MINEX Forum

Region: Europe

  • Aurubis Sets Record Copper Premium as Global Supply Tightens

    Aurubis Sets Record Copper Premium as Global Supply Tightens

    Europe’s largest copper producer, Aurubis, will charge a record $315 per metric ton premium for refined copper sales to European customers in 2026, according to three market sources cited on Tuesday.

    The surcharge — applied on top of the London Metal Exchange (LME) benchmark price — represents a 38% increase from the $228 per ton level maintained over the previous two years. The company declined to comment on the pricing decision.

    The sharp rise comes amid mounting fears of a global copper shortage that has driven prices to a 16-month high of $10,800 per ton on Monday. LME copper has climbed about 8% in the past month, trading at $10,698.50 as of Tuesday morning (1027 GMT).

    The market has been rattled by a series of production setbacks across major mining regions. Freeport-McMoRan declared force majeure at its Grasberg mine in Indonesia — the world’s second-largest copper operation — following a deadly mudslide, forcing the company to cut its 2025 and 2026 sales forecasts. Additional disruptions have hit the Kamoa-Kakula mine in the Democratic Republic of Congo and Chile’s El Teniente mine.

    According to Société Générale, the loss of roughly 273,000 tons of copper output from Grasberg between September and December will push the market into its largest supply deficit since 2004. Bank of America has similarly revised its outlook, more than doubling its projected 2026 deficit to 350,000 tons.

    Analysts note that while demand for copper continues to rise — driven by electrification, renewable energy, and grid expansion — supply growth remains constrained by operational challenges and long lead times for new projects.

  • Germany Launches €6 Billion Decarbonisation Program Including Carbon Capture Technology

    Germany Launches €6 Billion Decarbonisation Program Including Carbon Capture Technology

    Germany’s Economy Minister Katherina Reiche on Monday announced a €6 billion ($7 billion) funding initiative to accelerate industrial decarbonisation, marking the first inclusion of carbon capture and storage (CCS) technology in the country’s climate protection contracts.

    The program targets energy-intensive industries such as chemicals, steel, cement, and glass — key sectors facing mounting pressure to meet stringent climate goals while maintaining global competitiveness. Companies have until December 1 to register their projects for next year’s bidding process.

    Bidding is expected to begin in mid-2026, pending parliamentary budget approval and clearance from the European Commission under EU state aid rules.

    Building on last year’s climate contracts program, the new round expands eligibility to projects that incorporate CCS technology, which captures CO₂ emissions and stores them underground.

    Under the scheme, the German government will offer 15-year contracts subsidizing the costs of transitioning to low-emission production methods. The subsidies are designed to offset risks from volatile energy and carbon prices, helping industries adapt to cleaner technologies without losing competitiveness.

    Contracts will be awarded through competitive auctions, prioritizing projects that achieve the greatest emission reductions at the lowest cost per tonne of CO₂ saved. Companies receiving support will also have to meet binding emissions reduction milestones throughout the contract period.

    Industry groups have welcomed the inclusion of CCS and praised the government’s pragmatic, flexible approach. They emphasized that maintaining a balance between ambitious climate goals and the economic realities of high energy costs and industrial slowdown is crucial to securing Germany’s industrial base.

  • Trump Administration Weighs $50 Million Equity Stake in Greenland Rare Earths Developer Critical Metals

    Trump Administration Weighs $50 Million Equity Stake in Greenland Rare Earths Developer Critical Metals

    The Trump administration is in talks to acquire an equity stake in Critical Metals Corp, giving Washington a direct interest in Greenland’s Tanbreez rare earth project — one of the world’s largest undeveloped deposits, four people familiar with the matter told Reuters.

    If completed, the deal would mark a significant political and strategic move for the United States, deepening its role in Greenland’s mineral sector — the same Arctic territory former President Donald Trump once proposed purchasing outright.

    Critical Metals, a New York–based company, acquired the Tanbreez project in 2024 for $5 million in cash and $211 million in stock, after the Biden administration successfully pushed for the sale to a Western buyer rather than a Chinese firm.

    The company has since applied for a $50 million grant under the Defense Production Act, a Cold War-era program that supports domestic production of materials essential for national security. According to three sources, the administration has begun discussions about converting that grant into an equity stake worth roughly 8%, although negotiations remain preliminary.

    A senior Trump administration official told Reuters that “hundreds of companies” had approached Washington seeking investment, and that “there is absolutely nothing close with this company at this time.”

    Critical Metals did not respond to requests for comment. Greenland, while self-governing, remains part of Denmark, whose embassy in Washington also declined to comment.

    The Tanbreez deposit, located in southern Greenland, is considered a cornerstone for Western efforts to diversify rare earth supply chains away from China, which currently dominates more than 80% of global production and processing. The project also hosts valuable gallium and tantalum, both of which are under Chinese export restrictions.

