That market malaise leaves the US without a major site to process lithium – the cornerstone metal of the energy transition – and essentially dampens efforts by US President Donald Trump and other Washington officials to bolster the country’s minerals supply chain and curb its reliance on China.

The US refines only small amounts of the ultralight metal and has only one lithium mine, in Nevada, controlled by Albemarle. Last year, the company paused plans to build a $1.3 billion processing plant in South Carolina due in part to overproduction from Chinese rivals.

While lithium prices can vary by region and type, an index of prices tracked by Benchmark Mineral Intelligence has dropped by 74% in the past two years.

“We’ve been wanting to build this Western supply chain. The economics just aren’t there to build that plant out in South Carolina,” Albemarle CEO Kent Masters told Reuters. “The math doesn’t work today.”

The company, which posted better-than-expected quarterly results on Wednesday, has a lithium price at which it would resume the project’s development, but Masters declined to name it.

“We don’t have the confidence to say where (the lithium price) is or where it’s going, which is why we’ve kind of gone to the strategy we have of making sure that we can compete at the bottom of the cycle,” said Masters.

Western minerals supply chains may need some kind of government support in order to develop projects and offset global competition, he added.

“I don’t think private companies are going to be able to do it on their own,” Masters said.

M&A

While Rio Tinto and other rivals have been buying lithium assets during the downturn, Masters said that Albemarle has yet to find an interesting target.

“We don’t have that war chest to go out and look at M&A activity the way we might have if prices were at a different level,” he said. “If we saw some super quality resources we could go after, that might be a little different.”

In Chile, Albemarle is “pretty focused” on its work in the Salar de Atacama and while it considered bidding to access other salars, the company “didn’t find them interesting,” Masters said.

Albemarle also is investing in direct lithium extraction projects in Chile and the United States, but Masters declined to say when either might progress.

Amid the market turmoil, Albemarle held auctions for the battery metal as part of a bid to generate higher returns. Those auctions were paused while the company prepared for its quarterly earnings and may soon resume, Masters said.

“We kind of like the idea of understanding pricing better and getting more transparency in the market,” he said.

(By Ernest Scheyder; Editing by Marguerita Choy)

Following the company’s annual general meeting in Perth on Thursday, chief executive Jakob Stausholm said the board had discussed rare earths this week and would take a “serious look” at their potential role in Rio Tinto’s portfolio.

Stausholm said that as the company continues to optimize its iron ore operations in the Pilbara and advances developments like the Simandou iron ore project in Guinea, it’s also reshaping its aluminum, copper, and lithium businesses to support the energy transition.

“So you could say, the next thing is to look a little bit deeper on critical minerals, and you have to think about that, not necessarily as separate mines,” Stausholm told reporters. He noted critical minerals are often present in Rio’s existing operations as a by-product, so “it’s a question of whether we should process them more deliberately.”

Rio Tinto already produces scandium as a by-product of titanium dioxide in Quebec and is weighing the production of gallium from its aluminum operations. Stausholm noted that the absence of a robust spot market for many critical minerals means Rio must ensure demand before scaling up production.

Chairman Dominic Barton echoed the cautious approach, pointing to the limited scale of the sector. “That’s why you don’t typically see the top five [largest miners] in this space,” he said. But with global supply chain diversification becoming a priority, Barton said they are asking themselves whether they should revisit what they already have and assess the economics.

Barton also said critical minerals could help strengthen Rio’s social licence to operate. “It’s interesting how often those with fewer resources are the most vocal,” he added.

Tariffs, Canada and the aluminum market

On tariffs, Barton said Rio could compete under the current global framework, though the company isn’t enthusiastic about trade barriers. “We’re not excited about tariffs, but we’ve got to live with what governments are doing,” he said, adding that if they’re applied uniformly, the company “would manage” because of its position on the cost curve.

Barton welcomed the recent Canadian election results, suggesting they provided a mandate for continued negotiations. He praised the country’s recognition of aluminum’s economic importance, especially given Rio’s workforce in Canada.

As a former Canadian ambassador to China, Barton said China’s economy could absorb short-term tariff impacts.

“Urbanisation, GDP consumption rates, and green infrastructure investment all support long-term steel demand,” he said. “We expect a new equilibrium despite near-term discomfort.”

Working in the US

Stausholm highlighted Rio’s significant presence in the US, including the Kennecott copper mine and smelter in Utah, a boron mine in California, and the Resolution copper project in Arizona.

“The US government is very, very keen on seeing us getting the most out of those assets, so it provides opportunities to serve the US government,” Stausholm said.

He added that tariff policies wouldn’t necessarily affect Rio’s long-term investment decisions. Last month, the US government fast-tracked permitting for the Resolution project, and Stausholm said the joint venture with BHP (ASX: BHP) is moving forward.

“Unlike Australia, the US has seen limited mining development in recent decades—this represents a shift”, he said.

Activist campaign fails

A proposal from UK-based hedge fund Palliser Capital to force a review of Rio’s dual-listed company (DLC) structure failed to gain traction. The company rejected the motion, with Barton stating the board had already reviewed the structure in detail last year with advice from five external consultants.

“All of this work showed that a unification of the DLC would be value destructive for the group and its shareholders,” Barton said.

Only 19.35% of shareholders supported the motion. Under UK law, a 75% majority is required to mandate a review, while 20% support would have have required the company to engage further with shareholders.

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.

A new chart from MINING.COM and The Northern Miner shows China now controls over half the world’s copper processing capacity, far ahead of its rivals.

