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Kinterra Capital receives $200M in indicative EXIM support for Pumpkin Hollow restart

Staff Writer | November 4, 2025

Canadian private equity Kinterra Capital and its operating subsidiary, Southwest Critical Materials LLC, announced Tuesday the receipt of a letter of interest from the Export-Import Bank of the United States (EXIM) for a potential debt financing of up to $200 million.

The letter outlines $180 million in potential funding to complete the restart of the Pumpkin Hollow underground copper mine in Nevada, plus $20 million to advance technical work related to the Southwest open pit project.

The firm acquired Pumpkin Hollow last October through a $128 million stalking horse bid for its previous owner Nevada Copper, which had briefly brought the mine into production before encountering operational setbacks and subsequently went bankrupt.

“With EXIM’s support, the restart of Pumpkin Hollow is now fully financed,” Ian McMullan, project director for Pumpkin Hollow, said in a news release. “The underground mine’s existing infrastructure allows us to efficiently bring the operation back online and contribute to strengthening secure, resilient supply chains for copper.”
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Vanguard advances drill programme at Redonda project in British Columbia
The Redonda copper-molybdenum drill programme is guided by targets and structural corridors defined by an airborne geophysical survey.

7th Nov 2025

Vanguard Mining has begun its 2025 diamond drill programme at the Redonda copper-molybdenum project in the Vancouver Mining Division near Campbell River, British Columbia, Canada.

The Redonda copper-molybdenum drill programme is guided by targets and structural corridors defined by a Precision GeoSurveys airborne geophysical survey, integrated with insights from recent drilling and surface sampling.

Recent drilling at Redonda intersected intervals up to 142.6m, grading 0.279% copper and 0.0281% molybdenum.

Surface sampling identified near-surface intervals ranging from 3.1m to 48m, grading 0.529% copper equivalent (CuEq).

An earlier drilling campaign reported a 174m mineralised interval from surface, with strong surface sampling averaging around 0.5% CuEq.

Vanguard Mining CEO David Greenway said: “Drilling is now under way at Redonda, launching our 2025 programme and the next leg of growth for Vanguard. Permits are in hand, budgets set, and crews turning – we are executing a deep-drill campaign on the highest-priority targets defined by recent geophysics and prior holes.

“Earlier work delivered a 174m mineralised interval from surface and strong surface sampling averaging ~0.5% CuEq, giving us clear vectors to chase at depth.

“British Columbia remains a top-tier jurisdiction for responsible development, and Canada’s new Major Projects Office signals a commitment to advancing critical projects efficiently. Our goal this season is simple: build on the 2023–24 discovery and start defining the true scale of the Redonda system.”

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RDC : la mine de Kamoa-Kakula recevra 50 MW d'Inga II à partir de novembre

Agence Ecofin 05 nov 2025

Cette mise à disposition s’accompagnera de travaux d’amélioration du réseau, réalisés étape par étape pour soutenir cette croissance énergétique.

Ivanhoe Mines a annoncé que le complexe minier de Kamoa-Kakula recevra, dès le mois de novembre, une première tranche de 50 mégawatts (MW) d’électricité en provenance du barrage d’Inga II. L’information figure dans le rapport financier du troisième trimestre 2025, publié le 29 octobre par l’entreprise.

Cette énergie sera fournie par la turbine 5 d’Inga II, d’une capacité de 178 MW, que Ivanhoe Mines Energy, filiale du groupe, modernise depuis 2022 afin de renforcer l’alimentation électrique du complexe cuprifère. La mise à disposition de cette électricité se fera en trois étapes : 50 MW dès novembre 2025, 100 MW au premier trimestre 2026, puis 150 MW au premier semestre 2027, à mesure de l’achèvement des travaux d’amélioration du réseau.

Selon la communication d’Ivanhoe Mines, la remise à niveau mécanique et électrique de la turbine a été achevée au cours du troisième trimestre 2025, marquant une étape clé dans le programme d’investissement énergétique du groupe. Le complexe minier recevra progressivement cette électricité à mesure que se poursuivent les travaux de renforcement du réseau d’approvisionnement, notamment sur les postes électriques d’Inga (SCI) et de Kolwezi (SCK). Ces travaux comprennent l’installation de résistances, de filtres harmoniques et d’un compensateur statique, destinés à stabiliser la tension et améliorer la qualité de la livraison d’électricité vers Kamoa-Kakula.

