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global mining industry
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Ghana bans export of unrefined gold
Ghana, Africa's leading gold producer, announced a ban on the export of unrefined gold. This policy was implemented as part of an effort to transition the country away from its role as a raw mineral supplier.
Singapore police raid Radiant World over alleged document falsification
Singaporean police raided the offices of iron ore trader Radiant World and questioned employees following reports of allegedly falsified documents. Several major commodity traders terminated their relationships with the firm due to concerns regarding the validity of invoices and other documentation provided to banks. The U.S. Justice Department and the Commodity Futures Trading Commission are also investigating transactions involving the company and its creditors. Radiant World denied wrongdoing, stating that it maintains high commercial and legal standards.
Komatsu to expand U.S. maintenance facility to support copper industry
Komatsu announced plans to triple the size of a mining equipment maintenance hub in the United States. This expansion followed a surge in mining demand for copper, which is essential for data center power infrastructure. The initiative was driven by the artificial intelligence data center race among American technology giants, which has contributed to copper prices reaching near-record highs.
African states push for greater control over mineral wealth
Ghana’s gold industry representative Prince Kwame Minkah announced that African gold-producing nations are pursuing increased resource sovereignty to retain more economic value domestically. To shift processing, certification, and trading away from foreign markets, Ghana mandated that gold doré purchased by self-financing aggregators must be refined locally before export as of September 1. This policy aligns with a broader objective led by President John Dramani Mahama to end raw mineral exports by 2030. Other nations, including Guinea, Mali, Burkina Faso, and Tanzania, have implemented similar measures to tighten state control over gold resources and processing.
Codelco and Pucobre Form Joint Venture for Tovaku Copper Project
On August 25, 2026, the Chilean state copper producer Codelco and Sociedad Punta del Cobre (Pucobre) formalized a joint venture named Minera Puntilla SA to develop the US$870 million Tovaku copper project in the Antofagasta Region. Under the agreement, Pucobre holds a 60 percent stake and assumes responsibility for financing the development and construction, while Codelco contributes the mining concessions for its 40 percent share. The project targets an average annual output of 46,000 tonnes of copper cathodes over a 21-year mine life, with production scheduled to begin in 2030. This initiative serves as the first public-private partnership under Codelco chairman Bernardo Fontaine, aimed at accelerating the development of mining resources without requiring capital contributions from the state firm.
Reopened Kipushi Mine Becomes One of World's Top Three Zinc Producers
The Kipushi mine in the DR Congo achieved record zinc production of 70,177 tonnes in the second quarter of 2026, marking an 8% increase over the previous quarter. Ivanhoe Mines, which holds a 62% stake alongside the state-owned Gécamines, attributed the rising output to increased processing capacity and efficiency at the historic site. This production surge moved Kipushi into the top three global zinc producers as market prices reached their highest point since 2022, fueled by supply constraints at major smelting facilities in Kazakhstan and Peru.
AFG Bank Suspends $140 Million Loan for Cameroon Bauxite Project
AFG Bank Cameroon suspended further disbursements on a US$140 million syndicated loan facility for Canyon Resources' Minim Martap bauxite project, citing a need for updated financial documentation and a site inspection. While US$75 million of the facility had been drawn by 31 July 2026, the freeze halted development and prompted Canyon Resources to withdraw its project shipping schedule, including the target for first cargo in late 2026. The move coincided with a takeover bid by majority shareholder A2MP, which argued that the project's current economics and capital requirements are no longer favorable. This delay postpones Cameroon’s entry into the global bauxite export market, a sector previously identified by the government as a key opportunity for economic diversification.
Japan plans to fund rare-earth mining in exchange for technical support
Japan announced a plan to revamp a program providing hundreds of billions of yen to fund the development of technology tied to economic security. The initiative aimed to support long-term efforts toward seafloor rare-earth mining, including projects near Minamitorishima utilizing the deep-sea drilling vessel Chikyu. This move was intended to reduce Japan's reliance on China for rare-earth resources.