    Bringing the mine to commercial operation is expected to cost $290 million, with production forecast at 85,000 tonnes of rare earth concentrate per year by 2026. The U.S. Export-Import Bank (EXIM) is separately considering a $120 million loan to support mine development, according to sources.

    The potential U.S. investment follows other government-backed moves in the sector, including stakes in Lithium Americas and MP Materials, underscoring Washington’s strategy to secure critical minerals for electric vehicles, defense systems, and renewable technologies.

    Even before Trump’s renewed engagement with Greenland, the U.S. had maintained a longstanding presence on the island — including one of its largest Air Force bases — and successive administrations have sought to increase economic and strategic cooperation.

    Analysts note that the harsh Arctic environment and Greenland’s slow regulatory processes remain challenges to large-scale mining. However, the project could play a central role in the West’s efforts to counter China’s dominance in the rare earth supply chain.

  • USA Rare Earth Acquires UK’s Less Common Metals in $100M Deal to Accelerate Mine-to-Magnet Strategy

    USA Rare Earth Acquires UK’s Less Common Metals in $100M Deal to Accelerate Mine-to-Magnet Strategy

    USA Rare Earth (Nasdaq: USAR) announced it will acquire Less Common Metals (LCM), a UK-based producer of rare earth metals and alloys, in a $100 million cash-and-stock deal designed to accelerate its vertically integrated mine-to-magnet strategy.

    Under the terms of the agreement, USAR will pay $100 million in cash and issue 6.74 million common shares to complete the transaction. At the time of the announcement, USAR shares traded at $18.70, but have since climbed nearly 30% to $23.36, giving the company a market capitalization of $2.61 billion.

    LCM operates a 67,000-square-foot facility in Cheshire, England, and is one of the only companies outside China capable of producing both light and heavy rare earth permanent magnet metals and alloys at scale. Its product portfolio includes samarium, samarium cobalt, neodymium-praseodymium, dysprosium, terbium, yttrium, and gadolinium — all critical materials for defense, automotive, and renewable energy technologies.

    “The acquisition of LCM is a bold and transformative leap forward for our company and the domestic rare earth industry,” said Michael Blitzer, chairman of USA Rare Earth. “Midstream metal making is the linchpin of the global supply chain, and LCM is the only proven ex-China producer of rare earth metal, alloys, and strip casting at scale.”

    The acquisition comes as USA Rare Earth continues to develop a sintered neodymium magnet manufacturing facility in Stillwater, Oklahoma. The plant is expected to begin commercial production in the first half of 2026, with an annual capacity of 5,000 metric tons, or hundreds of millions of magnets.

    The facility will be supported by feedstock from the company’s Round Top deposit in West Texas, where USAR recently produced its first sample of dysprosium oxide, a heavy rare earth used in semiconductors, EV motors, wind turbines, and defense applications.

    Blitzer added that the USAR-LCM combination will re-establish rare earth metal production in the United States for the first time in decades, while also expanding LCM’s capabilities across the UK and Europe to strengthen the global supply chain outside China.

  • London’s Loss: Mining Finance Shifts ‘Down Under’ as Risk Appetite Fades

    London’s Loss: Mining Finance Shifts ‘Down Under’ as Risk Appetite Fades

    London’s centuries-long dominance as the world’s financial hub for the mining industry is waning, as capital increasingly flows to Australia and Canada, where risk appetite is stronger and giant pension funds provide robust backing. The shift marks a significant departure from an era where fortunes were made in the City of London on speculative, global mining ventures.

    From Imperial Capital to Financial Backwater

    For centuries, any geologist or mining engineer who struck upon a lucrative deposit would inevitably turn to London to secure the necessary finance. This status survived the twilight of the British Empire, with major players like Rio Tinto, Anglo American, and Consolidated Goldfields having been built through London’s financial markets.

    The Data Tells a Stark Story

    The decline is quantified in recent data. Over the past decade, the collective market capitaliыation of miners with a primary London listing has fallen behind that of the stock exchanges in Australia (ASX), Toronto (TSX), and New York (NYSE).

    Exchange 2015 Primary Listings (Market Cap) June 2025 Primary Listings (Market Cap)
    London (LSE/Aim) 134 ($300bn) 109 ($233bn)
    Australia (ASX) 662 ($233bn) 712 ($385bn)
    Toronto (TSX) 1,119 ($132bn) 886 ($439bn)
    New York (NYSE) 32 ($117bn) 44 ($349bn)

    Sourse: https://www.telegraph.co.uk

    The drop for London was exacerbated by BHP, the world’s biggest miner, abandoning its primary London listing in early 2022.

    The disparity is even more pronounced in new capital raising:

    • Over the past 10 years, Australia saw over 300 mining IPOs compared to just 37 in London.
    • Australian follow-on capital raisings totaled nearly 4,900, bringing in $53 billion, against London’s 886 raisings for only $14 billion.