Un financement global de 200 millions de dollars américains, mobilisé par Ivanhoe Mines et Zijin Mining, ses deux actionnaires majoritaires, soutient ce programme de modernisation et de stabilisation du réseau électrique congolais, lancé fin 2024.

À partir de 2027, Kamoa-Kakula pourrait ne plus dépendre des importations d’électricité en provenance de la Zambie et du Mozambique, grâce à la combinaison de l’énergie issue d’Inga II et de deux centrales solaires en construction, développées par CrossBoundary Energy DRC et Green World Energie SARL, qui fourniront chacune 30 MW au complexe.

D’après le rapport, les deux projets solaires affichent des taux d’exécution respectifs de 42 % et 46 %. Leur mise en service commerciale est désormais prévue pour le deuxième trimestre 2026, soit légèrement avant le délai initial de fin juillet. Les premiers lots d’équipements à long délai de livraison, notamment les batteries (BESS), les onduleurs et les structures de montage, ont déjà été expédiés et déchargés sur le site, selon les données publiées par Ivanhoe Mines.

Chile’s ENAMI wins environmental permit for new $1.7B copper smelter

Reuters | October 29, 2025

Chile’s state-run mining company ENAMI said on Wednesday it received an environmental permit for a new $1.7 billion copper smelter, as part of the modernization of its Hernan Videla Lira smelting facility in the northern Atacama region.

The new facility will process up to 850,000 metric tons of copper concentrate per year and its electrolytic refinery will produce up to 240,000 tons of copper cathodes – used in electronics, construction and renewable vehicles.

ENAMI said in a statement that the modernized facility in Paipote would “ensure profitable and sustainable operations, and practically triple the capacity of the old smelter.”

The company’s vice president Ivan Mlynarz told Reuters earlier this month that copper consumers’ interest in expanding their supply chain could help them secure funding for the project.

Ivanhoe confirme son 1er programme d’exploration de cuivre en Angola pour fin 2025

Agence Ecofin 31 oct 2025

Dans son rapport financier du 3ème trimestre publié le mercredi 29 octobre, Ivanhoe Mines révèle vouloir lancer un programme de forage au diamant de 6400 mètres sur son permis d’exploration de 22 000 km² détenu en Angola. La campagne prévue pour débuter au quatrième trimestre 2025, devrait marquer le lancement des premiers grands travaux de prospection de cet actif initialement acquis par la société canadienne en 2023.

Le projet situé dans les provinces de Moxico et de Cuando Cubango, avait fait l’objet d’une série de travaux de cartographie et d’échantillonnage tout au long de l’année 2024. Des études préliminaires dont les résultats ont, apprend-on, mis en évidence plusieurs cibles de forage prioritaires qui seront explorées dans le cadre des forages annoncés. L’investissement prévu pour la campagne n’a pas été précisé, mais on sait que Ivanhoe a alloué un budget de 75 millions USD pour ses projets d’exploration en 2025.
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Aldebaran’s Altar copper-gold project PEA reveals 48-year mine life
The PEA results are presented on a 100% basis, although Aldebaran Resources holds an 80% interest in the project.

31st Oct 2025

ldebaran Resources has released the preliminary economic assessment (PEA) for its Altar copper-gold project in San Juan, Argentina, outlining a mine life of 48 years.

Prepared in accordance with National Instrument 43-101 standards, the Altar copper-gold project PEA presents the base-case scenario featuring a concentrator with a capacity of 60,000 tonnes (t) per day.

The facility will process mineralised material sourced from both open-pit and underground operations.

The PEA results are presented on a 100% basis, although Aldebaran Resources holds an 80% interest in the project, with the remaining 20% owned by Sibanye-Stillwater.

The assessment highlights a long-life operation, including three years of construction, with significant production potential.

During the first 20 years of operation, average annual production is projected at 121,445t of copper equivalent (CuEq), consisting of 108,579t of copper, 43,199oz of gold and 570,217oz of silver.

Over the initial 30 years, the average annual production is expected to be 116,294t CuEq, including 105,897t of copper, 33,866oz of gold and 557,239oz of silver.

For the entire life of mine (LoM), the average annual output is anticipated to be 101,413t CuEq, with 92,891t of copper, 27,020oz of gold and 525,192oz of silver.

From an economic perspective, the PEA utilises base-case metal prices of $4.35 per pound (lb) of copper, $2,500/oz of gold and $27/oz of silver.

Based on these assumptions, the project is expected to generate an after-tax net present value (NPV) (8%) of $2bn (C$2.8bn), an internal rate of return (IRR) of 20.5% and a payback within four years.

