AGP Executive Report

Ghana’s Processing Push: President John Mahama defended tighter gold export controls, saying they will keep more foreign exchange in the country. He renewed his goal of ending raw mineral exports by 2030 and expanding local processing. Gold Exploration: King River reported soil samples of up to 231.8 parts per billion gold at its Mindoolah project, feeding into an 11,000-metre drilling campaign. Titan Minerals reported a high-grade gold-silver hit outside its existing Ecuador resource. Project Progress: Riversgold filed a key approval proposal for its Northern Zone gold pit near Kalgoorlie, with a partner set to fund mining costs. Cyprium Metals has begun commissioning its Nifty copper restart and expects first cathode production during ramp-up. Copper Supply: Chile’s Cochilco cut its 2026 production forecast by 8.4% to 4.94 million tonnes, citing lower grades, maintenance and disruptions. Coal Output: Coal India’s October production rose 19% year over year to 67.2 million tonnes, while supplies to power plants also climbed 19%. Konongo Dispute: Northern Ashanti Mines warned Ghana’s anti-illegal-mining task force against accessing its CCTV system amid a dispute over the company’s concessions; the company alleges officials sought to transfer the site.

Critical Minerals: U.S.-owned DTEC plans to invest US$600 million in a Malaysian rare-earth refinery, starting at 5,000 tonnes a year and aiming to build a regional processing hub. Ghana’s Mining Rules: Officials say formalising small-scale mining will not excuse illegal operations; proposed cooperatives would need licences and environmental training. Finance Minister Cassiel Ato Forson also urged Ghana to refine more gold locally to retain value and create jobs. Project Pipeline: Russia’s Rusal plans a 5-million-tonne bauxite project in Ghana, while Canadian miner Silver Hammer is considering a Moroccan processing plant that could handle 200 tonnes of ore daily; no binding deal has been announced. Copper Supply: Chile has cut its 2026 copper output forecast as Codelco faces a production probe. Seabed Impacts: Researchers report that a 1979 deep-sea mining test left lasting changes to the seabed and its larger wildlife decades later.

Heritage Rules: Australia plans to overhaul cultural-heritage laws after a court revived Regis Resources’ $1 billion McPhillamys gold project; two new protection applications have since been filed. New Production: Malawi’s Kangankunde rare-earth mine is connected to the grid, with plant commissioning due late this month and first monazite concentrate targeted for December. Ghana’s Galamsey Fight: Gold exports are bringing revenue and foreign exchange, but a University of Ghana law professor says about 60% of the country’s water bodies are polluted. Ghana’s proposed response includes licensing miner cooperatives and training them in mercury-free processing. Company Results: Roy Hill dividends fell 25% to A$1.06 billion as parent Hancock Prospecting reported its lowest profit in seven years. Mining Risks: Russian strikes injured three workers at coal facilities in Ukraine’s Dnipropetrovsk region. Critical Minerals: US-linked bidders are competing for Kenya’s Mrima Hill deposit after two Chinese firms withdrew; a decision is expected within weeks.

Critical Minerals: China reported major gains in gold, nickel and other strategic mineral reserves, alongside a newly identified Xinjiang zircon deposit estimated at more than 40 large deposits. Kenya’s Mrima Hill: Two Chinese firms have withdrawn from the race for the rare-earth project, leaving five bidders, including US-linked groups with Fluor, as the government prepares to choose a winner within weeks. Mining Oversight: A US court upheld a block on new work at the Colosseum Mine in Mojave National Preserve, citing the risk of lasting environmental harm. Copper Outlook: Chile cut its 2026 production forecast to 4.94 million tonnes as output lags; Codelco is also investigating possible double-counting in past production reports. Gold Market: Gold fell below $3,900 an ounce, its weakest level in a year, adding pressure on miners and explorers. Afghanistan’s Mineral Sector: The country’s first mining expo drew more than 100,000 visitors, produced four cooperation agreements and saw gemstone sales reach 184 million Afghanis.