    The Root of the Problem: Risk Aversion

    Mining executives, speaking anonymously to avoid damaging relationships, point to a single core issue: London has lost its appetite for risk.

    “If you’re looking to tap into capital for exploration, forget it,” one executive stated, recounting a failed attempt to raise funds for an early-stage project in London. He noted that London institutions are primarily focused on “the bigger end of town,” seeking much larger transactions and development funding, not speculative exploration.

    Another executive lamented the shift, claiming that London is “no longer innovation-focused or active,” suggesting the City has become “more of a legal centre than a financial centre.”

    ESG and ‘Mum-and-Dad Punters’

    Further contributing to the trend is the European focus on Environmental, Social, and Governance (ESG) factors. “Investment funds have criteria around whether or not something is a clean and green industry,” one source explained, arguing that mining continues to be viewed negatively in Europe.

    In contrast, Australia benefits from a deeply ingrained mining culture. “The mining industry is in the blood. It’s well-understood, well-owned, well-followed,” a senior Australian executive commented. Crucially, Australian pension funds are heavily exposed to mining (which comprises up to a quarter of the ASX), and even retail investors—the ‘mum-and-dad punters’—are willing to “chuck in 10 grand” on highly speculative, ‘blue-sky’ exploration projects.

    Efforts to Maintain Relevance

    Despite the stark data, the London Stock Exchange (LSE) is not completely out of the picture. The LSE recently issued a consultation paper on ways to make its start-up market, Aim, more attractive.

    Furthermore, some industry observers remain optimistic. Greek miner Metlen’s recent summer listing in London, saying the move indicates the company sees an “attractive pool of investors, who understand the industry.” Anglo American has affirmed it will retain its primary listing in London when it merges with Canadian rival Teck Resources, a vote of confidence in the City’s understanding of natural resources.

    The UK Government is also attempting to shift the landscape by introducing policies aimed at encouraging individual investors and pension funds to embrace equity investing, similar to the model used in Australia.

  • Middle Island Resources Becomes Serbia’s Largest Mineral License Holder After Konstantin Acquisition

    Middle Island Resources Becomes Serbia’s Largest Mineral License Holder After Konstantin Acquisition

    Australian explorer Middle Island Resources has secured a dominant position in Serbia’s mining sector after acquiring fellow Australian firm Konstantin Resources, gaining ownership of 14 mineral exploration licenses covering 62,000 hectares — the largest portfolio held by any company in the country.

    The licenses are spread across three key project areas: Bobija, Priboj, and Timok. While primarily targeting gold and copper, the assets also show potential for silver, lead, and zinc, according to reports from Mining, cited by Ekapija.

    Middle Island has already commenced exploration at the Bobija project, which will be the company’s initial focus. Located roughly 100 kilometers southwest of Belgrade, the project spans 20,800 hectares and includes three granted exploration permits — Bobija, Bobija East, and Kamenita Kosa. In addition, Middle Island holds an application for the Orovica area and a ten-year option for two mining licenses owned by local operator Bobija doo Ljubovija.

    The acquisition underscores Serbia’s growing importance as a European hub for critical gold and copper exploration, with Middle Island positioning itself at the forefront of this activity.

  • U.K. Nears Critical Minerals Partnership with Greenland Amid Global Supply Chain Rivalry

    U.K. Nears Critical Minerals Partnership with Greenland Amid Global Supply Chain Rivalry

    Britain is preparing to sign a landmark critical minerals partnership with Greenland, a move aimed at securing access to the Arctic island’s vast reserves of rare earths and reducing reliance on Chinese supply chains. Sources familiar with the talks told POLITICO that the agreement could be announced during Prime Minister Keir Starmer’s visit to Copenhagen this week for the European Political Community summit.

    Greenland, a self-ruling Danish territory, hosts 40 of the 50 minerals the United States deems essential to national security, including uranium and graphite. These resources are increasingly vital for global supply chains powering electric vehicles, renewable energy, and advanced technologies.

    The U.K. Department for Business and Trade stressed that securing critical minerals is central to Britain’s industrial strategy, growth, and clean energy transition. Trade Minister Chris Bryant hinted earlier this week that new trade talks were imminent, without naming the country involved.

    Analysts caution that while Greenland’s mineral wealth presents an opportunity, the financial and environmental costs of extraction remain high. Environmental standards and indigenous community participation will be key to securing local support. Greenland has previously revoked mining licenses over radioactive waste concerns, underscoring the political and ecological sensitivities.

    The deal also carries political implications. Greenland’s revenues from mining could reduce its reliance on Denmark’s annual block grant, potentially strengthening its independence. However, experts warn that London must coordinate with Denmark, Nordic states, and the EU to avoid tensions, particularly as Brussels already signed a minerals partnership with Greenland in 2023.

