking of the world’s most valuable miners had a combined market capitalization of $1.36 trillion, up $79.7 billion so far in 2025.

The total stock market valuation of the world’s biggest mining companies remains almost $400 billion below the peak hit in the second quarter of 2022.

This snapshot was taken at the close of trading on April 17 and not at the start of Q2 as usual to avoid some of the market distortions brought on by the chaotic weeks following Trump’s on-again off-again tariffs.

This flatters the index to some extent as gold stocks rode the coattails of the record setting bullion price and almost all big names regained some ground after the severe sell-off during the first week of April.

Newcomers

The volatile trading saw the greatest number of new entries – six in all – in a quarter since MINING.COM started tracking the Top 50 six years ago. From $6.7 billion at the end of 2024, the lowest ranked entry must now be worth $8 billion.

Mining and metals arguably suffered some of the biggest swings and roundabouts as the economic effects of a trade war and the focus on critical minerals played havoc – exemplified by the volatility on copper markets.

The bellwether metal hit a record high in the US at the end of March, only to plunge more than 20% over the next week and a half and then make up a big chunk of those losses going into the long weekend.

Amid the hectic trading, copper producers and diversified companies with large base metal portfolios lost a combined $53 billion to April 17 and are now trading $205 billion below their collective peak end-Sep 2024 as the sector’s ranks thin.

Lundin Mining dropped out of the Top 50 during Q1 following another copper counter, Poland’s KGHM, which did not make the cut off in Q4 last year. Q1 was a mixed blessing for the Canadian mining empire with the copper producer making way for Lundin Gold, entering the Top 50 for the first time after doubling in value in USD terms to $10.1 billion in Toronto.

Huayou Cobalt’s inclusion proved to be short-lived while South32 failed to make the cut for the first time since being spun out of BHP a decade ago. The base metals sans copper producer sits at position 51 after being narrowly edged out by Shanjin International Gold, so the stock may well return if (and not necessarily when) profit-taking in gold and gold stocks starts to make sense.

Another notable mover of 2025 is Amman Mineral, the worst performer in the index which lost over $10 billion in value as reality about its piercing run since its debut in Jakarta early 2023 continues to set in. The Indonesian copper-gold company is now worth an eye-catching $20 billion less than its high point at the end of Q2 last year, even after investors ran up the stock more than 20% just in the last week.

Nothing counters gold

While the direction of the copper price over the last few months was almost impossible to judge, gold’s record breaking run looked inevitable. At $3,420 per ounce gold at the time of writing, the yellow metal has now finally also surpassed its 1980 peak in inflation-adjusted terms.

Unsurprisingly, precious metals counters dominate the best performer list and make up the majority of new entrants. Gold, silver and PGM miners and royalty companies now represent a third of the value of the Top 50. The strength in precious metals has also seen Canada overtake Australia for the first time in terms of the value of miners headquartered there.

At 22% of the index, the 13 Canadian companies collectively are worth a smidgen under $300 billion compared to $275 billion for the now eight Australian firms with the inclusion for the first time of Sydney-based gold stock Evolution Mining. In their current form Melbourne-based BHP and Rio Tinto have been the top two global mining stocks since the turn of the century, together worth $220 billion today.

The MINING.COM Top 50 tracks stock value in USD terms not share price gains on local exchange and many stocks in the ranking benefitted from strengthening currencies against the USD.

South Africa’s Harmony Gold tops the gainers after jumping 24 spots to enter the ranking at no 37 following a 117% advance since end-2024. Like Harmony, Goldfields also benefited from the strong rand against the greenback, lifting the Johannesburg-based company’s shares by 83% year to date.

Russia’s Polyus, which added $14.4 billion in Q1, was only beaten by the top two gold stocks Newmont and Agnico Eagle which added $18.6 billion and $19.9 billion year to date in market cap gains. The ruble has strengthened by 20% against the US dollar in 2025 and Norilsk Nickel, thanks to captive investors on the MCX, has maintained its good standing in the Top 50 despite sanctions and trading restrictions. Norilsk is still worth north of $20 billion but still a far cry from its peak position as the world’s number 5 most valuable mining company reached mid-2021.

