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JPMorgan unleashes $1.5T push for US critical minerals
mining.com/jpmorgan-unleashe…
Higher diesel prices are pushing up costs at copper mines.
• Capstone Copper’s second-quarter C1 cash costs rose 15% year on year to $2.82 a pound
• At Mantos Blancos, they rose 88% to $3.93 a pound, with higher mining costs, mainly diesel, adding about 34 cents
• Antofagasta raised its full-year cash cost guidance to $2.60 to $2.70 a pound from $2.40 to $2.60, citing higher global diesel prices
Stronger copper prices and by-product credits have helped some producers absorb the increase, but falling metal prices could add pressure.
India’s gold imports fell 81% from a year earlier in September, to $1.8 billion, the lowest since March 2024, even as the festive season approaches, according to the World Gold Council.
Imports were down 22% from August.
Gold accounted for 2.4% of India’s merchandise imports, down from 14% a year earlier.
The council said the drop likely reflects greater availability of domestic supply, including recycled gold from old-gold exchange programs.
Diesel prices rose 54% in the US and nearly doubled in Australia, according to the World Gold Council’s first-quarter report.
Record gold prices still generated unprecedented margins and cash flows, as the rise in the average gold price far outpaced cost increases.
But the council warned that the industry’s resilience could be tested following gold’s pullback from its January peak.
Newmont estimates that every $10-a-barrel increase in oil prices adds $110 million, or $21 an ounce, to its production costs.
Central banks pile into gold as China leads buying spree mining.com/central-banks-pil…
Electric vehicles are forecast to account for 76% of global lithium demand by 2050, up from 55% today, according to Benchmark Mineral Intelligence.
Total lithium demand is expected to more than triple to nearly 7 million metric tons of lithium carbonate equivalent, from 2.11 million metric tons in 2026.
Batteries already account for 92% of lithium consumption, up from about 70% in 2020.
Demand from stationary energy storage has grown by more than 60% a year over the past two years.
Benchmark expects growth to moderate to roughly 5% a year through the end of the decade.
Diesel price surge putting mining profits to test mining.com/diesel-price-surg…
Halo Minerals clears key hurdle at Chile copper project mining.com/halo-minerals-cle…
Kodal targets Ghana lithium growth beyond Mali mine mining.com/kodal-targets-gha…
Lithium demand is forecast to more than triple by 2050, which would require the equivalent of 134 new mines and more than $100 billion in investment, according to Benchmark Mineral Intelligence.
That is one new mine every two months for the next 24 years.
Demand would climb to nearly 7 million metric tons of lithium carbonate equivalent from 2.11 million this year, with each new mine averaging 36,000 metric tons of annual capacity.
Benchmark says the biggest challenge is sustaining that investment through price cycles, while competing for capital with AI, defense and the wider energy transition.
Source: Benchmark Mineral Intelligence
Mining Forum video: Majors are waking up to discoveries, fund manager says mining.com/mining-forum-vide…
India’s copper demand grew 12% to 2.1 million metric tons in the year to March 2026, outpacing the country’s 7.7% GDP growth.
Data centers made up less than 1% of it, according to the International Copper Association India.
Infrastructure led instead, rising 29% and accounting for 22% of domestic consumption. Automotive demand rose 14% after a sluggish FY2025.
Growth accelerated from 9.3% the year before.
Source: ICA India via The Economic Times
Boroo signs $100M deal for Yukon Eagle gold mine mining.com/boroo-signs-100m-…
Apple will commit up to $100 million over three years to a Pennsylvania titanium producer supplying its first foldable iPhone.
The deal with Perryman Company, a family-owned specialty titanium maker, falls under Apple’s American Manufacturing Program.
At its site in Houston, Pennsylvania, Perryman melts, forges and rolls the grade 5 titanium for the iPhone Duo enclosure, with a minimum of 80% recycled content.
The program is part of Apple’s $600 billion, four-year commitment to US manufacturing.
Source: Apple
Vivox AI, beSirius partner on mining supply chain compliance mining.com/vivox-ai-besirius…
CIBC Capital Markets cut its 2027 average gold forecast to $5,200 an ounce from $6,500.
• 2028, $5,500 (from $6,000)
• Q4 2026, about $4,500 (from $6,500 at the start of the year)
CIBC says geopolitical uncertainty, government debt, central bank diversification and strong investment demand remain the long-term drivers.
It noted a record $30.7 billion of Q3 gold ETF inflows, about 211 metric tons.
Source: CIBC Capital Markets via GuruFocus
Gold price targets in USD — major banks (May vs July 2026 updates):
• Wells Fargo → $6,100–$6,300 (Unchanged)
• J.P. Morgan → $6,300↘️ $6,000
• Bank of America → $6,000 (Unchanged)
• UBS → $6,200 ↘️ $5,500
• Goldman Sachs → $5,400 ↘️ $4,900
• Morgan Stanley → $4,800 ↗️ ~$5,200
• BMO Markets → $6,500 (2027) ↘️ $4,625 (H2 avg)
• RBC Markets → $5,723 (avg) ↘️ $4,800
• Commerzbank → $5,000 (Unchanged)
• ING → $5,000 ↘️ $4,300–$4,600
Gold is trading ~$4,180 as of Friday morning.
The US Commerce Department plans to invest up to $389 million in chip materials and advanced power technologies.
The proposed awards would support four companies working on fusion energy, AI data center power systems and specialized materials for chip manufacturing.
• Helion, up to $175 million
• Commonwealth Fusion Systems, up to $85 million
• Vertical Semiconductor, up to $73 million
• Sibelco, up to $56 million for ultra-high-purity quartz processing
As a condition, the companies would give the US government minority, non-voting equity stakes.
The awards are preliminary letters of intent.
Full story below:
US targets critical materials boost with $389M funding plan mining.com/us-targets-critic…
MINING.COM retweeted
We're pleased to welcome @RobMcEwenMUX, Chairman and Chief Owner of @McEwenInc, as a keynote speaker at The Northern Miner's International Metals Symposium in London, UK, on November 29–30, 2026.
A prominent figure in the global mining industry, Rob founded @Goldcorp_Inc and grew the company from a $50 million market capitalization to over $8 billion. With decades of experience in mining and investment, he continues to play a major role in advancing gold and copper projects across the Americas.
An inductee of the @CdnMHF and a recipient of the @OrderofCanada, Rob brings extensive experience in building mining companies, financing projects, and creating long-term shareholder value.
Join us in London to hear his perspectives on the future of gold, copper, and mining investment.
🔗 Learn more: events.northernminer.com/lon…
🎟️ Register now: meetmax.com/sched/event_1353…
Ottawa finally matches C$1B Ring of Fire funds mining.com/ottawa-finally-ma…
US permitting: Environmental review overhaul could speed mine approvals, but hurdles remain mining.com/us-permitting-env…