Peru Mining Exports and Tax Revenue Shrink Fiscal Deficit
Peru's fiscal deficit narrowed to 1% of GDP by July 2026, down from 2.1% in the first quarter, according to the Finance Ministry. This improvement was largely fueled by a 60.6% year-on-year surge in mining exports, which reached US$28.962 billion between January and April 2026 and accounted for 76.1% of the country's total exports. The increased revenue stemmed primarily from a 31.7% rise in corporate income tax and a 10.6% increase in domestic sales tax, supported by a 17.6% growth in private investment during the second quarter.
Namibia grants environmental clearance for offshore phosphate mining project
The Namibian government issued an environmental clearance certificate for the Sandpiper Project, an offshore phosphate mining venture located 120 kilometres off Walvis Bay, ending a decade-long stagnation since the project's 2011 licensing. Namibian Marine Phosphate (NMP), which is 85 percent owned by an Oman-based mining company, aims to dredge 1.7 square kilometres of seabed annually to produce three million tonnes of phosphate concentrate per year. The project faced significant opposition from conservationists and the Confederation of Namibian Fishing Associations, who cited risks of toxic sediment plumes, heavy metal release, and potential damage to commercial fish stocks.
Escondida copper mine to reduce production due to declining ore grades
Escondida, the world's largest copper mine located in Chile's Atacama Desert, announced plans to reduce production by 300,000 metric tons by 2027 as ore grades continue to decline. Although the mine implemented various operational improvements, experts noted that falling copper concentrations require companies to process more rock, leading to increased energy and water requirements. Industry analysts observed that this trend is not limited to Escondida, as national production across Chile is projected to decline due to aging mines and structural constraints.
Chilean Copper Production Stagnant Since 2004
Chilean copper production reached 5.38 million tonnes in 2025, falling slightly below the 5.41 million tonnes produced in 2004. This stagnation over 21 years occurred despite copper prices reaching record highs of US$4.84 per pound. The decline was attributed to geological ore-body depletion, where mines yield less copper per tonne of rock, rather than political factors. Notably, the state-owned miner Codelco experienced a 25% production decline over the last decade.
Colombia Reports Q2 2026 Mining Output Growth
Colombia’s mining and quarrying sector grew by 4.2% in the second quarter of 2026, outpacing the national economy’s 3.5% expansion. This growth was driven by a 16.2% increase in coal activity and a 15.4% rise in metallic minerals, according to data from DANE. Conversely, fiscalized crude oil production fell by 1.9% to 722.2 thousand barrels per day during the same period. While the mining sector showed a 1.6% year-to-date growth, the lack of specific volume figures for coal and gold limits the ability to assess actual production levels.
Pilbara Minerals issues first dividend following profit growth
Australian lithium miner Pilbara Minerals (PLS) issued its first dividend on Monday following a full-year profit after tax of 526 million Australian dollars ($377 million). This financial performance was supported by stronger prices for lithium, a key battery metal. Additionally, the company announced plans to release a feasibility study regarding the doubling of output capacity at its Pilgangoora mine in Western Australia.
Central African Republic closes gold mine after collapse kills over 100
The Central African Republic's government closed the Zamboye gold mining site in the western region following a collapse that killed over 100 people. Minister of Mines and Geology Ruffin Benam Beltoungou ordered the closure due to non-compliance with administrative directives and safety standards. Although the site had been officially closed prior to the disaster, illegal miners continued extraction operations without adequate protection or equipment.
Soldiers temporarily held following illegal mining raid in Zamora Chinchipe
On 19 August 2026, 12 Ecuadorian Army soldiers were temporarily detained by community members in San José, Zamora Chinchipe, during a military operation intended to disable machinery and camps linked to illegal mining. Four of the soldiers were released quickly, while the remaining eight were held for several hours amidst a standoff involving road blockades and reported shotgun fire. The incident concluded that night following a negotiated pact between military authorities and community leaders, which resulted in the simultaneous release of the soldiers and four detained community members.