The total LoM gross revenue is estimated at $44.7bn, with cumulative free cash flow of $10.7bn.

At spot prices of $5/lb of copper, $3,963/oz of gold and $47/oz of silver, the after-tax NPV increases to $3.34bn and the IRR to 28%.

The upfront capital requirement is reduced by adopting a staged approach to both the tailings storage facility and underground construction.

Capital intensity stands at $15,713/t of average annual CuEq metal produced, while the NPV at 8% to initial capex ratio is 1.27-times.

The mining operation will utilise a combination of open-pit and underground mining methods.

The underground mining strategy is designed to access higher-grade mineralisation earlier in the mine life, thereby increasing production and generating cash flow.

Approximately 80% of the resources included in the mine plan, by tonnage, are classified as measured and indicated, with the remaining 20% categorised as inferred.

Copper Soars to Record High on Supply Crunch and Brighter Outlook

By Tsvetana Paraskova - Oct 29, 2025

Copper prices hit a record-high on the London Metal Exchange on Wednesday amid a series of supply disruptions and brighter global economic prospects.

The benchmark three-month copper futures jumped to $11,146 per ton in London early on Wednesday, exceeding the previous record high of $11,104 a ton set in May last year.

This year, copper prices have rallied amid threats from the Trump Administration to impose tariffs on the industrial metal crucial for electrification and grid expansion. Trump backed off plans for a tariff, for now, but traders are nevertheless amassing copper into the U.S., which has hiked copper prices at the Comex exchange in New York and shrunk supply elsewhere in the world.

On the supply side, several accidents at mines in Chile and Indonesia earlier this year have reduced global copper production and tightened the physical market.

The copper demand outlook, on the other hand, has received some bullish news recently.

The most recent thaw in the U.S.-China trade spat, ahead of the Trump-Xi meeting on Thursday, has rekindled hopes that a potential trade deal could reinvigorate the two biggest economies in the world and lift demand for copper. The price of the metal, which is used in industry, electronics, electrification, and construction, is often viewed as a gauge of economic health.

Moreover, the market expects another interest rate cut from the Fed this week, which could also spur the economy and copper demand.

Today’s record-high copper price in London is “supported by the powerful combination of a U.S.–China deal boosting growth expectations and ongoing supply disruptions at major mines,” Ole Hansen, head of commodity strategy at Saxo Bank, said on Wednesday.

“Prices remain underpinned by signs of emerging physical tightness and a robust demand outlook, driven by surging power needs and copper’s critical role as the primary conductor for AI data centers, cooling, and the global energy transition.”

Southern Copper’s $1.8B Tía María mine gets green light

Cecilia Jamasmie | October 21, 2025 |

Southern Copper (NYSE, LON: SCCO) has secured a long-awaited licence for its $1.8-billion Tía María copper project in Peru, marking a major step forward after years of social unrest and political delays.

Peru’s Ministry of Energy and Mines (Minem) approved the mining licence last week, clearing the way for the project to enter the exploitation phase.

Located in the Islay province of the Arequipa region, the project is expected to reignite confidence in Peru’s mining sector and potentially unlock other stalled developments across the country.

Tía María faced years of delays due to local opposition over environmental concerns. Protests between 2011 and 2015 left six people dead and forced the project’s suspension.

Although the government approved the mine in 2019, it tied progress to the restoration of social stability. Southern Copper resumed development in 2024 after local tensions eased.

With the licence now in hand, the company can begin pre-mining work and pit stripping. The project is 25% complete, with most progress centred on auxiliary facilities and the treatment plant. The initial construction phase, covering access roads and platforms, was 90% finished as of July.

Tía María is expected to begin production by late 2026 or early 2027, delivering 120,000 tonnes of copper annually over a projected 20-year lifespan. The output would secure Peru’s position as the world’s third-largest copper producer.

L’australien Cobre lance de nouveaux forages sur le projet de cuivre Ngami au Botswana

Agence Ecofin 23 oct 2025

Métal essentiel pour la transition énergétique, le cuivre est au cœur des dynamiques d’exploration en Afrique, particulièrement dans la région australe. Au Botswana, pôle émergent de production de ce métal sur le continent, des acteurs comme Cobre Ltd portent cette tendance.