 MINING.COM‘s Devan Murugan sat down with Northern Miner Group President Anthony Vaccaro, to unpack what this power shift means for global supply chains and investors.

Explore the full infographic:

Total gold demand reached 1,206 tonnes in the first three months of 2025, a 1% increase from the same period a year ago, the WGC said in a new report Wednesday. Soaring inflows into gold ETFs fuelled a 170% surge in investment demand to 552 tonnes, the highest since the first quarter of 2022, WGC said.

As gold prices set multiple record highs this year, including touching $3,500.05 per oz. last week, investors have piled into physical gold ETFs, which grew by $21 billion in the first quarter, their second highest quarterly level since the second quarter of 2020.

Gold’s average price reached $2,860 per oz. in the quarter, a 38% jump from a year ago, according to data compiled by the London Bullion Market Association.

Flows into gold

Investment flows into physical gold will probably continue to gather pace this year, the WGC said. Key factors supporting demand include continued geopolitical tensions, near-term stagflation risks, medium-term recession risks, elevated correlations between stocks and bonds and an expected increase in US deficits.

Central banks bought 244 tonnes of gold in the first quarter, 21% less than in the same period a year ago but within the quarterly range of the last three years. Persistent trade tensions will probably drive full-year central bank purchases close to the range of the past three years, according to the WGC.

First-quarter bar and coin demand rose 2.6% to 325 tonnes, which is 15% above the five-year quarterly average. China accounted for much of the increase, posting its second-highest quarter of retail investment.

Tech demand

Technology demand was little changed at 80.5 tonnes. Ongoing artificial intelligence adoption drove continued growth in the electronics sector, but uncertainty over tariffs should result in a challenging environment for the rest of the year, the WGC said.

Jewelry consumption shrank 21% from the year-ago quarter to 380 tonnes, weighed down by elevated prices. Consumption in the period hit its lowest level since the Covid-19 pandemic brought global economies to a standstill in 2020, and WGC economists predict full-year jewelry demand will be weaker than expected in 2025 on lower growth and higher prices.

Total gold supply grew 1% from a year earlier to 1,206 tonnes, with mine production hitting a first-quarter record of 856 tonnes. Recycling declined 1% as consumers kept their gold hoping for higher prices.

Mine supply this year will probably stay close to its 2024 record level, the WGC said. “Unprecedented” cash generation should allow announced development plans to advance and mine production to stay strong. While Ghana, Chile and Canada have healthy production pipelines, disruptions in Turkey and Russia and cutbacks in Australia are expected to weigh on total output.

Read More: Annual gold price forecast tops $3,000 for first time: Reuters poll

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.

The world’s largest copper producer slightly recovered last year from a quarter-century production low, and is aiming to increase its output once more this year.

Pacheco told an annual shareholders meeting on Tuesday that demand is strong for the red metal, even as he acknowledged geopolitical tensions associated with access to critical minerals.

“The market looks good, it looks very strong in Asia, in China, in the United States, in Brazil,” he said.

Codelco previously said uncertainty around US tariffs imposed by President Donald Trump’s administration had prompted more copper shipments to the United States. He also noted that he was seeing more demand from China in the second quarter.

Pacheco said he has been working to promote the construction of a new copper smelter in Chile, and that Codelco has offered to supply 1.2 million tons of copper annually in a 20-30 year contract as an incentive to investors.

Pacheco also discussed Codelco’s efforts to enter the lithium business in Chile, which is the world’s second biggest producer of the battery metal.

Pacheco said he is optimistic about securing the approval of China regulators for a joint venture with lithium producer SQM at the Atacama salt flat, although he said the timeline is unclear.

China is the last country whose regulatory approval is needed for the partnership, which will mark the Chilean state’s entry into lithium production.

Codelco has already done its part to provide China with all required materials about the planned operation, Pacheco said.

Codelco also aims to enter the lithium business with a new project in Chile’s Maricunga salt flat. Pacheco said a partner will be named within the coming weeks or months, after Codelco received binding offers from global companies in March.

(By Fabian Cambero and Daina Beth Solomon; Editing by Alexander Villegas and Daniel Wallis)

Chief executive Gustavo Pimenta told reporters in Rio de Janeiro the market is oversupplied due to output from Indonesia. “Nickel remains attractive in the medium and long-term,” he said, citing demand for electric cars production.

“The question is how to remain profitable in the short term,” the executive added.

The CEO noted Vale must work to improve efficiency of its assets, and cut costs to have a profitable nickel business within current market prices.

“We are evaluating if some assets in the portfolio could have a strategic alternative,” Pimenta added.

In January, Vale said its subsidiary Vale Base Metals had started a “strategic review” of its nickel assets in Thompson, Canada, including their potential sale.

Pimenta also said on Tuesday that Vale has started to reverse in April the iron ore production decline it reported in the first quarter of the year, adding he is “very confident” that the miner will meet its 2025 production guidance for the steel-making ingredient.

The executive noted the company could again be the world’s largest iron ore producer if rivals such as Rio Tinto miss their output estimates for the year.

(By Rodrigo Viga Gaier, Gabriel Araujo and Andre Romani; Editing by Chris Reese and Aida Pelaez-Fernandez)

McEwen Copper Inc. is planning an IPO in New York or Toronto to help fund construction of its Los Azules project in San Juan province. As part of that process, the company is thinking about a listing in Buenos Aires, he said.

“It’d be good to have a marker in the country,” McEwen said in an interview Tuesday. “It’d give Argentina an opportunity to invest in one of the first new copper mines.”