London-listed Fresnillo returns to the index after years in the wilderness thanks to a 74% surge in value for the Mexican silver and gold miner, majority owned by Mexican industrial group Peñoles. Together with Southern Copper, owned by Grupo Mexico, the country now represents nearly 6% of the value of the Top 50.

Gold counters are likely to only increase in number and size over the rest of 2025. Kazatomprom dual-listed in London and Astana in 2018, and Uzbekistan is now readying an IPO for Navoi Mining and Metallurgy Combinat – the world’s fourth largest gold mining company and significant uranium producer later this year.

Rare earth representation

China Northern Rare Earth is the only producer of the 17 elements in the ranking and despite the frenzy surrounding the sector as China tightens control. There are no obvious REE candidates that could join the Top 50 in short order.

MP Materials, which operates the Mountain Pass mine in California, has surged by 69% in value year to date but the Las Vegas-based company is still worth only $4.3 billion.

The company’s valuation peaked above $8 billion in March 2022, but the whole mining industry was riding high at the time and the high price ticket for entry at the time meant it fell just outside the ranking. Australia’s Lynas Rare Earths have also come close in the past and is up 26% this year for a valuation of $5.3 billion.

Lithium down to a single stock

Lithium’s representation in the ranking is down from six companies to a single stock – Chile’s SQM languishing in position 42 and worth less than $10 billion – following the exit of China’s Tianqi and US-based Albemarle during the quarter, with the latter dropping by 38% in 2025.

The value destruction caused by the slump in lithium prices has been nothing short of astonishing. Lithium stocks in the index peaked in the second quarter of 2022 with a combined value of nearly $120 billion.

While Albemarle now worth $6.2 billion may well make a comeback (the longer term prospects for lithium demand remains bright), the absorption of Arcadium by Rio Tinto makes it unlikely that the Top 50 will see a rush of lithium stocks any time soon, a rebound of the commodity notwithstanding.

Zangge Mining, which does derive a good proportion of income from lithium, but is mostly a fertilizer producer, is bubbling under at number 53. The Chinese company may not stick around either – it’s the subject of takeover overtures by Zijing Mining, which also helps explain the 25% rise in the stock on the Shenzen exchange in USD terms.

Notes:

Source: MINING.COM, stock exchange data, company reports. Share data from primary-listed exchange at close April 17/18, 2025 close of trading converted to US$ where applicable. Percentage change based on US$ market cap difference, not share price change in local currency.

As with any ranking, criteria for inclusion are contentious. We decided to exclude unlisted and state-owned enterprises at the outset due to a lack of information. That, of course, excludes giants like Chile’s Codelco, Uzbekistan’s Navoi Mining (the gold and uranium giant may list later this year), Eurochem, a major potash firm, and a number of entities in China and developing countries around the world.

Another central criterion was the depth of involvement in the industry, and how far upstream is the bulk of its revenue, before an enterprise can rightfully be called a mining company.

For instance, should smelter companies or commodity traders that own minority stakes in mining assets be included, especially if these investments have no operational component or even warrant a seat on the board?

This is a common structure in Asia and excluding these types of companies removed well-known names like Japan’s Marubeni and Mitsui, Korea Zinc and Chile’s Copec.

Levels of operational or strategic involvement and size of shareholding were other central considerations. Do streaming and royalty companies that receive metals from mining operations without shareholding qualify or are they just specialized financing vehicles? We included Franco Nevada, Royal Gold and Wheaton Precious Metals on the basis of their deep involvement in the industry.

Vertically integrated concerns like Alcoa and energy companies such as Shenhua Energy or Bayan Resources where power, ports and railways make up a large portion of revenues pose a problem. The revenue mix also tends to change alongside volatile coal prices. Same goes for battery makers like China’s CATL which is increasingly moving upstream, but where mining will continue to represent a small portion of its valuation.

