Daily Mining Industry Report: October 10, 2025

Canada — Key Developments (past 24 hours)

• Ontario (Red Lake): West Red Lake hits more high-grade at Madsen. The company reported strong new intercepts and says the refurbished mill remains on track toward a Q4 restart, reinforcing the project’s near-term production outlook in northwestern Ontario. MINING.COM

• Natural hydrogen R&D: MAX Power partners with PTRC. Vancouver-based MAX Power Mining announced a collaboration with the Petroleum Technology Research Centre to accelerate Canada’s first deep-subsurface natural hydrogen exploration program—linking mining, subsurface geoscience, and low-carbon energy innovation. GlobeNewswire

• Corporate/Listing: Ascot Resources delists from TSX (effective Oct 10). The company confirmed its voluntary delisting from the TSX at market close, with shares continuing on the NYSE American—an administrative change to streamline trading venues. GlobeNewswire

• Executive market view: Wheaton Precious Metals CEO sees gold >US$5,000. Randy Smallwood said record spot prices and macro drivers could push gold “over $5,000,” signaling continued bullish sentiment from one of Canada’s largest streaming firms. MINING.COM

• Federal file (last ~24h): NRCan confirms ministerial trip focused on critical minerals. Minister Tim Hodgson and Parliamentary Secretary Claude Guay will be in the U.K. next week for meetings and a forum on the Americas’ critical minerals—part of Ottawa’s ongoing supply-chain diplomacy. Government of Canada

Global Project & Company Updates

• Chile: Antofagasta advances Centinela expansion. The company opened the new Encuentro pit to supply Centinela’s second concentrator, ultimately adding ~95,000 tpd of copper processing capacity—a notable increment for mid-decade copper supply. MINING.COM

• Chile: Codelco raises El Teniente loss estimate but keeps 2025 output target intact. Following the July accident, Codelco now expects a 45% higher production hit at El Teniente (-48,000 t this year; ~US$500M EBITDA impact) yet still aims to slightly increase annual output. MINING.COM

• Mali: Barrick’s Loulo complex resumes operations under provisional administration. After a temporary slowdown amid governance changes, processing has restarted—important for a Canadian-based major with significant West African exposure. Reuters

• Panama: Communities challenge NGO role in Cobre Panamá closure. Local groups allege funding intended for development instead fueled activism leading to the mine’s 2023 shutdown; the government says any reopening talks hinge on an ongoing audit. (First Quantum is Toronto-listed.) MINING.COM

• United States (Alaska): Antimony supply chain push. Nova Minerals secured land for a proposed Alaska antimony refinery, with reported US support funding—another sign of Western efforts to localize critical minerals processing. MINING.COM

Policy & ESG Watch

• ESG constraints now affect a quarter of copper supply, study finds. About 6.4 Mt of global copper capacity is stalled or suspended by ESG issues (permitting, community conflicts, governance) across the US, Peru, Chile and others—an overhang that tightens medium-term supply and is highly relevant to Canadian producers and developers. The Northern Miner

Technology & Innovation

• Natural hydrogen exploration (Canada). The MAX Power–PTRC program highlights new subsurface detection and sampling workflows adapted from petroleum geoscience for potential mining-adjacent hydrogen opportunities, a frontier that could diversify future resource portfolios. GlobeNewswire

Markets (past 24 hours)

• Copper: Prices slid ~4–5% intraday after the US president threatened “massive” new tariffs on Chinese goods, reversing a rally driven by mine disruptions in Chile, DRC and Indonesia. MINING.COM

• Silver: Spot topped US$50/oz (record: US$51.30) amid a physical squeeze; lease rates reportedly surged above 19%, with tight London prompt supply and strong solar demand cited. The Northern Miner

• Gold: Record-level prices persisted this week; Canadian industry leaders (e.g., Wheaton) remain structurally bullish on macro and rate-cut dynamics. MINING.COM

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