Exploration: Ur-Energy has started an 84,000-foot, 120-hole program at Lost Creek South in Wyoming to test for mine growth and new resources. Freegold has drilled a record 60,000 metres at Alaska’s Golden Summit, while Luca Mining reported 18.7 metres grading 6.28 g/t gold equivalent at Mexico’s Tahuehueto mine. Project economics: Apollo Silver’s preliminary assessment outlines a proposed 15-year open-pit operation at California’s Calico project. Zimbabwean producer Mutapa Gold posted a 57% quarterly profit increase, helped by higher gold prices, improved grades and stronger recoveries. Investment and processing: Rio Tinto opened $1.4 billion in lithium projects in Argentina. In the Central African Republic, CVMR launched a 25-year program focused on exploration, refining and local value-added production. Afghanistan’s first mining expo also put mineral investment and domestic processing in the spotlight. Steel supply chain: U.S. Steel broke ground on a $1.9 billion Arkansas direct-reduced-iron plant, linking Minnesota iron ore to steelmaking and creating an estimated 200 permanent jobs.

Copper Projects: Surge Copper opened public consultation on its proposed Berg copper-molybdenum-silver mine in British Columbia as environmental reviews begin. Mine Operations: Underground work is progressively restarting at Mongolia’s Oyu Tolgoi after a localized rockfall; two workers are being treated for non-life-threatening injuries. Production: Sylvania Platinum reported record quarterly output of 25,971 ounces of platinum-group metals, while MC Mining’s Makhado coal project moved into operational ramp-up. Gold Reserves: Namibia’s central bank has bought 425 kilograms of locally mined gold, moving toward its 600-kilogram target. Critical Minerals: Fluor is among bidders for Kenya’s Mrima Hill deposit, with a decision expected within weeks. Market Watch: Copper fell as investors questioned AI spending returns, while Rio Tinto paused underground operations at Oyu Tolgoi following seismic activity.

Philippines Enforcement: Two Chinese nationals were arrested after authorities seized about 47 tonnes of copper ore allegedly being moved with falsified permits in Cebu. Local Oversight: Zamboanga del Sur’s provincial board is reviewing TVIRD’s Balabag gold-silver mine, focusing on environmental compliance, taxes, production and benefits for Indigenous communities. Export Policy: Tanzania reiterated its ban on raw mineral exports and urged investors to build processing facilities; Namibia’s central bank says it has bought 425kg of gold from local mines toward a 600kg target. Mine Operations: Rio Tinto paused underground mining at Mongolia’s Oyu Tolgoi after a seismic event. Separately, border restrictions have cut Mongolian copper shipments to China by about 70% in recent weeks. Industry Results: Vale’s third-quarter profit fell 53% year over year as iron-ore prices weakened and costs rose. Chile’s Codelco dismissed eight people amid an investigation into reported copper output. Coal Contract: Golding secured a one-year, roughly $200-million extension of its mining services contract at Queensland’s Curragh complex, starting in January 2027.

Ghana’s Mineral Push: Ghana aims to end raw mineral exports by 2030, while a $250 million financing deal will fund Ghana Bauxite Company’s expansion at Awaso and support plans for local processing. Rio Tinto Investment: The miner is weighing a further $1 billion lithium plant in Argentina and exploring copper opportunities, after opening two lithium plants there. Liberia’s Mining Plans: President Joseph Boakai announced a $30 million geological survey and plans for the country’s first gold-processing facility within two years. Copper Trade Disruption: Mongolia’s copper concentrate shipments to China have fallen about 70% amid border restrictions; Oyu Tolgoi warns lost export revenue could reach $1.2 billion if delays persist through year-end. Mining Results: Teck said higher copper and zinc prices boosted third-quarter profit, while Glencore reported strong quarterly production. South Africa’s Mining Economy: A GDP rebasing lifted mining’s measured contribution by 12.5%, largely through better accounting for illegal activity. Land and Oversight: Conservation groups reported 41 new claims around Utah’s Grand Staircase-Escalante area after monument boundaries were reduced; a provincial committee in the Philippines is also scrutinising a gold-silver mine’s environmental compliance, taxes and community benefits.