Another consideration is diversified companies such as Anglo American with separately listed majority-owned subsidiaries. We’ve included Angloplat in the ranking but excluded Kumba Iron Ore in which Anglo has a 70% stake to avoid double counting. Similarly we excluded Hindustan Zinc which is listed separately but majority owned by Vedanta.

With other groups like Mexico’s Penoles where refining and chemicals make up a substantial part of the business where possible the Top 50 would include separately listed operating subsidiaries that are dedicated to mining. This is also why Southern Copper represents Grupo Mexico in the ranking.

Many steelmakers own and often operate iron ore and other metal mines, but in the interest of balance and diversity we excluded the steel industry, and with that many companies that have substantial mining assets including giants like ArcelorMittal, Magnitogorsk, Ternium, Baosteel and many others.

Head office refers to operational headquarters wherever applicable, for example BHP and Rio Tinto are shown as Melbourne, Australia, but Antofagasta is the exception that proves the rule. We consider the company’s HQ to be in London, where it has been listed since the late 1800s.

Please let us know of any errors, omissions, deletions or additions to the ranking or suggest a different methodology: email Frik Els at fels@mining.com with Top 50 in the subject line.

ERG, a Luxembourg-based producer of copper, cobalt, aluminum and iron ore that is 40%-owned by the Kazakh government, said last year it had formed a task force to explore deposits of rare earth and rare metals in Kazakhstan.

Those minerals have gained particular attention in recent months as US President Donald Trump’s administration seeks alternatives to China to supply its domestic industry as a trade war between the countries escalates.

According to a source close to the company, talks between ERG and Cameron have been going on since the end of last year. Cameron shares a name with the Academy Award-winning film director, but the two are not related.

ERG, the Kazakh government, and Cameron, once a board chairman of former FTSE 250 mining firm Petropavlovsk, did not comment.

According to Cameron’s letter to the ERG board, a copy of which was obtained by Reuters, Goldman Sachs is in preliminary talks to advise on the deal.

“The financing will come from a combination of my own funds, as well as equity contributions from other investors in the United States, and possibly Australia and the Middle East,” the letter said.

Another source close to the transaction told Reuters the investor’s interest in ERG is partly linked to Kazakhstan’s potential in critical minerals exploration and mining. Kazakhstan aims to lift rare and rare earth metals output by 40% by 2028, with ERG seen taking a major role in the initiative.

This month, Kazakhstan’s government announced that its geologists had discovered a large rare earth deposit with estimated resources exceeding 20 million metric tons.

Kazakhstan’s Prime Minister Olzhas Bektenov said last year that data concerning the country’s deposits of rare and rare earth metals, a state secret since Soviet times, is being gradually declassified.

If confirmed, this discovery could position Kazakhstan among the top three holders of rare earth reserves globally, following China and Brazil.

ERG once produced one-fifth of the world’s gallium, a rare metal used in microchips and included on the US list of critical materials. However, it ceased production after China increased its output of the metal in 2012.

Beijing in December banned gallium exports to the US after a crackdown by Washington on China’s chip sector.

In 2013, ERG was taken private in a $4.5 billion buyout by its three founders, who each owned approximately 20% of the company, along with the government.

Last month, one of ERG’s founders and its board chairman, Kazakh-Israeli businessman Alexander Mashkevich, passed away, leaving only one of the original founders, Patokh Chodiev, among the current shareholders.

(By Gleb Bryanski and Mariya Gordeyeva; Editing by Guy Faulconbridge and Jan Harvey)

BHP, the world’s biggest mining company, projects copper demand to explode and rise by 70% in 2050, reaching 50 million tonnes per year.

To meet this staggering demand, the mining industry would need hundreds of billions in investment to keep pace and grow enough supply. BloombergNEF estimates that as much as $2.1 trillion could be required by 2050 to meet the raw materials demand of a net-zero world.