Once a pariah for foreign investors because of capital controls and state intervention, Argentina is regaining the confidence of mining companies as President Javier Milei offers a way to bulletproof their capital commitments. His government’s RIGI program of tax, currency and trade benefits will help add an estimated $900 million to the value of Los Azules, McEwen said.

To be sure, RIGI approval is taking longer than expected, meaning the timing of the IPO — which was penciled in for mid-2025 — is uncertain, although it could still happen by the end of the year, McEwen said.

The company wants to include RIGI’s benefits in a feasibility study, which should be ready by early July, he said. In the meantime, the copper unit is looking to raise more money privately to help cover another $25 million for the feasibility study and some exploration and as much as $100 million-plus for engineering work.

If all goes to plan, construction will begin late next year and the mine will start producing by the end of the decade, when the wiring metal market is forecast to be in short supply. Los Azules is one of a cluster of copper deposits in San Juan that has attracted global heavyweights including BHP Group Ltd. and Glencore Plc.

“Today, Argentina is a totally different country in terms of restrictions on capital,” McEwen said. “Time will tell on how long that lasts. But at the moment it’s very welcoming.”

(By James Attwood)

Canada’s G Mining Ventures (TSX: GMIN) said a new feasibility study for its Oko West project in northern Guyana demonstrates improved economics compared with initial calculations released last year.

At a 5% discount rate, Oko West would generate a post-tax net present value (NPV) of $2.2 billion and a post-tax internal rate of return (IRR) of 27%, G Mining said Tuesday in a statement. That’s a 58% improvement in NPV compared with the preliminary economic assessment that the company issued last September.

Oko West is one of two projects that G Mining is counting on to anchor future output. The other, Brazil’s Tocantinzinho, started producing gold in September, with the company already booking cash flow.

The feasibility study “marks a major milestone in realizing the value of what we consider one of the world’s most exciting undeveloped gold projects,” G Mining CEO Louis-Pierre Gignac said in the statement. “It confirms a long-life, high-margin operation with strong economics, supported by a proven resource and solid infrastructure.”

G Mining is among several miners focusing on the Guiana Shield. Others include Canadian explorer Greenheart Gold (TSXV: GHRT), which has amassed a portfolio of early-stage projects in Guyana and Suriname. Founders Metals (TSXV: FDR), also Canadian, is exploring at its Antino project in southeast Suriname. The shield also hosts Newmont’s (TSX: NGT) Merian and Zijin Mining’s Rosebel gold mines, both in Suriname.

Shares of G Mining rose 1.4% to C$19.48 in Tuesday morning trading in Toronto. That gave the company a market value of about C$4.4 billion.

The company anticipates that authorities will issue a final environmental permit this quarter, and that a construction decision will be taken in the second half.

2027 target

Construction is forecast to take 34 months, G Mining said. Commissioning would occur in the fourth quarter of 2027.

G Mining envisions a payback period of 2.9 years if gold averages $2,500 per ounce. Initial capital expenditures are projected to be $972 million, a 4% increase from the $936 million that was estimated back in September.

Assuming an average gold price of $3,000 per oz., Oko West’s after-tax NPV would rise to $3.2 billion, G Mining said Tuesday. The IRR would climb to 35% and the payback period would be 2.1 years.

Located about 120 km southwest of Guyana’s capital Georgetown, Oko West will integrate both conventional open pit mining and mechanized long-hole open stoping for the underground mine.

Total gold output will probably be 4.3 million oz. over 12.3 years, G Mining said. That works out to an annual average of 350,000 oz. at an all-in sustaining cost of $1,123 per ounce.

During the first three years of commercial production, the open pit will solely supply the processing feed. Underground mining will start to contribute to processing feed in the fourth year of production.

Some 1,270 direct permanent jobs will be created by the project, according to the company.

Gerdau, Brazil’s largest steelmaker by market capitalization and the owner of mills across the Americas, posted adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of 2.4 billion reais, beating the 2.29 billion reais seen by analysts in an LSEG poll.

Still, the adjusted EBITDA fell nearly 15% year-on-year, while adjusted net profit declined 39% to 758 million reais.

Gerdau noted, however, that adjusted EBITDA remained nearly stable quarter-over-quarter due to stronger results in North America.

In the earnings report, the firm said the higher demand in the United States was partly seasonal, “but also customers’ reaction to changes in US trade policy, increasing inventory levels and favoring the purchase of domestically produced steel.”

Net revenue in North America increased more than 16% from the quarter ended in December, while falling 3.5% in Brazil.

Gerdau’s total net revenues stood at 17.38 billion reais in the quarter, above the 17.06 billion reais expected in an LSEG poll.

($1 = 5.6537 reais)

(By Andre Romani; Editing by Kylie Madry)

The ceremony was attended by key government authorities from the State of Goiás and the Municipality of Nova Roma, as well as representatives from federal agencies and international embassies.

The government officials expressed support for the project’s streamlined development, recognizing its strategic potential to position Goiás as a global center for sustainable production of heavy rare earths, particularly dysprosium and terbium, Aclara said in a press release.

“Our heavy rare earth production, dysprosium and terbium, will be essential for establishing a reliable and alternative supply chain for the permanent magnets used in electric vehicles, wind turbines, robotics and other advanced technologies,” CEO Ramón Barúa said.

Barúa also said the Carina project’s future production of these key elements “will enable the fabrication of approximately five million electric vehicles per year”, which he said would position Goiás at the forefront in the global energy transition.

At the Aparecida de Goiânia pilot plant, the company expects to process approximately 200 tonnes of clay material from the Carina project, resulting in an estimated production of 150 kg of heavy rare earth carbonates.