Copper Growth: FireFly Metals’ Green Bay study outlines a potential 32-year operation with a A$2.2 billion after-tax value in its base case; the company has A$349.7 million in cash to advance the project. Critical Minerals: Australia unveiled 94 investment-ready projects, including 36 focused on processing and refining, as mining technology gains attention at IMARC. Rare Earths: Ark Mines’ updated study puts Sandy Mitchell in Queensland at an estimated A$883 million after-tax value, with a proposed 26-year mine life. Lithium: Rio Tinto opened two Argentine plants that are expected to add 25,000 tonnes of annual capacity, supporting its goal of 200,000 tonnes by 2028. Environmental Conflict: A conservation group is suing U.S. wildlife officials over protections for two Nevada species, warning proposed gold mines could threaten their water supplies. Gold Earnings: Agnico Eagle beat third-quarter earnings forecasts, but production fell 6% and all-in sustaining costs rose 24% year over year.

Metal Markets: Zinc climbed for a fourth session to a near-month high as falling mine output and scarce concentrates tightened supply; available London Metal Exchange stocks have dropped 14% in a week. Major Projects: Rio Tinto approved its $2.7 billion Kangwinan bauxite project in Queensland and announced a separate $1.9 billion Australian bauxite investment. Capstone Copper plans to invest $3 billion in Chile to double output by 2031. Company Results: Perseus beat its production plan, reported about US$900 million in cash and is nearing the start of Nyanzaga. Freeport also topped profit expectations as its Grasberg recovery continued. Exploration: Aurum lifted its Boundiali gold resource in Côte d’Ivoire to 3.84 million ounces, with indicated ounces up 37%; GRG Resources has begun drilling at its Atakama gold project in Chile. Safety and Communities: Peru’s Antamina copper mine halted operations after a worker’s death. In the Philippines, environmental and Indigenous advocates warned that demand for transition metals must not excuse harm to communities and ecosystems.

Community and Environment: Indigenous advocates in Mindanao warn that demand for transition minerals must not excuse environmental damage or human-rights abuses linked to nickel and copper mining. Permitting and Projects: Nova Minerals secured final Alaska permits for its antimony project, clearing the way for construction aimed at 2027; its first phase is funded by a US$43.4 million U.S. government award. Gold Exploration: Lahontan Gold has completed 13,334 metres of drilling across Nevada’s Santa Fe and West Santa Fe projects, including an oxide intercept of 90.8 metres grading 0.43 g/t gold. Nevada King reported near-surface oxide gold of 2.58 g/t over 29.3 metres at its East Ridge target. Resource Growth: Lodestar Minerals reported a maiden inferred resource of 221,000 ounces of gold at Ned’s Creek in Western Australia, with follow-up drilling planned. Critical Minerals Investment: Australia conditionally approved up to A$180 million in financing for the Donald rare earths and mineral sands project in Victoria, adding to A$183 million already committed by partner Energy Fuels.

Gold Development: New Found Gold’s revised study more than doubles Queensway’s projected value to C$1.73 billion and lifts measured and indicated resources by 38%; the company forecasts average annual output of 116,000 ounces over 15 years, subject to permits and further work. New Exploration: Oman has opened three mining concession areas spanning 2,062 square kilometres, with potential for nickel, manganese, copper, chromite and gold. Mining Oversight: Congo suspended the head of its artisanal mining agency over illegal activity on licensed concessions. Separately, a report says an Islamic State-linked group earns up to $1.6 million a year from gold mining and trafficking in North Kivu. Coal and Transport: Coal India’s first-half capital spending rose 27% to ₹7,966 crore, beating its target; in South Africa, a 7.6-kilometre test train carried 696 empty wagons from the coast to an iron ore mine. Copper Supply: More than 1,200 workers struck Teck’s Highland Valley Copper mine in British Columbia after contract talks stalled.