This places tremendous pressure on mining companies to not just discover new sources of supply, but also expand on their existing operations to achieve supply growth.

Over the next few years and decades, the biggest copper mines would play a pivotal role in the energy transition.

Below is a list of the world’s 10 biggest by 2024 production:

# 1: Escondida

The vast Escondida mine in Chile retains its top spot, churning out 1.28 million tonnes of metal for an increase of 16% from 2023. Escondida is majority owned and managed by BHP (57.5%), with Rio Tinto holding 30% and Japan’s Mitsubishi and JX Advanced Metals the remaining 12.5%.

In February, BHP said it would move forward with a $2 billion plan to optimize its concentrator at Escondida, the first initiative of its decade-long $10.8 billion investment plan announced last year.

BHP’s copper production in 2025’s first three months climbed 10%, boosted by the ramp-up of Escondida operations.

#2: Grasberg

Jointly owned by Freeport McMoRan and PT Mineral Industri Indonesia, the Grasberg mine produced 816,466 tonnes of copper in 2024, up 8.4% from 2023. Work at Grasberg was halted temporarily in 2023 after flooding and debris flow from heavy rains and landslides damaged its milling complex, but the skies were fairer in 2024.

#3: Collahuasi

The Collahuasi mine in Chile, jointly owned by Glencore, Anglo American and Mitsui, saw its production fall 2.5% to 558,636 tonnes in 2024, compared to 573,200 tonnes from the prior year. Watch a compilation of 21 years of mining at Collahuasi in 21 seconds here.

#4: Kamoa- Kakula

The Kamoa-Kakula mine complex, jointly owned by Ivanhoe Mines, Zining Mining, the DRC government and Crystal River Global, increased its production to 437,061 tonnes in 2024, up 11% from 2023. Kamoa-Kakula in 2023 was named the world’s lowest carbon-emitting major copper mine.

#5: Buenavista

The Buenavista mine in Mexico came in fifth place with 433,000 tonnes of metal produced in 2024, up nearly 4% from the 416,600 tonnes in 2023. Wholly owned by Grupo Mexico subsidiary Southern Copper, Buenavista has been producing since 1899, making it the oldest operating copper mine in North America.

#6: Cerro Verde

In sixth place is Cerro Verde in Peru, an open-pit copper and molybdenum mining complex that is a joint venture between Freeport McMoRan, Buenaventura and Sumitomo. In 2024, Cerro Verde produced 430,459 tonnes, down 3.71% from 447,034 tonnes in 2023.

#7: Antamina

Also in Peru, Antamina is jointly owned by Glencore, BHP, Teck Resources and Mitsubishi. The mine produced 413,000 tonnes in 2024, a 2.13% decline from 422,000 tonnes in 2023.

Production figures for the mines below are based on FY2024 estimates:

#8: Tenke Fungurume

The second Congolese mine on the list, Tenke Fungurume produced an estimated 400,000 tonnes in 2024, which would represent a 42.7% yearly jump. In 2021, China’s CMOC, which jointly owns the mine with Congo state-controlled Gécamines, invested $2.51 billion to double its production. The project was completed and came online in 2023.

#9: KGHM Polska Miedz

The only mine in Europe to make the list is KGHM Polska’s Miedz in Poland, churning out an estimated 395,160 tonnes in 2024, approximately in line with the 395,400 tonnes from 2023.

#10: Polar Division

The Polar Division copper mine in Russia, owned by Norilsk Nickel, rounds out the list with an estimated 345,000 tonnes in 2024, an approximate increase 6.3% from the 324,600 tonnes in 2023.

*Cobre Panama, Central America’s largest open-pit copper mine, produced 330,863 tonnes of copper in 2023 before the government ordered it to shut down. If it was still operating, it would have become a 100-million-tonne-a-year operation in 2024, placing it near the top of the world’s copper throughput ranking.