According to the company, the process flowsheet incorporated several optimizations that focused on increasing efficiency, reducing costs and improving the purity of the final product. This optimized approach builds on its previous piloting efforts in Chile, where it processed 25 tonnes of clay from the Carina project.

Aclara Resources’ stock traded flat on Monday morning at C$0.75 apiece, for a market capitalization of $163.3 million.

“With an estimated investment of R$2.8 billion ($500 million), the project will create thousands of jobs and position our state as a leader in the production of rare earths – strategic minerals for the future of clean technologies such as electric vehicles and wind energy,” Daniel Vilela, Vice Governor of the State of Goiás, said.

Production in 2028

The facility represents a key step in advancing the Carina project towards production in 2028. The project is currently in its permitting stage, with Aclara aiming to submit its environmental impact assessment mid-2025. Later in the year, the company plans to complete a pre-feasibility study, followed by feasibility study in 2026.

To fund these works, Aclara raised $25 million via a private placement last year.

The Carina project currently has an estimated resource of about 298 million tonnes grading 1,452 parts per million TREO (total rare earth oxides), all in the inferred category. This would support annual production of 191 tonnes of dysprosium and terbium, representing about 13% of China’s official production in 2023, Aclara estimates.

The company is also looking to build a rare earths separation plant in the United States. This facility will process mixed rare earth carbonates sourced from its mineral resource projects, separating them into pure individual rare earth oxides.

Additionally, through a joint venture with Chile’s CAP, Alcara is advancing its alloy-making capabilities to convert these refined oxides into the alloys needed for fabricating permanent magnets.

“Below $90 a ton there will be a very significant percentage of global production that will be under water, that will lose money, and probably stop producing,” chief financial officer Marcelo Bacci said in a press conference Friday after the company reported first-quarter earnings that missed estimates. “This generates a price improvement effect.”

Analysts from Goldman Sachs Group Inc. and data provider Mysteel Global have said prices could slip below $85 a ton by the end of the year as tariff-related uncertainties put further pressure on prices.

Vale still sees solid demand for its flagship product from China, a market that accounts for 60% of its sales. Bacci said he’s confident that iron ore prices will stay around $100 per ton with stable supply and consumption.

Rio de Janeiro-based Vale has been adopting a strategy of maximizing value by offering a flexible portfolio to suit its clients’ demands. With steel mills navigating a challenging moment, customers aren’t always paying a premium to buy higher-quality ore. The Brazilian company said it plans to launch a mid-grade product using iron ore out of Carajas, a region of Brazil where the company has its most prized operations.

“This is much more appropriate to what the market is looking for,” Rogerio Nogueira, Vale’s commercial executive vice president, told investors on the call Friday. The company expects to present the new product to the market in the next 12 months.

(By Mariana Durao)

Read More: Vale to raise Carajas iron ore output with $12 billion investment

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.

Codelco posted a 53% drop in pre-tax profit compared to a year ago, slipping to $213 million for the first three months of the year.

The state-owned miner said its own output ticked up 0.3% totaled to 296,000 metric tons, with total production including its stakes in Freeport’s El Abra, Anglo American Sur and Teck’s Quebrada Blanca rising 1.6% to 324,000 metric tons.

The miner is targeting copper production between 1.37 million tons and 1.4 million tons this year, as it aims to boost output for the second year in a row after slipping to a quarter-century low in 2023.

Output in the quarter was dragged down by rains and a nationwide blackout in February, which reduced refined copper production by 10,000 tons, Codelco said.

Core earnings, or earnings before interest, taxes, depreciation and amortization (EBITDA), fell nearly 12% to $1.35 billion as the local peso currency lost ground, Codelco said.

The Chilean peso appreciated by 2.76% from the end of March 2024 to the end of March this year.

Codelco added that it had faced rising costs due to planned mine and plant maintenance, as well as higher operating costs for equipment leasing, which where partially offset by lower input prices, including for power and fuel.

The miner said that at its El Teniente mine, the Andesita section is expected to kick off production in the second quarter with Andes Norte following in the third.

Ramp-up of the concentrator at Rajo Inca, in Codelco’s Salvador Division, is expected to be completed in the third quarter.

(By Fabian Cambero and Natalia Siniawski; Editing by Kylie Madry and Alistair Bell)

Read More: Codelco inks energy deals for 100% clean matrix by 2030

Net profit rose to $1.09 billion, well above the $816 million estimate from analysts polled by LSEG, as copper and silver prices surged and the miner trimmed production costs.

Shares climbed around 2% in afternoon trading.

Copper production and sales were nearly flat from the year-ago quarter, with output from US unit Asarco slipping.

Prices for the red metal, however, rose 18% from a year ago while silver leaped some 38%.

That brought revenue for Grupo Mexico, which also operates sprawling freight railroads and an infrastructure division, up 10% to $4.20 billion in the quarter.

The company also touted trimmed production costs for copper and byproducts as adding an earnings boost.

Grupo Mexico, controlled by billionaire German Larrea, is one of the world’s largest copper producers with mines in Peru, the United States, Spain and its home base of Mexico.

The company could be at risk from the trade war breaking out between the United States and China, with copper prices slumping since the end of the first quarter.

“Although we maintain a very positive long-term outlook for copper, we believe an intense commercial war between the US and China will affect economic growth worldwide, consequently impacting copper demand,” mining head Leonardo Contreras said in the firm’s results call.

Beijing imposed 125% duties on US shipments earlier this month in response to US President Donald Trump’s 145% tariffs on Chinese imports.