Copper-Gold Discovery: FireFly Metals reported 22.5 metres grading 2.5% copper equivalent at its Mount Joy prospect in Newfoundland, near its Ming mine and an idle processing plant. A follow-up hole hit about 40 metres of semi-massive sulphides, with assays pending. Lithium Output: Elevra Lithium posted record ore mining and processing at North American Lithium, with concentrate sales up and unit costs lower in the September quarter. Critical Minerals Investment: Australia conditionally approved up to A$70 million for Astron’s Donald mineral sands project and a US$41.4 million loan for Global Advanced Metals’ tantalum production, backing jobs and domestic supply. Gold Exploration: Zenith Minerals’ drilling outlined widespread gold across a 600-metre gap outside its existing Dulcie resource, including five metres at 1.59 g/t. Mine Labor: About 1,300 workers struck Teck’s Highland Valley Copper operations in British Columbia after contract talks failed.

Resource Policy: Philippine advocates urged the government to adopt an industrial policy and alternative minerals law, warning that critical-minerals deals could drive extraction without ensuring local communities and industry benefit. Mine Operations: Namib Minerals says How Mine’s expanded mill has reached full capacity of about 55,000 tonnes a month—36% above its previous rate and ahead of schedule. Exploration: U92 Energy has secured two rigs for uranium work in Guyana, but must wait for permits as regulators review whether an environmental impact assessment is required. Labour: More than 1,200 workers are on strike at Teck’s Highland Valley Copper mine in British Columbia after contract talks failed. Project Development: Freeport Resources bought back a royalty to take full ownership of Papua New Guinea’s Yandera copper project, as it pursues partners to advance development. Market Watch: Gold recovered above US$4,000 an ounce after last week’s sharp decline, while oil-driven inflation concerns continue to cloud the outlook for precious metals.

Critical Minerals: Pinnacle Minerals agreed to acquire rights to five Utah tungsten projects covering about 4,000 acres; selective rock-chip samples at one site reached 12.25% tungsten. Red Metal reported 65% neodymium and 68% praseodymium recovery in tests on fresh granite ore at its Queensland rare-earths project. Operations: Greatland Resources produced 70,131 ounces of gold and 2,927 tonnes of copper in the September quarter, started Havieron construction and maintained its FY27 guidance. More than 1,200 workers struck Canada’s Highland Valley copper mine after contract talks failed, cutting operations to reduced capacity. Project Investment: Hudbay and Mitsubishi approved construction of a $2.07 billion Arizona copper mine, while Rio Tinto approved a $1.9 billion Queensland bauxite project. Ghana Disputes: Engineers & Planners is seeking nearly $740 million from Gold Fields over work at the Tarkwa and Damang mines; Gold Fields rejects the claims. Northern Ashanti Mines has separately asked a court to block a government takeover of its Konongo concession, citing $110 million in investment. Safety: A coal-mine explosion in Türkiye killed three workers and injured five.

Ghana’s Gold Sector: A GHEITI report estimates 1.1 million ounces of gold were smuggled out of Ghana in 2023, renewing scrutiny of enforcement as GoldBod faces criticism over its small-scale mining approach. The board says formalisation is not a licence for illegal mining and is consulting on support for eligible operators. New Investment: Zambia has unveiled its first gold refinery, designed to process gold to 99% purity and retain more value locally. Rio Tinto is investing $1.9 billion to expand bauxite operations in Queensland. Mine Safety: An air strike at a gold-mining site in Sudan reportedly killed at least 72 miners, highlighting the dangers facing workers in the country. A coal mine explosion in Türkiye killed three and injured five. Permits and Labour: Brazil’s Supreme Federal Court suspended the permit for a major Amazon gold mine, while about 1,300 workers at Teck’s Highland Valley Copper mine in Canada went on strike after contract talks failed.