Southern Copper Plans US$8.2 Billion Investment in Peru Projects Through 2033
Southern Copper announced plans to invest US$8.2 billion in four projects located in Peru through 2033. The investment aimed to increase the company's copper output to 1.6 million tonnes.
Tether's bitcoin mining plans in Uruguay face challenges
Cryptocurrency issuer Tether abandoned plans to develop two bitcoin mining sites in Uruguay after an internal dispute arose regarding the supply of energy for the facilities. Despite an estimated $120 million investment intended to leverage Uruguay’s renewable energy and political stability, the projects were halted and the sites were vacated. This failure highlights the challenges Tether faces as it attempts to diversify its holdings from stablecoins into global energy infrastructure and industrial projects. The episode illustrates the hypermobile nature of bitcoin mining operations, which often prioritize access to cheap energy over long-term economic integration with host nations.
Southern Copper plans $8.2 billion investment in Peru as mudslide isolates Arequipa
Southern Copper announced an investment roadmap in Peru totaling approximately $8.2 billion to $10.3 billion through 2033, aimed at reaching an annual output of 1.6 million tonnes of copper. The plan includes the Tía María project, which reached 42% completion as of June 30, alongside future developments at Los Chancas, Michiquillay, and an expansion of the Ilo smelter. Concurrently, a mudslide in the Caravelí province blocked a stretch of the Panamericana Sur highway on August 16, isolating the Arequipa region. The Arequipa chamber of commerce estimated that the road closure, which remained in effect as of August 23, resulted in losses of approximately S/100 million, or $30 million.
Zimbabwe Reports Mining Export Growth and Current Import Reserve Levels
The Reserve Bank of Zimbabwe reported that mining export earnings reached US$6.21 billion in the first half of 2026, a 121.3% increase driven largely by a 176% rise in gold receipts. According to the mid-term monetary policy statement, total foreign currency receipts grew to US$10.72 billion, though the country's usable reserves remained at US$1.7 billion, covering approximately 1.7 months of imports. The increase in gold earnings resulted from both market pricing and the formalization of artisanal and small-scale production, which redirected previously informal cross-border trade into the state buying system.
Chile Struggles to Reach Six Million Tonne Annual Copper Production Target
Chile’s mining and economy minister, Daniel Mas, established a target for the country to reach an annual copper production of six million tonnes, despite national output currently remaining between 5 and 5.5 million tonnes. State copper commission Cochilco reported that 2025 production fell 1.65% to 5,415,200 tonnes, with a further 2.6% decline projected for 2026. To address this, the government is implementing Law 21.770, which aims to reduce mining permit approval times by 30% to 70%. Since March, sixteen mining projects valued at over US$24 billion have entered the environmental assessment process, representing 83% of all investment currently under review in the country.
Mariana and 18 other cities join Vale-BHP dam collapse compensation deal
Nineteen additional municipalities, including the disaster epicenter of Mariana, joined a 170 billion-real compensation agreement with BHP, Vale, and Samarco regarding the 2015 iron ore mine dam collapse. The deal, ratified in October 2024, now includes 45 of the 49 eligible cities affected by the environmental catastrophe that resulted in 19 deaths and widespread river pollution. Participation increased despite previous concerns from local governments that the settlement amount was insufficient compared to ongoing, parallel litigation against BHP in London.
Landslide at gold mine on Cameroon-Central African Republic border causes fatalities
A landslide at the Zamboye gold mine near the Cameroon-Central African Republic border resulted in at least 49 confirmed deaths, though some witnesses reported the toll as approximately 100. The disaster occurred on Tuesday after heavy rainfall, with reports indicating that nearly 500 people were working at the site, many of whom were young people seeking income before the new school year. Central African Republic Mines Minister Rufin Benam-Beltoungou stated that miners had ignored warnings from the Central African Armed Forces to vacate the site due to unstable ground conditions.