Copper was exempted from Trump’s sweeping tariffs in March, though analysts say import taxes on the metal could be coming as well.

Contreras declined to say how Grupo Mexico was planning to offset the impact of potential tariffs on copper shipped into the United States.

(By Kylie Madry, Natalia Siniawski and Rafael Escalera Montoto; Editing by Bill Berkrot and Chizu Nomiyama)

Vale, one of the world’s largest iron ore producers, posted a net profit of $1.39 billion for the quarter through March, slightly missing a consensus estimate of $1.68 billion by analysts polled by LSEG.

The company said earnings were hit by a decline in iron ore prices but the impact was partially offset by its production cost-cutting measures and the Brazilian real’s appreciation against the US dollar.

“We had a consistent start to the year, aligned with our objectives for management in 2025,” CEO Gustavo Pimenta said in the earnings report, noting a good cost momentum.

Vale posted adjusted core profit as measured by earnings before interest, taxes, depreciation and amortization (EBITDA) at $3.12 billion, down 9% and close to the $3.16 billion expected by analysts.

The results came in line with expectations and cost performance was the highlight, Itau BBA analysts said. However, they added that “lower realized prices more than offset the improvement in volumes and lower costs in the yearly comparison”.

Vale’s so-called C1 cash cost of iron ore fines, which measures production costs from the mines to the ports, fell 11% in the quarter to $21 per ton.

The miner’s operational report last week had shown iron ore volume production falling 4.5% due to heavy rainfall in Brazil, although Vale was able to increase sales volume with supply from inventories.

Still, a 16% decline in market reference prices of iron ore, Vale’s main product, weighed on its own sales prices and led to a 4% net revenue decline to $8.12 billion, marginally above analysts’ estimate of $8.03 billion.

(By Marta Nogueira and Andre Romani; Editing by Brendan O’Boyle and Rashmi Aich)

Under an amended agreement announced April 23, Equinox will now offer 0.35 of its common stock for each Calibre share, giving the transaction a total value of C$2.8 billion. The initial offer announced in late February was 0.31 Equinox share for one Calibre share.

Calibre’s shares closed Thursday’s trading session 7% higher at C$3.35 apiece — its highest since 2012. The Vancouver-based miner’s market capitalization stood at almost C$2.9 billion. Equinox Gold, also based in Vancouver, gained 2% at market close, for a market capitalization of C$4.3 billion.

Making of Canada’s no.2 gold miner

The improved offer came just hours before the companies’ scheduled shareholder meetings to vote on the transaction. If approved, it would consummate the formation of second-largest gold producer in Canada behind Agnico Eagle (TSX: AEM; NYSE: AEM), with Equinox shareholders owning approximately 61% and Calibre holding 39%.

Equinox — coming off a record year of gold production — agreed to buy Calibre earlier this year to further boost its pipeline and consolidate assets across the Americas. Its Greenstone mine in Ontario achieved commercial production late in 2024 and is expected to become one of the largest open-pit gold mines in Canada.

The combined company would own a total of nine producing mines, another under construction, and five projects across five countries.

Shareholder pushback

However, the proposed takeover had received pushback from Calibre’s top shareholder Van Eck Associates, which stated last month that a merger would dilute the quality and potential of the precious metals producer.

“We are not supportive of this transaction. We don’t see any synergies between any of the companies’ operations,” Imaru Casanova, a portfolio manager at Van Eck, wrote last month. “Both operate in the Americas, but in vastly different locations.”

Calibre currently operates mines in the US and Nicaragua, and is on the verge of starting production at the Valentine gold mine in Newfoundland and Labrador, which it acquired as part of its 2023 takeover of Marathon Gold.

“Calibre was on the cusp of a rerate as it advanced Valentine to production,” Casanova said, referring to the Valentine mine that is nearing completion and expected to come online mid-2025.

Antamina, controlled by Glencore, BHP, Teck and Mitsubishi, is one of Peru’s largest copper mines. It had paused operations on Tuesday after an incident at its Yanacancha camp, in the Ancash region.

Antamina said at the time it was investigating the cause of the incident, which killed an operations manager and injured another senior employee.

(By Marco Aquino; Editing by Natalia Siniawski)

Result highlights from drillhole DDH-LC25-006 include 114 metres of 0.7% copper, 0.07 gram per tonne gold and 81 parts per million (ppm) molybdenum from 410 metres downhole, which has been interpreted as a secondary enrichment zone, AbraSilver said Thursday in a statement. A higher-grade interval of 20 metres at 1.03% copper, 0.08 gram per tonne gold and 71 ppm molybdenum from 412 metres depth was also reported.

Combined, the intercepts comprised 621 metres grading 0.38% copper, 0.07 gram gold and 62 ppm molybdenum, which AbraSilver said demonstrates the scale of the mineralized system.

“Wide intercept with moderate copper and modest gold piques interest and puts the project back in focus, and while still early, this hints at potential material upside in a copper belt,” National Bank Financial analyst Don DeMarco said in a note. He has an “outperform” rating on the stock.

AbraSilver shares fell 0.7% to C$2.92 apiece in afternoon trading in Toronto Thursday, giving the company a market capitalization of C$448 million. The stock has traded in a 52-week range of C$1.93 to C$3.64.

Teck earn-in

The drill program at La Coipita is fully funded and operated by a subsidiary of Teck Resources (TSX: TECK.A, TECK.B; NYSE: TECK) as part of an earn-in and joint venture agreement. Teck is planning to spend $20 million in exploration at La Coipita over five years.

