Daily Mining Industry Report: September 28, 2025

Daily Mining Industry Report: 2025‑09‑28

Global Developments (Past 24 Hours)

1. Freeport halts Grasberg operations amid rescue efforts
   Freeport Indonesia suspended operations at the Grasberg copper‑gold mine to prioritize search efforts for workers trapped by a recent mudflow. Two workers have been confirmed dead. Reuters
   Freeport has declared force majeure and is renegotiating permit extension beyond 2041. Reuters
   The production halt has contributed to upward pressure on copper markets, particularly in Asia. Reuters

2. DRC replaces cobalt export ban with quota system
   The Democratic Republic of Congo will lift its cobalt export ban on October 16, instituting quotas based on historical exports. Reuters
   For the remainder of 2025, exports will be capped at 18,125 tonnes, rising to 96,600 tonnes annually for 2026–27. Reuters
   The shift aims to stabilize global cobalt pricing and improve traceability in the supply chain. Reuters

3. High Seas Treaty intensifies scrutiny on deep‑sea mining
   A new High Seas treaty, set to come into force in January 2026, promotes a precautionary approach to activities on the international seabed and calls for creation of protected zones in approximately one‑third of international waters. Financial Times
   Although not an outright ban, the treaty increases regulatory and environmental oversight of deep-sea mining ventures. Financial Times

4. Fortescue pivots from hydrogen to electrification in latest decarbonization plan
   In its updated “real zero” plan, Fortescue reduces emphasis on hydrogen technologies and refocuses on renewable energy, battery storage, and electrified equipment. The Australian
   The goal remains achieving net‑zero emissions in operations by 2030–31. The Australian

5. U.S. may take equity stake in Lithium Americas
   The U.S. is reportedly in talks to acquire a stake in Lithium Americas, which develops the Thacker Pass lithium project in Nevada. Financial Times
   The move aligns with broader U.S. strategy to secure domestic critical mineral supply chains. Financial Times

6. Hatch invests in Canadian mining robotics startup LoopX
   Hatch has made a pre‑seed investment in LoopX, a Waterloo/Sudbury‑based startup focused on AI, autonomy, and collision‑avoidance systems for mining and industrial applications. MineConnect
   The partnership aims to integrate LoopX’s systems into existing fleets, accelerating adoption of smart and safer mining operations. MineConnect

Canada‑Centric News & Developments

1. Junior miners raise capital, advance drill programs

   • New Age Metals (Ontario) increased its flow‑through private placement, citing strong investor demand. Junior Mining Network

   • Fortune Bay (Saskatchewan) commenced drilling at its Murmac Uranium Project in northern Saskatchewan. Junior Mining Network

   • Harvest Gold provided updates on its Mosseau drilling and completed a high‑resolution airborne magnetic survey in Quebec. Junior Mining Network

2. Collective Mining’s valuation shifts after index inclusion
   Following its inclusion in the S&P Global BMI index, analysts are revisiting Collective Mining’s valuation metrics and outlook. Yahoo Finance

3. Anglo‑Teck merger gains regulatory momentum
   The proposed $53 billion merger of Anglo American and Teck Resources would create one of the world’s largest copper producers. The Guardian
   The combined entity would be headquartered in Vancouver, with multi‑listings in London, Johannesburg, and New York. The Guardian

4. Qatar invests in Ivanhoe Mines
   Qatar’s sovereign wealth fund (QIA) has committed US$500 million to acquire ~4% of Ivanhoe Mines, enhancing its capital base for exploration and project growth. Financial Times

5. Barrick to divest Hemlo gold mine
   Barrick plans to sell its Hemlo gold mine in Ontario to Carcetti Capital for up to US$1.09 billion, a move consistent with Barrick’s pivot to core, higher-margin assets. Reuters

6. Hatch–LoopX collaboration strengthens Canada’s tech pipeline
   As noted above, the Hatch investment in LoopX reinforces Canada’s role in mining technology innovation and positions domestic firms in the evolving automation space. MineConnect

Trends, Implications & Risks

• Commodity tightness looms: Operational disruptions (e.g., Grasberg) and policy shifts (e.g., DRC cobalt quotas) may exacerbate supply constraints in base and critical metals.

• Regulatory headwinds in deep‑sea mining: The High Seas treaty underscores that companies entering seabed mining will face extra scrutiny and a demand for stronger environmental oversight.

• Tech and automation acceleration: Collaborations like Hatch–LoopX signal growing momentum in retrofit and autonomous systems as a pathway to safer, more efficient mining operations.

• Consolidation in the industry: The Anglo‑Teck merger points to increasing consolidation as miners seek scale, diversification, and access to critical mineral assets.

• Capital flows toward Canada: The QIA investment in Ivanhoe and continued equity raises by Canadian juniors reflect strong investor confidence in Canada’s mining jurisdiction.

• Asset rationalization trends: Barrick’s Hemlo divestiture mirrors the broader trend of large producers shedding non-core assets to sharpen focus on flagship projects.

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