Dans une note publiée ce jeudi 23 octobre, l’australien Cobre Limited a annoncé le démarrage de nouveaux forages sur son projet de cuivre Ngami au Botswana. Le programme qui doit se concentrer sur le prospect Cosmos vise à améliorer la compréhension du potentiel de cet actif d’exploration, qui héberge déjà 11,5 millions de tonnes de ressources minérales titrant 0,52 %, soit 60 300 tonnes de cuivre.

Cette estimation de ressources publiée en août dernier repose uniquement sur Comet, le seul gisement découvert à ce stade à Ngami. Située à seulement 8 km de celui-ci, la cible Cosmos désormais en exploration affiche, apprend-on, une « minéralisation anormale en cuivre et en argent ». Pour mieux analyser ce potentiel, Cobre entend y réaliser au total deux forages au diamant, les résultats obtenus devant ensuite servir à l’élaboration de « travaux d’exploration complémentaires ».

« Nous sommes ravis de lancer ce forage. Cosmos est une cible intéressante, susceptible d'abriter une minéralisation à plus haute teneur, susceptible de fournir des teneurs en cuivre-argent adaptées à l'exploitation minière conventionnelle, tout en valorisant notre ressource de récupération de cuivre in situ au NCP [projet Ngami, Ndlr] » a déclaré Adam Wooldridge, le PDG de Cobre.

En mettant l’accent sur une nouvelle cible située à proximité du gisement Comet, Cobre peut étudier les pistes d’une potentielle hausse des ressources du projet Ngami. Une réalisation qui reste à ce stade incertaine, et qui sera déterminée par les résultats de la campagne d’exploration annoncée.

En attendant, notons qu’il ne s’agit pas du seul projet d’exploration piloté par la société au Botswana. Elle détient également les projets Kitlanya (Est et Ouest), lesquels ont attiré l’intérêt du groupe minier BHP cette année.

Angola to commence production at first major copper mine
Initially, the mine will function as an open pit before transitioning to underground mining from the latter half of 2026.

23rd Oct 2025

Angola is poised to start production at the Tetelo copper mine, its first major large-scale copper mining venture, as announced by Mines Minister Diamantino Azevedo.

This represents a significant move for the oil-dependent nation to diversify its economy by tapping into the clean energy minerals sector, reported Reuters.

Owned by China’s Shining Star Icarus, the Tetelo mine represents a $250m (1.78bn yuan) investment and is projected to yield 25,000 tonnes per annum (tpa) of copper concentrate during its initial two-year phase.

Initially, the mine will function as an open pit before transitioning to underground mining from the latter half of 2026.

The news agency quoted Azevedo’s announcement at a mining conference held in the capital Luanda as saying: “I am honoured to announce the inauguration of the Tetelo mine, which will take place in a few days.

“This event will mark the start of production at the first underground mine for this very important metal,” Azevedo added.

Other mining companies such as Ivanhoe Mines and Anglo American have also set their sights on tapping into Angola’s copper potential.

In 2023, Ivanhoe Mines prepared to initiate mining exploration activities following the acquisition of greenfield prospecting rights from the Angolan National Agency for Mineral Resources.

This grant covered 22,195km² of greenfield prospecting areas for exploration within the Angolan provinces of Moxico and Cuando Cubango.

Copper, along with other battery metals such as lithium, cobalt and nickel, is deemed vital for the shift towards renewable energy.

Angola’s foray into copper mining indicates its commitment to reducing dependence on petroleum revenues and strengthening its mineral resources sector.

Taseko fires up Arizona Florence copper mine

Cecilia Jamasmie | October 15, 2025

Canada’s Taseko Mines has begun wellfield operations at its Florence copper project in Arizona, marking the start of commercial production at the facility, part of one of the few new sources of refined copper coming online in the United States.

The company expects to produce its first copper cathode within three months. Its solvent extraction and electrowinning (SX/EW) plant reached substantial completion on Sept. 19, it said, with construction crews now demobilizing as commissioning proceeds in tandem with wellfield operations.

President and CEO Stuart McDonald called the milestone a major achievement by the Arizona-based construction team, which completed the facility in under two years.
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Antofagasta ignites Centinela mine expansion with new pit

Cecilia Jamasmie | October 10, 2025

Chilean miner Antofagasta (LON: ANTO) has launched the next phase of its copper growth strategy with the first blast at the Encuentro Sulphides pit at its Centinela mine in the country’s north.


The blast marks the start of initial stripping activities that will supply higher-grade sulphide ore for the Centinela second concentrator, which is at the core of Antofagasta’s $4.4 billion expansion project for the mine.