Bolivia's Lithium Production Levels
Bolivia, which holds roughly 20 percent of global lithium deposits, currently produces less than 1 percent of the world's supply as President Rodrigo Paz faces pressure to revitalize a struggling economy marked by past inflation and currency shortages. Despite the economic potential of the Salar de Uyuni salt flat, development faces resistance from Indigenous groups and environmental advocates who fear groundwater contamination and the loss of traditional livelihoods. To facilitate foreign investment, President Paz may seek to amend the 2009 constitution, which currently mandates that foreign entities partner with the state-owned Yacimientos de Litio Bolivianos for natural resource extraction.
Landslide at unlicensed Colombian gold mine kills 13
At least 13 workers died and seven were injured after a landslide at an unlicensed open-air artisanal gold mine in the Nariño province of Colombia. Local officials stated that mining activities triggered the landslide, although witnesses reported hearing a sound resembling an explosion prior to the collapse. The incident involved approximately 50 workers, primarily from the Quillacinga indigenous group, including four members of the same family who were among the deceased. The event highlights the risks associated with the country's unlicensed mining sector, which sustains between 200,000 and 400,000 people relying on the trade for income.
Singapore police investigating iron ore trader Radiant World
Singapore’s police force confirmed on August 20 that it was investigating reports regarding Radiant World, one of the world's largest iron ore traders that handles over 80 million metric tons annually. This probe followed reports that the U.S. Justice Department and the Commodity Futures Trading Commission were examining the firm's business and trade activities. Scrutiny intensified after allegations surfaced that the company used invalid invoices to raise funds, prompting commodities broker Marex Group to freeze accounts and lenders including Deutsche Bank and KBC Group NV to take similar measures or suspend credit lines. The company, founded by Pinkesh Nahar, is now facing staff layoffs as international counterparties and banks retreat from business dealings.
SQM Announces US$3 Billion Investment Plan Through 2028
Sociedad Química y Minera de Chile (SQM) announced a US$3 billion capital expenditure plan covering 2026 through 2028, primarily to fund the 'Salar Futuro' project in the Atacama desert. The initiative involves a partnership with the Chilean state copper company, Codelco, to redevelop lithium operations with the goal of increasing production while reducing the environmental footprint. This investment plan followed a record second quarter for SQM, which was driven by strong lithium sales and an improved corporate outlook. The partnership with Codelco provides SQM with an extended operational duration in the Atacama, replacing previous concessions that were scheduled to expire.
Lithium Miners Rise as Markets React to Soft China Data
On Wednesday, August 19, 2026, the Global X Lithium & Battery Tech ETF (LIT) rebounded 0.74% to US$74.57, alongside gains for producers Albemarle and SQM, which rose 1.18% and 1.22% respectively. This recovery occurred despite a 1.21% decline in the Chinese lithium benchmark to 151,650 CNY per tonne, a drop attributed by Trading Economics to higher global supply and downside consumption risks. While physical lithium prices remain approximately 77% higher year-on-year, current demand for battery-grade materials has faced pressure from softer downstream battery requirements.
Wage Negotiations Begin at Escondida Mine; Lundin Mining Reduces Caserones Output Forecast
Wage negotiations between BHP and the Sindicato N°2 de Supervisores at the Escondida mine began in mid-August 2026, with the current collective contract set to expire on September 30, 2026. The union, representing 1,020 members, is seeking a larger share of company profits, citing record-high copper prices and strong production levels at the world's largest copper mine. Concurrently, Lundin Mining reduced its 2026 production forecast for the Caserones mine to 120,000–130,000 tonnes following impacts from two winter storms in the Atacama Desert.
Chilean Lithium Producer SQM Reports US$660 Million Second-Quarter Profit
Chilean lithium producer SQM reported a second-quarter 2026 profit of US$660.0 million, representing a 646.4% increase compared to the same period in 2025. The company achieved record sales of 84,100 tonnes of lithium carbonate equivalent, with total quarterly revenue reaching US$2,468.4 million. This financial performance was driven by a rebound in lithium prices alongside the record sales volumes from operations in the Salar de Atacama and Australia. The company’s first-half net income surpassed US$1 billion, a 353.5% jump from the previous year.
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