    Even if secured, extraction is only part of the challenge. Most refining of rare earths and critical minerals still occurs in China. Without parallel investment in processing capacity elsewhere, Europe and the U.K. risk remaining tied to Chinese supply chains despite new mining agreements.

  • Pasechnik Appeals to Putin for Funds Amid Mining Crisis in Occupied Luhansk

    Pasechnik Appeals to Putin for Funds Amid Mining Crisis in Occupied Luhansk

    Leonid Pasechnik, the Kremlin-appointed leader of the self-proclaimed Luhansk People’s Republic (LPR), has asked Russian President Vladimir Putin to help secure salary payments for miners in the occupied Luhansk region. According to Ukraine’s Center for Countering Disinformation (CCD), Pasechnik’s appeal reflects the severe deterioration of the mining sector, where most mines have been handed over to Russian companies.

    These operators had pledged investment but later declared the mines unprofitable, opting instead to mothball or liquidate production. The CCD reports that the situation has left many miners without pay, creating a desperate social and economic crisis in the region.

    The challenges are compounded by Russia’s own coal sector, which is suffering under international sanctions and the loss of export markets. Mines across Russia are shutting down, wages are going unpaid, and layoffs are spreading — leaving little incentive for companies to inject resources into the occupied Donbas territories.

    The mining crisis unfolds as Moscow grapples with broader financial troubles. The Russian government projects a $68 billion budget deficit by the end of 2025, nearly double previous forecasts, driven by falling oil and gas revenues and soaring wartime expenditures.

  • Critical Metals to Boost Tanbreez Stake in Greenland Rare Earth Project to 92.5%

    Critical Metals to Boost Tanbreez Stake in Greenland Rare Earth Project to 92.5%

    Critical Metals Corp (Nasdaq: CRML) will increase its ownership in the Tanbreez rare earth project in southern Greenland from 42% to 92.5%, securing control over one of the world’s largest rare earth deposits, major shareholder European Lithium (ASX: EUR) confirmed on Thursday.

    The revised agreement involves Critical Metals issuing 14.5 million shares to Rimbal Pty Ltd, a company controlled by project founder Gregory Barnes, at $8 per share – a 23% premium to the company’s last closing price of $6.49. The transaction is valued at $116 million and is subject to approval by the Greenland government, with completion expected in October or November 2025.

    Barnes agreed to waive a previous requirement for Critical Metals to commit $10 million in investment before qualifying for the increased stake. European Lithium will retain its 7.5% interest in Tanbreez, along with a 60% shareholding in Critical Metals, worth about $408 million at current market prices.

    The Tanbreez project hosts one of the world’s largest untapped heavy rare earth element (HREE) deposits, with more than 27% HREE content and an estimated 4.7 billion tonnes of host rock. A preliminary economic assessment completed in March valued the project at a pre-tax NPV of $3.04 billion, with an internal rate of return of 180%.

    Describing Tanbreez as “a game-changer” for Western rare earth supply chains, founder Gregory Barnes underscored the project’s strategic significance at a time when China dominates global supply, accounting for about 60% of production and 85% of processing.

    The move also coincides with discussions between the UK, EU allies, and Greenland over a potential critical minerals partnership, with Greenland’s foreign minister signalling the island’s mineral wealth as central to future cooperation.

  • ABB Completes Acquisition of French Power Electronics Specialist BrightLoop

    ABB Completes Acquisition of French Power Electronics Specialist BrightLoop

    ABB has finalized its acquisition of French advanced power electronics company BrightLoop, securing a 93% controlling interest with the remaining 7% to be acquired by 2028. The deal marks a key milestone in ABB’s strategy to expand its role in electrification across mining, industrial mobility, and marine propulsion. Financial details of the transaction were not disclosed.

    Founded in 2010 and headquartered in Paris, BrightLoop is best known for its high-performance DC/DC converters, originally designed for motorsports and now deployed across the ABB FIA Formula E racing series. The company has since expanded its applications into critical industries including construction, mining, marine, aerospace, hydrogen mobility, and defence.

    Commenting on the deal, Edgar Keller, President of ABB’s Traction division, said the acquisition strengthens ABB’s position in the global electrification market. “It’s a significant milestone that strengthens our position in the electrification space and brings valuable expertise into ABB as we continue to support the transition to cleaner, more efficient transport systems,” Keller said.

    Florent Liffran, CEO of BrightLoop, welcomed the move: “This is an exciting new chapter for BrightLoop and our 90 employees. With ABB’s global scale and shared commitment to innovation, we’re looking forward to accelerating our growth and continuing to deliver cutting-edge power electronics to the industries that need them most.”

    The acquisition positions ABB and BrightLoop to drive further advances in compact, efficient, and scalable power systems critical for enabling smarter, cleaner energy solutions across multiple sectors.