https://xitter.cf/t.co/zKH2X4Hp0r is the leading source for global mining news, trusted by 3M+ monthly. Pic: Freeport PR & Marketing: [email protected]
Toronto, Ontario
Joined December 2008
- Tweets40.4K
- Following372
- Followers93.6K
- Likes1.5K
Pinned Tweet
JPMorgan unleashes $1.5T push for US critical minerals
mining.com/jpmorgan-unleashe…
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…
Liberty Gold stretches Black Pine’s reach in Idaho mining.com/liberty-gold-stre…
Southern Copper weighs $680M Cuajone mine expansion mining.com/southern-copper-w…
Mining M&A wave set to lift juniors, investor predicts mining.com/mining-ma-wave-se…
Copper held in LME warehouses in the United States has climbed to 169,475 metric tons, the most since April 2014.
That is about 62% of all LME copper inventory, most of it in New Orleans and Baltimore.
COMEX copper inventories have risen for 23 straight days to a record 720,712 metric tons.
The US Department of Commerce has proposed an additional 15% import tariff on refined copper from 2027, rising to 30% in 2028.
Washington has yet to announce whether the tariffs will go ahead.
Source: Reuters
Wood Mackenzie is tracking more than 250 GW of data center projects worldwide, over three times the pipeline a year ago.
AI-related electricity consumption is forecast to increase fivefold between 2025 and 2030 and exceed 1,000 TWh by 2035.
The metals demand extends beyond the data centers themselves. Transmission lines, substations and dedicated power generation can require three to four times more metal than the facilities they support.
Despite elevated commodity prices, project sanctioning remains below expectations, Wood Mackenzie says.
Source: Wood Mackenzie
US targets critical materials boost with $389M funding plan mining.com/us-targets-critic…
US copper stocks provide more than 170 days of cover, versus just 48 days elsewhere, according to Wood Mackenzie.
US stockpiling and trade policies are distorting global inventories, leaving markets outside the US facing a refined copper deficit of about 450,000 metric tons.
Meanwhile, Chilean mine output is forecast to fall 5.2% in 2026, before global mine supply grows more than 5% in 2027, ending three years of stagnant growth.
Over the next decade, miners will need to bring about 850,000 metric tons of new greenfield copper production online each year, Wood Mackenzie estimates.
Source: Wood Mackenzie
AI boom could overwhelm metals supply: WoodMac mining.com/ai-boom-could-ove…
China exported 6,165 metric tons of rare earth permanent magnets in September, its highest monthly total of 2026, according to Shanghai Metals Market.
Exports rose 23% from August and 6.7% year over year. January–September shipments reached 48,055 tonnes, up 20%.
SMM attributes much of September’s jump to delayed shipments clearing after China-US consultations in September.
New-order growth remained modest, while smaller manufacturers still face licensing constraints.
SMM forecasts monthly exports of about 5,700 tonnes in Q4.
Source: Shanghai Metals Market, China customs data
AI boom could overwhelm metals supply: WoodMac mining.com/ai-boom-could-ove…
Fortuna targets deeper Lindero pit after gold hits mining.com/fortuna-targets-d…
Lithium’s $100B question: Who will build 134 new mines? mining.com/lithiums-100b-que…
Copper World in Arizona is outlined to produce 102,000 metric tons of copper a year over its first 10 years, after Hudbay and Mitsubishi approved construction.
First production is targeted for the second half of 2029, at average cash costs of $1.65 a pound.
Initial growth capital is $2.07 billion. Mitsubishi is contributing $600 million for a 30% joint venture interest, Wheaton Precious Metals is paying a $230 million deposit and about $650 million of project debt is planned.
Hudbay puts the after-tax IRR at 17% at long-term copper of $5.00 a pound and 22% at $6.00.
Source: Hudbay Minerals
US Department of Energy grants $42M for gas pipeline from Pennsylvania to New York mining.com/us-department-of-…
Processing plants outside China can face capital costs 20% to more than 150% higher than Chinese competitors, and operating costs about 50% higher, GEM Mining Consulting estimates.
Chile is testing technology to convert rare earth oxides into metals at a demonstration plant that can produce up to 175 kg a day, but GEM identified no industrial-scale separation facility in the country.
The study warns that building metallurgical expertise without domestic separation could leave Chile dependent on overseas processors.
Read the full story in the comments.
Committed global mining supply could reach 107% of projected magnetic rare earth requirements by 2035, GEM Mining Consulting estimates.
But existing and announced projects outside China could meet only 25% of non-Chinese separation requirements and less than 20% of magnet demand.
China controls about 91% of global separation and refining and 94% of permanent magnet manufacturing, according to IEA data cited in the study.
Source: GEM Mining Consulting, International Energy Agency