The ore will complement feed from the existing Esperanza South pit, strengthening Centinela’s production profile. Antofagasta aims to boost its copper output by 30% in the medium term thanks to the expansion, optimizing value from Centinela’s 2.6 billion tonnes of ore reserves.

Approved in July 2025 with an estimated $1 billion investment, the Encuentro Sulphides project is expected to complete its stripping phase by 2028. The deposit, included in Antofagasta’s 2024 year-end reserves, holds about 738 million tonnes grading 0.45% copper, along with by-products of 0.17 g/t gold and 0.015% molybdenum. This compares favourably with Centinela’s broader sulphide reserve grade of 0.41% copper.

The Centinela mining complex, located in Chile’s Antofagasta region, was created in 2014 from the merger of the Esperanza and El Tesoro mines. It produces copper concentrates containing gold and silver through milling and flotation, among other processes.

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RDC : la production de cuivre de Kamoa-Kakula en recul de 38% au 3e trimestre 2025

Agence Ecofin 08 oct 2025

Avec le lancement d’un 3e concentrateur en 2024, Ivanhoe entendait accélérer la montée en régime de sa mine de cuivre Kamoa-Kakula en 2025. C’était sans compter sur un incident sismique survenu sur le site en mai, entraînant une révision des objectifs annuels de production.

Kamoa-Kakula, plus grande mine de cuivre de la République démocratique du Congo et du continent africain, a produit 71 226 tonnes de concentré au cours du troisième trimestre 2025. Cette donnée tirée d’une mise à jour faite par son opérateur canadien Ivanhoe Mines le mardi 7 octobre, marque une baisse annuelle de 38% par rapport aux 116 313 tonnes déclarées à la même période en 2024.

Dans le détail, la société affirme avoir traité 3,46 millions de tonnes de minerai grâce aux trois concentrateurs de la mine, pour obtenir les 71 226 tonnes de concentré. Cette baisse tranche avec les bonnes performances du premier semestre, où la production avait augmenté de 31% en glissement annuel. Avec ce résultat, Kamoa-Kakula a désormais produit un total de 316 393 tonnes de cuivre depuis le début de l’année.

La baisse est consécutive à l’incident sismique qui a affecté la mine souterraine Kakula plus tôt cette année. Ce dernier a entraîné une suspension des opérations sur cette section du complexe minier, poussant Ivanhoe à réviser ses prévisions annuelles. La société anticipe désormais une production comprise entre 370 000 et 420 000 tonnes, contre 520 000 à 580 000 t initialement prévues. En considérant la limite supérieure de cette fourchette révisée, la production de Kamoa-Kakula est attendue en baisse de 4% en glissement annuel en 2025.

Pour le reste de l’année, Ivanhoe prévoit une amélioration des teneurs à la mine souterraine de Kakula, à mesure que les travaux de remise en état se poursuivront. En attendant les résultats de production du quatrième trimestre, notons que les perturbations consécutives à l’incident peuvent se prolonger jusqu’en 2026, où la société s’était fixé un objectif de production d’environ 600 000 tonnes. Cette prévision a été retirée cette année et devrait faire l’objet d’une mise à jour.

Copper price highest in over a year on Grasberg disruption, Fed outlook

Staff Writer | October 2, 2025

Copper prices climbed to their highest level in more than a year on Thursday, fueled by mounting global supply disruptions and growing expectations that US interest rate cuts will support demand for the industrial metal.


Benchmark futures on the London Metal Exchange (LME) briefly rose above $10,500 a tonne for the first time since May 2024, before trading at $10,497.50, up 1.1% as of 11:50 a.m. in London.

The rally has been bolstered by news that Freeport-McMoRan (NYSE: FCX) declared force majeure at its giant Grasberg mine in Indonesia. The setback adds to a series of supply challenges across South America and Africa, tightening global availability.

“The scale of this disruption is very big,” said Albert Mackenzie, copper analyst at Benchmark Mineral Intelligence.

Benchmark estimates that supply losses will reach 591,000 tonnes between September 2025 and the end of 2026, equivalent to about 2.6% of 2024’s global mine production, which analysts put at roughly 23 million tonnes.

The disruptions mean the copper market will swing into a deficit of around 400,000 tonnes in 2025, Benchmark said.

The impact has also led Goldman Sachs to revise its market balance forecast. The bank now projects a 55,500-tonne deficit for 2025, compared with its earlier expectation of a 105,000-tonne surplus. A small surplus is still expected in 2026.