“These results confirm the presence of a well-developed porphyry system with large-scale potential,” AbraSilver CEO John Miniotis said in a statement. “With drilling fully funded and operated by Teck, we believe this discovery represents a major step forward in unlocking the value of this underexplored district, which is located in a major copper belt.”

AbraSilver is waiting for assay results for two more holes.

Hole DDH-LC25-007, which is located about 500 metres east of DDH-LC25-006, was completed to a depth of 846.1 metres. It has intercepted two separate secondary enrichment zones between 40-275 metres and 422–593 metres, AbraSilver said.

Hole DDH-LC25-008, located about 500 metres north of DDH-LC25-006, was completed to a depth of 915 metres. It intersected low-grade high-sulphidation copper mineralization.

Second year

Last year, Teck completed 2,476 metres of diamond drilling in five holes, along with geophysical surveys and target mapping. The 2025 drill campaign marks the second year of the earn-in program.

La Coipita is a district-scale property covering over 700 sq. km in western San Juan province near the Chilean border. Elevation across the property ranges between 3,500 and 4,500 metres above sea level.

The property lies within the Miocene porphyry-epithermal belt of Argentina and Chile, which is host to deposits such as the Filo del Sol equal partnership between BHP (NYSE, LSE, ASX: BHP) and Lundin Mining (TSX: LUN), McEwen Mining’s (TSX, NYSE: MUX) Los Azules, and Barrick Gold’s (TSX: ABX; NYSE: GOLD) El Indio, Veladero and Pascua Lama.

AbraSilver is also advancing the Diablillos project in northwest Argentina. It hosts proven and probable reserves of about 42.3 million tonnes grading 91 grams silver and 0.81 gram gold for 123.5 million contained oz. silver and 1.1 million oz. contained gold.

Nations within the Chinese sphere process 53.1% of the world’s copper, far surpassing the American-aligned bloc at 15.6% and the “Coalition of the Willing” at 19%.

Russia, grouped separately, accounts for 5.6% of global capacity, while 6.8% of copper processing remains in “Undrafted” countries not formally aligned with any major power bloc, such as Iran and India.

Analysts warn that while access to raw materials is crucial, the ability to process them may ultimately determine strategic advantage in the race for technological and industrial dominance.

Explore the full infographic:

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RELATED: RANKED: World’s biggest copper mines

Companies around the world have been bracing for the potential impact of US President Donald Trump’s sweeping tariffs, which have sparked a trade war and led business to warn of growing uncertainty and concerns about the global economy.

“For the second half of 2025, we foresee a challenging and uncertain scenario,” the Brazilian firm said in a securities filing after reporting its quarterly results.

“That is mainly due to high volumes of steel imports under conditions of unfair competition, the impact on domestic consumption caused by the current high interest rates, and uncertainties in international trade.”

Steelmakers in Latin America’s largest economy have long complained of an unfair playing field, saying that China floods the market with cheap material. Usiminas again called on the government to do more to control those imports.

The Brazilian firm reported a net profit of 337 million reais ($59.08 million) for the January-March period, up 845% year-on-year, beating the 225.02 million expected by analysts in an LSEG poll.

Steel sales were up 5% on a yearly basis to 1.09 million metric tons while iron ore sales jumped 13% to 2.11 million tons. Both should remain relatively stable in the second quarter, Usiminas said.

($1 = 5.7044 reais)

(By Gabriel Araujo; Editing by Bernadette Baum)

Under the partnership, Codelco will hold a majority stake — 50% plus one share — aligning with President Gabriel Boric’s push to increase state control over the production of lithium, a key component in electric vehicle (EV) batteries.

The green light from Chile’s Fiscalía Nacional Económica (FNE) follows approvals from regulators in the European Union, Brazil, Japan, South Korea and Saudi Arabia. A decision from Chinese authorities is still pending.

“This is an important milestone. The regulator examined the transaction over nine months with the necessary scrutiny,” Codelco chairman Maximo Pacheco said in the statement.

He noted that discussions with local Indigenous communities are progressing and that final approval from Chile’s nuclear energy commission (CCHEN) is expected later this year.

The joint venture has met opposition from some Chilean lawmakers and legal challenges from Tianqi, a major Chinese stakeholder in SQM.

Alpayana will make an offer to buy all of Sierra’s common shares for C$1.15 apiece in cash, the Toronto-based company said Wednesday in a statement. That’s 3.6% more than the C$1.11 hostile bid that Sierra rejected earlier this month.

To give Sierra shareholders enough time to tender their shares, Alpayana has extended its existing takeover bid until 5 p.m. Toronto time on May 12.

Sierra shares soared 19% to C$1.08 in Toronto Wednesday morning, still shy of the revised offer price. That gave the company a market value of about C$230 million.

Family-owned Alpayana has been operating mines in Peru for over 38 years. The company, which has no debt and more than $500 million in annual revenue, said this month it was “uniquely positioned” to cut costs at Sierra and “eliminate” its debt, which stood at C$96.3 million as of Dec. 31, up from C$78.5 million a year earlier. Alpayana’s controlling shareholders are minority investors in Minera Corona, Sierra’s Peruvian unit.

Sierra’s board of directors unanimously supports the revised takeover bid, as does the special committee of independent directors, the company said Wednesday. Sierra also said its board will unanimously recommend that shareholders tender their shares to the bid.

Rising profits

BMO Capital Markets, which is advising Sierra, called the new amount that Alpayana is prepared to pay “fair” from a financial point of view.

Sierra operates two copper mines, Peru’s Yauricocha and Bolivar in Mexico. Earlier this year it forecast 2025 earnings before interest, tax, amortization and depreciation of $130 million compared with $74 million in 2024.

Costs have been cut by increasing mill capacity at Bolivar and Yauricocha, while higher copper and gold prices have lifted margins. In December, the company refused a first buyout offer of C$0.85 a share from Alpayana.

“Sierra has high levels of expensive debt, a large working capital shortfall, an unpaid C$56.1 million obligation to its publicly traded Minera Corona unit, and high corporate expenses, along with being one of the highest cost-per-pound copper producers in the industry,” Alpayana said April 2 after raising its bid a first time.

“Given Sierra’s thin margins, it is vulnerable to withstanding any potential unexpected production, labor, social, political, regulatory and/or macro challenges.”

Speaking at an industry event in Panama City, Mulino said the path forward remained uncertain, but noted he was open to forming an association with First Quantum. 

“I cannot yet tell you what the path forward will be; the only path that will not exist is a contract law, and I announce that here: There will be no mining law contract, period,” Mulino said, according to local media.

He stressed that any new mining law tied to a contract, such as the 406 law deemed unconstitutional by the previous government, would require approval from the national assembly. He said the assembly was not willing to back such a deal. Instead, he proposed a “real partnership” — a structure that would make clear the mine belongs to Panama and its people.

Mulino noted that if the decision is made to close the mine permanently, the process could take up to 15 years due to its scale.

“It’s a problem that implies tens of thousands of direct and indirect jobs,” he said. “Let’s be smart and get the most benefit as Panamanians from a mine we already have.”

The president has not yet met with First Quantum’s executives, though the company dropped its arbitration case against Panama—one of Mulino’s conditions for resuming talks.

Cobre Panamá, Central America’s largest open-pit copper mine, produced over 330,000 tonnes of copper in 2023 before operations were halted. 

The mine was on track to become a 100-million-tonne-per-year operation by the end of 2024, which would have placed it among the world’s largest copper producers.

Cobre previously accounted for roughly 5% of Panama’s GDP.

The Antamina copper and zinc mine — owned by BHP Group, Glencore Plc, Teck Resources Ltd. — is working with Peruvian authorities to investigate the Tuesday incident, the operating company said in a statement.

Senior operations manager Edwin Colque Calisaya died in an accident at the Yanacancha area of the open-pit mine in the Andes Mountains north of Lima, Antamina said, without giving details. Photos posted on social media showed a passenger vehicle crushed by a giant haul truck.

The incident triggered a full safety shutdown, which was still in effect on Wednesday, a company spokesperson said. An extended stoppage at a mine that churned out 435,000 metric tons last year could further tighten global supplies of semi-processed copper known as concentrate.

In February, Peruvian authorities approved a key permit allowing a $2 billion extension at Antamina to proceed. The permit comes as the No. 2 copper-producing nation faces a dearth of new projects that threatens to constrain future production growth.

(By James Attwood)

Read More: RANKED: World’s biggest copper mines

The agency stated that it has accepted applications from Eramet in the Agua Amarga salt flat; from Eramet, Quiborax, and state-copper giant Codelco, for the Ascotan salt flat; and from the Caliche Kairos consortium for the Coipasa salt flat.

Leftist President Gabriel Boric introduced a plan to boost state control over lithium, a light metal key in electrical vehicles and the energy transition, in 2023 and form public-private partnerships to expand the industry.

The plan included a state-controlled joint venture between Codelco and SQM, the country’s largest lithium miner, as well as opening up other salt flats for development.

On Tuesday, the mining ministry said that once indigenous consultations in the salt flats and other conditions for the CEOL, a special permit to mine lithium, are established, the contract will be signed if applicants agree.

“Otherwise, public bidding processes will be initiated, as was the case with the Ollague salt flat in the Antofagasta region, and Piedra Parada and Laguna Verde in the Atacama region,” the statement said.

To qualify for the expedited process, parties had to demonstrate a certain level of ownership of the mining concession, financial capacity and experience in mining or the value chain.

The statement also noted that a dialogue for indigenous consultation to modify a CEOL at the Maricunga salt flat on behalf of Codelco had concluded.

“All that remains is the publication of the closing resolution, which will include the 11 agreements reached with the six communities that participated in the process,” the statement said.

(By Fabian Andres Cambero; Editing by Alexander Villegas and Alistair Bell)

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.

In December last year, China banned exports to the US of the critical minerals gallium, germanium and antimony, amid an escalating trade and tech war between the world’s two biggest economies.

China produced almost half of the global supply of antimony in 2023 and prices of the mineral have soared in the wake of its heavy export restrictions, disrupting global supply chains.

US President Donald Trump has also been pushing to boost domestic production of critical minerals such as antimony, to offset China’s near total control of the sector.

The mineral is widely used in ammunition, infrared missiles, nuclear weapons and night-vision goggles, as well as in batteries and photovoltaic equipment.

Last year in March, United States Antimony had said it would discontinue all operational activities in Latin America and sell its subsidiary in Mexico.

The decision was made following a review of the financial performance of those assets, the unit’s negative cash flow and low antimony prices.

The company said it has begun processing the first antimony ore acquired from international sources at the Madero smelter. The second and third shipments are also expected to arrive at the facility from next week onwards.

US Antimony said it aims to produce roughly 200 tons of antimony per month from the Madero smelter prior to the end of 2025.

(By Vallari Srivastava; Editing by Sahal Muhammed)

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.

Lumina’s flagship asset, the Cangrejos gold-copper project, is considered the largest primary gold deposit in Ecuador. Located in the El Oro province in the country’s southwest, the project sits approximately 30 km southeast of the Pan American Highway and 40 km from the deep-water port of Puerto Bolívar.

The Canadian miner launched a feasibility study on the project in January 2024, building on its 2023 prefeasibility study. Updates to date include a larger and more advanced processing plant, with projected throughput increasing to 40,000 tonnes per day — up from the previously envisioned 30,000 tonnes.

Cangrejos hosts 659 million tonnes of probable reserves grading 0.55 gram per tonne (g/t) gold, 0.1% copper and 0.69 g/t silver. This equates to 11.6 million oz. of gold, 1.4 billion lb. of copper and 14.4 million oz. of silver. These are contained within an indicated resource of 1 billion tonnes grading 0.48 g/t gold, 0.09% copper and 0.7 g/t silver — representing 3.7 million oz. of gold, 483 million lb. of copper and 7 million oz. of silver.

The 2023 PFS outlined a capital expenditure of $925 million and projected average annual gold-equivalent production of 469,000 oz. over a 26-year mine life.

CMOC’s move highlights growing investor interest in Ecuador, which is rich in mineral resources but has historically lagged behind regional mining leaders Peru and Chile. While the country shares geological continuity with Peru, political and regulatory uncertainty have slowed the development of large-scale mining projects.

Shares of Lumina Gold surged 31% on the TSX Venture Exchange following the announcement, pushing its market capitalization to C$480 million ($348 million).

The acquisition is expected to close in the third quarter of 2025, pending shareholder, regulatory and court approvals.

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.

This week, BHP Group Ltd., Rio Tinto Group, and Vale SA all reported drops in quarterly shipments from the year before, the result of disruptions from cyclones in Australia’s Pilbara and heavy rains in northern Brazil. Rio was worst affected, with exports slumping 9% to a six-year low.

That leaves the companies needing to play catch-up on their supply targets at a time when escalating tensions with the US could wreak havoc on the Chinese economy. The question now is whether Beijing will deliver enough stimulus to support demand for steel and its inputs, of which iron ore is key.

“We might see a recovery phase where these companies ramp up production to compensate for the lost output,” said David Cachot, an iron ore research director at Wood Mackenzie Ltd. “Market participants are waiting to see what Beijing will do to further stimulate its economy, an additional source of concern the country did not need.”

Market dives

Before the supply disruptions hit and trade tensions ratcheted higher, the iron ore market was contending with a surge in supply just as demand in China’s maturing economy was dwindling. Still, benchmark iron ore futures in Singapore were steady, averaging around $103 a ton over the first three months, about the same as the previous quarter.

But the market dived earlier this month, to below $95 a ton at one point, after the Trump administration announced punitive tariffs on China, and Beijing responded with its own eye-watering levies on the US.

Now, China’s economic targets are in doubt, and officials have set a clear goal of expanding domestic consumption to counter the hit to exports. That could lift demand for the steel used in vehicles, household durable goods and machinery. Iron ore traders are also probably hoping that Beijing doesn’t ignore the playbook it has used during previous downturns, which involves splurging on more steel-intensive infrastructure to generate growth.

BHP chief executive officer Mike Henry warned on Thursday that slower global growth and a fragmented trading environment could have a significant impact on the company.

“China’s ability to shift toward a consumption-led economy and for trade flows to adapt to the new environment will be key to sustaining the global outlook,” he said.

(By Katharine Gemmell)

Output landed at 216,955 metric tons, up just 0.01% from the year-ago month, according to the ministry.

Production largely came from the MMG Ltd-owned Las Bambas mine, whose output jumped 58.4% despite two days of interrupted transit of copper concentrate, the ministry said.

Peru put out 2.74 million tons of copper last year, a slight drop from 2023 in its first decrease after four years on the rise.

Copper production in the Andean nation is expected to climb between 2% and 4% this year, Julia Torreblanca, head of Peru’s national mining, oil and energy society, told Reuters last week.

Peru fell to No. 3 copper producer worldwide in 2023 after being overtaken by the Democratic Republic of Congo. Chile is the world’s top producer.

(By Marco Aquino and Kylie Madry; Editing by Aida Pelaez-Fernandez)

Silver, which is used in jewellery, electronics, electric vehicles and solar panels, as well as an investment, faces the fifth year of a structural market deficit.

Total industrial demand for silver is expected to be steady in 2025 after reaching a record high of 680.5 million ounces in 2024, while jewellery and silverware demand will fall, according to the annual report, produced for the Silver Institute by consultancy Metals Focus.

Demand for silver coins and bars will rise 7% this year after falling by 22% in 2024 to a five-year low of 190.9 million ounces due to major declines across all Western markets.

The steepest drop of 46% in this category happened in the United States due to profit-taking at higher prices, market saturation, and investors’ reaction to Donald Trump’s win in the US presidential election in November, the association said.

Spot silver prices are up 12% so far this year after rising 21.5% in 2024. They are supported by the gold price rally, driven mainly by uncertainty brought by Trump’s tariffs, which boosted gold’s safe-haven appeal.

“The impact of US tariffs will be a key risk to silver demand this year,” the report said.

Due to silver’s dual role as a precious and industrial metal, its investment demand has faced conflicting forces so far in 2025. While recessionary fears and geopolitical tensions support portfolio diversification, a weakening global economic outlook worsens industrial demand prospects, the association said.

Industrial, jewellery, and silverware demand will come under further pressure in case of an extended period of elevated tariffs, or a further escalation of global trade wars disrupting global supply chains and affecting global economic growth, it added.

Silver supply & demand* (million oz.)

(By Polina Devitt; Editing by Tomasz Janowski)